Grupo Herdez Completes Nutrisa Spin-Off; Shares Down 25%

Grupo Herdez completed the spin-off of its retail ice cream, confectionery, and café business, Grupo Nutrisa, on Sep. 18, following its listing on the Mexican Stock Exchange (BMV) through a dividend in kind.

Since its debut, Nutrisa’s stock has underperformed, opening at MX$6.15 (US$0.33) per share and falling nearly 25% to MX$4.63.

“The initial drop reflects technical pressure from the distribution of shares as a dividend in kind, which led to immediate sales by investors not interested in holding the new issuer,” said Regina Carrillo Villasana, analyst, GBM Research. She added that the market remains cautious due to Nutrisa’s lack of independent track record and projected short-term losses, despite expected operating margins of around 12% by 2025-2026.

Analysts cite weaker consumer spending as a headwind for Nutrisa, whose portfolio includes Nutrisa and Moyo ice creams, Cielito Querido Café, and Chilim Balam snacks. “Consumers often prioritize basic goods over discretionary spending at restaurants or cafés during difficult economic times,” Carrillo noted.

Alik García, deputy director of equity analysis, Valmex Casa de Bolsa, said the stock’s initial price appeared high relative to earnings, prompting cautious investor sentiment. He added that performance could improve next year with a recovery in Mexican consumption and easing volatility in some international raw material prices.

Carrillo emphasized that improved stock performance will depend on executing Nutrisa’s expansion strategy and diversifying into higher-demand categories.

As of June 30, 2025, Grupo Nutrisa operated 663 stores: 378 Nutrisa, 100 Chilim Balam, 93 Cielito Querido Café, and 92 Moyo locations. The company plans to open 12 new franchised units in 2025.

Nutrisa shares fell 18.7% upon returning to the BMV after the spin-off from Grupo Herdez, which occurred without a formal IPO. The company’s market capitalization now stands at approximately MX$1.61 billion, below the initial estimate of MX$1.98 billion, based on the 321.6 million shares issued by Herdez.