Colombia · BUSINESS & MARKETS

A stronger operation and a weaker headline profit

Grupo Nutresa reported consolidated revenue of COP 10.3 trillion (about US$3.24 billion) for the first half of 2026, an increase of 2.4% from a year earlier. The modest sales gain concealed a much larger improvement in profitability. Gross margin expanded 420 basis points to 42.5%, supported, according to the company, by structural cost initiatives, commodity and currency hedging, and lower reference prices for some inputs.

Reported EBITDA rose 32% to COP 1.95 trillion (about US$613 million), equal to 19% of sales. Excluding non-recurring expenses, adjusted EBITDA reached COP 2.0 trillion (about US$629 million), up 30.8%, with a 19.5% margin. In other words, the core food business converted a larger share of each peso of sales into operating earnings even though group revenue grew only slightly.

The bottom line moved in the opposite direction. Adjusted net income, excluding non-recurring charges and unrealized currency differences, climbed 36.6% to COP 724.7 billion (about US$228 million). Reported net income was just COP 78.4 billion (about US$24.7 million), roughly 89% below the comparable prior-year level reported by Colombian financial media.

| Metric | 1H 2026 | Year-on-year |
|---|---|---|
| Revenue | COP 10.3tn (about US$3.24bn) | +2.4% |
| Reported EBITDA | COP 1.95tn (about US$613m) | +32.0% |
| Adjusted EBITDA | COP 2.0tn (about US$629m) | +30.8% |
| Adjusted net income | COP 724.7bn (about US$228m) | +36.6% |
| Reported net income | COP 78.4bn (about US$24.7m) | About −89% |

Why the two profit figures diverged

Nutresa said the gap between adjusted and reported net income came from non-recurring expenses and unrealized exchange-rate differences tied to hedges on debt denominated in U.S. dollars. Those hedges pass through the income statement under the company’s accounting treatment, creating a large reported charge even when the operating businesses are producing more EBITDA.

That distinction matters for investors, but it does not make the reported result irrelevant. Nutresa has substantial foreign-currency financing, so movements in the Colombian peso can create volatility between operating performance and accounting profit. The adjusted result is useful for measuring the food businesses; the reported figure shows the full effect of financing, hedging and one-off items recognized during the period.

Conversions in this report use Colombia’s official representative market rate of COP 3,179.40 per U.S. dollar for August 6, the date Nutresa released the results. The company’s own geographic sales disclosures use average-period currency translations, so their dollar equivalents can differ from a spot-rate conversion.

Colombia supplied the growth engine

Sales in Colombia increased 13% to COP 6.6 trillion. On Nutresa’s average-period translation, that represented US$1.808 billion and growth of 29.7% in dollars. Ice cream led the domestic portfolio with 32.8% growth, followed by biscuits and snacks at 24.3%, food service at 19.7%, retail food at 17%, and coffee at 13.5%.

The distribution data also showed broad local demand. Traditional-channel sales rose 20.4%, modern retail increased 14.5%, and restaurant chains grew 13.9%. That mix supports management’s argument that the margin improvement was not merely a pricing event: several categories and routes to market expanded at double-digit rates.

International sales held up, but peso translation hurt

International sales rose 0.4% in dollars to US$1.005 billion. In Colombian pesos, however, foreign revenue fell 12.4% to COP 3.7 trillion because the peso appreciated 12.9% against the dollar over the comparison period. Biscuits and snacks grew 13.5% abroad, ice cream 11.2%, and the “other” category 8.8%.

Coffee and chocolate were weaker internationally because demand for industrial ingredients and exports contracted. Geography was uneven as well: revenue measured in dollars grew 72.7% in Ecuador, 18.6% in Peru and 12.5% in Chile. The figures underline the double-edged effect of a stronger peso: it can reduce the local-currency value of foreign sales while also changing the accounting value of dollar liabilities and their hedges.

Acquisitions extend the regional bet

Nutresa completed its purchase of Colombian ice-cream chain Mimo’s in May after obtaining regulatory approvals. It has also agreed to buy 100% of Universal Sweet Industries, the Ecuadorian chocolate and confectionery company behind La Universal, and 100% of Industrias Tío Rico, a major Venezuelan ice-cream producer.

Management expects the Ecuador and Venezuela transactions to close within roughly six months, subject to customary conditions and regulatory approvals. The deals fit Nutresa’s strongest first-half category—ice cream—and expand the group in markets where dollar-measured sales are already growing. They also raise the execution burden at a time when investors are closely watching leverage, financing costs and currency exposure.

What to watch next

The next test is whether Nutresa can preserve a gross margin above 42% and an EBITDA margin near 20% as commodity prices and exchange rates change. Investors should also watch whether reported profit begins to converge with adjusted earnings, how the dollar-debt hedges behave if the peso reverses direction, and whether La Universal and Tío Rico close on schedule without adding unexpected integration costs.

For now, the first-half message is clear: the transformation led by controlling shareholder and president Jaime Gilinski is delivering stronger operating margins. The unresolved issue is how much of that improvement reaches reported net income after financing and currency effects.

Frequently Asked Questions

Sources

• Grupo Nutresa — first-half 2026 results release
• Grupo Nutresa — detailed first-half 2026 results PDF
• Colombia’s Financial Superintendency — Grupo Nutresa market disclosures
• Colombia’s Financial Superintendency — official representative exchange rate