Earnings calls, dissected.

Natura &Co reported a challenging Q1-26, with net revenues falling 7.7% YoY to BRL 4,745 million and EBITDA margin compressing 790 basis points to 7.3%, driven by reorganization costs, Brazil softness, and Argentina's slow recovery. Management reaffirmed full-year targets for EBITDA margin expansion above FY-25's 14.1% and robust cash generation, contingent on cost savings unlocking from Q2 onwards.

JBS posted record Q1 net sales of $21.6 billion (+11% YoY), but profitability fell sharply as Beef North America and Pilgrim's Pride were hit by cattle cycle pressures and operational disruptions. EPS declined 56% to $0.21 and IFRS Adjusted EBITDA dropped 26% to $1.1 billion, underscoring the divergence between top-line resilience and margin compression.

InRetail Peru delivered a strong Q1 FY2026, with consolidated revenues rising 10.2% year-over-year to S/6.05 billion and adj. EBITDA surging 22.2% to S/785 million, lifting the EBITDA margin 130 basis points to 13.0%. Reported net income of S/182 million declined 4.9% versus Q1 FY2025, weighed down by a significant FX loss and higher financial expenses, though underlying net income excluding those items rose 40.8%.

Grupo Nutresa delivered a strong operational quarter in Q1 2026, with EBITDA surging 42.2% to COP 1.04 trillion and adjusted EBITDA margin reaching 20.4%, marking a 370-basis-point structural improvement year-over-year. Reported net loss of COP -15.3 billion was driven by unrealized foreign exchange differences and non-recurring items, obscuring the underlying earnings quality.

Cencosud reported Q1 2026 results marked by a 4.4% revenue decline ex-Argentina hyperinflation adjustments and a 12.4% drop in Adjusted EBITDA, pressured by weak Department Stores and Home Improvement performance in Chile alongside FX headwinds. Peru, Colombia, and Brazil delivered meaningful EBITDA improvement, underscoring the uneven regional picture as the company executes its multi-year transformation agenda.

Performance Food Group delivered Q3 FY2026 Adjusted EBITDA of $410.6 million, exceeding the top end of its February guidance range, on net sales of $16.3 billion that rose 6.4% year-over-year. Management narrowed full-year FY2026 guidance and signalled accelerating sales and profit growth heading into fiscal 2027.

Raia Drogasil delivered a standout Q1 2026, with gross revenue of R$ 12.0 billion (+20.4% YoY) and adjusted net income surging 69.2% to R$ 300 million, reflecting accelerating market share gains and meaningful margin expansion. The quarter marks a structural inflection point as the company's digital, store expansion, and operational efficiency initiatives compound simultaneously.

Ambev opened 2026 with organic Normalized EBITDA growth of 10.1% and 60 bps of margin expansion, underpinned by beer volume records in Brazil and broad-based top-line momentum across all business units. Operating cash flow of R$3.2 billion marked the strongest first-quarter performance in a decade, reinforcing the company's capacity to sustain shareholder returns.

AB InBev delivered a record-high first-quarter Underlying EPS of $0.97, up 20.8% year-over-year, as organic revenue growth of 5.8% and beer volume gains of 1.2% demonstrated broad-based momentum across four of five geographic zones. The company reaffirmed its FY26 EBITDA growth outlook of 4–8%, supported by megabrand strength, BEES marketplace scaling, and the upcoming FIFA World Cup catalyst.

AntarChile delivered a 34% YoY jump in controlling-interest net income to US$164 million in Q1 2026, as energy distribution strength and favourable inventory revaluations more than offset continued pressure in the forestry segment. The result came on consolidated revenue of US$7.85 billion, up 6% YoY, with EBITDA expanding 11% to US$858 million.

Coles Group delivered above-market supermarket sales growth of 4.0% in Q3 FY2026, driven by volume and eCommerce strength, while liquor remained a drag. Management flagged a contained Q4 fuel cost headwind of AUD 10–15 million but expressed confidence in absorbing pressures through its established cost program.

Woolworths Group delivered strong Q3 FY2026 Group sales of $18.1 billion, up 4.5%, led by Australian Food growth of 5.9% and eCommerce surging 23.8%. Management trimmed full-year Australian Food EBIT guidance away from the upper end of the mid-to-high single digit range, citing rising fuel costs and new price investment commitments in response to Middle East conflict-driven inflation.

Unilever opened FY2026 with 3.8% underlying sales growth and 2.9% volume growth, reconfirming full-year guidance as Power Brands and emerging markets drove broad-based momentum. The quarter also marked a decisive strategic pivot, with the announced combination of the Foods business with McCormick and the commencement of a €1.5 billion share buyback.

Coca-Cola FEMSA delivered Q1 2026 consolidated revenue of Ps. 70,925 million (+1.1% reported, +6.0% currency neutral) and volume of 998.4 million unit cases (+1.2%), with South America strength offsetting Mexico headwinds. Majority net income fell 15.5% to Ps. 4,342 million, dragged by a sharply higher comprehensive financing result and a 17.4% operating income decline in Mexico and Central America.

Coca-Cola FEMSA posted Q1 2026 consolidated revenue of Ps. 70,925 million (+1.1% reported, +6.0% currency neutral) as volume grew 1.2% to 998.4 million unit cases, but majority net income fell 15.5% to Ps. 4,342 million, pressured by a sharply higher comprehensive financing result and a 17.4% operating income decline in Mexico and Central America. South America's 18.8% operating income surge and stable consolidated EBITDA margins of 18.9% underscored the value of geographic diversification.

Grupo Bimbo delivered a record-setting first quarter in 2026, with currency-neutral net sales growth of 4.8% and an Adjusted EBITDA margin of 14.0% the highest ever recorded in any first quarter in the company's history. Broad-based momentum across all four regions, disciplined execution, and continued deleveraging underscore the strength of the global baking leader's operating model.

Sysco posted Q3 FY2026 sales of $20.5 billion, up 4.7% year-over-year, beating revenue expectations on accelerating local case volume growth, while adjusted EPS of $0.94 declined 2.1% versus the prior year, weighed by a $63 million incentive compensation headwind. Management reaffirmed full-year adjusted EPS guidance at the high end of the $4.50–$4.60 range.

Procter & Gamble delivered a sequential acceleration in organic sales growth to 3% in Q3 FY2026, with core EPS rising 3% year-over-year to $1.59 on net sales of $21.2 billion. All ten product categories and all seven regions grew organic sales, marking broad-based improvement against a more challenging macro backdrop.

Arca Continental delivered resilient Q1 2026 results, with consolidated net sales of Ps. 57.1 billion essentially flat year-over-year but up 8.8% on a currency-neutral basis, as MXN translation headwinds masked strong underlying operational momentum across most geographies. Net income declined 8.5% to Ps. 3.8 billion, pressured by higher financing costs, while total beverage volume rose 2.9% to 563.1 million unit cases.

Nestlé reported Q1 2026 organic growth of 3.5%, with RIG of 1.2% and pricing of 2.3%, as the infant formula recall weighed approximately 90 bps on the quarter. Full-year 2026 guidance was maintained, with organic growth targeted in the range of around 3% to 4% and free cash flow above CHF 9 billion.

Carrefour posted Q1 2026 group LFL sales growth of +2.2%, ahead of the prior quarter's +1.7%, with acceleration in France and Spain offsetting a modest Brazil decline. Management confirmed all full-year 2026 financial targets, including ROI growth, more than 25bps of operating margin expansion, and high single-digit adjusted EPS growth.

Tesco delivered a strong full-year result for FY2026, with group sales rising 4.6% to £66.6bn and adjusted diluted EPS growing 6.0% to 29.0p, underpinned by sustained market share gains and disciplined cost management. Free cash flow surged 11.8% to £1.96bn, enabling a progressive dividend increase and continued share buybacks.

Seven & i Holdings reported FY2025 net income of ¥292.8 billion, up 69.2% year-on-year and well ahead of the prior-year base, as the group's ongoing portfolio restructuring sharply reduced its consolidated footprint. Revenue from operations declined 12.9% to ¥10.43 trillion, reflecting the deconsolidation of Seven Bank and the SST supermarket and specialty store businesses mid-year.

Almarai delivered 7% revenue growth to SAR 6.16 billion in Q1 FY2026, driven almost entirely by volume gains across dairy, poultry, and water, with net income holding flat at SAR 732 million amid elevated ramp-up costs. The quarter was clean of Iran-conflict impacts, though management flagged freight cost inflation as a material forward risk if the conflict prolongs.