Kimberly-Clark de México, S. A. B. de C. V.

Revenue/earnings performance was stable; Consumer Products grew, Away from Home and exports weakened - 3Q net sales: MXN 13.4bn, flat YoY (volume and price/mix flat). - Consumer Products: +1.8% YoY for the 5th consecutive quarter, split evenly ~+0.9% volume / +0.9% price-mix. - Away from Home: -4.7% YoY, with +1.7% sequential improvement; exports -14.8% YoY (main driver: lower hard roll sales). - Sequential dynamic (important): Consumer Products top line was ~-6% sequentially in 3Q, expected due to post–summer promotion normalization.

Margins improved despite persistent cost headwinds; cost program delivered strong savings - Gross margin: improved to 40.3% (+3.7% gross profit YoY). - Operating profit/margin: +2.3% to operating margin 21.9% (+60 bps YoY). - EBITDA: MXN 3.4bn (+1.6% YoY), EBITDA margin 25.5% (within long-term range). - SG&A: +5.4% YoY, up 100 bps as % of sales (notably data costs from clients’ platforms). - Key cost savings: ~MXN 450m in 3Q from a multi-pronged program (fiber sourcing/alternative fibers, redesigns, alternative raw materials, diaper geometry efficiency, logistics/distribution efficiencies). - Bad/surprising element: FX and input mix was not uniformly favorable—fibers favorable, but superabsorbents/resins negative, and FX averaged ~8% less favorable YoY.

Demand outlook is cautious: weak consumer sentiment likely to last; 2027 expected to improve - Management expects weak consumer demand to stretch through year-end as retailers remain inventory-cautious after aggressive summer promotions. - 4Q expectation: no explicit numeric guidance, but the tone implies softer demand environment persists, with pricing selectivity likely. - 2027 forecast (qualitative but directional): - As economic indicators improve (private/public investment, industrial momentum, salary mass growth), management expects moderate domestic spending recovery and steady demand improvements. - For Consumer Products, constructive scenario is returning to mid-single-digit growth (notably first-half pace), provided consumption improves.