Grupo Bimbo B de C : REPORTS FIRST QUARTER 2022 RESULTS

GRUPO BIMBO

REPORTS FIRST QUARTER 2022 RESULTS

Mexico City, April 26, 2022

"We had a very strong start to the year. Topline performance was exceptional, as we reached a record level of sales for a first quarter and gained market share in several categories. Our volumes grew across all our organizations as a reflection of the high demand we are experiencing and that our brands are resonating with our consumers."

- Daniel Servitje, Chairman and CEO

"Our results for the quarter were outstanding, especially when we consider the tough comparison from the remarkable results in the first quarter of 2021 we are cycling, overall inflation, and the complicated operating environment in several countries. We will continue working tirelessly on pulling the right levers to offset most of these effects."

- Diego Gaxiola, CFO

Grupo Bimbo S.A.B. de C.V. ("Grupo Bimbo" or "the Company") (BMV: BIMBO) reports its results for the three months ended March 31, 2022.1

HIGHLIGHTS OF THE QUARTER

• ▪ Net Sales reached a record level for a first quarter at Ps. 93,321 million, an increase of 17.7%, primarily due to strong volumes and price/mix performance across every region

• ▪ Adjusted EBITDA2 grew 11.9%; while experiencing margin compression of 70 basis points mainly due to higher raw material costs

• ▪ Net Majority Income improved by 10.4% and the margin contracted 30 basis points

• ▪ Return on Equity3 reached a record 15.8%

• ▪ Net Debt/Adjusted EBITDA4 ratio closed the quarter at 1.8 times

  RECENT DEVELOPMENTS

• ▪ Grupo Bimbo signed an agreement to sell its confectionery business, "Ricolino". This strategic decision will enable Grupo Bimbo to become a stronger global leader in grain-based foods and to focus on its baking and snacks industries

• ▪ For the sixth consecutive year, Ethisphere Institute named Grupo Bimbo as one of the World's Most Ethical Companies in 2022

• ▪ The Brazilian organization started operating with 100% renewable electric energy; with this, 93% of global operations are using renewable energy (vs. 2019 base) and 21 countries now use clean energies

  FINANCIAL SUMMARY

  (MILLIONS OF MEXICAN PESOS)

1Q22	1Q21	Change
Net Sales	93,321	79,286	17.7%
Gross Profit	48,222	42,595	13.2%
Operating Income	8,942	8,765	2.0%
Adjusted EBITDA	11,897	10,633	11.9%
Net Majority Income	4,467	4,045	10.4%
Net Debt/Adj. EBITDA	1.8x	1.8x	0.0x
ROE	15.8%	12.0%	3.8pp

• ▪ Grupo Bimbo will launch its new sustainability strategy on May 18th , 2022. Please register in advance here:REGISTER

• 1. Figures included in this document are prepared in accordance with International Financial Reporting Standards (IFRS).

• 2. Earnings before interests, taxes, depreciation, amortization and Multiemployer Pension Plans ("MEPPs").

• 3. Adjusted with MEPPs non-cash charges.

• 4. Does not consider the effect of IFRS16.

1

NET SALES

(MILLIONS OF MEXICAN PESOS)

Net Sales 1Q22 1Q21 %Δ
North America Mexico EAA Latin America Grupo Bimbo	45,578 33,043 9,124 8,937 93,321	38,963 17.0 27,661 19.5 7,843 16.3 7,374 21.2 79,286 17.7

Consolidated results exclude inter-company transactions.

Latam 9.1%

North America 50.4%

EAA 9.8%

Mexico5 30.7%

Revenue mix for the last twelve months ended March 31, 2022

Net Sales reached a record level for a first quarter at Ps. 93,321, an increase of 17.7%, primarily due to strong volumes and price/mix performance across every region.

NORTH AMERICA6

Net Sales in US dollars increased 15.8%, driven by the successful implementation of pricing strategy and volume growth in mainstream bread, buns and rolls, sweet baked goods and snacks categories. In peso terms, Net Sales increased 17.0%.

MEXICO

Net Sales in Mexico grew 19.5%, attributable to strong volume growth, better product/mix and price increases. Every channel posted double-digit growth, as did most categories, most notably salty snacks, snack cakes, sweet baked goods, bread, cookies and confectionery.

• 5. Inter-company transactions have been removed from Mexico.

• 6. North America region includes operations in the United States and Canada.

EAA7

Sales in EAA during the first quarter grew 16.3% in peso terms, excluding FX effect, Net Sales increased 21.1%, reflecting strong volume performance mainly in Iberia and the U.K., pricing actions and inorganic contribution from the acquisitions completed in India, as well as a strong sales performance of the QSR channel throughout the region.

LATIN AMERICA8

First quarter Net Sales increased 21.2% in peso terms; excluding the FX effect, Net Sales increased 25.1%, primarily driven by strong volumes and favorable price/mix effect across every organization, highlighting Brazil, Colombia, Chile, and the rest of the Latin Sur division. Sales growth was also benefited by the inorganic contribution from the acquisition of Aryzta do Brazil.

GROSS PROFIT

(MILLIONS OF MEXICAN PESOS)

Gross Profit
1Q22	1Q21	% Δ	1Q22
North America	24,533	21,818	12.4	53.8	56.0	(2.2)
Mexico	17,430	15,051	15.8	52.8	54.4	(1.6)
EAA	2,837	2,796	1.5	31.1	35.7	(4.6)
Latin America	3,939	3,373	16.8	44.1	45.7	(1.6)
Grupo Bimbo	48,222	42,595	13.2	51.7	53.7	(2.0)

Gross Margin (%)

1Q21 Δ pp.

Consolidated results exclude inter-company transactions.

Gross Profit for the first quarter increased 13.2%, while the margin contracted 200 basis points basis points to 51.7%, mainly attributable to higher raw material costs across every region.

OPERATING INCOME

(MILLIONS OF MEXICAN PESOS)

North America	4,240	5,160	(17.8)	9.3	13.2	(3.9)
Mexico	4,418	3,603	22.6	13.4	13.0	0.4
EAA	(24)	49	NA	(0.3)	0.6	(0.9)
Latin America	305	15	>100	3.4	0.2	3.2
Grupo Bimbo	8,942	8,765	2.0	9.6	11.1	(1.5)

Regional results do not reflect intercompany royalties; Mexico segment results of 2021 have been adjusted of some intercompan y royalties' income that were included before; consolidated results exclude intercompany transactions.

• 7. EAA region includes operations in Europe, Asia and Africa.

• 8. Latin America region includes operations in Central and South America.

Operating Income for the first quarter rose 2.0%, and the margin contracted 150 basis points, mainly due to the higher cost of sales and a higher inflationary environment globally, most notably in North America, coupled with a lower non-cash benefit of US$73 million related to the adjustment to the MEPPs liability to reflect current interest rate levels, compared to the US$109 million non-cash benefit registered in the first quarter of 2021. This was partially offset by the strong sales performance and efficiencies in selling and administrative expenses. Excluding the MEPPs effect for both periods, operating income increased 13% and the margin contracted 30 basis points, to 8%.

ADJUSTED EBITDA

(MILLIONS OF MEXICAN PESOS)

1Q22	1Q21	% Δ
North America	4,928	4,922	0.1	10.8	12.6	(1.8)
Mexico	5,483	4,631	18.4	16.6	16.7	(0.1)
EAA	500	528	(5.3)	5.5	6.7	(1.2)
Latin America	860	432	99.2	9.6	5.9	3.7
Grupo Bimbo	11,897	10,633	11.9	12.7	13.4	(0.7)

Adj. EBITDA Margin (%) 1Q22 1Q21 Δ pp.

Adj. EBITDA

Regional results do not reflect intercompany royalties; Mexico segment results of 2021 have been adjusted of some intercompan y royalties' income that were included before; consolidated results exclude intercompany transactions.

Adjusted EBITDA, which does not include the effect of MEPPs, increased 11.9%, while the margin contracted 70 basis points, to 12.7%, mainly due to the abovementioned higher cost of sales and inflationary environment, which was partially offset by productivity savings across the value chain.

NORTH AMERICA

North America region margin contraction of 180 basis points was mainly due to a higher inflationary environment, including commodities, labor costs and shortages across the supply chain. This was partially offset by favorable branded mix and productivity benefits from past restructuring investments.

MEXICO

The margin contracted 10 basis points, attributable to higher raw material costs, which was offset by the strong sales performance, favorable product and category mix, and productivity savings across the supply chain.

EAA

EAA posted a 120 basis points margin contraction mostly due to a higher inflationary environment in several countries and a labor strike in Spain, which has already been resolved.

LATIN AMERICA

Despite challenging conditions in several countries, Latin America Adjusted EBITDA margin expanded 370 basis points reaching a record level for a first quarter at 9.6%, mainly due to the strong sales performance across every organization, increased market penetration, productivity benefits and solid results in Brazil and Argentina.