Tequila giant Becle sees weaker 2026 on US restructuring, drying demand

By Sarah Morland

MEXICO CITY, Feb 27 (Reuters) - Mexican distiller Becle, the world's largest tequila maker, warned of a hard 2026 arsenic it restructures its organisation web successful the United States amid shrinking request for hard liquor and a turbulent commercialized ‌environment.

Becle, which sells Jose Cuervo household tequilas and different spirits mostly crossed North America, ended its concern successful February with starring ‌U.S. distributor Republic National Distributing Company (RNDC), which near the country's astir populous state, California, successful a chaotic exit precocious past year.

Becle said it is prioritizing mounting up its caller ​partnerships close distant and believes the changes should amended presumption the institution beyond 2026.

"This volition beryllium a modulation year," CFO Rodrigo de la Maza told analysts. "Changes of this standard instrumentality clip to afloat stabilize and whitethorn make impermanent disruptions, shipping volatility, inventory realignment and added complexity."

Effects from the restructuring should chiefly beryllium felt successful the archetypal fractional of 2026, helium said. Executives predicted U.S. maturation to statesman to instrumentality successful 2027.

For 2026, the institution predicted ‌its nett income worth volition diminution successful the debased ⁠single digits, erstwhile stripping retired impacts of foreign-exchange rates, and that it would walk immoderate $90 million-$110 million, down from the $130 cardinal pegged for 2025.

Lower income crossed Becle's apical North American markets dragged its apical enactment down 14% ⁠in the past 3 months of 2025, sinking nett profit, which was besides deed by a higher taxation rate.

The net missed analysts' forecasts and Becle's shares dipped arsenic overmuch arsenic 5% successful greeting trading, earlier leveling slightly. It remains down 16% since January 1.

'A QUARTER TO FORGET'

"It was a 4th to hide ​by ​most measures, and the commencement of 2026 doesn't look excessively agleam either," said ​Scotiabank expert Felipe Ucros successful a note, pointing to a ‌stagnant tequila marketplace crossed the U.S. arsenic consumers alteration their drinking habits.

Industry groups person attributed the changes to tighter wallets, involvement successful healthier alternatives and income of ineligible marijuana. Becle has said Canadians person besides opted for much section spirits amid past year's U.S. tariff threats.

Tequila is among the bulk of Mexican goods exempt from U.S. tariffs nether the U.S.-Mexico-Canada escaped commercialized pact, which is up for reappraisal this year, but on-and-off commercialized threats person nevertheless impacted the sector, peculiarly tiny suppliers.

The U.S. imported 26% little tequila successful the archetypal 9 months of 2025 compared with ‌the aforesaid play of 2024, according to commercialized relation data, portion imports of ​spirits successful wide declined 17%. Through each of 2025, Becle's U.S. and Canada income ​fell 4%.