Equity Snap: Grupo Bimbo (BIMBOA MM): FX weighs on 2Q, but underlying execution remains strong

研报英文原文证据摘录

Equity Snap: Grupo Bimbo (BIMBOA MM): FX weighs on 2Q, but underlying execution remains strong

23 July 2026

Equity Snap: Grupo Bimbo (BIMBOA MM) Equities

Food Products

FX weighs on 2Q, but underlying execution remains

strong Mexico

◆ Net sales miss consensus by c1%, while adj. EBITDA came Diego Serrano*

in c2% below estimates despite a 52bp margin expansion Analyst,HSBC Mexico,ConsumerS.A., InstitucionStaples de Banca Multiple, Grupo

Financiero HSBC

◆ North America remained the bright spot on productivity gains; diego.serrano@hsbc.com.mx

+52 55 8551 3361

management slightly raised FY26 EBITDA margin guidance

Sorabh Daga*

Analyst, Global Beverages, LatAm Food

HSBC Securities and Capital Markets (India) Private

Grupo Bimbo (BIMBOA MM, MXN60.21, Buy, TP MXN76.00) Limited

(Priced as of 22 Jul 2026) sorabh.k.daga@hsbc.co.in

+91 80 4550 2627

2Q26 delivered another quarter of solid underlying execution, but reported MXN Santiago Bringas*

results were modestly below expectations, mainly due to FX translation. Net sales Analyst, Global Beverages, LatAm Food

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

were MXN105.0bn (-2.2% y-o-y reported; +4.5% ex-FX), 1.1% below consensus. Adj. Financiero HSBC

santiago.bringas@hsbc.com.mx

EBITDA was MXN15.1bn (+1.5% y-o-y reported; +6.3% ex-FX), with margin up 52bp +52 55 8551 2419

to 14.4%, but 1.9% below consensus. Net income was MXN2.9bn (+3.9% y-o-y;

+3.1% ex-FX), 13.1% below consensus, mainly reflecting higher net financing costs. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

◆ North America remained the highlight: Net sales declined 9.7% y-o-y (+1.3%

ex-FX) to MXN44.4bn, supported by price/mix and market share gains across all