By Sarah Morland
MEXICO CITY, April 29 (Reuters) – Mexico’s Becle, the world’s largest tequila maker, reported on Wednesday a 67% slump in its net profit during the first quarter, missing analyst forecasts as liquor sales dried up in its top markets, the U.S. and Canada.
Net profit for the first three months of 2026 landed at 388.2 million Mexican pesos ($21.7 million), from revenues that fell 23% to 7.40 billion pesos. Analysts polld by LSEG predicted net profits of 838.5 million pesos, from revenues of 7.79 billion.
Becle said its total volumes shrank 13%, dragged by the U.S. and Canada where these slumped 24%, partly due to a major distribution restructuring in the U.S. Volumes increased across all its other markets.
Its management said in a statement the company had focused during the first three months of the year on discipline and strategy, which “despite a challenging and contracting industry environment,” should better position the firm long-term.
Becle, which sells Jose Cuervo family tequilas and other spirits largely across North America, typically makes more than half its sales in the Canada and the United States and a quarter in its home market of Mexico.
Earlier this year, executives warned of a difficult 2026 as Becle restructures its U.S. distribution system after ending its partnership with top national distributor RNDC, which is undergoing a major selloff.
Analysts at Itau BBA last week predicted a “harsh 2026”, warning also of weaker volumes as people drink less alcohol worldwide, but noted Becle is performing better than its rivals.
Analysts polled by LSEG expect revenues of 40.39 billion pesos this year, down 6% from the 43.08 billion recorded in 2025, which they predict will bring profits down 39% to 5.31 billion pesos from 8.65 billion pesos last year.
For the first three months of the year, net sales and volumes shrunk across all of Becle’s product segments.
In 2025, the U.S. last year imported $3.59 billion worth of tequila – which is exclusively made in Mexico – down 32% from a year earlier according to industry data, although this continued to surpass all gin, rum and vodka imports combined.
$1 = 17.9252 Mexican pesos at end-March)
(Reporting by Sarah Morland, Editing by Natalia Siniawski)
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