What Becle’s Q2 results tell you about the tequila category correction, and where the divergence between mainstream and premium brands stands

Becle published Q2 2026 results on 23 July 2026. Net sales fell 13.9% to MXN 9,865 million (approximately US$565 million). Net income fell 29.6% to MXN 1,413 million. EBITDA fell 23.4% to MXN 2,057 million, with EBITDA margin of 20.9%. These are severe headline declines. They are also, in material part, the result of the Mexican peso appreciating against the US dollar during the period – a currency movement that mechanically reduces reported figures when dollar-denominated US revenues are translated back into pesos. On a constant currency basis, which removes the exchange rate effect and shows what the underlying business is actually doing, net sales declined 5.8% and EBITDA margin was 23.1% – broadly stable year on year. Both the reported numbers and the constant currency numbers matter. The reported numbers reflect what Becle’s financial statements show. The constant currency numbers reflect what is happening commercially in the markets where Becle competes.

The two things happening simultaneously in the US

The United States and Canada account for 57.3% of Becle’s total volume. In Q2 2026, US and Canada volume fell 8.7% and net sales in the region fell 20.5% reported (10.7% constant currency). These are significant declines. Understanding them requires separating what happened in Q2 from what was already happening in Q1.

In Q1 2026, Becle’s US and Canada volume fell 23.8%. The driver was the RNDC distributor transition: Becle had been a significant RNDC customer, and as RNDC began selling its territorial operations and winding down, Becle had to manage a transition of its US distribution relationships across 18 markets simultaneously. The operational disruption that produces from a transition at that scale is substantial – distributor salespeople uncertain about their futures, new distributor relationships without established commercial terms, brand investment in transition states. The 23.8% Q1 volume decline was the acute impact of that transition.