Slides
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Fourth Quarter 2025 Investor Presentation
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Strengthening Our Leadership In The Grain-based Food Industry1 2 2 3 Results & Progress Towards Our Long- term Strategy Our ESG Journey
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A Solid Year, Exceeding 2025 Guidance Financial Highlights Grupo Bimbo celebrated its 80th anniversary with the opening of the Bimbo Interactive Museum Alejandro Rodriguez was appointed CEO of the Company, effective November 2025 Recognized as one of the Most Ethical Companies in the World for the 9th consecutive year, according to Ethisphere Successfully issued Ps. 12 Bn in the Mexican Bond market in February 2026 • Record level for GB • Driven by price/mix, FX and acquisitions • Record levels for Mexico, EAA and Latam Net Sales +4.6% • Record level for GB • Margin +30bps to 13.9% • Record margin for Mexico and EAA • North America margin +60 bps to 9% Adj. EBITDA +7.2% Strategic Capital Deployment Key Developments • 2.7x leverage ratio, 0.2x lower YoY • Capex investments of US $1.2Bn • Completed 5 strategic acquisitions • Return to shareholders Ps. $5.6Bn 3
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______________ Figures as of December 31, 2025. (1) Expressed in US using end of period FX rate of $18.0 Ps./US. (2) LTM Net Sales and Adjusted EBITDA with IFRS16 effect were Ps. $426,952 million and Ps.$59,456 million, respectively. Converted to US dollars using an average FX rate for the LTM period of $19.22 Ps./US. (3) Adj. EBITDA: Earnings before interests, taxes, depreciation, amortization and Multiemployer Pension Plans(“MEPPs”). (4) Adj. EBITDA w/o IFRS16. Global Baking Leader and a Key Player in The Food Industry +100 brands +153k associates +9k products +54k routes +1.7K sales centers 249 bakeries and plants Presence in 93 countries Operates in 39 countries Market Cap(1) US$14.1 Bn US$22.3 Bn Net Sales(2) US$3.1 Bn Adj. EBITDA(2)(3) 2.7x Net Debt / Adj. EBITDA(4) Baa1/BBB+ Moody’s / Fitch and S&P 4
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44% 56% Developed Markets Emerging Markets 90% 10% Investment Grade Non-Investment Grade ____________ Figures as of December 31, 2025. Market share information from Nielsen, IRI and Company Information for the countries and categories where Grupo Bimbo participates. (1) Includes operations in the US and Canada. (2) Includes operations in Europe, Asia and Africa. (3) Buns and rolls category excluded in the UK and India. Cakes excluded in China, Morocco, and the UK. Bagels included only in the UK market. (4) Includes operations in Central and South America. (5) Net Sales for the last twelve months ended December 31, 2025 Developed and Emerging markets, as well as Investment grade and Non-Investment Grade as per MSCI classification. +77K associates 38 bakeries North America (1) Mexico +28K associates 42 bakeries +18K associates 94 bakeries +26K associates 75 bakeries 44.6% Net Sales 27.7% Adj. EBITDA 32.4% Net Sales 56.6% Adj. EBITDA 12.7% Net Sales 8.8% Adj. EBITDA 10.3% Net Sales 6.9% Adj. EBITDA Net Sales(5) Latin America (4) EAA (2) Highly Diversified Company with Leading Positions Across Categories Market share leader within 7 categories U.S. – Sliced bread, English Muffins and Bagels. Canada – Sweet baked goods, Sliced bread, Bagels, Tortillas and English Muffins Bread, Buns & rolls, Sweet baked goods, Toasted bread, Tortillas, Totopos, Tostadas, Bars and Breadcrumbs Market share leader within 9 categories Market share leader within 3 categories in most countries (3) Sliced bread, Buns & Rolls and Bagels Market share leader within 3 categories Sliced bread, Tortillas, Buns & rolls 5
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…With Clear Trends to Continue Driving Growth: ____________ Source: GlobalData, information reported as of 2024. Value M USD-2024. Note: Baking Industry: Bread and Rolls, Cakes and Pastries, Cookies (Sweet Biscuits), Morning Goods, Energy Bars and Cereal Bars. Snacks Industry: Popcorn and Ready-to-Eat popcorn segments, Potato Chips Subcategory (Baked, Fried and Potato Chips segments) and Processed Snacks (Corn Chips, Extruded Snacks, Pork Rinds, Processed Snacks and Tortilla Chips segments). Ranking does not include Artisanal bakeries and Private Label. Clearly Focused on the Attractive Grain -based Food Industry Snacks Top 5 Global Player 1.4% US$183 Bn 3.8% 4.7% market share market size CAGR 24-29’ CAGR 19-24’ Bimbo is a Leader in… Large… and Gowing Industries Resilient… 3.7% US$639 Bn 4.7% 2.8% Baking 1.2x larger than 2nd player #1 Global Player Convenience & sustainability: on-the-go and smaller portion formats, supported by sustainable packaging and processes Quality & ingredients: evolution of original plan to modern recipes inspired by local flavors and ingredients Health & wellness: better-for-you products that deliver improved nutritional profiles without sacrificing great taste Meal snackification: functional snacks beyond traditional occasions designed to satisfy like a meal 6
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U.S. CANADA 7 North America Mexico Latin America EAA Our Strong Portfolio Of Leading Brands That Resonate With Consumers
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____________ (1) Fast Moving Consumer Goods (2) Source: Kantar World as of 2024 . Strategically Positioned To Reach Our Consumers and Build Brand Loyalty Leading Brands Bimbo is the most chosen food brand in Mexico and the top 5 brand among the FMCG (1) sector in Mexico and Latin American households (2) Categories Channels Traditional QSR Others Retail Supermarkets, convenience stores, among others Quick Service Restaurants “Mom & Pops” Foodservice, wholesale, vending machines, among others Our distribution fleet travels every day the equivalent to 110 trips in aggregate around the world sliced bread cakes toast bagels salty snacks buns & rolls cookies english muffins pastries tortillas & flatbread artisan bread 8
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Solve Morning Routines Lunch Time Hero Snack Time Anytime ____________ (1) Source: Information Resources, Inc. as of 2025. #1 selling English muffin and an all- American classic.(1) Social Gatherings Recent Mexican innovation with continued momentum, and now present in 14 countries. Developed internally, present in 20 countries, and became #1 mainstream bread brand in the US.(1) Prepared without added fats, colorants, or artificial preservatives, using a slow baking method that retains the natural flavor of the ancestral grains. #1 mini muffin brand in the United States (1) Enjoy Family Moments over Dinner We Are Geared To Meet Every Consumption Occasion In People’s Life 9
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At The Same Time Addressing Evolving Needs Through Our Innovation Pillars 6 Key Levers Best Nutritional Profiles Healthier Plant Based Diets Transparent Sustainable Brands Success DriversKey Trends Clean label Positive nutrition Smart portions Fortified options Circular economy Nutritional transparency on- pack and online Cereal diversity Nutritional balance Investment in startups Alliances to improve and create disruptive products “Snackification” Health & Wellness Value added premium brands Scale, brand penetration, great products Innovation centers Consumer-driven insights 1 2 3 54 6 10
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Net Sales (US$) $7.4 Bn $15.0 Bn $22.3 Bn Adj. EBITDA (US$) $881 MM $1.6 Bn $3.1 Bn(2) Geographic Diversification (By Sales) Countries 18 32 39 Bakeries & Plants 83 199 249 Baking Market Share(3) 2.1%(4) 3.2% 3.7%(5) Market Cap (US$) $4.9 Bn $9.3 Bn $14.1 Bn CAPEX (US$) $357 MM $733 MM $1.2 Bn Net Debt / Adj. EBITDA(6) 2.7x(7) 2.6x(8) 2.7x Relevant Acquisitions ____________ (1) Results prepared in accordance with Mexican GAAP. (2) Figures with IFRS 16. Adj. EBITDA: Earnings before interests, taxes, depreciation, amortization and MEPPs. (3) GlobalData. Includes: Bread, Rolls, Cakes, Pastries, Cookies (Sweet Biscuits, Savory Biscuits) and Morning Goods. (4) Calculated with 2009 revenues of GB and the baked goods’ market value by GlobalData. (5) Information as of 2024. (6) Adj. EBITDA w/o IFRS16. (7) Leverage ratio pro-forma for Weston Foods acquisition. (8) Leverage ratio pro-forma for Canada Bread acquisition. NA 22% Mex 64% Latam 14% NA 50% Mex 31% Latam 10% EAA 9% NA 45% Mex 32% Latam 10% EAA 13% Driving Consistent Growth And Profitability 3.0x 3.4x 3.0x 3.4x 1.6pp 2.2x 3.1x 0.0x Evolution & Growth in the last 17 years 11 (2) 202520182008 (1)(1) 11
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____________ Adj. EBITDA: Earnings before interests, taxes, depreciation, amortization and MEPPs. Ricolino’s results have been removed since 2021. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Grupo1 Bimbo1 10.7% 11.6% 10.2% 11.0% 13.0% 13.7% 14.0% 13.4% 13.7% 13.6% 13.9% North1 America1 8.3% 9.4% 9.2% 9.0% 11.3% 12.9% 12.2% 11.0% 10.5% 8.4% 9.0% Mexico1 17.6% 18.7% 17.7% 18.2% 19.3% 18.3% 19.0% 17.9% 18.9% 20.3% 20.4% EAA1 -4.4% 2.7% -8.5% 0.4% 6.3% 7.6% 7.9% 7.0% 7.2% 9.4% 10.8% LatAm1 2.1% 1.0% 1.9% 2.6% 2.2% 4.9% 6.2% 8.9% 9.6% 9.0% 8.1% ADJ. EBITDA MARGIN % 4Q24 4Q25 12.7% 14.7% 5.9% 9.2% 21.6% 22.0% 9.6% 13.8% 9.3% 5.1% 12 Favorable mix New manufacturing capabilities Increased scale Productivity investments driving SG&A efficiencies Accretive strategic acquisitions Distribution network optimization Successful turnaround projects with a long-term view Inflationary environment Weak consumption environment in the U.S. Highly Resilient Adj. EBITDA Margins and Expansion Across Most Regions
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Capex Investments As A Top Priority, Consistent With Our Long-term Algorithm $0.6 $1.0 $1.4 $2.0 $1.6 $1.2 2020 2021 2022 2023 2024 2025 2026 Elevated Multi-Year CAPEX Plan to Enhance Our Capabilities and Ensure Continued Growth 13 $1.2-1.4 Our CAPEX Strategy Top priority Business Continuity Growth Expansion Productivity The peak investments have been completed Outlook USD Billion
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2.7 2.0 1.9 2.9 2.7 2.2 3.1 2.7 2.6 3.0 2.6 2.4 1.9 2.0 1.5 2.1 2.9 2.7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (2) US$ 2.4 Bn US$ 709 mm CAD$ 1.8 Bn US$ 650 mm ____________ (1) Adj. EBITDA w/o IFRS16: Earnings before interests, taxes, depreciation, amortization and MEPPs. (2) The acquisition of Weston Foods was consummated in January 2009. Leverage ratio giving pro-forma effect to the Weston Foods acquisition as if such acquisition (and the incurrence of the indebtedness thereof) was consummated on December 31st, 2008. (3) The acquisition of Canada Bread was consummated in May 2014. Leverage ratio giving pro-forma effect to the Canada Bread acquisition as if such acquisition was consummated on May 31, 2014, and Adjusted EBITDA includes 5 months of the EBITDA reported by Canada Bread for such year. (4) The acquisition of East Balt was consummated in October 2017. Leverage ratio giving pro-forma effect to the East Balt acquisition includes 9.5 months of the EBITDA reported by East Balt for such year (Ps.1,060 million or $56 million converted at the exchange rate of Ps.18.92 per $1 dollar which is the average of the daily exchange rates published by Banco de Mexico for the year ended December 31st, 2017). Our Adjusted EBITDA for the year ended December 31st, 2017, was Ps.27,289 mm. (5) IncludesRicolino’s divestiture to Mondelēz International, Inc. for an Enterprise value of Ps. $25.8Bn. (2) (5) (5) +US$ 1.4 Bn Sustainable Growth With Proven Ability To Deleverage (1) (3) (4) Net Debt / Adj. EBITDA 14
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82% 18% Fixed Floating ____________ Figures in US$ mm as of December 31, 2025 converted with end of period FX of $17.97 Ps./US. Debt profile does not include US $94 mm of long-term debt at subsidiary level (maturity range 2026-2034). (1)Net of issuance costs. (2) Considers derivatives, withholding tax, and additional costs. Conservative Debt Profile And Ample Liquidity 900 550 800 498 650 560 585596 536 125 710 668 108 131 733 195 161 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 … 2044 … 2047 2048 2049 2050 2051 USD Bonds MXN Bonds Bank Loans US $2.35 Bn Undrawn Committed Revolving Credit Facility Total Debt: Avg Tenor: Avg. Cost(2): Ratings: US $8,553 mm(1) 9.65 años 6.32% BBB+/Baa1/BBB+ S&P/Moody’s/Fitch 15 Currency and Rate Mix 44% 39% 12% 3% 2% USD MXN EUR
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Responsible Financial Management Strategy Committed to a robust balance sheet • 2025 Net leverage: 2.7x • 2025 Cash & Equivalents: US$475 mm(1) Efficient working capital management • Ongoing efforts to continue improving working capital and value creation initiatives Focused on reinvesting, prioritizing long-term growth and profitability • 2025 CAPEX: US$1.2 Bn(2) Conservative risk management policies aligned with Corporate strategy • Hedging strategy for commodities and FX risks Significant liquidity and financial flexibility • US$2.35 Bn in undrawn committed revolving credit facility 01 02 03 04 05 16(1) Converted with end of period FX rate of $17.97. Ps./US. (2) Converted with LTM avg. FX rate of $19.22 Ps./US
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Looking Forward 17 ____________ (1) Adjusted EBITDA with IFRS16 effect. 2026 Guidance Including FX Effect Excluding FX Effect Including FX Effect Net Sales Mid single- digit growth +4.6% Low to Mid single-digit growth Flattish Adj. EBITDA(1) Flat to slight margin contraction +30bps to 13.9% Slight margin expansion CAPEX US$1.3-1.4Bn US $1.2Bn US $1.2-1.4 Bn 2025 Guidance & Results 2026 FX Rate Assumption • Expecting Ps. $17.75/USD, which implies a Ps. $1.50 appreciation vs. 2025 • This FX assumption has an impact on the guidance of more than 500 basis points on the expected top -line growth
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Daniel Servitje – Executive ChairBoard of Directors 39% independent 28% women Committees Audit and Corporate Finance and Planning Evaluation, Results and Nominations Alejandro Rodríguez CEO Diego Gaxiola CFO Jorge Guillermo Zárate Chief Supply Chain Officer Juan Muldoon Chief People Officer Raúl Obregón Executive VP, GB Fernando Lerdo de Tejada Executive VP, GB Mark Bendix Executive VP, GB Greg Kohersen President, Bimbo Bakeries USA José Manuel Guzmán President, Bimbo Mexico Alejandro Pintado President, Barcel México Steering Committee 18 Corporate Governance Firm Commitment to Sustainability and Top-tier Corporate Governance
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19 With Strong Commitment and Progress Towards our Sustainability Goals Our Contribution to SDG(2) Progress as of 2025(1)2030 Goals 100% simple and natural recipes in baking and snacks 100% products will be part of a healthy plant- based diet 100% products with nutritional transparency 1 social impact project at least per work center To create safe, healthy, diverse, equitable and inclusive workplaces ∼48% of sales accomplish ≥3.5 stars according to the Health Star Rating System (HSR) 98% of daily bread, buns & breakfast portfolio with positive nutrition 1.59 TRIR(3) 30.5% leadership positions occupied by women 277 Good Neighbor projects in 31 countries with +533,000 beneficiaries Reduction of Co2 emissions vs. 2019: 50% Scope 1 and 28% Scope 3 100% packaging supports a circular economy 200,000 hectares of wheat farmed through regenerative agriculture 99% of packaging made from recyclable materials 100% treated water is reused vs 2020 base line ~500,000 hectares farmed under regenerative agriculture practices baked FOR YOU baked FOR LIFE baked FOR NATURE (1) Auditing process to be completed in March, results may vary. (2) Sustainable Development Goals. (3) Total Recordable Incident Rate 3% Global food waste reduction +4,000 electric vehicles
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ir@grupobimbo.com www.grupobimbo.com Thank you!
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Theinformationcontainedhere in hasbeen preparedby GrupoBimbo,S.A.B. de C.V. (the “Company")solelyfor useat this presentation. Thispresentation does not purport to containall the informationthat mayberequiredto evaluateanyinvestmentin the Companyor anyof its securitiesandshouldnot be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representationor warranty,either expressor implied, is made as to the accuracy,reliability or completenessof the information presentedherein. This presentationhasbeen preparedsolelyfor informationalpurposesand shouldnot be construedascontaininganyoffer,invitation or recommendationto purchase,sell or subscribefor any securitiesin any jurisdictionand neither the issueof the information nor anything containedherein shall form the basisof or be relied upon in connectionwith, or act as an inducementto enter, any investmentactivity. Thispresentationshould not be regardedby recipientsas a substitute for the exerciseof their own judgment in connectionwith anyinvestmentactivity. Themerit andsuitabilityof an investment in the Companyshouldbe independentlyevaluatedandanypersonconsidering suchan investmentin the Companyis advisedto obtain independent adviceasto the legal,tax, accounting,financial,credit and other related adviceprior to makinganinvestment. Anyopinion expressedhereinis subjectto changewithout notice,and the Companyis under no obligationto updateor keepcurrent the information herein. TheCompanyacceptsno liability whatsoeverfor any lossor damageof any kind arisingout of the useof all or anypart of this presentation. This presentationincludesforward-looking statements. Suchforward-looking statementsare basedon certain assumptionsand current expectationsand projections about future events and trends that may affect the Company’sbusinessand are not guaranteesof future performance. Investorsare cautionedthat anysuchforward-lookingstatementsare and will be, asthe casemaybe subjectto manyrisks,uncertaintiesand other unknownfactors, including those relating to the operations and businessof the Company. Theseand various other factors may adverselyaffect the estimates and assumptionson which theseforward-lookingstatementsare based,manyof which are beyondour control. Forward-lookingstatementsspeakonly asof the date on which they are made. TheCompanyexpresslydisclaimsany obligationor undertakingto update or reviseany forward-lookingstatement, whether as a result of new information,future eventsor otherwise. TheCompany’sindependentpublic auditorshaveneither examinednor compiled this presentationand, accordingly,do not provideany assurancewith respectto any information includedherein. In light of the risksand uncertainties describedabove,the future eventsand circumstancesdiscussedin this presentationmight not occur and are not guaranteesof future performance. Neither this presentationnor anythingcontainedhereinshallform the basisof any contractor commitmentwhatsoever. Theinformation includedin this presentationmay not be reproducedor redistributed,passedon, or the contentsotherwisedivulged,directly or indirectly,to any other personor publishedin wholeor in part for anypurposeor underanycircumstanceswithout the Company’sprior written consent. Disclaimer 21