In Q2 2023, GLI experienced another strong quarter with a year-on-year increase of +17.4% in the top line (like for like currency, excluding Argentina). In MXN, the year-on-year growth was +1.1%, impacted by the appreciation of the Mexican Peso and a devaluation of 23% in Argentina. When excluding the effect of Argentina's devaluation, the top line saw a notable growth of +9.7% in MXN. The EBITDA margin reached 21.1%, a positive increase of 0.5 percentage points compared to the previous year. Our Cash Conversion Cycle (CCC) improved, with 95 days (-5 days compared to the previous year). We are also making substantial progress towards our productivity target of delivering Ps. 1,800 million by 2027. In April '23, we successfully commissioned a new Suerox® line, resulting in annual COGS savings of Ps. 63.6 million and an increased manufacturing capacity of +96 million bottles per year. A national bidding process with our label suppliers concluded, delivering annual savings of Ps. 25 million. In total, our productivity projects have generated 216 MM in annual savings year-to-date.
Chief Executive Officer
July 27, 2023