Becle, S.A.B. de C.V. – the Mexican holding company behind Jose Cuervo and Proximo Spirits – reported Q1 2026 results on 29 April 2026. Total volume declined 13.4% to 4.3 million nine-litre cases. Net sales fell 23.1% to P$7,405 million, or 13.5% on a constant currency basis. EBITDA fell 52.5% to P$1,030 million, with EBITDA margin contracting 860 basis points to 13.9%. Net income declined 66.5% to P$390 million.
These are large numbers. They are also, in their most important dimension, the consequence of a single decision – not a market collapse. Becle is restructuring its entire US distribution network following the exit of RNDC, deliberately reducing distributor inventory to align shipments with actual consumer depletions. The pain is concentrated, intentional, and temporary. The question worth examining is what the business looks like beneath the distribution restructuring – and the answer is more resilient than the headline numbers suggest.
“During the quarter, we remained focused on strengthening the business through disciplined execution and targeted strategic actions in a challenging and contracting industry environment. These actions are advancing the repositioning of our commercial platform and reinforcing our ability to capture growth opportunities and deliver sustainable long-term performance.”
Juan Domingo Beckmann, CEO, Becle – Q1 2026 Earnings Release, 29 April 2026
The US distribution restructuring is the story – and it is not a demand story
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