Alsea 2Q26 Earnings Call Highlights

Research evidence excerpt

Alsea 2Q26 Earnings Call Highlights

J P M O R G A N Latin America Equity Research

21 July 2026

Alsea Neutral

ALSEA.MX, ALSEA* MM

2Q26 Earnings Call Highlights Price (20 Jul 26):Ps41.40

LatAm Consumer / Food &

Alsea (N-rated) just hosted its 2Q26 results conference call. Please see our main Beverages

takeaways below: Froylan Mendez AC

(52-55) 5540-9482

• Mexico consumer softer-than-expected; sequential improvement through froylan.mendez@jpmchase.com

quarter. Management acknowledged Mexico trends were weaker than J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero

expected in 2Q26, with April the weakest month. Demand improved

Lucas Ferreira

sequentially in May and June, supported by FIFA World Cup-related demand, (55-11) 4950-3629

though the consumer backdrop remained more cautious than initially lucas.x.ferreira@jpmorgan.com

anticipated. Management added that trends continued to recover into July, now Banco J.P. Morgan S.A.

tracking closer to 1Q26 levels. Larissa Perez

• Mexico traffic dynamics: World Cup helped demand but disrupted (55-11)larissa.perez@jpmchase.com4950-6400

mobility in key cities; Starbucks most exposed. Management noted Banco J.P. Morgan S.A.

discretionary spending weakened materially in April, pressuring traffic across

the industry. While World Cup-related demand supported May/June, mobility

restrictions and increased work-from-home activity during major matches

weighed on traffic in Mexico City, Guadalajara, and Monterrey. Starbucks was

particularly affected given exposure to urban and airport locations.

Management cited improvement post-tournament and encouraging July

performance.

• Starbucks recovery expected in 3Q26; management "not concerned"

about market share in Mexico. Management expects Starbucks Mexico to