Proximo Spirits sheds Boost as sales ship steadies in Q3 - results data

Sales in three months to end of September flat – +0.9% – at MXN10.92bn (US$592.8m)
Following on from the first quarter’s -6.9% and Q2’s -6.4%, year-to-date sales were down 4.1%

Proximo Spirits has posted its first quarter of rising sales – just – in the year so far.

The company, which oversees the Jose Cuervo tequila brand for parent company Cuervo, saw its top line in the three months to the end of September inch up by 0.9%. The performance follows a first half of 2025 in which sales declined by just under 6.7%.

Subsequently, the group’s decrease in sales for the year to date stands at 4.1%

In the US and Canada, which combine to make up Proximo’s biggest region, quarterly sales fell by 10.3% on a 6.4% volumes decline. As well as flagging a “more competitive environment” in the region, the company also noted “challenges in the Ready-to-Serve category, as well as retail disruptions in Canada that affected select US-made products”.

Domestically, meanwhile, the tequila giant enjoyed a prosperous three months as sales in Mexico leapt by almost one quarter (+24.3%). The tequila category exhibited “strong growth” at home, Proximo noted.

The ‘rest of the world’ region also did well, climbing 15.6% on +19.9% volumes.

Turning to brands and the Jose Cuervo portfolio was down 7.3% by value (in reported terms) as the mark’s volumes inched up by 1.4%. ‘Other tequilas’, which houses Proximo’s higher-end brands in the category, grew reported sales by 10.3%, albeit on accelerating volumes (+14.5%).

“During the quarter, we delivered solid results and further strengthened our financial position despite persistent volatility across the global spirits industry,” Proximo said in related commentary. “We remain focused on … building the foundations for sustainable growth in a gradually recovering global spirits’ landscape.”

Elsewhere in today’s results, the group confirmed the sale of its B:oost energy drinks brand (above). The transaction, with an undisclosed party and for an undisclosed sum, “aligns with the company’s ongoing strategy to exit non-core assets and prioritise premium brands that are central to its strengths and competitive advantages.”