Grupo Bimbo’s net sales increased by 17.7% in 2022, a record net sales level of EUR 20.58 bn. Its operating income rose 64.8% and its adjusted EBITDA reached a record level of EUR 2.76 billion, an increase of 12.8%. In 2022, Bimbo acquired St. Pierre and sold its confectionery brand Ricolino.

Daniel Servitje, Chairman and CEO, commented on the record-breaking results: “2022 was a remarkable year with historic financial performance. We reached USD 19.8 billion in Net Sales and USD 2.7 billion in EBITDA, posting 10% and 12% 10-year CAGR, respectively. We saw market share gains in most categories, made record CAPEX investments, fine-tuned our strategic focus on grain-based foods, successfully turned around Argentina and Brazil, and we launched our sustainability strategy.”

Q4 highlights:

• Net sales reached a record level for a fourth quarter at MXN 108,996 million (EUR 5,628,000), an increase of 15.3%, primarily due to strong price/mix and volume performance
• Operating income more than doubled and the margin expanded 11.9 pp, reaching 22.1%
• Adjusted EBITDA reached a record level for a fourth quarter at Ps.14,639million, growing by 12.0%, while the margin contracted 40 basis points to 13.4%
• The company registered extraordinary gains for Ps.15,004 million and Ps. 14,395million (USD 734 million), arising from the sale of Ricolino and a non-cash benefit from MEPPs
• Net majority income increased by more than 5 times and the margin expanded 22.6 pp, to 27.7%, reflecting the sale of Ricolino, the MEPPs benefit, strong sales perf romance and productivity savings. Excluding the MEPPs and Ricolino effects, Net Majority Income increased by 7% and the margin contracted 30 basis points

Diego Gaxiola, CFO, also commented on the outcome of 2022: “I’m very proud of the impressive hard work of our teams to navigate under difficult conditions, with a successful implementation of pricing actions, an excellent execution at the point of sale and delivering better-than-expected results. After a year of outstanding results, we start 2023 well-positioned to reach our plan, with continued investments in key strategic opportunities for sustainable growth.”

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