EarningsQ3 2026 Earnings Report
MX:ALSEA Q3 2026 EPS Results
Actual EPS$0.67
Consensus EPS$0.83
Beat/MissMissed by -$0.16
One Year Ago EPS$0.46
MX:ALSEA Q3 2026 Revenue Results
Actual Revenue$21.40B
Expected Revenue$21.32B
Beat/MissBeat by +$74.36M
YoY Revenue Growth+1.18%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeAfter Close
Conference CallTuesday, October 20, 2026
MX:ALSEA Upcoming Earnings
Alsea SAB de CV's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ALSEA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly constructive: Alsea reported positive underlying sales growth, improving traffic, higher EBITDA and net income, stronger free cash flow, digital and loyalty expansion, encouraging Chipotle results, and reaffirmed guidance. These positives were partly offset by South American weakness, declining traffic in Chile, gross-margin pressure in Mexico, European energy costs, foreign-exchange translation effects, and a cautious consumer environment. Management remained confident but emphasized disciplined investment, cost mitigation and continued monitoring of regional and macroeconomic risks.Company Guidance
Quarterly Sales and EBITDA Growth
Third-quarter total sales increased 1.8% year over year to MXN 21.2 billion, or 5.6% excluding foreign exchange effects. Same-store sales increased 4.2%, while EBITDA rose 2.2% to MXN 2.9 billion and EBITDA margin expanded 10 basis points to 13.9%.
Net Income Growth
Third-quarter net income increased 15.3% year over year to MXN 590 million, reflecting the contribution from operating performance and continued financial discipline.
Mexico Regional Performance
Mexico sales grew 5.9% to MXN 12.2 billion, combining same-store sales growth of 3.6% with the contribution of new stores. Adjusted EBITDA increased 6.3%, with a 10-basis-point margin expansion driven by efficient expense management and operating leverage.
Starbucks Alsea Same-Store Sales Growth
Starbucks Alsea delivered same-store sales growth of 4.4%. Starbucks Mexico increased 3.1%, supported by improving traffic after the World Cup, the Peanuts campaign, Unicorn Frappuccino, the return of the full beverage offering including Pumpkin Spice Latte, and a strong marketing calendar.
Starbucks Europe Momentum
Starbucks Europe same-store sales increased 6.1%, with broad-based momentum across the region. Spain continued to deliver solid growth, while France returned to positive territory as marketing and commercial initiatives improved traffic.
Starbucks South America Performance
Starbucks South America same-store sales rose 7.6%, mainly reflecting price adjustments in Argentina aligned with inflation. Excluding Argentina, same-store sales increased 0.2%; Colombia grew 10.8% despite temporary earthquake-related store closures.
Starbucks Mexico Operating Improvements
Management said the leadership transition, greater focus on coffee quality, service and store execution, simplified routines, product innovation, marketing initiatives and store remodeling were improving traffic and operating trends. Traffic improved sequentially throughout the third quarter, with each month performing better than the previous one.
Starbucks Mexico Market Position and Expansion
Based on internal estimates and currently available information, management said it had not seen evidence of a loss in market share over the last 3 years. More than 50 Starbucks Mexico stores were opened during the last 12 months, helping maintain the company's leadership position in Mexico.
Domino's Pizza Same-Store Sales Growth
Domino's Pizza Alsea posted a 3.6% increase in same-store sales, supported by the World Cup in July and the Sartén Orilla Suprema product launched in August. Spain increased 2.2% and Colombia increased 1.8%, supported by commercial execution, product innovation and the brand's value proposition.
Full-Service Restaurant Growth
The full-service restaurant segment delivered 2.8% same-store sales growth, with Mexico up 3.2%. Chili's grew 6.3%, Vips grew 3.8%, Foster's Hollywood increased 3.7%, and Vips Spain increased 1.5%. Vips sold more than 520,000 Chiles en Nogada across Mexico and was described as the restaurant chain with the highest sales of the dish.
Store Expansion and Remodeling
Alsea opened 46 stores during the quarter, including 36 corporate units and 10 franchise locations, bringing the total store base to 4,835 units at the end of September. Management continues to prioritize selective expansion and remodeling of existing stores where investments meet return criteria and enhance customer experience.
Encouraging Chipotle Launch in Monterrey
The first full quarter of Chipotle operations in Monterrey generated initial sales approximately 190% above expectations. Management said sales remained above expectations after 3 months as traffic stabilized, supported by the brand's price, portion and food-quality value equation.
Planned New-Brand Expansion
Alsea expects to open 3 additional Chipotle locations in Nuevo León, with 3 to 4 stores planned between January and March 2027, followed by the first Raising Cane's restaurant in the state in the first quarter of 2027.
Digital and Loyalty Growth
Loyalty sales increased 9% to MXN 5.6 billion, representing 22.7 million orders and 28.1% of total sales. Loyalty programs had 9.1 million active users, and Starbucks Rewards members generated 32% of Starbucks brand sales.
Digital Order Scale
Alsea fulfilled nearly 33.2 million digital orders during the quarter, generating MXN 8.1 billion in sales and representing 40.7% of total company sales.
Improved Free Cash Flow
Year-to-date free cash flow through September was positive MXN 955 million, compared with approximately MXN 3 billion of cash consumption during the same period last year. Management described the year-over-year improvement as nearly MXN 4 billion, supported by working-capital efficiencies, lower CapEx and reduced interest expenses.
Disciplined Capital Allocation and Share Repurchases
Alsea continued increasing the pace of its share repurchase program and held approximately 10 million repurchased shares, representing close to MXN 500 million of the MXN 1.5 billion authorization. Management said it would continue selective repurchases at current valuation levels while preserving financial flexibility; the intention is to cancel the repurchased shares at the next shareholders' meeting.
Capital Investment Focus
Capital expenditures for the first 9 months totaled MXN 3 billion, with 80% allocated to store development, including 36 new corporate units, renovations, remodeling and equipment replacement. The remaining 20% went to strategic projects, software licenses and other initiatives.
Improved Balance Sheet and Debt Profile
Pre-IFRS 16 net debt was MXN 29 billion, MXN 856 million below the prior-year level. Consolidated net debt including lease liabilities was MXN 44.4 billion, cash was MXN 6.3 billion, 92% of debt was long term, and the debt profile was 69% denominated in Mexican pesos and 31% in euros. Total debt to pre-IFRS 16 EBITDA was 3.0x and net debt to EBITDA was 2.5x.
ESG and Social Impact Progress
Alsea expanded its climate-risk work to include transition risks and opportunities under three scenarios through 2050, strengthened supplier ESG approval processes in Europe, launched the 14th Movimiento Va por Mi Cuenta campaign in Mexico, and continued social initiatives in Spain and South America. The prior Mexican campaign raised a record MXN 62 million and benefited more than 1.4 million people; Spain's Producto con Corazón campaign had raised more than EUR 236,000, more than double the prior-quarter amount.
Positive Early Fourth-Quarter Trends
Management said that, through the third week of October, traffic and sales behavior was very similar to September, which was the best month of the third quarter. The company was encouraged by the momentum entering its seasonally strongest sales quarter.
Guidance Reaffirmed
Based on performance through the first 9 months and expectations for the remainder of 2026, management remained confident in achieving the updated guidance communicated in July.
Europe EBITDA and Gross-Margin Improvement
Europe sales grew 2.8% in euros, while adjusted EBITDA grew 7.3% in euros and margin expanded 40 basis points. Approximately 170 basis points of gross-margin improvement helped offset higher labor and energy costs, with negative inflation of around 2% in Europe supporting gross margin.
MX:ALSEA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed