Becle’s second-quarter results show a clear shift in tone from the sharp volume reset of Q1. Total volume fell 6.7% to 6.0 million nine-liter cases, or 3.4% on an organic basis excluding the sale of b:oost. Net sales declined 13.9% to 9.9 billion pesos, or 5.8% in constant currency. The numbers remain negative, yet the trajectory has changed. U.S. and Canada shipments improved sequentially even as they stayed down 8.7% year over year. Inventory across the U.S. system is normalizing. Management described the distributor realignment as progressing as planned and building a foundation for stronger execution.
These details matter less as isolated metrics and more as evidence of a deliberate trade. In Q1, Becle accepted a steep volume drop to force a channel cleanup in its largest market. Q2 suggests that trade is now entering a validation phase. The company is no longer simply absorbing the cost of reset. It is beginning to test whether greater control over distribution can deliver more reliable results over time.
The regional picture reinforces the same logic. The United States and Canada still account for the bulk of the pressure. Sales there fell 20.5%, or 10.7% in constant currency, reflecting both the ongoing transition and an unfavorable mix. Mexico, by contrast, delivered 5.5% organic volume growth and 5% organic sales growth, continuing to outperform the domestic industry. Rest of World volume rose 3.5%. Where Becle already holds tighter control, performance has held. Where it is still securing that control, the cost remains visible.
Margins tell a related story. Gross margin contracted to 50.4% from 55.1% a year earlier. EBITDA margin settled at 20.9%, or 23.1% in constant currency. The pressure came primarily from geographic mix and the stronger peso rather than from uncontrolled costs. Advertising, marketing and promotion spending was held at 18.9% of sales, within the company’s full-year range. Lease-adjusted net leverage stood at 1.1 times, inside the target band. The company did not loosen discipline to soften the short-term picture.
The broader industry context is straightforward. After the post-pandemic boom, volume growth driven by aggressive distribution is giving way to a different priority: the quality and reliability of the channel itself. Becle is making that shift explicit. It is accepting weaker near-term shipments and margin compression in exchange for a distribution system it can manage more tightly. Mexico’s resilience and the sequential improvement in U.S. shipments are early indicators that the bet is beginning to register. They are not yet proof of success.
Q2 does not declare victory. It confirms that Becle remains willing to trade short-term volume and mix for longer-term control. In a market still adjusting to more cautious consumers and tighter competitive conditions, that willingness itself is the more revealing signal.
