Grupo Bimbo posts record sales amid daily nutrition reformulation focus

Grupo Bimbo, the world’s largest bakery company, posted record full-year net sales of 427 billion Mexican pesos (US$23.8 billion) for 2025, a 4.6% increase driven by positive price/mix, favorable exchange rate conversion, and five acquisitions that expanded its footprint to 39 countries. Adjusted EBITDA reached an all-time high of Ps. 59.5 billion (US$3.3 billion), with the margin expanding 30 basis points to 13.9% — the second-highest in company history.

The record topline masks regional divergence. North America, which accounts for 44.6% of group revenue, saw sales decline by 4%, excluding foreign exchange effects, as soft consumer demand weighed on the US market. The region offset volume weakness through record productivity gains from transformation initiatives, expanding its EBITDA margin 60 basis points to 9%. 

That dynamic aligns with recent Innova Market Insights analysis of the US packaged bread category. The report finds that while Bimbo continues to lead the market, competition from private labels and niche brands focused on health and indulgence is intensifying. Nearly half of US consumers are willing to switch brands if their preferred option is unavailable, underscoring the need for differentiation.

Grupo Bimbo gained market share across all branded categories in the US during the year, with notable advances in buns and rolls, mainstream bread, and salty snacks. Innova’s broader global bakery trends data shows over 60% of consumers prioritize taste in sweet bakery purchases, while more than one in five now seek protein as a preferred nutrient source in baked goods — a shift the company’s convenience and sweet baked goods growth in Mexico appears to track.

Grupo Bimbo’s Mexican results

Mexico delivered another year of strong results. Net sales rose 2.4% to Ps. 154.8 billion (US$8.6 billion), building on the prior year’s record, while adjusted EBITDA hit an all-time high of Ps. 31.6 billion (US$1.8 billion) with a record 20.4% margin. Fourth quarter growth was led by sweet baked goods, cakes, and buns and rolls, with the convenience channel posting double-digit gains.

“The year 2025 marked our 80th anniversary and a year of record performance for Grupo Bimbo,” says CEO Alejandro Rodríguez, who was appointed in November. “Despite challenging market conditions, our teams delivered record financial results, market share gains across multiple categories, and strengthened our global footprint.”

Europe, Asia, and Africa delivered the strongest growth, with sales rising 20.4% in peso terms to Ps. 54.2 billion (US$3 billion) and EBITDA margin hitting a record 10.8%. Latin America reached peak sales but saw EBITDA decline 1.4%, primarily due to integration costs from the Wickbold acquisition in Brazil and higher raw material costs driven by currency weakness.

Gross margin contracted 30 basis points to 52.3% across the group, reflecting higher raw material costs in Mexico, Europe, Asia and Africa (EAA), and Latin America, alongside elevated indirect and labor costs. 

“Positive nutrition” reformulation

The company’s partnership with Oobli on sweet protein-based sugar reduction signals its reformulation direction — Grupo Bimbo reports 98% of its daily consumption portfolio now provides what it terms “positive nutrition.” Innova data shows one in five consumers globally now seeks healthier versions of indulgent snacks, with sweet bakery products increasingly prioritizing sugar reduction and natural ingredients.

Net majority income fell 11.3% to Ps. 11.1 billion (US$620 million) despite the operational gains, dragged down by an 11.3% rise in financing costs from higher debt levels following acquisitions. 

Total debt stood at Ps. 154 billion (US$8.6 billion), though the net debt-to-EBITDA ratio improved to 2.7 times from 2.9 times at end-2024. Capital expenditure reached US$1.2 billion, and the company returned Ps. 5.6 billion (US$312 million) to shareholders through dividends and buybacks.