Execution remains the differentiator

Research evidence excerpt

Execution remains the differentiator

Equity Research

14 July 2026

Mexico Consumer

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 0150The primary theme of 2Q26 appears to be a consumer environment that remains relatively soft

rahi.parikh@barclays.com

and 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 Ryan Lavin

+1 212 526 8713characterized by a widening gap between companies benefiting from affordability initiatives,

ryan.lavin1@barclays.com

value-oriented offerings, and staple consumption categories, and those with greater exposure BCI, US

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 Reid Monahan

+1 212 526 7506sufficient to materially alter underlying demand trends.

reid.monahan@barclays.com

BCI, USOperations and Quarterly Trends

We expect operational execution to remain the primary driver of relative performance in the

quarter. Companies across our coverage are likely to continue emphasizing affordability,