Mexico Consumer: UPDATE: Execution remains the differentiator

Research evidence excerpt

Mexico Consumer: UPDATE: Execution remains the differentiator

Equity Research

14 July 2026

Mexico Consumer

UPDATE: Execution remains the

differentiator

Ahead of the 2Q earnings season we are fine-tuning Mexico Consumer

estimates, updating for FX and industry data points. NEUTRAL Unchanged

Consumption appears to have remained on the softer side Mexico Consumer

Benjamin M. Theurerand in most cases we have minor downward revisions. While

for FMX we raise our PT, all other PT changes were on the +52benjamin.theurer@barclays.com55 5241 3322

downside. Stay cautious. BCCB, Mexico

Rahi Parikh

+1 212 526 0150

This publication is an update to 'Mexico Consumer: Execution remains the differentiator',

rahi.parikh@barclays.com

originally published on 14 Jul 2026 at 00:10 EDT. It includes updated forecasts for Liverpool, BCI, US

where we make minor adjustments.

Ryan Lavin

The primary theme of 2Q26 appears to be a consumer environment that remains relatively soft +1 212 526 8713

ryan.lavin1@barclays.comand selective across much of the Mexico Consumer universe. Consumer confidence and

BCI, US

remittance trends remain below historical levels, while consumer spending indicators suggest

limited improvement through the quarter. Against this backdrop, results are likely to be Reid Monahan

characterized by a widening gap between companies benefiting from affordability initiatives, +1 212 526 7506

reid.monahan@barclays.comvalue-oriented offerings, and staple consumption categories, and those with greater exposure

to discretionary spending. While we expect certain event-related catalysts, including the FIFA

World Cup, to provide incremental support in selected categories, they do not appear to be

sufficient to materially alter underlying demand trends.

Operations and Quarterly Trends