First Read Arca Continental Off the Call (2Q26): Mexico Softness; Peru Delivers; Guidance Unchanged

研报英文原文证据摘录

First Read Arca Continental Off the Call (2Q26): Mexico Softness; Peru Delivers; Guidance Unchanged

Global Research

23 July 2026ab

First Read

Arca Continental Equities

Off the Call (2Q26): Mexico Softness; Peru Mexico

Delivers; Guidance Unchanged Soft Drinks

12-month rating Neutral

12m price target P214.00

Our Take from the Call

Overall, we perceived a cautious tone during the call, with shares down as much as

-4% following results. Questions centered on Mexico’s challenging outlook, the Price (22 Jul 2026) P205.63

health of the U.S. category, and the sustainability of Peru’s momentum. RIC: AC.MX BBG: AC* MM

Management sounded confident, pointing to a stronger June in both Mexico and the

Trading data and key metrics

U.S., with world cup activations supporting execution across markets, and citing

value-share gains across all five markets. They framed the quarter as an example of 52-wk range P229.40-176.91

AC’s playbook: protecting profitability where headwinds persist while capitalizing Market cap. P349b/US$20.1b

on tailwinds where available, with Peru described as sustainable rather than Shares o/s 1,698m (ORD)

temporary. On guidance, management kept its full-year outlook unchanged, Free float 31%

acknowledging tougher comps toward year-end in Mexico. On margins, the tone Avg. daily volume ('000) 1,938

remained constructive, with opex expected to normalize for the rest of the year, Avg. daily value (m) P409.2

supported by efficiency and savings initiatives. Common s/h equity (12/26E) P136b

P/BV (12/26E) 2.6x

Key Highlights Net debt to EBITDA (12/26E) 0.7x

Mexico Performance: Management characterized 2Q as a resilient quarter EPS (UBS, diluted) (MXN)

despite the sequential deceleration, with volume tracking in line to slightly UBS Cons.