Grupo Bimbo: Strong momentum continues; North America and Mexico drive results

Research evidence excerpt

Grupo Bimbo: Strong momentum continues; North America and Mexico drive results

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

28 July 2026

Neutral

Grupo Bimbo BIMBOA

Strong momentum continues; North America and Moody's:S&P: Baa1BBB+ Outlook:Outlook: STABLESTABLE

Mexico drive results Fitch: BBB+ Outlook: STABLE

The above agency ratings are at the corporate level

EM Latin America Corporate

Grupo Bimbo delivered a healthy 2Q26, with North America and Mexico Research

driving results through strong execution and productivity gains, while Latin AC Florencia Palacios

America lagged due to ongoing Wickbold integration pressure in Brazil. The

(1-212) 622-1129

company generated modest free cash flow, and net leverage was stable qoq at florencia.x.palacios@jpmorgan.com

2.5x. Looking ahead, we expect North America’s momentum to persist as J.P. Morgan Securities LLC

transformation initiatives mature, and demand in Mexico to continue

supporting performance despite a softer consumption environment. Overall,

we view Bimbo’s credit profile favorably, but believe this is already reflected

in current trading levels. Notably, the bonds are trading close to historical

averages relative to other Mexican IG names such as FEMSA and

AMXLMM, which we consider fair. Consequently, we maintain our Neutral

recommendation across the curve.

• Grupo Bimbo delivered healthy results in 2Q26, driven by strong

performance in North America and continued momentum in Mexico. The

company reported net sales of Ps.105 billion (down 2.2% yoy in MXN due to

FX translation, but up 4.5% yoy excluding FX) and adjusted EBITDA margin

expansion to 14.4% (+50bp yoy), reflecting good operating performance.

North America posted a second consecutive quarter of constant-currency