Covering the Mexican Economy, Actinver Research

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Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Kimberly-Clark De Mexico-A / Equity Bottom-Up

<ul><li>Amid a more favorable FX backdrop, we are revising our estimates modestly upward ahead of results.</li><li>After a year marked by significant FX volatility and hedge-related pressures, the scenario into 4Q25 has shifted meaningfully.</li><li>Following the sharp depreciation observed at the beginning of last year —when the MXN moved from the high-mid teens and closed the quarter at an average exchange rate of 20.4 — Kimberly-Clark de México implemented FX hedges that weighed on margins through most of 2025, particularly up to 3Q25.</li></ul>

Amid a more favorable FX backdrop, we are revising our estimates modestly upward ahead of results.After a year marked by significant FX volatility and hedge-related pressures, the scenario into 4Q25 has shifted meaningfully.Following the sharp depreciation observed at the beginning of last year —when the MXN moved from the high-mid teens and closed the quarter at an average exchange rate of 20.4 — Kimberly-Clark de México implemented FX hedges that weighed on margins through most of 2025, particularly up to 3Q25.

Actinver Research - Kimberly-Clark de Mexico: 4Q25 Preview