LatAm Food & Beverages: US sales scanner: price strength underpinned top line in May 16 period

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LatAm Food & Beverages: US sales scanner: price strength underpinned top line in May 16 period

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LatAm Food & Beverages

US sales scanner: price strength

underpinned top line in May 16 period

Industry Overview

Tortilla & bread sales flat; sparkling/snacks stay positive 28 May 2026

US top line trends for Mexican Food & Beverages companies were flat to modestly Equity

positive in the 4WE May 16 period, supported by pricing. Pricing accelerated in Latin America

carbonated beverages (Arca), bread and baked goods (Bimbo), and tortillas (Gruma), Food & Beverages

while pressure in spirits eased. Pricing turned negative in salty snacks (Bimbo). On

Fernando Olvera >>

volumes, salty snacks momentum remained strong and tortilla weakness moderated. Research Analyst

Demand softness persisted in bread & baked goods and spirits, while sparkling beverage Merrill Lynch (Mexico) +52 55 5201 3473

volumes declined for the first time in 2026. We maintain our Buy rating on Arca, folvera@bofa.com

supported by positive US sales growth, and our Buy on Gruma, backed by sustained cash Isabella Simonato >>

generation despite top line weakness. We reiterate Underperform on Bimbo and Cuervo, Research Analyst Merrill Lynch (Brazil)

given weak US demand in bread and baked goods and in spirits. +55 11 2188 4243

isabella.simonato@bofa.com

Julia Zaniolo >>Arca: KO sparkling sales slowdown Research Analyst

KO carbonated beverage sell-out rose 3.3% YoY in the 4WE May 16 period, versus 7.8% Merrill Lynch (Brazil)

in the prior period. The slowdown was driven by volumes, which fell 1.6% YoY, compared +55julia.zaniolo@bofa.com11 2188 4367

with +3.6% in the April 18 period. The volume decline was partly offset by stronger

pricing, which improved 80 bps sequentially to +4.9%.