MX-Chilean F&B 2Q26E: soft results as consumption may not get better: Earnings Preview

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MX-Chilean F&B 2Q26E: soft results as consumption may not get better: Earnings Preview

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LatAm Food & Beverages

MX-Chilean F&B 2Q26E: soft results as

consumption may not get better

Earnings Preview

Chilean beverages and KOF stand out 15 July 2026

Weak consumption trends and FX headwinds continue to weigh on Mexican consumer Equity

staples, with revenues expected to decline at a low-single digit rate in 2Q26. In contrast, Latin America

Chilean beverage companies should post low double digit EBITDA growth. In Mexico, Food & Beverages

Arca and KOF will be supported by South American operations that will help offset the

impact of higher excise taxes. Cuervo to be pressured by weak US spirits demand and Fernando Olvera >>

Research Analyst

distribution changes. Within food, Sigma Foods and Bimbo should expand margins Merrill Lynch (Mexico)

through lower meat costs and productivity gains, respectively, while Gruma’s resilient +52folvera@bofa.com55 5201 3473

top line performance is unlikely to fully offset US expense pressures. In Chile, efficiency Isabella Simonato >>

initiatives should drive margin expansion at both Andina and CCU. We maintain Buy Research Analyst

ratings on Arca, KOF, Andina, Sigma Foods, and Gruma, and Underperform ratings on Merrill+55 11Lynch2188 (Brazil)4243

Bimbo, Cuervo, and CCU. isabella.simonato@bofa.com

Julia Zaniolo >>

Research AnalystArca: South America to cushion Mexico and US weakness Merrill Lynch (Brazil)

We expect a soft 2Q26, with volumes broadly flat (-0.3% YoY) as strong growth in Peru +55 11 2188 4367

(+13%) and Ecuador (+8%) offsets declines in Mexico (-2%) and the US (-4%), where tax julia.zaniolo@bofa.com

driven pricing pressure and weak consumer demand continue to weigh on volumes. Despite