Scroll Top
Grupo Bimbo announces excellent 2023 results
Bimbo white toast bread packaging in the supermarket in Mexico.

Grupo Bimbo’s net sales reached a record level of Ps. 399,879 million last year, an increase of 11.4%, according to its Q4 and 2023 report. “In 2023, we witnessed a record-breaking year in several metrics including our Capex investments, marked by outstanding performance despite challenges in certain markets. We remain committed to investing in our business, actively seeking efficiencies and exploring transformational opportunities throughout the supply chain across all the markets we operate,” said Daniel Servitje, Chairman and CEO.

“2023 was an excellent year. Despite several challenges and the negative effect from FX rate, we achieved record levels of Sales and Adjusted EBITDA, and reached our guidance. It was also a year with strategic and historic investments for the long run and a time where we further strengthened our debt profile, while reaffirming our commitment to investment grade,” added Diego Gaxiola, CFO.

Highlights of the year:

  • Excluding MEPPs effect, Operating Income increased 2.7% and the margin expanded 20 basis points
  • Despite FX rate negative effect, Adjusted EBITDA reached a record level at Ps. 54,942 million, an increase of 2.8%, while the margin expanded 30 basis points
  • Excluding MEPPs and Ricolino effects, Net Majority Income declined 0.9% and the margin contracted 10 basis points
  • Return on Equity closed at 14.1%
  • Net Debt/Adjusted EBITDA ratio closed at 2.1x
  • CAPEX investments closed at a record level of USD 2 billion

Grupo Bimbo achieved 100% renewable electricity in seven countries. Currently, the company has extended this accomplishment to encompass 27 out of its 34 operating countries. The Company completed six acquisitions during the year. In 2023, Grupo Bimbo also issued Ps. 15 billion in Sustainability-linked Local Bonds.

Highlights of the quarter:

  • Net Sales reached a record level, excluding FX rate impact, growing by 1.6%
  • Gross margin expanded 30 basis points to 51.8% due to lower raw material costs
  • Excluding the MEPPs effect, Operating Income declined 13.1% and the margin contracted 70 basis points
  • Adjusted EBITDA closed at Ps. 13,678 million
  • Excluding the Ricolino and MEPPs effects, Net Majority Income declined 10.8% and the margin contracted 10 basis points

The company acquired Amaritta Food, a Spanish company that specializes in research and development for gluten-free bread.