Earnings release
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GRUPO BIMBO THIRD QUARTER 2025 RESULTS “During the third quarter, we delivered growth in both sales and EBITDA and saw improved sequential volume trends, driven primarily by disciplined pricing strategies, strong geographical diversification, and material operational efficiencies. At the same time, we continued to demonstrate the resilience and breadth of our portfolio by gaining or maintaining market share in five out of our six categories. In North America we posted very solid results with three quarters in a row with sequential margin improvements, in fact we went back to double-digit EBITDA margin due to the excellent work of our associates throughout the transformation program. Overall, this performance underscores our ability to maintain profitability and agility, adapt and compete effectively, and stay connected with consumers, even amid challenging and fluctuating market dynamics.” – Rafael Pamias, CEO “Overall, our third quarter results were resilient, with clear signs of stabilization in key markets such as North America. Our geographic diversification once again proved to be a significant advantage, enabling us to maintain the record margin achieved in the same quarter last year, despite challenges in some markets. In addition, our recent acquisitions have been highly accretive to both sales and margins, further strengthening our portfolio and reinforcing our ability to deliver sustainable, profitable growth.” – Diego Gaxiola, CFO October 28, 2025
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1. Figures included in this document are prepared in accordance with International Financial Reporting Standards (IFRS). 2. Earnings before interests, taxes, depreciation, amortization, impairments and Multiemployer Pension Plans (“MEPPs”). 3. For this ratio’s calculation Adjusted EBITDA does not consider the effect of IFRS16. 4. Excluding FX rate effect. Grupo Bimbo S.A.B. de C.V. (“Grupo Bimbo” or “the Company”) (BMV: BIMBO) reports its results for the three months ended September 30, 2025.1 HIGHLIGHTS OF THE QUARTER ▪ Net Sales hit a record third quarter at Ps. 107,421 million, an increase of 1.2%, mainly driven by steady growth in Latin America and EAA and the contribution from the acquisitions completed in the last twelve months ▪ Grupo Bimbo strengthened its global market position by gaining or maintaining share in five out of its six categories ▪ Mexico and Latin America reached record levels of Net Sales for a third quarter ▪ EAA achieved the highest Net Sales and Adjusted EBITDA margin for a third quarter at 11.2% ▪ Adjusted EBITDA2 totaled Ps. 15,776 million, 1.3% higher excluding FX impact, and the margin remained unchanged at 14.7%, maintaining the highest margin registered for a third quarter ▪ North America went back to double-digit Adj. EBITDA margin at 10.4%, following sequential margin improvements for three quarters in a row ▪ Net Debt/ Adjusted EBITDA3 ratio showed an improvement vs. December 2024, closing the quarter at 2.8 times ▪ The Company successfully renewed its sustainability-linked committed revolving credit facility, upsizing it from US $1.93 billion to US $2.35 billion ▪ Grupo Bimbo was recognized by Merco as the Company with the Best Corporate Reputation in Mexico, for the ninth consecutive year ▪ The Company held the 2025 Bimbo Global Race, the largest so far, and thanks to more than 165 thousand participants, more than three million slices of bread are being donated to food banks around the world FINANCIAL SUMMARY (MILLIONS OF MEXICAN PESOS) 1 3Q25 3Q24 Change (MXN) Change (excl. FX)4 Net Sales 107,421 106,110 1.2% 2.0% Gross Profit 56,191 56,321 (0.2%) 0.6% Operating Income 9,403 9,362 0.4% 0.6% Adjusted EBITDA 15,776 15,646 0.8% 1.3% Net Majority Income 3,364 3,695 (9.0%) (11.3%) Net Debt/Adj. EBITDA 2.8x 2.8x 0.0x RECENT DEVELOPMENTS ▪ Grupo Bimbo completed the acquisition of Wickbold, a key player in the baking industry in Brazil
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Net Sales hit a record third quarter at Ps. 107,421 million, an increase of 1.2% mainly driven by steady growth in Latin America and EAA and the contribution from the acquisitions completed in the last twelve months. N E T S A L E S (MILLIONS OF MEXICAN PESOS) Consolidated results exclude inter-company transactions. Net Sales excluding FX effect decreased 3.5%, showing continuous sequential improvement, the decline was mainly due to the still soft consumption environment across the industry in the U.S., and the strategic exits of certain non-branded businesses in the U.S. and Canada. The Company started to see positive price/mix performance and market share gains across mainstream bread and buns categories in the U.S. NORTH AMERICA6 5. Inter-company transactions have been removed from Mexico. 6. North America region includes operations in the United States and Canada. North America 45.8% Mexico5 31.9% EAA 12.2% LatAm 10.1% On top of very strong results during 3Q24 where Mexico posted nearly 7% Net Sales growth, the region grew by 0.3% to Ps. 38,897 million. This growth, which was driven by a favorable mix effect, reflects resilience amid a soft consumption environment. The buns and rolls, cakes and sweet baked goods categories delivered good results, while every channel grew, most notably convenience and traditional. MEXICO 2 Revenue mix for the last twelve months ended September 30, 2025. Net Sales 3Q25 3Q24 % Δ (MXN) % Δ (excl. FX) North America 47,470 49,930 (4.9) (3.5) Mexico 38,897 38,793 0.3 0.3 EAA 14,369 11,918 20.6 17.3 Latin America 10,707 10,209 4.9 9.1 Grupo Bimbo 107,421 106,110 1.2 2.0
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Third quarter Net Sales set a new third quarter record excluding FX effect, growing 9.1%, reflecting strong volume performance across the three organizations, with Sales outperformance in several countries, highlighting those within the Central America region, as well as consistent growth in Colombia, Brazil, Chile, Ecuador and Argentina. Sales were also benefited, to a lesser extent, by the contribution from the acquisition of Pagnifique in Uruguay completed in September of 2024. Sales in EAA increased 20.6% in peso terms. Excluding FX effect, Net Sales reached a record level for a third quarter, posting a 17.3% growth, driven primarily by a steady positive performance throughout almost every organization, especially Romania, the U.K., India, Morocco and Bimbo QSR business unit, as well as the contribution from the acquisitions completed in the last twelve months, including Don Don and Karamolegos. Third quarter Gross Profit increased 0.6% excluding FX effect and decreased 0.2% in pesos, while the margin contracted 80 basis points to 52.3%, primarily due to higher raw material costs in Mexico, EAA and Latin America, coupled with higher indirect and labor costs, the latter mainly in EAA. 7. EAA region includes operations in Europe, Asia and Africa. 8. Latin America region includes operations in Central and South America. Consolidated results exclude inter -company transactions. EAA7 LATIN AMERICA8 G R O S S P R O F I T (MILLIONS OF MEXICAN PESOS) Regional results do not reflect intercompany royalties, and consolidated results exclude intercompany transactions. O P E R A T I N G I N C O M E (MILLIONS OF MEXICAN PESOS) 3 Operating Income Operating Margin (%) 3Q25 3Q24 % Δ (MXN) % Δ (excl. FX) 3Q25 3Q24 Δ pp. North America 2,279 1,774 28.5 31.6 4.8 3.6 1.2 Mexico 5,901 6,652 (11.3) (11.3) 15.2 17.1 (1.9) EAA 772 477 61.9 53.2 5.4 4.0 1.4 Latin America 187 341 (45.0) (41.4) 1.7 3.3 (1.6) Grupo Bimbo 9,403 9,362 0.4 0.6 8.8 8.8 0.0 Gross Profit Gross Margin (%) 3Q25 3Q24 % Δ (MXN) % Δ (excl. FX) 3Q25 3Q24 Δ pp. North America 26,223 26,395 (0.7) 0.8 55.2 52.9 2.3 Mexico 21,352 21,895 (2.5) (2.5) 54.9 56.4 (1.5) EAA 5,052 4,413 14.5 11.2 35.2 37.0 (1.8) Latin America 4,578 4,457 2.7 7.3 42.8 43.7 (0.9) Grupo Bimbo 56,191 56,321 (0.2) 0.6 52.3 53.1 (0.8)
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Operating Income increased 0.4% and the margin remained flat at 8.8%, primarily due to record productivity benefits achieved through the Company’s transformation initiatives, which continue to unlock significant operational efficiencies in North America, coupled with lower restructuring investments. This was offset by higher cost of sales and general expenses. Regional results do not reflect intercompany royalties, and consolidated results exclude intercompany transactions. A D J U S T E D E B I T D A (MILLIONS OF MEXICAN PESOS) Adjusted EBITDA increased 0.8% and the margin remained flat at 14.7%, maintaining the highest margin ever registered for a third quarter. Highlighting that North America went back to double-digit Adjusted EBITDA margin at 10.4%. Adjusted EBITDA margin in North America expanded 90 basis points to 10.4%, while also showing a sequential margin improvement from 7.4% in 1Q25 and 9.0% in 2Q25, reflecting lower raw material costs and record productivity benefits achieved through the Company’s transformation initiatives, which continue to unlock significant operational efficiencies. NORTH AMERICA 4 Due to an extraordinary record margin in 3Q24 of 21.9%, Adjusted EBITDA margin in Mexico contracted 150 basis points, mainly attributable to the topline performance, increased cost of sales and higher general expenses. MEXICO EAA margin expanded by 120 basis points to 11.2%, reaching a record level for a third quarter, because of the strong sales performance, lower administrative and restructuring expenses, and the accretive effect from the acquisitions completed over the last 12 months. EAA Latin America Adjusted EBITDA margin contracted 110 basis points, mainly due to higher raw material costs in Brazil and Argentina, attributable to the FX impact, as well as increased general expenses because of investments for future growth. LATIN AMERICA Adjusted EBITDA Adjusted EBITDA Margin (%) 3Q25 3Q24 % Δ (MXN) % Δ (excl. FX) 3Q25 3Q24 Δ pp. North America 4,932 4,744 4.0 5.8 10.4 9.5 0.9 Mexico 7,941 8,491 (6.5) (6.5) 20.4 21.9 (1.5) EAA 1,607 1,192 34.8 29.7 11.2 10.0 1.2 Latin America 921 985 (6.6) (3.0) 8.6 9.7 (1.1) Grupo Bimbo 15,776 15,646 0.8 1.3 14.7 14.7 0.0
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Comprehensive Financing Cost totaled Ps. 3,337 million, a 2.7% increase when compared to the third quarter of 2024, attributable to higher interest expenses due to a higher debt position, as well as a higher exchange loss. These effects were partially offset by the benefits in hedges of the cost of energy. Net Majority Income declined 9% and the margin contracted 40 basis points, mainly reflecting higher financing costs and a higher effective tax rate. This was partially offset by the increase in Operating Income. C O M P R E H E N S I V E F I N A N C I N G C O S T (MILLIONS OF MEXICAN PESOS) N E T M A J O R I T Y I N C O M E (MILLIONS OF MEXICAN PESOS) Total Debt on September 30, 2025, was Ps. 157 billion, compared to Ps. 151 billion on December 31, 2024. The increase was primarily due to the acquisitions and the capital investments completed during the year, partially offset by the impact of the appreciation of the Mexican peso. Average debt maturity was 9.9 years with an average cost of 6.41%. Long-term Debt comprised 92% of the total; 47% of the debt was denominated in US dollars, 39% in Mexican pesos, 10% in Euros, 2% in Canadian dollars and 2% in British pounds. The Net Debt to Adjusted EBITDA ratio, which does not consider the effect of IFRS16, was 2.8 times, 0.1 times lower when compared to 2.9 times on December 31, 2024. F I N A N C I A L S T R U C T U R E 5 A M O R T I Z A T I O N P R O F I L E9 (MILLIONS OF US DOLLARS) 9. Figures in USD as of September 30, 2025, converted with FX of $18.38 The amortization profile does not include US$91 million of long-term debt at the subsidiary level (maturity range 2026-2034). Net Majority Income Net Majority Margin (%) 3Q25 3Q24 % Δ (MXN) % Δ (excl. FX) 3Q25 3Q24 Δ pp. Grupo Bimbo 3,364 3,695 (9.0) (11.3) 3.1 3.5 (0.4) 2% 2% 10% 39% 47% GBP CAD EUR MXN USD Currency Mix 900 550 800 498 650 560 585582 524 122 694 653 64 94 172 637 195 200 2025 2026 2027 2028 2029 2030 … 2032 2033 2034 2035 2036 … 2044 … 2047 2048 2049 2050 2051 USD Bonds MXN Bonds Bank Loans RCF
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6 D I A L - IN A conference call will be held today Tuesday October 28, 2025, at 6:00 p.m. Eastern (5:00 p.m. Central, 4:00 p.m. Mexico City). To access the call, please dial: US: +1 (844) 450 3853 International: +1 (412) 317 6375 Mexico: +52 (55) 8880 8040 Conference ID: GRUPO BIMBO W E B C A S T A webcast for this call can also be accessed at Grupo Bimbo’s website: https://www.grupobimbo.com/en/investors R E P L A Y A replay will be available until November 4, 2025. You can access the replay through Grupo Bimbo’s website https://www.grupobimbo.com/en/invest ors or by dialing: US: +1 (877) 344 7529 International: +1 (412) 317 0088 Canada: +1 (855) 669 9658 Conference ID: 662 9185 C O N F E R E N C E C A L L I N F O R M A T I O N This announcement contains certain statements regarding the expected financial and operating performance of Grupo Bimbo, S.A.B. de C.V., which are based on current financial information, operating levels, and market conditions, as well as on estimations of the Board of Directors of the Company related to possible future events. The results of the Company may differ in regards with those expressed on these statements, due to different factors that are beyond the Company’s control, such as: adjustments in price levels, variations in the costs of its raw materials, changes in laws and regulations, or economic or political conditions not foreseen in the countries where the Company operates. Therefore, the Company is not responsible for such differences in the information and suggests that readers review such statements prudently. Moreover, the Company will not undertake any obligation to publicly release any revisions to the statements due to variations of such factors after the date of this press release. www.grupobimbo.com ir@grupobimbo.com Grupo Bimbo is the leader and largest baking Company in the world and a relevant participant in snacks. It has presence in 91 countries worldwide, operating directly in 39 and serving another 52 through strategic partnerships. Its operations span across the Americas, Europe, Asia, and Africa, with 249 bakeries and plants, and more than 1,500 sales centers. With sales of over US $21 billion, the Company has a diverse product portfolio, its main categories include sliced and artisan bread, buns & rolls, pastries, cakes, cookies, toast, English muffins, bagels, tortillas & flatbreads, and salty snacks, among others. Grupo Bimbo has one of the largest direct distribution networks in the world, with more than 54,000 routes and over 153,000 associates. Its shares are listed on the Mexican Stock Exchange (BMV) under the ticker symbol BIMBO, and it also trades in the U.S. over-the-counter market through a Level 1 ADR, under the ticker symbol BMBOY. A B O U T G R U P O B I M B O N O T E O N F O R W A R D - L O O K I N G S T A T E M E N T S I N V E S T O R R E L A T I O N S C O N T A C T
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C O N S O L I D A T E D B A L A N C E S H E E T (MILLIONS OF MEXICAN PESOS) Sept, 2025 Dec, 2024 % Change TOTAL ASSETS 414,828 416,804 (0.5) CURRENT ASSETS 70,186 67,180 4.5 Cash and Equivalents 13,617 8,057 69.0 Accounts and Notes Receivables, Net 29,005 26,631 8.9 Inventories 17,039 18,832 (9.5) Other Current Assets 9,964 13,393 (25.6) Assets Available for Sale 561 267 >100 Property, Plant and Equipment 153,241 155,376 (1.4) Intangible Assets and Deferred Charges, Net and Investment in Shares of Associated Companies 148,720 152,269 (2.3) Lease Rights of Use 34,580 34,220 1.1 Other Assets 8,101 7,759 4.4 TOTAL LIABILITIES 297,080 289,107 2.8 CURRENT LIABILITIES 91,705 85,155 7.7 Trade Accounts Payable 37,021 42,074 (12.0) Short-term Debt 13,348 4,862 174.5 Short-term lease liability 6,997 7,140 (2.0) Other Current Liabilities 34,339 31,079 10.5 Long-term Debt 143,340 146,043 (1.9) Long-term lease liability 29,405 28,661 2.6 Other Long-term Non-Financial Liabilities 32,630 29,248 11.6 SHAREHOLDERS’ EQUITY 117,748 127,698 (7.8) Minority Shareholders’ Equity 1,016 1,754 (42.1) Majority Shareholders’ Equity 116,732 125,944 (7.3) C O N S O L I D A T E D I N C O M E S T A T E M E N T (MILLIONS OF MEXICAN PESOS) 3Q25 3Q24 % Change Net Sales 107,421 106,110 1.2 Cost of Goods Sold 51,230 49,789 2.9 GROSS PROFIT 56,191 56,321 (0.2) General Expenses 45,602 44,663 2.1 Other Expenses (Income), Net 1,186 2,296 (48.4) OPERATING INCOME 9,403 9,362 0.4 Comprehensive Financing Cost 3,337 3,249 2.7 Interest Paid Net 3,154 3,094 1.9 Exchange Rate Loss (Gain) 217 136 59.9 Monetary Loss (Gain) (34) 20 (270.7) Share in Results of Associated Companies 74 84 (12.1) NET INCOME BEFORE TAXES 6,139 6,197 (0.9) Income Taxes 2,309 2,087 10.6 INCOME (LOSS) FROM CONTINUED OPERATIONS 3,831 4,110 (6.8) Net Minority Income 466 415 12.4 NET MAJORITY INCOME 3,364 3,695 (9.0) ADJUSTED EBITDA 15,776 15,646 0.8 7