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

Strong Q3 performance; profit expanded faster than sales (key “good news”) - Net sales up 3.6% excluding FX (supported by price/mix + positive volume + some acquisitions). - Adjusted EBITDA margin 15.7%, up +100 bps YoY (largest Q3 improvement in >10 years; 5th consecutive quarter above 14%). - Net margin 3.9%, up +80 bps. - Despite challenging consumer environments, the company emphasized that bakery/snacking remain resilient due to scale, diversified brands/regions, and execution.

Guidance raised for full-year margin expansion; demand outlook: “mixed but resilient” - Management repeatedly framed the strategy as growing profitably, consistently, sustainably. - Raised full-year adjusted EBITDA margin guidance: lower end increased from +70 bps to +85 bps, new range +85 to +120 bps vs 2025. - Top-line outlook: net sales ex-FX mid single-digit growth expected, which implies flat to low single-digit decline in MXN. - For 2027, expectations include benefits from North America transformation, Mexico profitable growth, improving Latin America (esp. Brazil actions), and continued momentum in EAA; challenges remain as they anticipate a more inflationary environment.

North America: transformation progressing, but volumes must recover before “victory” - US recovery: net sales grew in USD for the 3rd consecutive quarter; margin trend improved for 5+ consecutive quarters. - However, volumes remain soft; they stressed transformation won’t finish until the US achieves sustained profitable volume growth. - Consumer demand described as value-conscious / bifurcated (value-mainstream vs premium). Company believes it is positioned with the right products at the right price points. - Margin drivers: productivity (manufacturing, supply chain, transportation lanes, procurement) and pricing/mix—while they also acknowledged headwinds from logistics/fuel and internal transfer pricing/exchange-rate effects.