Alsea (ALSEA) Q2 2026 earnings summary

Executive summary

• Total sales were MXN 20.99–21.0 billion, down 0.9% year-over-year but up 3.8% excluding FX effects; same-store sales grew 2.6% and digital orders represented 40.7% of sales.

• EBITDA declined 6.2% to MXN 2.8 billion (margin 13.5% pre-IFRS 16), while adjusted EBITDA post-IFRS 16 reached MXN 4.2 billion (margin 20.5%).

• Net income dropped 48.4–48.5%, mainly due to less favorable FX impacts and prior-year non-cash gains.

• Digital and loyalty platforms continued to drive growth, with digital orders at 34.7 million and loyalty sales up 8%.

• 30 new stores opened in Q2, and portfolio optimization included the divestiture of Archie's in Colombia.

Financial highlights

• Sales in Mexico rose 4.2% to MXN 12.2 billion, led by full-service restaurants; Europe sales fell 7.4% in MXN but rose 4% in euros; South America sales dropped 6.9%.

• Adjusted EBITDA in Mexico increased 1.3% with margin contraction; Europe’s adjusted EBITDA fell 10.5% (up 8% in euros); South America’s adjusted EBITDA declined 15.1%.

• CapEx for H1 was MXN 1.8 billion, with 78% for store development and 22% for digitalization.

• Pre-IFRS 16 total debt rose by MXN 2.1 billion to MXN 35 billion; net debt (pre-IFRS 16) was MXN 29.5 billion, down MXN 501 million year-over-year.

• Net debt/EBITDA ratio at 2.5x; total debt/EBITDA at 2.8x.

Outlook and guidance

• 2026 guidance revised to low single-digit growth in same-store sales, revenue, and EBITDA, reflecting weaker demand and currency impacts.

• CapEx guidance unchanged at MXN 5.5 billion, with 180–220 store openings expected.

• Margin stabilization expected in H2 from operational efficiencies and lower USD-denominated input costs.

• Leverage ratio guidance maintained at 2.6–2.8x total debt/EBITDA.

• Free cash flow generation and disciplined capital allocation remain top priorities.