Proximo Sees “Sustained Category Momentum” In Tequila
July 24, 2025Proximo Spirits parent Grupo Cuervo says broad momentum in the Tequila category is continuing this year, even as trade tensions and heightened competition make for a challenging market. The company posted second quarter sales up 2.8% to $617 million and EBITDA up 17% to $145 million, with its results boosted by currency effects. On a pro forma like-for-like basis at constant currency, sales and EBITDA were down 6.4% and 5.5% respectively, on a volume decrease of 4.2% to 6.5 million 9-liter cases.
While Cuervo cited a “volatile and competitive global environment” as contributing to challenges, the company added that “consumer preferences remain supportive of high-quality, authentic brands, and our portfolio continues to be well aligned with these evolving trends. Tequila remains a key growth driver across regions, driven by sustained category momentum. We begin to observe early signs of improvement in certain markets and continue working toward a more balanced alignment between shipments and depletions, which year-to-date are unfavorable.”
Cuervo’s U.S. and Canada sales were up 1.5% on a reported basis but fell 11% on a pro forma basis at constant currency to $361 million, as volume slipped 7% to 3.8 million cases. The company said that performance was “driven by challenges in the Ready-to-Drink and Non-Alcoholic categories, as well as disruptions in Canada derived from retail limitations affecting select U.S. made products,” partially offset by strong performance in Tequila.
Indeed, Proximo Spirits saw higher-end Tequilas like Gran Centenario, Maestro Dobel, and Gran Coramino post rapid gains in control states in the first five months of this year, while the flagship Jose Cuervo was roughly flat and 1800 dipped 7%. Bushmills Irish whiskey and 400 Conejos mezcal were also standout performers, up 28% and 72% in control states this year through May. Meanwhile, Proximo’s premixed Margarita labels from Jose Cuervo and 1800 continue to struggle amid the wave of canned RTDs that have hit the market.
Proximo executive vice president of marketing and innovation Lander Otegui will be among the speakers at this fall’s 49th Annual Impact Marketing Seminar.—Daniel Marsteller
| Proximo Spirits—Key Brands in the U.S. | ||||||
| Brand | Type | Total 2024 U.S. Volume1 |
Control States Volume Growth 2025 YTD2 |
|||
|---|---|---|---|---|---|---|
| Jose Cuervo | Tequila | 4,920 | -0.7% | |||
| Jose Cuervo Margaritas | Pre-Mixed Cocktail | 2,315 | -12.3% | |||
| 1800 | Tequila | 2,045 | -6.6% | |||
| 1800 Ultimate Margarita | Pre-Mixed Cocktail | 860 | -11.2% | |||
| Pendleton | Canadian Whisky | 506 | -4.9% | |||
| The Kraken | Imported Rum | 340 | -9.0% | |||
| Gran Centenario | Tequila | 271 | 12.6% | |||
| Proper No. 12 | Irish Whiskey | 269 | -22.1% | |||
| Bushmills | Irish Whiskey | 170 | 27.5% | |||
| Maestro Dobel | Tequila | 129 | 3.2% | |||
| Gran Coramino | Tequila | 76 | 168.6% | |||
| 400 Conejos | Mezcal | 61 | 72.0% | |||
| Total Key Brands3 | 11,960 | -3.7% | ||||
| 1 Thousands of 9-liter case depletions. 2 Year-to-date May. 3 Addition of columns may not agree due to rounding. Source: NABCA and IMPACT DATABANK © 2025 |
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Tagged : 1800, 400 Conejos, Bushmills, Gran Centenario, Gran Coramino, Jose Cuervo, Maestro Dobel, Proximo
