Kimberly-Clark de México, S. A. B. de C. V.

Second-quarter sales were MXN 14.4 billion, up 2.7% year over year and an all-time high. Total volume increased 3.1%, with Consumer Products up 5.2% (4% volume growth and 1.2% price/mix growth), Away from Home down 5.1%, and exports down 11.1%. Cost of goods sold decreased 3%, and the company said it generated approximately MXN 450 million of savings in the quarter. Gross profit increased 11.9% to a 41.6% margin; operating profit rose 12.2% to a 23.7% margin; EBITDA was MXN 3.9 billion, up 9.6%, with EBITDA margin at 27.1%; net income was MXN 2 billion, up 9%; and EPS was MXN 0.68, up 9.7%. For the balance of the year, management expects Consumer Products to continue leading, Away from Home to return to growth in the second half, and stronger revenue growth overall. They also said third-quarter cost pressure from derivatives and geopolitical tensions should keep EBITDA margin within the target range, with potential improvement in the fourth quarter as costs normalize.

Pablo González said the quarter reflected strong commercial and operating execution and continued progress on the KCM Plus innovation, growth and transformation strategy. He highlighted consumer-led momentum, stronger shares, and new opportunities in diamond categories, private label, and North American supply chain partnerships. His tone was constructive and confident, but he repeatedly noted that the second half will depend on raw material normalization, price realization, and continued execution.

Xavier Cortés Lascurain focused on the financial bridge: MXN 14.4 billion of sales, MXN 3.9 billion of EBITDA, 27.1% EBITDA margin, MXN 2 billion of net income, and MXN 0.68 EPS. He said roughly MXN 450 million of quarterly savings came mainly from structural cost actions such as fiber contracting, sourcing changes, product redesigns, and logistics efficiencies, and that these helped offset higher SG&A, which rose 11.5% year over year. He also noted cash of MXN 19.6 billion, net debt-to-EBITDA of 0.9x, and EBITDA-to-net-interest coverage of 9x, describing the balance sheet as very strong and healthy.

Analysts focused on the gap between Consumer Products and Away from Home, the outlook for pricing and raw materials, the durability of margin outperformance, and the potential Kenvue transaction. Management said Consumer Products is benefiting from innovation, strong shares, and growth in core and diamond categories, while Away from Home has been pressured by cautious distributors, weaker-than-expected World Cup-related demand, and more aggressive competition that hurt pricing. On Kenvue, Pablo said they are actively working with their partner and expect more information in the third quarter; Xavier added that financing should not be an issue and that the deal should be manageable with current resources.