Earnings release
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1 Becle, S.A.B. de C.V. Reports 3Q26 Unaudited Financial Results Mexico City, Mexico, October 28th, 2026 / -- BECLE, S.A.B. de C.V. (“Cuervo”, “Becle” or the “Company”) (BMV: CUERVO) announced today its financial results for the third quarter ended September 30th, 2026. All figures in this release are derived from the Company’s interim consolidated financial statements as of September 30th, 2026, and for the nine-month period that ended on the same date, which are prepared in accordance with International Financial Reporting Standards (IFRS). Third Quarter 2026 Highlights • Volume declined 8.7% to 5.7 million 9L cases; Excluding b:oost, volume declined 5.6%, with a further sequential improvement in U.S. shipments as the distributor transition continues to progress. • Net sales decreased 15.3%; On a constant currency basis, net sales decreased 10.3%, or 9.6% excluding b:oost, driven by lower volumes and an unfavorable regional price/mix. • On a constant currency basis, gross margin decreased 330 bps, from 56.1% to 52.8%, driven by net sales per case pressure. • Excluding the effect of the P$753 million gain in other income recorded in the third quarter of 2025, EBITDA margin declined 760 bps, from 24.8% to 17.2%, on a constant currency basis. • Generated $1.0 billion pesos in net cash from operating activities. • Lease-adjusted net leverage of 1.3x, within the Company’s 1.0x to 1.5x target range. 3Q26 % Sales 3Q25 % Sales YoY % ∆ Like-for-like (2) Volume (1) 5,715 - 6,051* - -5.6%* - Net Sales 9,253 100% 10,922 100% -15.3% -10.3% Gross Profit 4,730 51.1% 6,123 56.1% -22.8% -15.5% EBITDA 1,456 15.7% 3,459 31.7% -57.9% -51.1% Net Income 633 6.8% 4,123 37.7% -84.6% -80.9% (1) Volume in 000s nine-liter cases. *Excluding b:oost. (2) Pro forma figures on a constant currency basis. All abovementioned increases and decreases are compared to the corresponding period from last year. Management commentary “During the third quarter, the realignment of our U.S. distribution continued to progress, and our portfolio continued to outperform the broader full-strength spirits market, with our largest transition markets returning to growth. We remained focused on disciplined execution,
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2 protecting our brands and financial strength, and committed to creating sustainable value over time.” Volume by Region 3Q26 (in 000s nine-liter cases) Region 3Q26 3Q25 % ∆ Organic % ∆ U.S. & Canada 3,296 3,398 -3.0% -3.0% Mexico 1,453 1,658 -12.4% 0.3% Rest of the World 965 1,204 -19.9% -19.9% Total 5,715 6,260 -8.7% -5.6% During the third quarter of 2026, total volume decreased 8.7% to 5.7 million nine-liter cases. In the U.S. and Canada, volume declined 3.0% year -over-year, a further sequential improvement, as the distributor transition continued to progress and inventory levels across the system normalized. In Mexico, volume decreased 12.4%, reflecting the sale of the b:oost brand. On an organic basis, Mexico increased volume by 0.3% compared to the prior year, against a demanding comparison base, continuing to outperform the broader industry. Meanwhile, the Rest of the World (“RoW”) region’ s volume decreased 19.9 % year-over- year, mainly reflecting the phasing of shipments into the fourth quarter. Volume by Category 3Q26 (in 000s nine-liter cases) Category 3Q26 3Q25 % ∆ Organic % ∆ Jose Cuervo 1,999 2,246 -11.0% -11.0% Other Tequilas 1,506 1,515 -0.6% -0.6% Other Spirits 979 1,067 -8.2% -8.2% Sub-total Spirits 4,484 4,828 -7.1% -7.1% Non-alcoholic and Other 444 675 -34.2% -4.7% RTD 787 757 4.0% 4.0% Total 5,715 6,260 -8.7% -5.6% Volume of ‘Jose Cuervo’ decreased 11.0 % compared to the same period in 2025 and represented 35.0% of total volume for the third quarter of 2026. ‘Other Tequilas’ brands accounted for 26.4% of total volume and decreased 0.6% compared to the prior year. ‘Other Spirits’ brands represented 17.1% of total volume and decreased 8.2% compared to the third quarter of 2025. Volume of ‘Non-alcoholic and Other’ contributed 7.8% of total volume and decreased 34.2% compared to the previous year, mainly due to the sale of b:oost; on 57.7%25.4% 16.9% 35.0% 26.4% 17.1% 7.8% 13.8%
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3 an organic basis, the category declined 4.7%. ‘RTD’ represented 13.8% of total volume and increased 4.0% compared to the prior year period. Net Sales by Region 3Q26 (in P$, millions) Region 3Q26 3Q25 % ∆ Organic % ∆ % ∆* U.S. & Canada 5,145 6,017 -14.5% -14.5% -7.6% Mexico 2,491 2,746 -9.3% -6.4% -6.4% Rest of the World 1,617 2,159 -25.1% -25.1% -19.0% Total 9,253 10,922 -15.3% -14.6% -9.6% *Pro forma figures on a constant currency basis, excluding b:oost. Third-quarter 2026 net sales decreased 15.3% year-over-year to P$9,253 million, mainly impacted by negative currency translation effects from the appreciation of the Mexican peso against the U.S. dollar. In the U.S. and Canada, net sales declined 14.5% year -over-year, reflecting the 3.0 % decline in volume, unfavorable foreign currency effects, and a more competitive environment. During the same period, net sales in Mexico decreased 9.3% year- over-year, reflecting the sale of b:oost. On an organic basis, net sales in Mexico decreased 6.4%, reflecting a less favorable brand mix and a more promotional environment. Net sales in the RoW region decreased 25.1 %, reflecting lower volume and unfavorable foreign exchange translation into Mexican pesos. Net Sales by Category 3Q26 (in P$, millions) Category 3Q26 3Q25 % ∆ Organic % ∆* Jose Cuervo 2,966 3,769 -21.3% -21.3% Other Tequilas 4,008 4,296 -6.7% -6.7% Other Spirits 1,505 1,963 -23.3% -23.3% Sub-total Spirits 8,479 10,028 -15.4% -15.4% Non-alcoholic and Other 256 328 -22.0% 5.4% RTD 518 565 -8.3% -8.3% Total 9,253 10,922 -15.3% -14.6% *Excluding b:oost. Net sales of ‘Jose Cuervo’ decreased 21.3 % compared to the same period of 2025, representing 32.1% of total net sales for the third quarter of 2026. Net sales of ‘Other Tequilas’ brands decreased 6.7% year -over-year, accounting for 43.3% of the total net 55.6%26.9% 17.5% 32.1% 43.3% 16.3% 2.8% 5.6%
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4 sales. ‘Other Spirits’ brands represented 16.3 % of total net sales and decreased 23. 3% compared to the third quarter of 2025. ‘Non- alcoholic and Other’ contributed 2 .8% of total net sales, decreasing 2 2.0% compared to the prior year period. ‘RTD’ represented 5 .6%, with an 8.3% decrease in net sales compared to the previous year. Gross Profit The gross margin decrease was largely due to unfavorable foreign currency effects from the appreciation of the Mexican peso against the U.S. dollar, an unfavorable geographic mix and a heavier promotional environment. This was partially offset by stable input costs. Adjusting for FX, the gross margin would have decreased 330 basis points, from 56.1% to 52.8%. Advertising, marketing & promotion (“AMP”) AMP expenses decreased 6.6% to P$1,986 million compared to the third quarter of 2025. As a percentage of net sales, AMP increased to 21.5% from 19.5% in the same period of the previous year. On a YTD basis, AMP represented 20.2% of net sales, in line with the Company’s full-year guidance range of 19% to 21%. 56.1% -3.3% 52.8% -1.7% 51.1% 3Q25 Reported ∆ 3Q26 Constant Currency FX 3Q26 Reported 3Q26 % Sales 3Q25 % Sales YoY % ∆ 4,730 51.1% 6,123 56.1% -22.8% 3Q26 % Sales 3Q25 % Sales YoY % ∆ 1,986 21.5% 2,127 19.5% -6.6% 19.5% 21.5% 3Q25 3Q26 +200bps
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5 Distribution 3Q26 % Sales 3Q25 % Sales YoY % ∆ 447 4.8% 487 4.5% -8.2% Distribution expenses decreased 8.2% to P$447 million compared to the third quarter of 2025, primarily driven by lower volume. As a percentage of net sales, distribution expenses increased to 4.8% from 4.5% in the same period of the previous year, due to operational deleveraging. Selling and administrative (“SG&A”) 3Q26 % Sales 3Q25 % Sales YoY % ∆ 1,179 12.7% 1,141 10.4% 3.3% SG&A expenses increased 3.3% to P$1,179 million compared to the third quarter of 2025. As a percentage of net sales, SG&A increased to 12.7% from 10.4% in the same period of the previous year, due to operational deleveraging driven by the decline in net sales value. Operating Income 3Q26 % Sales 3Q25 % Sales YoY % ∆ 1,112 12.0% 3,121 28.6% -64.4% *Excludes other income of P$753 million recorded in 3Q25. Operating margin decreased by 1,660-basis points to 12.0%, down from 28.6% in the same period of 2025. This decrease was mainly due to a gross margin contraction, operational deleveraging, and the P$753 million gain in other income recorded in the third quarter of 2025, which primarily resulted from the sale of our b:oost brand and contractual settlements related to U.S. distribution agreements. Excluding non-recurring gains from 2025, operating margin would have decreased 800 basis points, from 21.7% in 2025 to 13.7% in 2026, adjusting for FX. 4.5% 4.8% 3Q25 3Q26 10.4% 12.7% 3Q25 3Q26 28.6% 21.7% 13.7% 12.0% 3Q25 Reported 3Q25 Excl. other income* 3Q26 Constant Currency 3Q26 Reported +30bps +230bps
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6 EBITDA 3Q26 % Sales 3Q25 % Sales YoY % ∆ 1,456 15.7% 3,459 31.7% -57.9% *Excludes other income of P$753 million recorded in 3Q25. The EBITDA margin decreased by 1,600- basis points to 15.7% versus 31.7% in the same period of 2025. Excluding the P$753 million gain in other income recorded in the third quarter of 2025, the EBITDA margin would have decreased 760 basis points, from 24.8% in 2025 to 17.2% in 2026, on a constant currency basis. Net Financial Result The net financial result recorded an expense of P$256 million in the third quarter of 2026, compared to an expense of P$24 million in the same period of 2025. The variation was primarily driven by a foreign exchange loss of P$152 million, reflecting the depreciation of the Mexican peso against the U.S. dollar during the quarter (compared to a gain of P$188 million in the third quarter of 2025), partially offset by lower interest expense, reflecting the reduction in debt. Net Income 3Q26 % Sales 3Q25 % Sales YoY % ∆ 633 6.8% 4,123 37.7% -84.6% *Excludes the gain from the sale of our equity interest in Lalo Spirits Holdings, Inc. and other income, net of taxes. Consolidated net income in the third quarter of 2026 decreased 84.6% to P$633 million, compared to P$4,123 million in the same period of 2025. This was mainly driven by a decrease in operating income and the gain from the sale of our equity interest in Lalo Spirits Holdings, Inc. recorded under the equity method in the third quarter of 2025, partially offset by lower income taxes. Excluding the gain from the sale of our equity interest in Lalo Spirits Holdings, Inc. and other income recorded in the third quarter of 2025, net margin would have decreased 790 basis points, from 15.9% to 8.0%, on a FX adjusted basis. Earnings per share (EPS) were P$0.18 pesos. Financial position and cash flow 37.7% 15.9% 8.0% 6.8% 3Q25 Reported 3Q25 Excl* 3Q26 Constant Currency 3Q26 Reported 31.7% 24.8% 17.2% 15.7% 3Q25 Reported 3Q25 Excl. other income* 3Q26 Constant Currency 3Q26 Reported
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7 As of September 30, 2026, cash and cash equivalents were P$11,190 million (a decrease of P$842 million versus the same period of the previous year, mainly reflecting the US$100 million prepayment of our syndicated loan in the fourth quarter of 2025 and investments in associates). Total financial debt stood at P$19,029 million pesos (a decrease of P$2,306 million pesos versus the same period of the previous year). During the third quarter of 2026, the Company generated P$1,015 million in net cash from operating activities and deployed P$199 million in investing activities. Net cash from financing activities amounted to P$321 million for the third quarter of 2026, compared to net cash used of P$234 million in the same period of the previous year. Quarterly Financial Ratios 3Q25 4Q25 1Q26 2Q26 3Q26 Lease adjusted Net Debt / EBITDA 1.0x 0.9x 1.0x 1.1x 1.3x IFRS 9; IFRIC 16: Net investment hedge disclosures Financial instruments to hedge net investments in foreign operations Effective January 1st, 2020, the Company designated its US$500 million Senior Notes due 2025 as a hedging instrument for its net investment in Sunrise Spirits Holdings, Inc., with the objective of mitigating the exchange rate risk arising between the functional currency of these operations and the functional currency of the holding company that has such investment. However, on September 27 th, 2021, the Company announced a cash tender offer and a consent solicitation to the holders of outstanding 2025 Senior Notes in circulation. The Company paid a total principal amount of US$346.6 million (Ps7,202 million) of the 2025 Senior Notes (69.3% of the original issuance of US$500 million). Therefore, the coverage designated by this bond is US$153.4 million (Ps3,192 million). On October 31st, 2021, the Company designated a new hedge in the amount of US$346.6 million (Ps7,202 million), which is part of the Company's US$800 million Senior Notes due 2031, as a hedging instrument for its net investment in Sunrise Spirits Holdings, Inc. On August 31 st, 2022, the Company designated a new hedge in the amount of US$150 million (Ps2,999 million), which is part of the Company's US$800 million Senior Notes due 2031, as a hedging instrument for its net investment in Sunrise Spirits Holdings, Inc. On September 30th, 2024, the Company designated a new hedge in the amount of US$150 million (Ps2,944 million), which is part of the Company's US$800 million Senior Notes due 2031, as a hedging instrument for its net investment in Sunrise Spirits Holdings, Inc. The total coverage established by the Company is US$800 million. The Company formally designated and documented the hedging relationship, setting the objectives, risk -hedging strategy, identification of the hedging instrument, hedged item, nature of the risk to be hedged, and effectiveness assessment methodology. Since the
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8 exchange rate hedging relationship is clear, the method the Company used to assess the effectiveness consisted of a qualitative effectiveness test by comparing the critical terms between the hedging instruments and the hedged items. Accounting policy Net investment hedge in a foreign operation The Company applies hedge accounting to the foreign exchange risk resulting from its investments in foreign operations because of changes in exchange rates arising between the functional currency of that operation and the functional currency of the holding company, regardless of whether the investment is held directly or through a sub -holder. The change in exchange rates is recognized in Other Comprehensive Income as part of the translation effect when the foreign operation is consolidated. To this end, the Company designates the debt denominated in foreign currency as hedging instruments; therefore, the exchange effects arising from such debt are recognized in Other Comprehensive Income, in the translation effects line, to the extent that the hedge is effective. When the hedge is not effective, exchange rate differences are recognized in foreign exchange gain or loss in the consolidated income statement. Conference Call The Company plans to host a conference call for investors at 9:00 a.m. Mexico City Time (11:00 a.m. E.T.) on Thursday, October 29th, 2026, to discuss the Company’s third quarter 2026 unaudited financial results. Interested parties may also listen to a simultaneous webcast of the conference call by logging in and registering directly at: https://tinyurl.com/Becles3Q26ConferenceCall 3Q26 Unaudited Financial Results Conference Call and Webcast Details Date: Thursday, October 29th, 2026 Time: 9:00 a.m. Mexico City Time (11:00 a.m. E.T.) Participants: Juan Domingo Beckmann (CEO) Rodrigo de la Maza (CFO) How to join the conference call via the internet: 1. Please sign up ahead of time to access the webcast at: https://tinyurl.com/Becles3Q26ConferenceCall 2. After registering, you will receive a confirmation email with instructions on how to join. 3. Webinar ID: 820 0806 1253 How to join the conference call via telephone: 1. Dial one of the Mexican or International numbers below.
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9 2. Enter the webcast ID (820 0806 1253), followed by the # sign. 3. If the meeting has not yet started, press # to wait. 4. You will be prompted to enter your unique participant ID. Press # to skip. Dial-in: Mexico +52 558 659 6002 United States +1 646 558 8656 United Kingdom +44 330 088 5830 Brazil +55 21 3958 7888 Other international numbers available at: https://us02web.zoom.us/u/knEOJCJkC About Becle Becle is a globally renowned company in the spirits industry and the world’s largest producer of tequila. Its extraordinary portfolio of over 30 spirits brands, some of them owned, some of them agency brands distributed only in Mexico, has been developed throughout the years to participate in key categories with high growth potential, serving the world’s most important alcoholic beverage markets and delivering on key consumer preferences and tendencies. Becle’s portfolio strength is based on the profound legacy of its iconic internally developed brands such as Jose Cuervo®, combined with complementary acquisitions such as Three Olives®, Hangar 1®, Stranahan’s®, Bushmills®, Pendleton®, Boodles® and Proper No. Twelve®, as well as a relentless focus on innovation that over the years has created renowned brands such as 1800®, Maestro Dobel®, Centenario®, Kraken® and Jose Cuervo® Margaritas. Becle’s brands are sold and distributed in more than 85 countries. EBITDA EBITDA is a measure used in the Company’s financial analysis that is not recognized under IFRS but is calculated from amounts that derive from the Company’s financial statements. We calculate EBITDA as net income plus depreciation and amortization, income tax expense, and interest expense, less interest income, plus foreign exchange gain (loss). EBITDA is not an IFRS measure of liquidity or performance, nor is EBITDA a recognized financial measure under IFRS. We believe that EBITDA can be useful to facilitate comparisons of operating performance between periods on a combined basis, but these metrics may be calculated differently by other issuers. EBITDA should not be construed as an alternative to (i) net income as an indicator of the Company’s operating performance or (ii) cash flow from operating activities as a measure of the Company’s liquidity. Disclaimer This press release contains certain forward-looking statements which are based on Becle’s current expectations and observations. Actual results obtained may vary significantly from these estimates. The information related to future performance contained in this press release should be read jointly with the risks included in the “Risk Factors” section of the Annual Report filed with the Comisión Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission). This information, as well as future statements made
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10 by Becle or by any of its legal representatives, either in writing or verbally, may vary significantly from the actual results obtained. These forward-looking statements speak only as of the date on which they are made, and no assurance can be made as to the actual results obtained. Becle undertakes no obligation and does not intend to update or review any such forward- looking statements, whether as a result of new information, future developments or other related events. Investor Relations: Christophe Escartin cescartin@cuervo.com Investor Relations ir@cuervo.com Corporate Affairs: Alberto Moreno amoreno@cuervo.com
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11 Consolidated Income Statements Third quarter ended September 30th, 2026 Third quarter ended September 30th, 2025 Year over year variance (Figures in millions, except per share amounts) (U.S. $)(1) (Pesos) % of net sales (Pesos) % of net sales $ % Net sales 519 9,253 10,922 (1,669) (15.3) Cost of goods sold 254 4,523 48.9 4,799 43.9 (276) (5.8) Gross profit 265 4,730 51.1 6,123 56.1 (1,393) (22.8) Advertising, marketing and promotion 111 1,986 21.5 2,127 19.5 (141) (6.6) Distribution 25 447 4.8 487 4.5 (40) (8.2) Selling and administrative 66 1,179 12.7 1,141 10.4 38 3.3 Other expenses (income) 0 6 0.1 (753) (6.9) 759 N/A Operating income 62 1,112 12.0 3,121 28.6 (2,009) (64.4) Interest income (6) (110) (1.2) (71) (0.7) (39) 54.9 Interest expense 12 214 2.3 284 2.6 (70) (24.6) Foreign exchange loss (gain) 9 152 1.6 (188) (1.7) 340 N/A Financing results 14 256 2.8 24 0.2 232 977.1 Equity method - - - (2,475) (22.7) 2,475 (100.0) Income before income taxes 48 856 9.3 5,572 51.0 (4,716) (84.6) Income taxes 12 223 2.4 1,449 13.3 (1,226) (84.6) Consolidated net income 35 633 6.8 4,123 37.7 (3,490) (84.6) Non-controlling interest 0 1 0.0 (2) (0.0) 3 (136.8) Controlling interest 35 632 6.8 4,125 37.8 (3,493) (84.7) Depreciation and amortization 19 345 3.7 338 3.1 7 2.0 EBITDA 82 1,456 15.7 3,459 31.7 (2,002) (57.9) Earnings per share 0.01 0.18 1.15 (0.97) (84.6) Shares (in millions) used in calculation of earnings per share 3,591 3,591 3,591 (1) U.S. dollars translated at 17.84 Mexican pesos solely for the convenience of the reader.
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12 Consolidated Income Statements Nine months ended September 30th, 2026 Nine months ended September 30th, 2025 Year over year variance (Figures in millions, except per share amounts) (U.S. $)(1) (Pesos) % of net sales (Pesos) % of net sales $ % Net sales 1,487 26,523 32,011 (5,488) (17.1) Cost of goods sold 724 12,912 48.7 14,013 43.8 (1,101) (7.9) Gross profit 763 13,611 51.3 17,998 56.2 (4,387) (24.4) Advertising, marketing and promotion 300 5,359 20.2 6,434 20.1 (1,075) (16.7) Distribution 70 1,242 4.7 1,413 4.4 (171) (12.1) Selling and administrative 204 3,634 13.7 3,682 11.5 (48) (1.3) Other expenses (income), net (7) (131) (0.5) (846) (2.6) 715 (84.5) Operating income 197 3,507 13.2 7,315 22.9 (3,808) (52.1) Interest income (17) (310) (1.2) (275) (0.9) (35) 12.8 Interest expense 36 651 2.5 889 2.8 (238) (26.8) Foreign exchange loss (gain) (6) (110) (0.4) (692) (2.2) 582 (84.1) Financing results 13 231 0.9 (78) (0.2) 309 N/A Equity method (1) (17) (0.1) (2,466) (7.7) 2,450 (99.3) Profit before income taxes 185 3,293 12.4 9,859 30.8 (6,567) (66.6) Income taxes 48 856 3.2 2,563 8.0 (1,707) (66.6) Consolidated net income 137 2,437 9.2 7,296 22.8 (4,860) (66.6) Non-controlling interest 0 6 0.0 3 0.0 3 100.0 Controlling net income 136 2,431 9.2 7,293 22.8 (4,863) (66.7) Depreciation and amortization 58 1,037 3.9 997 3.1 40 4.0 EBITDA 255 4,544 17.1 8,312 26.0 (3,768) (45.3) Earnings per share 0.04 0.68 2.03 (1.35) (66.6) Shares (in millions) used in calculation of earnings per share 3,591 3,591 3,591 (1) U.S. dollars translated at 17.84 Mexican pesos solely for the convenience of the reader.
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13 Consolidated Statements of Financial Position September 30th, 2026 December 31st, 2025 (Figures in millions) (U.S. $)(1) (Pesos) (Pesos) Assets Cash and cash equivalents 627 11,190 10,836 Restricted cash 0 2 277 Trade receivables 513 9,153 11,677 Related parties 1 12 11 Recoverable income tax 107 1,914 1,637 Other recoverable taxes and receivables 93 1,655 641 Inventories 669 11,940 12,154 Financial instruments at fair value through profit and loss 7 120 121 Biological assets 75 1,334 1,547 Prepayments 79 1,415 1,336 Total current assets 2,171 38,735 40,237 Inventories 442 7,884 7,915 Biological assets 425 7,576 10,132 Other receivables 113 2,022 292 Investments in associates 162 2,898 1,149 Property, plant and equipment 965 17,222 17,610 Intangible assets 1,036 18,475 18,828 Goodwill 337 6,014 6,162 Right-of-use assets 83 1,486 1,663 Deferred income tax 76 1,354 1,350 Employee benefits 36 650 690 Other assets 5 89 78 Total non-current assets 3,681 65,669 65,868 Total assets 5,852 104,405 106,104 Liabilities Senior Notes 10 174 76 Syndicated loan 1 21 23 Trade payables 276 4,916 5,251 Related parties 3 47 4 Lease liabilities 11 190 439 Other accounts payable 340 6,067 6,661 Total current liabilities 640 11,415 12,456 Senior Notes 772 13,775 13,798 Syndicated loan 284 5,060 5,086 Lease liabilities 71 1,258 1,407 Environmental reserve 8 146 143 Other liabilities 33 586 520 Deferred income taxes 133 2,363 2,401 Total non-current liabilities 1,300 23,188 23,355 Total liabilities 1,940 34,603 35,811 Stockholders’ equity Stockholders’ equity attributable to controlling interest 3,909 69,734 70,224 Non-controlling interest 4 68 69 Total stockholders’ equity 3,912 69,802 70,293 Total liabilities and stockholders’ equity 5,852 104,405 106,104 (1) U.S. dollars translated at 17.84 Mexican pesos solely for the convenience of the reader.
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14 Consolidated Statements of Cash Flow Nine months ended September 30th, 2026 Nine months ended September 30th, 2025 (Figures in millions) (U.S. $)(1) (Pesos) (Pesos) Operating activities: Income before income taxes 185 3,293 9,859 Adjustment from non-cash items: Depreciation and amortization 58 1,037 997 Loss on sale of property, plant and equipment 2 37 5 Net proceeds from divestment in associates 0 0 (2,475) Non-cash items (13) (225) (444) Interest income (17) (310) (275) Unrealized foreign exchange profit 3 51 (893) Interest expense 25 449 647 Net cost for the period of employee benefits 2 38 24 Subtotal 245 4,370 7,446 (Increase) decrease in: Trade receivables 150 2,683 1,308 Related parties 2 42 16 Other recoverable taxes and other receivables (160) (2,861) 20 Inventories (1) (11) 213 Biological assets 154 2,739 (92) Prepayments (5) (82) (277) Other assets 19 337 406 Increase (decrease) in: Trade payables (19) (333) (88) Other accounts payables (33) (594) (1,286) Employee benefits (1) (10) (9) Income taxes paid or recoverable (62) (1,103) (1,088) Net cash from operating activities 290 5,177 6,568 Investment Activities: Property, plant and equipment (37) (654) (899) Intangible assets (7) (134) (151) Investment in associates and joint ventures (82) (1,459) (98) Acquisition of subsidiaries 0 0 (466) Divestment in associates 0 0 2,922 Interest income 17 310 275 Net cash flows used in investment activities (109) (1,936) 1,584 Financing activities: Dividends paid (110) (1,963) (1,426) Bank loan repayment 0 0 (2,989) Principal lease payment (39) (691) (786) Interest paid (23) (412) (646) Net cash flows used in financing activities (172) (3,067) (5,847) Net increase of cash and cash equivalents 10 174 2,305 Cash and cash equivalents at beginning of year: At beginning of the period 623 11,113 10,685 Restricted cash (0) (2) (413) Effects of exchange rate changes on cash and cash equivalents (5) (95) (544) Cash and cash equivalents at end of period 627 11,190 12,032 (1) U.S. dollars translated at 17.84 Mexican pesos solely for the convenience of the reader.