Proximo Remains Positive Despite Outsized Distribution Disruption

Dear Client: As reported yesterday, Grupo Cuervo ended Q1 2026 with global volumes down 13.4% and organic net sales down 13.5%, largely driven by a tough Q1 in the US and negative currency impacts [see WSD 04-30-2026]. Despite the double-digit declines, "this impact does not reflect the underlying performance of the business," Cuervo ceo Juan Domingo Beckman assured investors during yesterday's earnings call. "We view this as a forward-looking investment in our commercial foundation, establishing a stronger platform for long-term