Mexico · Delayed Price · Currency is MXN Becle Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a sharp sales and profit decline due to U.S. distributor transition and FX headwinds, but Mexico and EMEA/APAC regions delivered resilient growth. Guidance for 2026 is reaffirmed, with sequential improvement expected as U.S. transition stabilizes.
Fiscal Year 2025
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Tequila leadership was maintained despite industry contraction, with disciplined pricing and inventory management supporting margins. 2026 will be a transition year due to U.S. distributor realignment, with growth expected to resume in 2027.
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Volumes grew 3.7% year-over-year, led by spirits and tequila, while gross margin expanded to 56.1% and EBITDA rose 63.3%. U.S. sales declined amid pricing pressures, but Mexico and international markets delivered strong growth. Asset divestitures and cost efficiencies boosted profitability.
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Consolidated net sales rose 2.8% with strong EBITDA and margin expansion, led by premium tequila and resilient performance in Mexico. US and Canada faced headwinds, but guidance is reaffirmed and capital allocation remains disciplined.
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Consolidated net sales rose 7.5% and EBITDA grew 22% year-over-year, driven by premiumization, lower agave costs, and favorable FX. Guidance for mid-single-digit sales growth is reaffirmed, with strong margins expected to persist as low agave prices continue.
Fiscal Year 2024
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Net sales rose 3.9% year-over-year despite a 7.2% volume decline, driven by premiumization and FX gains. Gross and EBITDA margins expanded significantly, with strong cash flow and reduced leverage. Outlook remains cautious amid macroeconomic and competitive pressures.
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Q2 saw modest sales growth, margin expansion, and strong premiumization, but net income fell sharply due to FX losses. US and Canada led growth, while Mexico and EMEA faced headwinds. Inventory and cost optimization improved cash flow and leverage.