Grupo Bimbo Extends North America Recovery in Second Quarter

Grupo Bimbo recorded a second consecutive quarter of currency-neutral sales growth in North America, supported by improved pricing and product mix, market share gains and productivity improvements from its regional transformation program.

North American net sales increased by 1.3% excluding foreign exchange movements during the second quarter of 2026. Reported sales fell by 9.7% to approximately EUR2.23bn, reflecting currency translation effects.

The company said it gained market share across every category in the US for the first time since 2020, with particularly strong performances in breakfast products, buns and rolls, mainstream bread and salty snacks. Results were also partially supported by consumption linked to the FIFA World Cup.

Operating income in North America increased by 27.5% to approximately EUR103m and rose by 43.7% on a currency-neutral basis. The operating margin advanced from 3.3% to 4.6%.

Adjusted EBITDA remained broadly unchanged at approximately EUR222m in reported terms but increased by 12.1% excluding foreign exchange effects. The regional adjusted EBITDA margin reached 10%, compared with 9% in the corresponding quarter of 2025.

Grupo Bimbo attributed the improvement to record productivity benefits generated by its North American transformation project, alongside stronger sales performance and operational efficiencies.

“We delivered a strong quarter, with volume growth and positive price/mix even against a challenging consumer environment in several of our markets, along with continued Adjusted EBITDA margin expansion,” said Alejandro Rodriguez Bas, CEO of Grupo Bimbo. “These results reflect the strength of our brands, the commitment of our people, the discipline of our execution, and the tangible progress of our transformation initiatives in North America. Combined with sustained momentum in Mexico and EAA, the quarter reaffirms the resilience of our diversified business model and our confidence in delivering long-term value for our shareholders.”

At group level, net sales reached approximately EUR5.28bn, down 2.2% in reported terms but 4.5% higher excluding foreign exchange movements. The currency-neutral increase was driven by favorable price and product mix, positive volume growth and contributions from recent acquisitions.

Adjusted EBITDA rose by 1.5% to approximately EUR760m and increased by 6.3% on a currency-neutral basis. The adjusted EBITDA margin expanded by 50 basis points to 14.4%.

Net majority income increased by 3.9% to approximately EUR148m, while the company generated around EUR603m in free cash flow during the period.

Net debt stood at approximately EUR6.89bn at the end of June, down from EUR7.29bn at the end of 2025, reducing the net debt-to-adjusted EBITDA ratio to 2.5 times.