Investor Presentaiton
Highly Resilient Adjusted EBITDA Margin and Adjusted
EBITDA Margin Expansion Across Geographies
ADJ. EBITDA MARGIN %
Favorable price and product/mix
Strong volume performance
2018 (1) 2019 2020 2021 2022
LTM
3Q23
New manufacturing capabilities
Grupo Bimbo
10.9%
13.0% 13.7% 14.0% 13.4% 13.7%
Increased scale
North America
9.0%
11.3%
12.9% 12.2%
11.0% 10.8%
Productivity investments driving
SG&A efficiencies
Mexico
18.2%
19.3%
18.3% 19.0%
17.9% 18.3%
Strategic acquisitions
LATAM
Distribution network optimization
2.6%
2.2%
4.9% 6.2%
8.9% 10.0%
Successful turnaround projects
EAA
0.4%
6.3%
7.6%
7.9%
7.0%
7.6%
Adj. EBITDA: Earnings before interests, taxes, depreciation, amortization and MEPPS. Ricolino's results have been removed since 2021. (1) 2018 Adj. EBITDA does not include the effect of IFRS16.
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