Becle SAB de CV
BMV:CUERVO

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Becle SAB de CV Logo
Becle SAB de CV
BMV:CUERVO
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Price: 19.78 MXN 0.36%
Market Cap: Mex$71B

Becle SAB de CV
Investor Relations

Becle SAB de CV, a company steeped in tradition and ambition, is the heart behind one of the world's most renowned tequila brands, Jose Cuervo. Established in 1758, its roots run deep into the agave fields of Mexico, embodying centuries of craftsmanship and a distinct heritage. Over the years, Becle has transformed itself from a family-run operation into a dynamic public company, all while clinging to its original mission: delivering premium spirits with authenticity and passion. The company is structured through various segments that comprise its diverse product portfolio, ranging from tequila and other spirits to ready-to-drink beverages. Through strategic brand diversification and global distribution networks, Becle extends its reach beyond the traditional tequila heartlands, ensuring a presence in key international markets.

Financially, Becle's engine runs on a finely-tuned machinery of production, distribution, and marketing strategies. It controls the entire value chain from cultivating blue agave—a process that takes several years—to distilling and aging its spirits. This vertical integration allows Becle to manage costs meticulously and maintain quality standards that boost their premium positioning. Revenue streams are bolstered by extensive marketing campaigns and strategic partnerships with distributors worldwide, allowing the brand to capture market share in both established and emerging markets. As the global appetite for premium spirits grows, particularly in regions like North America and Europe, Becle continues to solidify its position as a leading player in the spirits industry, blending tradition and modernity in every bottle.

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CUERVO
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 23, 2025
AI Summary
Q3 2025

Volume Growth: Consolidated volumes rose 3.7% in Q3, driven mainly by a 5.2% increase in the spirits portfolio, with Tequila as a key growth driver.

Gross Margin Expansion: Gross margin improved by 300 basis points to 56.1%, largely due to lower agave input costs and operating efficiencies.

EBITDA Surge: EBITDA reached MXN 3.5 billion, up 63.3% year-over-year, with margin expanding to 31.7%.

Regional Highlights: Mexico posted strong results with net sales up 24.3%, while EMEA & APAC saw double-digit growth. The U.S. & Canada faced a 10.3% net sales decline amid competitive pricing and retail boycotts.

Profit & Cash Flow: Net income grew at a triple-digit rate to MXN 4.1 billion; net cash from operating activities was MXN 3.3 billion.

Portfolio Optimization: The sale of Boost and ongoing portfolio reviews reflect a strategic shift to focus on core spirits brands.

Guidance & Outlook: Management expects continued premiumization and strong momentum, but notes persistent competitive pressures in the U.S. market likely to last into 2026.

Key Financials
Consolidated Volume
3.7% increase
Spirits Portfolio Volume
5.2% increase
Gross Margin
56.1%
Net Sales
MXN 10.9 billion
EBITDA
MXN 3.5 billion
EBITDA Margin
31.7%
Net Income
MXN 4.1 billion
Net Cash from Operating Activities
MXN 3.3 billion
Cash Balance Change
MXN 5.1 billion increase relative to Q2
Net Sales Mexico
up 24.3%
Shipments Mexico
up 18.3%
Net Sales U.S. and Canada
down 10.3%
Shipments U.S. and Canada
down 6.4%
Depletions U.S. and Canada
down 4.4%
Shipments EMEA and APAC
up 11%
Tequila Shipments EMEA and APAC
up 20%
Super Premium Tequila Shipments EMEA and APAC
up 38%
Nielsen Mexico Spirits Value Growth YTD
up 3.4%
Nielsen Mexico Spirits Volume Growth YTD
up 3.4%
Industry Volume Mexico YTD
down 1.1%
RTD Cans U.S.
up 30%
Net Debt to EBITDA Ratio
1.0x
Earnings Call Recording
Other Earnings Calls

Management

Mr. Juan Domingo Beckmann Legorreta
CEO, GM & Proprietary Chairman
No Bio Available
Rodrigo de la Maza Serrato
General Director of Administration & Finance
No Bio Available
Peter Vogtlander
Chief Operations & Supply Chain Officer
No Bio Available
Ms. Mariana Rojo Granados
Corporate Treasurer & Investor Relations Officer
No Bio Available
Mr. Sergio Rodríguez Molleda
General Counsel & Secretary
No Bio Available
Gabriel Sander Muniz
Human Resources Director
No Bio Available
Mr. Luis Fernando Felix Fernandez
Managing Director of USA & Canada (Proximo)
No Bio Available
Olga Limon Montano
Managing Director of Mexico & Latim
No Bio Available
Shane Hoyne
Managing Director of Emea & Apac
No Bio Available

Contacts

Address
MEXICO, D.F.
Alvaro Obregon
Guillermo Gonzales Camarena No. 800-4
Contacts
+525552587000.0
www.cuervo.com.mx