During the First Half of 2026, Grupo Nutresa Reached an EBITDA of COP 2.0 Trillion, a 32% Increase Compared to the Same Period of Last Year
During the first half of the year, Grupo Nutresa reports total revenues of COP 10.3 trillion, 2.4% higher than those of
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Grupo Nutresa reports profitable growth during the first half of 2026.
Grupo Nutresa closes the first half of the year with numbers that confirm the strength of its businesses and the structural nature of its operational excellence project, which translates into greater profitability, efficiency, and productivity.
During the period, total revenues reached COP 10.3 trillion, a 2.4% increase compared to the same period in 2025.
Sales by Geography and Business Unit
Performance in Colombia – Growth Engine
Revenues in Colombia totaled COP 6.6 trillion, marking a 13.0% increase compared to the first half of 2025. When expressed in dollars, these sales amount to USD 1,807.9 million, representing growth of 29.7%.
Per business unit, Ice Cream led the growth at 32.8%, followed by Biscuits and Snacks at 24.3%, Food Service at 19.7%, Retail Food at 17.0%, and Coffee at 13.5%. By channel, the traditional channel grew by 20.4%, the modern channel by 14.5%, and our restaurants by 13.9%.
International Performance – Resilience in the face of a strong Peso
Internationally, first semester sales stood at USD 1,005.4 million, reflecting a 0.4% increase compared to the same period of last year. When converted to Colombian pesos, the figure amounts to COP 3.7 trillion, representing a 12.4% decrease driven by a 12.9% appreciation of the local currency against the dollar.
This performance was primarily driven by the Biscuits and Snacks (+13.5%), Ice Cream (+11.2%), and Other (+8.8%) business units. The Coffee and Chocolate business units were affected by a contraction in the industrial ingredients’ category and in exports; also impacted by the significant local currency appreciation. In terms of markets, double-digit growth was recorded in Ecuador (+72.7%), Peru (+18.6%), and Chile (+12.5%), measured in US Dollars.
Profitability and Net Income
The gross margin stood at 42.5%, expanding by 420 basis points compared to the first half of 2025, driven by structural cost improvements resulting from internal initiatives, effective raw material and currency hedging, and lower global market commodity benchmark prices.
In terms of profitability, EBITDA adjusted for non-recurring expenses stood at COP 2.00 trillion, a 30.8% increase, with a sales margin of 19.5%. Including these expenses, reported EBITDA was COP 1.95 trillion, up 32.0%, with a sales margin of 19.0%.
Finally, taking the aforementioned factors into account, net income adjusted for non-recurring expenses and unrealized foreign exchange differences stood at COP 724,673 million, reflecting a 36.6% growth. When including the aforementioned non-recurring expenses and foreign exchange differences, the reported figure is COP 78,401 million. The difference between the two numbers stems from the coverages on dollar-denominated debt that are recognized in the Financial Results Statement.
In other corporate matters, Grupo Nutresa finalized agreements to acquire two companies in the region: La Universal in Ecuador, a leader in the chocolate industry, and Tío Rico in Venezuela, a leader in the ice cream industry. Both transactions are expected to close within the next six months, subject to preceding customary conditions and regulatory approvals.
Jaime Gilinski, CEO of Grupo Nutresa: “We continue to advance towards our transformation by strengthening our talent, investing in our brands and our go-to market capabilities aiming to become an increasingly sustainable, innovative, and profitable organization. As a team, we remain committed to delivering results and generating sustainable long-term value.”
Separate Financial Statements
In the Separate Financial Statements, Grupo Nutresa S.A. reports a net operating income of COP 99,925 million; of this amount, COP 99,564 million corresponds to income recognized under the equity method for investments in food companies, and COP 392 million to dividends from the investment portfolio.
Net profit stands at COP 78,236 million.
|
CONSOLIDATED FINANCIAL STATEMENTS |
||||||||||
|
|
January- |
|
January- |
|
||||||
|
June |
% Revenues |
June |
% Revenues |
% Var. |
||||||
|
2026 |
|
2025 |
|
|
||||||
|
Continuing operations |
|
|
|
|
|
|||||
|
Operating revenue |
10.278.964 |
|
|
10.038.263 |
|
|
2,4 |
% |
||
|
Cost of goods sold |
(5.912.630 |
) |
-57,5 |
% |
(6.190.559 |
) |
-61,7 |
% |
-4,5 |
% |
|
Gross profit |
4.366.334 |
|
42,5 |
% |
3.847.704 |
|
38,3 |
% |
13,5 |
% |
|
Administrative expenses |
(347.908 |
) |
-3,4 |
% |
(369.639 |
) |
-3,7 |
% |
-5,9 |
% |
|
Sales expenses |
(2.414.123 |
) |
-23,5 |
% |
(2.297.755 |
) |
-22,9 |
% |
5,1 |
% |
|
Exchange differences on operating assets and liabilities |
15.613 |
|
0,2 |
% |
16.710 |
|
0,2 |
% |
-6,6 |
% |
|
Other operating income, net |
51.854 |
|
0,5 |
% |
48.928 |
|
0,5 |
% |
6,0 |
% |
|
Operating profit |
1.671.770 |
|
16,3 |
% |
1.245.948 |
|
12,4 |
% |
34,2 |
% |
|
Financial income |
468.947 |
|
4,6 |
% |
250.381 |
|
2,5 |
% |
87,3 |
% |
|
Financial expenses |
(1.103.436 |
) |
-10,7 |
% |
(582.436 |
) |
-5,8 |
% |
89,5 |
% |
|
Dividends |
448 |
|
0,0 |
% |
309 |
|
0,0 |
% |
45,0 |
% |
|
Exchange differences on non-operating assets and liabilities |
(707.348 |
) |
-6,9 |
% |
(12.461 |
) |
-0,1 |
% |
N/A |
|
|
Share of profit of associates and joint ventures |
426 |
|
0,0 |
% |
(11.451 |
) |
-0,1 |
% |
-103,7 |
% |
|
Other non-operating (expenses) income, net |
(28.626 |
) |
-0,3 |
% |
173.336 |
|
1,7 |
% |
-116,5 |
% |
|
Income before tax and non-controlling interest |
302.181 |
|
2,9 |
% |
1.063.626 |
|
10,6 |
% |
-71,6 |
% |
|
Current income tax |
(226.712 |
) |
-2,2 |
% |
(233.077 |
) |
-2,3 |
% |
-2,7 |
% |
|
Deferred income tax |
50.219 |
|
0,5 |
% |
(17.831 |
) |
-0,2 |
% |
N/A |
|
|
Profit after taxes from continuous operations |
125.688 |
|
1,2 |
% |
812.718 |
|
8,1 |
% |
-84,5 |
% |
|
Discontinued operations, after income tax |
(45.438 |
) |
-0,4 |
% |
(93.907 |
) |
-0,9 |
% |
-51,6 |
% |
|
Net profit for the period |
80.250 |
|
0,8 |
% |
718.811 |
|
7,2 |
% |
-88,8 |
% |
|
Non-controlling interest |
1.849 |
|
0,0 |
% |
6.044 |
|
0,1 |
% |
-69,4 |
% |
|
Profit for the period attributable to controlling interest |
78.401 |
|
0,8 |
% |
712.767 |
|
7,1 |
% |
-89,0 |
% |
|
|
|
|
|
|
|
|||||
|
EBITDA |
1.950.395 |
|
19,0 |
% |
149.500 |
|
1,5 |
% |
N/A |
|
|
BALANCE SHEET AS OF JUNE 30TH 2026 |
||||
|
|
June 2026 |
December 2025 |
% Var. |
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
2.471.197 |
3.195.196 |
-22,7 |
% |
|
Financial assets measured at amortized cost |
1.057.574 |
102.540 |
N/A |
|
|
Trade receivables and other account receivables, net |
2.053.000 |
2.108.177 |
-2,6 |
% |
|
Inventories, net |
2.525.560 |
2.558.764 |
-1,3 |
% |
|
Biological assets |
182.818 |
179.106 |
2,1 |
% |
|
Other assets |
1.016.944 |
659.277 |
54,3 |
% |
|
Non-current assets held for sale |
14.933 |
14.930 |
0,0 |
% |
|
Total current assets |
9.322.026 |
8.817.990 |
5,7 |
% |
|
Non-current assets |
|
|
|
|
|
Financial assets measured at amortized cost |
7.867.226 |
8.630.388 |
-8,8 |
% |
|
Trade receivables and other account receivables, net |
5.213.189 |
49.169 |
N/A |
|
|
Investments in associates and joint ventures |
42.137 |
61.246 |
-31,2 |
% |
|
Equity investments measured at fair value |
45.711 |
47.988 |
-4,7 |
% |
|
Property, plant and equipment, net |
4.297.882 |
4.361.575 |
-1,5 |
% |
|
Right-of-use assets |
863.453 |
857.059 |
0,7 |
% |
|
Investment properties |
7.320 |
7.478 |
-2,1 |
% |
|
Goodwill |
2.267.593 |
2.347.166 |
-3,4 |
% |
|
Other intangible assets |
1.283.791 |
1.328.762 |
-3,4 |
% |
|
Deferred tax assets |
1.580.792 |
895.863 |
76,5 |
% |
|
Other assets |
15.725 |
14.641 |
7,4 |
% |
|
Total non-current assets |
23.484.819 |
18.601.335 |
26,3 |
% |
|
TOTAL ASSETS |
32.806.845 |
27.419.325 |
19,6 |
% |
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Financial obligations |
1.571.613 |
902.519 |
74,1 |
% |
|
Loans from related parties |
983.683 |
6.836 |
N/A |
|
|
Lease liabilities |
158.909 |
158.714 |
0,1 |
% |
|
Trade payables and other payables |
2.069.135 |
2.370.452 |
-12,7 |
% |
|
Income tax and taxes payable |
888.455 |
471.059 |
88,6 |
% |
|
Employee benefits liabilities |
267.610 |
432.304 |
-38,1 |
% |
|
Provisions |
3.913 |
4.266 |
-8,3 |
% |
|
Other liabilities |
136.461 |
127.218 |
7,3 |
% |
|
Total current liabilities |
6.079.779 |
4.473.368 |
35,9 |
% |
|
Non-current liabilities |
|
|
|
|
|
Financial obligations |
12.903.863 |
14.285.982 |
-9,7 |
% |
|
Loans from related parties |
980.702 |
1.116.228 |
-12,1 |
% |
|
Lease liabilities |
840.179 |
839.400 |
0,1 |
% |
|
Employee benefits liabilities |
182.395 |
185.655 |
-1,8 |
% |
|
Deferred tax liabilities |
1.759.818 |
1.095.048 |
60,7 |
% |
|
Provisions |
6.549 |
6.933 |
-5,5 |
% |
|
Total non-current liabilities |
16.673.506 |
17.529.246 |
-4,9 |
% |
|
TOTAL LIABILITIES |
22.753.285 |
22.002.614 |
3,4 |
% |
|
SHAREHOLDER EQUITY |
|
|
|
|
|
Equity attributable to the controlling interest |
10.019.570 |
5.377.738 |
86,3 |
% |
|
Non-controlling interest |
33.990 |
38.973 |
-12,8 |
% |
|
TOTAL SHAREHOLDER EQUITY |
10.053.560 |
5.416.711 |
85,6 |
% |
|
TOTAL LIABILITIES AND EQUITY |
32.806.845 |
27.419.325 |
19,6 |
% |
|
SEPARATED FINANCIAL STATEMENTS |
||||||||||
|
|
January-June 2026 |
% Revenues |
January-June 2025 |
% Revenues |
% Var. |
|||||
|
Portfolio dividends |
392 |
|
0,4 |
% |
296 |
|
0,0 |
% |
32,4 |
% |
|
Share of profit for the period of subsidiaries |
99.564 |
|
99,6 |
% |
561.845 |
|
76,9 |
% |
-82,3 |
% |
|
Share of profit for the period of associates |
– |
|
0,0 |
% |
(12.265 |
) |
-1,7 |
% |
-100,0 |
% |
|
Impairment of investments in associates |
(31 |
) |
0,0 |
% |
– |
|
0,0 |
% |
– |
|
|
Income from sale of investments in associates |
– |
|
0,0 |
% |
180.345 |
|
24,7 |
% |
-100,0 |
% |
|
Gross profit |
99.925 |
|
100,0 |
% |
730.221 |
|
100,0 |
% |
-86,3 |
% |
|
Administrative expenses |
(674 |
) |
-0,7 |
% |
(7.154 |
) |
-1,0 |
% |
-90,6 |
% |
|
Exchange differences on operating assets and liabilities |
418 |
|
0,4 |
% |
(125 |
) |
0,0 |
% |
N/A |
|
|
Other operating (expenses) income, net |
(225 |
) |
-0,2 |
% |
1.976 |
|
0,3 |
% |
-111,4 |
% |
|
Operating profit |
99.444 |
|
99,5 |
% |
724.918 |
|
99,3 |
% |
-86,3 |
% |
|
Financial income |
2.043 |
|
2,0 |
% |
743 |
|
0,1 |
% |
175,0 |
% |
|
Financial expenses |
(16.840 |
) |
-16,9 |
% |
(212 |
) |
0,0 |
% |
N/A |
|
|
Exchange differences on non-operating assets and liabilities |
54.503 |
|
54,5 |
% |
(5.929 |
) |
-0,8 |
% |
N/A |
|
|
Other net non-operating expenses |
(21.341 |
) |
-21,4 |
% |
– |
|
0,0 |
% |
– |
|
|
Income before tax |
117.809 |
|
117,9 |
% |
719.520 |
|
98,5 |
% |
-83,6 |
% |
|
Current income tax |
(4.408 |
) |
-4,4 |
% |
(4.496 |
) |
-0,6 |
% |
-2,0 |
% |
|
Deferred income tax |
(35.165 |
) |
-35,2 |
% |
(2.996 |
) |
-0,4 |
% |
N/A |
|
|
Net profit for the period |
78.236 |
|
78,3 |
% |
712.028 |
|
97,5 |
% |
-89,0 |
% |
|
|
|
|
|
|
|
|||||
|
Earnings per share |
173,06 |
|
|
1555,78 |
|
|
-88,9 |
% |
||
|
BALANCE SHEET AS OF JUNE 30TH 2026 |
||||
|
|
June 2026 |
December 2025 |
% Var. |
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
23.991 |
21.802 |
10,0 |
% |
|
Trade and other receivables |
85.335 |
80.597 |
5,9 |
% |
|
Other assets |
745 |
278 |
168,0 |
% |
|
Total current assets |
110.071 |
102.677 |
7,2 |
% |
|
Non-current assets |
|
|
|
|
|
Trade and other receivables |
45 |
58 |
-22,4 |
% |
|
Investments in subsidiaries |
8.364.406 |
7.011.837 |
19,3 |
% |
|
Equity investments measured at fair value |
2.035 |
2.035 |
0,0 |
% |
|
Property, plant and equipment, net |
220 |
245 |
-10,2 |
% |
|
Deferred tax assets |
– |
1.697 |
-100,0 |
% |
|
Total non-current assets |
8.366.706 |
7.015.872 |
19,3 |
% |
|
TOTAL ASSETS |
8.476.777 |
7.118.549 |
19,1 |
% |
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Financial obligations |
978.427 |
0 |
– |
|
|
Trade payables and other payables |
39.559 |
49.768 |
-20,5 |
% |
|
Income tax and taxes payable |
2.911 |
3.046 |
-4,4 |
% |
|
Employee benefits liabilities |
375 |
3.384 |
-88,9 |
% |
|
Total current liabilities |
1.021.272 |
56.198 |
N/A |
|
|
Non-current liabilities |
|
|
|
|
|
Employee benefits liabilities |
284 |
260 |
9,2 |
% |
|
Deferred tax liabilities |
33.468 |
0 |
– |
|
|
Other liabilities |
78.835 |
3.002 |
N/A |
|
|
Total non-current liabilities |
112.587 |
3.262 |
N/A |
|
|
TOTAL LIABILITIES |
1.133.859 |
59.460 |
N/A |
|
|
SHAREHOLDER EQUITY |
7.342.918 |
7.059.089 |
4,0 |
% |
|
TOTAL LIABILITIES AND EQUITY |
8.476.777 |
7.118.549 |
19,1 |
% |
|
INDICATORS |
||
|
Consolidated |
June 2026 |
December 2025 |
|
Debt – Net Debt/EBITDA excluding non-recurrent expenses |
3,86 |
3,73 |
|
Debt – Net Debt/ Q4 run rate EBITDA excluding non-recurrent expenses |
3,80 |
3,16 |
|
Solvency – Assets/Liabilities |
1,44 |
1,25 |
|
Liquidity – Current Assets/Current Liabilities |
1,53 |
1,97 |
|
Separate |
June 2026 |
December 2025 |
|
Indebtedness – Net debt/EBITDA |
– |
– |
|
Solvency – Assets/Liabilities |
7,48 |
119,72 |
|
Liquidity – Current Assets/Current Liabilities |
0,11 |
1,83 |
|
(1) Gross financial debt includes the principal amount of financial obligations, hedges, financial leases, and 50% of hybrid bonds; it excludes intercompany transactions. (2) Cash excludes restricted cash and a USD 2.0 million certificate of deposit (CDT). (3) EBITDA for the last twelve months excludes non-recurring expenses. |
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