Proximo Spirits sales up 2.8% in Q2
Net sales were up but volume was down for Jose Cuervo maker Proximo Spirits during the second quarter of 2025.
The Mexico-based company posted volume sales of 6.46 million nine-litre cases during the second quarter (Q2) of 2025, marking a 4.2% drop compared with the same period in 2024 (31 March to 30 June).
Meanwhile, Proximo Spirits recorded net sales of MXN 11.46 billion pesos (US$617,965m) in Q2 2025, an increase of 2.8%.
Proximo Spirits’ gross profit, meanwhile, was up by 4.3% in Q2 2025 to reach MXN 6.31bn pesos (US$340,133m).
Proximo Spirits called the operating environment in the first half of 2025 both “volatile” and “competitive”.
In a statement, the company said: “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 unfavourable.
“In this context, we remain focused on disciplined execution, brand development, and long-term value creation.”
The US and Canada, the company’s biggest market, saw a 1.5% sales boost in Q2, however volume sales dropped by 6.8%.
Proximo Spirits noted that the disparity between sales and volumes was down to ‘higher sales-per-case brands’, as well as the depreciation of the Mexican peso against the US dollar.
The company suggested the decrease in volume was also caused by challenges in the ready-to-drink category (down by 9.2% in volume) and non-alcoholic segment (down by 19.3% in volume), plus disruptions in Canada where some retailers are taking US-made products off shelves.
In Mexico, the total spirits volume was up by 7.1%, which Proximo Spirits said was due to market share gains in Tequila.
Tequila drives growth
Proximo’s flagship Tequila brand, Jose Cuervo, saw volume sales drop slightly (1.7%) from 2.28m to 2.32m nine-litre cases in Q2 2025.
The brand represented 35.5% of Proximo’s total volume sales in Q2.
In contrast to the volume declines, Jose Cuervo increased its net sales by 2.1% in Q2.
Proximo Spirits’ ‘other Tequilas’ were up by 5.4%.
Its other spirits (those outside of Tequila, including Bushmills Irish whiskey, Three Olives Vodka and Kraken rum) were up by 0.1%, but volume was down by 2.1%.
In the ‘sub-total spirits’ category, non-alcoholic drinks were down by 5% but RTDs were up by 2.1%.
In the first quarter (Q1) of 2025, Proximo Spirits reported net sales of MXN 9.63bn pesos and volume sales of 4.93m nine-litre cases.
Should the US implement 25% tariffs on Mexican products, Proximo Spirits believes its finances could be affected to the tune of US$80m.
Jose Cuervo is the world’s biggest-selling Tequila according to The Brand Champions 2025 report, and also one of 10 strongest spirits brands in the world, according to Brand Finance’s Brand Finance Spirits 50 report. Jose Cuervo fell from 18th to 29th place, however, in Brand Finance’s value rankings.
