Shares of Becle retreated about 5% in early trading on Thursday after the company released first-quarter financials that missed analyst expectations and reiterated that 2026 will be difficult as it reorganizes its U.S. distribution network.
For the first three months of 2026, Becle reported a 67% decline in net profit, a result that came in at less than half of the figure forecast by analysts surveyed by LSEG. The shortfall prompted sharp market reactions, building on a year-to-date share price decline that has exceeded one-third.
Analysts at Scotiabank were particularly blunt in their assessment, calling the period "the worst quarter in recent memory," and saying the decline was "far worse" than management had previously indicated - suggesting either a sharp recovery in the second half of this year or possible guidance cuts ahead.
The company, known for the Jose Cuervo family of tequilas and a range of other spirits sold mainly across North America, cited several headwinds. A stronger Mexican peso reduced the converted value of income earned abroad, and the firm is navigating a sector-wide backdrop in which average alcohol consumption has been declining.
Becle has signaled a tough 2026 as it restructures its U.S. distribution following the end of its partnership with national distributor RNDC, which itself is undergoing a major selloff. The distribution overhaul is expected to be a material factor in the company's operating performance for the year.
The company's stock was also removed last month from Mexico's main stock index, the S&P/BMV IPC, and replaced by carrier Volaris. That change came amid the ongoing pressure on the shares and the profit shortfall revealed in the latest quarter.
Market commentary and investor materials have raised the question of whether the company's ADR-class or other listings, such as BCCLF, represent buying opportunities, though the firm’s reported results and the broader headwinds contribute to heightened uncertainty around near-term performance.
Contextual note: The company’s performance indicators in this quarter reflect multiple pressures documented above, and management has warned of a difficult year as distribution changes take effect in the United States.