Grupo Bimbo, S.A.B. de C.V.

Q3 performance: strong growth + record profitability (FX-adjusted) - Net sales: Excluding FX, +3.6% driven by price/mix, positive volume, and to a lesser extent recent acquisitions. - Profitability: Adjusted EBITDA margin 15.7% = +100 bps YoY, the largest Q3 improvement in >10 years; net margin 3.9% = +80 bps. - Margin durability: 5th consecutive quarter with EBITDA margin >14%, indicating structural (not temporary) gains from manufacturing footprint changes, revenue management, and execution.

Cash flow + deleveraging; capital allocation unchanged - Free cash flow (first 9 months): ~MXN 17bn (strong EBITDA + working capital improvements), after ~MXN 12bn CapEx. - Deleveraging: Net debt / EBITDA down to ~2.4x; company also returned ~MXN 6bn to shareholders. - Capital allocation priorities: Continue investing first (CapEx + business), then shareholder returns—no shift in strategy.

Guidance raised (key investor forecast) - Adjusted EBITDA margin expansion guidance: Raised again; lower end moved +70 → +85 bps, new range +85 to +120 bps vs. 2025 (3rd upward revision in 2026). - Top line guidance: Expect net sales ex-FX mid-single digit growth → translates into flat to low single digit decline in peso terms. - CapEx: 2026 CapEx guidance $1.0bn–$1.2bn; some projects pushed to 2027, so CapEx likely higher in 2027.