Peru · Companies

Alicorp second quarter results showed a 10.2% revenue jump to S/3,155 million (~US$928 million), as Peru’s largest consumer-goods maker benefited from recent acquisitions and steady domestic demand, prompting management to raise its full-year 2026 outlook.

Alicorp Second Quarter Results

For foreign investors and expats, Alicorp S.A.A. is the largest mass-consumption company in Peru and a core holding of the powerful Romero Group, one of the country’s most influential family conglomerates. The Lima-based firm produces and distributes a vast portfolio of branded food, home-care, and personal-care products found in nearly every Peruvian household.

Beyond its domestic consumer brands, Alicorp runs a large business-to-business (B2B) operation selling industrial flour, oils, and shortenings, and controls Vitapro, a leading aquaculture feed and shrimp-farming unit with a growing footprint across Latin America. The company’s stock trades on the Lima Stock Exchange (BVL) under the ticker ALICORC1.

Sales Breakdown by Business Unit

The company’s Consumer Goods Peru division, its traditional profit engine, generated S/1,068 million (~US$314 million) in sales, an 11.2% increase from the same period last year. Management attributed the rise to stronger volumes and effective brand positioning in key categories.

The International segment delivered the most dramatic growth, with revenue soaring 58.7% to S/278 million (~US$82 million). The leap reflects the first full integration of Jabonería Wilson, a Bolivian home and personal-care company, and Inka Crops, a Peruvian snack exporter. Higher commercialized volumes in existing markets also contributed.

The B2B unit, which supplies industrial clients, posted a modest 2.0% revenue gain to S/795 million (~US$234 million). However, the division faced temporary pressure on profitability from commodity risk-management losses, a factor that partially offset the top-line increase.

Vitapro, the aquaculture and fish-feed business, recorded sales of S/1,013 million (~US$298 million), up 7.1% year-on-year. The unit continues to benefit from steady demand for shrimp feed in Ecuador and other regional markets, solidifying its role as a critical growth pillar outside of consumer packaged goods.

Profitability and Margins

Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached S/470 million (~US$138 million) in the quarter. That figure implies an adjusted EBITDA margin of 14.9%, a healthy level for a diversified food and ingredients manufacturer.

Net income topped S/363 million (~US$107 million), though the exact final figure was not fully detailed in preliminary summaries. The B2B division specifically reported an adjusted EBITDA margin of 18.6%, underscoring the unit’s underlying operational efficiency despite the commodity-related headwinds.

Total sales volumes across the company rose 7.8% year-on-year, reaching 684,000 metric tons. The volume growth, combined with selective price adjustments, created a balanced mix that supported both revenue expansion and margin resilience.

Upgraded Full-Year Guidance

Alicorp’s management raised its 2026 forecast, now projecting mid- to high-single-digit revenue growth for the full year, up from a previously more cautious stance. The adjusted EBITDA outlook was also lifted to lower- to mid-single-digit growth, signaling confidence that the second-half operating environment will remain supportive.

The upgrade suggests that executives expect the integration benefits from Jabonería Wilson and Inka Crops to continue, while core Peruvian consumer demand stays firm. It also implies that the B2B unit’s risk-management losses are viewed as transitory rather than structural.

For international investors tracking Latin American consumer equities, the revised guidance positions Alicorp as a defensive yet growing play in a region where political noise often clouds the macroeconomic picture.

Context for Foreign Investors

Alicorp’s performance offers a window into Peruvian household consumption, which has proven resilient despite periodic political turmoil. The company’s brands – from cooking oils and detergents to pasta and cookies – are staples, making its revenue stream relatively stable.

The aggressive international push, particularly into Bolivia and the snack-export channel via Inka Crops, diversifies earnings away from the Peruvian sol. For dollar-based investors, this reduces some currency risk, though the primary listing remains in local currency.

With a market position comparable to a blend of Unilever and Bunge in a single entity, Alicorp remains a bellwether for Andean consumer markets. The second-quarter numbers reinforce a narrative of disciplined expansion and operational control.

Frequently Asked Questions

What were Alicorp’s total sales in the second quarter of 2026?

Alicorp reported consolidated net sales of S/3,155 million (~US$928 million) in Q2 2026, a 10.2% increase compared to the same quarter in 2025.

Why did Alicorp’s international sales jump so sharply?

International revenue surged 58.7% mainly due to the integration of recently acquired companies Jabonería Wilson in Bolivia and Inka Crops in Peru, along with higher commercialized volumes in existing markets.

What is Alicorp’s updated guidance for 2026?

Management raised its full-year 2026 outlook to mid- to high-single-digit revenue growth and lower- to mid-single-digit adjusted EBITDA growth, reflecting confidence in sustained demand and successful integration of acquisitions.