...May 5, 2026 This report does not constitute a rating action. We forecast Controladora Mabe's revenue will decrease by 0.5% in 2026, compared with our previous expectation of 4% growth, reflecting weak demand in North America. We continue to adjust our forecast on Mabe, considering the evolving global macroeconomic and industry conditions. The revision in forecast is because of changes in U.S. aluminum and steel tariffs and weakening consumer discretionary spending power. Nonetheless, S&P Global Ratings expects a recovery in the company's market share and volumes in Mexico this year to partially offset the impact. We expect a modest rebound in demand by late 2026, driven by easing trade uncertainty and Mabe's strong market position. We think revenue will increase 2%-3% from 2027 onward because sluggish macroeconomic conditions will likely translate into still-soft demand and intense competition will likely keep prices low. We have lowered our EBITDA margin forecast to 7% in 2026, and expect...
