Earnings release
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. 1 Mexico City, October 22, 2025 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (BMV: HERDEZ) today announced its results for the third quarter of 2025, ended September 30 th. “Despite the challenging consumer environment, our quarterly performance was outstanding in terms of net sales and profitability. Additionally, we successfully increased our market share in key categories. We remain optimistic about the future .”, said Héctor Hernández -Pons Torres, Chairman of the Board of Directors and Chief Executive Officer of Grupo Herdez. IMPORTANT INFORMATION ABOUT THE SEPARATION OF GRUPO NUTRISA AND THE ACCOUNTING BASIS The attached Financial Statements of Grupo Herdez have been prepared in accordance with International Financial Reporting Standards (IFRS). Given that Grupo Nutrisa was removed from the Company's results as of September 1st, 2025, the figures and operating segmentation contained in this report include the information for Grupo Nutrisa until August 31st within the Impulse segment. NOTE ON OPERATING SEGMENTATION AND PROFORMA ANALYSIS To facilitate the understanding of the co ntinuing business's performance, the Company adopted a new segmentation starting this third quarter, which considers Domestic (includes Preserves and Helados Nestlé) and Exports. Furthermore, to ensure comparability against the prior year, the analysis in this document includes proforma financial information, which excludes the results of Grupo Nutrisa for the third quarter and the first nine months of 2025, as well as 2024 results. GRUPO HERDEZ THIRD QUARTER 2025 RESULTS
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. 2 NET SALES Consolidated net sales registered a slight contraction of 0.7% in the third quarter, standing at $9.3 billion. Excluding Grupo Nutrisa for the entire period, net sales would have grown 0.9%, demonstrating the resilience of the ongoing business in a moderate consumption environment. Despite this impact, the busine ss’ performance was robust, driven by the Preserves segment. Sales volume growth stood out in wholesale, price clubs, and foodservice channels, which collectively increased 5.2% during the period. Year-to-date net sales grew 4.3% compared to the previous year, rising to $28.7 billion. The mayonnaise, vegetables, moles, and spices categories performed well, growing 6.2% in volume. The wholesale channel also stood out, driven by the mayonnaise and vegetable categories. The Preserves segment remained solid with net sales of $7.4 billion during the quarter, 5.2% above the same period of last year. These resulted from a good performance in categories like mayonnaise, crushed tomatoes, vegetables, mole, spices, and ketchup. For the first nine months of the yea r, sales in the Preserves segment were $22.6 billion, a 6.7% increase from 2024. This growth resulted from strategic initiatives to incentivize demand, allowing the segment to maintain a solid market share. The Impulse segment reported net sales of $1.1 billion in the quarter, a decrease of 13.9% over the prior year. The drop can be attributed to two main factors: i) separation of Grupo Nutrisa; and ii) the impact of the unusual rainy season, which intensifie d seasonality effects and negatively affected the segment’s performance. Year -to-date, segment sales decreased 3.3% to $3.9 billion. This contraction is mainly explained by lower performance at Helados Nestlé in the convenience and traditional channels; wh ere adverse weather conditions reduced customer traffic and impulse consumption. However, this decrease was partially offset by a shift in consumption strategy, with customers opting for higher volume and value formats, boosting the sale of the Multipack format in price clubs. The Exports segment registered net sales of $727 million, a 25.9% contraction in the quarter compared to the same period of 2024. This result is the consequence of: i) a 10% appreciation in the exchange rate; and ii) deceleration in c onsumption among the Hispanic community in the United States, which mainly impacted the homemade sauces and mayonnaise categories, resulting in fewer visits to physical stores.
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. 3 Year-to.-date net sales were 5.3% below 2024, falling to $2.2 billion, a direct consequence of the weak performance in the third quarter. PROFORMA Excluding the results from the Grupo Nutrisa, consolidated net sales would have grown 0.9 %. This increase was supported by solid performance in the Domestic segment, which showed sales gr owth of 4.2%, driven mainly by the increase in sales volumes of mayonnaise, crushed tomatoes, and ketchup. This proforma result highlights the resilience of the brand portfolio, and validates the effect of the initiatives implemented to incentivize consump tion, managing to maintain a solid market share against a backdrop of moderate growth. During the first nine months of the year, proforma net sales would have increased 4.9% to $27 .0 billion. This was led again by the Domestic segment, which would have reported sustained growth of 5.9%. GROSS PROFIT Consolidated gross margin during the quarter was 41.0%, 0.5 percentage points above the same period of 2024. This result reflects a favorable mix in product sales in the Preserves segment, as well as a decrease in the price of soybean oil and fresh tomato, which compensated for the increase in the price of other inputs like egg and packaging material. Year-to-date, gross margin showed a slight improvement, standing at 40.4%, an increase of 0.3 percentage points compared the previous year, this was driven by the gross margin expansion in the Preserves and Exports segments. N ET SA LES 3Q25 3Q24 % change C o nso lidated 8,849 8,774 0.9 Domestic 8,1 26 7,800 4.2 Exports 723 974 (25.8) Figures in millions of M XN N ET SA LES 9M 25 9M 24 % change C o nso lidated 27,058 25,794 4.9 Domestic 24,856 23,472 5.9 Exports 2,202 2,323 (5.2) Figures in millions of M XN
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. 4 Gross margin in the Preserves segment was 41.2%, 0.7 percentage points superior to that recorded during the third quarter of 2024. In the Impulse segment, the margin registered a contraction of 2.2 percentage points, located at 57.9%, mainly due to the decrease in Helados Nestlé sales volumes, as well as the increase in costs of key raw materials such as whey and coffee. Finally, the Ex ports segment registered a contraction of 2.4 percentage points, standing at 13.1% in the quarter, due to the decrease in the home -style salsas category in the supermarket channel in the United States. On year -to-date basis, gross margin in the Preserves segment increased 0.6 percentage points to 39.9%. In Exports, the margin expanded 3.4 percentage points reaching 12.9%, favored by the segment's good performance during the first two quarters of the year. For its part, in the Impulse segment, the margin contracted 2.8 percentage points, standing at 60.2%. Nonetheless, this contraction was partially mitigated by the solid performance recorded in Grupo Nutrisa.
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. 5 PROFORMA The consolidated gross margin for the quarter would have been 39.9% during the quarter, 1.1 percentage points above 2024. This result reflects the aforementioned favorable sales performance in the Domestic segment, whose margin would have increased 0.5 percentage, a factor that partially compensated for a difficult period for sales in the Exports segment, whose margin would have contracted 2.4 percentage points. For the nine -month period through September, the gross margin would have been 39.1%, 0.7 percen tage points superior to 2024. For this period, both the Domestic and Exports segments would have experienced an expansion in margins, growing 0.3 and 1.7 percentage points, standing at 41.2% and 15.0%, respectively. SALES, GENERAL AND ADMINISTRATIVE EXPENSES (SG&A) During the quarter, consolidated overhead expenses represented 27.2% of net sales, 0.7 percentage points higher than the prior year. In Preserves, expenses as a proportion of net sales increased 1.4 percentage points, due primarily to higher advertising and promotional expenses, as well as the implementation of new commercial initiatives focused on strengthening brand presence. In the Impulse segment, expenses as a proportion of sales remained stable, increasing 0.3 percentage points over the same quarter of 2024, due to strict cost control in Grupo Nutrisa that compensated for the lack of operating leverage in Helados Nestlé. General expenses in the Exports segment were 0.4 percentage points below 2024. GR OSS P R OF IT 3Q25 3Q24 % change C o nso lidated 3,534 3,411 3.6 Domestic 3,440 3,262 5.5 Exports 94 1 50 (37.2) Figures in millions of M XN GR OSS M A R GIN 3Q25 3Q24 pp chg C o nso lidated 39.9 38.9 1.1 Domestic 42.3 41 .8 0.5 Exports 1 3.0 1 5.4 (2.4) Figures in percentages GR OSS P R OF IT 9M 25 9M 24 % change C o nso lidated 10,578 9,905 6.8 Domestic 1 0,247 9,595 6.8 Exports 331 31 0 6.6 Figures in millions of M XN GR OSS M A R GIN 9M 25 9M 24 pp chg C o nso lidated 39.1 38.4 0.7 Domestic 41 .2 40.9 0.3 Exports 1 5.0 1 3.4 1 .7 Figures in percentages
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. 6 Consolidated expenses as a proportion of sales rose to 26.8%, a 0.6 percentage points increase over 2024, due mainly to the allocation of additional resources to investments in advertising and promotions aimed at incentivizing demand. PROFORMA Overhead expenses would have represented 25.0% of net sales, 1.8 percentage points more than the prior year. Cumulative nine-month figures would have stood at 24.1% of net sales, 1.1 percentage points more than in 2024. This increase is directly related to strategic investment in commercial initi atives focused on incentivizing demand. General expenses as a proportion of net sales for the Domestic segment would have stood 26.7% for the quarter, and 25.6% on year-to-date basis, 1.4 and 1.1 more than in 2024, respectively. This increase is the result of the aforementioned investments in advertising, and higher logistical expenses related to operation of the Helados Nestlé business. OPERATING INCOME Consolidated operating income for the quarter was $1.3 billion, a 2.6% increase over the same period of 2024. The consolidated operating margin increased 0.5 percentage points to 14.1%. This expansion was driven primarily by solid gross margin performance in the Preserves segment, and the effect of Grupo Nutrisa separation, which has a higher expense basis. The Preserves segment registered an operating income of $1.4 billion, an increase of 6.9%. Its operating margin stood at 18.3%, 0.3 percentage points hi gher than the 2024 result, reflecting the solidity in sales volume and efficiency achieved through disciplined management of operating and sales expenses. The Exports segment registered a contraction of 43.5% in its operating income, standing at $48 million. Its operating margin decreased 2.1 percentage points to 6.6%, mainly due to the slowdown in sales volume in the US market mentioned previously. Similarly, the Impulse segment recorded an operating loss of $100 million. This loss was 20.5% higher than the previous year, representing 9.0% of the segment´s net sales. Despite the operating loss, the separation of Grupo Nutrisa contributed structurally to improving the consolidated margin. This favorable impact was counteracted by pressure on the business expenses at Helados Nestlé.
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. 7 On a nine-month basis, consolidated operating income grew 6.1% to $4.0 billion. The operating margin at the end of the quarter was 14.1%, virtually flat with respect to 2024. PROFORMA Consolidated operating income during the third quarter would have amounted $1.3 billion, which would have represented a 1.2% growth compared to the same period of 2024. Consolidated operating margin would have remained stable at 15.3%. This is directly reflected in the Domestic segment, whose operating income would have grown 4.2%. Said segment would have maintained its operating margin flat at 16.1%, driven by an optimized product mix and greater efficiency in costs per volume. On cumulative basis, consolidated operating income would have to taled $4.2 billion, 6.3% above 2024. Operating margin would have increased 0.2% to 15.5%. EB IT 3Q25 3Q24 % change C o nso lidated 1,354 1,337 1.2 Domestic 1 ,307 1 ,255 4.2 Exports 47 83 (43.4) Figures in millions of M XN EB IT 9M 25 9M 24 % change C o nso lidated 4,199 3,951 6.3 Domestic 4,021 3,81 0 5.5 Exports 1 78 1 41 25.5 Figures in millions of M XN
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. 8 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION AND OTHER NON -CASH ITEMS (EBITDA) Consolidated EBITDA for the quarter was $1.5 billion, a 4.2% decrease with respect to the prior year. EBITDA margin was 16.5%, 0.6 percentage points below 2024. This behavior is partially explained by lower depreciation after the separation of Grupo Nutrisa, and pressure on the costs of some raw materials and inputs. EBITDA margin in the Preserves segment stood at 19.9%, unchanged in comparison with the previous year, reflecting the segment’s strong operating leverage. EBITDA in the Exports segment pulled back 39.5%, ending the quarter at $69 million. The margin contracted 2.1 percentage points, resulting in 9.4%. The Impulse segment reported negative EBITDA of $22 million during the quarter, due to separation of Grupo Nutrisa, which reduced the basis of the segment’s revenues in comparison with the same period in 2024, while operating costs at the Helados Nestlé unit continued to weigh on profitability. Year-to-date, consolidated EBITDA amounted to $4.9 million, 2.3% higher than in the prior year. EBITDA margin stood at 17.0%, 0.3 percentage points lower than in 2024. Despite this, the Preserves segment registered a growth in EBITDA of 7.4%, with a margin that remained practically without changes at 19.9%. EBITDA in the Exports segment increased 36.1%, expanding its margin 3.7 percentage points to 12.2%. The Impulse segment contracted 2.7 times in EBITDA, reflecting the deconsolidation of the Grupo Nutrisa, as well as the operating challenges that the Helados Nestlé business has faced during the year. EBITD A margin ended the quarter at 4.0%, 6.5 percentage points below the previous year.
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. 9 PROFORMA Consolidated EBITDA would have totaled $1.5 billion during the quarter, a 0.7% growth over 2024. The consolidated EBITDA margin would have been 17.5%, practically unchanged with respect to the prior period. The Domestic segment would have been the main driver of the 3.6% growth in EBITDA, maintaining a practically unchanged margin of 18.3%, which underscores the resilience and capacity for cash flow generatio n of the business in Mexico. For the first nine months of the year, consolidated EBITDA would have amounted $4.8 billion, which represents a 5.1% growth and a 17.1% margin. ALL-IN RESULT OF FINANCING The all-in cost of financing was $139 million in the third quarter, a 22.3% decrease compared to the same period of 2024. Year-to-date this amounted to $429 million, a 22.9% reduction with respect to the prior year. Both changes are explained, mostly, by t he higher exchange rate gain observed starting from the second quarter of the year.
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. 10 EQUITY INVESTMENTS IN ASSOCIATED COMPANIES Equity in income of associated companies totaled MXN $137 million in the quarter, an increase of more than four times in comparison with the results in the same period of the previous year. Year-to-date, the result amounted $493 million, nearly double the number recorded in 2024. This result is mainly attributable to performance of MegaMex, which has continued its trajectory o f sequential improvement in the profitability of the Don Miguel and Wholly Guacamole segments. The result was driven by a solid combination of growth in sales volume and lower avocado prices. MEGAMEX CONSOLIDATED RESULTS (100%) Consolidated net sales of MegaMex reached $4.1 billion in the third quarter of 2025, a 5.1% increase over the same period of 2024. In dollar terms, the growth was 2.7%. The performance of Don Miguel stood out during the period, as the segment reported a 10.0% increase in sales volume, driven by strong performance at price clubs as well as its expansion in Canada. Net sales growth extended to the first nine months of the year, increasing 18.6% to $12.9 billion; in dollar terms, growth was 5.0%. This improvem ent is mainly attributable to the performance of Wholly Guacamole, which continues to expirience recovery in demand. Gross margin for the quarter stood at 27.5%, 6.6 percentage points above the previous year, while for the nine-month period, the margin was 28.6%, 3.0 percentage points higher than 2024. The gross margin
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. 11 benefited from lower avocado prices, and implementation of productivity improvements at the Don Miguel plant. During the quarter, operating EBITDA margins expanded 5.2 and 4.8 percentage poin ts, standing at 7.2% and 8.8%, respectively. On a nine -month basis, margins rose to 8.2% and 9.9%, which represented increases of 2.0 and 4.0 percentage points, respectively. This is explained by the increase in net sales at the Wholly Guacamole and Don Mi guel businesses, while the proportion of expenses with respect to net sales remained stable. Finally, net income amounted $250 million in the quarter, a 2.7 times growth compared to the $93 million reported the previous. Net margin stood at 6.0%, 3.7 perc entage points above the same period of 2024. During the first nine months of the year, net income reached $ 931 million, 66.3% more than in 2024. The net margin at the end of the first nine months of the year was 7.2%, an expansion of 2.1 percentage points. NET INCOME Consolidated net income stood at $924 million in the third quarter, which represented a growth of 20.6% with respect to 2024. For the nine -month period, net income increased 17.6% to $2.8 billion. These favorable results are explained by a combination of two key factors: the solidity in operating results, and particularly the better results at MegaMex. Consolidated net margin in the quarter reached 10.0%, an expansion of 1.8 percentage points over the prior year. Year-to-date, the margin stood at 9.8%, a 1.1 percentage point improvement. Majority net income increased 46.7% during the quarter to $432 million, and grew 19.7% to $1.2 billion for the nine -month period.
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. 12 PROFORMA In the third quarter, consolidated net income would have stood at $918 million, which would have represented a growth of 12.3% over the same period of 2024. On year - to-date basis, net income would have increased 16.3%, totaling $2.9 billion. Consolidated net margin in the quarter would have been 10.4%, which would have represented an expansion of 1.1 percentage points over the prior year. For the nine - month period, the margin would have stood at 10.8%, a 1.1 percentage point improvement with respect to 2024. Majority net income would have increased 23.1% in the quarter, to $426 million, and would have grown 16.6% on a year-to-date basis, to $1.3 billion. CAPITAL EXPENDITURES (CAPEX) During the third quarter, net investment in assets was $148 million. These resources were allocated to the continuity of projects initiated in 2024, such as: i) the digital transformation project; ii) the new long pasta line, which will be concluded at the end of 2025; and iii) the acquisition of freezers for the Helados Nestlé business. N ET IN C OM E 3Q25 3Q24 % change C o nso lidated N et Inco me 918 817 12.3 Con. Net M argin (%) 1 0.4 9.3 1 .1 M inority Interest 492 472 4.3 M ajo rity N et Inco me 426 346 23.1 M aj. Net M argin (%) 4.8 3.9 0.9 Figures in millions of M XN N ET IN C OM E 9M 25 9M 24 % change C o nso lidated N et Inco me 2,930 2,520 16.3 Con. Net M argin (%) 1 0.8 9.8 1 .1 M inority Interest 1 ,594 1 ,374 1 6.0 M ajo rity N et Inco me 1,336 1,146 16.6 M aj. Net M argin (%) 4.9 4.4 0.5 Figures in millions of M XN
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. 13 FINANCIAL STRUCTURE Amortization Profile Cash available as at September 30, 2025, stood at $2.3 billion, which represented an 8.6% decrease with respect to the end of the second quarter of the year. This variation is mainly explained by higher investment in inventories. Financial debt stood at $9 .8 billion, while the effects of IFRS 16 amounted to $452 million, which contrasts with the $998 million reported in the prior period. This structural variation is due to the separation of Grupo Nutrisa. At the end of the quarter, leverage ratios remained stable by registering consolidated net debt to EBITDA of 1.2 times, and a consolidated net debt to shareholders' equity of 0.6 times. . FREE CASH FLOW Free cash flow was a negative $131 million for the quarter. This is explained by the increase in the lev els of inventories. On the nine-month basis, free cash flow increased to $131 million. RELEVANT EVENTS 1. Partial Divestment of McCormick de México On August 21, 2025, Grupo Herdez announced an agreement by which McCormick & Company increased its stake in McCormick de México from 50% to 75%. The transaction was valued at US$ 750 million. Following the close of the transaction, Grupo Herdez will retain a minority stake of 25%, and it will continue providing sales and distribution services through its subsidiaries. The goal of this strategic movement is to improve returns for shareholders, and to move forward with reconfiguration of the Grupo Herdez port folio. In financial terms the net sales and EBITDA of McCormick de México, consolidated in Grupo Herdez’s income statement, were US$ 892 and US$ 185 million, respectively, for the twelve months ended June 30, 2025. The transaction is expected to close at t he beginning of 2026, subject to the conditions customary for this type of transaction.
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. 14 2. Dividend in Kind of Grupo Nutrisa On September 9, 2025, Grupo Herdez declared a cash dividend consisting of the distribution of all shares representing the capi tal stock of Grupo Nutrisa, S.A. de C.V. This action was approved at the General Ordinary Shareholders’ Meeting on April 23, 2025, thus authorizing the Board to execute it. The Board of Directors decreed the with a factor of one Nutrisa share for each Herd ez share, determining the payment date as September 18, 2025. A simultaneous tax treatment of share disposal and paid dividend was applied, valued at $6.15 M.N. (six Mexican pesos and 15/100 centavos) per share. The dividend comes entirely from the Cuenta de Utilidad Fiscal Neta – CUFIN (Net Taxable Profit Account) with income generated as of January 1, 2014 and was subject to an additional withholding tax (ISR) of 10% on the total amount for individuals residing in Mexico and foreign tax residents. Finally , Grupo Nutrisa shares were registered in the National Securities Registry and were listed on the Mexican Stock Exchange with the ticker symbol NUTRISA starting from the payment date. CONFERENCE CALL ON THE RESULTS OF THE THIRD QUARTER 2025 Date: Thursday, October 23, 2025 Time: 1:30 p.m. Eastern time / 11:30 a.m. Mexico City time To participate, please dial in to the following telephone numbers: ▪ From the United States and Canada (toll free): +1 (844) 825 9789 ▪ From other countries: +1 (412) 317 5180 ▪ Identification code: 10203602 To access the webcast, go to (access code: 3886080): https://callme.viavid.com/?$Y2FsbG1lPXRydWUmcGFzc2NvZGU9JmluZm89Y29tcGFueSZyPXRydWUm Yj0xNg== A replay of the conference call will be available from October 23 to November 6, 2025. To access the recording, dial the following telephone numbers: From the United States and Canada + 1 (844) 512 2921; from other countries +1 (412) 317 6671; identification code: 10203602.
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. 15 CONTACT invrel@herdez.com ABOUT GRUPO HERDEZ® With over a century of history, Grupo Herdez is a worthy representative of Mexican gastronomy globally. Since 1914, the company has brought the best of its cuisine to Mexican families and the world, building a legacy of flavor and innovation The company is a leader in the processed food sector and a key player in the ice cream ca tegory in Mexico. Its exceptional portfolio of more than 1,500 products, under brands like Herdez®, Doña María®, Del Fuerte®, Barilla®, McCormick®, Nutrisa®, and many more, offers practical and delicious solutions fo r its consumers' various lifestyles. Grupo Herdez operates with a solid infrastructure that includes 15 production plants, 29 distribution centers, and over 550 poin ts of sale, all driven by the talent of more than 12,000 employees. It has been listed on the Mexican Stock Exchange since 1991, and its sustainability vision is aligned with 7 Sustainable Development Goals of the UN's 2030 Agenda. Additionally, through its participation in MegaMex F oods, it is a leader in the guacamole category and other Mexican foods in the United States. For more information, please visit our website at www.grupoherdez.com.mx or follow our social networks on LinkedIn and Instagram. FORWARD-LOOKING STATEMENTS The information contained herein (“Information”) has been prepared by Grupo Herdez, S.A.B. de C.V., its associated companies, subsidiaries, and/or affiliates (“Grupo Herdez”), and may contain statements regarding future performance that reflects the expectations and projections of Grupo Herdez, which may differ materially due to different factors, risks, and uncertainties. Due to the foregoing, neither Grupo Herdez ® nor any of its officers, employees, or agents have any responsibility or obligation whatsoever regarding the veracity or variation of said Information. Similarly, without prejudice to the afore mentioned general terms, no guarantee whatsoever is granted for any future variation to said Information, whether oral or written. This Information has been distributed only for informational purposes. Publication of this Information shall not be considered a commitment by Grupo Herdez to engage in any type of transaction.
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. 16 INCOME STATEMENT Third Quarter 2025 % 2024 % % Chg. Net Sales 9,281 100.0 9,345 100.0 (0.7) Preserves 7,447 80.2 7,079 75.8 5.2 Impulse 1,106 11.9 1,284 13.7 (13.9) Exports 727 7.8 982 10.5 (25.9) Cost of Goods Sold 5,479 59.0 5,559 59.5 (1.4) Preserves 4,381 47.2 4,217 45.1 3.9 Impulse 466 5.0 513 5.5 (9.2) Exports 631 6.8 829 8.9 (23.8) Gross Profit 3,802 41.0 3,785 40.5 0.4 Preserves 3,066 33.0 2,862 30.6 7.1 Impulse 640 6.9 771 8.3 (17.0) Exports 95 1.0 153 1.6 (37.5) Operating Expenses 2,523 27.2 2,478 26.5 1.8 Preserves 1,736 18.7 1,554 16.6 11.7 Impulse 740 8.0 856 9.2 (13.5) Exports 47 0.5 68 0.7 (30.0) EBIT before Other Income and Expenses 1,278 13.8 1,308 14.0 (2.2) Preserves 1,330 14.3 1,307 14.0 1.7 Impulse (100) (1.1) (85) (0.9) 17.5 Exports 48 0.5 85 0.9 (43.5) Other Income/Expenses, Net (32) (0.3) 31 0.3 (204.5) EBIT 1,310 14.1 1,277 13.7 2.6 Preserves 1,362 14.7 1,275 13.6 6.9 Impulse (100) (1.1) (83) (0.9) 20.5 Exports 48 0.5 85 0.9 (43.5) All-in Result of Financing 139 1.5 179 1.9 (22.3) Interest Earned and (Paid), Net 177 1.9 198 2.1 (10.5) Exchange (Loss) Gain (37) (0.4) (18) (0.2) 105.4 Equity Investment in Associated Companies 137 1.5 32 0.3 327.5 MegaMex 125 1.3 47 0.5 167.4 Others 12 0.1 (15) (0.2) (182.9) Income Before Income Taxes 1,308 14.1 1,130 12.1 15.8 Income Tax Provision 384 4.1 364 3.9 5.7 Consolidated Net Income 924 10.0 766 8.2 20.6 Minority Interest 492 5.3 472 5.0 4.3 Majority Net Income 432 4.7 294 3.2 46.7 EBITDA 1,531 16.5 1,598 17.1 (4.2) Preserves 1,485 16.0 1,407 15.1 5.6 Impulse -22 (0.2) 78 0.8 (128.2) Exports 69 0.7 113 1.2 (39.5) Figures expressed in millions of Mexican Pesos The proportions of COGS, Gross Profit, Operating Income and EBITDA of the segments are calculated accordingly
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. 17 INCOME STATEMENT 9M2025 2025 % 2024 % % Chg. Net Sales 28,700 100.0 27,528 100.0 4.3 Preserves 22,615 78.8 21,188 77.0 6.7 Impulse 3,871 13.5 4,002 14.5 (3.3) Exports 2,215 7.7 2,337 8.5 (5.3) Cost of Goods Sold 17,097 59.6 16,486 59.9 3.7 Preserves 13,595 47.4 12,856 46.7 5.7 Impulse 1,649 5.7 1,593 5.8 3.5 Exports 1,854 6.5 2,037 7.4 (9.0) Gross Profit 11,603 40.4 11,042 40.1 5.1 Preserves 9,020 31.4 8,332 30.3 8.3 Impulse 2,222 7.7 2,409 8.8 (7.8) Exports 361 1.3 301 1.1 20.1 Operating Expenses 7,688 26.8 7,208 26.2 6.7 Preserves 5,060 17.6 4,538 16.5 11.5 Impulse 2,477 8.6 2,495 9.1 (0.7) Exports 151 0.5 175 0.6 (13.4) EBIT before Other Income and Expenses 3,915 13.6 3,834 13.9 2.1 Preserves 3,960 13.8 3,794 13.8 4.4 Impulse (254) (0.9) (86) (0.3) 196.5 Exports 210 0.7 126 0.5 66.5 Other Income/Expenses, Net (128) (0.4) 23 0.1 NA EBIT 4,043 14.1 3,811 13.8 6.1 Preserves 4,071 14.2 3,747 13.6 8.6 Impulse (238) (0.8) (62) (0.2) 284.5 Exports 210 0.7 126 0.5 66.5 All-in Result of Financing 429 1.5 556 2.0 (22.9) Interest Earned and (Paid), Net 532 1.9 525 1.9 1.4 Exchange (Loss) Gain (104) (0.4) 31 0.1 NA Equity Investment in Associated Companies 493 1.7 255 0.9 93.2 MegaMex 465 1.6 280 1.0 66.3 Others 27 0.1 (25) (0.1) (211.3) Income Before Income Taxes 4,107 14.3 3,511 12.8 17.0 Income Tax Provision 1,294 4.5 1,119 4.1 15.7 Consolidated Net Income 2,813 9.8 2,392 8.7 17.6 Minority Interest 1,594 5.6 1,374 5.0 16.0 Majority Net Income 1,219 4.2 1,018 3.7 19.7 EBITDA 4,871 17.0 4,760 17.3 2.3 Preserves 4,444 15.5 4,138 15.0 7.4 Impulse 156 0.5 424 1.5 (63.1) Exports 270 0.9 199 0.7 36.1 Figures expressed in millions of Mexican Pesos The proportions of COGS, Gross Profit, Operating Income and EBITDA of the segments are calculated accordingly
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. 18 PROFORMA INCOME STATEMENT Third Quarter 2025 % 2024 % % Chg. Net Sales 8,849 100.0 8,774 100.0 0.9 National 8,126 91.8 7,800 88.9 4.2 Export 723 8.2 974 11.1 (25.8) Cost of Goods Sold 5,315 60.1 5,363 61.1 (0.9) National 4,686 53.0 4,539 51.7 3.3 Export 629 7.1 824 9.4 (23.7) Gross Profit 3,534 39.9 3,411 38.9 3.6 National 3,440 38.9 3,262 37.2 5.5 Export 94 1.1 150 1.7 (37.2) Operating Expenses 2,216 25.0 2,041 23.3 8.6 National 2,169 24.5 1,974 22.5 9.9 Export 47 0.5 67 0.8 (29.5) EBIT before Other Income and Expenses 1,318 14.9 1,370 15.6 (3.8) National 1,271 14.4 1,287 14.7 (1.3) Export 47 0.5 83 0.9 (43.4) Other Income/Expenses, Net (36) (0.4) 33 0.4 (210.0) EBIT 1,354 15.3 1,337 15.2 1.2 National 1,307 14.8 1,255 14.3 4.2 Export 47 0.5 83 0.9 (43.4) All-in Result of Financing 142 1.6 164 1.9 (13.3) Interest Earned and (Paid), Net 179 2.0 184 2.1 (2.6) Exchange (Loss) Gain (37) (0.4) (20) (0.2) 85.6 Equity Investment in Associated Companies 138 1.6 34 0.4 305.3 MegaMex 125 1.4 47 0.5 167.4 Others 13 0.2 (13) (0.1) (207.1) Income Before Income Taxes 1,350 15.3 1,207 13.8 11.8 Income Tax Provision 432 4.9 390 4.4 10.8 Consolidated Net Income 918 10.4 817 9.3 12.3 Minority Interest 492 5.6 472 5.4 4.3 Majority Net Income 426 4.8 346 3.9 23.1 EBITDA 1,552 17.5 1,541 17.6 0.7 National 1,485 16.8 1,433 16.3 3.6 Export 67 0.8 109 1.2 (38.3) Figures expressed in millions of Mexican Pesos The proportions of COGS, Gross Profit, Operating Income and EBITDA of the segments are calculated accordingly
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. 19 PROFORMA INCOME STATEMENT 9M2025 2025 % 2024 % % Cambio Net Sales 27,058 100.0 25,794 100.0 4.9 National 24,856 91.9 23,472 91.0 5.9 Export 2,202 8.1 2,323 9.0 (5.2) Cost of Goods Sold 16,480 60.9 15,889 61.6 3.7 National 14,609 54.0 13,877 53.8 5.3 Export 1,871 6.9 2,012 7.8 (7.0) Gross Profit 10,578 39.1 9,905 38.4 6.8 National 10,247 37.9 9,595 37.2 6.8 Export 331 1.2 310 1.2 6.6 Operating Expenses 6,520 24.1 5,932 23.0 9.9 National 6,366 23.5 5,763 22.3 10.5 Export 153 0.6 169 0.7 (9.2) EBIT before Other Income and Expenses 4,058 15.0 3,973 15.4 2.1 National 3,880 14.3 3,832 14.9 1.3 Export 178 0.7 141 0.5 25.5 Other Income/Expenses, Net (141) (0.5) 22 0.1 NA EBIT 4,199 15.5 3,951 15.3 6.3 National 4,021 14.9 3,810 14.8 5.5 Export 178 0.7 141 0.5 25.5 All-in Result of Financing 393 1.5 514 2.0 (23.5) Interest Earned and (Paid), Net 494 1.8 487 1.9 1.4 Exchange (Loss) Gain (101) (0.4) 27 0.1 NA Equity Investment in Associated Companies 499 1.8 262 1.0 90.9 MegaMex 465 1.7 280 1.1 66.3 Others 34 0.1 (18) (0.1) NA Income Before Income Taxes 4,305 15.9 3,699 14.3 16.4 Income Tax Provision 1,375 5.1 1,179 4.6 16.6 Consolidated Net Income 2,930 10.8 2,520 9.8 16.3 Minority Interest 1,594 5.9 1,374 5.3 16.0 Majority Net Income 1,336 4.9 1,146 4.4 16.6 EBITDA 4,779 17.7 4,548 17.6 5.1 National 4,543 16.8 4,340 16.8 4.7 Export 236 0.9 208 0.8 13.4 Figures expressed in millions of Mexican Pesos The proportions of COGS, Gross Profit, Operating Income and EBITDA of the segments are calculated accordingly
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. 20 STATEMENT OF FINANCIAL POSITION 30 sep 2025 % 31 dec 2024 % Change $ % TOTAL ASSETS 35,945 100.0 40,203 100.0 (4,257) (10.6) Domestic 32,867 91.4 36,177 90.0 (3,310) (9.1) USA 3,078 8.6 4,026 10.0 (948) (23.5) Current Assets 15,056 41.9 14,782 36.8 274 1.9 Cash and Equivalents 2,330 6.5 3,287 8.2 (956) (29.1) Accounts Receivable 4,309 12.0 3,768 9.4 541 14.4 Other Accounts Receivable 40 0.1 112 0.3 (72) (64.1) Inventories 6,280 17.5 5,367 13.3 913 17.0 Other Current Assets 2,096 5.8 2,248 5.6 (152) (6.8) Non-Current Assets 20,890 58.1 25,421 63.2 (4,531) (17.8) Property, Plant and Equipment, Net 4,881 13.6 5,296 13.2 (415) (7.8) Right-of-use Assets 430 1.2 1,058 2.6 (628) (59.4) Investment In Subsidiaries 7,018 19.5 7,330 18.2 (312) (4.3) Intangible Assets 5,713 15.9 8,137 20.2 (2,423) (29.8) Other Assets 2,847 7.9 3,600 9.0 (753) (20.9) TOTAL LIABILITIES 21,858 60.8 22,063 54.9 (205) (0.9) Domestic 20,526 57.1 20,276 50.4 250 1.2 USA 1,332 3.7 1,787 4.4 (455) (25.5) Current Liabilities 11,146 31.0 11,293 28.1 (147) (1.3) Accounts Payable 5,655 15.7 5,932 14.8 (277) (4.7) Short-Term Debt 1,000 2.8 1,000 2.5 0 0.0 Short-Term Leases 205 0.6 440 1.1 (235) (53.5) Other Short-Term Liabilities 4,286 11.9 3,921 9.8 365 9.3 Long-Term Liabilities 10,418 29.0 10,770 26.8 (352) (3.3) Long-Term Debt 8,500 23.6 8,500 21.1 0 0.0 Long-Term Leases 247 0.7 590 1.5 (343) (58.1) Other Liabilities (20) (0.1) (22) (0.1) 2 8.1 Other Long-Term Liabilities w/o Cost 1,692 4.7 1,702 4.2 (11) (0.6) TOTAL STOCKHOLDERS' EQUITY 14,088 39.2 18,140 45.1 (4,052) (22.3) Minority Stockholder's Equity 10,453 29.1 10,247 25.5 206 2.0 Majority Stockholder's Equity 3,635 10.1 7,893 19.6 (4,258) (53.9) Figures expressed in millions of Mexican pesos