The Mexican business landscape presents two starkly different realities for the first quarter of 2026. On one side, baking giant Grupo Bimbo reported a record-breaking start to the year, driven by international expansion. On the other, restaurant group Alsea is facing a profitability crisis, where top-line sales growth has failed to prevent a sharp decline in net profits.
Bimbo achieved record sales in Mexico of 39.726 billion pesos, representing 4.5% growth, according to reports from Expansión. This performance was bolstered by strong results in categories such as sweet bread and savory snacks, as well as in convenience and traditional retail channels. The company's EBITDA margin in the Mexican market reached 20.5%, hitting historic highs for the start of a year.
An aggressive acquisition strategy has been key to the company's global performance. In the Europe, Asia, and Africa (EAA) region, sales grew by 12.6% at constant exchange rates, with a record margin of 8.8% following the integration of brands like Don Don and Karamolegos. In Latin America, revenue increased by 15.1% in local currency, with the Brazilian market standing out following the integration of Wickbold, though this move placed slight pressure on margins.
In North America, which accounts for over 40% of the company's sales, growth was more moderate at 0.7% at constant exchange rates. Nevertheless, the region managed to expand its EBITDA margin to 8.6%, marking three consecutive quarters of improvement thanks to operational efficiencies and lower raw material costs.
On the financial front, Bimbo's net profit reached 2.362 billion pesos, a 32.3% increase compared to the same period last year. This result was supported by operational growth and the sale of a minority stake in an associate company in Mexico.
Bimbo's financial position also strengthened, with the net debt-to-adjusted EBITDA ratio dropping to 2.5x, down from 2.9x a year earlier. Free cash flow rose to 7.428 billion pesos, a significant increase over the first quarter of 2025. Regarding these results, executive Rodríguez Bas noted: “We are seeing encouraging signs of improvement in demand… which reinforces our confidence in sustainable growth.”
In contrast to Bimbo's operational success, Alsea is navigating a period of profit erosion. According to Reuters data compiled by Xataka México, net profit for the operator of Starbucks and Domino’s fell by 65.7% in the first quarter of 2026, dropping to just 114.86 million pesos. This figure fell well below market expectations, which had anticipated around 317 million pesos.
Although Alsea managed to increase revenue by 1.4% to 20.071 billion pesos, its net margin shrank from 1.7% to 0.6%. Xataka México reports that this deterioration is due to factors such as exchange rate fluctuations, rising labor costs, and operational pressures, even though same-store sales grew by 4.1% and EBITDA rose by 1.8%.
This pattern of rising revenue paired with falling profits is a recurring trend for the company. In October 2024, Alsea had already reported a quarterly profit drop of up to 98% due to a weaker Mexican peso and higher financing costs. That same year, its annual net profit plummeted by 74.9%, despite sales reaching nearly 79 billion pesos.
Despite the pressure on profitability, Alsea is maintaining its strategy of expansion and digitalization. The company operates more than 4,700 units across 12 countries, and its digital channel already accounts for over 40% of its revenue, totaling 7.8 billion pesos.
