Becle, S.A.B. de C.V.

Top-line impact & guidance reset (Mexico company-wide): - Q3 2026 consolidated net sales: -15.3% YoY to MXN 9.3bn, largely due to FX tailwind from MXN appreciation vs USD (reported decline worse than constant-currency). - Constant-currency net sales: -10.3% (and -9.6% excluding “b:oost”), driven by lower volumes + unfavorable regional price mix. - Profitability deterioration: Gross margin fell to 51.1% (from 56.1%), mainly from FX, unfavorable mix, heavier promotions; operating margin collapsed to 12% (from 28.6%). - New guidance (revised): now expects mid-single-digit decline in consolidated net sales value on a constant-currency basis for 2026 (downbeat vs prior expectations implied by the revision).

U.S. & Canada: distributor transition largely behind, but category still soft; share gains early: - Shipments: -3% in Q3 vs -23.8% (Q1) and -8.7% (Q2) → clear sequential normalization. - Depletions: +0.3% YoY (vs -9% (Q1) and -4.7% (Q2)) → demand resilience offsetting earlier channel disruptions. - Transition vs non-transition markets: transition markets +4.6%; non-transition -3.1%. - Tequila & pricing/promo stance: tequila remains focus; added 10 bps volume share in core full-strength spirits; Nielsen shows tequila volumes -0.8% while broader market -3.1% (tequila outperforming). - Forward outlook: with stocking normalization, they expect shipments and depletions to stay closely aligned in Q4 and share performance to improve into 2027.

Mexico: outperforming market despite deeper contraction; b:oost distortion and promotional pressure remain: - Organic volume: +0.3% YoY for Q3 vs very tough Q3’25 comparison; YTD organic volume +3.7%. - Net sales value decline: -6.4% organically (excluding b:oost) but -9.3% reported (b:oost materially impacted the quarter’s volume comparison). - Nielsen through August: - Total spirits: volume -2.5% vs industry -6.6% - Value -6.1% vs industry -8.9% - Tequila: volume -1% vs category -3.5%; value -5.5% vs -8.2% - Competition/pricing risk: competitors discount more aggressively, especially in tequila; however, management states no structural pricing changes (frontline pricing protected; promo depth/frequency used). - Q4 priority: keep inventories healthy (important due to the industry being most promotional/weakest late-year month).