Alsea, S.A.B. de C.V.

2024
Redefining   
Global Excellence
in the Restaurant Industry
Integrated
Report

We create emotional 
connections that inspire and 
endure, leaving a mark in every 
encounter, every smile, and 
every shared table.
We are where  
moments 
are shared
We are the leading 
restaurant operator in 
Mexico, South America and 
Europe, serving 12 countries 
through 4,785 units.
S A T U R D A ,  8  P M
F R I E N D S ’  D I N N E R
2

F R I D A Y ,  9  A M
W E E K L Y  M E E T I N G
The aroma of coffee that kicks off the 
morning, the lively conversation that 
flows around a table, or the flavor that 
transforms an ordinary day into an 
unforgettable one.
We are part of 
everyday moments
Our supply chain is one of our 
greatest competitive advantages, 
enabling us to provide exceptional 
service to the 470+ million 
customers we served this year.
3

Our essence is in our business model, our 
approach to doing things, and the passion 
and dedication of our people  
to surpass expectations.
We create value  
in every flavor
S U N D A Y ,  3  P M
F A M I L Y  L U N C H
A robust and adaptable 
business model that 
transforms challenges into 
opportunities, enabling 
sustainable growth.
4

We transform our actions into 
opportunities to create a positive  
impact on people and the planet.
Striving for a  
brighter future
T U E S D A Y ,  2  P M
M E A L S  D O N A T I O N
At Fundación Alsea, we are 
committed to ending food poverty, 
contributing $66.3 million pesos 
this year to support this pillar  
in Mexico.
5

7 About this report
8 We are Alsea
11 Our main results in 2024
14 Messages from management
19 Sustainability management
31 Sustainability rankings, 
recognitions, and certifications
143 GRI Table
145 SASB Table
145 Global Compact Table
146 Financial statements
contents
34
Ethics management
38
Corporate integrity
40
Data privacy
Ethics and 
transparency
43
Corporate governance structure
44
Board of Directors
48
Regulatory environment
 
Corporate 
governance
51
Customer satisfaction
58
Responsible communication in 
everything we do
60
Digital transformation to be closer 
to our customers
65
Our commitment to food quality 
and safety
73
Operational growth
Growth
78
Talent development
102
Human rights
105
Community development
Development
126
Circularity
131
Climate change
136
Water
138
Sustainable stores
Balance
6

The purpose of this report is to provide a clear and detailed 
overview of Alsea’s performance during the period from 
January 1 to December 31, 2024. Through this document, 
we share our progress, challenges and learnings, reflecting 
our commitment to sustainability and the responsible 
development of our business.
Here we present the most relevant actions 
in environmental, social, and corporate 
governance (ESG) matters, highlighting the 
initiatives, strategies and achievements 
that create a positive impact on our team 
members, customers, communities and the 
planet.
To ensure the accuracy and comparability of the information, 
we have prepared this report in accordance with the Global 
Reporting Initiative (GRI) standards, the Sustainability 
Accounting Standards Board (SASB) sustainability frameworks, 
and the United Nations Global Compact Sustainable 
Development Goals (SDGs). 
Regarding our financial information, our consolidated financial 
statements have been audited by an independent third party 
to ensure their accuracy and transparency. This information is 
available in our Report Center, in the investors section of our 
website. We invite you to explore our policies and strategies in 
Corporate Governance, Sustainability and Corporate Integrity, 
available on the same platform:  
www.alsea.net
While our financial data is externally verified, sustainability-
related information has not yet been independently audited. 
However, we continue to strengthen our data collection and 
control mechanisms to ensure the reliability and consistency of 
the reported information.
Your feedback is key to further evolving and reaffirming our 
commitment to sustainability. We appreciate any comments, 
questions or suggestions about this report. 
You can write to us at: 
rp@alsea.com.mx. 
sostenibilidad@alsea.com.mx
About this report
About this report
We are Alsea
GRI: 2-3, 2-4, 2-5
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
Menu
7
2024 Alsea Integrated Annual Report

We are Alsea
The leading restaurant operator in Latin America and 
Europe, with globally recognized brands within the 
Fast Food, Coffee Shops and Full Service segments. We 
have a multi-brand portfolio comprised of Domino’s 
Pizza, Starbucks, Burger King, Chili’s, P.F. Chang’s, 
Italianni’s, The Cheesecake Factory, Vips, Archies, 
Foster’s Hollywood, Ginos and TGI Fridays. Our solid 
financial position allows us to grow, create value for 
our shareholders and, above all, continue to exceed our 
customers’ expectations.
With a proven successful business 
model and a focus on operational 
excellence, we manage our 
establishments in key markets, 
consistently delivering the best 
experience for our customers.
Fast food
Coffee shops 
Full-service 
restaurants
1,526
1,906
383
78
75
32
8
238
166
28
214
13
118
3
Segments
12
Countries
13
Brands
Mexico:
2,375
Spain:
744
Argentina:
254 
Chile:
266
France: 
264
Colombia: 
231
Netherlands: 99
Belgium: 
35
Portugal: 
30
Uruguay: 
23
Luxembourg: 5
Paraguay: 
3
Our business model includes support to all our units through 
a Support and Shared Services Center, providing support in 
Administrative, Development and Supply Chain processes. 
4,785 
Units
GRI: 2-1, 2-2, 2-6
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
Menu
8
2024 Alsea Integrated Annual Report

We give our best, always 
pouring our heart into it.  
We cherish every moment 
with our customers, whether 
at the restaurant or at  
their doorstep.
In a business like ours, 
happiness is experienced in 
every detail, like a smile at 
first contact, or making the 
guest feel welcome by calling 
them by their name.
We connect with 
customers in a genuine 
way, offering them unique 
moments and making 
them feel truly special.
Our Purpose
DEDICATION 
HAPPINESS 
EXPERIENCES
FLAVOR 
The richness and variety of 
combinations set our dishes 
and drinks apart, reflecting 
our openness to diversity. 
Just as each ingredient is 
special, each of us is unique 
and contributes our own 
essence to achieve the 
exceptional together.
It is the essence of who we are and the positive 
impact strive to make on our stakeholders. It is the 
compass that guides our strategy, inspires our people, 
connects with our customers and communities, 
and guides our decisions at key moments. It is fully 
integrated into the Alsea Culture.
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
Each element aligns with the service promise of our business units and 
Support Centers in every country where we operate. We share a common 
purpose that unites us, sets us apart and drives us to be exceptional.
It is based on four essential principles:
9
Menu

We strive, we dare, we 
reinvent ourselves to 
exceed expectations.
We inspire by 
example and 
empower our 
people.
We make every 
moment unique, 
delivering unparalleled 
experiences.
We are stronger 
when we work as 
a team.
We take care of 
everything we do, 
because every 
detail matters.
We are inspired to put people at the heart of everything, guiding our decisions and strengthening every step we take. 
With a singular purpose and genuine values, we aim to be the ideal place for growth and development, building an 
authentic culture that leaves a lasting impression on our team members, customers, and communities.
Alsea’s culture is built on five core values, which reflect who we are and what drives 
us every day. They serve as the guiding force behind our actions, inspiring us to 
create unforgettable experiences, strengthen our service culture, and generate a 
positive impact on our surroundings.
Our Values
Menu
10
2024 Alsea Integrated Annual Report
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications

Main results in 2024
1	 Figures include the effect of IFRS 16, incorporating leases as financial liabilities.
2	 Figures in millions of nominal pesos and under IFRS standards (including the effect of IFRS 16 and the effect regarding 
the restatement due to hyperinflation in Argentina), except data per share, number of units and team members.
3	 EBITDA is defined as operating income before depreciation and amortization.
4	 CAGR Compound Annual Growth Rate from 2020 to 2024.
Results
CAGR 
2020-20244 
Annual 
growth
2024
%
2023
%
Net sales
15.6%
3.6%
$78,986
-
$74,766
-
Gross profit
14.7%
6.9%
$53,675
68.0%
$50,202
67.1%
Operating income
NA
3.9%
$8,280
10.5%
$7,972
10.7%
EBITDA3
11.6%
6.5%
$16,964
21.5%
$15,956
21.3%
Consolidated net income
NA
-74.9%
$763
1.0%
$3,042 
4.1%
Balance
Total Assets
6.3%
$82,322
$77,434
Cash
0.9%
$6,468
$6,410
Liabilities with cost
16.3%
$50,323
$43,273
Majority stockholders' equity
7.2%
$9,278
$8,656
Stock market data
Price
-31.6%
$43.49
$63.60
Earnings per share
-73.4%
$0.94
$3.53
Dividend
NA
1.2
-
Book value per share
10.2%
$11.61
$10.54
Operation
Total number of units
2.7%
3.5%
4,785
4,622
Team members
5.0%
7.0%
75,993
71,003
2024 FINANCIAL HIGHLIGHTS1,2
operating profit
consolidated  
net income
Sales
2022
2023
2024
EBITDA3
2022
2023
2024
GRI: 201-1
Our growth reflects the value of 
each shared experience, driving 
results that bring us closer to  
our customers.
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
$ 67,244
$ 74,766
$78,986
$ 13,758
$ 15,959
$16,964
$8,280 
$763 
Menu
11
2024 Alsea Integrated Annual Report

We strive every day to create value that goes beyond our financial results, making 
sustainability a core focus of our operations. Throughout 2024, we reinforced our 
commitment through environmental, social, and corporate governance (ESG) initiatives, 
making a positive impact on every experience we offer.
Our business model places the 
customer at the heart of our 
operations, driving a robust, 
innovative, and responsible approach.
We are committed to an environmentally 
responsible operation. Throughout 2024, 
we took significant steps to minimize our 
environmental impact, utilizing natural 
resources more efficiently and adopting 
technologies that drive us towards a 
more sustainable operation.
SUSTAINABILITY  
HIGHLIGHTS
+470
98%
100%
+8.2
million  
customers served.
of suppliers have been 
approved and/or certified 
by the Global Food Safety 
Initiative (GFSI) globally.
of our brands have 
their caloric content 
calculated and published 
in Mexico.
million active users5 in 
loyalty programs.
DEVELOPMENT
GROWTH
BALANCE
1,577
solar panels installed in 2024, 
bringing the total to 2,956 
panels installed.
1,703,161
liters of oil recovered and sent 
for recycling, resulting in the 
production of biodiesel and 
other products.
We understand that sustainable growth 
starts with people. That’s why we strive for 
the holistic well-being of our team members 
and a deep commitment to the communities 
where we operate.
93 
million pesos in social 
investment, and 1.4 
million people benefited 
by Fundación Alsea.
$7.8 
millions of pesos equivalent to in-kind donations 
delivered to food banks.
49% 
of our workforce is 
made up of women, 
creating opportunities 
for everyone.
89,222 
tons of food donated and 
delivered to vulnerable 
populations.
To learn more, 
click here
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5	 Active users: Last 90 days for Starbucks and 180 days for the 
other formats.
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
12
Menu

KEY EVENTS IN 2024
2024 was a year to look ahead and identify new opportunities 
that strengthen our position in the markets we serve.  
With a strong financial foundation and a clear vision for the 
future, we are setting the trend and driving innovation in  
our industry.
Strategic  
succession in 
Finance
Strengthening  
our presence  
in Europe
Streamlining  
our brand portfolio
Strategic growth 
and expansion
In 2024, we strengthened our 
management structure with a strategic 
shift in the financial department. In 
February, Federico Rodríguez Rovira 
took over as Chief Financial Officer, 
completing a well-planned and 
responsibly executed transition.  
This process began in late 2023, when 
Rafael Contreras Grosskelwing, who 
had been a committed and effective 
leader in this role for several years, 
began preparing for the transfer of 
responsibilities. Through this close 
and progressive support, we ensured 
continuity, stability, and strategic 
alignment in one of the key areas  
of our operation.
In 2024, we reached an agreement  
to acquire the entire stake of 
the minority shareholders in our 
subsidiary, 	Food Service Project, S.A. 
(Alsea in Europe). This transaction 
embodies Alsea’s commitment to the 
European region and the potential it 
holds for the company’s future.
Throughout the year, we reached an 
agreement with Burger King Spain, 
S.L.U., for the sale and transfer of 
54 Burger King units in Spain. This 
operation is in line with the company’s 
strategy to streamline its brand 
portfolio, aiming to achieve growth 
and efficiency to boost the company’s 
profitability.
In line with our growth-oriented 
DNA and our commitment to having 
the best brands in our portfolio, we 
resumed our search for brands and 
concepts with high growth potential 
during the year. This reinforces our 
commitment to generating value for 
our shareholders and stakeholders 
through a robust and differentiated 
portfolio. Thanks to this search, we 
were able to announce a development 
agreement with Chipotle Mexican 
Grill (NYSE: CMG) in April 2025 to open 
restaurants in Mexico. We expect to 
open the first unit in early 2026.
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
13
Menu

TO THE GENERAL SHAREHOLDERS’ MEETING OF ALSEA, 
S.A.B. DE C.V. AND OUR STAKEHOLDERS:
It is an honor and a source of pride to 
present you with our 2024 Integrated Annual 
Report, a reflection of a year marked by 
commitment, growth, and transformation.
ALBERTO 
TORRADO MARTÍNEZ
Chairman of the  
Board of Directors  
of Alsea
The year 2024 brought significant 
challenges and accomplishments for 
Alsea, as we reaffirmed our commitment 
to responsible and sustainable operations. 
Our ability to adapt to evolving market 
conditions, combined with our focus on 
service excellence and enhancing the 
customer experience, played a key role in 
strengthening our leadership across the 
markets we serve.
By year-end, our workforce surpassed 
75,000 team members. Among them, 
2,166 individuals belong to vulnerable 
groups, including the elderly, people with 
disabilities, migrants, and refugees — a 
testament to our ongoing commitment to 
diversity, equity, and inclusion.
We remain firmly focused on ensuring 
fair working conditions for all our 
team members, including competitive 
compensation that not only meets industry 
standards in each country but also exceeds 
the income threshold necessary for a 
dignified life, as measured by the welfare 
line established by local and international 
organizations.
Our purpose of bringing happiness and 
experiences full of flavor remains our main 
inspiration, driving us to be present where 
moments are shared and creating value in 
every connection fostered throughout our 
units. Our employees’ commitment and 
our customers’ satisfaction, coupled with 
our renowned operational excellence, have 
enabled us to solidify our market position 
and adapt to new trends with agility.
Message from the Chairman of the Board of Directors of Alsea
Message from the CEO of Alsea
GRI 2-22
Menu
14
2024 Alsea Integrated Annual Report

Menú
ALBERTO TORRADO MARTÍNEZ
Chairman of the Board  
of Directors of Alsea
The Board of Directors ensures that 
the company and its teams adhere to 
our long-term strategy. Throughout 
2024, we reaffirmed our commitment to 
sustainability, recalibrating our goals 
and keeping our strategy focused on 
three essential lines of action: Growth, 
Development and Balance, while aligning 
our actions with international best practices 
and our stakeholders’ expectations.
Ethics, transparency and our values remain 
essential foundations in the way we 
operate. We have therefore strengthened 
our compliance processes and improved 
our whistleblowing channels, ensuring 
that they are confidential and accessible. 
Furthermore, our Board of Directors 
and specialized committees ensure 
that the highest standards of integrity 
and accountability are upheld, thereby 
increasing trust and quality decision-
making.
Our social impact through Fundación Alsea, 
A.C., remains a key element of our strategy. 
Our initiatives in food access, education, 
employability, water access, and disaster 
response have significantly improved the 
quality of life for hundreds of thousands 
The path toward a stronger, more equitable, 
and more sustainable future is clearly 
defined. At Alsea, we are fully committed to 
pursuing it with the same passion, integrity 
and determination that have guided our 
growth and leadership.
of people in the communities we serve, as 
we have been able to adapt quickly to local 
needs. Looking forward to expanding our 
impact with the launch of the Foundation’s 
operations in Spain — continuing to 
transform lives, now and into the future.
Regarding the environment, we continue 
to make progress in our sustainability 
strategy by using resources more efficiently 
and improving waste management. We 
have successfully reduced waste, improved 
material circularity, and encouraged 
renewable energy use, reflecting 
our commitment to efficiency and 
environmental stewardship.
Strengthening our corporate governance 
has been key to ensuring the continuity and 
soundness of our business strategy. In this 
context, the upcoming leadership transition, 
with Christian Gurría as the new CEO 
starting in July 2025, has been meticulously 
planned to ensure a seamless succession, 
in line with our values and long-term vision. 
These achievements are the result of our 
team’s talent, commitment, and effort. They 
reinforce our ability to face the future with 
accountability, resilience, and a strategic 
vision focused on generating sustainable 
value for all our stakeholders, including 
team members, customers, communities, 
investors, and business partners.
We extend our heartfelt gratitude to our 
valued team members for their unwavering 
dedication and sense of belonging, to 
our loyal customers for their continued 
preference and trust, and to our esteemed 
shareholders for their steadfast support. 
Their constant encouragement drives our 
evolution towards a more sustainable, 
ethical and inclusive company.
Message from the Chairman of the Board of Directors of Alsea
Message from the CEO of Alsea
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15
2024 Alsea Integrated Annual Report

Dear Friends,
I am proud to share with you Alsea’s achievements in 
2024, a year in which we made steady progress across 
the regions where we operate, driven by innovation and a 
deepening commitment to sustainability.
Despite macroeconomic challenges and a 
highly competitive landscape, we continue to 
be the place where memorable experiences 
are shared, thanks to the dynamism of our 
brands, the dedication of our more than 75 
thousand team members, and the trust of 
more than 470 million customers in the 12 
countries where we operate.
Our unique value proposition, exceptional 
service, operational excellence, and 
continuous innovation across all segments 
have been key to our growth. In 2024, we 
achieved a 6.3% increase in total sales, 
reaching $77.841 billion pesos, reflecting the 
strength of our brands and our customers’ 
preference. EBITDA increased by 8.5% at 
the end of the year, reflecting our solid 
operations performance.
ARMANDO  
TORRADO MARTÍNEZ
Director General  
de Alsea
Message from the Chairman of the Board of Directors of Alsea
Message from the CEO of Alsea
GRI 2-22
Menu
16
2024 Alsea Integrated Annual Report

Menú
In our Full-Service Restaurants segment, 
growth in Mexico and Spain has been 
driven by improved service levels and 
increased customer traffic. Domino’s Mexico 
remains a prominent player in the fast food 
industry due to its strategic positioning and 
operational excellence. Moreover, portfolio 
optimization in Europe, including the sale 
of Burger King in Spain, improved our 
profitability. In coffee shops, Starbucks has 
capitalized on the growth of the delivery 
channel, the drive-thru format and morning 
consumption, achieving higher traffic in 
Mexico.
These results would not have been 
possible without the exceptional talent 
and dedication of our team. At Alsea, 
we prioritize the growth and well-being 
of every team member in Mexico, South 
America, and Europe. The 4.19 out of 5 rating 
we received in the Global Engagement 
Survey (ECO in Spanish) reflects our 
people’s strong alignment with our goals 
and values.
We also foster the growth and development 
of our talent through continuous training. 
Through digital platforms like Alsea College 
and the Owner-Manager program, we have 
trained 3,537 team members, fostered 
leadership and strengthened commitment 
within our teams.
Over the past year, we adapted our menus 
to meet evolving consumer preferences 
and deepened our customer relationships 
through digital transformation and 
enhanced loyalty programs.
This year, we invested approximately $900 
million pesos in digitalization, with the aim 
of consistently delivering the best possible 
service. These resources were dedicated to 
improving the customer experience, driving 
sales, and fostering brand innovation. This 
year, loyalty sales accounted for 35.1% of 
total sales, highlighting the effectiveness of 
our digital platforms and loyalty programs, 
including Club By, Starbucks Rewards, and 
WOW +. Together, they attracted over 8.2 
million digital customers.
Commitment to Sustainability
This year, we revamped our dual 
materiality study by meticulously analyzing, 
researching, and gathering insights from 
stakeholders. We also fostered synergy 
between various company departments 
across all regions where we operate. As a 
result, we identified priority sustainability 
topics at both a global and regional level, 
taking a holistic approach to business 
risks and their environmental impact. 
This enabled us to align our strategy and 
action plan to address these topics more 
effectively.
To achieve this, we recalibrated our 
sustainability goals, fine-tuning our strategy 
to align with international best practices 
and identified priorities. This update will 
strengthen our approach, enabling us to 
move towards a more sustainable and 
resilient business model with greater 
precision.
Message from the Chairman of the Board of Directors of Alsea
Message from the CEO of Alsea
We are focused on improving 
the customer experience, 
driving sales, and fostering 
brand innovation. 
Menu
17
2024 Alsea Integrated Annual Report

2024 was also a year of significant 
progress in sustainability. We certified 
142 Starbucks stores as greener stores, 
bringing our total to 123 in South America 
and Mexico and 19 in Europe. This reflects 
our commitment to energy efficiency, using 
resources responsibly and reducing our 
carbon footprint. We continue our efforts 
to incorporate circularity principles into 
our operations, implementing new, more 
sustainable packaging in all regions where 
we operate, whether reusable, recyclable, or 
compostable.
We strengthened our relationship with the 
community through four key lines of action: 
food access, education and employability, 
water access, and disaster and emergency 
support. In each of these dimensions, we 
support and develop diverse initiatives that 
have a profound impact on present and 
future generations. 
Our Fundación Alsea, A.C., allocated more 
than $93 million pesos to transform lives 
in Mexico, including $66.3 million pesos to 
food access, our most important area of 
focus. Through this collaborative effort, we 
positively impacted over 1.4 million people 
in Mexico!
ARMANDO TORRADO MARTÍNEZ
CEO Alsea
Looking ahead
As we look ahead to 2025, we are committed to further 
strengthening our value proposition for customers, 
accelerating the digitalization of our channels, and driving 
growth across our key brands. I am deeply grateful for the 
passion and commitment of our team members, whose 
efforts make these results possible. I also want to thank 
our shareholders and strategic partners for their continued 
trust and support, which empowers us to keep growing and 
innovating with the same passion that has defined us since 
the beginning.
Message from the Chairman of the Board of Directors of Alsea
Message from the CEO of Alsea
We are ready to continue bringing 
happiness and experiences full 
of flavor, creating value for our 
shareholders, customers, employees, 
and communities, and reaffirming 
our commitment to a more 
sustainable future.
Menu
18
2024 Alsea Integrated Annual Report

Sustainability management
Sustainability is not just a commitment, 
it’s part of the experience we create 
every day. To continue advancing on this 
path, we work hand in hand with our 
stakeholders and under the guidance of 
our Board of Directors, which has allowed 
us to strengthen our Global Sustainability 
Management. Through this structure, we 
ensure that our initiatives are understood, 
implemented, and monitored at all levels of 
Alsea, aligning each action with a strategic 
and operational vision where sustainability 
is not an add-on, but the foundation of 
everything we do.
For over 30 years, we have been driving 
economic, labor, social, and environmental 
development through responsible and 
robust management. We seamlessly 
integrate sustainability into our business 
model, embracing the best corporate 
practices to create a positive impact today 
and in the future.
Through strategic management, we 
ensure every action is aligned with our 
sustainability agenda’s top priorities, from 
establishing policies, processes, and goals 
to implementing, monitoring, and reporting. 
This enables us to create a positive and 
lasting impact on our operations, while 
crafting unforgettable experiences in every 
restaurant and point of contact.
For effective management, we structure our approach on three levels:
Governance 
level
Strategic 
level
Operational 
level
Composed of the Board of Directors, CEO, CFO, 
Steering Committee, and Brand Directors, this body 
is responsible for defining the global strategy and 
ensuring the monitoring and fulfillment of the 
established initiatives.
Its purpose is to analyze the environment and the 
expectations of stakeholders, proposing strategic 
actions that make a positive impact. It operates 
regionally to develop initiatives that address 
concerns on social, environmental, economic, and 
business ethics issues.
It aims to ensure that initiatives related to priority 
issues are successfully executed. To achieve this, 
there are four commissions operating locally:
Responsible 
consumption
Community 
development
Environment
Quality of life
The future is in our hands, and embracing a 
sustainable approach is key to successfully 
meeting the challenges of today and tomorrow.
About this report
We are Alsea
Our main results in 2024
Messages from management
Sustainability management
Sustainability rankings, recognitions, and certifications
Menu
19
2024 Alsea Integrated Annual Report

Our sustainability 
strategy is a structured 
plan that defines 
how we integrate 
environmental, social, 
and governance 
(ESG) criteria into 
our business model 
and daily operations, 
ensuring a long-term 
positive impact.
In 2022 we took a firm step towards 
the future with our Sustainability 
Model, a plan based on three essential 
dimensions: Balance, Development  
and Growth.
Throughout 2024, we embarked on a 
goal optimization process to reinforce 
our commitment to sustainability 
and adapt to new industry trends, as 
well as the growing demands of our 
stakeholders. The result of this process 
was presented to the Board of Directors 
as part of a strategy aligned with the 
results of our most recent materiality 
analysis, which enabled us to validate 
the relevance and significance of 
our goals. In doing so, we reaffirmed 
our business vision and our focus on 
responsible corporate governance.
Sustainability strategy: delivering happiness 
and flavorful experiences
We consistently integrate sustainability 
into every aspect of our management, 
ensuring that every action reflects our 
unwavering commitment to this principle. 
In this regard, committees are playing 
an increasingly active role in evaluating 
initiatives related to environmental, social, 
and corporate governance matters.
Our strategy is structured around three 
axes that are developed through six 
priority lines, each with clearly defined 
global goals for 2030, 2035, and 2040. In 
addition, we have established regional 
sub-goals and critical pathways to 
ensure that our actions align with the 
particularities and challenges of each 
region, enabling effective and measurable 
implementation.
GRI 2-12, 2-13, 2-14
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2024 Alsea Integrated Annual Report

At Alsea, we work every day with the 
purpose of “delivering happiness and 
experiences full of flavor” in every aspect 
of our operation, positively impacting our 
team members, customers, communities, 
and the environment we operate in. To 
translate this purpose into sustainable 
and strategic management, we developed 
a sustainability model that connects our 
vision of growth with the commitments we 
have made.
This model embodies our approach 
to business, integrating economic 
(growth), environmental (balance), social 
(development), and corporate governance 
aspects as fundamental axes. It also sets 
our goals for 2030, 2035 and 2040 and 
their alignment with the UN Sustainable 
Development Goals (SDGs), taking the 
expectations and needs of our stakeholders 
as a starting point.
Sustainability model
The Board of Directors actively oversees 
the sustainability strategy, ensuring it 
aligns with our business vision.
2030
SDG
2035
2040
100%
100%
100%
>57%
>58.4%
>60%
100%
75%
50%
-35%
-55%
-75%
55%
75%
100%
 
 
G
R
O
W
T
H
13
12
12
D
E
V
E
L
O
P
M
E
N
T
B
A
L
A
N
C
E
8
17
3
We bring happiness and
experiences full of flavor
Responsible 
origin 
Priority inputs and 
approved suppliers
Quality food 
and balanced 
options
Alsea quality and balanced 
nutrition standard
restaurants
Employability 
and talent 
Employee Net 
Promoter Score (eNPS)
Community 
impact
Investment in 
community 
Climate 
ambition
GHG emissions 
(Scope 1 and 2)
Reusable, recyclable, 
or compostable 
tableware and 
containers/packaging
Circularity
1
0
M 
U
S
D
1
6
M 
U
S
D
3
2
M 
U
S
D
S
H
AR
EH
OL
DE
RS
 • 
TE
A
M 
M
E
M
BE
RS
 • 
CU
ST
O
M
ER
S 
 • 
SU
PP
LI
ER
S 
• 
M
ED
IA
 • 
IN
ST
IT
UT
IO
NS
 • 
CO
M
M
U
NI
TY
 • 
G
O
VE
R
N
M
EN
T
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2024 Alsea Integrated Annual Report

Alsea’s sustainability model is based on 
three essential dimensions:
This dimension encompasses all 
operational aspects of our business, with 
a customer-centric approach. We seek 
to meet and exceed their expectations 
with options tailored to different 
lifestyles, ensuring quality, safety, and 
a memorable experience. We also 
promote innovation, inclusion on our 
menus, and reducing food waste as part 
of a sustainable operation. In addition, 
we promote nutritional transparency 
through responsible labeling and 
advertising practices, thus reinforcing 
our consumers’ trust.
Similarly, we have a strong and 
responsible supply chain, from selecting 
suppliers to the delivering safe, high-
quality products, both inside and 
outside our restaurants.
We strive for excellence in every step: We manage 
leading brands, offer high-quality products, 
and provide exceptional service to make every 
experience truly unforgettable.
2030
2035
2040
Quality food and 
balanced options
Restaurants that adhere 
to the Alsea Quality 
and Balanced Nutrition 
Standard6:
100%
100% 
100% 
Responsible origin 
of products
Volume of priority inputs 
procured with certifications 
or equivalents under 
sustainable criteria7.
50% 
75%
100%
Suppliers approved under 
quality and sustainability 
criteria
50% 
75%
100%
Goals
6	 The quality standard will have distinct objectives for Alsea’s various proprietary brands.
7	 Aligned to the requirements of the brands represented
GROWTH
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2024 Alsea Integrated Annual Report

This dimension encompasses the actions 
we take to positively impact people, both 
within and beyond our organization. 
At Alsea, we believe that sustainable 
growth starts with our team members and 
extends to the communities we serve. 
To foster the holistic development of our 
team, we create a fair, inclusive, diverse, 
dignified, and safe work environment. We 
promote equal opportunities, constant 
training, and the possibility of personal 
and professional growth. We also foster 
work conditions that harmonize work and 
personal life, recognizing the importance 
of holistic well-being in building a strong, 
committed, and happy culture.
Our commitment also extends to 
communities, especially those in 
vulnerable situations. Through different 
programs, we work to strengthen 
food security and promote human 
development, with special emphasis on 
access to education and employability.
Growing together means empowering our 
team members and making a positive impact 
on communities.
2030
2035
2040
Employability 
and talent 
development
Index eNPS (Employee Net 
Promoter Score)
> 57%
> 58.4% 
> 60% 
Community  
impact
USD investment  
in community 
10M
16M
32M
DEVELOPMENT
Goals
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2024 Alsea Integrated Annual Report

This dimension embodies our 
commitment to caring for the planet, 
promoting responsible and efficient use 
of resources such as energy, water, inputs, 
and waste. 
At Alsea, we prioritize exceptional 
environmental management throughout 
our operations, from restaurants and 
distribution centers to corporate offices. 
We strive to minimize our environmental 
impact by optimizing processes, adopting 
sustainable technologies, and fostering a 
culture of efficiency and environmental 
responsibility.
We firmly believe that responsible growth 
is only possible when our actions align 
with the highest environmental standards, 
creating value for our business and the 
environment we operate in.
Protecting our environment today is crucial 
to securing a sustainable future for the 
generations to come.
2030
2035
2040
Climate 
 ambition
Reducing the intensity  
of direct GHG emissions 
(Scope 1 and 2) 8.
35% 
55%
75%
Circularity in 
packaging and 
plastic materials
Reusable, recyclable, or 
compostable tableware and 
containers/packaging 9.
55%
75%
100%
8	 Subject to the dynamic regulatory evolution of the energy market.
9	 Subject to the availability of materials in the market.
BALANCE
Goals
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2024 Alsea Integrated Annual Report

Double materiality analysis
At Alsea, we understand the importance 
of responsibly and proactively managing 
key topics for the sustainability of our 
operations. To stay ahead, we constantly 
monitor global trends, regulatory changes, 
and the expectations of our stakeholders. 
As part of this commitment, we conduct 
a double materiality exercise every 
two years. This exercise helps us 
pinpoint the most significant issues for 
Alsea, considering both financial and 
environmental impact. 
Through this process, we analyze how 
environmental, social, and corporate 
governance (ESG) factors affect our 
business performance, and how our 
operations affect our stakeholders and the 
environment. 
Objective and  
scope definition
Company  
context
ESG topics 
assessment
ESG topics 
prioritization
GRI 3-1
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2024 Alsea Integrated Annual Report

Objective and  
scope definition
Company  
context
ESG topics 
prioritization
ESG topics 
assessment
At this stage, the purpose of the 
double materiality analysis was 
defined, aligning with Alsea’s 
strategic priorities. The study’s 
scope was also defined along the 
value chain, considering the most 
significant impacts and other crucial 
factors for its development and 
application.
A comprehensive documentary 
analysis was conducted, 
encompassing a comparative  
sector study, identification of 
applicable ESG standards and 
requirements, a review of market 
trends, and a thorough evaluation  
of communication media.  
This exercise resulted in an initial 
list of potentially significant topics 
for the organization.
The identified topics were assessed 
based on three main factors:
Financial impact: Potential impact on 
the company’s economic performance.
Environmental and social impact: The 
operation’s impact on the environment 
and society.
Importance to stakeholders: The 
level of relevance attributed by key 
stakeholders, as gathered from a 
survey of team members, suppliers, 
customers, civil society organizations, 
the Board of Directors, and investors.
For this process, the corporate 
risk methodology was aligned, 
incorporating the corporate risk matrix 
in the analysis. Furthermore, ESG 
impact assessments were conducted 
with the organization’s strategic areas 
in the three regions of operation. 
Using the gathered information, 
a comprehensive analysis 
was conducted to classify and 
prioritize the topics based on 
their relevance, resulting in the 
creation of the double materiality 
matrix. This matrix showcases the 
scores obtained in each of the 
three evaluation criteria, serving 
to identify the organization’s top 
priority material topics.
3
4
1
2
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2024 Alsea Integrated Annual Report

DOUBLE MATERIALITY MATRIX
LEVEL OF IMPACT ON THE ENVIRONMENT
LEVEL OF BUSINESS RISK
1
Occupational well-being
2
Cybersecurity and digital transformation
3
Ethics and anti-corruption
4
Corporate governance
5
Climate change
6
Responsible water management
7
Energy consumption
8
Food quality and safety
9
Local communities
10
Consumer well-being and nutrition
11
Human rights
12
Circularity and waste management
13
Responsible sourcing
14
Regulatory landscape
15
Diversity, inclusion and equity
16
Education and training
17
Occupational health and safety
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Growth
Development
Balance
Governance
Double materiality 
topic
Trend
Relevance to 
stakeholders
-	
+
GRI 3-2
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2024 Alsea Integrated Annual Report

Stakeholder engagement
Through open and two-way 
communication, we identify what our 
stakeholders expect from us and what 
matters most to them. This enables us 
to align our sustainability and business 
strategies, making a real and positive 
impact.
To achieve this, we analyze aspects such 
as our sustainability strategy, business 
risks and opportunities, strategic plan 
and global challenges, always considering 
our stakeholders’ concerns. We prioritize 
building connections with key individuals 
and organizations to collaborate on the 
topics that truly make a difference. To 
achieve this, we have established open 
and accessible channels to foster close 
and transparent communication.
Listening to and collaborating 
with our stakeholders is crucial 
for building trust and fostering 
sustainable growth.
Línea Correcta
Email and website
Participation in events
Reports
Meetings
Phone calls
Official 
communications
Annual report
Línea Correcta
Email and website
Monthly newsletter
Visits
Phone calls
Announcements and 
relevant information
Annual report
Website
Social media
Evaluation visits
Participatory 
diagnoses
Forums
Events
Annual report
GOVERNMENT
SUPPLIERS
COMMUNITY
GRI 2-29
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Monthly
Quarterly
Annual
Permanent
Occasional
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2024 Alsea Integrated Annual Report

We create value by listening, understanding, 
and acting together, aligning each step with the 
expectations of those who place their trust in us
Email and website
Phone calls
Meetings
Relevant 
announcements
Shareholders' meeting
Results report
Conferences 
Analyst and Investor 
Day (every two years)	
Annual report
Línea Correcta
Email and website
Social Media
Mass media
Communication in 
restaurants
Marketing campaigns
Digital applications
Loyalty programs
Newsletter
Annual report
Línea Correcta
Email and website
Workplace 
Screens 
Boards 
Internal communication
Mailing
Newsletter
Announcements
Events and conventions
Annual report
Línea Correcta
Email and website
Press Releases
Forums and events
Annual report
PARTNERS AND INVESTORS
TEAM MEMBERS 
CUSTOMERS
MEDIA
Monthly
Quarterly
Annual
Permanent
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2024 Alsea Integrated Annual Report

We anticipate, mitigate, and manage 
risks to ensure operational continuity 
and continue delivering exceptional 
experiences in all the contexts where 
we operate.
ANTICIPATION AND ADAPTATION: KEY INITIATIVES
At Alsea, we are always 
ready for the unexpected, as 
resilience is a core part of our 
essence. As a global company, 
we understand that every 
challenge is an opportunity to 
grow stronger.
Our risk management strategy is structured 
around international standards such as 
COSO ERM  and ISO 31000 , tailored to our 
global operations. To ensure comprehensive 
management, we employ a three-tiered 
defense model:
Risk management
1. First line: Composed of our 
brands, support areas, and supply 
chain, responsible for identifying 
and managing risks in their daily 
operations.
2. Second line: the Risk 
Management, Internal Control, 
Legal, and Compliance areas 
establish policies, oversee their 
implementation, and provide 
strategic guidance to strengthen 
our operations.
3. Third line: Internal audit, 
which independently reviews 
the effectiveness of the risk 
management system.
10	 COSO ERM (Committee of Sponsoring Organizations of the 
Treadway Commission – Enterprise Risk Management): 
A framework that offers a comprehensive approach to 
identifying, evaluating, and managing risks that may hinder 
the achievement of an organization’s strategic objectives.
 11	 ISO 31000: international standard that establishes 
principles and guidelines for risk management, applicable 
to any type of organization, with emphasis on the 
integration of risk in decision-making processes.
Our methodology classifies risks into five 
broad categories: strategic, operational, 
financial, legal, and sustainability 
(environmental, social, and governance). 
To assess and prioritize risks, we use an 
impact and probability-based approach, 
considering financial, regulatory, 
operational and reputational variables. This 
analysis enables us to allocate resources 
efficiently and define mitigation strategies 
tailored to each context.
Over the past year, we have made 
significant progress in consolidating our 
global risk management structure. To unify 
our strategy across all the regions where 
we operate, we formally established a 
Risk Management area, which allowed us 
to strengthen our ability to identify and 
mitigate threats. 
In addition, we developed a Business 
Continuity Plan that will be implemented in 
2025 to strengthen our crisis preparedness 
and ensure operational continuity. We are 
also developing a GRC (Governance, Risk, 
and Compliance) system that, starting in 
2025, will allow us to manage risks, auditing, 
and internal control in an integrated way.
Risk management is a critical component of 
the business strategy, and all operational 
areas are committed to its continuous 
development. Looking ahead, we will 
continue to strengthen our management 
system by implementing new tools in all 
regions, optimizing risk monitoring and 
response, integrating ESG risks into the 
sustainability strategy, and engaging in an 
ongoing process of review and recalibration 
to improve risk assessment and mitigation. 
This will allow us to continue strengthening 
our resilience and sustainability practices.
GRI 2-25
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2024 Alsea Integrated Annual Report

Sustainability rankings, 
recognitions, and 
certifications
MEXICO
United Nations Global Compact: 
Since 2011 we have been part of 
the United Nations Global Compact, 
embracing its ten universal principles 
on human rights, labor standards, the 
environment and the fight against 
corruption.
ESR Certificate: For the 13th year in a 
row, the Mexican Philanthropy Center 
(CEMEFI) has recognized us for our 
management in environmental, social, 
governance and global context criteria.
S&P/BMV Total Mexico ESG Index: 
Since 2013 we have been part of this 
index that recognizes companies in 
the Mexican market that meet high 
sustainability standards.
Expansión
Corporate Integrity 500.  
Alsea in Mexico. – 1st place 
The 100 most important  
entrepreneurs in Mexico.  
Our Chairman of the Board of 
Directors was recognized as number 
23 in this ranking. 
The 500 most important  
companies in Mexico.  
Alsea in Mexico – 67th place. 
Responsible companies.  
Alsea in Mexico - 121st place. -  
Alsea ranked 121st overall.  
By category - Environmental: 97, 
Social: 137, Governance: 111.
Mundo Ejecutivo 
Top 1000 Companies Ranking.  
Alsea in Mexico – 89th place. 
The 50 most sustainable companies. 
Alsea in Mexico – 49th place. 
Top 100 companies.  
Alsea in Mexico – 54th place. 
The recognitions we have 
received reflect the dedication 
and passion of our team, aligned 
with our commitment to quality, 
transparency, and industry best 
practices. These achievements 
inspire us to maintain the 
highest standards and continue 
strengthening our social, 
economic, and environmental 
actions, fostering a positive and 
sustainable impact.
GRI 2-28
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2024 Alsea Integrated Annual Report

SOUTH AMERICA
MERCO 
The top 100 companies with the 
highest ESG responsibility. Alsea in 
Mexico – 1st place in the restaurant 
sector. 
Merco corporate reputation ranking. 
Alsea in Mexico – 1st place in the 
restaurant sector. 
Merco Talento. Alsea in Mexico – 42nd 
place / 2nd place in the hotels and 
restaurants sector. 
IMCO – 50/50. 
Women on Boards / Diversity on 
Boards. The company was recognized 
for the inclusion of women on the 
Alsea Board.
Instituto para el Fomento  
a la Calidad 
Empresas Excepcionales. Alsea 
was recognized by Empresas 
Excepcionales in the category of 
Good Practices with the project: 
Premio Alsea..
United Nations Global Compact: 
Since 2023, we have been part of the 
United Nations Global Compact in 
Europe, embracing its ten universal 
principles on human rights, labor 
standards, the environment, and the 
fight against corruption. 
United Nations Global Compact: 
We are present in Chile with our four 
brands, and in Uruguay and Paraguay, 
we are represented by Starbucks
TENT Spain: We are part of the global 
network of companies committed to 
the economic integration of refugees.
Association of Food Banks of 
Colombia (Asociación de Bancos 
de Alimentos de Colombia, ABACO): 
In 2024, we were recognized for our 
commitment to fighting hunger in 
Colombia. This distinction drives 
us to continue strengthening 
initiatives such as Va x mi Cuenta, 
where our team members contribute 
voluntarily; the sale of cause-
marketing products by our Starbucks, 
Domino’s and Archies brands, and 
food donation. Furthermore, Alsea in 
Colombia received the distinction of 
strategic partner of the Food Bank 
for its contribution to the alliance for 
child nutrition in the country.
Diversity Leading Company 
Badge: Alsea was recognized for 
its continuous efforts to promote 
diversity and inclusion.
MERCO 
MERCO EMPRESAS. Alsea in Spain 
– 163rd place / 2nd place in the 
restaurant sector.
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EUROPE
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2024 Alsea Integrated Annual Report

ethics and 
transparency 
We are committed to integrating ethical values 
into every place where we operate, and we are 
convinced that acting with integrity makes us 
better every day.
We are where 
trust is built  
every day 
2-15, 2-16, 2-23, 2-24, 2-26, 205-1, 205-2, 205-3, 418-1
GRI
16
SDG
Corporate  
integrity
Ethics  
management
Data  
privacy
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2024 Alsea Integrated Annual Report

See our corporate integrity and business 
 ethics policies at 
https://www.alsea.net/integridad-corporativa.html
Promoting ethics:  
our main actions 
As we strive to strengthen our culture of ethics, 
we are committed to promoting compliance with 
the Code of Ethics, enhancing our whistleblower 
channels, and ensuring transparent management 
throughout our operations. These actions reinforce 
our commitment to ethics and enable us to act with 
integrity at every level of the organization.
At Alsea, ethics is the essential 
ingredient that allows us to build 
trust and value in every action. 
We strive daily to promote an 
organizational culture based  
on ethical principles that guides 
our operations and stakeholder 
relations. 
Ethics management
GRI 3-3    MATERIAL TOPIC: ETHICS AND ANTI-CORRUPTION
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

CODE OF ETHICS
GRI 2-23, 2-24
The Code of Ethics serves as the guiding principle 
for our actions, ensuring that every decision 
reflects our commitment to integrity, accountability 
and transparency. This framework enables us to 
act consistently in every interaction, fostering 
an environment of mutual respect, fairness 
and compliance. This document outlines the 
expected standards of conduct for our team 
members, suppliers, and strategic partners. It is 
known throughout the organization, including the 
applicable measures for non-compliances, thereby 
reinforcing our culture of ethics.
Guiding principles of 
our Code of Ethics
Conflict of interests
Accepting gifts
Our customer service
Compliance with the law
Regarding fraud
Taking care of our work tools
Equal opportunities
Financial information
Harassment-free workplace
Protecting our private and  
confidential information
Occupational safety
Regarding the environment and 
responsible use of resources
Transparent and bribery-free 
business practices
We empower our leaders and team members  
with ethical training, ensuring they have the  
tools to identify and prevent ethical risks in  
their daily work.
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

WHISTLEBLOWING MECHANISMS 
GRI 2-16, 2-26
Through these mechanisms, we create 
a safe and confidential space for team 
members, customers, suppliers, and other 
stakeholders to report any situation that 
violates our ethical principles, Code of 
Ethics, or corporate integrity policies. All 
complaints can be submitted anonymously 
and are handled by a specialized third 
party, except for Alsea in Europe, where 
they are managed by the Compliance Body. 
This ensures an impartial process and the 
protection of those who submit them. 
In 2024, we strengthened our whistleblowing 
management processes by partnering 
with Ethics Global in South America and 
Mexico and EQS in Europe as our new 
whistleblowing channel providers. This 
enhancement enables us to optimize access 
from different devices, integrate automatic 
tracking and monitoring tools, comply with 
local laws, and refine report categorization. 
This ensures the system prioritizes cases 
related to ethics and compliance. 
In South America, we have bolstered the 
responsiveness of our Ethics and Research 
Committees, implementing more in-depth 
analyses for each case. As a result, we 
successfully reduced the average resolution 
time by 20% and increased the effective 
report closure rate by 15% compared to 
the previous year. These enhancements 
were made possible by optimizing internal 
processes, investing in technology, and 
providing specialized training to our teams, 
thereby reinforcing our commitment to 
ethics and transparency.
In Europe, we have reinforced our 
commitment to protecting whistleblowers’ 
privacy by transforming our reporting 
channel into a specialized platform. This 
platform aligns with the requirements of 
Law 2/2023 on Whistleblower Protection, 
ensuring a more secure, accessible, and 
more reliable process for everyone. We 
have also developed a new training module 
on our internal platform to help our team 
members master the system’s proper use.
Our whistleblowing channels are critical in 
building trust among our stakeholders and 
ensuring a culture of integrity. In Mexico and 
South America, we have “Línea Correcta,” 
while in Europe the process is managed 
through the “Internal Information System.”
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

1,841
total reports
1,516
reports through Línea 
Correcta (Mexico and 
South America)
325
reports through the 
Internal Information 
System (Europe)
72% 
of reports addressed 
by the end of  20241.
224 reports of discrimination 
or harassment
Mexico 
72%
South America  
59%
Europe 
86%
1	 The remaining 28% is currently 
undergoing evaluation and research 
for a suitable resolution.
Telephone lines
Argentina: 0800 345 5478
Chile: 800 914 501
Colombia: 01 800 518 9191
México: 800 04 38422
Paraguay: 009 800 542 0164
Uruguay: 000 416 205 6395
Website
Mexico and South America:
https://www.lineacorrectaalsea.com/  
Europe:
https://europe.alsea.net/etica-y-cumplimiento/
canal-denuncias
Hotlines
Total reports
REPORTS HANDLED BY REGION
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

At Alsea, we maintain 
a zero-tolerance policy 
towards corruption  
and bribery.
Corporate integrity
More than just serving moments, we strive to build a 
relationship based on trust and respect. Corporate integrity 
is the commitment that allows us to operate with the highest 
standards of responsibility. We ensure that all our decisions 
reflect our values and are based on compliance.
Anti-Corruption Plan
At Alsea, we firmly believe that doing the 
right thing is the only way to operate. 
To ensure compliance with national 
and international regulations, we have 
implemented an Anti-Corruption Plan. This 
plan outlines concrete actions to prevent, 
detect, and address potential corruption 
risks. It encompasses our primary control 
tools, including the Anti-Corruption Policy, 
the Code of Ethics, the Organization Manual, 
“Línea Correcta”, and the Internal Information 
System. It is mandatory for all team 
members, regardless of their level within 
Our Anti-Corruption Policy sets clear 
guidelines on accepting gifts, hospitality, 
preventing money laundering, dealing with 
public officials, political contributions, 
and donations, among other key topics. To 
ensure these principles are applied in our 
daily operations, we conduct annual anti-
corruption training across all areas of the 
company, fostering knowledge and effective 
implementation of our policies.
the organization, as well as for managers, 
board members, franchisees, affiliates and 
subsidiaries.
85%
of our team members 
globally received  
anti-corruption 
training in 2024.
COP: PRINCIPIO 10
GRI 205-1, 205-2, 205-3, 3-3 MATERIAL TOPIC: ETHICS AND ANTI-CORRUPTION
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

Conflicts of interest
To ensure that all decisions within the 
company are made objectively and 
impartially, we have a Conflict of Interest 
Policy in place. This policy establishes 
clear guidelines to prevent and manage 
any situation that could compromise 
the judgment of our team members, 
suppliers, members of the Board of 
Directors, or anyone representing  
our brands.
At Alsea in Mexico, we conduct an annual 
conflict of interest disclosure exercise 
through a digital platform. This exercise 
is currently aimed at team members of 
the Support Center, and we have plans 
to expand it to store managers in the 
future. A committee composed of Human 
Resources and Audit reviews each case 
and, if necessary, presents it to the Audit 
Committee with a proposed solution. In 
South America, this process is managed 
through a mandatory statement, 
ensuring a consistent application of 
the policy, complemented by training 
programs for key teams, such as 
procurement and finance.
GRI 2-15
To strengthen our compliance framework, 
we rely on auditing and control systems, 
anti-corruption clauses in contracts, and the 
implementation of our Anti-Corruption Policy 
for Commercial Partners. For instance, in 
South America we developed a comprehensive 
model that measures the effectiveness of 
our corporate integrity policies through 
quantitative indicators, internal audits and 
continuous feedback. 
Additionally, we have a Supplier Code of Ethics, 
which ensures fair labor practices and respect 
for human rights. To ensure transparency 
in business relationships, we implement 
merit-based selection and hiring processes, 
minimizing the risk of favoritism or corruption 
and adhering to these principles. 
Failing to disclose a conflict of interest  
in a timely manner is a serious offense, 
as it compromises transparency and trust 
within the organization. Therefore, we 
continue to strengthen our identification 
and reporting processes, ensuring that 
our team members have the necessary 
tools to act responsibly. This year, there 
were 16 cases regarding this matter,  
and they were efficiently addressed  
and resolved.
This year, we have strengthened the 
global alignment of our ethics and 
transparency strategies, fostering a 
crucial synergy between regions. This 
effort enabled us to share best practices, 
ensure the consistency of our policies, 
and guarantee that all our operations 
remain aligned with the highest 
standards of integrity. We will continue 
to move in this direction, building a solid 
and consistent compliance model in 
each market we operate in.
During 2024, we had 
no breaches related 
to corruption, money 
laundering or data 
protection, nor did we make 
contributions to political 
campaigns and candidates.
In 2024 we strengthened our supervision and 
auditing processes, ensuring compliance with 
our internal policies and local regulations in all 
geographies where we operate.
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2024 Alsea Integrated Annual Report
Ethics management
Corporate integrity
ETHICS AND TRANSPARENCY
Information security and personal data protection 

Information security and 
personal data protection 
Information security and personal data 
protection are two complementary 
areas, each with its own unique 
approach. Information security aims to 
safeguard our systems, networks, and 
digital assets from potential threats, 
while personal data protection ensures 
respect for the rights of data subjects 
and compliance with applicable 
regulations. Both dimensions are a 
top priority in our strategy, reflecting 
our commitment to trust, integrity, and 
compliance in every region we operate.
GRI 418-1, 3-3   MATERIAL TOPIC: CYBERSECURITY AND DIGITAL TRANSFORMATION
Global strategy
We have taken robust cybersecurity 
measures to bolster our technological and 
operational defenses, safeguarding the 
company’s critical infrastructure and digital 
assets. We have centralized the global 
governance of our information security 
teams under a coordinated structure, 
enabling continuous monitoring through 
our global Security Operations Center (SOC), 
which operates 24/7. This federated model 
enables us to tailor process execution 
and incident response to the regulatory 
frameworks of each region, ensuring 
efficient and contextualized operations. We 
have also implemented a structured risk 
assessment model for new initiatives, based 
on the principles of Security by Design and 
frameworks like ISO 27005. This enables us 
to anticipate threats and establish controls 
from the earliest stages.
At the same time, we continue to strengthen 
our compliance practices regarding 
personal data protection, ensuring 
that information is handled ethically, 
responsibly, and in accordance with current 
regulations. We adhere to the principles 
of Privacy by Design and comply with 
frameworks such as the GDPR2 in Europe, 
and NIS II3, and SOX4 controls in Mexico. 
Furthermore, our processes are aligned 
with ISO 27001, and we evaluate future 
certifications as we progress with our data 
traceability project.
In 2024, no formal 
breaches of 
information security 
or personal data 
protection were 
identified, as per the 
available records and 
audits conducted. 
2	 The General Data Protection Regulation, or GDPR, is the European Union’s comprehensive data protection law that regulates the privacy and protection of personal data in Europe.
3	 The Network and Information Security Directive II sets out cybersecurity requirements for critical sectors in the European Union.
4	 Sarbanes-Oxley, a law that imposes internal controls and audits on publicly traded companies to prevent financial fraud.
Ethics management
ETHICS AND TRANSPARENCY
Information security and personal data protection 
Corporate integrity
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2024 Alsea Integrated Annual Report

Training
As part of our comprehensive strategy, 
we have strengthened our training in 
cybersecurity and personal data protection, 
tailoring it to the specific needs of each 
field. Through tailored content that is 
relevant to everyday life, we foster a culture 
of prevention, compliance, and responsible 
information management. Globally, we 
provide mandatory annual training for all 
team members, both in stores and the 
Support Center, focusing on responsible 
handling of confidential information and 
personal data. This training, documented 
through Alsea College, offers practical 
scenarios and certifications to ensure 
compliance and effective application.  
We are also preparing a global information 
security awareness campaign, focusing on 
strengthening our ability to prevent and 
respond to digital incidents. In addition, 
we will take specific actions to strengthen 
the culture of personal data protection 
across all our regions, promoting ethical 
and responsible information management 
in accordance with applicable regulatory 
frameworks.
2024 has been a year of significant progress 
in information protection. Our management 
model has been strengthened through the 
consolidation of strategies, the integration 
of security technologies, and the unification 
of teams. With a global vision and local 
execution, we continue to raise our standards 
in privacy and information security, 
reaffirming our commitment to the trust  
of our stakeholders.
Our strategy encompasses both regulatory 
compliance in data protection and 
operational robustness in cybersecurity, 
reflecting an organizational maturity aligned 
with international standards.
Ethics management
ETHICS AND TRANSPARENCY
Information security and personal data protection 
Corporate integrity
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2024 Alsea Integrated Annual Report

corporate 
governance
2-9, 2-10, 2-11, 2-17, 2-18, 2-19, 2-20, 2-27, 405-1
GRI
16
SDG
Board  
of Directors
Structure
Committees
Regulatory  
environment
Our corporate governance, rooted in international 
best practices, fosters trust and drives decision-
making that leads to sustainable growth.
We are in the 
decisions that 
inspire leadership
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Informe Anual Integrado Alsea 2024

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
We know that a strong foundation is key to moving 
forward. Our corporate governance enables us to 
make strategic decisions that align with our long-
term vision, ensuring that every step we take creates 
value for our stakeholders.
Our corporate governance structure gives us the 
conditions to operate transparently, manage risks 
effectively and ensure accountability. We have 
implemented control mechanisms that strengthen 
our decision-making and enable us to respond to 
business challenges responsibly. Our measures have 
surpassed the requirements of the Code of Best 
Corporate Practices.
Our Board of Directors sets the course for Alsea, 
ensuring that every decision leads us towards 
a strong and sustainable future. To make this 
possible, it is backed by the Audit Committee 
and the Corporate Practices Committee, which 
ensure transparent, efficient, and purpose-aligned 
management.
GRI 2-9. 3-3 MATERIAL TOPIC: CORPORATE GOVERNANCE
Corporate  
governance structure
Structure
Alsea in  
Mexico
Alsea in 
Europe
Alsea in 
South America
Board of Directors
Audit  
Committee
General 
Management
Corporate 
Practices 
Committee

23% of the Board of Directors is 
made up of women.
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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
Great decisions are made with vision and 
commitment, and leadership at Alsea is 
set apart by its unwavering commitment 
to excellence. The Board of Directors is 
the body responsible for decision-making, 
risk supervision and transparency in 
corporate management. It is composed of 
13 members, with eight being independent, 
three related proprietary, and two 
independent proprietary. Among the latter, 
only Armando Torrado Martínez plays an 
active role within the organization, serving 
as the CEO. The Chair of the Board of 
Directors, Alberto Torrado Martínez, is a 
related proprietary director and does not 
hold any executive positions. The position 
of Alternate Director does not exist in Alsea.
Diversity is a key factor for the success 
of our company. Accordingly, there are 
three women among the members of our 
Board of Directors, representing 23% of its 
composition. The directors bring a wealth of 
experience across various sectors, providing 
a comprehensive strategic vision. In terms 
of generational diversity, three of them are 
between 30 and 50 years of age, and the 
rest are over 50 years of age. The average 
seniority of members is 13 years.
GRI 2-11, 405-1
Board  
of Directors
61% of the Board of Directors is 
made up of independent directors.

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
RELATED PROPRIETARY DIRECTORS
INDEPENDENT DIRECTORS
Alberto Torrado 
Martínez 
Cosme Alberto 
Torrado Martínez 
Armando 
Torrado Martínez 
Chair
Vocal
Vocal
INDEPENDENT PROPRIETARY DIRECTORS
Federico Tejado 
Bárcena
Fabián Gerardo 
Gosselin Castro 
Vocal
Vocal
León Kraig 
Eskenazi  
Carlos Vicente 
Salazar Lomelí 
Alfredo 
Sánchez 
Torrado 
Luiz Carlos 
Ferezin 
Leticia Mariana 
Jauregui 
Casanueva 
Christine 
Marguerite 
Kenna 
Gabriela María 
Garza San 
Miguel 
Francisco 
Xavier Crespo 
Benítez 
Vocal
Vocal
Vocal
Vocal
Vocal
Vocal
Vocal
Vocal

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
Selection, compensation  
and performance
The Nominations and Compensation 
Committee is responsible for selecting, 
appointing, and renewing the members 
of the Board of Directors. This committee 
ensures a transparent process based on 
evaluating the candidates’ competencies, 
knowledge, experience, and time 
availability. To strengthen the Board’s 
representativeness, we also consider the 
views of different stakeholders, ensuring 
that its composition reflects the company’s 
strategic needs.
GRI2-10, 2-17, 2-18, 2-19, 2-20
The Ordinary General Shareholders’ 
Meeting, the highest body representing 
investors, receives all proposals for new 
directors or re-elections, along with a 
detailed report on the merits and track 
record of each candidate. The proposals 
for independent directors are based 
on recommendations from the relevant 
committees. The Committee provides a 
preliminary opinion on the other directors 
before they are approved.
To ensure strong performance, we have 
mechanisms in place to periodically 
evaluate board members. This enables us to 
identify opportunities for improvement and 
to enhance their effectiveness. Furthermore, 
the directors receive continuous training on 
key topics such as corporate risks, market 
trends and sustainability, ensuring that they 
have the necessary tools to meet current 
challenges.
The compensation for Alsea’s Board and 
committee members is based on their 
active participation in the sessions, 
following a fixed-amount scheme applied 
for attendance. The compensation plan is 
publicly available on our website. Regarding 
the sessions, in the absence of the 
Proprietary Director, whose shareholding 
directly links him to the company, his 
responsibility is shared among the 
remaining members. To convene a Board 
meeting, a request from at least 25% of its 
members is required.

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
Audit Committee
Corporate Practices 
Committee
The Audit Committee recommends external 
auditors to the Board of Directors, oversees 
their hiring and performance, and serves 
as a liaison between them and the Board. 
It reviews internal and external audit 
programs and reports on their results. 
Additionally, it regularly meets with 
auditors, without the presence of officials, 
to discuss financial reporting criteria and 
oversee their issuance.
In terms of control and compliance, it 
establishes guidelines for internal control 
and auditing, verifies risk management 
mechanisms, and coordinates the internal 
auditor and the commissioner. It oversees 
transactions with related parties, assesses 
their impact, and recommends appropriate 
actions. It also oversees compliance with 
the Code of Ethics and the whistleblower 
mechanism, supports contingency plans 
and ensures legal compliance.
The Corporate Practices Committee 
recommends to the Board the criteria for 
evaluating, compensating, and separating 
the Chief Executive Officer and senior 
officers, as well as their appointment or 
removal. It also outlines the compensation 
for Directors and examines the CEO’s 
proposal regarding the structure and 
criteria for staff compensation. Additionally, 
it proposes and oversees the succession 
system for the CEO and senior officers.
Furthermore, it examines the company’s 
strategic vision to ensure its stability and 
permanence, and oversees the company’s 
recognition as socially responsible, as well 
as the Code of Ethics and the whistleblower 
system. It evaluates the implementation of 
the strategic plan as well as the investment 
and financing policies and gives an opinion 
on the annual budget. Moreover, it reviews 
risk management and the Chief Executive 
Officer’s criteria for disclosure, providing its 
opinion to the Board.
Learn more about our corporate governance practices at
https://www.alsea.net/investor-relations/corporate-gobernance.html
Alfredo Sánchez 
Torrado
León Kraig Eskenazi 
Elizabeth Estrella 
Garrido López 
(without being a member)
Elizabeth Estrella 
Garrido López 
(without being a member)
Luiz Carlos Ferezin 
Federico Tejado 
Bárcena 
Christine Marguerite 
Kenna 
Cosme Alberto 
Torrado Martínez 
Gabriela María Garza 
San Miguel 
Fabián Gerardo 
Gosselin Castro 
Leticia Mariana 
Jauregui Casanueva
CHAIR
CHAIR
SECRETARY
SECRETARY
MEMBERS
MEMBERS
Committees

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
Regulatory environment
GRI 2-27
Compliance culture: 
our main actions
Regulatory compliance is a top priority for 
us. As a company listed on the Mexican 
Stock Exchange (BMV), we publish quarterly 
reports detailing our financial and strategic 
performance. This process is overseen by 
the Audit Committee, ensuring that the 
principles of truthfulness, timeliness, and 
equal access to information for investors 
are upheld.
In Mexico, we maintain an efficient 
compliance approach through various 
measures that ensure transparency and 
the correct application of our internal 
policies. Upon joining the company, all our 
team members are required to complete 
mandatory regulatory compliance training, 
with a refresher course every two years. 
Furthermore, we have strengthened our 
oversight of suppliers and third parties 
by implementing a corporate policy that 
integrates regulatory and compliance 
aspects to standardize suppliers through 
due diligence criteria.
We ensure we operate within a robust regulatory framework, 
aligning our practices with the highest standards of compliance and 
transparency in every market we serve. This way, we not only meet 
expectations but also surpass them.

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2024 Alsea Integrated Annual Report
Committees
Regulatory environment
Structure
Board of Directors
CORPORATE GOVERNANCE
At Alsea in Europe, we have a Corporate 
Compliance Policy that establishes a 
regulatory framework to strengthen our 
culture of preventing, detecting, and 
managing regulatory and criminal risks 
within the organization. It applies to 
all team members, regardless of their 
position. Within this framework, the 
Compliance Committee regularly reviews 
its effectiveness and oversees the 
Internal Information System (SII), while 
the Compliance Officer is responsible for 
updating the Criminal Risk Map, handling 
complaints, and ensuring the proper 
execution of internal controls.
On the other hand, the regions of Europe 
and South America have their respective 
Crime Prevention and Detection programs, 
designed using recognized methodologies 
such as COSO ERM. These include a 
list of risky behaviors, internal control 
mechanisms, and disciplinary measures for 
non-compliance. This enables us to identify, 
mitigate, and prevent risks associated with 
corruption, fraud, and money laundering. 
Strict adherence to regulations such as the 
System for Self-Control and Management 
of the Integral Risks of Money Laundering, 
Financing of Terrorism and Financing of the 
Proliferation of Mass-destruction Weapons 
(SAGRILAFT) and the Corporate Criminal 
Liability Law for South America ensures that 
all business activities are conducted within 
a framework of legality and transparency. 
Furthermore, we actively engage with 
chambers and associations, as well as 
launch campaigns to foster a culture of 
compliance within the organization.
Looking ahead, we will continue to 
strengthen our corporate governance, 
adapting to the challenges of a constantly 
evolving environment. We will continue to 
foster diversity within the Board, optimize 
oversight mechanisms and strengthen our 
culture of transparency. The introduction 
of new technologies will also play a crucial 
role in enhancing governance processes, 
ensuring that Alsea remains a leader in 
responsible and sustainable management.

growth
2-6, 203-1, 204-1,308-1, 308-2, 414-1 ,416-2 ,417-1, 417-2, 417-3
GRI
6
16
7
17
13
SDG
Customer  
satisfaction
Digital  
transformation
Food quality  
and safety
Operational 
growth
Responsible  
communication
We are dedicated to managing leading brands, offering 
exceptional service and top-notch products, all backed by a 
model supply chain and a robust digital strategy. At Alsea, 
Growth means improving every day, strengthening the business, 
and responding to those who choose us to share their daily 
moments and make them more special. 
We are in the 
constant drive  
to move forward 
with purpose 
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Digital transformation
Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
Menu
At Alsea, we are leaders in efficiently 
managing a robust portfolio of fast-
food restaurants (QSRs), full-service 
restaurants, and coffee shops in 
Mexico, Europe, and South America.
GRI 3-3
Customer  
satisfaction
We strive to exceed our customers’ 
expectations in every detail, ensuring 
that each visit is a unique and flavorful 
experience. With over 470 million 
customers served across our 4,785 
restaurants and stores, spanning 13 distinct 
brands in 2024, we strive to remain the top 
choice for our diners.
Delivering happiness 
in every detail
We strive to be a part of all of our customers’ special and 
everyday moments, so our main goal is to listen to their 
opinions and expectations and respond by anticipating 
their needs. From ensuring their comfort in our restaurants 
to always having a menu option that suits their tastes, 
preferences, and budget.

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Digital transformation
Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
Menu
INCLUSIVE AND SAFE 
EXPERIENCES
We prioritize our customers’ comfort to 
provide them with unique experiences. 
To ensure this, some of our brands offer 
universal accessibility facilities and other 
initiatives that promote inclusion in their 
spaces. Some of these adaptations include 
adjustments to the design of parking 
lots, entrances, and restrooms, allowing 
individuals with disabilities to access the 
facility more comfortably and easily.
SOUTH AMERICA
MEXICO
Since 2016, Vips has been committed 
to enhancing accessibility for 
visually impaired individuals in its 
restaurants, incorporating braille 
menus. Beginning in 2023, brands 
such as Burger King, P.F. Chang’s, 
Domino’s Pizza, The Cheesecake 
Factory, Italianni’s, and Chili’s have 
joined this initiative.
In Argentina and Chile, Burger 
King teamed up with Argentine 
entrepreneur Mateo Nicolás Salvatto 
to adapt the free “Háblalo” app to 
the brand. This app, designed to 
facilitate interaction with individuals 
with communication disabilities, 
features an intuitive interface 
for easy ordering. This marks a 
significant step towards inclusion 
and accessibility in our restaurants. 
Since its launch, we have served over 
6,000 people.

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2024 Alsea Integrated Annual Report
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Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
Menu
EVOLVING  
OUR MENUS
A significant aspect of our mission is to 
surpass the expectations of our visitors. 
This drives us to continually evolve and 
adapt our menu, as it’s one of the first 
interactions we have with customers when 
they enter our restaurants.
Aware of our global presence, our brands 
encompass a diverse range of cuisines, 
including local and family-style dishes, 
American, Italian, Asian, fast food, and 
coffee shops. However, the market demands 
that we take a step further.
Nowadays, our customers are more 
informed and concerned about 
understanding what foods they consume 
and the ingredients they contain. For this 
reason, at Alsea we strive to ensure that 
our menus offer clear information about 
the caloric content of our dishes and that 
there is always an option for all tastes 
without compromising the distinctive flavor 
that sets us apart. We also offer menu 
variations through collaborations with 
different brands, which sets us apart with 
our innovative and dynamic approach.
Our main initiatives, which vary based on 
the brand and region, offer alternatives 
such as low-calorie dishes, vegetarian 
options, and a diverse selection for 
individuals with celiac disease. 
Brands like Starbucks offer a variety of 
options, such as salads, fruit cocktails, and 
keto and vegetarian options, to complement 
the classic menu.
GRI 3-3 MATERIAL TOPIC: CONSUMER WELL-BEING AND NUTRITION  SASB FB-RN-260A.1
100% our brands in Mexico 
have their calorie content 
calculated and published.

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GROWTH
Where we are headed
Menu
We created the SkinnyLicious menu, 
a selection of low-calorie dishes 
and smaller portions to promote 
balanced consumption.
MEXICO
We introduced four new pastas with 
unique and novel flavors to our 
menu. These innovations resulted in 
a 12.1% increase in sales within the 
pasta category. 
Italianni’s continued to strengthen its 
position in key categories, including 
pasta, pizza, wine, and breakfast. This 
was achieved through campaigns, 
such as the 360° strategy of Maestri 
della Pasta, which combined product 
innovation, media activations, 
and digital content. This strategy 
generated brand conversation and 
penetrated new audiences.
We launched new, reinvented classic 
sandwiches inspired by traditional 
Spanish recipes with a modern twist 
and Vips’ signature style.
EUROPE
We introduced the new mini 
desserts, so customers can indulge 
their taste buds at any time of  
the day.

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Where we are headed
Menu
SOUTH AMERICA
We introduced Chang’s Menu, 
designed to invite new customers to 
experience the unique P.F. Chang’s 
experience at a more affordable 
price. This menu includes a starter, a 
main course and a beverage or glass 
of wine. 
This proposal represented 2.82% 
of total sales and 4.75% of the total 
number of orders, totaling 292,825 
orders.
A YEAR OF FLAVORS 
AND EXPERIENCES: 
SPECIAL EVENTS AND 
PROMOTIONS
A key aspect of our brands is their 
constant effort to attract customers, 
not only through the taste of our 
food but also through promotions, 
innovations and offers designed to 
increase preference and support the 
budget of those who choose to enjoy 
special moments with us.
We stand out for our ability to adapt 
to market trends and the contexts 
in which we operate, as well as our 
commitment to connecting with all 
possible audiences through various 
events and offers. Our brand teams 
strive to make every moment worth 
sharing with others.
We introduced a product innovation 
that we call Croissantizzima. A new 
croissant-style pizza dough. Along 
with this launch, we introduced 
the “Garantía de MMM,” which gave 
away a free Croissantizzima with the 
purchase of another.
VIPS and Tinder have teamed up to 
launch a new edition of the “VIPS 
Tinder Tables”, an initiative aimed 
at university students in Madrid. 
This event featured “speed dating” 
sessions, designed to foster genuine 
connections between young people 
in a welcoming, non-digital setting.
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Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
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Where we are headed
Menu
Our successful “3 para mí” offer, 
featuring a soup or salad, main 
course, and beverage, was one of the 
year’s top promotions, surpassing 
$200 million pesos in sales in 2024.
MEXICO
For the fourth consecutive year, we 
celebrated the Frapuccino Birthday, 
the most awaited promotion by our 
customers. This year, we had an 
increase of +16% DUS (Daily Units 
Sold) vs. 2023.
To celebrate International 
Coffee Day, which coincides with 
International Music Day, this year 
Starbucks in Chile, Argentina, and 
Uruguay invited customers to sing 
in some stores for a complimentary 
coffee. We engaged with over 400 
clients regionally and had over 
10,000 interactions on social media.
During the Copa América, we teamed 
up with Colombian soccer legend 
Óscar Córdoba, who was the image 
of the campaign. We had a record 
sales week at Domino’s Colombia.
SOUTH AMERICA

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Food quality and safety
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Where we are headed
Menu
ACTIVELY LISTENING 
TO GROW
We are always eager to understand our 
customers’ reactions to our innovative 
service, attention, and brand offerings. To 
do this, we have various methods to gather 
their opinions firsthand.
In Mexico, we annually measure brand 
preference using the Net Promoter Score 
(NPS), which evaluates customer loyalty on 
a scale of 1 to 10 based on their willingness 
to recommend a business.
Similarly, our Wow+ app in Mexico offers a 
customer contact channel, allowing them 
to share their complaints, incidents, or 
comments about their visit to our full-
service restaurants.
In Europe, we have implemented a QR code 
to enable customers visiting our restaurants 
to share their thoughts on the service 
or the quality of their food. Additionally, 
our Club By members (loyalty program in 
Europe) and Domino’s customers who have 
ordered takeaway or delivery receive a 
satisfaction survey via email within 24 hours 
of their purchase.
GRI 416-1
To establish a high level of trust, we have 
established a Customer Service and a 
Partner Service, which allow us to gather 
complaints, suggestions, and comments 
regarding our brands. We receive and 
handle these in tandem with the brands, 
enabling us to provide a more personalized 
response to our customers.
We are also proud to offer Medallia’s 
services in Argentina, Chile, Mexico, 
and Spain. This platform enables us to 
understand our customers’ experiences and 
identify areas for improvement. 
In 2024, we received feedback from 
over 1.5 million customers about our 
service, which has helped us to continue 
improving.
In 2024, we 
scored 8.4 on the 
NPS in Mexico.

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Digital transformation
Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
GRI 417-1, 417-2, 417-3
Responsible communication 
in everything we do
Responsible communication is the 
cornerstone of a robust business, and 
it’s reflected in all our interactions, both 
internal and external. We firmly believe that 
transparency, honesty, and open dialogue 
are the keys to building strong and lasting 
relationships with our stakeholders.
Our brands are committed to aligning 
with all applicable marketing and 
communication regulations in the countries 
where we operate, ensuring full compliance. 
FB-RN-260A.3
In Mexico, all our advertising adheres to our 
Responsible Marketing Code, which sets guidelines 
to ensure ethical, truthful, inclusive, and sustainable 
communication—aligned with the company’s values 
and the well-being of our consumers and communities.
To commemorate Women’s Day, Starbucks Mexico, in 
collaboration with Pro Mujer, launched a special edition 
reusable cup with the theme “Sirenas del Campo.” This 
initiative encourages Starbucks Rewards members to make 
a purchase with a cause, supporting the brand’s coffee 
growers.
To celebrate Día de Muertos, and to honor Mexican roots 
and traditions, two members of the Starbucks Mexico team 
created designs for a limited collection of reusable cups, 
showcasing the country’s cultural heritage. This campaign 
was also present in the United States, Canada, South 
America, and the Caribbean.
MEXICO
We take on the responsibility of delivering 
transparent and respectful messages as 
part of our positioning as a company that 
is present in the lives of our customers. 
Our communication and brand positioning 
campaigns showcase our commitment to 
communities and promote the values and 
principles we hold dear at Alsea. 
Throughout the year, we implemented 
various initiatives that embody this 
purposeful approach to communication. 

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Committed to transparency and the 
health of our customers, Burger King 
in Argentina and Chile pioneered 
its industry by launching Comida 
Real. They announced the successful 
removal of preservatives, artificial 
flavors, and colorings from their 
menu.
SOUTH AMERICA
EUROPE
VIPS garnered multiple nominations 
for its communication campaigns, 
including the top spot for the Best 
Breakfast Radio Campaign at 
Premios Eficacia.
In 2024, a concerted effort was 
made to position the brand’s 
communication strategy in mass 
media, making it the first Italian 
restaurant chain to consistently 
communicate in mass media  
in Spain.
In January 2024, Domino’s Pizza 
launched a disruptive campaign 
titled “Thank you, Silvia,” featuring 
its marketing director, Silvia Serrano. 
In a friendly and authentic tone, the 
brand offered medium-sized pizzas 
for €9.99 for home delivery during 
the January post-holiday budget 
crunch. The campaign stood out 
as one of the most recognized for 
its direct message, unconventional 
aesthetic, and commitment 
to consumers in a challenging 
economic context.

Improve customer 
experience
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Digital transformation
Operational growth
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Where we are headed
Digital transformation 
to be closer to our 
customers
In our quest to surpass the expectations of 
those who trust our brands to be a part of 
their daily lives, we strive to be present in 
the right way, on the right channel, and at 
the right time for them. With this in mind, 
we embraced the latest market trends and 
spearheaded a customer-centric digital 
transformation strategy, enabling them to 
access our products at any time of the day.
Thanks to the close relationship we have 
with our customers through various 
communication channels, we have 
successfully increased their loyalty and 
sales growth by providing a unique 
experience that meets their expectations.
Our digitalization strategy for brands is 
built on three key elements that drive us to 
innovate daily:
Promote brand 
innovation
Promote sales
In 2024, we invested approximately 
$900 million pesos in digitalization.
GRI 3-3 MATERIAL TOPIC: CYBERSECURITY AND DIGITAL TRANSFORMATION

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Loyalty Sales:  
Turning transactions  
into relationships
At Alsea, we strive for operational 
excellence through technological 
innovation. By utilizing multiple channels, 
we not only boost our sales but also 
establish ourselves as a constant and 
dependable presence in our customers’ 
daily lives.
The convenience of online ordering, the 
ease of home delivery, and the growing 
preference for technological solutions have 
all contributed to the exponential growth 
of our loyalty sales, which encompass 
home delivery via website, aggregators, and 
loyalty programs.
We are on the right track towards digital 
transformation, as we focus on developing 
automated and customized strategies 
tailored to our diverse customer base. 
This solidifies our commercial strategy by 
leveraging data and customer behavior.
1   Active users: Last 90 days for 
Starbucks and 180 days for other 
formats.
Digital clients
7.4 million
2023
Digital orders
99 million
2023
+10%
128.2
million
2024
+10%
8.2
million1
2024
   Growth vs. 2023
In 2024, our loyalty sales accounted for 
35.1% of our total sales.
Loyalty  
orders
Aggregator  
orders
EUROPE
15.8 million
4 million
MEXICO
64 million
20.4 million
SOUTH AMERICA
14.7 million
9.2 million
Digital clients
EUROPE
3 million
MEXICO
4 million
SOUTH AMERICA
1.2 million

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Where we are headed
LOYALTY PROGRAMS: 
CRAFTING UNFORGETTABLE 
MOMENTS WITH EVERY VISIT 
Our loyalty programs are one of our 
most successful initiatives for attracting 
and retaining our consumers. Through 
our digital platforms, we offer unique 
experiences as a reward to our most loyal 
customers.
Each of these programs involves 
accumulating points with every purchase, 
enabling our customers to redeem them for 
promotions, experiences, or any other type 
of reward as a token of appreciation for 
their preference.
Starbucks Rewards
Mi BK
Full-service restaurants 
(Club By, Wow+)
+40.7%
Europe
Mexico
South America
2.3 M
Members
Domino’s Rewards
+8.7%
Colombia
Spain
Mexico
3.7 M
Members
+322%
Argentina
Chile
Mexico
478 K
Members
+18.1%
Spain
Mexico
1.6 M
Members
   Active user growth  
        vs. 2023

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Operational growth
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Where we are headed
CONVENIENCE AND PREFERENCE 
FOR OUR BRANDS: DELIVERY 
AND AGGREGATORS
In today’s digital era, offering online 
shopping options is a business approach 
that enables us to expand our market 
reach, catering to customers who value the 
convenience of a home delivery service that 
makes them feel as if they were dining in 
one of our restaurants.
Delivery
A benefit we offer through 
our own home delivery 
services (website and loyalty 
applications), fostering brand 
loyalty and value.
Aggregators
We offer customers home 
delivery service through their 
preferred mobile apps. They 
have ad strategies, offers and 
segmentation.
54%
17%
16%
13%
Delivery  
by brand
DOMINO’S
STARBUCKS
BURGER KING
FULL-SERVICE RESTAURANTS

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Where we are headed
Successful initiatives in 
technological innovation
Delivery and takeaway  
at Club By
In 2024, Club By introduced home 
delivery and takeaway service 
channels in its app, enabling 
members to enjoy promotions 
and earn available points. Since 
its launch, our partners have 
received 63 K delivery orders and 
145 K takeaway orders.
Launch of brand websites
In 2024, we launched the Foster’s 
Hollywood, Vips, Ginos and TGI 
Fridays’ websites in Europe. 
They enable customers to place 
home delivery and takeaway 
orders and provide the option 
to make reservations at nearby 
restaurants. 
Digital Kiosks
Among our most successful 
innovation initiatives is the 
installation of Digital Kiosks in 
all of our Burger King restaurants 
in Mexico in 2024. With this 
step, we join brands aiming to 
integrate the latest in self-service 
technology. The success of this 
measure was reflected in the 20% 
share of this channel in fulfilling 
our customers’ orders.
New Domino’s Colombia app
This year we launched the new 
Domino’s app exclusively for 
Colombia, featuring a GPS Tracker 
to personalize and optimize our 
customers’ digital experience 
when ordering from home. Along 
with several communication 
efforts, this launch enabled us 
to secure a spot among the top 5 
most downloaded delivery apps in 
the country, attracting over 46,000 
new customers.
Augmented reality menu
In December 2024, Archies became 
the first restaurant chain in 
Colombia to launch a Christmas 
menu with augmented reality 
technology, in collaboration with 
Cluvi. This innovative technology 
enabled diners to interact from 
their mobile devices, transforming 
the dining experience into an 
immersive and unforgettable one. 
The strategy achieved widespread 
media visibility, reaching an 
audience of over 14 million 
people, establishing Archies as a 
pioneering brand in technology 
integration.

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Where we are headed
In the complex and dynamic world of the 
restaurant industry, our supply chain’s 
efficiency and quality set us apart from 
the competitors. From selecting the right 
suppliers to ensuring timely delivery 
of fresh ingredients to our restaurants, 
every link in the chain plays a crucial role 
in delivering unique experiences to our 
customers.
Our commitment  
to food quality  
and safety
GRI: 3-3 MATERIAL TOPIC: FOOD QUALITY AND SAFETY
SASB FB-RN-250A.1
Product 
development
Procurement
Manufacturing
Logistics
Distribution
SUPPLY  
CHAIN
Planning and  
supply
We recognize that as we operate in 12 
countries and continue to grow, our supply 
chain management must be guided by 
continuous improvement and adaptability. 
This enables us to pursue the same 
objectives in an organized manner across 
all regions. 
To stay at the forefront and fulfill all our 
obligations, our commitment to quality and 
safety extends from the farm to the table.

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Operational growth
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Food quality and safety
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Where we are headed
Product development
Procurement, planning, and supply: 
Responsible sourcing
Being part of our customers’ lives, we are 
steadfastly committed to ensuring the 
quality and safety of our food, maintaining 
their trust and caring for their health. 
This journey begins with the design of our 
products, from the approval of prototypes 
to the establishment of specific thresholds 
that our food must meet.
To deliver delicious food, the first step is to meticulously 
select our ingredients. We work closely with our suppliers 
for freshness, quality and sustainability. We look for each 
ingredient to meet our rigorous standards before being 
used in our kitchens. Additionally, through our  
Quality Addendum,       we ensure that all products from 
our suppliers meet the necessary standards for safety, 
quality, and sustainability, as outlined in Alsea’s guidelines 
and applicable regulatory requirements.
GRI 2-6, 204-1, 308-1, 308-2, 414-1, 3-3 MATERIAL TOPIC: RESPONSIBLE SOURCING
SASB FB-RN-430A.1, FB-RN-430A.2, FB-RN-430A.3 

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Operational growth
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GROWTH
Where we are headed
At Alsea, responsible sourcing and careful supplier 
selection are fundamental elements of our 
company’s strategy. We recognize that our supply 
chain decisions have a significant impact on the 
environment, the communities we serve, and the 
quality of our food. As such, our focus is on ensuring 
that our sourcing practices are ethical, sustainable 
and socially responsible.
We strive to partner with suppliers who 
share our commitment to the environment 
and communities, so we prioritize working 
with those who hold GFSI1 (Global Food 
Safety Initiative) certification.
92.4%
local suppliers in 
Europe
97.4%
local suppliers in 
Mexico
85.5%
local suppliers in 
South America
2	 The GFSI certification evaluates food management systems, 
ensuring they meet the highest standards of food quality and 
safety, as per internationally recognized standards.
Of the 4,793 suppliers  
we work with, 95.4% are local.
351 supplier audits.
98.0% of suppliers 
approved and/or 
certified by GFSI.
As part of our commitment to responsible 
sourcing and animal welfare, we’re proud to 
say that over 23% of the shell eggs used in 
our restaurants come from cage-free hens. 
We will continue to drive actions to increase 
this percentage, working closely with our 
suppliers to move towards increasingly 
responsible practices throughout our  
supply chain.

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Digital transformation
Operational growth
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Responsible communication
Food quality and safety
GROWTH
Where we are headed
We recognize the role we can play in 
fostering the growth of our current and 
potential suppliers. We aim to foster 
certification and the adoption of good 
practices with them, guiding them through 
this process. Some of our initiatives are:
	• The Global Market tool, designed for 
autonomous use, helps them refine 
their HACCP (Hazard Analysis and Critical 
Control Points) systems to achieve 
GFSI certifications. HACCP includes 
microbiological analysis of food contact 
surfaces, living surfaces, air and water to 
ensure food safety.
	• Supplier development program, offering 
tailored training and technical support 
for continuous improvement of their 
management systems.
	• Events for suppliers that emphasize 
the significance of certification and its 
benefits.
	• Analytical monitoring plans to assess the 
quality of inputs.
	• Corrective action plans for suppliers 
who have failed to comply with our 
protocols. With these plans, we guide the 
improvement of processes to prevent 
recurrence.
100%
Europe
98.1%
Mexico
98.9%
South America
Another crucial aspect of managing a 
responsible supply chain is evaluating and 
verifying compliance with our protocols. 
This year, in Mexico, we embarked on a 
journey to identify the most frequent 
process deviations in manufacturing 
operations. With this information, we make 
sure to establish the necessary controls to 
promptly address them.
At Alsea, we strive to use ingredients 
from responsible sources. That is why 
we prioritize suppliers with international 
certifications like Rainforest Alliance and 
Certified Sustainable Palm Oil.
98.4% of suppliers were assessed  
for quality and food safety practices.

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Operational growth
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Responsible communication
Food quality and safety
GROWTH
Where we are headed
Manufacturing
Our commitment to quality extends to 
the manufacturing of our products, where 
we blend traditional craftsmanship with 
cutting-edge technology to create the 
ingredients that bring our dishes to life. 
From making the dough for our pizzas to 
creating our bakery and pastry products, 
every step is carried out with passion and 
precision. We use recipes that ensure each 
product has a unique and delicious taste.
At Alsea, our brands and production centers 
must implement the Hazard Analysis and 
GRI-414-1
SASB FB-RN-250A.1
Critical Control Points (HACCP) system, which 
focuses on quality procedures and controls 
to prevent and mitigate risks associated 
with food production and handling. To 
ensure compliance with our controls, we 
conduct internal and external audits on 
our procedures, allowing us to effectively 
manage the risk level of our activities. 
Quality excellence is a daily pursuit, which 
is why we encourage our factories to obtain 
certifications that reflect their tireless 
efforts in meeting our stringent controls. 
3   The IFS certifies that food suppliers 
provide safe products that meet 
specifications and applicable 
legislation.
100% of our factories in Europe 
are IFS1 (International Featured 
Standard) certified, reaffirming 
the efficiency of our rigorous food 
safety controls.

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Digital transformation
Operational growth
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Food quality and safety
GROWTH
Where we are headed
Another crucial aspect is to provide our 
team with the best tools and the most up-
to-date knowledge to accomplish their 
tasks. We have all the necessary manuals 
and policies in place to ensure food quality 
and safety, and they are readily available to 
all our team members. 
To achieve this goal, we have developed 
guidelines that ensure our products are 
of the highest quality. These guidelines 
are aligned with systems recognized by 
GFSI international standards. Additionally, 
we have controls in place to identify 
deviations in our processes and address 
them promptly. These encompass all the 
necessary specifications at every stage of 
production for our inputs:
Food safety plan
Traceability
Allergen control
Documentation
Verification
Logistics and distribution
Offering top-quality food is essential for our 
business. We strive to ensure that our ingredients 
are transported and stored under strict controls 
before reaching our restaurants. To ensure that 
they are transported at the right temperature, 
we maintain strict traceability of our cold chain. 
Furthermore, we maintain a robust system for 
managing expiration dates and handling non-
compliant products.
To ensure optimal operational organization, 
we constantly strive to align the 
specifications of the inputs we use with 
the regulations and requirements of each 
country. In cases where ingredients or 
products are not regulated, we establish 
our own requirements to strengthen the 
controls and parameters we operate within.

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Operational growth
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Food quality and safety
GROWTH
Where we are headed
Our extended  
commitment to quality 
and safety 
As a leading company in the sector, we 
extend our food quality and safety actions 
to the operation of our restaurants, the 
service we offer to customers, and the 
promotion of a culture of quality and safety 
in all our activities. 
Our kitchens are the direct connection to 
our guests, making hygiene and sanitation 
crucial in ensuring we serve food that is 
not only full of flavor but also meets the 
highest standards.
To ensure compliance, we follow the 
recommendations and findings of food 
safety and quality audits to implement 
corrective measures. 
We have a system in place to record 
and monitor critical factors, allowing us 
to identify the most common process 
deviations and make decisions to reduce 
them.
To ensure the highest quality in all aspects 
of our operations, we are proud to have a 
dedicated chapter on real estate design in 
our quality and safety system. This chapter 
verifies the materials used for furniture, 
walls, and floors, ensuring they are suitable 
and approved for the sector. 
Additionally, we have protocols in place that 
govern the storage of supplies, the hygiene 
of work equipment, and the maintenance of 
facilities.
GRI 416-2
SASB FB-RN-250A.1
Our customers’ opinions are crucial to us, 
so we receive their complaints about the 
quality and safety of our food through various 
channels, depending on the brand and 
region. Furthermore, our   Quality Committees 
meet monthly to report on indicators and 
highlight achievements and results. Through 
these participations, we aim to motivate our 
team and help them see the positive impact 
of their daily work on the business.
+14,000 food safety 
audits conducted at our 
restaurants. 

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Where we are headed
FOSTERING A CULTURE OF  
QUALITY AND SAFETY
The quality and safety of every dish we 
serve is not just a goal, but a culture that 
permeates every level of our company, 
driving us to strive for improvement every 
day. We recognize that our team members 
are the heart of this philosophy, which 
is why we are committed to fostering an 
environment where excellence throughout 
the value chain is a shared responsibility 
and a source of pride.
We aim to set the standard for quality 
culture, ensuring compliance with 
applicable regulations in all countries and 
prioritizing the health of our customers. 
In 2024, we held a new edition of Premios 
Q in Spain, which recognize the stores of 
each brand that have achieved a score of 
over 95% in unannounced Quality audits. 
This initiative not only rewards excellence 
but also fosters a culture of quality and 
commitment among the work teams.

Menu
Digital transformation
Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
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2024 Alsea Integrated Annual Report
Operational 
growth
At Alsea, we understand that operational 
growth is a crucial pillar of our operations. 
This enables us to both maintain the 
profitability and preference of each of 
our locations, as well as strategically 
and efficiently expand our brands, all 
while fulfilling our responsibilities to the 
environment and the communities around us.
We invested  
$6.4 million pesos in capital.
The remaining investment was primarily allocated to 
strategic technology and process improvement projects, as 
well as software licenses, among other areas.
Thanks to our Growth initiatives, Alsea is 
increasingly recognized for its leadership, 
innovation, and presence in the daily lives of 
our customers, as well as in the celebration of 
significant moments. 
38%
19%
11%
32%
DOMINO’S
STARBUCKS
BURGER KING
FULL-SERVICE RESTAURANTS
Investments
Our brands’  
sales share
Units
4,785
units
We opened
275 UNITS
OUR TOP OPERATIONAL GROWTH 
ACHIEVEMENTS
GRI 203-1
84.5% ($5.4 MILLION PESOS) WAS ALLOCATED TO:
Opening  
of units 
Renovating and 
remodeling
existing units
Replacing 
equipment
(maintenance 
CAPEX) 
We reached

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Where we are headed
Anniversaries
We are where moments 
are celebrated: 
anniversaries that shape 
our history
Being present in the everyday and 
extraordinary moments of millions of 
people has been a part of our history. This 
year, we celebrated anniversaries that 
represented years of innovation, growth and 
commitment to excellence.
DOMINO’S PIZZA,  
A 35-YEAR JOURNEY  
IN MEXICO
P.F. CHANG’S, 15 YEARS OF 
SERVING THE FINEST ASIAN 
CUISINE IN MEXICO
In 1989, Domino’s Pizza emerged as the 
pioneering brand in Alsea’s portfolio, laying 
the foundation for the company’s success. 
Today, with over 960 stores in 130 cities 
across the country, it remains a beloved 
brand for Mexican families.
This anniversary was made possible by 
the dedicated efforts of over 15,000 team 
members and franchisees. With over 60 
million pizzas crafted annually, the brand 
is looking ahead with a clear goal: to stay 
attuned to new consumer trends, actively 
listen to them, and anticipate their needs 
and expectations.
Since its arrival in 2009, P.F. Chang’s 
has been offering a culinary experience 
centered around the art of the wok and 
traditional Asian cuisine. Dishes are 
prepared on the spot and served in an 
atmosphere that encourages sharing and 
enjoying the finest dining experience.
On its 15th anniversary in Mexico, the 
brand honored its legacy with limited-
edition dishes, special promotions, and 
unique experiences for its guests. Today, 
with over 29 restaurants nationwide, P.F. 
Chang’s continues to establish itself as a 
leader in Asian cuisine, with a clear vision: 
to create a unique dining experience that 
blends Asian flavors with a warm and 
welcoming atmosphere, where “Every Day is 
a Celebration”.
Mexicans don’t order 
a pizza, they order a 
Domino’s.

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Operational growth
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Where we are headed
THE CHEESECAKE FACTORY, 10 YEARS 
OF A FANTASTIC CELEBRATION
VIPS, 60 YEARS OF A STORY 
SERVED WITH FLAVOR
Since 2014, The Cheesecake Factory has been delivering 
unforgettable dining experiences, featuring generous 
portions, a creative menu, and a welcoming atmosphere. 
A decade after its arrival in the country, the brand has 
eight branches in Mexico and remains committed to 
offering over 200 dishes and 30 varieties of cheesecake.
To commemorate its anniversary, the brand unveiled an 
interactive mural with augmented reality in Mexico City, 
offered cheesecakes at half price on World Cheesecake 
Day, and launched a new commemorative flavor as part 
of its annual tradition of innovation.
Vips celebrated its 60th anniversary, 
reaffirming its legacy as Mexico’s most 
beloved family restaurant. With over 230 
restaurants, it has been a staple in 41 cities 
across the country, spanning generations.
As part of its anniversary celebration, the 
brand launched the “Clásicos por $60” 
campaign, a national promotion that 
offered iconic dishes at a special price. Sixty 
years after its founding, Vips continues to 
evolve, never losing its essence, blending 
tradition, flavor and innovation.
Vips is that place where 
guests feel at home, all day, 
every day.

Menu
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2024 Alsea Integrated Annual Report
Digital transformation
Operational growth
Customer satisfaction
Responsible communication
Food quality and safety
GROWTH
Where we are headed
At Alsea, we recognize that our passion 
for growing together extends to all of our 
operations. We want to be present in every 
moment our customers share around food, 
before, during and after each experience.
We will strive to improve our service every 
day, actively listening to our consumers’ 
needs and providing safe, inclusive spaces, 
as well as closer, personalized attention. 
Communicating these efforts with clarity 
and honesty reinforces our commitment to 
transparency, kindness, and closeness with 
all our stakeholders.
Digital transformation is a crucial aspect 
of this evolution. We rely on technological 
tools that enable us to connect with our 
customers more effectively, be present 
across all channels, and be ready to 
support them at every opportunity with a 
proposal that embodies our ambition to be 
where moments are shared.
We will continue to move forward with 
a firm step, ensuring that every food 
we bring to the table is aligned with the 
best practices and highest standards of 
quality, safety, and balanced nutrition. We 
will keep on supporting local producers 
and prioritizing those with the lowest 
environmental impact.
We understand that Growth is a journey 
we must embark on in an orderly fashion, 
remaining resilient to market changes and 
making decisions that align with our goal 
of delivering experiences full of flavor. 
We will continue to strive for the highest 
standards, aiming to solidify our position 
as a trusted and preferred company, both 
by those who choose us and by those who 
help us create our food. 
Where we are headed 
in our passion  
for growing together

development
Creating Development is the way we understand 
commitment to those who work with us, to those around 
us and to the world we want to build. That is the impact 
we are striving for: to transform lives from within, 
through programs that foster education, employability, 
inclusion, and well-being.
We are in the 
people who 
grow and make 
others grow
3-3, 301-2, 301-3, 306-1, 306-2, 306-3, 306-4, 414-1, 414-2
GRI
6
16
7
17
13
ODS
Alsea  
Team
Human  
Rights
Community  
development
Menu
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2024 Alsea Integrated Annual Report

We pride ourselves on having the best talent 
on our teams. This achievement is a testament 
to our unwavering commitment to each of our 
team members, not only for their professional 
growth but also for their personal development.
Alsea Team
Being a part of Alsea means embarking on a 
journey of growth, where every team member 
discovers opportunities to evolve, both 
personally and professionally. Our dedication 
to their well-being is reflected in a steadily 
growing satisfaction.
GRI 2-7, 401-1, SASB FB-RN-000.A
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2024 Alsea Integrated Annual Report
Community development
Human Rights
Alsea Team
DEVELOPMENT

+75,000
team members at the 
end of 20241
Women
48.74%
Men
51.26%
Type of contrac2
EUROPE
9,917
1,136
9,451
1,161
MEXICO
18,412
386
20,722
464
SOUTH AMERICA
6,243
460
6,204
442
1,982 
2,067 
34,572 
36,377 
Temporary
Temporary
Permanent or 
indefinite
Permanent or 
indefinite
Women
Men
Number of team members by country 
 
Women
Men
Mexico
18,953
21,096
Argentina
3,242
2,144
Chile
2,757
2,219
Colombia
1,468
2,145
Uruguay
143
123
Paraguay
25
13
France
869
655
Netherlands
175
94
Belgium
17
4
Spain
9,758
9,699
Portugal
234
160
1	 The figure of over 75,000 team members is a 
representative estimate for the reported period. 
This number may fluctuate due to various 
factors, such as seasonal hiring for temporary 
needs and transitions between temporary and 
permanent hiring structures.
2	 The hiring of individuals aged 16 and 17 in 
Argentina is endorsed by law no. 20,744 relating 
to the Employment Contract Regime: 
Art. 32. - Capacity. Individuals aged eighteen (18) 
and above are eligible to enter into employment 
contracts. 
Individuals aged sixteen (16) to eighteen (18) 
can enter into a work contract with the consent 
of their parents, guardians, or tutors. This 
authorization is presumed when the adolescent 
lives independently from their parents..
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EUROPE
EUROPE
MEXICO
MEXICO
SOUTH AMERICA
SOUTH AMERICA
Alsea Global Workdays
Team members by age range, region and percentage
9,829
8,376
20,364
22,320
Reduced 
worktime
Reduced 
worktime
Full time
Full time
Women
Men
Full time
3,320
3,010
Reduced worktime
825
320
Full time
13,697
16,279
Reduced worktime
4,715
4,443
Full time
3,347
3,031
Reduced worktime
4,288
3,613
Women
Men
Alsea Global
Alsea por Región
GRI 405-1
 
Women
Men
<18
0
1
18-20
1,842
1,688
21-29
4,633
4,646
30-39
2,102 
2,088
40-49
1,220
1,513
50-59
652
794
>60
163
140
<18
62
45
18-20
2,642
2,292
21-29
10,573
8,600
30-39
4,280
3,574
40-49
2,044
2,250
50-59
872
1,429
>60
247
222
<18
15
9
18-20
912
988
21-29
3,828
4,829
30-39
1,379
1,505
40-49
352
359
50-59
123
106
>60
35
22
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Talent attraction and retention
GRI 401-1, FB-RN-310A.1., FB-RN-310A.2
SASB FB-RN-310A.1 
New hires 
Turnover rate 
At Alsea, our growth translates into 
new opportunities to bring in talented 
individuals to our team in Mexico, Europe, 
and South America. As a leading company 
in the industry, we implement practices 
that ensure effective hiring and committed 
teams, ensuring that every person who 
joins our team finds a space to grow and 
contribute. 
In 2024, we made 46,225 new hires, 
demonstrating our commitment to finding 
the best talent. 
This year, we promoted 7,847 team members 
across all regions, demonstrating our 
career plan’s commitment to fostering the 
professional growth of our talent.
In 2024, the average cost of hiring a full-
time team member was equivalent to 
$5,845.43 Mexican pesos globally.
When people feel valued, they stay. At 
Alsea, we strive to create an environment 
where our team members feel empowered 
to shape their own future. We aim to build 
a stable and committed team, which in turn 
leads to increased productivity, improved 
customer service, and a more positive work 
environment. 
We closely monitor our turnover rate to 
identify areas for improvement in talent 
management, optimize associated costs, 
and ensure continuity in the experience we 
provide to our customers.
Women
Men
Total
EUROPE
7,907
9,144
17,051
MEXICO
9,820
14,260
24,080
SOUTH AMERICA
2,373
2,721
5,094
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We understand that job stability is a crucial 
factor for our team members and their 
families. In countries with unstable market 
conditions, we take steps to minimize 
turnover. In Colombia, our Support Center 
has enabled us to develop strategies to 
reduce early turnover, thereby preventing 
the departure of team members with less 
than a year of service. 
Thanks to these actions, we achieved a 
30 percentage point reduction in early 
turnover in the Colombia Support Center. 
This result is a source of satisfaction for 
us, as it demonstrates our commitment 
to creating a stable and attractive work 
environment.
SIGNIFICANT OUTCOMES
We improved the efficiency of 
the Support Center through 
more stable teams, optimizing 
productivity and service 
quality.
We strengthened 
the employer brand, 
consolidating a positive 
image of the company as an 
attractive place to work.
We understand that people stay where 
they feel valued. That is why, beyond the 
numbers, we continue to work on creating 
an environment that fosters trust, purpose 
and growth for all Alsea teams, regardless 
of their location.
In 2024, we achieved the lowest 
global turnover rate in the 
past 10 years, 59.8%*, which 
reinforces job stability across all 
our markets.
*Of this rate, 78% was voluntary, while 22% was involuntary.
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The ECO survey’s success:  
The power of global communication
At Alsea, we believe that transparency 
and collaboration are key to further 
improvement. That’s why we conducted 
the ECO Global Engagement Survey, a 
crucial tool for listening to our team, 
understanding their needs, and continuing 
to build a positive and motivating work 
environment together. Without a doubt, 
it is a key tool that allows us to measure 
and improve our commitment to our team 
members. 
We have therefore implemented a systematic process 
of analysis and action based on the results of our ECO 
survey, which are:
A global analysis of the results is 
conducted to identify trends and areas 
for improvement at a general level.
The results are then shared with each 
business unit (brands and core areas) for 
a more specific and focused analysis.
Next, the results are 
broken down by region 
to gain a deeper 
understanding of the 
unique characteristics 
and needs of each 
geographic area.
Finally, each business 
unit, with the support 
of management, defines 
concrete action plans to 
address the identified 
areas for improvement.
Identification of 
action plans
Global 
analysis
Analysis by 
business units
Regional 
analysis
96% of our team members 
took part in the Global 
Engagement Survey (ECO), 
which resulted in a score of 
4.19 out of 5.
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Through this transparent and collaborative 
approach, we aim to create a better 
workplace where our team members’ 
voices are heard and have a real impact on 
decision-making.
Value-creating strategies
We conduct onboarding surveys at 30 and 60 days to 
gain first-hand insights into the experience of our new 
team members and enhance every touchpoint along their 
journey within Alsea.
We have also developed a staffing matrix that helps us 
optimize staff allocation in our restaurants, ensuring each 
team has the right talent in the right place at the right time.
Gain a holistic view of the company.
Encourage collaboration at all levels 
of the organization.
Implement specific action plans 
tailored to the needs of each area.
Thanks to the implementation of the ECO 
survey, we now can:
Beyond the work environment, 
we measure the team member’s 
experience, which is the 
heartbeat of our commitment.
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2.5 million
Total training hours
269.6
Average hours for women 
289.3
Average hours for men 
Education and training
GRI 3-3, 404-1, 404-2, 404-3 
MATERIAL TOPIC
We foster a strong sense of 
belonging and commitment, 
as we recognize the crucial 
role our team members play 
in exceeding our customers’ 
expectations. By fostering 
their growth and education, 
we empower them to lead with 
passion and build a stronger, 
more responsible future 
together.
We empower our team members with 
training in the values and competencies 
that define the Alsea profile, providing 
them with learning opportunities for their 
professional growth.
$18,003,343 MXN
Investment in training
Therefore, we are committed to:
Engaging with the 
best talent
Making culture 
a competitive 
advantage
Creating teams
Being the 
highest paying 
employer in the 
industry
Training leaders 
with a human 
sense
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Alsea College
At Alsea, we believe that our people’s 
growth is the key to our long-term success. 
That is why we have created Alsea 
College, an innovative and accessible 
online learning platform that drives long-
term growth and empowers our team 
members with the tools they need to grow 
professionally and reach their full potential.
What makes Alsea College so special?
The platform is available anytime, anywhere, enabling 
our team members to learn at their own pace and from 
any device.
We offer a wide range of courses, from technical skills 
specific to each brand to training on crucial topics like 
data privacy. 
Each team member can access the courses that best suit 
their needs and objectives.
It is a collaborative platform that brings together all our 
brands and regions in one convenient location. Everyone 
has their own custom space! This fosters synergy and 
knowledge sharing between our teams.
It is flexible and accessible
It allows for tailored learning
It offers universal accessibility
Alsea College is more than a learning 
platform; it is an investment in our future. 
By empowering our team members with 
the skills and knowledge needed to tackle 
tomorrow’s challenges, we are building a 
stronger, more resilient, and sustainable 
company.
Owner Manager 
Program
In this program, we offer both a finance 
course and a leadership simulator course, 
both with a human approach. These spaces 
were designed to foster the growth of 
present, committed leaders who empower 
their teams and care for the business.
With 1,792 participants and 
a 94% completion rate, our 
ongoing training program at 
Alsea College showcases Alsea’s 
dedication to fostering our team 
members’ growth.
During 2024, in the regions of 
Mexico and South America, 
3,537 team members were 
trained through the Owner 
Manager Program.
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Europe
We understand that talent drives the 
future, which is why we foster personal 
development through initiatives that 
empower leadership, promote continuous 
learning, and harness technology as a 
collaborative growth tool.
Our major accomplishments in 2024 were: 
	• Harnessing artificial intelligence to 
attract talent. Thanks to our recruitment 
Chat Bot, anyone interested in joining 
our brands can apply in a quick, easy, and 
personalized way, making the process an 
accessible experience from the very first 
click.
	• In terms of leadership, we continue 
to strengthen our capabilities with the 
ILA and HACER-HACER programs, which 
provide essential tools and training 
to leaders at all levels. Through the 
Leadership Classroom and anonymous 
evaluations, we foster a culture of 
inspiration, collaboration, and team 
development.
	• We are proud to highlight our operational 
teams’ university certification in 
Restaurant Management, the language 
courses for the Support Center, and, 
of course, our greatest achievement in 
2024: the launch of our pilot Mentoring 
program. This initiative connects 
experienced professionals with promising 
young talent within Alsea, fostering 
continuous learning and the transmission 
of our culture. With 22 participants, this 
program will continue until October 
2025, offering personalized sessions 
that enhance skills, reinforce our values, 
and foster professional growth. We 
offer tailored programs to tackle the 
challenges of today and tomorrow.
	• To provide closer support to those 
who are part of the Support Center, we 
created the Human Resources Business 
Partner (HRBP) area, a new department 
dedicated exclusively to people. This 
team is dedicated to facilitating internal 
communication, providing personalized 
follow-up to each team member, and 
reinforcing support from the onboarding 
process. Its strategic role enables us 
to identify areas for improvement and 
support leaders in developing their 
teams, ensuring we all move in the same 
direction.
	• Our commitment to personal and 
professional growth was recognized 
during the year with two awards that fill 
us with pride: Diversity Leading Company 
2024, for Teams and Talent, and Hot 
Concept 2024 for sustainability and CSR 
for our Aperturas con Causa project.
At Alsea, supporting our people, 
developing leaders, and creating 
opportunities are all part of 
building a sustainable future.
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Mexico
We believe that growth begins within. We 
are committed to fostering the professional 
and personal growth of each team member, 
integrating innovative tools, educational 
experiences, and constant support from 
day one.
One of our greatest achievements in 2024 
was the strengthening of our Learning 
Path, which guides each person in their 
development from the moment they join 
Alsea. 
This model, as outlined in our Training Grid, 
is comprised of three main stages:
Stage 1: 
Purposeful  
onboarding
Through activities such as welcome 
breakfasts, brand visits, and 
induction sessions, we create a 
warm, engaging, and value-aligned 
initial approach.
Stage 2: 
Training in key 
competencies
Our offerings range from courses 
on ethics, human rights, data 
protection, and anti-corruption to 
self-learning programs focused on 
leadership, technical skills, and 
well-being. Each team member can 
choose their training path through a 
credit system, adapted to their role 
and needs.
Stage 3: 
Well-being for  
productivity
We offer optional courses to 
enhance mental, financial, and 
emotional well-being, fostering a 
healthier and more sustainable 
environment for all.
This comprehensive approach enabled 
us to achieve 1.9 million hours of 
training in 2024, with an average of 166 
hours per team member, significantly 
surpassing industry standards.
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We also continued to develop the 
Leaders Circle, a program that provides 
our managers with tools and spaces for 
dialogue to lead with purpose. After its 
launch in Monterrey and Guadalajara, 
we achieved 99% coverage in the 
participating regions. Our leaders honed 
key skills, including reducing turnover, 
filling vacancies in under eight days, and 
managing more stable teams.
Technology has been a powerful ally in 
enhancing the experience of those who 
join Alsea. We implemented a predictive 
profiling pilot program, which has enabled 
us to optimize our hiring decisions, 
streamline selection times and improve the 
candidate experience.
Additionally, we fostered a culture of 
continuous learning through partnerships 
with institutions such as Escuela 
Bancaria Comercial (EBC), Universidad 
Iberoamericana, and Tecnológico de 
Monterrey. This year, we surpassed one 
million credits accumulated by our teams, 
reflecting a genuine commitment to 
development at all levels. This was made 
possible by our diverse, flexible, and 
personalized training offerings.
South America
At Alsea in South America, we seek to 
develop talent with innovative tools, 
flexible training programs, and spaces that 
celebrate our culture. 
Throughout 2024, we took decisive steps 
to establish a work environment that 
inspires, connects, and empowers every 
individual who contributes to our history. 
We accomplished this through the following 
notable initiatives: 
	• Launch of the Meta platform, a 
digital tool that revolutionizes talent 
management. This platform empowers 
our team members, fosters meaningful 
development conversations between 
leaders and their teams, and centralizes 
all necessary information to track goals, 
individual plans, and achievements. It 
also improves efficiency by digitalizing 
processes, enabling us to focus on what 
really matters: the growth of our people.
	• Evolution of Cosmos Learning, a 
comprehensive training program 
operating in Argentina, Chile, Uruguay and 
Paraguay. Team members can choose the 
topics and formats that best suit their 
interests, from courses and podcasts to 
TED talks and scholarships for university 
studies, through personalized, flexible 
learning paths tailored to each area. In 
2024, we promoted special programs in 
innovation and agile methodologies, 
aligned with potential and leadership 
assessments, to strengthen the skills 
needed to tackle the challenges of today 
and tomorrow.
	• A personal and innovative approach 
through the Conversaciones con Sabor 
podcast, led by Culture and internal 
communications, inspired by sharing 
experiences, strengthening values, and 
continuing to learn together. This initiative 
has significantly boosted commitment, 
strengthened the Alsea culture, and 
fostered the growth of our leaders.
At Alsea in South America, we are driven by a purposeful 
growth that involves building learning experiences, 
fostering innovation, and celebrating our identity.
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Talent management cycle 
GRI 404-3 
Leadership is about inspiring, and at Alsea, 
we understand that it is built through 
vision, action, and continuous learning. 
That is why we rely on the Alsea Leadership 
Index (Índice de Liderazgo Alsea, ILA), a 
key tool to strengthen talent and empower 
those who drive our culture. 
With this model, we support our teams as 
they grow, ensuring that each leader has 
the tools to lead, motivate, and make a 
difference.
The ILA is more than just an assessment; 
it is a compass that guides individual 
development, empowering each leader to 
harness their strengths and address areas 
for improvement. In this way, we build a 
conscious, empathetic, and growth-oriented 
leadership, which serves as the foundation 
for Alsea’s sustainability.
7,768
Men
7,946
Women
Team members assessed for performance in 2024
Among Alsea’s over 75,000 employees,  
15,714 (approximately 21%) were assessed  
for performance in 2024.
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Diversity, equity  
and inclusion
GRI 405-1, COP PRINCIPLE 6 ON DIVERSITY, EQUITY AND INCLUSION
3-3 MATERIAL TOPIC
Being an inclusive company is more than 
just a statement; it is a daily commitment. At 
Alsea, we strive to empower every individual 
with the opportunity to grow, regardless 
of their background or circumstances. 
Diversity, equity, and inclusion are not just 
empty words; they are the values that drive 
our actions and decisions. Our Diversity and 
Inclusion Policy (Diversidad e Inclusión, 
DEI) sets out the principles that guide us in 
promoting equal employment opportunities, 
non-discrimination and the inclusion of 
priority groups.
12 countries, infinite flavors: Diversity and 
multiculturalism are the key ingredients 
that drive our company.
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Team members who are part  
of priority care groups
829
461
2,404
We appreciate the value and 
experience that senior individuals 
bring to our company. Therefore, 
we are committed to fostering 
initiatives that integrate them 
into our teams, offering job 
opportunities tailored to their 
needs and abilities.
We firmly believe that diversity 
enriches our teams and that the 
right to work is an inalienable 
human right. That is why we go 
beyond physical, social, or mental 
limitations or abilities, focusing on 
the talent, skills, and potential of 
each individual.
Through our inclusion programs 
for people in refugee situations, 
we provide a safe working space 
and support for their integration 
into a new environment.
We also believe in the potential 
of young talent, fostering 
opportunities for development 
and professional growth for the 
next generation.
We are proud to be among the top workplaces for young 
professionals in South America. We have made it to the Top 
3 in Chile as a top-tier company for interns and the Top 19 in 
Argentina for young professionals.
In Argentina, Chile, Uruguay, and Paraguay, we are committed 
to fostering diversity and inclusion through training, 
including the launch of the Generación BK program, which 
aims to enhance the employability of senior adults.
Individuals over  
the age of 60 
Individuals with some 
type of disability
Individuals in refugee situations 
and young people facing 
vulnerable circumstances 
In 2024, Alsea significantly 
increased the number of 
priority care group team 
members to 3,694, surpassing 
the previous year’s 1,999.
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Gender equity: A social commitment
GRI 405-1
At Alsea, gender equality is not just an ideal; 
it is part of our daily lives. We recognize 
that barriers still exist, limiting professional 
development opportunities for women 
worldwide. This is why we are committed to 
breaking them down from within.
Our Diversity and Inclusion Committee is at 
the heart of many of our actions. Through 
workshops with leaders and team members, we 
foster a culture of inclusion, equity, and respect. 
In 2024, over 400 individuals participated in 
sessions on gender diversity, unconscious 
biases, and safe work environments, with a 
satisfaction rating of over 95%. 
Commitment and stance: our Diversity and 
Inclusion Policy sets the tone. For instance, in 
our selection processes, we strive to ensure 
that at least one woman is represented in each 
finalist trio. Because creating space also means 
creating opportunities.
Organizational infrastructure: We have 
protocols in place to prevent and respond to 
harassment and violence. In 2024, we received 
and addressed five cases of sexual harassment, 
which were thoroughly investigated with 
utmost commitment. We also offer flexible 
work schedules, and in Europe, we made 
progress in negotiating an Equality Plan that 
integrates prevention measures, disciplinary 
follow-up, and complaint management 
alongside Compliance and the Occupational 
Health, Safety, and Well-being department.
Behavior: We empower leaders and team 
members to recognize and eliminate 
unconscious biases, as fostering an inclusive 
culture requires both awareness and practice. 
Leadership development: We celebrate that 
our three brands in Colombia are led by 
women. We have organized the Sabores del 
Empoderamiento panel, featuring female 
voices from South America, and created spaces 
like Voces que inspiran every March 8th, where 
our leaders share their stories and inspire 
more women to take the helm. 
Key metrics: Today, 27.6% of our management 
positions are held by women. This data is not 
a coincidence but rather the result of constant 
efforts to promote talent without labels. And 
yes, there is still a long way to go, but we are 
making steady progress with the conviction 
that opportunities should be accessible to 
everyone.
At Alsea, we believe that 
talent knows no gender, 
but it does have many ways 
to shine, and we want to 
ensure that everyone has 
the space to do so.
On the other hand, we moved forward with a strategy 
focusing on five key dimensions, helping us stay on course 
and keep pace:
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Workplace well-being:  
When our people are thriving, 
everything flows better
GRI 401-3, 403-6 
3-3 MATERIAL TOPIC
We strive to ensure that every Team member feels good, 
motivated, and supported through a variety of initiatives, 
including mental health initiatives, medical check-ups, 
family coexistence programs, flexibility, and self-care. As 
part of our commitment, we guarantee paid parental leave 
for all Alsea team members, regardless of their gender 
or location, enabling them to be present during the most 
important moments.
At Alsea, we believe that caring 
for our people is not just a benefit, 
but a fundamental part of who 
we are. That is why we foster an 
environment where physical, 
emotional and family well-being is a 
priority. 
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Europe
In Europe, we strengthened our 
commitment to well-being from a holistic 
approach. We keep our Mental Health Plan 
in place, providing emotional support and 
psychological care. We conduct annual 
medical check-ups for all team members 
and reinforce occupational safety in 
factories through campaigns, informative 
materials and active breaks. 
During the DANA floods in Valencia, we 
launched a free emotional support service 
for our team members. This led to our 
recognition with the Healthy Company 
Certificate, reinforcing our global leadership 
in health and well-being.
Mexico
In Mexico, well-being is experienced with 
a sense of closeness and warmth. Through 
the Vive Alsea program and activities 
like Mini Alsea, we create spaces where 
our team members’ families can also 
participate. 
We offer flexible schedules, an additional 
day off, active breaks, and respected 
vacations. 
When it comes to health, we advocate 
for self-care campaigns and promote 
a balanced personal and professional 
life. Additionally, initiatives like Día de 
Vacaciones and Mini Alsea help us foster 
sustainable values from an early age and 
strengthen a sense of belonging.
South America
In South America, we believe in holistic 
well-being, encompassing the body, mind, 
and community. We offer ultrasounds, 
massages, nutritional consultations, and 
yoga classes, as well as blood donation 
days and community events like Kids Day. 
The Alsea al Máximo platform offers a 
range of benefits and discounts, while the 
Viernes Flex programs and the monthly day 
off for managers provide opportunities for 
disconnection and rest. We actively monitor 
well-being indicators and consistently 
provide training on healthy habits, fostering 
a positive and productive environment.
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Paid parental leave
Dignified Income
Throughout 2024, 1,731 team members took advantage 
of our parental leave program, demonstrating our 
commitment to family co-responsibility and equity.
GRI 401-3
GRI 202-1, GRI 401-2
32.2%
Men
67.8%
Women
Furthermore, 90% of women and 96% of men returned to 
their positions after the leave, confirming that, at Alsea, it is 
possible to grow professionally while still being present in 
the moments that matter.
Through our Human Rights Code, we 
consider salary as a fundamental right 
applicable to all our team members. To 
ensure compliance, we adhere to the legal 
requirements of each country, as well as 
the international minimum standards that 
guarantee a decent income.
Furthermore, our policies and best practices 
prohibit any action that undermines the 
dignity of team members, fostering a fair 
and equitable work environment.
At Alsea we guarantee fair and 
dignified salaries, exceeding the 
legal minimums in every country 
we operate in.
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To ensure a living wage for all our team 
members, we monitor income levels monthly 
and develop a comprehensive, equitable, and 
sustainable compensation strategy.
The main components of this strategy are:
Legal compliance and 
market standards: 
We ensure that all 
salaries align with 
current legislation and 
remain competitive 
through regular market 
analysis.
Additional benefits and 
personal development: 
We expanded the 
coverage of well-
being programs such 
as bonuses, training, 
personal development 
and flexible work 
arrangements.
Salary reviews and 
internal equity: We 
conduct annual salary 
reviews to adjust 
compensation based 
on performance, 
productivity, and the 
economic context.
Performance-based 
compensation model: 
We implement variable 
incentives that are 
linked to individual 
and collective results 
and performance.
Collective bargaining 
and ongoing dialogue: 
We promote fair 
agreements with 
unions and labor 
representatives to 
strengthen sustainable 
labor relations.
These efforts help establish 
a culture of fair recognition, 
reinforcing Alsea’s 
dedication to the economic 
and social growth of its team 
members.
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Right to free association 
GRI 407-1, GRI 2-30, COP: PRINCIPLE 3 
ON RIGHT TO FREEDOM OF ASSOCIATION
At Alsea, respect for labor rights is a 
fundamental part of our culture. Freedom of 
association and collective bargaining are not 
only guaranteed, but actively promoted as key 
tools for building trust-based, dialogue-driven, 
and co-responsible labor relations.
We have been committed to this for many 
years, and in 2024, we reinforced our stance 
with a regional scope that showcases our 
efforts:
In South America, specific actions have 
been taken to address this topic, including:
	• Training sessions for leaders and teams, 
focusing on labor rights and equity.
	• Establishing open and effective 
communication channels between the 
company, unions, and team members.
	• Actively fostering a respectful, inclusive, 
and dialogue-friendly work environment.
Furthermore, we have set specific goals 
to ensure compliance with international 
standards on freedom of association, 
including continuous monitoring and 
effective implementation of social dialogue 
policies.
At Alsea, we believe that growing together 
means listening to each other, engaging 
in dialogue, and respecting collective 
decisions. We firmly believe that a strong 
organization is built on people who feel 
valued, protected, and free to express 
themselves.
73%
Mexico
South America
100%
Europe
80%
Argentina
26%
Chile
2.2%
Colombia
Alsea’s policies, channels, and mechanisms 
that promote freedom of association are 
integrated across all regions. We foster work 
environments that respect the collective 
voice, listen to teams, and create safe spaces 
for the full exercise of labor rights. We also 
continuously train leaders and team members 
on these topics, fostering knowledge and 
shared responsibility.
51,690 of our team 
members are covered by 
a collective agreement.
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Occupational safety and well-being
At Alsea, the safety and well-being of our 
people are our top priority. We understand 
that behind every meal served, every coffee 
brewed, and every experience delivered, 
there are dedicated individuals who 
deserve to work in a safe, healthy, and 
dignified environment. 
Cross-cutting strategies
Throughout all our operations, we share a common 
commitment: to ensure that every individual can carry out 
their work with peace of mind, confidence, and support. 
Here are some of our shared strategies:
	• Corporate Health, Safety and Well-being Policy, in force 
in all countries.
	• Management systems focused on continuous 
improvement and risk prevention.
	• Ongoing training, team involvement, and consultation on 
safety conditions.
	• Open channels for reporting incidents or making 
suggestions, with timely follow-up.
	• Investigating accidents and implementing corrective 
measures to prevent recurrences.
These actions enable us to maintain a regional and global 
approach, prioritizing well-being from operational to 
strategic levels.
In 2024, the following results stand out: 
That is why we foster a culture of care 
across all our regions through management 
systems, prevention campaigns, continuous 
training, and concrete actions.
53,137 
individuals have been 
trained in accident 
prevention
1,130 
health and safety audits 
were conducted
6,501 
accidents recorded
1,560 
risk-based preventive 
visits
348,679 
work hours lost due to 
injuries
GRI 403-2, 403-4, 403-5, 403-6, 403-7, 404-8, 404-9
3-3 MATERIAL TOPIC
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Europe
Mexico
We continue to foster a preventive culture rooted 
in knowledge and anticipation. In 2024, we 
conducted 206 preventive visits, optimized our 
factory safety plans, and launched campaigns at 
Alsea College to promote active breaks, warm-
ups, and self-care. 
Additionally, we expanded our Occupational 
Risk Prevention Library, reinforced continuous 
training, and conducted awareness campaigns to 
foster safe habits at all levels. 
Since 2019, Mexico has had the Alsea Emergency 
Attention Center (Centro de Atención a 
Emergencias Alsea, CAEA), a 24-hour attention 
system for health incidents or work-related 
accidents. This model offers ambulance 
transportation, family notification, and 
immediate emergency response. In 2024, 2,139 
accidents were recorded in the Mexico region, 
prompting us to continue advancing towards our 
goal of zero accidents. 
We also have prevention and early warning 
campaigns in all our work centers, and we strive 
to minimize risks through accident investigations, 
continuous training, and efficient reporting. 
Our brands operate autonomously in security 
management, while the Support Center promotes 
the standardization of best practices for:
	• Optimizing risk management.
	• Strengthening team building.
	• Unifying the safety culture across the country.
In this region, we have established a comprehensive 
approach to safety and hygiene, adhering to the 
applicable regulations of each country and implementing 
Alsea’s best practices. Thanks to this combination, we 
have achieved great results: we conducted 948 safety 
audits and trained 18,174 team members through first aid, 
fire extinguisher use, and active breaks courses. We also 
held monthly talks with our store leaders, enabling them 
to share their expertise on risk prevention, accidents, and 
occupational diseases with their teams.
We celebrated Safety Day and strengthened the 
Líderes de Ambientes Seguros y Saludables (Leaders 
of Safe and Healthy Environments) program in 
Colombia. We also developed a computer system 
with geolocalized protocols and e-learning tailored to 
specific brands and roles. 
We also conducted thorough investigations into 
workplace accidents in our stores, ensuring we can 
mitigate and prevent future incidents. Every month, 
we share performance reports with brand leaders to 
ensure continuous improvement, transparency, and 
access to information.
In our stores, we have a public and accessible system 
to provide essential safety information, including 
emergency contacts and protocols for handling 
accidents, disasters, or thefts.
South America 
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At Alsea, we recognize that we have the 
best talent, one that is diverse, inclusive, 
and truly unique. That is why we take 
care of it and strive to ensure it is always 
aligned with our purpose. We will remain 
committed to the professional and 
personal development of all our teams by 
promoting innovative training programs 
such as Alsea College and the Owner 
Manager program. 
We will continue to train our leaders to 
develop their professional and personal 
skills, enabling them to inspire and 
empower their teams with an inclusive 
perspective.
Where we are headed 
with our Alsea team
Alsea is also known as a company that 
genuinely cares about the well-being of 
its team members, offering mental health 
programs, medical check-ups, flexible work 
schedules, and paid parental leave. We will 
continue to foster an environment where 
our team members feel motivated and 
supported.
Finally, we recognize that the safety of 
our team members is a top priority. We 
will continue to implement management 
systems, prevention campaigns, and 
continuous training to ensure a safe and 
healthy work environment for all.
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In line with international principles and our internal 
policies, we promote a fair, inclusive and safe working 
environment for our team members, suppliers and 
communities. 
Human Rights
We envision a world where respect and inclusion are the 
foundation of every decision. Our internal policies ensure that 
human rights are at the core of our actions.
We develop policies that align with Alsea’s objectives while 
committing to respect and promote our stakeholders’ human 
rights, including:
Global Human Rights Policy
Code of Ethics
Diversity and Inclusion Policy
Supplier Code of Conduct
Privacy Notice 
Corporate Health, Safety and Well-being Policy
In Mexico and South America, our Línea 
Correcta hotline is always accessible to all 
of our stakeholders. This tool, managed by 
a third party, enables users to report any 
irregularities that violate our policies and 
commitments, potentially impacting the 
exercise of human rights.
Our principles 
Línea Correcta
GRI 2-23, 2-24, COP: PRINCIPLES 1, 2, 4 ON HUMAN RIGHTS
3-3 MATERIAL TOPIC
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At Alsea, we prioritize well-being and safety above 
all else. When our team feels protected and 
valued, they will give their best. That is why we 
have fostered an environment where our Team 
members’ individual and collective rights are not 
only respected but also strengthened every day.
	•
A fair salary.
	•
Collective bargaining.
	•
Social security.
	•
Working day.
	•
Equality and non-discrimination.
	•
Paid holidays. 
	•
Maternity and/or paternity leave.
We implement programs for care and well-being, 
including:
	•
Owner Manager Program
	•
Partnerships with universities
	•
Alsea College
We are committed to fostering the holistic 
development of our top Alsea talent.
Every dish we serve embodies our unwavering 
commitment to quality, safety, and security. We 
understand that excellent service begins with 
trust and caring for our clients’ health.
	•
Data protection.
	•
Access to information.
We proudly present our platforms and initiatives 
for technological innovation, including: 
	•
Loyalty programs
	•
Delivery and takeaway at Club By
	•
Digital Kiosks
We empower our customers, enabling them to 
directly exercise their rights of participation 
and consumption.
Through the Supplier Code of Conduct, we demand 
respect for human rights and the guarantee of 
decent and adequate working conditions for our 
suppliers’ team members. 
We also ensure that our suppliers comply with 
current labor regulations, including fair pay, social 
benefits, and system affiliation. 
	•
Prohibition of forced labor.
	•
Prohibition of child labor.
	•
Freedom of association.
	•
Prohibition of discrimination.
We foster transparent and bribery-free business 
practices with our suppliers.
Through our Responsible Origin strategy, we strive 
to partner with suppliers who hold GFSI (Global 
Food Safety Initiative) certification. 
Beyond restaurants, we make a real impact. We 
develop programs and build partnerships to 
strengthen the well-being of communities through 
our lines of action:
	•
Food
	•
Education and Employability
	•
Disaster relief support
	•
Water
	•
Development.
	•
Quality of life.
	•
Education.
	•
Personal integrity.
	•
Work.
Programs like:
	•
Movimiento Va por mi Cuenta
	•
Integra Program
	•
Producto con causa
	•
Premio Alsea 
We lead projects and initiatives that have a 
significant positive impact on present and 
future societies.
We foster an equitable, inclusive, and safe environment through actions such as 
mandatory training, prevention protocols, and active reporting channels, all guided 
by our values and mutual respect.
For each stakeholder, we have different actions and specific measures:
HUMAN RIGHTS
TEAM MEMBERS
CUSTOMERS
SUPPLIERS
COMMUNITY
Regulatory compliance 
Alsea Best Practices
We uphold the laws that safeguard the rights of our stakeholders in the areas where we operate, ensuring their rights are respected, including:
We have robust programs that reinforce our legal obligations to our stakeholders, enabling us to respect and 
promote human rights throughout our value chain.
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PROHIBITION  
OF CHILD LABOR
HUMAN RIGHTS TRAINING 
GRI 408-1, COP PRINCIPLE 5  
ON PROHIBITION OF CHILD LABOR
Abordar la problemática sobre la 
prohibición del trabajo infantil es un 
compromiso importante para Alsea. 
Nuestra contribución en la lucha contra el 
trabajo infantil consiste en el cumplimiento 
normativo de todos los países donde 
operamos.
Además, contamos con nuestro Código 
Ético, Código de Proveedores y nuestra 
Política Global de Derechos Humanos 
en donde prohibimos expresamente la 
contratación infantil. Con ello, contribuimos 
al cuidado y el interés superior del menor 
en todas las regiones donde operamos.
Understanding our rights is the first step in 
safeguarding them and, most importantly, 
preventing risks. At Alsea, we prioritize 
human rights training as a key tool to foster 
respect, inclusion, and well-being in all our 
spaces. 
Furthermore, we foster a culture that values 
our principles, such as human dignity, 
equality, and inclusion, among others:
Hours of human rights  
training by region
Casos presentados durante 2024 
255 
57
Europe 
149
Mexico 
49 
South America
0
Europe 
38
Mexico 
0 
South America
hours of 
training
FOLLOW-UP ON HUMAN 
RIGHTS CASES
GRI 407-1, 408-1, 409-1, 411-1 
At Alsea, respect for human rights is a 
fundamental part of who we are. We 
meticulously follow up on every complaint 
to ensure fair, safe, and value-aligned 
spaces. For us, listening and acting is a 
fundamental part of our daily commitment 
to our people. 
Throughout 2024, we trained 
18,103 team members on human 
rights matters.
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Growing together is not just a motto: it is how we 
understand our commitment to those we work with, 
those around us, and the world we strive to build. We 
aim to transform lives from within through our impact, 
with programs that foster education, employability, 
inclusion, and human development.
Community development
GRI 413-1  SDG 2 TARGETS 2.1, 2.2, SDG 4 TARGET 4.4, SDG 6 TARGET 6.B. 
3-3  MATERIAL TOPIC
Connecting  
with people
2024 was a year that reaffirmed what has 
driven us at Alsea from the start: creating 
shared value by nurturing and empowering 
communities. We surpassed our goals and 
amplified our impact through the ability of our 
initiatives to listen, adapt, and act. At every 
Alsea restaurant, office, and brand, we connect 
with people and what truly matters.
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How do we foster the growth  
of our communities?
We believe that social 
transformation is built 
on a daily basis, through 
consistent and sustainable 
actions. That is why we 
focus our efforts on four 
strategic areas that reflect 
what matters most to 
us: food, education and 
employability, access to 
water, and emergency 
response.
We fight against food 
insecurity. 
A good diet is the 
foundation of personal 
development, which is 
why we strive to ensure 
food security for those 
in vulnerable situations, 
considering aspects such as:
•	 Food access.
•	 Food availability.
•	 Food use.
•	 Food stability.
We recognize access to 
safe drinking water as 
a fundamental human 
right. That is why, in 
collaboration with 
strategic partners, we 
are driving projects that 
improve access, promote 
sanitation, and encourage 
responsible use of 
resources in vulnerable 
communities across 
Mexico and South America.
We manage actions 
focused on responding 
to and recovering from 
emergencies, whether 
they arise from natural 
phenomena or public 
health crises, providing 
assistance to affected 
communities through 
humanitarian aid.
At Alsea, we believe in 
the power of opportunity. 
That is why we promote 
education and training 
programs for children, 
young people and adults.
We empower individuals 
with essential skills for 
employment, emphasizing 
social inclusion and 
access to economic 
opportunities. We are also 
a major employer in the 
countries we operate in, 
providing thousands of 
young people with their 
first work experience.
6
17
11
17
2
17
ODS
4
8
17
Food
Education and 
employability 
Water
Disaster and 
emergency  
support 
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Social initiatives  
in each region 
At Alsea, we understand that each 
community has its own history, pace, and 
needs. That is why, in each region, we 
prioritize our social actions based on what 
really matters to the people around us. This 
close relationship enables us to develop more 
effective and humane responses, tailored to 
the unique circumstances of each context 
where Alsea operates. 
Europe
Mexico
South America
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For 20 years, we have been proving that 
happiness can be found beyond the 
restaurant walls. Our company not only 
provides delicious food for everyone but 
also educates, creates opportunities, and 
supports individuals and communities 
in vulnerable situations. Thanks to the 
purpose we share at Alsea and our 
collaborative efforts with allies, team 
members, and brands, we have left a lasting 
impression that transcends the immediate 
and becomes a legacy of real impact, 
transforming lives and strengthening 
communities.
In 2024, we celebrated two decades 
of social commitment, convinced that 
transformation is not a matter of luck but of 
constant effort, empathy and collaboration. 
Although we have come a long way, we 
still have a lot to do, more communities 
to support, more talents to empower, and 
many more stories to transform.
FUNDACIÓN ALSEA
Mexico
Since 2004, our Fundación Alsea 
has been on a clear mission: to 
bring happiness to vulnerable 
individuals and communities through 
sustainable social investment, 
fostering food security, education, and 
employability.
In 2024, we allocated over $93 
million pesos to social investment 
projects, benefiting 1.4 million 
people in Mexico.
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Creating genuine  
social impact
Being accountable  
and transparent
We have established ourselves as 
a benchmark for other regions, 
driving the creation of standardized 
strategies.
Our financial statements are 
audited by a third party, ensuring 
transparency in resource 
management.
At Fundación Alsea, we don’t just talk about commitment; 
we embody it every day with transparency, strategy, and a 
deep sense of purpose. We work tirelessly to support those 
who need it most.
To achieve this, we consider the following aspects:
Making strategic alliances of value
In 2024, we successfully supported over 30 civil society organizations:
Asociación Alimento Para Todos, I.A.P.
Fundación Amparo, I.A.P.
Asociación Mexicana de Bancos de Alimentos, A.C. (BAMX)
Fundación John Langdon Down, A.C.
Bécalos
Fundación Marisa 
Centro Comunitario Santa Fe, A.C.
Gastromotiva México, A.C.
Centro Mexicano para la Filantropía, A.C.
Huellas de Pan, A.C.
Club de Niños y Niñas de México, A.C.
Mano Amiga de Chalco
Comedor Santa María, A.C.
Pro Mujer México Apoyo, A.C.
Consejo de la Comunicación, A.C.
Red del Pacto Mundial de y en México, A.C.
Conservatorio de la Cultura Gastronómica, S.C.
Restauración, Salud y Prosperidad, A.C. (Por un Hogar)
Construyendo Comunidades Integrales, A.C.
Save The Children México, A.C.
Exportadora de Café California, S.A. de C.V.
Servicio, Educación y Desarrollo a la Comunidad, I.A.P. (SEDAC)
Federación Mano Amiga, A.C.
Sistema DESEM, A.C.
Fundación Forge, A.C.
Universidad Anáhuac del Sur, S.C.
Fondo para la Paz, I.A.P.
Visión Mundial de México, A.C.
Fondo Unido, I.A.P.
Centro de Apoyo para la Familia Gabriela Figueroa Millan, A.C.
Formadores Mexicanos, A.C. (En Acción)
Through these alliances, 
we have successfully 
achieved common goals, 
benefiting vulnerable 
populations in Mexico.
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66.7%
14.3%
7.4%
Food
Community Development 
/ Todos Sembramos Café 
(TSC)*
Emergency Fund
$66,294,494.10 MXN
$14,169,488.46  MXN
$7,400,000.00  MXN
In 2024, Fundación Alsea allocated its donation 
expenditures and lines of action as follows:
Our resource allocation reflects our 
priorities. In 2024, we allocated over 66% of 
our investments to food projects, followed 
by community development and education 
and employability programs. This strategic 
allocation enables us to address urgent 
needs while maintaining a focus on long-
term development.
Action line donation
4.9%
0.4%
0.2%
Employability and 
Education
Citizen Participation
Associations
$4,877,220.00 MXN
$350,000.00 MXN
$185,000.00 MXN
$93,276,202 MXN
Total
100%
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In 2012, at Alsea, we set ourselves a great 
challenge: to fight food insecurity in 
Mexico. This is how Movimiento Va por mi 
Cuenta was born, an initiative supported 
by Fundación Alsea that has succeeded in 
transforming the lives of millions of people, 
providing them with access to a dignified 
and nutritious daily diet.
Thanks to the dedication and commitment 
of our brands, team members, customers, 
and strategic allies, we have made 
significant strides in fighting food 
insecurity in the country. Our mission is 
not just about serving food but also about 
nourishing lives. 
MOVIMIENTO  
VA POR MI CUENTA
Origin*
2023 (MXN)
2024 (MXN)
Producto con causa
$15,768,285.59
$18,546,211
Team members
$3,489,000.00
$5,076
Allies
$4,024,265.00
$8,119,496
Customers
$22,165,800.15
$25,173,656
Total
$45,447,350.74
$51,862,439
The campaign achieved 
a record-breaking 
fundraising of  
$51.8 million pesos, 
surpassing the 2023 
total by 14%.
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Va por mi Cuenta is made possible by a 
network of strategic partners who share our 
commitment to food security. They are the 
ones who operate and manage the spaces 
where nutritious food is offered, as well as 
educational and community programs that 
strengthen the overall well-being of the 
beneficiaries.
Among these allies are organizations such 
as Comedor Santa María, A.C.; Fondo para 
la Paz, I.A.P.; SEDAC (Servicio, Educación y 
Desarrollo a la Comunidad, I.A.P.); Por un 
Hogar (Restauración, Salud y Prosperidad, 
A.C.); Save the Children México, A.C.; Huellas 
de Pan, A.C.; Fundación John Langdon Down, 
A.C.; En Acción (Formadores Mexicanos, A.C.); 
BAMX (Asociación Mexicana de Bancos de 
Alimentos, A.C.), and Proyecto Roberto, I.A.P.
Thanks to its experience and fieldwork, Va 
por mi Cuenta has been able to expand its 
impact and address local realities more 
effectively, joining forces for a dignified, 
accessible, and sustainable food system.
Number of soup kitchens in 2024
34
soup kitchens in 
operation
During 2024, we funded the operation of  
34 soup kitchens, providing access to nutritious 
food to over 12,000 people living in food poverty. 
Through this action, we served over  
1,590,235 meals.
1,590,235
Comidas servidas
1
food center
5
community-based soup 
kitchens
10
urban soup kitchens
5
school canteens
13
temporary food centers
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In 2024, we strengthened our commitment 
to food security through a strong 
partnership with the Mexican Food Bank 
Network (Red de Bancos de Alimentos 
de México, Red BAMX), impacting 
communities across the country. Through 
this collaborative effort, we successfully 
supported 59 food banks across different 
states, enabling us to distribute 1.4 million 
kilos of food to over 237,000 people in 
vulnerable situations.
We have also expanded BAMX’s operational 
capacity by adding five new transportation 
units, bringing the total number of vehicles 
donated by Fundación Alsea to ten. This 
expansion streamlines the logistics of 
collecting and delivering supplies.
Additionally, our support was also directed 
towards food education. Through the Comer 
en Familia program, we supported the 
implementation of nutritional workshops 
using two mobile kitchens and distributing 
2,000 recipe books, promoting healthy 
habits and sustainable practices in different 
communities.
This comprehensive effort reached over 
1.48 million people, reinforcing our 
purpose beyond food: we aim to nurture 
the holistic well-being of those who need 
it most. As part of this commitment, we 
also contributed with an investment of $3 
million pesos to build two new Food Banks 
in Querétaro and San Cristóbal de las Casas, 
Chiapas, expanding our community impact 
infrastructure.
OUR PARTNERSHIP WITH RED BAMX:  
SPREADING WELL-BEING ACROSS MEXICO
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At Fundación Alsea, we understand that 
one of the most powerful ways to transform 
realities is by paving the way to education 
and employment, particularly for those who 
face social and economic barriers.
One of our most established programs in 
this line is Integra.
Launched in 2014, in partnership with The 
Starbucks Foundation, Integra aims to 
empower vulnerable youth with access 
to education, training, and employability. 
Through this program, we support training 
processes that empower skills and expand 
opportunities for personal and professional 
growth.
The resources were allocated to 
strengthen educational, employability, and 
comprehensive development programs, 
operated by 14 partner organizations 
in Mexico. This support encompassed 
academic scholarships, workshops on 
technical and socio-emotional skills, 
training for entering the workforce, and 
initiatives for educational inclusion and 
psychosocial support for young people in 
diverse contexts.
EMPLOYABILITY AND EDUCATION 
Todos Sembramos Café
For a decade, Starbucks has promoted the Todos Sembramos Café 
program, inviting its customers to actively join in the donation of 
rust-resistant coffee trees. 
Thanks to this initiative, more than 4.8 million plants have been 
delivered directly benefiting more than 20 thousand coffee 
growers in key regions such as Chiapas, Veracruz, Oaxaca, Puebla 
and Nayarit. Ten years later, our commitment is stronger than ever. 
For every bag of core coffee purchased or every $10 pesos donation 
in stores, Starbucks donates a plant. In 2024 alone, 776,000 new 
plants were delivered. 
This initiative reinforces Starbucks’ leadership in the conversation 
about the future of coffee, promoting a more sustainable, 
supportive and resilient supply chain that connects those who grow 
coffee with those who enjoy it every day.
Throughout 2024, we 
invested over $5 million 
pesos to support 14 
Mexican institutions, 
benefiting 5,448 young 
individuals with limited 
access to opportunities.
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As part of our commitment to reducing food 
insecurity in the communities of the Va por 
mi Cuenta program, we aim to promote the 
proper use of food.
Access to safe drinking water is a crucial 
factor in a healthy and safe diet. In 2024, we 
installed water towers, one in the State of 
Mexico and another one in Jalisco, Mexico, 
and one in Colombia, directly benefiting 
1,147 people. This initiative is part of the 
commitment made by Fundación Alsea, 
World Vision Mexico, and The Starbucks 
Foundation to install 25 Aqua Tower 
systems in communities over a five-year 
period. This effort is part of the 2023-2028 
plan to improve access to clean water.
Alongside its commitment to installing 
water towers, Fundación Alsea joined 
forces with the second edition of the Reto 
Nacional de Sostenibilidad BBVA. This 
edition focused on supporting projects that 
aim to preserve, utilize, and improve water 
sanitation in Mexico. 
Throughout 2024, we supported 7,474 
people through our emergency fund, aiding 
communities affected by different natural 
disasters. Our collaboration with World 
Vision aims to provide a swift response 
during the initial hours of an emergency, 
delivering food to affected communities. 
WATER
SUPPORTING THE 
COMMUNITY IN NATURAL 
DISASTERS 
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FOOD
Children’s Month
Producto con causa
Aware of the vulnerability of children to 
malnutrition, we have partnered with 
Fundación Éxito, Fundación Conin and the 
different regional Food Banks to implement 
nutritional aid plans. These plans provide 
monthly nutritional support, ensuring their 
development and well-being.
We conducted charitable activities 
in various countries, where Alsea 
volunteers spent time, shared 
food, and created joyful moments 
with children. These meaningful 
experiences included: 
	• Delivering food of our own 
brands.
	• Creating spaces for children to 
socialize and have fun.
	• Organizing educational activities, 
games, and face painting 
sessions.
In Colombia, Archies continues to 
promote its Producto con Causa 
initiative. Through its Menú Piccoli 
utilities, direct support is channeled 
to the Colombian Food Banks 
Association (Asociación de Bancos 
de Alimentos de Colombia, ABACO) 
and Fundación Éxito, enabling us to 
provide constant food assistance to 
thousands of children facing chronic 
malnutrition.
South America
Noche Solidaria
In Argentina, the well-established 
Noche Solidaria once again 
demonstrated the power of 
collaboration. This charity dinner 
brought together team members, 
suppliers, strategic allies and public 
figures, benefiting over 514,000 
people. This initiative undoubtedly 
strengthens our connection with 
our stakeholders and reinforces our 
commitment to a more just society.
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Truck donation
Food Day
In 2024, Fundación Alsea, The 
Starbucks Foundation, and ABACO 
joined forces to strengthen food 
rescue logistics in rural areas of the 
country. As part of this alliance, two 
transportation units were donated 
to facilitate the recovery and 
distribution of food in vulnerable 
communities.
This initiative aims to benefit 
thousands of Colombian families, 
contributing to access to decent food 
and strengthening the network of 
food banks in the country.
During Food Month in October 2024, 
we partnered with Food Banks and 
other social organizations dedicated 
to eradicating hunger in Argentina, 
Chile, and Colombia. 
Our contribution was divided into 
two main activities:
	• Classifying food.
	• Preparing and delivering food to 
those in vulnerable situations.
At Alsea, we know that young talent 
needs more than goodwill - it needs real 
opportunities. In 2024, we partnered with 
Fundación Forge in Argentina, Chile, and 
Uruguay, and Fundación Grupo Educativo 
María de Guadalupe in Argentina, to 
support the professional development of 
young people facing social barriers.
The magic was created through workshops 
and activities designed to strengthen their 
work profile and provide them with useful 
tools to take the next step. 
Among the actions taken, we highlight the 
following:
EMPLOYABILITY  
AND EDUCATION
Mock interviews with feedback 
included.
Financial education workshops 
for empowerment.
Preparing a resume.
We also participated in employability 
panels, organized by Fundación Forge, 
where Alsea team members shared their 
professional experiences, tips for entering 
the workforce, and a closer look at what it’s 
like to work in a company like ours.
Each space was a chance to share, learn, 
and support those forging their own path. 
At Alsea, we don’t just open doors, we walk 
alongside those who want to cross them.
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Human Rights
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DEVELOPMENT

We reaffirmed our commitment to water 
access in South America. In 2024, we 
installed two water towers in partnership 
with Fundación Alsea, World Vision, 
and The Starbucks Foundation. These 
towers, situated in the department of 
Cundinamarca, Colombia, now provide 
safe water access to over 2,700 people, 
significantly enhancing their quality of life 
and well-being. 
WATER
In early 2024, devastating forest fires struck 
Chile and Colombia, leaving hundreds of 
families affected in their wake. In response 
to this emergency, Alsea activated its 
response protocol to provide assistance to 
the affected communities.
SOLIDARY RESPONSE  
TO EMERGENCIES 
In Chile
In Colombia
We joined Desafío Levantemos Chile 
to deliver a donation of over eight 
tons of food to families affected by 
the fires as well as over four tons of 
pet food.
As part of its commitment to 
community resilience, The Starbucks 
Foundation allocated US$50,000 to 
support disaster recovery efforts. 
These resources were channeled 
through Fundación Desafío 
Levantemos Chile and World Central 
Kitchen, with the aim of helping to 
repair affected communities and 
ensuring the delivery of food to 
people in emergency situations.
We partnered with the Colombian 
Red Cross to distribute food and 
aid communities in recovering from 
this tragedy, delivering over 400 
food kits and 400 masks to those 
affected.
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Human Rights
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DEVELOPMENT

DONATION TO  
FOOD BANKS 
With a focus on responsible sourcing of raw 
materials, we developed social strategies to 
promote the rescue and distribution of food. As 
part of our commitment, we support the Food 
Bank in the countries where we operate, working 
to reduce waste and combat malnutrition in 
vulnerable communities.
From the logistics department, we donate all the 
surplus food that is generated when our brands 
stop using certain products, ensuring that they 
reach the Food Bank of Madrid. By doing this, 
we not only reduce waste, but also contribute to 
improving the nutrition of those who need it most.
Europe 
In 2024, we strengthened our main partnerships to support young people at risk of 
social exclusion, including Pinardi; Tomillo; Cruz Roja; La Rueca; Incorpora Fundación 
La Caixa; Comisión Española de Ayuda al Refugiado (CEAR); DOWN España; Asociación 
Comisión Católica Española de Migraciones (ACCEM); Arpejh and SWOM.
EMPLOYABILITY AND EDUCATION
Camino al empleo
For 11 years, we have been promoting 
opportunities that transform lives. In 2014, 
we launched the Camino al empleo program, 
an initiative that has since facilitated the 
employment of individuals in vulnerable 
situations, helping them overcome barriers 
that hinder their access and permanence in 
the labor market.
	• Through this program, we offer the 
following services free of charge:
	• Training in pre-employment skills essential 
for successful job placement.
	• Technical training on our menus, recipes, 
and dining room work.
Internships in restaurants of our brands, with 
personalized support from the association’s 
tutors and mentors.
We also believe in the transformative power 
of employment and its ability to change 
lives. We actively promote the inclusion 
of vulnerable individuals in the workforce, 
offering them professional development 
opportunities and fostering their social 
integration.
At the end of 2024, 1,071 people in vulnerable 
situations are part of our workforce. This 
group consists of:
123 individuals with disabilities. 
413 individuals seeking asylum  
or refuge.
237 individuals in other 
vulnerable situations.
298 elderly individuals.
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Human Rights
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DEVELOPMENT

In October 2024, the DANA struck Valencia, 
Spain, causing a major natural disaster 
that affected hundreds of people, including 
152 of our team members. This event 
resulted in significant material losses and a 
profound emotional impact.
In response to this situation, Alsea’s 
immediate action reaffirmed our 
commitment to the well-being of our 
people and support for the affected 
communities. In less than 24 hours, we 
successfully reached our 1,658 team 
members. We also provided psychological 
support to all affected team members, 
helping them cope with the emotional 
impact. Additionally, through Firma Quattro 
and our Programa Orienta, we conducted a 
psychosocial study to pinpoint the needs of 
our team members and their families.
NATURAL DISASTER  
RESPONSE
We also provided financial assistance to 
over 20 team members in times of extreme 
need. We worked with the Red Cross, World 
Vision and Aldeas Infantiles to channel aid 
to those affected. We also donated meals 
and coffee to emergency services, as well as 
food to those affected by the DANA.
In the most challenging 
times, solidarity is what 
unites us and drives us to 
move forward, together.
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Human Rights
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DEVELOPMENT

At Alsea, we are proud to see how our 
brands not only open new doors but also 
create opportunities for those who need 
them most. Through innovative initiatives, 
they create a positive social impact in the 
communities they serve. 
Domino’s Pizza, VIPS, Ginos, and Starbucks 
have established programs with a strong 
social commitment, such as donating the 
first day of sales and opening new stores. 
This initiative has two main objectives:
OPENINGS WITH A CAUSE
Raising funds for different NGOs.
Establishing connections to facilitate 
volunteer initiatives.
Beneficiaries and collection by brand
20,646
€
25,126.6 
20
€
3,352.6 
2,443
€ 66,556.5 
2,304
€
14,519.0 
913
€
7,130.1 
Domino’s Pizza
Beneficiaries
Collection
Ginos
Starbucks España
Starbucks Portugal
VIPS
This initiative benefited 26,326 individuals and 
raised a total of €116,648.78, strengthening our 
connection with communities, involving our team 
members and reaffirming Alsea’s commitment to 
our society. 
The funds raised go to projects that benefit 
people with disabilities, educational and 
employability programs for at-risk youth, 
and elderly people facing loneliness.
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Human Rights
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Global actions
Premio Alsea1
4. Volunteering with 
flavor is in our DNA
At Alsea, we have been driving research and development 
in innovative nutrition and food projects for three years, 
aiming to contribute to global food security. Premio Alsea is 
open to academics and research teams. The program aims 
to contribute to developing public policies that improve 
people’s nutrition and diet. 
The program is currently active in Argentina, Colombia, 
Chile, Spain, Mexico, and Uruguay. The winning project 
receives a $3,034,500 MXN grant. 
Collaboration is one of our company’s core 
values. We actively encourage volunteering 
among our team members, as we believe 
it’s a powerful way to engage with society 
and share our mission of bringing joy and 
flavorful experiences to those who need 
it most. This objective is solely aimed 
at addressing the unique needs of the 
communities we serve.
1   The first prize (2022) was won by a 
team from Mexico. 
The second prize (2023) was won by 
a team from Colombia. 
The third prize (2024) was won by a 
team from Argentina.
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Human Rights
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DEVELOPMENT

Our volunteers participated in:
	• Preparing and distributing food as 
part of the Movimiento Va por mi 
Cuenta program.
	• Installing water towers.
	• Conducting educational activities 
on responsible water consumption 
in communities.
	• Sessions where our team members 
shared their gastronomic expertise 
with students, fostering their 
professional growth.
Throughout the year, our teams from 
the Support and Operations Center 
participated in over 40 volunteer 
events, focusing on topics such as: 
	• Employability
	• Fighting hunger
	• Water access and reforestation
Every year, we join Go Fit in World 
Vision’s Water Run, where our 
volunteers run for a specific 
charitable project. 
We actively engage in local races, 
either through donations or by 
volunteering.
We celebrate the accomplishments 
of our volunteers on our Workplace 
network , fostering a sense of pride in 
being an Alsea volunteer.
Our brands are also mobilized to 
offer unique experiences that benefit 
diverse groups:
	• Domino’s Pizza inspires young 
people through workshops.
	• Foster’s Hollywood and Ginos 
provide solidary snacks for children 
and adults.
	• Starbucks supports soup kitchens 
and individuals seeking asylum or 
refuge.
	• VIPS conducts workshops for 
individuals with disabilities.
MEXICO
SOUTH AMERICA
EUROPE
6,040 
1,469 
hours of volunteer work
volunteers
6,003
2,048
hours of volunteer work
volunteers
6,040 
1,510
hours of volunteer work
volunteers
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Human Rights
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DEVELOPMENT

At Alsea, we reaffirm our unwavering 
commitment to food security, 
employability, access to water, and 
solidarity in response to humanitarian or 
natural emergencies.
At Fundación Alsea, we will reinforce our 
food security strategy by continuously 
evaluating the impact of our initiatives. 
Our goal is to ensure that those in 
vulnerable situations have access to 
sufficient, nutritious, and stable food, 
guaranteeing its availability, proper use, 
and sustainability over time.
Where we are headed 
in our social engagement
In South America, we aim to expand 
the reach of our initiatives, such as La 
Noche Solidaria and the Va por mi Cuenta 
program, to other countries in the region. 
We will continue to strengthen our 
volunteer and employability program.
In Europe, we will strengthen our volunteer 
programs, gaining a deeper understanding 
of the region’s needs, hand in hand 
with the needs of our brands. We will 
also continue with our social and labor 
integration programs for vulnerable 
groups, with a special focus on people with 
disabilities and contributing to the goal of 
investing in community support.
Every action we take, no matter how small 
it may seem, is part of a larger fabric of 
solidarity. At Alsea, we don’t just want to be 
present in the communities; we want to be 
a part of their transformation journey. Our 
social commitment is a way of embodying 
our values, making a meaningful impact, 
and building a more just future for all.
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balance
301-1, 301-2, 301-3, 302-1, 302-4, 302-5, 303-5, 304-1, 305-1, 305-2, 305-5, 305-6, 306-1, 306-3, 306-4
GRI
12
13
SDG
We are in 
every action 
that safeguards
our future
At Alsea, we believe that sustainability is an essential part of 
our business. We are guided by our sustainability model, where  
Balance comprehensively guides the management of natural 
resources, waste and emissions, to optimize resource utilization, 
include clean energy, and improve waste management.
Climate  
change
Circularity
Sustainable 
stores
Water
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In every flavor experience we share, we reaffirm our 
commitment to making every resource count, fostering the 
well-being of the planet and our communities. We strive 
daily to optimize the use of natural resources and improve 
waste management, reducing our environmental impact and 
collaborating in building a cleaner, more sustainable future.
Circularity
In line with our   Global Environmental Policy 
we take a holistic approach that seeks to create 
opportunities to innovate and care for our 
environment. We are committed to reducing, sorting 
and recovering every piece of waste, effectively 
managing organic and inorganic waste, as well as food 
surpluses, through donations and promotions.
GRI 3-3 MATERIAL TOPIC: CIRCULARITY AND WASTE MANAGEMENT
Water
Circularity
Climate change
Sustainable stores
Where we are headed  
BALANCE
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Driving efficiency: 
Our main initiatives
In line with our commitment to sustainability, we actively 
promote circularity in our operations. To achieve this, 
we focus our efforts on optimizing waste management, 
reducing food waste, and continuously improving the 
packaging of our different brands. Throughout the year, we 
have strengthened and refined our practices to transform 
previously discarded materials into opportunities for 
innovation and value.
OUR PACKAGING
GRI: 301-1, 301-2, 301-3 
COP: PRINCIPLE 8
SASB: RESTAURANTS, FB-RN-150A.2, FB-RN-150A.1
For us, it is crucial that every food reaches our customers 
in an exceptional way, while actively contributing to a 
positive impact on the planet. Throughout this year, we 
have continued to prioritize the integration of low-impact 
materials in our containers and packaging, either through 
their reusability or their creation from recyclable or 
compostable materials.
As a result of these efforts, we have successfully 
converted over 40% of our packaging in all locations 
where we operate to reusable, recyclable, or compostable 
materials, demonstrating our commitment to a more 
sustainable future.
By 2030, we aim 
to make 55% of 
our tableware and 
packaging reusable, 
recyclable, or 
compostable.
Water
Circularity
Climate change
Sustainable stores
Where we are headed  
BALANCE
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Europe
Mexico
South America
Total containers/packaging
23,289.1 
20,209.1
3,922.1
Plastic packaging
292.2
1,724.0
466.1
Wood/paper packaging
22,996.9
15,390.5
3,456.0
Europe
Mexico
South America
Bioplastics
0.0
963,026.6
132,976.0
Cardboard
357,144.5
13,205,511.0
1,860,153.0
Paper
216,606.8
3,141,659.2
1,600,978.0
Other
1,067.4
314,790.0
0.00
Europe
Mexico
South America
Containers made from recycled 
or renewable materials
48
82
25
Containers that are recyclable, 
reusable or compostable
95
95
99
Europe
Mexico
South America
Metal
0.0
17,920.0
0.0
Plastic
292,214.1
2,584,148.9
231,000.0
Number of containers/packaging (tons)
Materials from renewable sources (kg)
Recyclable materials (%)
Materials from non-renewable sources (kg)
We currently use bioplastic, cardboard, and paper, among 
other materials coming mostly from renewable sources, 
in the production of our packaging. However, our global 
commitment to circularity extends beyond packaging. 
We strive to increase the use of renewable materials in 
our service utensils and advertising materials, aiming to 
minimize the impact of raw material extraction.
Water
Circularity
Climate change
Sustainable stores
Where we are headed  
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WASTE MANAGEMENT
GRI: 306-1, 306-3, 306-4, 306-5
We recognize that circularity extends beyond 
material management, making it crucial to 
continuously improve our food waste and 
residue management. Throughout this year, 
we have been dedicated to implementing a 
comprehensive and responsible system in our 
operations centers, aiming to make a positive 
impact on our environment. 
Minimizing, reusing, and 
recycling waste, from source 
sorting to final recovery.
Strengthening our team 
members’ training and 
promoting responsible and 
conscious waste management.
Our two main 
priorities are
Europe
Mexico
South America
Total waste recycled/reused
279.9
5,821.5
69.9
Europe
Mexico
South America
Disposal
Alternate 
processes
Disposal
Alternate 
processes
Disposal
Alternate 
processes
Oil
0.0
587,994.0
547.0
676,757.0
1,890.0
438,410.0
Cardboard
0.0
0.0
0.0
741,217.0
0.0
26,887.0
Metal
0.0
0.0
0.0
39,274.0
0.0
181.0
Work
0.0
0.0
12,760,557.4
0.0
0.0
0.0
Paper
13,680.0
0.0
0.0
0.0
280,680.0
15,739.0
Plastic
2,880.0
0.0
0.0
292,047.0
193,080.0
466.0
Waste recovery (tons)
Relevant waste by destination (kg)
As part of our firm commitment to reducing 
waste and promoting sustainable practices, 
since 2021 we have implemented our “Todo 
y todos por el planeta” program in our 
Starbucks coffee shops. We encourage our 
entire customer community to actively 
participate by bringing their own cup or 
thermos when placing orders. This initiative 
not only reduces the use of disposable 
products, but also recognizes and rewards 
individual participation with a discount as 
an incentive.
Water
Circularity
Climate change
Sustainable stores
Where we are headed  
BALANCE
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Europe 
Driven by our commitment to 
sustainability, we managed over 
1,455.26 tons of waste, including 
packaging, hazardous waste, 
cardboard and clean plastic.
Mexico 
We increased production at our Alsea 
Operations Center (COA in Spanish) by 
over 10%, while the increase in waste 
generation remained below 10%. 
We have launched waste management 
training programs for our team 
members across all our brands and 
we are implementing measurement 
and control systems that optimize our 
management.
South America 
In Argentina, Chile, Colombia, and 
Uruguay, we manage various waste 
categories, including solid recyclables, 
organic waste, used vegetable oil, and 
electrical and electronic equipment.
At Burger King Argentina, we promoted 
circularity and responsible use of 
resources, transforming materials 
into opportunities that have a social 
impact. We transformed billboards and 
banners into pencil cases for children 
through a cooperative, and donated 
fire extinguishers to firefighters. We 
also handed over electronic equipment 
to people deprived of their liberty 
for refurbishing, with the goal of 
subsequently donating it to children.
In all our regions, we promote 
responsible management of used oil, 
recovering 100% of it to transform it 
into biodiesel and other products. 
We also add value to the surpluses 
of our logistics centers through 
donation and recycling initiatives. 
These actions significantly contribute 
to reducing our Scope 3 emissions.
We have successfully 
recovered 100% of 
the used oil in our 
operations in Mexico, 
South America, and 
Europe.
Europe
Mexico
South America
Total food lost and wasted
57.3
352.0
142.0
Lost and wasted food 
redirected to alternative uses
3.1
149.0
19.0
Food waste generation (tons)
Europe
Mexico
South America
Recycled used oil
587,994.0
676,757.0
438,410.0
Used oil sent for recycling (liters)
Water
Circularity
Climate change
Sustainable stores
Where we are headed  
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We recognize that climate change is 
a global challenge that impacts all 
industries, particularly the restaurant 
sector, where ingredient availability, 
energy consumption, and waste 
management make us particularly 
vulnerable. In response, we conducted a 
climate feasibility study for our Mexico 
region in 2023, based on the TCFD (Task 
Force on Climate-Related Financial 
Disclosures) framework, to identify risks 
and opportunities for our business.
Climate change
Based on this analysis, we have developed a comprehensive 
mitigation and adaptation strategy that enables us to 
effectively manage both physical and transition risks, as 
well as seize emerging opportunities. To achieve this, we 
prioritize optimizing energy management and integrating 
renewable energies, implementing innovative technologies 
and practices that reduce our carbon footprint and 
contribute to a low-emission economy.
GRI: 3-3 MATERIAL TOPIC: CLIMATE CHANGE
Menu
Circularity
Climate change
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Facing the climate challenge: 
Our main initiatives
To effectively manage the risks associated 
with climate change, at Alsea we have 
identified three key areas that enable us to 
address these challenges holistically:
While these topics are interconnected, each 
one requires specific attention to make 
informed decisions that align with our long-
term goals.
	• The strategy to face climate change.
	• The way we manage our emissions.
	• Energy management in our 
operations.
CLIMATE CHANGE STRATEGY
COP: PRINCIPLE 7
At Alsea, we take a proactive approach 
to our climate strategy, aiming not only 
to reduce our carbon footprint but also 
to turn the challenges of climate change 
into opportunities for building a resilient 
and sustainable future. We have a 
comprehensive management system that 
enables us to make informed decisions 
and take proactive measures. Within 
this framework, we set goals, assess our 
progress, and foster continuous innovation 
to mitigate risks and seize opportunities in 
the transition to a low-carbon economy.
The climate risk assessment conducted 
in 2023 for Mexico revealed an extreme 
risk of water scarcity and a high risk 
associated with the impact of hurricanes 
on our operations. In this context, we have 
strengthened our Action Plan, focusing on 
reducing emissions, optimizing energy and 
water consumption, and promoting the use 
of clean energy.
In line with our environmental commitment, 
we once again completed the CDP (Carbon 
Disclosure Project) Climate Change 
questionnaire. This practice enables us 
to review our past performance and align 
our results with the findings of our risk 
analysis, thereby enhancing our ability to 
anticipate future challenges and manage 
our operations with greater precision.
Circularity
Climate change
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EMISSION MANAGEMENT
ENERGY MANAGEMENT
GRI: 305-1, 305-2, 305-5, 305-6
GRI: 3-3 MATERIAL TOPIC: ENERGY CONSUMPTION, 302-1, 302-4, 302-5
SASB: FB-RN-130A.1 SASB: RESTAURANTS
COP: PRINCIPLE 9
As part of the restaurant industry, we 
recognize that our operations generate 
greenhouse gas (GHG) emissions 
throughout the entire value chain. However, 
our commitment to reducing them is 
even greater. In 2024, we have taken our 
emissions management strategy to the 
next level. Our system provides a detailed 
analysis of our CO2 emissions and other 
key environmental indicators, enabling us 
to pinpoint areas for improvement and 
transparently measure our progress.
Our goal is clear: to reduce the intensity 
of direct GHG emissions (Scope 1 and 
2) by 35% by 2030. To achieve this, we 
are implementing a comprehensive 
roadmap that involves raising awareness 
throughout our organization, designing and 
implementing effective emission reduction 
strategies, strengthening our reporting 
process, and expanding the scope of our 
measurements.
Our energy management extends to all 
our operations: we monitor consumption 
in real time at the Alsea Operations Center 
(COA in Spanish) in Mexico, optimize 
distribution routes in South America, and 
efficiently design our stores globally. This 
comprehensive approach provides us with 
a holistic view of our impacts, enabling us 
to achieve significant reductions in energy 
consumption.
To further reduce our Scope 2 emissions, 
we have continued to promote renewable 
energy purchases and adapt our stores for 
clean energy generation throughout 2024. 
Thanks to these efforts, Iberia reached 75% 
of renewable energy by the end of 2024, 
and we have successfully achieved 28% 
renewable energy in Mexico, and 100% 
energy consumption certification with 
International Renewable Energy Certificates 
(IRECs) in South America, specifically in 
Argentina and Chile.
We aim to significantly reduce our 
direct GHG emissions (Scope 1 and 2) 
by 35% by 2030, 55% by 2035, and 75% 
by 2040.
Europe
Mexico
South America
Scope 1
16,360.3
104,398.0
27,249.7
Scope 2
16,325.7
126,243.3
2,898.0 
Emissions (tons CO2e)
Circularity
Climate change
BALANCE
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EUROPE
SOUTH AMERICA
Throughout 2024, we have made significant strides in utilizing 
green energy in our European operations. The Iberia region 
experienced a significant surge in renewable energy consumption, 
rising from 50% to 75% in the final quarter, ultimately achieving a 
remarkable 100% renewable energy milestone by the end of 2024. 
Similarly, France and Benelux achieved 100% renewable energy 
consumption by the end of 2024.
Europe
Mexico
South America
Total energy consumed
245,109
284,332
91,049
Non-renewable energy
153,154
205,634
12,567
Renewable energy
91, 955
78,698
78,482
Europe
Mexico
South America
Natural gas (m3)
4,454,239.8
7,685,747.0
5,498,954.0
Diesel (liters)
0.0
67,277.0
9,382.0
Electricity (kWh)
152,961,120.1
284,331,858.0
80,085,364.0
Electricity consumption (MWh)
Energy consumption in fixed facilities
Incorporation of solar energy into our operations in numbers
100% of our operations in Argentina 
and Chile have been certified for using 
renewable energy in 2024.
As part of our commitment to reducing emissions and 
adopting innovative technologies, we have installed 
more solar panels in our stores. Our goal is to continue 
expanding our capacity to increase the percentage of 
renewable energy we use, providing our customers with 
exceptional experiences.
We added
1,396
solar panels, 
bringing our total 
to 2,443 panels installed.
These have generated
1,034,321 kWh
avoiding over 800 tons of CO2e
We added
181
solar panels, 
bringing our total 
to 513 panels installed.
These have generated
280,068 kWh
avoiding over 32 tons of CO2e
Energy 
generated
Circularity
Climate change
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We are currently innovating in the 
transportation of our supplies, especially in 
the Domino’s chain. We have implemented a 
program that adjusts the size of the dough 
trays, optimizing space utilization and 
increasing our logistics loading capacity. 
This will enable us to distribute more dough 
per run, decreasing our fuel consumption 
and, thus, reducing our emissions.
Our vision for efficiency and innovation 
extends beyond our stores. We have 
continued to promote sustainable mobility. 
Since 2022, we have been committed to 
upgrading our delivery motorcycles. This 
year, we have made significant progress 
in Europe and Mexico, transitioning to 
zero-emission alternatives. We replaced 
combustion motorcycles with electric 
ones, as well as conventional and electric 
bicycles, solidifying our commitment to 
cleaner and more accessible transportation.
We have replaced 
125 combustion 
motorcycles in Mexico 
throughout 2024.
We expanded the BSF (Sandwich 
Factory) by incorporating more 
efficient equipment and modernizing 
the old facilities with technology that 
offers the same performance.
We also updated 24 ovens, replacing 
them with more efficient and lower-
emission models.
At our Alsea Operations Center (COA), 
we have implemented a real-time 
monitoring system for energy and gas 
consumption. Thanks to this initiative, 
we have successfully reduced our 
energy consumption by 14.2% and gas 
consumption by 8.5% compared to 
the previous year.
We reinforced the integration of rail 
transport in our Chilean logistics 
chain to reduce transport-associated 
emissions in our stores located in 
this region. 
SOUTH AMERICA 
MEXICO
EUROPE
Circularity
Climate change
BALANCE
Water
Sustainable stores
Where we are headed  
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Alsea 2024 Integrated Annual Report

We recognize that water is a vital resource for both our business 
and the planet. Therefore, we continuously work on improving 
the infrastructure of our stores and Alsea Operation Center 
to optimize and reduce our water consumption. We have also 
implemented advanced monitoring and control systems to 
efficiently manage water usage, promoting its reuse.
Water
Preserving water:
Our main initiatives
Our water management guidelines are rooted in the 
principles of our Global Environmental Policy, aiming 
to promote the efficient use of water and other natural 
resources, and to ensure strict compliance with local 
legislation in every country we operate in. Furthermore, 
we are committed to setting goals to reduce water 
consumption at a corporate level and operate efficiently 
by incorporating advanced wastewater treatment 
technologies.
GRI: 3-3 MATERIAL TOPIC: RESPONSIBLE WATER MANAGEMENT
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WATER MANAGEMENT
GRI: 303-5
SASB: FB-RN-140A.1;
SASB: RESTAURANTS
We continue to optimize water management in our 
operations. We have implemented low-consumption 
technologies, including efficient faucets and toilets, as 
well as smart irrigation systems. We also educate our team 
members on responsible water use and promote its reuse 
in activities such as cleaning. These actions aim to minimize 
Alsea’s water footprint and safeguard this vital resource.
Water consumption (m3)
South America 
Mexico
Europe 
2021
1,689,703
902,782
140,198
1,709,994
943,927
456,966
1,799,554
1,170,931
540,492
2022
2023
2024
1,638,845
1,638,304 
474,197
We continue to expand our initiatives to improve water 
availability and promote efficient water use. This year, 
thanks to the efficiency measures implemented in our 
branches, we have successfully reduced water consumption 
in Mexico and South America. However, we recognize 
an increase in water consumption in Europe due to the 
number of new openings. We continue to work to ensure 
that all of our new branches incorporate a vision of 
efficiency in water use.
SOUTH AMERICA
MEXICO
EUROPE
We installed 6,500 water-
saving atomizers, along with 
dual flush toilets for greater 
savings.
We aim to replicate the 
successful initiatives 
implemented in 2024 for 
water management in 
South America. In this 
context, we will implement a 
comprehensive system that 
optimizes leak detection and 
helps reduce consumption 
in our operations.
In Chile, we have launched 
an innovative pilot program 
that has proven to be a 
resounding success. By 
implementing high-precision 
devices in our stores to 
optimize water consumption 
measurement, we have 
eliminated errors associated 
with dead volume and 
improved reading accuracy 
by 20-30%.
Sustainable stores
Where we are headed  
Water
Circularity
Climate change
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Sustainable stores
Sustainability in stores
At Alsea, we strive to create unforgettable 
memories for our customers, starting with 
the construction of our stores across all 
our brands. To this end, as of 2023, we have 
incorporated new design and construction 
guidelines to deliver sustainable spaces that 
our customers can truly enjoy.
GRI: 304-1
COP: PRINCIPLE 8
We have reaffirmed our commitment to 
these guidelines, implementing significant 
changes in both new openings and 
established stores. This year we have 
prioritized building and remodeling our 
stores under these sustainable design 
and construction guidelines across all the 
regions where we operate. We ensure that 
these guidelines are applied progressively 
and consistently, tailoring them to the 
unique needs of each project. 
100% of the new stores 
built in 2024 followed 
Alsea’s Sustainable 
Construction 
guidelines in South 
America.
Sustainable store design and construction guidelines
Hiring local 
suppliers
Low water consumption 
and high energy 
efficiency systems
Use of sustainable 
construction and 
decoration materials
Appropriate design for 
customers with mobility 
limitations, among other 
needs
Location in areas with 
pedestrian access
Promoting sustainable 
approaches
Respect for the site’s 
biodiversity
Where we are headed  
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Circularity
Climate change
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At first glance, many Greener Stores may 
appear similar to other Starbucks stores, 
but their design incorporates distinctive 
details that set them apart. Equipped with 
low-consumption dishwashers, water-
saving faucets and clear signage for 
waste sorting, these stores aim to reduce 
their environmental impact compared to 
conventional stores.
Greener stores – Starbucks 
The Greener Stores initiative is a certification program 
for Starbucks stores based on guidelines developed in 
collaboration with the World Wildlife Fund (WWF) and 
SCS Global Services. This program aims to reduce the 
environmental impact of our operations and sets out 25 
mandatory standards across eight impact areas, including 
energy efficiency, water management, and proper waste 
management.
Throughout 2024, we 
successfully certified 
142 stores across all our 
operational areas.
Commitment
We foster a culture of 
sustainability through 
everyday actions and 
community service.
Water management
We treat, conserve, and 
reduce water use.
Energy efficiency
We take advantage 
of energy efficiency 
technologies to reduce 
our consumption.
Responsible 
Materials
We use responsible and 
sustainable sources 
for store materials and 
products.
Waste diversion
We reduce product and 
packaging waste and 
donate unsold food to 
local food banks.
Site criteria
We select locations that 
offer the best support, 
combining sustainable 
design and operations.
Renewable energy
We support the growth of 
green energy on the grid 
and seek its supply for 
stores and surrounding 
communities.
Health and 
wellness
We implement practices 
designed to create a 
healthy environment 
for our associates and 
customers.
Impact areas of a Greener Store
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Where we are headed  
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Circularity
Climate change
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Stores certified as 
Greener Stores
Throughout 2024, Alsea in Europe 
incorporated high-quality domestic 
building materials, such as ceramic and 
mosaic tiles. We opted for the Hobart 
ECO dishwasher and installed A or B 
energy-rated electric water heaters. 
We also equipped our air-conditioning 
systems with high-efficiency equipment, 
selected for their high SEER (Seasonal 
Energy Efficiency Ratio, which measures 
cooling performance) and SCOP 
(Seasonal Coefficient of Performance, 
which measures heating performance) 
coefficients.
The success of this achievement is rooted in a comprehensive planning approach 
that prioritizes environmental sustainability through key actions, including:
	• Living in harmony with our environment:  
We safeguard and cherish our natural 
surroundings by integrating existing trees 
into our designs, fostering biodiversity by 
incorporating endemic plants that enrich 
habitats for pollinators (such as the 
Melipona bee), and optimizing logistics to 
reduce waste.
Together, these actions underscore our 
unwavering commitment to minimizing 
our ecological footprint and fostering 
a harmonious relationship with the 
environment. We are proud to have 
earned this recognition, which drives us to 
continue investing in this type of store and 
achieve even greater performance in our 
upcoming openings.
	• Architectural innovation: We embraced a 
vernacular architecture that incorporates 
local and sustainable materials, such as 
limestone and chukum (a biodegradable 
resin), to naturally regulate temperature 
and reduce environmental impact. These 
innovative designs enable us to maximize 
energy efficiency and minimize our 
ecological footprint in this project.
	• Environmental initiatives: We are taking 
steps to reinforce our environmental 
commitment, such as sourcing local 
materials (furniture made in Mexico, 
ceramic tiles with non-toxic mineral 
glazes) to reduce transport-related 
emissions, using sustainable bamboo 
for ceiling accessories, and replacing 
concrete slabs with wood. These 
measures significantly contribute to 
reducing CO2 emissions.
Stores 
certified 
in 2024
Total 
certified 
stores
Europe
19
24
Mexico
80
120
South America
43
88
Greener Store of the Year
Starbucks’ Greener Store of the Year 
program recognizes those stores that 
stand out for their innovation and 
positive impact on the environment. 
This program evaluates stores across six 
regions: Asia Pacific, Europe, Middle East 
and Africa (EMEA), Latin America and the 
Caribbean, North America, and Tsushima 
(Japan). This year, we celebrated the 
opening of our 100th certified Greener 
Store in Mexico, and our store in Ahau 
Tulum was recognized as the Greener 
Store of the Year.
Where we are headed  
Water
Circularity
Climate change
Sustainable stores
BALANCE
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140

At Alsea, we believe that sustainability is 
both a responsibility and an opportunity 
to drive long-term growth and value 
creation. We will continue to innovate 
across all areas, embracing cutting-edge 
technologies to optimize water and energy 
consumption, expanding programs to 
reduce food waste, promoting sustainable 
packaging, and strengthening a responsible 
supply chain. We also work closely with 
suppliers, team members and communities 
to ensure that our efforts have a positive 
and lasting impact, driven by the belief 
that cooperation is key to building a 
sustainable, inclusive and equitable future.
Where we are headed  
in terms of sustainable balance
At Alsea, we recognize that sustainability 
is a continuous journey of improvement 
and innovation. We are committed 
to tracking our progress towards the 
goals set for our two priority lines in 
the Balance axis, and to objectively 
measure our progress, we will establish 
the necessary baselines for this goal 
throughout 2025. 
Going forward, we will focus on 
promoting initiatives that enable us 
to reduce our emissions and continue 
innovating, so our packaging has a lower 
negative impact on the environment. We 
will strive for transparent communication 
and make the necessary adjustments to 
achieve our goals.
Water
Circularity
Climate change
Sustainable stores
Where we are headed 
BALANCE
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Alsea 2024 Integrated Annual Report

Sustainability 
indicators and 
indexes
143
GRI Table
145
SASB Table
145
UN Global Compact Table
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Alsea 2024 Integrated Annual Report

GRI standard
Description
Page or direct answer
GRI 1 FOUNDATION 2021
GRI 2 GENERAL DISCLOSURES 2021
1. The organization and its reporting practices
GRI 2 General 
Disclosures 2021
2-1
Organizational details
8
2-2
Entities included in the organization’s sustainability 
reporting
8
2-3
Reporting period, frequency and contact point
7
2-4
Restatements of information
7
2-5
External assurance
7
2. Activities and workers
GRI 2 General 
Disclosures 2021
2-6
Activities, value chain and other business relationships
8, 66
2-7
Employees
78
3. Governance
GRI 2 General 
Disclosures 2021
2-9
Governance structure and composition
43
2-10
Nomination and selection of the highest governance 
body
46
2-11
Chair of the highest governance body
44
2-12
Role of the highest governance body in overseeing the 
management of impacts
20
2-13
Delegation of responsibility for managing impacts
20
2-14
Role of the highest governance body in sustainability 
reporting
20
2-15
Conflicts of Interest
39
2-16
Communication of critical concerns
36
2-17
Collective knowledge of the highest governance body
46
2-18
Evaluation of the performance of the highest governance 
body
46
2-19
Remuneration policies
46
2-20
Process to determine remuneration
46
Statement of use: Alsea has prepared this report in accordance with the GRI Standards, 
covering the period from January 1, 2024, to December 31, 2024.
GRI 1 used: GRI 1: Foundation 2021
GRI standard
Description
Page or direct answer
4. Strategy, policies, and practices
GRI 2 General 
Disclosures 2021
2-22
Statement on sustainable development strategy
14, 16
2-23
Policy commitments
35, 102
2-24
Embedding policy commitments
35, 102
2-25
Processes to remediate negative impacts
30
2-26
Mechanisms for seeking advice and raising concerns
36
2-27
Compliance with laws and regulations
48
2-28
Membership associations
31
5. Stakeholder engagement
GRI 2 Contenidos 
generales 2021
2-29
Approach to stakeholder engagement
28
2-30
Collective bargaining agreements
98
GRI 3 TEMAS MATERIALES
GRI 3 Material ]
Topics 2021
3-1
Process for determining material topics
25
3-2
List of material topics
27
3-3
Management of material topics
34, 38, 40, 43, 48, 53, 60, 65, 66, 85, 
91, 94, 99, 102, 105, 126, 131, 133, 136
THEMATIC STANDARDS
GRI 200 ECONOMIC STANDARDS
GRI 201 Economic 
performance 2016
201-1
Direct economic value generated and distributed
11
GRI 202 Market 
Presence 2016
202-1
Ratios of standard entry level wage by gender compared 
to local minimum wage
96
GRI 203 Indirect 
economic impacts 
2016
203-1
Infrastructure investments and services supported
73
GRI 204 Procurement 
Practices 2016
204-1
Proportion of spending on local suppliers
66
GRI 205 
Anticorruption 2016
205-1
Operations assessed for corruption-related risks
38
Communication and training on anti-corruption policies 
and procedures
38
205-3
Confirmed incidents of corruption and actions taken
38
GRI Table of Contents
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The 10 UN Global Compact Principles
GRI index
SASB index
SUSTAINABILITY INDICATORS AND INDEXES

GRI standard
Description
Page or direct answer
GRI 300 ENVIRONMENTAL STANDARDS
GRI 301 Materials 
2016
301-1
Materials used by weight or volume
127
301-2
Recycled input materials used
127
301-3
Recovered products and packaging materials
127
GRI 302 Energy 2016
302-1
Total energy consumption within the organization
133
302-4
Reduction of energy consumption
133
302-5
Reduction in energy requirements of products and 
services
133
GRI 303 Water and 
effluents 2018
303-5
Water consumption
137
GRI 304 Biodiversity 
2016
304-1
Owned, leased or managed operational sites located 
within or adjacent to protected areas or areas of high 
biodiversity value outside protected areas
138
GRI 305 Emissions 
2016
305-1
Direct GHG emissions (Scope 1)
133
305-2
Energy indirect GHG emissions (Scope 2)
133
305-5
Reduction of GHG emissions
133
305-6
Emissions of Ozone-depleting substances (ODS)
133
GRI 306 Waste 2020
306-1
Waste generation and significant waste-related impacts
129
306-3
Waste generated
129
306-4
Waste diverted from disposal
129
306-5
Waste directed to disposal
129
GRI 308 Supplier 
Environmental 
Assessment 2016
308-1
New suppliers that were screened using environmental 
criteria
66
308-2
Negative environmental impacts in the supply chain and 
actions taken
66
GRI 400 SOCIAL STANDARDS
GRI 401 Employment 
2016
401-1
New employee hires and employee turnover
78, 81
401-2
Benefits provided to full-time employees that are not 
provided to temporary or part-time employees
96
401-3
Parental leave
96
GRI 403 Occupational 
health & safety 2018
403-1
Occupational health and safety management system
99
403-2
Hazard identification, risk assessment, and incident 
investigation
99
403-4
Worker participation, consultation, and communication 
on occupational health and safety
99
403-5
Worker training on occupational health and safety
99
403-6
Promotion of worker health
99
403-7
Prevention and mitigation of occupational health and 
safety impacts directly linked by business relationships
99
GRI 404 Training and 
Education 2016
404-1
Average hours of training per year per employee
99
404-2
Programs for upgrading employee skills and transition 
assistance programs
99
404-3
Percentage of employees receiving regular performance 
and career development reviews
99
GRI standard
Description
Page or direct answer
GRI 405 Diversity and 
Equal Opportunity 
2016
405-1
Diversity of governance bodies and employees
85
GRI 407 Freedom 
of association and 
collective bargaining 
2016
407-1
Operations and suppliers where the right to freedom of 
association and collective bargaining may be at risk
85, 90
GRI 408 Child Labor 
2016
408-1
Operations and suppliers at significant risk for incidents 
of child labor
44, 80, 92
GRI 409 Forced or 
compulsory labor 
2016
409-1
Operations and suppliers at significant risk for incidents 
of forced or compulsory labor
98, 104
GRI 411 Rights of 
Indigenous peoples 
2016
411-1
Incidents of violations involving rights of indigenous 
peoples
104
GRI 413 Local 
Communities 2016
413-1
Operations with local community engagement, impact 
assessments, and development programs
104
GRI 414 Supplier 
Social Assessment 
2016
414-1
New suppliers that were screened using social criteria
104
GRI 415 Public policy 
2016
415-1
Political contributions
106
GRI 416 Customer 
Health and Safety 
2016
416-1
Assessment of the health and safety impacts of product 
and service categories
66, 69
416-2
Incidents of non-compliance concerning the health and 
safety impacts of products and services
Alsea does not provide any 
financial support to political parties 
or organizations that endorse them.
GRI 417 Marketing 
and labelling 2016
417-1
Requirements for product and service information and 
labeling
57
417-2
Incidents of non-compliance concerning product and 
service information and labelling
71
417-3
Cases of non-compliance related to marketing 
communications
58
GRI 418 Customer 
Privacy 2016
418-1
Substantiated complaints concerning breaches of 
customer privacy and losses of customer data
58
58
40
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SASB index
SUSTAINABILITY INDICATORS AND INDEXES

SASB index
The 10 UN Global  
Compact Principles
Standard
Contents
Page
Energy management
FB-RN-130a.1
(1) Total energy consumed, (2) percentage of electricity from the grid, (3) 
percentage of renewables
133
Water Management
FB-RN-140a.1
(1) Total water withdrawn, (2) total water consumed, percentage of each in 
regions with high or extremely high initial water stress
137
Food and packaging waste management
FB-RN-150a.1
(1) Total amount of waste, (2) percentage of food waste and (3) percentage 
diverted
127
FB-RN-150a.2
(1) Total weight of packaging, (2) percentage made from recycled or renewable 
materials and (3) percentage that is recyclable, reusable or compostable
127
Food safety
FB-RN-250a.1
(1) Percentage of restaurants inspected by a food safety oversight body, (2) 
percentage receiving critical violations
65,69,71
Nutritional content
FB-RN-260a.1
(1) Percentage of menu options that are compatible with national dietary 
guidelines and (2) income from these options
53
FB-RN-260a.3
Number of advertising impressions made for children, percentage of 
promotion of products that meet national dietary guidelines for children
58
Employment practices
FB-RN-310a.1
Turnover rate (1) voluntary and (2) involuntary for restaurant employees
81
FB-RN-310a.2
(1) Average hourly wage, by region and (2) percentage of restaurant employees 
earning the minimum wage, by region
81
FB-RN-000.A
Number of employees in (1) the company’s own establishments and (2) 
franchises 
78
Management of the food supply and supply chain
FB-RN-430a.1
Percentage of food purchased that (1) meets the environmental and social 
standards of supply and (2) is certified according to the environmental or 
social standards of third parties
66
FB-RN-430a.2
Percentage of (1) eggs that originated in a cage-free environment and (2) pork 
that was produced without the use of farrowing cages
66
FB-RN-430a.3
Discussion of strategy to manage environmental and social risks within the 
supply chain, including animal welfare
66
Global 
Compact 
Principle
Description
Page
Principle 1
Businesses should support and respect the protection of 
internationally proclaimed fundamental human rights within their 
sphere of influence
102
Principle 2
Businesses should support and respect the protection of 
internationally proclaimed fundamental human rights within their 
sphere of influence
102
Principle 3
Businesses should uphold the freedom of association and the effective 
recognition of the right to collective bargaining
98
Principle 4
Business should uphold the elimination of all forms of forced and 
compulsory labor
102
Principle 5
Businesses should uphold the effective abolition of child labor
104
Principle 6
Businesses should support the elimination of discrimination in respect 
of employment and occupation
91
Principle 7
Businesses should support a precautionary approach to environmental 
challenges
132
Principle 8
Businesses should undertake initiatives to promote greater 
environmental responsibility
127, 138
Principle 9
Businesses should encourage the development and diffusion of 
environmentally friendly technologies
133
Principle 10
Businesses should work against corruption in all its forms, including 
extortion and bribery
38
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SASB index
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147
Annual Corporate Practices Committee Report
148
Audit Committee’s Annual Report
151
Independent Auditors’ Report
154
Consolidated Statements of Financial Position 
155
Consolidated Statements of Comprehensive Income
156
Consolidated Statements of Changes in Stockholders’ Equity	
157
Consolidated Statements of Cash Flows
158
Notes to the Consolidated Financial Statements
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2024 Alsea Integrated Annual Report
Financial
Data

Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
TO THE BOARD OF DIRECTORS OF ALSEA, S.A.B. DE C.V.:
Mexico City, February 28, 2024.
In compliance with the Stock Market Law, Articles 42 and 43, and on behalf of the Corporate Practices 
Committee, I present my report on the principal activities we carried out during the year ending December 
31, 2023. In developing our work, we considered the recommendations in the Code of Corporate Governance 
Principles and Best Practices of the Business Coordinating Board (CCE in Spanish).
To analyze the Corporation’s relevant results, the Committee held meetings to ensure adequate follow-
up of the resolutions adopted in the course of its duties, inviting the Corporation’s officers as deemed 
appropriate.
To fulfill the responsibilities of this Committee, we carried out the following activities:
1. 	
During this period, we did not receive any request for a waiver under the Stock Market Law, Article 
28, Section III, Paragraph f), so making any recommendation in this regard was unnecessary.
2. 	
The quarterly and cumulative results of the 2023 Bursatility Plan were presented.
3. 	
We were presented with the Shareholder Cost restatement applicable at the end of each quarter 
of 2023, using the methodology authorized by the Board of Directors.
4. 	 We received a quarterly summary of the risk management operations carried out during the 
year through exchange rate forwards (peso-dollar). These transactions have been carried out 
in accordance with the authorized terms, i.e., in compliance with the objective of hedging the 
foreign exchange risk of the transaction based on the authorized budget.
5. 	
We reviewed with Management the bank financing strategy, the corresponding long-term credit 
coverage, and compliance with the Covenants.
6. 	 We were presented with draft 2023 Budget, to which we requested several modifications to be 
presented to the Board.
7. 	
During the period covered by this report, the Audit Committee analyzed the transactions carried 
out by the issuer with related parties and their characteristics. In its report, the committee made 
the appropriate statement without highlighting any significant transactions.
8. 	 We were presented with and approved the share repurchase fund strategy.
9.	
The ESG (Environmental, Social, and Governance) criteria plan for 2023 was presented.
10.	 We supervised the compensation plan for the relevant executives referred to in Stock Market 
Law, Article 28, Section III, Paragraph d), which we recommended be submitted to the Board for 
approval.
11.	 We were informed of the main executives’ Succession and Talent Development Plans.
12.	 We were presented with the results of the 2023 Performance Evaluation of relevant executives, 
with which this committee verified the mechanism implemented by the Corporation to identify 
the performance of such executives, and we have no observations in this regard.
13.	 The Corporate Human Resources Department presented the 2023 Compensation strategy for 
executive levels. This Committee recommended that the Board of Directors approve this strategy.
14.	 The General Directorate informed us about the corporation’s organizational structure adjustments.
15.	 At each meeting of the Board of Directors, a report on the activities of the Corporate Practices 
Committee was presented for consideration, recommending its ratification and/or approval, if 
applicable.
Finally, I would like to mention that in the activities we have carried out, including the preparation of this 
report, we have always listened to and considered the point of view of the relevant executives without 
highlighting a difference of opinion.
 
LEON KRAIG ESKENAZI 
Corporate Practices Committee 
Chairman
Annual Report of the Corporate Practices Committee
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Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
TO THE BOARD OF DIRECTORS OF ALSEA, S.A.B. DE C.V.:
Mexico City, February 28, 2025.
In compliance with Articles 42 and 43 of the Securities Market Law and the Audit Committee Regulations, 
I hereby inform you of the activities we carried out during the year ended December 31, 2024. In the 
development of our work, we have considered the recommendations set forth in the Code of Best Corporate 
Governance Practices and, according to a work program prepared based on the Committee’s Regulations, 
we met at least once every quarter to perform the activities described below:
I. RISK ASSESSMENT
The company’s processes were identified and evaluated to assess and manage the primary risks in 
an integrated and global manner across all operating locations. Work plans were also developed 
to address these risks and minimize their potential impact. A Risk Committee was established and 
is now operational, overseeing the quarterly assessment of critical and high risks to ensure proper 
management by the responsible parties within the organization. Additionally, the organization’s 
preparedness to respond to and recover from incidents arising from the materialization of these risks 
has been evaluated.
II. INTERNAL CONTROL
We ensure that Management, in compliance with its internal control responsibilities, has established 
the appropriate processes and policies. In addition, we followed up on the comments and observations 
made by the External and Internal Auditors in the course of their work.
III. EXTERNAL AUDIT 
We recommended to the Board of Directors the engagement of the Group’s and subsidiaries’ external 
auditors for fiscal year 2024. In doing so, we ensured their independence and compliance with the 
legal requirements. We thoroughly analyzed the auditors, their approach, and work program. We 
maintained consistent and direct communication with them to monitor the progress of their work, 
address any observations they may have had, and take note of their comments regarding the review 
of the annual financial statements. We were promptly informed of their conclusions and reports on 
the annual financial statements, including the communication referenced in Article 35 of the General 
Provisions applicable to entities and issuers supervised by the National Banking and Securities 
Commission, which engage external audit services for basic financial statements (“Circular Única de 
Auditores Externos”). Additionally, we followed up on the implementation of the observations and 
recommendations provided during the course of their work. We reviewed the reports issued by the 
External Auditors as outlined in the Circular Única de Auditores Externos (Sole Circular of External 
Auditors). We approved the fees paid to the external auditors for audit services and any additional or 
complementary services permitted, ensuring that these did not compromise their independence from 
the company. Taking Management’s views into account, we conducted the evaluation of their services 
for the previous year and initiated the evaluation process for fiscal year 2024.
IV. INTERNAL AUDIT
To maintain its independence and objectivity, the Internal Audit function reports functionally to the 
Audit Committee.
In due course, we review and approve its annual activity program. In preparing this program, Internal 
Audit identifies and validates the critical risks of the organization, as outlined in the Risk Matrix approved 
by the Risk Committee (the body referenced in point I above). This ensures proper prioritization in the 
annual work plan, assessment of associated controls, and follow-up on action plans to mitigate and 
manage these risks effectively. The process involves risk identification, impact analysis on processes, 
evaluation of associated controls in the organization’s operations, and support in developing action 
plans for their effective alleviation.
We receive quarterly reports on the progress of the approved work program, any deviations it may 
have encountered, and the underlying causes.
We followed up on the observations and suggestions provided by Internal Audit and ensured their 
timely implementation.
We received and analyzed the annual report on transactions with related parties to confirm that they 
were conducted in accordance with established policies and at market values. To this end, we sought 
expert opinions, and the necessary valuations were carried out.
Annual Report of the Audit Committee
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Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
V. FINANCIAL INFORMATION, ACCOUNTING POLICIES AND REPORTS TO THIRD PARTIES
We reviewed the process for preparing the Company’s quarterly and annual financial statements with 
the responsible parties and recommended that the Board of Directors approve and authorize their 
publication. As part of this process, we considered the opinion and observations of the external auditors 
and ensured that the criteria, accounting policies, and information practices used by Management in 
preparing the financial statements were appropriate, sufficient, and consistently applied with those 
of the previous year. As a result, the information presented by Management accurately reflects the 
financial position, results of operations, cash flows, and changes in financial position of the Company 
for the year ended December 31, 2024.
We also reviewed the quarterly reports prepared by Management for submission to shareholders 
and the general public, verifying that they were prepared in accordance with International Financial 
Reporting Standards (IFRS) and using the same accounting principles applied in the preparation of 
the annual financial statements. We confirmed that there is a comprehensive process in place that 
provides reasonable assurance regarding the accuracy of the content. In conclusion, we recommended 
that the Board authorize their publication.
We received communication from the auditors regarding the key audit matters that, in their professional 
judgment, were most significant in this year’s audit. On these matters, we observed no material 
adjustments or deviations that could have an impact on the financial information issued.
VI. COMPLIANCE WITH REGULATIONS, LEGAL ASPECTS AND CONTINGENCIES
We confirmed the existence and reliability of the controls established by the company to ensure 
compliance with the various legal provisions to which it is subject, ensuring they were properly 
disclosed in the financial information.
We periodically reviewed the company’s various tax, legal, and labor contingencies; we monitored the 
effectiveness of the procedures established for their identification, follow-up, adequate disclosure, 
and recording. The following tax issues were particularly notable, some of which were initiated and 
reported as early as 2016. During this fiscal year, we ensured timely follow-up on these matters:
a) 	 In March 2016, the Mexican Tax Administration Service (SAT) initiated personal visits to Grupo 
Amigos de San Ángel, S.A. de C.V. (GASA) and Italcafe S.A. de C.V. (Italcafe) for the fiscal years 2010 
and 2011, respectively. In November, the last partial reports were issued, containing observations 
derived from deposits not identified according to the Authorities’ criteria. In December 2017, 
additional information was submitted to clarify and refute these observations. Furthermore, a 
request for a Conclusive Agreement was filed with the Procuraduría de Defensa del Contribuyente 
(PRODECON). The matter was resolved in PRODECON in January 2019 without reaching a consensus 
with SAT. Consequently, the companies filed legal defenses in the courts in August 2019 for GASA 
and November 2019 for Italcafe. Currently, GASA is awaiting a response from the Collegiate Court 
on its complaint against the Tax Authority’s Resolution, while Italcafe received an unfavorable 
ruling and filed a direct amparo lawsuit.
b) 	 In May 2024, SAT issued a tax credit for the 2019 fiscal year against Italcafe. In July 2024, the 
company filed an appeal for revocation against the determined credit. The resolution issued 
in January 2025 annulled the tax credit and ordered the tax authority to issue a new resolution 
based on the evaluation of the provided evidence.
c) 	
In September 2017, SAT initiated a review process for Operadora Alsea de Restaurantes Mexicanos 
S.A. de C.V. (OARM) regarding the 2014 fiscal year. This review followed the sequential process 
initiated by the Public Accountant, who issued a tax opinion for the fiscal year concerning the 
acquisition of the VIPS business.
	
During the 2018 fiscal year, various documents requested by the tax authorities were submitted, 
resulting in an Official Letter of Observations for OARM, which raised objections related to the 
VIPS acquisition. In October 2018, additional information was provided, along with a request for 
a conclusive agreement before PRODECON. On July 30, 2019, PRODECON ended the conclusive 
agreement process due to the lack of consensus with SAT. As a result, SAT issued an official 
notice in February 2021 for the tax credit liquidation of 99.9 million Mexican pesos. OARM filed a 
Recourse of Revocation against the liquidation on March 23, 2021.
	
On June 14, 2023, OARM filed a nullity action before the Federal Court of Administrative Justice 
against the resolution issued on April 27, 2023, by the Large Taxpayers Litigation “1” panel, which 
upheld the resolution from the Central Administration for the Tax Audit of Groups of Companies. 
On October 9, 2024, the Plenary of the Superior Chamber decided to suspend the resolution of 
this matter until the judgment of the annulment lawsuit filed by ALSEA is issued.
d)	
 In December 2017, SAT initiated a review process for Alsea, S.A.B. de C.V. (ALSEA), and in December 
2018, issued an official notice of observations concerning the acquisition of the VIPS brand. 
Additional information was submitted to refute the objections, and a request for a conclusive 
agreement was filed with PRODECON. On July 30, 2019, PRODECON ended the conclusive agreement 
process due to a lack of consensus with SAT. As a result, SAT issued an official notice in February 
2021 for the tax credit liquidation of 3.781 billion pesos. ALSEA filed a Recourse of Revocation 
against the liquidation on March 23, 2021.
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On June 13, 2023, ALSEA filed a nullity action before the Federal Court of Administrative Justice 
against the resolution issued on April 27, 2023, by the Large Taxpayers Litigation “1” panel, which 
confirmed the resolution from the Central Administration of Group Audits. The matter is currently 
before the Superior Chamber of the Federal Court of Administrative Justice and awaits the 
resolution of the annulment lawsuit.
VII. CODE OF CONDUCT
With the support of Internal Audit, we ensure that our personnel comply with the Company’s Code of 
Business Conduct that there are adequate processes for its updating and dissemination to personnel, 
as well as the application of the corresponding sanctions in cases of detected violations.
We reviewed the complaints received in the system established by the Company for this purpose, 
following up on their correct and timely attention.
VIII. IT
The Corporate Management of Technology and Systems presented the group’s cybersecurity strategy, 
highlighting the main risks identified and the measures already being implemented to reduce them. 
It also reported on progress in key capabilities such as threat protection, incident response and 
continuous process improvement, all with formal follow-up to ensure concrete results.
IX. MANAGEMENT MATTERS
We hold regular meetings with Management to stay informed about the Company’s progress, as well 
as any significant or unusual activities and events. We also meet with both the external and internal 
auditors to discuss the development of their work, any limitations they may have encountered, and to 
facilitate any private communications they may wish to have with the Committee.
When deemed appropriate, we sought the support and opinions of independent experts. Furthermore, 
we were not aware of any significant instances of non-compliance with operating policies, internal 
control systems, or accounting policies.
We conduct executive meetings with the exclusive participation of the Committee members, during 
which agreements and recommendations for Management are established.
The Chairperson of the Audit Committee reports quarterly to the Board of Directors on the activities 
undertaken.
The work performed was thoroughly documented in the minutes prepared for each meeting, which 
were reviewed and approved in a timely manner by the Committee members.
Sincerely
C.P. ALFREDO SÁNCHEZ TORRADO 
Audit Committee Chairperson
Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
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Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF ALSEA, S.A.B. DE C.V.
México City on February 28, 2025.
Opinion
We have audited the accompanying consolidated financial statements of Alsea, S.A.B. de C.V. and 
Subsidiaries (the Entity), which comprise the consolidated statements of financial position as of 
December 31, 2024, 2023 and 2022, and the consolidated statements of income, consolidated statements 
of other comprehensive income, consolidated statements of changes in stockholders’ equity and 
consolidated statements of cash flows for the years then ended, and notes to the consolidated 
financial statements, including a summary of material accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material 
respects, the consolidated financial position of the Entity as of December 31, 2024, 2023 and 2022, and 
their consolidated financial performance and their consolidated cash flows for the years then ended, 
in accordance with International Financial Reporting Standards (IFRSs), issued by the International 
Accounting Standards Board (IASB).
Basis for Opinion
We conducted our audits in accordance with International Standards on Auditing (ISA). Our 
responsibilities under those standards are further described in the Auditors’ Responsibilities for the 
Audit of the Consolidated Financial Statements section of our report. We are independent of the 
Entity in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics 
for Professional Accountants (IESBA Code) together with the Code of Ethics issued by the Mexican 
Institute of Public Accountants (IMCP Code), and we have fulfilled our other ethical responsibilities in 
accordance with the IESBA Code and with the IMCP Code. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion. 
Other matter
The accompanying financial statements have been translated into English for the convenience of 
readers.
Key Audit Matters 
Key audit matters are those which, according to our professional judgment, have the greatest 
significance for our audit of the consolidated financial statements of the current period. They have 
been handled within the context of our audit of the consolidated financial statements taken as a 
whole and the formation of our opinion in this regard. Accordingly, we do not express a separate 
opinion on these matters. We have decided that the issues described below constitute the key audit 
matters that must be included in our report.
Impairment of Long-Lived Assets 
The Entity has determined that the smallest cash generating units are its stores. It has developed 
financial and operating performance indicators for each of its stores and performs an annual study to 
identify indications of impairment. If necessary, it also performs an impairment analysis according to 
IAS 36, Impairment of Assets (“IAS 36”), in which discounted future cash flows are calculated to ascertain 
whether the value of assets has become impaired. However, a risk exists whereby the assumptions 
utilized by management to calculate future cash flows may not be fair based on current conditions 
and those prevailing in the foreseeable future.
The audit procedures we applied to cover the risk of the impairment of long-lived assets include the 
following:
Design Testing and Implementation of Internal Control, in which we performed a detailed review of 
projected income and expenses and, on this basis, discounted future cash flows. We also verified, 
according to our knowledge of the business and historical audited information, the regularization of 
any nonrecurring effect, so as to avoid considering these effects in the projections. We evaluated the 
fairness of the discount rate utilized by management, for which purpose we requested support from 
our firm’s experts. The results derived from the application of our audit tests were reasonable.
As discussed in Note 3o to the consolidated financial statements, the Entity has recorded an amount 
of $63,737, $32,484 and $140,703 (thousands of Mexican pesos) for impairment as of December 31, 2024, 
2023 and 2022, respectively.
Independent Auditors’ Report
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Annual Corporate Practices Committee Report
Audit Committee’s Annual Report
Independent Auditors’ Report
Information Other Than the Consolidated Financial Statements and Independent Auditors’ Report
The Entity’s management is responsible for the other information presented. The other information 
encompasses: the information included in: numeral i) of the Annual Report; ii) the information that will 
be included in the Annual Report which the Entity must prepare according to the article 33, section I, 
numeral b) of Title Fourth, Chapter First of the General Provisions Applicable to Issuers and other Stock 
Market Participants in Mexico, and the Guidelines accompanying these provisions (the “Provisions”). 
The Annual Reports are expected to be available to our reading after the date of this audit report; 
and iii) additional other information, which is not actually required by IFRS, but has been included to 
provide an additional explanation to the Entity’s investors and the main readers of its consolidated 
financial statements to enable them to evaluate the performance of each operating segment and 
other indicators associated with the Entity’s ability to satisfy its obligations as regards Earnings before 
Interest, Taxes, Depreciation and Amortization (adjusted “EBITDA”); this information is presented in 
Note 21.
Our opinion on the consolidated financial statements will not be extended to the other information 
and we do not express any opinion on this regard.
In relation to our audit of the consolidated financial statements, our responsibility will be to read 
the other information when it becomes available and, when doing so, consider whether the other 
information contained therein is materially inconsistent with the consolidated financial statements, 
the knowledge we obtained during the audit or whether it appears to contain material misstatement. 
When reading the Annual Report, we will issue a declaration on this regard, as required by Article 
33 Section I, paragraph b) numeral 1.2. of the Provisions. In addition, with regards to our audit of the 
consolidated financial statements, our responsibility is to read and recalculate the other information 
which, in this case, is not required by IFRS and, when doing so, consider whether the other information 
contained therein is materially inconsistent with the consolidated financial statements, the knowledge 
we obtained during our audit or whether it appears to contain material misstatement. If, based on the 
work performed, we conclude that the other information contains material misstatement, we would 
have to report this situation in our declaration related to the Annual Report required by the National 
Banking and Securities Commission, and those charged with governance of the Entity. As of the date 
of this report, we have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated  
Financial Statements
Management is responsible for the preparation and fair presentation of the accompanying consolidated 
financial statements in accordance with International Financial Reporting Standards (IFRSs), issued 
by the International Accounting Standards Board (IASB) and for such internal control as management 
determines is necessary to enable the preparation of financial statements that are free from material 
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the 
Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to 
liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s consolidated financial 
reporting process.
Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and to 
issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material 
misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users taken on 
the basis of these consolidated financial statements.
As part of an audit in accordance with ISA’s, we exercise professional judgment and maintain 
professional skepticism throughout the audit. We also:
•	
Identify and asses the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The 
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or 
override of internal control.
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Audit Committee’s Annual Report
Independent Auditors’ Report
•	
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Entity’s internal control.
•	
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management.
•	
Conclude on the appropriateness of management´s use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to events 
or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. 
If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ 
report to the related disclosures in the consolidated financial statements or, if such disclosures 
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained 
up to the date of our auditors’ report. However, future events or conditions may cause the Entity to 
cease to continue as a going concern. 
•	
Including disclosed information, and whether the consolidated financial statements represent the 
relevant transactions and events in a manner that achieves fair presentation.
•	
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Entity to express an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provided the Entity’s corporate governance officers with a declaration to the effect that we 
have fulfilled applicable ethical requirements regarding our independence and have reported all the 
relations and other issues that could be reasonably be expected to affect our independence and, 
when applicable, the respective safeguards.
The issues we have reported to the Entity’s governance officers include the matters that we consider 
to have the greatest significance for the audit of the consolidated financial statements of the current 
period and which, accordingly, are classified as key audit matters. We have described these matters 
in this audit report, unless legal or regulatory provisions prevent them from being disclosed or, under 
extremely infrequent circumstances, we conclude that a given matter should be excluded from our 
report because we can fairly expect that the resulting adverse consequences will exceed any possible 
benefits as regards the public interest.
Galaz, Yamazaki, Ruiz Urquiza, S.C.
Member of Deloitte Touche Tohmatsu Limited
C. P. C. Carlos Alberto Torres Villagómez
Mexico City, Mexico
March 31, 2025
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2024 Alsea Integrated Annual Report

Consolidated Financial Statements
ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES
At December 31, 2024, 2023 and 2022
(Figures in thousands of Mexican pesos)
Consolidated Statements of Financial Position
Assets
Notes
2024
2023
2022
Activo circulante
Cash and cash equivalents 
5
$
6,467,932
$
6,409,798
$
6,086,817
Customers, net 
6
2,003,816
1,426,215
1,247,211
Value-added tax and other recoverable taxes
294,389
866,979
442,152
Other accounts receivable
609,468
759,422
578,533
Inventories
7
3,156,861
2,750,665
2,895,326
Affiliates and related parties receivable
              -
              -
14,188
Put option on non-controlling interest
              -
180,816
              -
Carrot River Holding, S. A. R. L.
              -
186,896
              -
Advance payments 
8
805,342
430,711
870,514
Total current assets
13,337,808
13,011,502
12,134,741
Long-term assets:
Guarantee deposits
851,456
861,096
670,190
Put option on non-controlling interest
              -
              -
180,816
Carrot River Holding, S. A. R. L.
              -
              -
207,810
Investment in shares of associated companies 
14
279,796
179,780
156,903
Store equipment, leasehold improvements and  
property, net
11
19,412,263
15,662,476
15,369,639
Right of use assets
9
15,701,731
17,215,823
20,435,725
Intangible assets, net 
12
26,151,346
24,915,068
26,664,038
Deferred income taxes
19
6,588,525
5,587,845
3,102,781
Total long-term assets
68,985,117
64,422,088
66,787,902
Total assets
$
82,322,925
$
77,433,590
$
78,922,643
See accompanying notes to the consolidated financial statements. 
Liabilities and stockholders’ equity
Notes
2024
2023
2022
Current liabilities:
Current maturities of long-term debt 
16
$
2,043,001
$
388,217
$
1,277,638
Current obligation under finance leases
10
3,476,770
3,315,031
4,103,865
Stock certificates
17
1,000,000
1,350,000
              -
Suppliers
4,988,563
4,265,968
4,252,803
Factoring of suppliers
1,839,529
1,501,931
1,375,794
Accounts payable to creditors
3,267,194
4,172,708
4,861,118
Accrued expenses and direct employee benefits  
8,128,765
7,030,557
5,667,413
Option to sell the non-controlling interest
18
              -
1,123,439
              -
Total current liabilities
24,743,822
23,147,851
21,538,631
Long-term liabilities:
Long-term debt, not including current maturities 
16
8,766,675
4,828,112
3,762,760
Obligation under finance leases
10
13,809,768
15,101,829
17,720,573
Stock certificates
17
21,246,586
19,553,791
22,748,440
Option to sell the non-controlling interest
18
              -
              -
1,123,439
Other liabilities
278,090
260,617
897,384
Derivative financial instruments
105,150
1,328,149
691,056
Deferred income taxes
19
3,536,461
3,225,633
826,746
Employee benefits 
20
438,681
390,524
318,586
Total long-term liabilities
48,181,411
44,688,655
48,088,984
Total liabilities
72,925,233
67,836,506
69,627,615
Capital contable 
22
Capital social
466,996
466,996
478,749
Prima en emisión de acciones
5,159,561
7,725,728
8,675,410
Resultados acumulados
3,482,322
3,692,763 
777,481
Reserva para recompra de acciones
823,130
885,528
272,330
Reserva para compra de participación no controladora 
23
              -
(808,098)
(808,098)
Otras partidas de la utilidad integral
(653,719)
(3,306,454)
(1,051,855)
Capital contable atribuible a la participación controladora
9,278,290
8,656,463
8,344,017
Participación no controladora
23
119,402
940,621
951,011
Total del capital contable
9,397,692
9,597,084
9,295,028
Total del pasivo y capital contable
$
82,322,925
$
77,433,590
$
78,922,643
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Consolidated Financial Statements
ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES
For the years ended December 31, 2024, 2023 and 2022
(Figures in thousands of Mexican pesos)
Consolidated Statements of Comprehensive 
See accompanying notes to the consolidated financial statements. 
* This data includes some of the data reclassified by the Burger King Spain operation.
Note
2024
2023 *
2022 *
Continuing operations
Net sales
25
$
78,985,301
$
74,766,287
$
67,243,519
Cost of sales
26
23,735,135
22,665,082
20,494,771
Cost of distribution
1,575,326
1,899,689
1,551,410
Depreciation and amortization
9, 11 y 12
8,720,524
7,983,286
7,486,471
Employee benefits
20,479,517
19,199,679
16,762,778
Services
1,907,606
2,390,080
2,958,683
Advertising
2,217,674
2,079,594
1,885,973
Royalties
2,839,741
2,549,648
2,277,418
Repair and maintenance
1,487,319
1,464,038
1,334,771
Supplies 
1,556,520
1,320,565
1,295,491
Other operating expenses
27
6,185,671
5,242,396
4,924,144
Operating income
8,280,268
7,972,230
6,271,609
Comprehensive financing result:
Interest income
(323,561)
(815,110)
(362,643)
Interest expenses
4,592,737
4,729,874
3,913,944
Changes in the fair value of financial instruments
892,691
384,102
225,534
Exchange loss (gain), net
1,697,866
(692,752)
11,152
6,859,733
3,606,114
3,787,987
Share of other comprehensive income of associates 
14
(36,622)
3,404
(223)
Income before income taxes 
1,383,913
4,369,520
2,483,399
Income tax (benefit)
19
511,512
1,351,760
854,852
Consolidated net income from continuing 
operations
28
$
872,401
$
3,017,760
$
1,628,547
Consolidated net income from discontinuing 
operations
$
(109,810)
$
23,858
$
50,721
Note
2024
2023 *
2022 *
Consolidated net income from discontinued 
operations, net of taxes
$
762,591
$
3,041,618
$
1,679,268
Net income for the year attributable to:
Controlling interest
767,576
2,982,351
1,737,928
Non-controlling interest
$
(4,985)
$
59,267
$
(58,660)
Earnings per share:
Basic and diluted net earnings per share from 
continuing operations (cents per share)
24
$
0.94
$
3.66
$
2.07
Consolidated net income 
$
762,591
$
3,041,618
$
1,679,268 
Items that may be reclassified subsequently to 
income:
Valuation of derivative financial instruments, net 
of income taxes
535,953
(417,629)
74,942
Remeasurement of defined benefit obligation, net 
of income taxes
(54,105)
1,537
(16,715)
Inflation effect, net of income taxes
1,191,514
322,176
(48,593)
Cumulative translation adjustment, net of income 
taxes
979,373
(2,227,752)
(747,449)
2,652,735
(2,321,668)
(737,815)
Total comprehensive income, net of income 
taxes
$
3,415,326
$
719,950
$
941,453
Comprehensive income (loss) for the year 
attributable to:
Controlling interest
$
3,420,311
$
660,683
$
1,000,113
Non-controlling interest
$
(4,985)
$
59,267
$
(58,660)
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Consolidated Financial Statements
ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES
For the years ended December 31, 2024, 2023 and 2022
(Figures in thousands of Mexican pesos)
Consolidated Statements of Changes in Stockholders’ Equity
See accompanying notes to the consolidated financial statements. 
Contributed capital
Retained earnings
Other comprehensive income items
Capital stock
Premium on 
issuance of 
share
Reserve for 
repurchase of 
shares
Reserve for 
obligation under 
put option of 
non-controlling 
interest
Legal 
reserve
Retained 
earnings
Inflation 
effect
Valuation 
of financial 
instruments
Cumulative 
translation 
adjustment
Remeasurement 
of defined 
benefit 
obligation
Total 
controlling 
interest
Non-
controlling 
interest
Total 
stockholders’ 
equity
Balances at January 1, 2022
$
478,749
$
8,676,827
$
660,000
$
(808,098)
$
100,736
$
(721,183)
$
1,743,091
$
(210,744)
$
(1,785,217)
$
(61,170)
$
8,072,991
$
1,034,923
$
9,107,914
Repurchase of shares 
(Note 22a)
            -
(1,417)
     
(727,670)
            -
      
            -
            -
            -
            -
            -
            -
(729,087)
            -
(729,087)
Increasing repurchase 
fund
            -
            -
340,000
            -
            -
(340,000)
            -
            -
            -
            -
            -
            -
            -
Other movements
            -
            -
            -
            -
            -
            -
            -
            -
            -
            -
      
            -
(25,252)
(25,252)
Comprehensive utility
            -
            -
            -
            -
            -
1,737,928
(48,593)
74,942
(747,449)
(16,715)
1,000,113
(58,660)
941,453
Balances at December  
31, 2022
478,749
8,675,410
272,330
(808,098)
100,736
676,745
1,694,498
(135,802)
(2,532,666)
(77,885)
8,344,017
951,011
9,295,028
Repurchase of shares 
(Note 22a)
(11,753)
(949,682)
613,198
            -
            -
            -
            -
                       
-
            -
     
-
(348,237)
  -
(348,237)
Other movements
            -
            -
            -
            -
            -
     (67,069) 
            -
67,069
            -
      
            -
 -
(69,657)
(69,657)
Comprehensive utility
            -
            -
            -
            -
            -
2,982,351
322,176
(417,629)
(2,227,752)
1,537
660,683
59,267
719,950
Balances at December  
31, 2023
466,996
7,725,728
885,528
(808,098)
100,736
3,592,027
2,016,674
(486,362)
(4,760,418)
(76,348)
8,656,463
940,621
9,597,084
Repurchase of shares 
(Note 22a)
            -
          
(62,398)  -
            -
            -
            -
            -
            -
            -
            -
(62,398)
            -
(62,398)
Other movements
            -
(2,566,167)
            -
808,098
            -
(978,017)
            -
            -
            -
            -
(2,736,086)
(816,234)
(3,552,320)
Comprehensive utility
            -
            -
            -
            -
            -
767,576
1,191,514
535,953
979,373
(54,105)
3,420,311
(4,985)
3,415,326
Balances at December  
31, 2024
$
466,996
$
5,159,561
$
823,130
$ 
            -
$
100,736
$
3,381,586
$
3,208,188
$
49,591
$
(3,781,045)
$
(130,453)
$
9,278,290
$
119,402
$
9,397,692
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2024 Alsea Integrated Annual Report

Consolidated Financial Statements
ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES
For the years ended December 31, 2024, 2023 and 2022
(Figures in thousands of Mexican pesos)
Consolidated Statements of Cash Flows
See accompanying notes to the consolidated financial statements. 
*Estos datos incluyen parte de los datos reclasificados por la operación de Burger King España.
Note
2024
2023*
2022*
Cash flows from operating activities:
Consolidated net income (loss)
$
872,401
$
3,017,760
$
1,628,547
Adjustment for:
Income taxes (benefit)
511,512
1,351,760
854,852
Equity in results of associated companies
(21,161)
(3,404)
223
Interest expense
4,592,737
4,751,228
3,940,429
Interest income
(323,561)
(815,110)
(362,643)
(Gain) loss from decommissioning of store equipment, 
improvements to leased premises and properties 
and intangibles
(9,965)
188,804
76,071
Impairment goodwill
12
64,728
32,484
140,703
Employee benefit
20
40,759
60,136
55,731
Changes in the fair value of financial instruments
892,691
384,101
225,534
Depreciation and amortization 
9,11 y 12
8,720,524
8,249,071
7,583,840 
15,340,665
17,216,830
14,143,287
Changes in working capital:
Customers
(577,601)
(395,951)
(348,352)
Other accounts receivable
149,954
(263,732)
(141,028)
Related parties
              -
14,187
(14,187)
Inventories
(406,196)
(212,115)
(1,043,572)
Advance payments
(374,631)
54,147
(135,486)
Suppliers
516,907
1,178,595
1,933,190
Factoring of suppliers
337,598
126,137
367,996
Accrued expenses and employee benefits  
585,293
(255,982)
2,348,748 
Income taxes paid 
(1,293,903)
(1,505,837)
(1,735,963)
Other liabilities
17,472
(505,279)
(414,748)
Net cash flows provided by operating activities 
14,295,558
15,451,000
14,959,885
Note
2024
2023
2022
Cash flows from investing activities:
Proceeds from equipment and property
323,645
309,021
              -
Interest collected
323,561
815,110
362,643
Store equipment, leasehold improvements and 
property
11
(6,474,041)
(5,284,116)
(4,373,122)
Acquisition in investment in shares of associated 
companies
              -
              -
(25,259)
Net cash flows used in investing activities
(5,826,835)
(4,159,985)
(4,035,738)
Cash flows from financing activities:
Bank loans
9,388,354
4,110,862
209,287
Repayments of loans
(5,796,599)
(3,544,505)
(8,216,547)
Issuance of debt instruments
17
              -
              -
6,854,473
Payments for debt instruments
              -
              -
(1,000,000)
Interest paid
(3,101,094)
(3,788,033)
(2,991,894)
Dividends
(978,017)
              -
              -
Cash received non-controlling stake
(3,790,508)
(69,657)
(25,252)
Payments for financial leasing
(5,331,253)
(5,130,210)
(5,320,062)
Sales of shares
62,398
(348,237)
(729,087)
Net cash flows used in financing activities
(9,546,719)
(8,769,780)
(11,219,082)
Net (decrease) increase in cash and cash equivalents
(1,077,996)
2,521,235
(294,935)
Exchange effects on value of cash
1,136,130
(2,198,254)
(511,681)
Cash and cash equivalents:
At the beginning of the year
6,409,798
6,086,817
6,893,433
At the end of year 
$
6,467,932
$
6,409,798
$
6,086,817
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES
For the years ended December 31, 2024, 2023 and 2022
(Figures in thousands of Mexican pesos)
Notes to the Consolidated Financial Statements
1.	 Activity, main operations and significant events  
OPERATIONS
Alsea, S.A.B. de C.V. and Subsidiaries (Alsea or the Entity) was incorporated on May 16, 1997 in Mexico. The 
Entity’s domicile is Av. Revolución 1267 Int. 20 and 21, Col. Alpes, Alcaldía Álvaro Obregón, C.P. 01040, Mexico 
City, Mexico.
The Entity was incorporated for a period of 99 years, beginning on the date in which the deed was signed, 
which was April 7, 1997.
For disclosure purposes in the notes to the consolidated financial statements, reference made to pesos, 
“$” or MXP is for thousands of Mexican pesos, reference made to dollars is for US dollars and reference 
made to euros is for of the European Union.
Alsea is mainly engaged in operating fast food restaurants “QSR” cafes and casual dining “Casual Dining”. 
The brands operated in Mexico are Domino’s Pizza, Starbucks, Burger King, Chili’s Grill & Bar, P.F. Chang’s, 
Italianni’s, The Cheese Cake Factory, Vips, El Portón, Corazón de Barro, La Casa del Comal and La Finca. In 
order to operate its multi-units, the Entity has the support of its shared service center, which includes the 
supply chain through Distribuidora e Importadora Alsea, S.A. de C.V. (DIA), real property and development 
services, as well as administrative services (financial, human resources and technology). The Entity operates 
the Burger King, P.F. Chang’s, Chili’s Grill & Bar and Starbucks brands in Chile. In Argentina, Alsea operates 
the Burger King, and Starbucks brands. In Colombia, Alsea operates the Domino’s Pizza, Starbucks, Archie’s 
and until December 2022 P.F. Chang’s brands. In Uruguay, it operates the Starbucks and Domino’s Pizza 
brands.  In Spain, Alsea operates the brands Foster’s Hollywood, Burger King, Domino’s Pizza, VIPS, VIPS 
Smart, Starbucks, Ginos and Fridays. 
SIGNIFICANT EVENTS
a.	Redemption of the stock certificate  “Alsea 19” - in relation to certificates issued in the amount of 
13,500 million pesos, by ALSEA, S.A.B. DE C.V. with slate key “ALSEA 19” On May 16, 2019, with CIBANCO, S.A. 
as Common Representative, Amortization the production of this issue was carried out on May 9, 2024, 
as follows: 
1.	 The amount of interest accrued for the 28-day period from April 11, 2024, to May 9, 2024, at the gross 
annual interest rate of 12.20%, which amounts to 12,810 thousand pesos.
2.	 Total amortization of the principal amounting to $1,350,000 thousand pesos, which was settled in a 
single payment at its nominal value on the due date. . 
b.	Sale of the Burger King brand in Spain  - On August 3, 2024, an agreement has been reached between 
Burger King Spain, S.L.U. as buyer and Food Service Project, S.A.U. as seller, have signed a contract for 
the sale of a business in operation under a franchise regime for the brand operated in Spain “Burger 
King”, agreeing on a date of sale November 18, 2024,  whose asset sale price was 28.761 euros.
	
For this operation, the present consolidated annual accounts present in the consolidated profit and 
loss account and in a single item called “Result of the financial year from the interrupted transactions” 
the result of the financial year’s operation, net of taxes and the result of the sale.
c.	 Alsea increased its stake in Alsea Europe, incorporating Bain Capital Credit as an investor - in October 
2021, the entity, Alia Capital Partners and Bain Capital Credit, agreed to invest in a 21.1% minority stake 
in Food Service Project, S.A. (Alsea Europe). After the investment, Alsea owns 76.8% (previously 66.2%), 
Alia Capital Partners and Bain Capital Credit will have an indirect stake of 10.6% and the remaining 
minorities represent 12.7%. The entity disbursed 55 million euros (equivalent to $1,205,703 million 
pesos), in addition, refunds were obtained for the $92.4 million pesos. As a result of this agreement, the 
Entity renegotiated the call options (PUT - CALL options) as follows:
a)	 Deadline of December 31, 2026.
b)	 The entity has a mandatory and optional Call Option starting in the third year.
c)	 Semi-annual payment of a 4.6% annual coupon on the principal of 55 million euros payable annually 
until the date of the “Put Option”.
d)	 The entity has the possibility of extinguishing the obligation with an exchange of shares or cash.
On February 26, 2024, a stock sale agreement was signed between Alsea SAB of CV (Alsea) and the 
minority partners of Food Service Project, S.A. (FSP´s) subsidiary of Alsea and operator of various 
brands in Europe.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Under this agreement, Alsea acquires 23.23% of FSP’s minority equity stake under the following terms:
Acquisition of minority holdings.
Acquired stake
thousands 
of euros
Miles de pesos 
(MXN)
Britania Investments S.A.R.L. (1)
10.53%
99,243
$
2,163,014
Familia Arango (2)
5.13%
50,000
1,076,154
ProA Capital Iberian Buyout Fund II, F.C.R (1)
2.57%
25,000
538,077
Carrot River Holding, S.A.R.L. (3)
5.00%
70,000
1,506,615
Total
23.23
244,243
5,256,859
(1) Payable in cash on the date of the transaction.
(2) Payable on December 31, 2024 with interest at 2.5% annual interest.
(3) To be paid $30 million Euros on the date of the transaction and $40 million Euros on February 28, 2025, with 
interest at 2.5% annual interest.
	
To settle the transaction, a syndicated loan was contracted between BBVA Bancomer and Santander for 
$3,317 million pesos with a three-year maturity, a 28-day TIIE interest rate with a spread of 140 bps, and 
a one-year grace period for principal repayment. 
	
This agreement replaced the original agreements, which included a purchase option with a maximum 
execution date of December 31, 2025, for Britania Investments, ProA Capital, and Carrot River, and 
December 31, 2026, for the Arango Family.
	
At the end of financial year 2023, the assets and liabilities shown in the financial statement as a long-
term non-controlling resale option, as well as the guaranteed deposit of Carrot River Holding, S.A.R.L., 
they will be canceled and the effects of the acquisition along with the share premium paid for that 
capital will be shown within the equity. 
	
During the financial year 2024, the payment of the minority groups of the European entity which was 
acquired at the beginning of the previous year was executed, leaving only $40 million euros outstanding 
which were paid in February 2025 (see Note 32).
d.	Effects of Hurricane OTIS - In October 2023, Hurricane Otis affected the Mexican pacific coast, causing 
damage to 30 stores, which have extensive insurance for catastrophe coverage, for which the replacement 
coverage of the stores’ fixed assets and equipment and payroll insurance for our collaborators did not 
represent a significant expense for Alsea.
e.	 Sale of Operation of the El Portón Brand in Mexico - In September 2023, an agreement was reached for 
the sale of the “El Portón” operations in Mexico. As part of said agreement, there will be a transition 
period to perfect said transaction and Alsea will stop operating the 15 units of “El Portón” and 2 of 
“Corazón de Barro” that it had in said country at the end of the first quarter of 2023.
f.	 Development of the Starbucks brand in Paraguay - In April 2023, Alsea signed a contract with Starbucks 
to operate and develop Starbucks brand establishments in Paraguay.
g.	Alsea announces the successful pricing of senior bonds due 2027 for 300 million euros in international 
markets, equivalent to $6,417,394 Mexican pesos - On January 21, 2022, the pricing of senior bonds for 
$300 million euros, took place, at an interest rate of 5.5% per year, issued through its subsidiary Food 
Service Project, S.A. and guaranteed by Alsea (the “2027 Euro Bonds”) and with the option of partial or 
complete settlement as of January 21, 2024 and with a maturity date of January 21, 2027.
h.	Alsea announces the execution of the early redemption of the “ALSEA 17” stock certificate – The entity 
informed the investing public about the execution of the early repayment of the “Alsea 17” issue made 
on March 16, 2022, as follows:
1.	 The amount of interest accrued for the 28-day period between February 16, 2022, and March 16, 2022, at 
the annual gross interest rate of 7.13% amounting to $5,545 million pesos.
2.	 The amount of the Early Repayment for an amount of $1,000,000 million pesos, which was calculated in 
accordance with what is established in the “Early Repayment” section of the Title of the ALSEA 17. 
2.Adoption of new and revised International Financial  
Reporting Standards
a.	New and modified IFRS® Accounting Standards (“IFRS TAD” or “IAS”) that are mandatory for the 
current year. 
	
Changes to IAS 7 State of Statement of cash flows the market and IFRS the company 7 Financial 
instruments: Information to be disclosed on Supplier Financing Agreements.
The group has adopted amendments to IAS 7 and IFRS the 7 series, entitled Supplier Financing 
Agreements, for the first time in the current year.
The amendments add a disclosure objective to IAS 7 that states that an entity is obliged to disclose 
information about its financial agreements with suppliers that allows users of financial statements to 
assess the effects of such agreements on liabilities and Statement of cash flows liabilities the entity. 
In addition, IFRS the 7 is modified to add supplier financing agreements as an example within the 
requirements to disclose information about an entity’s exposure to the concentration of liquidity risk.
 The amendments contain specific transitional provisions for the first annual reporting Presentation 
period in which the group applies the modifications. In accordance with the transitional provisions, an 
entity is not required to disclose:
• Report of the reporting periods submitted prior to the beginning of the reporting year in which the 
entity applies the first time such modifications. Comparative information
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
• The information required by IAS 7:44H (b)(ii)–(iii) at the beginning of the annual reporting period in 
which the entity applies such modifications for the first time.
The note 2a provides the required disclosures related to these amendments..
During the year, the group has applied amendments to IFRS the ISB issued by the International Financial 
Reporting Standards Council (IASB) that are mandatory for accounting periods beginning on or after 
January 1, 2024. Their adoption has not had a material impact on disclosures or amounts reported in these 
financial statements. . 
Amendments to IAS 1 
Classification of Liabilities as 
Current or Non-current
The group has adopted the amendments to IAS 1, published in January 2020, for the first 
time in the current year.
The amendments affect only the presentation of liabilities as current or non-current in the 
statement of financial position and not the amount or timing of recognition of any asset, 
liability, income or expenses, or the information disclosed about those items.
The amendments clarify that the classification of liabilities as current or non-current 
is based on rights that are in existence at the end of the reporting period, specify that 
classification is unaffected by expectations about whether an entity will exercise its right to 
defer settlement of a liability, explain that rights are in existence if covenants are complied 
with at the end of the reporting period, and introduce a definition of ‘settlement’ to make 
clear that settlement refers to the transfer to the counterparty of cash, equity instruments, 
other assets or services.
Amendments to IAS 1  
Non-current Liabilities  
with Covenants 
The group has adopted the amendments to IAS 1, published in November 2022, for the first 
time in the current year.
The amendments specify that only covenants that an entity is required to comply with 
on or before the end of the reporting period affect the entity’s right to defer settlement 
of a liability for at least twelve months after the reporting date (and therefore must be 
considered in assessing the classification of the liability as current or non-current). 
Such covenants affect whether the right exists at the end of the reporting period, even if 
compliance with the covenant is assessed only after the reporting date (e.g. a covenant 
based on the entity’s financial position at the reporting date that is assessed for compliance 
only after the reporting date).
The IASB also specifies that the right to defer settlement of a liability for at least twelve 
months after the reporting date is not affected if an entity only has to comply with a 
covenant after the reporting period. However, if the entity’s right to defer settlement of a 
liability is subject to the entity complying with covenants within twelve months after the 
reporting period, an entity discloses information that enables users of financial statements 
to understand the risk of the liabilities becoming repayable within twelve months after the 
reporting period. This would include information about the covenants (including the nature 
of the covenants and when the entity is required to comply with them), the carrying amount 
of related liabilities and facts and circumstances, if any, that indicate that the entity may 
have difficulties complying with the covenants.
Amendments to IFRS the 16 
Tenancy – Leasing Liability for 
a subsequent sale and lease
The group has adopted the amendments to IFRS the 16-item price for the first time in this 
year.
The amendments to IFRS the 16 series add subsequent valuation requirements for Class 
of Transactions sale and subsequent lease products that meet the requirements of IFRS 
the 15 series regular income from customer contracts to be accounted for as a sale. The 
modifications require the seller-lessee to determine “lease payments” or “revised lease 
payments” so that the seller-lessee does not recognize a gain or loss related to the right of 
use retained by the seller-lessee after the start date.
The amendments do not affect the gain or loss recognized by the seller-lessee in connection 
with the partial or full termination of a lease. Without these new requirements, a seller-
lessee may have recognized a gain on the right of use that he retains only because of a new 
measurement of the lease liability (for example, after a lease modification or a change in 
the lease term) Applying the general requirements of IFRS the 16-post. This could have been 
particularly the case in a subsequent lease that includes variable lease payments that do 
not depend on an index or rate.
As part of the amendments, The IASB modified an illustrative example at IFRS the 16 point 
and added a new example to illustrate the subsequent measurement of a right-to-use 
and lease liability asset in a subsequent sale and lease transaction with variable lease 
payments that are not index dependent or fee. Illustrative examples also clarify that the 
liability arising from a subsequent sale and lease transaction that qualifies as a sale under 
IFRS the 15-point-of-sale is a lease liability.
A seller-lessee shall retroactively apply the modifications in accordance with IAS 8 to Class 
of Transactions subsequent selling and leasing arrangements after the initial application 
date, This is defined as the beginning of the annual reporting period in which the entity first 
applied IFRS the 16-point-of-business.
New and revised IFRS Accounting Standards in issue but not yet effective.
At the date of authorisation of these financial statements, the group has not applied the following new 
and revised IFRS Accounting Standards that have been issued but are not yet effective and have not yet 
been adopted by the Group Alsea.
Amendments to IAS 21
Lack of interchangeability
IFRS 18
Both the and the Revelations in the financial statements Presentation
IFRS 19
Subsidiaries without Public Liability: Disclosures
The directors do not expect that the adoption of the standards listed above will have a material impact 
on the financial statements of the group in future periods, except if indicated below. :
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Amendments to IAS 21 The effects of changes in exchange rates on lack of interchangeability
LThe amendments specify how to assess whether a currency is exchangeable, and how to determine 
the exchange rate when it is not. The amendments state that a currency is exchangeable into another 
currency when an entity is able to obtain the other currency within a time frame that allows for a normal 
administrative delay and through a market or exchange mechanism in which an exchange transaction 
would create enforceable rights and obligations.
An entity assesses whether a currency is exchangeable into another currency at a measurement date and 
for a specified purpose. If an entity is able to obtain no more than an insignificant amount of the other 
currency at the measurement date for the specified purpose, the currency is not exchangeable into the 
other currency.
The assessment of whether a currency is exchangeable into another currency depends on an entity’s 
ability to obtain the other currency and not on its intention or decision to do so.
When a currency is not exchangeable into another currency at a measurement date, an entity is required 
to estimate the spot exchange rate at that date. An entity’s objective in estimating the spot exchange rate 
is to reflect the rate at which an orderly exchange transaction would take place at the measurement date 
between market participants under prevailing economic conditions.
The amendments do not specify how an entity estimates the spot exchange rate to meet that objective. 
An entity can use an observable exchange rate without adjustment or another estimation technique. 
Examples of an observable exchange rate include:
•	A spot exchange rate for a purpose other than that for which an entity assesses exchangeability
•	The first exchange rate at which an entity is able to obtain the other currency for the specified 
purpose after exchangeability of the currency is restored (first subsequent exchange rate).
An entity using another estimation technique may use any observable exchange rate—including rates 
from exchange transactions in markets or exchange mechanisms that do not create enforceable rights 
and obligations—and adjust that rate, as necessary, to meet the objective as set out above. 
When an entity estimates a spot exchange rate because a currency is not exchangeable into another 
currency, the entity is required to disclose information that enables users of its financial statements to 
understand how the currency not being exchangeable into the other currency affects, or is expected to 
affect, the entity’s financial performance, financial position and cash flows.
The amendments add a new appendix as an integral part of IAS 21. The appendix includes application 
guidance on the requirements introduced by the amendments. The amendments also add new Illustrative 
Examples accompanying IAS 21, which illustrate how an entity might apply some of the requirements in 
hypothetical situations based on the limited facts presented.
In addition, the IASB made consequential amendments to IFRS 1 to align with and refer to the revised IAS 
21 for assessing exchangeability.
The amendments are effective for annual reporting periods beginning on or after 1 January 2025, with 
earlier application permitted. An entity is not permitted to apply the amendments retrospectively. Instead, 
an entity is required to apply the specific transition provisions included in the amendments.
The directors of the company anticipate that the application of these amendments may have an impact 
on the group’s consolidated financial statements in future periods.
IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing 
them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. 
Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements for:
•Present specified categories and defined subtotals in the statement of profit or loss
•	Provide disclosures on management-defined performance measures (MPMs) in the notes to the 
financial statements 
•	Improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, 
with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and 
IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with 
specific transition provisions.
 The directors of the company anticipate that the application of these amendments may have an impact 
on the group’s consolidated financial statements in future periods. 
IFRS 19 Subsidiaries without Public Liability: Disclosures
IFRS 19 permits an eligible subsidiary to provide reduced disclosures when applying IFRS Accounting 
Standards in its financial statements. 
A subsidiary is eligible for the reduced disclosures if it does not have public accountability and its ultimate 
or any intermediate parent produces consolidated financial statements available for public use that 
comply with IFRS Accounting Standards.
IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for subsidiaries 
that elect to apply it.
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Notes to the Consolidated Financial Statements
An entity is only permitted to apply IFRS 19 if, at the end of the reporting period:
•	Is a subsidiary (this includes an intermediate matrix)
•	It  does not have public accountability, and
•	Its f ultimate or any intermediate parent produces consolidated financial statements available for 
public use that comply with IFRS Accounting Standards.
A subsidiary has public responsibility if:
•	Its debt or equity instruments are traded in a public market or it is in the process of issuing such 
instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-
counter market, including local and regional markets), or 
•	It holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses 
(for example, banks, credit unions, insurance entities, securities brokers/dealers, mutual funds and 
investment banks often meet this second criterion). 
Eligible entities can apply IFRS 19 in their consolidated, separate or individual financial statements. An 
eligible intermediate parent that does not apply IFRS 19 in its consolidated financial statement may do so 
in its separate financial statements.
The new standard is effective for reporting periods beginning on or after 1 January 2027 with earlier 
application permitted. If an entity elects to apply IFRS 19 for a reporting period earlier than the reporting 
period in which it first applies IFRS 18, it is required to apply a modified set of disclosure requirements set 
out in an appendix to IFRS 19. If an entity elects to apply IFRS 19 for an annual reporting period before it 
applied the amendments to IAS 21, it is not required to apply the disclosure requirements in IFRS 19 with 
regard to Lack of Exchangeability. 
The directors of the company do not anticipate that IFRS 19 will be applied for purposes of the consolidated 
financial statements of the group.
3.	 Accounting policies 
A. STATEMENT OF COMPLIANCE
The consolidated financial statements have been prepared in accordance with International Financial 
Reporting Standards released by IASB. 
The entity’s management has, at the time of approving the financial statements, a reasonable expectation 
that the Entity has the necessary resources to continue operating in the foreseeable future. Therefore, 
they continue to adopt the Going Concern accounting basis when preparing the financial statements 
consolidated.
B. BASIS OF ACCOUNTING
The consolidated financial statements have been prepared on the historical cost basis except for the 
revaluation of certain properties and financial instruments that are measured at revalued amounts or fair 
values at the end of each reporting period, as explained in the accounting policies below.
i.	 Historical cost
Historical cost is generally based on the fair value of the consideration given in exchange for goods 
and services.
ii.	Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an 
orderly transaction between market participants at the measurement date, regardless of whether 
that price is directly observable or estimated using another valuation technique. 
In estimating the fair value of an asset or a liability, the Entity takes into account the characteristics 
of the asset or liability if market participants would take those characteristics into account when 
pricing the asset or liability at the measurement date. 
Fair value for measurement and/or disclosure purposes in these consolidated financial statements 
is determined on such a basis, except for share-based payment transactions that are within the 
scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that 
have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or 
value in use in IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 
2 or 3 based on the degree to which the inputs to the fair value measurements are observable and 
the significance of the inputs to the fair value measurement in its entirety, which are described as 
follows:
•	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities 
that the entity can access at the measurement date;
•	Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for 
the asset or liability, either directly or indirectly; and
•	Level 3 inputs are unobservable inputs for the asset or liability.
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iii.	 Re-expression of financial statements
As of July 1, 2018, accumulated inflation of the last three years in Argentina exceeded levels of 100%, 
for which reason the Argentine peso was classified as a currency in a hyperinflationary economic 
environment. As a result, the financial statements of the subsidiaries in that country, whose 
functional currency is the Argentine peso, have been re-expressed to adopt the requirements of 
International Accounting Standard 29, Financial Information in Hyperinflationary Economies, (IAS 
29) and have been consolidated in accordance with the requirements of IAS 21, Effects of Variances 
in the Exchange Rates of the Foreign Currency. The purpose of applying such requirements is to 
consider the changes in the general purchasing power of the Argentine peso and thus present the 
financial statements in the current measurement unit at the date of the statement of financial 
position. Argentina, for purposes of its financial reporting, updated its figures using the country’s 
inflation rate based on official indexes. The financial statements before the re-expression were 
prepared using the historical costs method.
C. BASIS OF CONSOLIDATION OF FINANCIAL STATEMENTS
The consolidated financial statements incorporate the financial statements of Alsea, S.A.B. de C.V. and 
entities controlled by the Entity. Control is obtained when the Entity:
• Has power over the investee;
•	Is exposed, or has rights, to variable returns from its involvement with the investee; and
•	Has the ability to use its power to affect its returns.
The Entity reassesses whether or not it controls an investee if facts and circumstances indicate that 
there are changes to one or more of the three elements of control listed above.
When the Entity has less than a majority of the voting rights of an investee, it has power over the investee 
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the 
investee unilaterally. The Entity considers all relevant facts and circumstances in assessing whether or 
not the Entity’s voting rights in an investee are sufficient to give it power, including:
•	The size of the Entity’s holding of voting rights relative to the size and dispersion of holdings of the 
other vote holders;
•	Potential voting rights held by the Entity, other vote holders or other parties;
•	Rights arising from other contractual arrangements; and
•	Any additional facts and circumstances that indicate that the Entity has, or does not have, the current 
ability to direct the relevant activities at the time that decisions need to be made, including voting 
patterns at previous shareholders’ meetings.
Consolidation of a subsidiary begins when the Entity obtains control over the subsidiary and ceases 
when the Entity loses control of the subsidiary. Specifically, income and expenses of a subsidiary 
acquired or disposed of during the year are included in the consolidated statements of income and 
other comprehensive income from the date the Entity gains control until the date when the Entity 
ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the 
Entity and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to 
the owners of the Entity and to the non-controlling interests even if this results in the non-controlling 
interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their 
accounting policies into line with the Entity’s accounting policies.
All assets, liabilities, equity, income, expenses and cash flows relating to transactions between related 
parties have been fully eliminated in consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those 
interests of non-controlling shareholders that are present ownership interests entitling their holders to 
a proportionate share of net assets upon liquidation may initially be measured at fair value or at the 
non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. 
The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling 
interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-
controlling interests is the amount of those interests at initial recognition plus the non-controlling 
interests’ share of subsequent changes in equity. All intragroup assets and liabilities, equity, income, 
expenses and cash flows relating to transactions between members of the Entity are eliminated in 
full on consolidation. Total comprehensive income of the subsidiaries is attributed to the owners of 
the Company and to the non-controlling interests even if this results in the non-controlling interests 
having a deficit balance.
The results of each component of other comprehensive income are attributed to the company’s 
shareholders and non-controlling interests. The total comprehensive income statement of subsidiaries 
is attributed to the company’s shareholders and non-controlling interests, even though this results in 
a deficit in the non-controlling interests.
All intercompany balances, transactions and cash flows have been eliminated in consolidation.
Changes in the Entity’s ownership interests in existing subsidiaries
Changes in the Entity’s ownership interests in subsidiaries that do not result in the Entity losing control 
over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Entity’s 
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests 
in the subsidiaries. Any difference between the amount by which the non-controlling interests are 
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adjusted and the fair value of the consideration paid or received is recognized directly in equity and 
attributed to owners of the Entity.
When the Entity loses control of a subsidiary, a gain or loss is recognized in profit or loss and is 
calculated as the difference between (i) the aggregate of the fair value of the consideration received 
and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including 
goodwill), and liabilities of the subsidiary and any non-controlling interests.
All amounts previously recognized in other comprehensive income in relation to that subsidiary are 
accounted for as if the Entity had directly disposed of the related assets or liabilities of the subsidiary 
(i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by 
applicable IFRSs).
The fair value of any investment retained in the former subsidiary at the date when control is lost 
is regarded as the fair value on initial recognition for subsequent accounting under IAS 39, when 
applicable, the cost on initial recognition of an investment in an associate or a joint venture.
D. INFORMATION BY SEGMENT
The operating segments are reported consistently with the internal reports prepared to provide 
information to the Audit Committee, which is responsible for assisting the Board of Directors, which 
is why it is considered the body that makes strategic decisions for the allocation of resources and the 
evaluation of the operating segments on the established platform of Corporate Governance.
E. LIQUIDITY 
As disclosed in the consolidated financial statements as of December 31, 2024, 2023 and 2022 their 
current liabilities exceed their current assets by the following year: $11,406,014, $10,136,349 and $9,403,890 
respectively. The main financial items have had significant increases over the previous year: In the case 
of income, the increase was 5.6 % compared to last year, reaching the level of $78,985 as of December 
31, 2024; Likewise, investments have been made in the capital cost of projects to continue operating 
growth. During the fiscal year, 275 points of sale were opened and 138 remodeled. 
Operating income, excluding depreciation, generates approximately $17 billion pesos, which, added to 
the $7,051 million pesos in short-term assets excluding cash, are used to meet the Entity’s short-term 
liabilities. The accompanying consolidated financial statements do not include adjustments related to 
the valuation and classification of assets and liabilities, which might be necessary if the Entity were 
unable to continue operating.
F. FINANCIAL INSTRUMENTS 
Financial assets and financial liabilities are recognized when the Entity becomes a party to the 
contractual provisions of the instruments. 
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are 
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than 
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted 
from the fair value of financial assets and financial liabilities, as appropriate, on initial recognition. 
Transaction costs directly attributable to the acquisition of financial assets and financial liabilities at 
fair value through profit or loss are recognized immediately in profit or loss.
G. FINANCIAL ASSETS
All regular way purchases or sales of financial assets are recognized and derecognized on a trade date 
basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of 
assets within the time frame established by regulation or convention in the marketplace.  
All recognized financial assets are measured subsequently in their entirety at either amortized cost or 
fair value, depending on the classification of the financial assets.
Classification of financial assets 
Debt instruments that meet the following conditions are measured subsequently at amortized cost:
•	
The financial asset is held within a business model whose objective is to hold financial assets in 
order to collect contractual cash flows; and
•	
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely 
payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through 
other comprehensive income (FVTOCI):
•	
The financial asset is held within a business model whose objective is achieved by both collecting 
contractual cash flows and selling the financial assets; and 
•	
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely 
payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss 
(FVTPL). 
Despite all of the above, the Entity may make the following irrevocable election / designation at initial 
recognition of a financial asset:
•	
The Entity may irrevocably elect to present subsequent changes in fair value of an equity investment 
in other comprehensive income if certain criteria are met (see (iii) below); and
•	
The Entity may irrevocably designate a debt investment that meets the amortized cost or FVTOCI 
criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch 
(see (iv) below).
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(i) Amortized cost and effective interest method
The effective interest method is a method of calculating the amortized cost of a debt instrument 
and of allocating interest income over the relevant period.
For financial assets other than purchased or originated credit-impaired financial assets (i.e. 
assets that are credit-impaired on initial recognition), the effective interest rate is the rate that 
exactly discounts estimated future cash receipts (including all fees and points paid or received 
that form an integral part of the effective interest rate, transaction costs and other premiums or 
discounts) excluding expected credit losses, through the expected life of the debt instrument, 
or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on 
initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted 
effective interest rate is calculated by discounting the estimated future cash flows, including 
expected credit losses, to the amortized cost of the debt instrument on initial recognition.
The amortized cost of a financial asset is the amount at which the financial asset is measured at 
initial recognition minus the principal repayments, plus the cumulative amortization using the 
effective interest method of any difference between that initial amount and the maturity amount, 
adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized 
cost of a financial asset before adjusting for any loss allowance.
Interest income is recognized using the effective interest method for debt instruments measured 
subsequently at amortized cost and at FVTOCI. 
For financial assets other than purchased or originated credit-impaired financial assets, interest 
income is calculated by applying the effective interest rate to the gross carrying amount of a 
financial asset, except for financial assets that have subsequently become credit-impaired (see 
below). For financial assets that have subsequently become credit-impaired, interest income is 
recognized by applying the effective interest rate to the amortized cost of the financial asset. 
If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument 
improves so that the financial asset is no longer credit-impaired, interest income is recognized by 
applying the effective interest rate to the gross carrying amount of the financial asset.
For purchased or originated credit-impaired financial assets, the Entity recognizes interest income 
by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset 
from initial recognition. The calculation does not revert to the gross basis even if the credit risk of 
the financial asset subsequently improves so that the financial asset is no longer credit-impaired.
Interest income is recognized in profit or loss and is included in the “finance income - interest 
income” item in the consolidated statement of comprehensive income.
A financial asset is held for trading if:
•	It has been obtained with the main objective of being sold in the short term; or
•	On initial recognition, it is part of a portfolio of identified financial instruments that the Entity 
manages together and has evidence of a recent pattern of obtaining profits in the short term; or
•	It is a derivative (except for derivatives that are contractual financial guarantees or a designated 
and effective hedging instrument).
(ii) Debt instruments classified as at FVTOCI
The corporate bonds held by the Entity are classified as at FVTOCI. Fair value. The corporate bonds 
are initially measured at fair value plus transaction costs. Subsequently, changes in the carrying 
amount of these corporate bonds as a result of foreign exchange gains and losses (see below), 
impairment gains or losses (see below), and interest income calculated using the effective interest 
method (see (i) above) are recognized in profit or loss. The amounts that are recognized in profit 
or loss are the same as the amounts that would have been recognized in profit or loss if these 
corporate bonds had been measured at amortized cost. All other changes in the carrying amount 
of these corporate bonds are recognized in other comprehensive income and accumulated under 
the heading of investments revaluation reserve. 
When these corporate bonds are derecognized, the cumulative gains or losses previously recognized 
in other comprehensive income are reclassified to profit or loss.
(iii) Equity instruments designated as at FVTOCI
On initial recognition, the Entity may make an irrevocable election (on an instrument-by-instrument 
basis) to designate investments in equity instruments as at FVTOCI. 
Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is 
contingent consideration recognized by an acquirer in a business combination.
 
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A financial asset is held for trading if:
•	
It has been acquired principally for the purpose of selling it in the near term; or
•	
On initial recognition it is part of a portfolio of identified financial instruments that the Entity 
manages together and has evidence of a recent actual pattern of short-term profit-taking; or 
•	
It is a derivative (except for a derivative that is a financial guarantee contract or a designated 
and effective hedging instrument). 
Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction 
costs. Subsequently, they are measured at fair value with gains and losses arising from changes 
in fair value recognized in other comprehensive income and accumulated in the investments 
revaluation reserve. The cumulative gain or loss is not being reclassified to profit or loss on 
disposal of the equity investments; instead, it is transferred to retained earnings. 
Dividends on these investments in equity instruments are recognized in profit or loss in 
accordance with IFRS 9, unless the dividends clearly represent a recovery of part of the cost of 
the investment. Dividends are included in the ‘finance income’ line item in profit or loss.
The Entity has designated all investments in equity instruments that are not held for trading as 
at FVTOCI on initial application of IFRS 9.
(iv) Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI 
(see (i) to (iii) above) are measured at FVTPL. Specifically:
•	
Investments in equity instruments are classified as at FVTPL, unless the Entity designates an 
equity investment that is neither held for trading nor a contingent consideration arising from 
a business combination as at FVTOCI on initial recognition (see (iii) above).
•	
Debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria (see (i) 
and (ii) above) are classified as at FVTPL. 
In addition, debt instruments that meet either the amortized cost criteria or the FVTOCI criteria may 
be designated as at FVTPL upon initial recognition if such designation eliminates or significantly 
reduces a measurement or recognition inconsistency (so called ‘accounting mismatch’) that 
would arise from measuring assets or liabilities or recognizing the gains and losses on them on 
different bases. The Entity has not designated any debt instruments as at FVTPL. 
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair 
value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging 
relationship (see hedge accounting policy). 
The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial 
asset and is included in the “other gains and losses”.
Foreign exchange gains and losses
The carrying amount of financial assets that are denominated in a foreign currency is determined in 
that foreign currency and translated at the spot rate at the end of each reporting period. Specifically;
•	
For financial assets measured at amortized cost that are not part of a designated hedging relationship, 
exchange differences are recognized in profit or loss in the ‘other gains and losses’;
•	
•	For debt instruments measured at FVTOCI that are not part of a designated hedging relationship, 
exchange differences on the amortized cost of the debt instrument are recognized in profit or loss 
in the ‘other gains and losses’. Other exchange differences are recognized in other comprehensive 
income in the investment’s revaluation reserve;
•	
•	For financial assets measured at FVTPL that are not part of a designated hedging relationship, 
exchange differences are recognized in profit or loss in the ‘other gains and losses’ line item; and 
•	
•	For equity instruments measured at FVTOCI, exchange differences are recognized in other 
comprehensive income in the investment’s revaluation reserve.
See hedge accounting policy regarding the recognition of exchange differences where the foreign 
currency risk component of a financial asset is designated as a hedging instrument for a hedge of 
foreign currency risk.
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     Impairment of financial assets
The Entity recognizes a loss allowance for expected credit losses on investments in debt instruments 
that are measured at amortized cost or at FVTOCI, lease receivables, trade receivables and contract 
assets, as well as on financial guaranteed contracts. The amount of expected credit losses is updated at 
each reporting date to reflect changes in credit risk since initial recognition of the respective financial 
instrument.
The Entity always recognizes lifetime ECL (credit losses) for trade receivables, contract assets and lease 
receivables. The expected credit losses on these financial assets are estimated using a provision matrix 
based on the Entity’s historical credit loss experience, adjusted for factors that are specific to the 
debtors, general economic conditions and an assessment of both the current as well as the forecast 
direction of conditions at the reporting date, including time value of money where appropriate.
For all other financial instruments, the Entity recognizes lifetime ECL when there has been a significant 
increase in credit risk since initial recognition. However, if the credit risk on the financial instrument 
has not increased significantly since initial recognition, the Entity measures the loss allowance for that 
financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over 
the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime 
ECL that is expected to result from default events on a financial instrument that are possible within 12 
months after the reporting date.
(i) Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since 
initial recognition, the Entity compares the risk of a default occurring on the financial instrument 
at the reporting date with the risk of a default occurring on the financial instrument at the date 
of initial recognition. In making this assessment, the Entity considers both quantitative and 
qualitative information that is reasonable and supportable, including historical experience and 
forward-looking information that is available without undue cost or effort. 
Forward-looking information considered includes the future prospects of the industries 
in which the Entity’s debtors operate, obtained from economic expert reports, financial 
analysts, governmental bodies, relevant think-tanks and other similar organizations, as well 
as consideration of various external sources of actual and forecast economic information that 
relate to the Entity’s core operations. 
In particular, the following information is taken into account when assessing whether credit risk has 
increased significantly since initial recognition.
•	
An actual or expected significant deterioration in the financial instrument’s external (if 
available) or internal credit rating;
•	
Significant deterioration in external market indicators of credit risk for a particular financial 
instrument, e.g. a significant increase in the credit spread, the credit default swap prices for 
the debtor, or the length of time or the extent to which the fair value of a financial asset has 
been less than its amortized cost;
•	
Existing or forecast adverse changes in business, financial or economic conditions that are 
expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; 
•	
An actual or expected significant deterioration in the operating results of the debtor;
•	
Significant increases in credit risk on other financial instruments of the same debtor;
•	
An actual or expected significant adverse change in the regulatory, economic, or technological 
environment of the debtor that results in a significant decrease in the debtor’s ability to 
meet its debt obligations.
Irrespective of the outcome of the above assessment, the Entity presumes that the credit risk on 
a financial asset has increased significantly since initial recognition when contractual payments 
are more than 30 days past due, unless the Entity has reasonable and supportable information 
that demonstrates otherwise. 
Despite the foregoing, the Entity assumes that the credit risk on a financial instrument has not 
increased significantly since initial recognition if the financial instrument is determined to have 
low credit risk at the reporting date. A financial instrument is determined to have low credit risk 
if:
(1)	 The financial instrument has a low risk of default, 
(2) The debtor has a strong capacity to meet its contractual cash flow obligations in the near 
term, and 
(3) Adverse changes in economic and business conditions in the longer term may, but will not 
necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. 
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The Entity considers a financial asset to have low credit risk when the asset has external 
credit rating of ‘investment grade’ in accordance with the globally understood definition or if 
an external rating is not available, the asset has an internal rating of ‘performing’. Performing 
means that the counterparty has a strong financial position and there are no past due amounts. 
For financial guaranteed contracts, the date that the Entity becomes a party to the irrevocable 
commitment is considered to be the date of initial recognition for the purpose of assessing the 
financial instrument for impairment. 
In assessing whether there has been a significant increase in the credit risk since initial 
recognition of a financial guarantee contracts, the Entity considers the changes in the risk that 
the specified debtor will default on the contract.
The Entity regularly monitors the effectiveness of the criteria used to identify whether there 
has been a significant increase in credit risk and revises them as appropriate to ensure that the 
criteria are capable of identifying significant increase in credit risk before the amount becomes 
past due.
(ii)  Definition of default 
The Entity considers the following as constituting an event of default for internal credit risk 
management purposes as historical experience indicates that financial assets that meet either 
of the following criteria are generally not recoverable:
•	
When there is a breach of financial covenants by the debtor; or
•	
Information developed internally or obtained from external sources indicates that the debtor 
is unlikely to pay its creditors, including the Entity, in full (without taking into account any 
collateral held by the Entity).
Irrespective of the above analysis, the Entity considers that default has occurred when a 
financial asset is more than 90 days past due unless the Entity has reasonable and supportable 
information to demonstrate that a more lagging default criterion is more appropriate.
(iii) Credit-impaired financial assets 
A financial asset is credit-impaired when one or more events that have a detrimental impact on 
the estimated future cash flows of that financial asset have occurred. Evidence that a financial 
asset is credit-impaired includes observable data about the following events:
(a) Significant financial difficulty of the issuer or the borrower;
(b) A breach of contract, such as a default or past due event (see (ii) above);
(c) The lender(s) of the borrower, for economic or contractual reasons relating to the 
borrower’s financial difficulty, having granted to the borrower a concession(s) that the 
lender(s) would not otherwise consider;
(d)	It is becoming probable that the borrower will enter bankruptcy or other financial 
reorganization; or
(e)	The disappearance of an active market for that financial asset because of financial 
difficulties.
(iv) Write-off policy 
The Entity writes off a financial asset when there is information indicating that the debtor is 
in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor 
has been placed under liquidation or has entered into bankruptcy proceedings, or in the case 
of trade receivables, when the amounts are over two years past due, whichever occurs sooner. 
Financial assets written off may still be subject to enforcement activities under the Entity’s 
recovery procedures, taking into account legal advice where appropriate. Any recoveries made 
are recognized in profit or loss.
(v) Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss 
given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. 
The assessment of the probability of default and loss given default is based on historical data 
adjusted by forward-looking information as described above. 
As for the exposure at default, for financial assets, this is represented by the assets’ gross 
carrying amount at the reporting date; for financial guarantee contracts, the exposure includes 
the amount drawn down as at the reporting date, together with any additional amounts expected 
to be drawn down in the future by default date determined based on historical trend, the Entity’s 
understanding of the specific future financing needs of the debtors, and other relevant forward-
looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual 
cash flows that are due to the Entity in accordance with the contract and all the cash flows 
that the Entity expects to receive, discounted at the original effective interest rate. For a lease 
receivable, the cash flows used for determining the expected credit losses is consistent with the 
cash flows used in measuring the lease receivable in accordance with IAS 16, Leases.
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For a financial guarantee contract, as the Entity is required to make payments only in the event 
of a default by the debtor in accordance with the terms of the instrument that is guaranteed, 
the expected loss allowance is the expected payments to reimburse the holder for a credit loss 
that it incurs less any amounts that the Entity expects to receive from the holder, the debtor or 
any other party. 
If the Entity has measured the loss allowance for a financial instrument at an amount equal 
to lifetime ECL in the previous reporting period, but determines at the current reporting date 
that the conditions for lifetime ECL are no longer met, the Entity measures the loss allowance 
at an amount equal to 12-month ECL at the current reporting date, except for assets for which 
simplified approach was used.
The Entity recognizes an impairment gain or loss in profit or loss for all financial instruments 
with a corresponding adjustment to their carrying amount through a loss allowance account, 
except for investments in debt instruments that are measured at FVTOCI, for which the loss 
allowance is recognized in other comprehensive income and accumulated in the investment 
revaluation reserve, and does not reduce the carrying amount of the financial asset in the 
statement of financial position.
Derecognition of financial assets
The Entity derecognizes a financial asset only when the contractual rights to the cash flows 
from the asset expire, or when it transfers the financial asset and substantially all the risks and 
rewards of ownership of the asset to another entity. If the Entity neither transfers nor retains 
substantially all the risks and rewards of ownership and continues to control the transferred 
asset, the Entity recognizes its retained interest in the asset and an associated liability for 
amounts it may have to pay. If the Entity retains substantially all the risks and rewards of 
ownership of a transferred financial asset, the Entity continues to recognize the financial asset 
and also recognizes a collateralized borrowing for the proceeds received. 
When derecognized from a financial asset measured at amortized cost, the difference between 
the carrying amount of the asset and the sum of the consideration received and receivable 
is recognized in profit or loss. In addition, when derecognition of an investment in a debt 
instrument classified as fair value through other comprehensive income, the accumulated gain 
or loss previously accrued in the investment revaluation reserve is reclassified to profit or loss. 
In contrast, in the derecognition of an investment in an equity instrument that the Entity 
chose at initial recognition to measure at fair value through other comprehensive income, the 
accumulated gain or loss previously accumulated in the investment revaluation reserve is not 
reclassified to profit or loss, but is transferred to accumulated earnings (deficit).
H.FINANCIAL LIABILITIES AND EQUITY INSTRUMENTS 
1. Classification as debt or equity
Debt and / or equity instruments are classified as financial liabilities or as capital in accordance with 
the substance of the contractual agreement and the definitions of liabilities and capital.
2. Financial liabilities
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
3. Other financial liabilities
Other financial liabilities (including borrowings and trade and other payables) are subsequently 
measured at amortized cost using the effective interest method. 
The effective interest method is a method of calculating the amortized cost of a financial liability and 
of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly 
discounts estimated future cash payments (including all fees and points paid or received that form an 
integral part of the effective interest rate, transaction costs and other premiums or discounts) through 
the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying 
amount on initial recognition.
4. Derecognition of financial liabilities
The Entity derecognizes financial liabilities when, and only when, the Entity’s obligations are discharged, 
cancelled or have expired. The difference between the carrying amount of the financial liability 
derecognized and the consideration paid and payable is recognized in profit or loss.
I. DERIVATIVE FINANCIAL INSTRUMENTS
Alsea uses derivative financial instruments (DFI) known as forwards or swaps, in order to a) mitigate 
present and future risks of adverse fluctuations in exchange and interest rates, b) avoid distracting 
resources from its operations and the expansion plan, and c) have certainty over its future cash flows, 
which also helps to maintain a cost of debt strategy. 
The DFIs used are solely for economic hedging purposes, through which cash flows are exchanged on 
pre-established future dates, based on the nominal or reference value.
Embedded derivatives: The Entity reviews all signed contracts to identify the existence of embedded 
derivatives. Identified embedded derivatives are subject to evaluation to determine whether or not 
they comply with the provisions of the applicable regulations; if so, they are separated from the host 
contract and are valued at fair value. If an embedded derivative is classified as trading instruments, 
changes in their fair value are recognized in income for the period.
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Notes to the Consolidated Financial Statements
Changes in the fair value of embedded derivatives designated for hedging recognize in based on the 
type of hedging: (1) when they relate to fair value hedges, fluctuations in the embedded derivative 
and in the hedged item they are valued at fair value and are recorded in income; (2) when they relate 
to cash flows hedges, the effective portion of the embedded derivative is temporarily recorded under 
other comprehensive income, and it is recycled to income when the hedged item affects results. The 
ineffective portion is immediately recorded in income.
Strategy for contracting DFI’s: Every month, the Corporate Finance Director’s office must define the 
price levels at which the Corporate Treasury must operate the different hedging instruments. Under no 
circumstances should amounts above the monthly resource requirements be operated, thus ensuring 
that operations are always carried out for hedging and not for speculation purposes.  Given the variety 
of derivative instruments available to hedge risks, Management is empowered to define the operations 
for which such instruments are to be contracted, provided they are held for hedging and not for 
speculative purposes.
Processes and authorization levels: The Deputy Director of Corporate Treasury must quantify and report 
to the Director of Administration and Finance the monthly requirements of operating resources. The 
Director of Administration and Finance may operate at his discretion up to 50% of the needs for the 
resources being hedged, and the Administration and Financial Management may cover up to 75% of 
the exposure risk. Under no circumstances may amounts above the limits authorized by the Entity’s 
General Management be operated, in order to ensure that operations are always for hedging and not 
for speculation purposes. The foregoing is applicable to interest rates with respect to the amount of 
debt contracted at variable rates and the exchange rate with respect to currency requirements. If it 
becomes necessary to sell positions for the purpose of making a profit and/or incurring a “stop loss”, 
the Administration and Finance Director must first authorize the operation.
Internal control processes: With the assistance of the Deputy Director of Corporate Treasury, the Director 
of Administration and Finance must issue a report the following working day, specifying the Entity’s 
resource requirements for the period and the percentage covered by the Administration and Financial 
Manager. Every month, the Corporate Treasury Manager will provide the Accounting department with 
the necessary documentation to properly record such operations. 
The Administration and Finance Director will submit to the Corporate Practices Committee a quarterly 
report on the balance of positions taken.
The actions to be taken in the event that the identified risks associated with exchange rate and interest 
rate fluctuations materialize, are to be carried out by the Internal Risk Management and Investment 
Committee, of which the Alsea General Director and the main Entity’s directors form part.
Main terms and conditions of the agreements: Operations with DFI’s are carried out under a master 
agreement on an ISDA (International Swap Dealers Association) form, which must be standardized and 
duly formalized by the legal representatives of the Entity and the financial institutions.
Margins, collateral and credit line policies: In certain cases, the Entity and the financial institutions 
have signed an agreement enclosed to the ISDA master agreement, which stipulates conditions that 
require them to offer guarantees for margin calls in the event that the mark-to-market value exceeds 
certain established credit limits.
The Entity has the policy of monitoring the volume of operations contracted with each institution, in 
order to avoid as much as possible margin calls and diversify its counterparty risks. 
Identified risks are those related to variations in exchange rate and interest rate. Derivative instruments 
are contracted under the Entity’s policies and no risks are expected to occur that differ from the 
purpose for which those instruments are contracted.
Markets and counterparties: Derivative financial instruments are contracted in the local market under 
the over the counter (OTC) mode. Following are the financial entities that are eligible to close operations 
in relation to the Entity’s risk management: Goldman Sachs, Bank of America Meryll Lynch, Bradesco 
BBI, Monex Casa de la Bolsa, Scotiabank, BBVA Bancomer, S.A, Banco Santander S.A, Barclays Bank 
Mexico, S.A., BTG Pascual, Citi, Credit Suisse, Grupo Bursatil Mexicano GBH Casa de Bolsa, HSBC Global 
Research, Interacciones Caja de Bolsa, Intercam Casa de Bolsa, Invex, Itau BBA, Monex Casa de Bolsa, 
UBS Investment Research, Grupo Financiero BX+, Vector Casa de Bolsa.Vector Casa de Bolsa.
The Corporate Financial Director is empowered to select other participants, provided that they are 
regulated institutions authorized to carry out this type of operation, and that they can offer the 
guarantees required by the Entity.
Hedge accounting: DFI’s are initially recorded at their fair value, which is represented by the transaction 
cost. After initial recognition, DFI’s are valued at each reporting period at their fair value and changes 
in such value are recognized in the consolidated statements of income, except if those derivative 
instruments have been formally designated as and they meet the requirements to be considered hedge 
instruments associated to a hedge relation.
Policies for designating calculation and valuation agents: The fair value of DFIs is reviewed monthly. 
The calculation or valuation agent used is the same counterparty or financial entity with whom the 
instrument is contracted, who is asked to issue the respective reports at the month-end closing dates 
specified by the Entity.
Likewise, as established in the master agreements (ISDA) that cover derivative financial operations, the 
respective calculations and valuations are presented in the quarterly report. 
The designated calculation agents are the corresponding counterparties. Nevertheless, the Entity 
validates all calculations and valuations received by each counterparty.
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Notes to the Consolidated Financial Statements
J. CASH AND CASH EQUIVALENTS
They consist mainly of bank deposits in checking accounts and investments in short-term securities, 
liquid, easily convertible into cash or with a maturity of up to three months from the date of acquisition 
and subject to insignificant risks of changes in value.
Cash is presented at nominal value, and equivalents are valued at fair value; fluctuations in its value 
are recognized in income for the period. 
Cash equivalents are represented by investments in money desks and mutual funds and are recognized 
at fair value.
K. INVENTORIES AND COST OF SALES 
Inventories are valued at the lower cost or net realizable value. Costs of inventories are determined 
using the average cost method. 
The Entity reviews the book value of inventories, in the presence of any indication of impairment that 
would indicate that their book value may not be recoverable, estimating the net realizable value, the 
determination of which is based on the most reliable evidence available, at the time the estimate of 
the amount in which they are expected to be made is made. 
Net realizable value represents the estimated selling price for inventories less all estimated cost of 
completion and costs necessary to make the sale. Cost of sales represents the cost of inventories at the 
time of sale, increased, when applicable, by reductions in the value of inventory during the year to its 
net realizable value. The Entity records the necessary estimations to recognize reductions in the value 
of its inventories due to impairment, obsolescence, slow movement and other causes that indicate 
that utilization or realization of the items comprising the inventories will be below the recorded value.
L. STORE EQUIPMENT, LEASEHOLD IMPROVEMENTS AND PROPERTY
Store equipment, leasehold improvements and property are recorded at acquisition cost.
Depreciation of store equipment, leasehold improvements and property is calculated by the straight- 
line method, based on the useful lives estimated by the Entity’s management. 
Annual depreciation rates of the main groups of assets are as follows:
Rates
Buildings
5
Store equipment
5 to 30
Leasehold improvements
7 to 20
Transportation equipment
25
Computer equipment
20 to 30
Production equipment
10 to 20
Office furniture and equipment
10
Any significant components of store equipment, leasehold improvements and property that must be 
replaced periodically are depreciated as separate components of the asset and to the extent they are 
not fully depreciated at the time of their replacement, are written off by the Entity and replaced by the 
new component, considering its respective useful life and depreciation.
Likewise, when major maintenance is performed, the cost is recognized as a replacement of a component 
provided that all recognition requirements are met. All other routine repair and maintenance costs are 
recorded as an expense in the period as they are incurred. 
Buildings, furniture and equipment held under finance leases are depreciated based on their estimated 
useful life as own assets. However, when there is no reasonable certainty that the property is obtained 
at the end of the lease term, the assets are depreciated over the shorter of the lease life and life period.
M. ADVANCE PAYMENTS
Advance payments include advances for purchase of inventories, leasehold improvements and services 
that are received in the twelve months subsequent to the date of the consolidated statements of 
financial position and are incurred in the course of regular operations.
N. INTANGIBLE ASSETS 
1. Intangible assets acquired in a business combination
Intangible assets acquired in a business combination and recognized separately from goodwill are 
initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent 
to initial recognition, intangible assets acquired in a business combination are reported at cost less 
accumulated amortization and accumulated impairment losses, on the same basis as intangible assets 
that are acquired separately.
Brands owned by Alsea included under intangibles assets are the following: 
Brand
Country
Archie’s
Colombia
Own brand
Vips
Mexico
Own brand
La Finca
Mexico
Own brand
Casa de comal
Mexico
Own brand
Corazón de barro
Mexico
Own brand
Vips
Spain
Own brand
Ginos
Spain
Own brand
Foster’s Hollywood
Spain 
Own brand
During 2022, the Entity has identified impairment effects on its El Portón, Vips, Starbucks Coffee, Burger 
King and PF Chang’s brands for an amount of $140,703.
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Notes to the Consolidated Financial Statements
During 2023, the Entity recorded an impairment loss on its El Portón, Starbucks Coffee, Burger King and 
Italianni’s brands, for an import of $32,484.. 
2. Intangible assets acquired separately 
Other intangible assets represent payments made to third parties for the rights to use the brands with 
which the Entity operates its establishments under the respective franchise or association agreements. 
Amortization is calculated by the straight-line method based on the use period of each brand, including 
renewals considered to be certain, which are generally for 10 to 20 years. The terms of brand rights are 
as follows:
America
Brands
Mexico
Argentina
Chile
Colombia
Uruguay
Domino’s Pizza
2025
-
-
2026
2031
Starbucks Coffee
2037
2017
2027
2033
2026
Burger King
Depending on opening dates
-
-
Chili’s Grill & Bar
2024
-
2026
-
-
P.F. Chang’s
2029 (2)
-
2022 (2)
2022 (2) (4)
-
The Cheesecake Factory
Depending on 
opening dates
-
-
-
-
Italianni’s
2031(1)
-
-
-
-
Europe
Brands
Spain
Luxemburgo
Portugal
Andorra
Francia
Holanda
Belgium
Domino’s Pizza
2029(3)
-
-
-
-
-
-
Starbucks Coffee
2030
2030
2030
-
2034
2034
2034
Fridays
2030
-
2030
2030
-
-
-
(1)	 The term for each store under this brand is 20 years as of the opening date, with the right to a 10-year extension.
(2)	 The term for each store under this brand is 10 years as of the opening date, with the right to a 10-year extension.
(3)	 Term of 10 years with the right to an extension. 
(4)	 PF Chang’s brand in Colombia operated until December 2022.
Amortization of intangible assets is included in the depreciation and amortization accounts in the 
consolidated statements of income.
During 2024, the Entity recorded an impairment loss on its its Starbucks Coffee, Italiani’s, PF Chang’s, 
Burger King, Chili’s, and Vips brands for 64,728.
3. Derecognition of intangible assets
An intangible asset is derecognized on disposal, or when no future economic benefits are expected 
from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as 
the difference between the net disposal proceeds and the carrying amount of the asset are recognized 
in profit or loss when the asset is derecognized. 
O.IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS, EQUIPMENT, LEASEHOLD 
   IMPROVEMENTS, PROPERTIES, AND OTHER INTANGIBLE ASSETS
At the end of each reporting period, the Entity reviews the carrying amounts of its tangible and 
intangible assets to determine whether there is any indication that those assets have suffered an 
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in 
order to determine the extent of the impairment loss (if any). When it is not possible to estimate the 
recoverable amount of an individual asset, the Entity estimates the recoverable amount of the cash-
generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can 
be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they 
are allocated to the smallest group of cash-generating units for which a reasonable and consistent 
allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested 
for impairment at least annually, and whenever there is an indication that the asset may be impaired. 
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in 
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate 
that reflects current market assessments of the time value of money and the risks specific to the asset 
for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying 
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 
An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a 
revalued amount, in which case the impairment loss is treated as a revaluation decrease. 
The Entity performs impairment test annually to identify any indication. As of December 31, 2024, 2023 
and 2022, the Entity recorded an amount of $64,728, $32,484 and $140,703, respectively, for impairment of 
the values of its long-lived assets. 
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Notes to the Consolidated Financial Statements
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating 
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying 
amount does not exceed the carrying amount that would have been determined had no impairment 
loss been recognized for the asset (or cash generating unit) in prior years. A reversal of an impairment 
loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued 
amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
P. BUSINESS COMBINATIONS 
Acquisitions of businesses are accounted for using the acquisition method. The consideration 
transferred in a business combination is measured at fair value, which is calculated as the sum of the 
acquisition-date fair values of the assets transferred by the Entity, liabilities incurred by the Entity to 
the former owners of the acquire and the equity interests issued by the Entity in exchange for control 
of the acquire. Acquisition-related costs are generally recognized in the consolidated statement of 
income as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at 
their fair value, except that:
 -	Deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements 
are recognized and measured in accordance with IAS 12 and IAS 19, respectively;
-	 Liabilities or equity instruments related to share-based payment arrangements of the acquire or 
share-based payment arrangements of the Entity entered into to replace share-based payment 
arrangements of the acquire are measured in accordance with IFRS 2, Share-based Payments, at the 
acquisition date; 
-	 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5, Non-current 
Assets Held for Sale and Discontinued Operations, are measured in accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any 
non-controlling interests in the acquire, and the fair value of the acquirer’s previously held equity 
interest in the acquire (if any) over the net of the acquisition-date amounts of the identifiable assets 
acquired and the liabilities assumed. 
If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired 
and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-
controlling interests in the acquire and the fair value of the acquirer’s previously held interest in the 
acquire (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate 
share of the entity’s net assets in the event of liquidation may be initially measured either at fair value 
or at the non-controlling interests’ proportionate share of the recognized amounts of the acquirer’s 
identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction 
basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the 
basis specified in another IFRS.
When the consideration transferred by the Entity in a business combination includes assets or liabilities 
resulting from a contingent consideration arrangement, the contingent consideration is measured at 
its acquisition-date fair value and included as part of the consideration transferred in a business 
combination. 
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments 
are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period 
adjustments are adjustments that arise from additional information obtained during the ‘measurement 
period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that 
existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not 
qualify as measurement period adjustments depends on how the contingent consideration is classified. 
Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates 
and its subsequent settlement is accounted for within equity. 
Contingent consideration that is classified as an asset or a liability is remeasured at subsequent 
reporting dates in accordance with IAS 39, or IAS 37, Provisions, Contingent Liabilities and Contingent 
Assets, as appropriate, with the corresponding gain or loss being recognized in profit or loss.
When a business combination is achieved in stages, the Entity’s previously held equity interest in 
the acquire is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is 
recognized in profit or loss. Amounts arising from interests in the acquire prior to the acquisition date 
that have previously been recognized in other comprehensive income are reclassified to profit or loss 
where such treatment would be appropriate if that interest were disposed of.
If the initial accounting for a business combination is incomplete by the end of the reporting period 
in which the combination occurs, the Entity reports provisional amounts for the items for which the 
accounting is incomplete. 
Those provisional amounts are adjusted during the measurement period (see above), or additional 
assets or liabilities are recognized, to reflect new information obtained about facts and circumstances 
that existed at the acquisition date that, if known, would have affected the amounts recognized at that 
date.
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Notes to the Consolidated Financial Statements
Q. GOODWILL
Goodwill arising from an acquisition of a business is carried at cost as established at the date of 
acquisition of the business less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Entity’s cash-generating 
units that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more 
frequently when there is an indication that the unit may be impaired. 
If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment 
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then 
to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any 
impairment loss for goodwill is recognized directly in profit or loss. 
An impairment loss recognized for goodwill is not reversed in subsequent periods. 
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the 
determination of the profit or loss on disposal.
R. INVESTMENT IN SHARES OF ASSOCIATED COMPANIES AND JOINT VENTURE
An associate is an entity over which the Entity has significant influence. Significant influence is the 
power to participate in the financial and operating policies decisions of the investee but is not control 
or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement 
have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing 
of control of an arrangement, which exists only when decisions about the relevant activities require 
unanimous consent of the parties sharing control. 
The results and assets and liabilities of associates or joint ventures are incorporated in these 
consolidated financial statements using the equity method of accounting, except when the investment, 
or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with 
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. 
Under the equity method, an investment in an associate or a joint venture is initially recognized in the 
consolidated statements of financial position at cost and adjusted thereafter to recognize the Entity’s 
share of the profit or loss and other comprehensive income of the associate or joint venture. 
When the Entity’s share of losses of an associate or a joint venture exceeds the Entity’s interest in that 
associate or joint venture (which includes any long-term interests that, in substance, form part of the 
Entity’s net investment in the associate or joint venture), the Entity discontinues recognizing its share 
of further losses. Additional losses are recognized only to the extent that the Entity has incurred legal 
or constructive obligations or made payments on behalf of the associate or joint venture. 
An investment in an associate or a joint venture is accounted for using the equity method from the 
date on which the investee becomes an associate or a joint venture. On acquisition of the investment 
in an associate or a joint venture, any excess of the cost of the investment over the Entity’s share of the 
net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which 
is included within the carrying amount of the investment. 
Any excess of the Entity’s share of the net fair value of the identifiable assets and liabilities over the 
cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in 
which the investment is acquired.
The requirements of IAS 36 are applied to determine whether it is necessary to recognize any impairment 
loss with respect to the Entity’s investment in an associate or a joint venture. When necessary, the 
entire carrying amount of the investment (including goodwill) is tested for impairment in accordance 
with IAS 36, Impairment of Assets, as a single asset by comparing its recoverable amount (higher of 
value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized 
forms part of the carrying amount of the investment. 
Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the 
recoverable amount of the investment subsequently increases.
The Entity discontinues the use of the equity method from the date when the investment ceases to be 
an associate or a joint venture, or when the investment is classified as held for sale. 
When the Entity retains an interest in the former associate or joint venture and the retained interest is 
a financial asset, the Entity measures the retained interest at fair value at that date and the fair value 
is regarded as its fair value on initial recognition in accordance with IFRS 9. 
The difference between the carrying amount of the associate or joint venture at the date the equity 
method was discontinued, and the fair value of any retained interest and any proceeds from disposing 
of a part interest in the associate or joint venture is included in the determination of the gain or loss 
on disposal of the associate or joint venture. 
In addition, the Entity accounts for all amounts previously recognized in other comprehensive income 
in relation to that associate or joint venture on the same basis as would be required if that associate 
or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss 
previously recognized in other comprehensive income by that associate or joint venture would be 
reclassified to profit or loss on the disposal of the related assets or liabilities, the Entity reclassifies the 
gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is 
discontinued. 
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Notes to the Consolidated Financial Statements
When the Entity reduces its ownership interest in an associate or a joint venture but the Entity continues 
to use the equity method, the Entity reclassifies to profit or loss the proportion of the gain or loss that 
had previously been recognized in other comprehensive income relating to that reduction in ownership 
interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets 
or liabilities. When a group entity transacts with an associate or a joint venture of the Entity, profits and 
losses resulting from the transactions with the associate or joint venture are recognized in the Entity’s 
consolidated financial statements only to the extent of interests in the associate or joint venture that 
are not related to the Entity.
S. LEASES
­The Entity as lessor.
The Entity recognizes a right-of-use asset and the respective lease liability for all the lease contracts 
in which impacts it acts as lessee, albeit with the exception of short-term leases (executed for periods 
of 12 months or less) and those involving low-value assets (like electronic tablets, personal computers 
and small items of office furniture and telephones). For these leases, the Entity records rental payments 
as an operating expense according to the straight-line method throughout the lease period, unless 
another method is more representative of the time pattern in which economic gains result from the 
consumption of the leased assets.
The lease liability is initially measured at the present value of the rental payments that are not settled 
at the starting date, discounted according to the implied contractual rate. If this rate cannot be easily 
determined, the Entity utilizes incremental rates.
The rental payments included in the lease liability measurement are composed by:
•	
Fixed rental payments (including substantially fixed payments), less any received lease incentive;
•	
Variable rental payments that depend on an index or rate, which are initially measured by utilizing 
the index or rate in effect at the starting date;
•	
The amount expected to be paid by the lessee under residual value guarantees;
•	
The purchase option exercise price, if it is reasonably certain that the lessee will exercise these 
options; and
•	
Penalty payments resulting from the termination of the lease, if the lease period reflects the exercise 
of a lease termination option.
The lease liability is presented as a separate item in the consolidated statement of changes in financial 
position.
The lease liability is subsequently measured based on the book value increase to reflect the interest 
accrued by the lease liability (using the effective interest method) and reducing the book value to 
reflect the rental payments made.
The Entity remeasures the lease liability (and makes the respective adjustments to the related right-
of-use asset) whenever:
•	
The lease period is modified or an event or significant change takes place with regard to the 
circumstances of the lease, thereby resulting in a change to the assessment of the purchase option 
exercise, in which case, the lease liability is measured by discounting restated rental payments and 
utilizing a restated discount rate.
•	
Rental payments are modified as a result of changes to indexes or rates, or a change in the payment 
expected under a guaranteed residual value, in which case, the lease liability is revalued by 
discounting restated rental payments by using the same discount rate (unless the change in rental 
payments is due to a change of variable interest rate, in which case a restated discount rate is used).
•	
A lease contract is amended and the lease amendment is not accounted for as a separate lease, 
in which case the lease liability is revalued according to the amended lease period by discounting 
restated rental payments using a discount rate restated at the date on which the amendment took 
effect.
The Entity did not make any of these adjustments in the presented periods.
Right-of-use assets consist of the initial measurement of the applicable lease liability, rent payments 
made on or before the start date, less any lease incentives received, and any direct upfront costs. The 
subsequent valuation is the cost minus accumulated depreciation and impairment losses, as well 
as the revaluation of the lease term for each period, taking into account the market and profitability 
circumstances mentioned above.
If the Entity assumes an obligation derived from the cost of dismantling and removing a leased asset, 
to restore the place where it is located or restore the underlying asset to the condition required by 
lease terms and conditions, a provision measured according to IAS 37 must be recognized. To the extent 
that costs are related to a right-of-use asset, they are included in the related right-of-use asset unless 
they are incurred to generate inventories.
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Notes to the Consolidated Financial Statements
Right-of-use assets are depreciated during the shorter of the lease period and the useful life of the 
underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-
use asset indicates that the Entity plans to exercise the purchase option, the right-of-use asset is 
depreciated according to its useful life. Depreciation begins at the lease starting date.
Right-of-use assets are presented as a separate item in the consolidated statement of changes in 
financial position.
The Entity applies IAS 36 to determine whether a right-of-use asset is impaired and to account for any 
identified impairment loss, as described in the ‘Property, plant and equipment’ policy.
Variable leases that do not depend on index or rate are not included in the measurement of the lease 
liability and right-of-use asset. The related payments are recognized as an expense of the period 
in which the event or condition leading to the payments arises and are included under the “Other 
expenses” heading in the consolidated statement of income.
As a practical expedient, IFRS 16 offers the option of not separating non-lease components and instead 
recording any lease and its associated non-lease components as a single agreement. The Entity has not 
utilized this practical expedient. For contracts containing lease components and one or more additional 
lease or non-lease components, the Entity assigns the contractual payment to each lease component 
according to the relative stand-alone selling price method for all non-lease components.
T. FOREIGN CURRENCY TRANSACTIONS
In order to consolidate the financial statements of foreign operations carried out independently from 
the Entity (located in Latin America and Europe), which comprise 45%, 48%, and 51% of consolidated net 
income and 39%, 53%, and 40% of the total consolidated assets at December 31, 2024, 2023 and 2022, 
respectively, companies apply the policies followed by the Entity.
The financial statements of consolidating foreign operations are converted to the reporting currency 
by initially identifying whether or not the functional and recording currency of foreign operations is 
different, and subsequently converting the functional currency to the reporting currency. The functional 
currency is equal to recording currency of foreign operations, but different to the reporting currency. 
In order to convert the financial statements of subsidiaries resident abroad from the functional currency 
to the reporting currency at the reporting date, the following steps are carried out:
•	
Assets and liabilities, both monetary and non-monetary, are converted at the closing exchange 
rates in effect at the reporting date of each consolidated statements of financial position.
•	
Income, cost and expense items of the consolidated statements of income are converted at the 
average exchange rates for the period, unless those exchange rates will fluctuate significantly over 
the year, in which case operations are converted at the exchange rates prevailing at the date on 
which the related operations were carried out.
•	
Capital movements (contributions or reductions) are converted at the exchange rate on the date 
these movements were carried out.
•	
All conversion differences are recognized as a separate component under stockholders’ equity and 
form part of other comprehensive income items.
U. EMPLOYEE BENEFITS
Retirement benefits costs from termination benefits 
Payments to defined contribution retirement benefit plans are recognized as an expense when 
employees have rendered service entitling them to the contributions.
The defined benefit plan includes retirement. The other benefits correspond to the legal seniority 
premium in Mexico. Its cost is determined using the projected unit credit method, with actuarial 
valuations that are made at the end of each reporting period. 
Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if 
applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement 
of financial position with a charge or credit recognized in other comprehensive income in the period 
in which they occur. 
Remeasurement recognized in other comprehensive income is reflected immediately in retained 
earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss 
in the period of a plan amendment. Net interest is calculated by applying the discount rate at the 
beginning of the period to the net defined benefit liability or asset.
A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw 
the offer of the termination benefit and when the entity recognizes any related restructuring costs.
Short-term employee benefits
A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual 
leave and sick leave in the period the related service is rendered at the undiscounted amount of the 
benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-term 
employee benefits are measured at the undiscounted amount of the benefits expected to be paid in 
exchange for the related service.
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Notes to the Consolidated Financial Statements
Statutory employee profit sharing (PTU)
As result of the PTU is recorded in the results of the year in which it is incurred and is presented in 
other expenses and other income. 
Federal Labor Law 
On December 27, 2022, the decree amending articles 76 and 78 of the Federal Labor Law regarding 
vacations in Mexico was published in the Official Gazette of the Federation, which enters into force on 
January 1, 2023. The main changes caused by this labor reform consider an increase in the minimum 
annual vacation period of workers based on the years they have of service. According to the reform 
of Article 168 of the Social Security Law published on December 16, 2020, and with entry into force on 
January 1, 2021, changes are established in the stratification of contribution base salary ranges in terms 
of employer contributions progressively from 2021 to 2030.
The monetary impacts derived from the implementation of the reform are included in the consolidated 
statement of comprehensive income for the period under review.
V. INCOME TAXES  
The income tax expense represents the sum of the tax currently payable and deferred tax.
1. Current tax
The tax caused calculated corresponds to the income tax (ISR) is recorded in the results of the year in 
which it is caused. 
2. Deferred income tax 
Deferred tax is recognized on temporary differences between the carrying amounts of assets and 
liabilities in the consolidated financial statements and the corresponding tax bases used in the 
computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary 
differences. Deferred tax assets are generally recognized for all deductible temporary differences to 
the extent that it is probable that taxable profits will be available against those deductible temporary 
differences can be utilized.
Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the 
initial recognition (other than in a business combination) of assets and liabilities in a transaction that 
affects neither the taxable profit nor the accounting profit. 
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in 
subsidiaries and associates, and interests in joint ventures, except where the Entity is able to control 
the reversal of the temporary difference, and it is probable that the temporary difference will not 
reverse in the foreseeable future. 
Deferred tax assets arising from deductible temporary differences associated with such investments 
and interests are only recognized to the extent that it is probable that there will be sufficient taxable 
profits against which to utilize the benefits of the temporary differences, and they are expected to be 
reversed in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced 
to the extent that it is no longer probable that sufficient tax profits will be available to allow all or part 
of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period 
in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been 
enacted or substantively enacted by the end of the reporting period. 
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow 
from the manner in which the Entity expects, at the end of the reporting period, to recover or settle the 
carrying amount of its assets and liabilities.
3. Current and deferred tax for the year
Current and deferred tax are recognized in profit or loss, except when they relate to items that are 
recognized in other comprehensive income or directly in equity, in which case, the current and deferred 
tax are also recognized in other comprehensive income or directly in equity respectively. 
Where current tax or deferred tax arises from the initial accounting for a business combination, the tax 
effect is included in the accounting for the business combination.
W. PROVISIONS
Provisions are recorded when the Entity has a present obligation (be it legal or assumed) as a result 
of a past event, and it is probable that the Entity will have to settle the obligation and it is possible to 
prepare a reliable estimation of the total amount.
The amount recognized as a provision is the best estimate of the consideration required to settle the 
present obligation at the end of the reporting period, taking into account the risks and uncertainties 
surrounding the obligation. 
When a provision is measured using the cash flows estimated to settle the present obligation, its 
carrying amount is the present value of those cash flow. 
When some or all of the economic benefits required to settle a provision are expected to be recovered 
by a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will 
be received and the amount of the receivable can be measured reliably. 
Provisions are classified as current or non-current based on the estimated period of time estimated for 
settling the related obligations. 
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
1. Contingent liabilities acquired as part of a business combination
Contingent liabilities acquired in a business combination are initially measured at fair value at the 
acquisition date.
At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of 
the amount that would be recognized in accordance with IAS 37 and the amount initially recognized 
less cumulative amortization recognized in accordance with IFRS 15.
X. REVENUE RECOGNITION
The Entity recognizes income from the following sources:
Sale of goods
Beverages and food sold by Alsea are transferred to the customer at the time they are delivered and/
or consumed by them. Mostly sales of goods, the payment method is cash and is recorded at the time 
they are delivered to the customer.
Provision of services
The income is recognized according to the percentage of termination. Every month the Entity receives 
from the clients a fixed agreed payment and the recording is made when the services have been 
accrued and generally accepted in time.
Royalties
Alsea has two sources of income from the sale of subfranchises:
•	
At the begin of the contract, the sub-franchisee pays an amount depending on the franchise, which 
is recorded as revenue over the duration of the contract.
•	
Subsequently, royalty income is based on a fixed percentage of sub-franchise sales.
4. Critical accounting judgments and key sources for estimating 
uncertainties
In the application of the Entity’s accounting policies, which are described in Note 4, the Entity’s management 
is required to make certain judgments, estimates and assumptions about the carrying amounts of assets 
and liabilities that are not readily apparent from other sources. The estimates and assumptions are based 
on historical experience and other factors that are considered to be relevant. Actual results may differ 
from these estimates.
Estimations and assumptions are reviewed on a regular basis. Changes to the accounting estimations are 
recognized in the period in which changes are made, or in future periods if the changes affect the current 
period and other subsequent periods.
A. CRITICAL JUDGMENTS FOR APPLYING THE ACCOUNTING POLICIES
There are critical judgments, apart from those involving estimations, that the Entity’s management has 
made in the process of applying the Entity´s accounting policies and that have the most significant 
effect on the amounts recognized in the consolidated financial statements.
Control over Food Service Project, S.A.U. (Zena Group) and sale option of the non-controlling interest 
Note 18 mentions that Grupo Zena is a subsidiary of Alsea, over which it owns 76.8%. Based on the 
contractual agreements between the Entity and other investors, Alsea has the power to appoint and 
dismiss the majority of the members of the board of directors, executive committee and management 
positions of Grupo Zena, which have the power to direct the activities of the Zena Group. 
Therefore, the Entity’s management concluded that Alsea has the ability to direct the relevant activities 
of Grupo Zena and therefore has control over that entity.
On February 26, 2024, a share purchase agreement was signed between Alsea SAB de CV (Alsea) and the 
minority partners of Food Service Project SL (FSP), a subsidiary of Alsea and operator of various brands 
in Europe. With this agreement, Alsea acquires 23.23% of the minority stake in FSP’s capital (see Note 1). 
B. KEY SOURCES OF ESTIMATION UNCERTAINTY
The following are the key assumptions concerning the future, and other key sources of estimation 
uncertainty at the end of the reporting period, that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and liabilities within the next financial year.
1. Impairment of long-lived assets
The Entity annually evaluates whether or not there is indication of impairment in long-lived assets 
and calculates the recoverable amount when indicators are present. Impairment occurs when the net 
carrying value of a long-lived asset exceeds its recoverable amount, which is the higher of the fair value 
of the asset less costs to sell and the value in-use of the asset. 
Calculation of the value in-use is based on the discounted cash flow model, using the Entity’s projections 
of its operating results for the near future. 
The recoverable amount of long-lived assets is subject to uncertainties inherent to the preparation of 
projections and the discount rate used for the calculation.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
2. Right-of-use asset
The main aspects considered by the Entity for the implementation of IFRS 16 are: a) assess, at the 
start of the contract, whether the right to control the use of an identified asset for a given period 
of time is obtained; b) a change in the nature of lease-related expenses by replacing the operating 
lease expense determined according to IFRS 16 with the depreciation or amortization of right-of-use 
assets (in operating costs) and an interest expense for lease liabilities in interest expenses; and c) 
the determination of lease payments because the Entity has variable rental contracts.
The recoverable amount of right-of-use assets is sensitive to the uncertainty inherent to the 
preparation of projections and the discount rate utilized in the calculation.
3. Discount rate to determine lease payments 
IFRS 16 requires the tenant to discount the lease liability using the interest rate implied in the 
lease if that rate can be easily determined. If the interest rate implied in the lease cannot be easily 
determined, then the tenant must use its incremental indebtedness rate. The renter’s incremental 
loan rate is the interest rate that the tenant would have to pay to borrow for a similar term, with 
similar security and the funds needed to obtain an asset of a value similar to the right-to-use asset 
in a similar economic environment. 
There are three steps to determining the incremental loan rate: (i) determining a benchmark rate, (ii) 
determining the credit risk adjustment, and, (iii) determining the specific adjustment of the lease.
4. Evaluation for the recognition of deferred tax assets
The Entity recognizes net future tax benefits associated with deferred income tax assets based on 
the probability that future taxable income will be generated against which the deferred income tax 
assets can be utilized. 
Evaluating the recoverability of deferred income tax assets requires the Entity to prepare significant 
estimates related to the possibility of generating future taxable income. 
Future taxable income estimates are based on projected cash flows from the Entity’s operations and 
the application of the existing tax laws in Mexico, LATAM and Spain. 
The Entity’s capacity to realize the net deferred tax assets recorded at any reporting date could be 
negatively affected to the extent that future cash flows and taxable income differ significantly from 
the Entity’s estimates. 
Additionally, future changes in Mexico’s tax laws could limit the capacity to obtain tax deductions in 
future periods.
5. Fair value measurements and valuation processes
Some of the Entity’s assets and liabilities are measured at fair value for financial reporting purposes. 
The Entity’s Board of Directors has set up a valuation committee, which is headed up by the Entity’s 
Financial Director, to determine the appropriate valuation techniques and inputs for fair value 
measurements.
In estimating the fair value of an asset or liability, the Entity uses market-observable data to the 
extent it is available. When level 1 inputs are not available, the Entity engages third party qualified 
appraisers to perform the valuation. 
The valuation committee works closely with the qualified external appraiser to establish the 
appropriate valuation techniques and inputs to the model. Every three months, the Financial Director 
reports the findings of the valuation committee to the Entity’s board of directors to explain the causes 
of fluctuations in the fair value of assets and liabilities. Information about the valuation techniques 
and inputs used in the determining the fair value of various assets and liabilities are disclosed Note 
22 i.
6. Contingencies
Given their nature, contingencies are only resolved when one or more future events occur or cease 
to occur. The evaluation of contingencies inherently includes the use of significant judgment and 
estimations of the outcomes of future events.
7. Employee Benefits
The valuation of other employee retirement benefits is based on actuarial calculations that use 
assumptions related to discount rates, salary increases, among others. These assumptions are 
updated annually. Changes in these assumptions can have a significant effect on the amount of the 
obligations and the Entity’s results. The discount rates used are based on market values.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
5.	  Cash and cash equivalents
For the purpose of the consolidated statements of cash flows, the cash and cash equivalents caption 
includes cash, banks and investments in money market instruments. The cash and cash equivalents 
balance included in the consolidated statements of financial position and the consolidated statements 
of cash flows at December 31, 2024, 2023 and 2022 is comprised as follows:
2024
2023
2022
Cash
$	
5,077,517 $	
3,599,508 $	
3,587,600
Investments with original maturities of 
under three months
	
1,390,415 	
2,810,290 	
2,499,217
Total cash and cash equivalents 
$	
6,467,932 $	
6,409,798 $	
6,086,817
The Entity maintains its cash and cash equivalents with accepted financial entities, and it has not 
historically experienced losses due to credit risk concentration..
6.	 Customers, net 
The accounts receivable from customers disclosed in the consolidated statements of financial position 
are classified as loans and accounts receivable and therefore they are valued at their amortized cost.
At December 31, 2024, 2023 and 2022, the customer balance is comprised as follows:
2024
2023
2022
Franchises
$	
1,090,290 $	
787,972 $	
618,824
Other (1)
	
1,150,635 	
843,541 	
776,000
2,240,925
1,631,513
1,394,824
Expected credit losses
	
(237,109) 	
(205,298) 	
(147,613)
Total 
$	
2,003,816 $	
1,426,215 $	
1,247,211
(1) In others there are concepts such as third parties and vouchers to be redeemed. 
ACCOUNTS RECEIVABLE
The Entity sells food and beverages to the general public in cash and to franchisees with contracted terms 
of 8 to 30 days. From the day following the contracted maturity date, interest is generated on the overdue 
balance, at the time of settlement. As of December 31, 2024, the rate consists of Equilibrium Interbank 
Interest Rate (TIIE) plus 5 points and multiplied by 1.5.
The reserve is then composed of the part of the general and significant customers, which follows a 
procedure of credit losses expected according to the provisions of the standard. Additionally, it incorporates 
a criterion to be followed, either quantitative or qualitative, to consider a significant increase in the credit 
risk of the account receivable and follow up to prepare the estimate of its reserves on a quarterly basis.
Before accepting any new client, the Entity uses an external credit rating system to evaluate the credit 
quality of the potential client and defines the credit limits per client.
To determine the estimate of doubtful receivables, the Entity performs an analysis of the age of balances per 
customer and assigns an estimate percentage based on experience. This first analysis gives an indication 
of deterioration; Subsequently, an analysis of the financial situation of all the customers included is 
carried out to determine which are the accounts that present an impairment according to the expected 
credit loss model and the corresponding estimate is recorded on these.
Following is the aging of past due but unimpaired accounts receivable:
2024
2023
2022
15-60 days
$	
23,462 $	
294,766 $	
92,036
60-90 days
41,560
14,712
43,025
More than 90 days
	
200,103 	
169,456 	
205,510
Total
$	
265,125 $	
478,934 $	
340,571
Current balance
$	
1,975,800 $	
1,152,579 $	
1,054,253
Total account receivable
$	
2,240,925 $	
1,631,513 $	
1,394,824
The concentration of credit risk is limited because the balance is composed of franchisees, which are 
supported or controlled by a service contract and / or master franchise; likewise consists of balances with 
from financial institutions cards, which are recovered within from 15 days.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
7. Inventories, net
At December 31, 2024, 2023 and 2022, inventories are as follows:
2024
2023
2022
Food and beverages
$	
3,099,405 $	
2,704,639 $	
2,859,697
Other, mainly containers and packaging (1)
	
63,046 	
53,053 	
38,469
Obsolescence allowance
	
(5,590) 	
(7,027) 	
(2,840)
Total 
$	
3,156,861 $		
2,750,665 $		
2,895,326
(1) In others are concepts such as toys, uniforms, cleaning utensils, kitchen appliances and souvenirs.  
8. Advance payments
Advance payments were made for the acquisition of:
2024
2023
2022
Insurance and other services
$	
521,232 $		
114,380 $		
348,296
Inventories
	 	
204,620
261,004 	
485,489
Lease of locales
	 	
79,490 	 	
55,327 	 	
36,729
Total 
$		
805,342 $		
430,711 $		
870,514
9. Right of use assets
Entity leases premises for its stores, office, including an industrial warehouse, furniture and equipment. 
The average lease term is between 6 and 7 years for 2024, 2023 and 2022.
Right of use assets
Amount
Cost:
Balance at January 1, 2023
$	
37,773,512
Additions and renovations
	
997,387
Balance as of December 31, 2023
38,770,899
Additions and renovations
	
854,253
Balance as of December 31, 2024
$	
39,625,152
Depreciation:
Balance at January 1, 2023
$	
(17,337,787)
Charge for depreciation for the year
	
(4,217,289)
Balance as of December 31, 2023
(21,555,076)
Charge for depreciation for the year
(4,009,345)
Effect of remeasurement of deadlines
	
1,641,000
Balance as of December 31, 2024
$	
 (23,923,421)
Net cost:
Balance as of December 31, 2022
$	
20,435,725
Balance as of December 31, 2023
$	
17,215,823
Balance as of December 31, 2024
$	
15,701,731
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Amounts recognized in the consolidated statement income
2024
2023*
2022 *
Depreciation expense of the asset for use rights
$	
4,009,345
$	
4,217,289
$	
4,350,755
Finance expense caused by lease liabilities
1,673,200
963,195
948,535
Expense related to leasing of low-value assets
195,144
145,854
257,686
Expense related to variable lease payments, not included in the 
measurement of lease liabilities
1,013,400
1,018,474
751,329
Benefits obtained from negotiations related to COVID-19
-
-
(27,970)
*  This data includes some of the data reclassified by the Burger King Spain operation.
Some of the leases of properties in which the Entity participates as lessee contain variable lease payment 
terms that are related to sales generated in the leased stores. Variable payment terms are used to link 
lease payments to store cash flows and reduce fixed cost. 
The composition of the lease payments by the stores is detailed in the following table.
2024
2023*
2022*
Fixed payments
$	
5,331,253
$	
5,130,210
$	
5,320,062
Variable payments
	 	
1,013,400
	
1,018,474
	 	
751,329
Total lease payments 
$	
6,344,653
$	
6,148,684
$	
6,071,391
*  This data includes some of the data reclassified by the Burger King Spain operation.
In general, variable payments constitute 16%, 17% and 12% at December 31, 2024, 2023 and 2022, 
respectively, of the Entity’s total lease payments. The Entity expects this proportion to remain constant 
in future years. Variable payments depend on sales and, consequently, on economic development 
during the following years.
10.	  Obligation under finance leases
2024
2023*
2022*
Maturity analysis:
Year 1
$	
5,316,598
$	
4,008,333
$	
4,907,925
Year 2
4,729,601
3,758,878
4,126,190
Year 3
4,050,166
3,119,610
3,459,579
Year 4
2,975,387
2,604,540
2,857,341
Year 5
1,628,836
2,133,236
2,336,443
Later
	
2,797,665
	
6,134,747
	
7,551,600
21,498,253
21,759,344
25,239,078
Less: Unearned interest
	
(4,211,715)
	
(3,342,484)
	
(3,414,640)
Total 
$	
17,286,538
$	
18,416,860
$	
21,824,438
*This data includes some of the data reclassified by the Burger King Spain operation.
The Entity does not face a significant liquidity risk regarding its lease liabilities. Lease liabilities are 
monitored through the Entity’s Treasury.
The Company has identified significant events and/or changes resulting from strategic business decisions, 
as well as external situations that have led to changes in business operations.
ALSEA’s analysis of the lease term estimate has been a comprehensive and strategic process, taking into 
account key operational, regulatory, and organizational factors such as:
•	
Definition of critical KPIs (ROI)
•	
Potential capital raising
•	
Restructuring of legal entities
Other Considerations
•	
Maturity in the implementation of IFRS 16
•	
Changes in market conditions
•	
External factors resulting from the pandemic
In accordance with IFRS 16, ALSEA determined that these factors are considered significant events or 
changes and reasonably affect the certainty of the option to extend or terminate a lease when determining 
the new lease term.
The Company believes that the lease term is now less susceptible to subjective judgments, given that the 
aforementioned factors allow for a more objective assessment of the duration required for investment 
recovery, which increases the reliability and consistency of its financial projections.
Consequently, the Company considered a change in the estimate with prospective application of the right-
of-use asset and lease liability beginning in 2024.
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Notes to the Consolidated Financial Statements
11.	Store equipment, leasehold improvements and property, net
Store equipment, leasehold improvements and properties are as follows:
 
Cost
Buildings
Store equipment
Leasehold 
improvements
Transportation 
equipment
Computer 
equipment
Production 
equipment
Office furniture and 
equipment
Construction in 
process
Total
Balance as of 1 January 2022
$
288,504
$
15,519,130
$
19,478,924
$
306,148
$
2,051,077
$
905,516
$
783,143
$
2,728,816
$
42,061,258
Additions
              -
932,545
1,081,186
60,131
178,452
16,106
145,812
1,440,420
3,854,652
Disposals
(17,946)
(346,795)
(568,297)
(37,060)
(69,111)
(515)
(21,699)
(6,930)
(1,068,353)
Revaluation
       
-
370,697
867,782
       
6,905
42,355
 -
6,660
              -
1,294,399
Translation adjustments
(5,549)
(945,291)
(1,770,590)
(16,512)
(114,699)
(12,513)
(174,161)
(79,212)
(3,118,527)
Balance as of December 31, 2022
265,009
15,530,286
19,089,005
319,612
2,088,074
908,594
739,755
4,083,094
43,023,429
Additions
              -
2,041,914
2,026,684
58,774
266,232
44,248
17,314
345,363
4,800,529
Disposals
              -
(1,090,882)
(936,552)
(24,819)
(158,702)
(40,980)
(5,767)
(2,173)
(2,259,875)
Revaluation
              -
550,160
1,124,322
10,576
98,188
              -
50,738
-
1,833,984
Reclassifications
              -
              -        
              -
              -
              -
           
              -
              -
(53,619)
(53,619)
Translation adjustments
1,166
(1,338,932)
(2,593,334)
(32,938)
(150,557)
6,539
(10,245)
(219,066)
(4,337,367)
Balance as of December 31, 2023
266,175
15,692,546
18,710,125
331,205
2,143,235
918,401
791,795
4,153,599
$
43,007,081
Additions
              -
2,667,867
2,269,269
46,201
430,667
87,132
(5,102)
295,691
5,791,725
Disposals
              -
(341,907)
(973,231)
(47,135)
(345,731)
(1,188)
(931)
(42,389)
(1,752,512)
Revaluation
              -
976,095
1,395,559
21,734
194,357
              -
100,590
-
2,688,335
Reclassifications
              -
-
              -
              -
              -
              -
              -
              -
27,161
27,161
Translation adjustments
903
879,726
4,695,167
21,516
108,743
4,414
(641,575)
(2,263,369)
2,805,525
Balance as of December 31, 2024
$
267,078
$
19,874,327
$
26,096,889
$
373,521
$
2,531,271
$
1,008,759
$
244,777
$
2,170,693
$
52,567,315
Depreciation
Buildings
Store equipment
Leasehold 
improvements
Transportation 
equipment
Computer 
equipment
Production 
equipment
Office furniture and 
equipment
Construction in 
process
Total
Balance as of 1 January 2022
$
133,839
$
10,577,047
$
13,635,044
$
197,975
$
1,677,469
$
55,671
$
506,282
$ 
-
$
26,783,327
Additions
1,017
912,213
1,431,323
      129,802 
157,928
75,192
130,050
-
2,837,525
Disposals
              -
(325,306)
(532,496)
(29,438)
(65,954)
(107)
(19,461)
-
(972,762)
Revaluation
              -
114,545
682,361
2,948
36,173
1,162
5,950
-
843,139
Reclassification
(133,047)
10,217
119,697
(87,404)
(72,105)
371,138
216,133
-
424,629
Translation adjustments
(1,809)
(583,004)
(1,446,224)
(14,421)
(92,203)
(4,875)
(119,532)
-
(2,262,068)
Balance as of December 31, 2022
              -
10,705,712
13,889,705
199,462
1,641,308
498,181
719,422
-
27,653,790
Additions
              -
1,126,135
1,206,553
34,369
206,019
67,637
5,957
-
2,646,670
Disposals
              -
(913,524)
(689,001)
(18,036)
(119,629)
(23,889)
(5,492)
-
(1,769,571)
Revaluation
              -
436,379
977,840
4,723
86,663
(348)
29,115
-
1,534,372
Reclassification
              
       
-
-
              -
-
              -
       
-
-
              -
Translation adjustments
              -
(808,578)
(1,772,106)
(16,867)
(114,928)
698
(8,875)
-
(2,720,656)
Balance as of December 31, 2023
              -
10,546,124
13,612,991
203,651
1,699,433
542,279
740,127
-
27,344,605
Additions
              -
1,402,298
1,205,113
46,677
277,058
64,418
409
-
2,995,973
Disposals
              -
(541,332)
(222,695)
(26,115)
      
(93,384)
(1,140)
(922)
-
(885,588)
Revaluation
              -
719,673
1,181,219
13,726
167,180
              -
63,736
-
2,145,534
Reclassification
              -
              -
           20,074 
-
190
  -
              -
-
20,264
Translation adjustments
              -
535,124
1,546,080
16,151
73,481
1,737
(638,309)
-
1,534,264
Balance as of December 31, 2024
$ 
-
$
12,661,887
$
17,342,782
$
254,090
$
2,123,958
$
607,294
$
165,041
$ 
-
$
33,155,052
Net balance as of December 31, 2022
$
265,009 
$
4,824,574 
$
5,199,300
$
120,150 
$
446,766 
$
410,413
$
20,333 
$
4,083,094 
$
15,369,639 
Net balance as of December 31, 2023
$
266,175
$
5,146,422
$
5,097,134
$
127,554
$
443,802
$
376,122
$
51,668
$
4,153,599
$
15,662,476
Net balance as of December 31, 2024
$
267,078
$
7,212,440
$
8,754,107
$
119,431
$
407,313
$
401,465
$
79,736
$
2,170,693
$
19,412,263
Menu
183
2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
12. Intangible assets, net
Intangible assets are comprised as follows: 
Cost
Brand rights
Commission for 
store opening
Franchise and use of 
local rights
Licenses and 
developments
Construction in 
process
Goodwill
Total
Balance as of January 1, 2022
$
16,752,297
$
177,824
$
1,754,293
$
2,611,393
$
49,244
$
12,775,931
$
34,120,982
Acquisitions
       (3,617) 
    -
31,171        
275,831
215,085
-
518,470
Adjustment for currency conversion
(1,189,653)
(2,698)
(22,339)
(121,447)
(73,758)
(759,038)
(2,168,933)
Disposals
(26,900)
(177,622)
(23,736)
(5,432)
(80)
--
(233,770)
Restatement
148,870
2,496
21,940
8,521
144,736        
-
326,563
Balance as of December 31, 2022
15,680,997
              -
1,761,329
2,768,866
335,227
12,016,893
32,563,312
Acquisitions
110,233
              -
50,410        
284,484
38,460
-
483,587
Disposals
(7,054)
              -
(34,536)
(14,117)
              -
-
(55,707)
Restatement
140,845
              -
63,455        
24,369
204,776
-
433,445
Reclassifications
             
 -        
 -
-
              -
         53,619 
 -
53,619
Adjustment for currency conversion
(1,085,694)
 -
(53,560)
(120,749)
(198,576)
(535,692)
(1,994,271)
Balance as of December 31, 2023
14,839,327
1,787,098
2,942,853
433,506
11,481,201
31,483,985
Acquisitions
140,629
              -
145,469
245,729
150,792
              -
682,619
Disposals
(947)
              -
(26,524)
(151,884)
(438)
(242,509)
(422,302)
Restatement
200,004
              -
118,896
38,610
22,665
              -
380,175
Reclassifications
5,747
              -
              -
(1,313)        
-
              -
4,434
Adjustment for currency conversion
1,205,161
(1,454)
173,498
(10,985)
914,441
2,280,661
Balance as of December 31, 2024
$
16,389,921
$ 
 -
$
2,023,485
$
3,247,493
$
595,540
$
12,153,133
$
34,409,572
Amortization
Brand rights
Commission for 
store opening
Franchise and use of 
local rights
Licenses and 
developments
Construction in 
process
Goodwill
Total
Balance as of January 1,  2022
$
2,932,829
$
143,803
$
842,786
$
2,388,047
$ 
-
$
16,953
$
6,324,418
Amortization
117,428
33
154,668
123,432
-
              -
395,561
Adjustment for currency conversion
(63,133)
(2,820)
(99,186)
(11,915)
-
(114,663)
(291,717)
Disposals
(12,592)
(177,613)
(23,437)
(2,646)
-
              -
(216,288)
Reclassification
24,558
33,018
27,290
(509,494)
-
              -
(424,628)
Restatement
79,931
3,579
15,002
13,416
-
              -
111,928
Balance as of December 31,  2022
3,079,021
              -
917,123
2,000,840
-
(97,710)
5,899,274
Amortization
503,469
              -
94,609
330,157
-
              -
928,235
Disposals
(2,631)
              -
(275)
(12,797)
-
              -
(15,703)
Restatement
106,513
              -
37,121
19,594
-
              -
163,228
Reclassification
       
-              
  -
 -             
              -
-
              -        
-
Adjustment for currency conversion
(276,341)
  -
(30,248)
(99,528)
-
              -
(406,117)
Balance as of December 31,  2023
3,410,031
  -
1,018,330
2,238,266
-
(97,710)
6,568,917
Amortization
514,630
              -
101,496
384,922
-
              -
1,001,048
Disposals
(2,060)
              -
(21,239)
(4,279)
-
              -
(27,578)
Restatement
159,172
              -
67,931
37,238
-
(5,747)
258,594
Reclassification
868
              -
4,001
(104)
-
              -
4,765
Adjustment for currency conversion
354,266        
-
(24,453)
122,667        
  -              
 -
452,480
Balance as of December 31,  2024
$
4,436,907
$ 
-
$
1,146,066
$
2,778,710
$ 
  -
$
(103,457)
$
8,258,226
Net balance as of December 31, 2022
$
12,601,976
$ 
-
$
 844,206
$
768,026
$
335,227
$
12,114,603
$ 
26,664,038
Net balance as of December 31, 2023
$
11,429,296
$ 
-
$
768,768
$
704,587
$
433,506
$
11,578,911
$
24,915,068
Net balance as of December 31, 2024
$
11,953,014
$ 
-
$
877,419
$
468,783
$
595,540
$
12,256,590
$
26,151,346
Menu
184
2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
As of December 31, 2024, the Entity has identified impairment effects on its Starbucks Coffee, Italiani,s, PF 
Chang’s, Burger King, Chilis and ´Vips brands for an amount of $64,728.
As of December 31, 2023, the Entity has identified impairment effects on its El Portón, Starbucks Coffee, 
Burger King and Italianni´s brands for an amount of $32,484.
As of December 31, 2022, the entity recorded a loss in its brands El Portón, Vips, Starbucks Coffee, Burger 
King and PF Chang´s, for an amount of $140,703.
13.	 Investment in subsidiaries
The Entity’s shareholding in the capital stock of its main subsidiaries is as follows:
Subsidiary
Activity
2024
2023
2022
Café Sirena, S.A, de C.V.
Starbucks brand operator in Mexico
100.00%
100.00%
100.00%
Operadora de Franquicias Alsea, S.A. de 
C.V. (1)
Operator of the Burger King brand in 
Mexico
100.00%
100.00%
100.00%
Operadora y Procesadora de Productos 
de Panificación, S.A. de C.V.
Operator of the Domino’s Pizza brand in 
México
100.00%
100.00%
100.00%
Gastrosur, S.A. de C.V.
Operator of the Chili’s Grill & Bar brand 
in México
100.00%
100.00%
100.00%
Panadería y Alimentos para Food Service, 
S.A. de C.V.
Distribution of Alsea brand foods
100.00%
100.00%
100.00%
Servicios Múltiples Empresariales ACD, 
S.A. de C.V. (antes SOFOM E.N.R.)
Factoring and Financial Leasing Operator
100.00%
100.00%
100.00%
Grupo Calpik, S.A.P.I. de C.V. 
Operator of the California Pizza Kitchen 
brand in México
100.00%
100.00%
100.00%
Especialista en Restaurantes de Comida 
Estilo Asiática, S.A. de C.V.
Operator of the P.F. Chang’s brand in 
México
100.00%
100.00%
100.00%
Distribuidora e Importadora Alsea, S.A. 
de C.V.
Distributor of food and supplies for Alsea 
and related brands
100.00%
100.00%
100.00%
Italcafé, S.A. de C.V.
Operator of the Italianni’s brand.
100.00%
100.00%
100.00%
Grupo Amigos de San Ángel, S.A. de C.V.
Operator of the Italianni’s brand.
100.00%
100.00%
100.00%
Grupo Amigos de Torreón, S.A. de C.V. 
(liquidada en 2024)
Operator of the Italianni’s brand.
-
100.00%
100.00%
Operadora Vips, S. de R.L. de C.V.
Vips brand operator
100.00%
100.00%
100.00%
OPQR, S.A. de C.V. 
Operator of the Cheesecake Factory 
brand in Mexico
100.00%
100.00%
100.00%
Fast Food Chile, S.A.
Operator of the Burger King brand in 
Chile
100.00%
100.00%
100.00%
Subsidiary
Activity
2024
2023
2022
Asian Food, Ltda.
Operator of the P.F. Chang’s brand in 
Chile
100.00%
100.00%
100.00%
Starbucks Coffee Chile, S.A. 
Starbucks brand operator in Chile
100.00%
100.00%
100.00%
Gastrococina Sur, S.P.A.
Chili’s Grill & Bar operator in Chile
100.00%
100.00%
100.00%
Fast Food Sudamericana, S.A.
Operator of the Burger King brand in 
Argentina
100.00%
100.00%
100.00%
Starbucks Coffee Argentina, S.R.L.
Starbucks brand operator in Argentina
100.00%
100.00%
100.00%
Asian Bistro Colombia, S.A.S.
Operator of the P.F. Chang’s brand in 
Colombia
100.00%
100.00%
100.00%
Operadora Alsea en Colombia, S.A. 
Operator of the Burger King brand in 
Colombia
95.03%
95.03%
95.03%
Estrella Andina, S.A.S.
Starbucks brand operator in Colombia
70.00%
70.00%
70.00%
Gastronomía Italiana en Colombia, S.A.S.
Operator of the Archie’s brand in 
Colombia
97.60%
97.60%
97.60%
Café Sirena Uruguay, S.A.
Brand operator Starbucks in Uruguay
100.00%
100.00%
100.00%
Food Service Project, S.A.U. (2)
Multi-brand operator and holding 
company in Europa
100.00%
76.77%
76.77%
(1)	 Control over Operadora de Franquicias Alsea, S.A. de C.V. (OFA) - Based on the contractual agreements signed by the 
Entity and other investors, the Entity is empowered to appoint and remove most of the members of the board of 
directors of OFA, which has the power to control the relevant operations of OFA. Therefore, the Entity’s management 
concluded that the Entity has the capacity to unilaterally control the relevant activities of OFA and therefore it has control 
over OFA. On June 28, 2021, the entity purchase shares that represent 20% of the non- controlling interest of Operadora 
de Franquicias Alsea, S.A.P.I. de C.V., thereby increasing its participation in that entity to 100%
	
Certain significant decisions, including the following are subject to the unanimous consent of the two stockholders: 1) the 
approval or modification of the budget of the year, and 2) changes to the development schedule, which do not modify 
the Entity’s control over the subsidiary.
(2)	 On February 26, 2024, a stock sale agreement was signed between Alsea S.A.B. of C.V. and the minority partners of Food 
Service Project, S.A. subsidiary of Alsea and operator of various brands in Europe. Under this agreement, Alsea acquires 
23.23% of FSP’s minority equity stake. The terms and conditions of purchase are disclosed in Note 1 on Outstanding 
Operations.
Menu
185
2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
14.	 Investment in shares of associated companies
At December 31, 2024, 2023 and 2022, the investment in shares of associated companies is comprised of the Entity’s direct 
interest in the capital stock of the companies listed below:	
(%)
Investing in shares
2024
2023
2022 Main activity
2024
2023
2022
Restaurant Operator 
AYB Polanco, S.A. de 
C.V. (1)
30.00%
30.00%
30.00%
Restaurant operator 
of the EF Entre Fuegos 
and EF Entre Fuegos 
Elite Steak House brand 
operating in Mexico.
$
13,936
$
13,936
$
13,936
Europastry México Inc
49.00%
49.00%
-
136,013
22,878
              
-
Other investments
129,847
142,966
142,967
Total
$
279,796
$
179,780
$
156,903
(%)
Participation in results
2024
2023
2022 Main activity
2024
2023
2022
Restaurant Operator 
AYB Polanco, S.A. de 
C.V. (1)
30.00%
30.00%
30.00%
Restaurant operator 
of the EF Entre Fuegos 
and EF Entre Fuegos 
Elite Steak House brand 
operating in Mexico.
$ 
-
$ 
-
$
(223)
Other investments
(36,622)
3,404
       
-
Total
$
(36,622)
$
3,404
$
(223)
Operadora de Restaurantes AYB Polanco, S.A. de C.V.
Total assets, liabilities, equity and profit and losses of the associated entity are as follows:
2024
2023
2022
Current assets
$
22,486
$
22,486
$
22,486
Non-current assets
$
36,932
$
36,932
$
36,932
Current liabilities
$
13,710
$
13,710
$
13,710
Income
$ 
-
$ 
-
$
43,015
Net profit for the period
$ 
-
$ 
-
$
(744)
15.  Goodwill
Assignment of goodwill to cash generating units 
In order to carry out impairment tests, goodwill included in Note 12, was assigned to the following cash 
generating units:
Concept
2024
2023
2022
Burger King 
$	
1,094,458 $	
1,336,967
$	
1,336,967
Domino’s Pizza
1,078,622 
1,078,622
1,078,622
Chili’s
26,614
26,614
26,614
Italianni’s
785,816
785,816
785,816
Vips
3,058,697
3,058,697
3,058,697
Starbucks Coffee
368,513
368,513
368,513
Foster’s Hollywood
198,598
198,598
198,598
Grupo Vips España 
3,175,657
2,658,018
2,962,401
Ginos
1,210,482
1,013,171
1,126,546
Starbucks España
886,035
741,610
824,597
Fridays
5,926
4,960
5,515
British Sandwich Factory
345,712
289,360
321,740
Clover
21,458
17,965
	
19,976
$	
12,256,588
$	
11,578,911
$	
12,114,602
As of December 31, 2024, 2023 and 2022, the studies carried out on the impairment tests concluded that 
goodwill has no impairment.
Menu
186
2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
16.	 Long-term debt
Long-term debt at December 31, 2023, 2024 and 2022 is comprised of unsecured loans, as shown below:
Bank
Type of 
credit
Currency
Rate
Maturity
2024
2023
2022
Banco Nacional de 
Comercio Exterior S.N.C. 
(Bancomext)
Simple 
credit
Mexican 
pesos
Variable rate 
TIIE +1%
2025
$ 601,757
$ 1,047,024
$ 1,280,141
Banco Nacional de 
Comercio Exterior S.N.C. 
(Bancomext)
Simple 
credit
Mexican 
pesos
Variable rate 
TIIE +1.47%
2032
4,000,000
              -
              -
Citi México
Simple 
credit
Mexican 
pesos
Variable rate 
TIIE + .80%
2025
1,000,000
              -
              -
Banco de Chile
Simple 
credit
Chilean 
pesos
3.48% (Fixed 
rate)
2024
              -
61,674
57,481
Syndicated
Simple 
credit
Euros
Variable rate 
Euribor +1.25%
2024
              -
              -
3,216,729
Syndicated
Simple 
credit
Euros
Variable rate 
Euribor +2.75%
2026
4,766,675
4,107,631
              -
Syndicated RCF
Simple 
credit
Euros
Variable rate 
Euribor +2.75%
2025
430,482
              -
              -
Caja rural Icos
Simple 
credit
Euros
Variable 
rate Euribor 
+1.40%
2025
10,762
              -
              -
Banco Santander, S.A.
Simple 
credit
Euros
Variable rate 
Euribor +2.75%
2024
              -
              -
82,127
Clover ING
Simple 
credit
Euros
Variable rate 
Euribor +2.75%
2024
              -
              -
193,014
Societe Generale
Simple 
credit
Euros
Variable 
rate Euribor 
+3.00%
2024
              -
              -
210,906
	
10,809,676
	
5,216,329
	
5,040,398
Less - current 
portion
	
(2,043,001)
	
(388,217)
	
(1,277,638)
Long-
term debt 
maturities
$     8,766,675
$     4,828,112
$     3,762,760
Annual debt maturities at December 31, 2024 are as follows:
Year
Amount
2025
$	
2,043,001
2026
4,766,675
2032
	
4,000,000
$	
10,809,676
The Entity as of December 31, 2024, has lines of credit contracted for $2,350 million Mexican pesos and $44 
million Euros.
Bank loans include certain affirmative and negative covenants, such as maintaining certain financial 
ratios. At December 31, 2024, 2023 and 2022, all such obligations have been duly met.
17.	Debt instruments
On January 21, 2022, the pricing of senior bonds for $300 million euros equivalent to $6,417,394 Mexican 
pesos, at an interest rate of 5.5% per year, issued through its subsidiary Food Service Project, S.A. and 
guaranteed by Alsea (the “2027 Euro Bonds”) and with partial or full settlement option as of January 21, 
2024, and with a maturity date of January 21, 2027, took place.
In December 2021, the Entity issued a bond in international markets (United States of America) for an 
amount of $500 million dollars equivalent to $10,255 million Mexican pesos, with a term of five years from 
its issue date and maturity in December 2026, which will accrue interest at a fixed rate of 7.75% with the 
option of partial or complete liquidation starting in December 2023.
In May 2019, the Entity placed of debt instruments worth $1,350,000 over 5 years as from the issuance date, 
maturing in May 2024. Those instruments will accrue interest at the 28-day TIIE rate plus 0.95 percentage 
points; and other debt instruments worth $2,650,000 over 7 years as from the issue date, maturing in May 
2026. Those instruments will accrue interest at a fixed rate of 10.01%.
In October 2017, the Entity placed of debt instruments worth $1,000,000 over 5 years as from the issuance 
date, maturing in September 2023. Those instruments will accrue interest at the 28-day TIIE rate plus 
0.90 percentage points; and other debt instrument worth $2,000,000 over 10 years as from the issue date, 
maturing in September 2027. Those instruments will accrue interest at a fixed rate of 8.85%.
Menu
187
2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
In March 2015, the Entity placed of debt instruments worth $3,000,000 over 5 years as from the issuance 
date, maturing in March 2020. Those instruments will accrue interest at the 28-day TIIE rate plus 1.10 
percentage points; and other debt instrument worth $1,000,000 over 10 years as from the issue date, 
maturing in March 2025. Those instruments will accrue interest at a fixed rate of 8.07%.
The balance at December 31, 2024, 2023 and 2022 amounts to $22,246,586, $20,903,791 and $22,748,440, 
respectively.
Year maturity
Amount
2025
$	
1,000,000
2026
12,829,192
2027
	
8,417,394
$	
22,246,586
The placement of the Euro Bond 2027 and issuance, of the $500 million dollars equivalent to $10,255 
million Mexican pesos, stock certificate, allowed the liquidation of its short-term obligations and the 
restructuring of long-term debt. Both bond placements, together with the reductions in operating 
restrictions imposed by authorities in each country to deal with the pandemic, have ensured continuity 
and a return to productivity at pre-pandemic levels in 2020.
18.	 Non-Controlling Interest Put Option
In October 2014, the Entity acquired Grupo Zena; as a result, it has the right to sell to Alsea its noncontrolling 
interest for 28.24% in other investors, upon completion of the fourth year after the acquisition (original 
agreement). In compliance with IFRS 9, Financial Instruments, the present value of the estimated debt 
that will be liquidated at the time the sale option is exercised should be recognized in accordance with 
the clauses of the contract. The initial recognition of such debt is recognized as a supplemental equity 
account and every year its revaluation affects the result for the year.
In September 2021, the Entity, Alia Capital Partners and Bain Capital Credit, agreed to invest in a minority 
stake of 21.1% in Food Service Project, S.A. (Alsea Europa). After the investment, Alsea will own 76.8% 
(previously 66.2%), Bain Capital Credit will have an indirect stake of 10.5% and the remaining minority 
shareholders represent 12.7%. The Entity disbursed 55 million euros (equivalent to $1,205,703), which 
represents 10.6% of the minority interest; additionally, refunds were obtained for $92.4 million pesos. As a 
result of this agreement, the Entity renegotiated the above conditions as follows:
a)	 Deadline of December 31, 2026.
b)	 The Entity has an enforceable and optional “Call Option” as of the third year.
c)	 The weekly payment of a coupon (4.6% per year) payable until the date on which the “Put Option” 
is exercised.
d)	 The Entity has the possibility of settling the obligation through the exchange of shares or cash.
On February 26, 2024, a share purchase agreement was signed between Alsea SAB de CV (Alsea) and the 
minority shareholders of Food Service Project, S.A., an Alsea subsidiary and operator of various brands in 
Europe. With this agreement, Alsea acquires a 23.23% minority stake in FSP. The terms of the purchase are 
disclosed in Note 1 on outstanding transactions.
19. 	Income taxes
In Mexico, the Entity is subject to ISR. Under the ISR Law the rate for 2024, 2023 and 2022 was 30% and will 
continue at 30% and thereafter. 
In Chile, the Tax Modernization Law established the Tax Regimes in effect as of January 1, 2020, the 
companies of the Alsea Group in Chile were placed under the general semi-integrated regime of Article 
14 A), whose tax rate is 27%.
In Colombia, applicable tax provisions stipulate that the applicable income tax rate for the taxable year is 
32% for 2020, 31% for 2022, and 35% for 2023 and subsequent years.
In addition, tax losses determined from 2017 may be offset by liquid income earned within twelve (12) 
years. The term for offsetting presumptive income excesses will remain five (5) years. These tax credits 
cannot be tax reset. 
In Argentina, on June 16, 2021, Law No. 27,630 was published, amending the income tax for fiscal years 
beginning on or after January 1, 2021, establishing a scale for paying the tax based on accumulated taxable 
net income.
As provided for in Article 5 of the above-mentioned standard, the scale amounts applicable to the fiscal 
period 2021 shall be adjusted annually from 1 January 2022. Considering the annual variation of the 
Consumer Price Index (CPI) for the month of October of the year prior to the adjustment, compared with 
the same month of the previous year. 
Under this update, the Customs Collection and Control Agency (ARCA) has published the scale applicable 
to the 2024 fiscal year: up to $34,703,523.08 (Argentine pesos) the tax rate is 25%; from $34,703,523.08 
(Argentine pesos) to $347,035,230.79 (Argentine pesos), the sum of $8,675,880.77 (Argentine pesos) plus 30% 
on the surplus of $34,703,523.08 (Argentine pesos) is payable; 
and from $347,035,230.79 (Argentine pesos) it is necessary to pay taxes of $102,375,393.08 (Argentine pesos), 
plus 35% on the excess of $347,035,230.79 (Argentine pesos).
Likewise, the withholding rate for the payment of dividends is set at 7%.
As of December 31, 2024, the parameters established by the income tax law to practice the adjustment 
for tax inflation are met and in the registration of the current and deferred income tax, the effects arising 
from the application of that adjustment have been incorporated in the terms provided for in the law.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
In Spain, tax reforms, which include the reduction of this tax rate 25% in 2024, and no modification is 
foreseen for the following fiscal years. Newly created companies will pay tax at the 15% rate during the first 
tax period in which their tax basis is positive and in the following period. As of 2022, the tax exemption 
on dividends and capital gains is limited from 100% to 95%, so that 5% of income will be taxed in Spain 
without said adjustment being eliminated in consolidation. Similarly, as part of these tax reforms, tax 
losses will be applicable without a time limitation.
The tax rates established for the financial year 2024, in the rest of the countries in which Alsea is present 
in Europe are as follows:
•	
Portugal: 21%
•	
France: 25%
•	
Netherlands: First 200,000 euros at 19%, the rest at 25.80%.
•	
Belgium: 25%
•	
Luxembourg: 17% National (additional includes 7% to the employment fund on the national tax 	
amount and 6.75% municipal business tax, resulting in a combined tax rate of 24.94%)
A. INCOME TAXES RECOGNIZED IN INCOME
2024
2023
2022
Current
$	
1,393,834
$	
1,742,070
$	
1,163,613
Deferred 
	
(882,322)
	
(390,310)
	
 (308,761)
$	
511,512
$	
1,351,760
$	
854,852
The tax expense attributable to income before ISR differs from that arrived at by applying the 30% statutory 
rate in 2024, 2023 and 2022 due to the following items:
2024
2023
2022
Statutory income tax rate
30%
30%
30%
Non-deductible expenses 
22%
6%
8%
Effects of inflation and others
21%
3%
18%
Fixed asset update
(13%)
(5%)
(23%)
Lease Effects under IFRS 16
0%
(1%)
(6%)
Effect of changes in prior years' taxes
(14%)
1%
2%
Difference in tax rates
(8%)
0%
1%
Others 
(1%) 	
(3%) 	
4%
Effective consolidated income tax rate
	
37% 	
31% 	
34%
B.DEFERRED TAXES 
Following is an analysis of deferred tax assets shown in the consolidated statements of financial position:
2024
2023
2022
Deferred (assets) liabilities:
Estimation for doubtful accounts and 
inventory obsolescence
$	
(41,875)
$	
(39,914) $	
(25,239)
Liability provisions
(1,542,048)
(1,639,117)
(1,521,877)
Advances from customers
(48,634)
(44,878)
(24,563)
Unamortized tax losses 
(1,649,690)
(1,313,166)
(1,368,012)
Store equipment, leasehold improvements 
and property
708,803
979,112
974,377
Effects under IFRS 16
(562,811)
(390,623)
(465,366)
Advance payments
	
84,191
	
86,373
	
154,645
$	
(3,052,064)
$	
(2,362,212)
(2,276,035)
C. DEFERRED TAX IN STATEMENT OF FINANCIAL POSITION
The following is the analysis of deferred tax assets (liabilities) presented in the consolidated statements 
of financial position:
2024
2023
2022
Deferred tax assets
$	
(6,588,525)
$	
(5,587,845)
$	
(3,102,781)
Deferred tax liabilities
	
3,536,461
	
3,225,633
	
826,746
$	
(3,052,064)
$	
(2,362,212)
$	
(2,276,035)
The benefits of restated tax loss carryforwards for which the deferred ISR asset and tax credit, respectively, 
have been (in such case partially) recognized, can be recovered subject to certain conditions. Expiration 
dates and restated amounts as of December 31, 2024, are:
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Year of expiration
Depreciable losses
Mexico
Europe
Chile
Argentina
Colombia
Total
2025
$	
112,190
$         -
$         - $	
1,038 
$         -
$	
113,228
2026
75,129
-
-
-
-
75,129
2027
91,122
-
-
-
-
91,122
2028
267,635
-
-
-
-
267,635
2029
80,632
-
-
-
16,400
97,032
2030
1,260,410
-
-
-
17,585
1,277,995
2031
932,450
-
-
-
30,416
962,866
2032
318,024
-
-
-
28,852
346,876
2033
1,046,670
-
-
-
24,072
1,070,742
2034
1,480,287
-
-
-
-
1,480,287
Losses of entities 
abroad without 
maturity
-
	
2,611,781 	
433,215
-
	
67,400
	
3,112,396
Total losses
$	
5,664,549
$	
2,611,781 $	
433,215
$	
1,038
$	
184,725
$ 8,895,308
Losses activated for 
deferred
$	
3,645,968 $	
1,826,768
$	
313,669
$         -	
$	
41,478
$ 5,827,883
Legal Rate
	
30%
	
25%
	
27%
	
25%
	
35%
Effect on deferred tax
$	
1,093,790
$	
456,692
$	84,691	
$         -	
$	
14,517
$	
1,649,690
20. 	Employee benefits
DEFINED CONTRIBUTION PLANS
Retirement plan is established with the objective of offering benefits in addition to and complementary 
to those provided by other public retirement plans.
Total income recognized in the consolidated statements of income and other comprehensive income 
net of income taxes as of December 31, 2024, 2023 and 2022 are ($54,105), $1,537 and ($16,715), respectively.
The net cost of the period for the obligations derived from the seniority premium amounted to $40,759, 
$60,136, and $55,731 in 2024, 2023 and 2022, respectively.
.
21. Financial Instruments 
A. CAPITAL RISK MANAGEMENT
The Entity manages its capital to ensure that the companies that it controls are able to continue 
operating as a going concern while they maximize the yield for their shareholders by streamlining the 
debt and equity balances. The Entity’s general strategy has not changed in relation to 2023 and 2022.
The Entity’s capital structure consists of the net debt (the loans described in Note 16 and 17, compensated 
by cash balances and banks) and the Entity’s capital (made up of issued capital stock, reserves and 
retained earnings, as shown in Note 22). 
The Entity is not subject to external requirements to manage its capital.
The main purpose for managing the Entity’s capital risk is to ensure that it maintains a solid credit 
rating and sound equity ratios to support its business and maximize value to its shareholders.
The Entity manages its capital structure and makes any necessary adjustments based on changes in 
economic conditions. In order to maintain and adjust its capital structure, the Entity can modify the 
dividend payments to the shareholders, reimburse capital to them or issue new shares. 
For the years ended December 31, 2024, 2023 and 2022, there were no modifications to the objectives, 
policies or processes pertaining to capital management.
The following ratio is used by the Entity and by different rating agencies and banks to measure credit 
risk.
- Net Debt to EBITDA = Net Debt / EBITDA ltm.
As of December 31, to 2024, 2023 and 2022, the company agreed, through a waiver, not to measure the 
financial restriction established in the Entity’s credit agreements corresponding to the ratio of Total 
Debt to EBITDA in the last twelve months.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
B. FINANCIAL INSTRUMENT CATEGORIES
2024
2023
2022
Financial assets
Cash and cash equivalents 
$	
6,467,932
$	
6,409,798
$	
6,086,817
Loans and accounts receivable at amortized cost
2,613,284
2,185,637
1,825,744
Financial liabilities at amortized cost
Suppliers 
4,988,563
4,265,968
4,252,803
Factoring of suppliers
1,839,529
1,501,931
1,375,794
Accounts payable to creditors
3,267,194
4,172,708
4,861,118
Current maturities of long-term debt
2,043,001
388,217
1,277,638
Current maturities of financial lease liabilities
3,476,770
3,315,031
4,103,865
Debt instruments
1,000,000
1,350,000
              -	
Long-term debt, not including current maturities
8,766,675
4,828,112
3,762,760
Obligation under finance leases
13,809,768
15,101,829
17,720,573
Option to sell the non-controlling interest
21,246,586
19,553,791
22,748,440
C. OBJECTIVES OF MANAGING FINANCIAL RISKS
Among the main associated financial risks that the Entity has identified and to which it is exposed are: 
(i) market (foreign currency and interest rate), (ii) credit, and (iii) liquidity.
The Entity seeks to minimize the potential negative effects of the aforementioned risks on its financial 
performance by applying different strategies. The first involves securing risk coverage through derivative 
financial instruments. 
Derivative instruments are only traded with well-established institutions and limits have been set 
for each financial institution. The Entity has the policy of not carrying out operations with derivative 
financial instruments for speculative purposes.
D. MARKET RISK
The Entity is exposed to market risks resulting from changes in exchange and interest rates. Variations 
in exchange and interest rates may arise as a result of changes in domestic and international economic 
conditions, tax and monetary policies, market liquidity, political events and natural catastrophes or 
disasters, among others.
Exchange fluctuations and devaluation or depreciation of the local currency in the countries in which 
Alsea participates could limit the Entity’s capacity to convert local currency to US dollars or to other 
foreign currency, thus affecting their operations, results of operations and consolidated financial 
position. The Entity currently has a risk management policy aimed at mitigating present and future 
risks involving those variables, which arise mainly from purchases of inventories, payments in foreign 
currencies and public debt contracted at a floating rate. 
The contracting of derivative financial instruments is intended to cover or mitigate a primary position 
representing some type of identified or associated risk for the Entity. Instruments used are merely for 
economic hedging purposes, not for speculation or negotiation.
The types of derivative financial instruments approved by the Entity for the purpose of mitigating 
exchange fluctuation and interest rate risk are as follows:
-	
Forwards
-	
Options Purchase (Calls).
-	
Necklaces.
-	
Exchange of Interest Rates and Exchange Rate (Swaps and Caps).
Given the variety of possible derivative financial instruments for hedging the risks identified by the 
Entity, the Director of Corporate Finance is authorized to select such instruments and determine how 
they are to be operated.
E. CURRENCY EXCHANGE RISK MANAGEMENT
The Entity carries out transactions in foreign currency and therefore it is exposed to exchange rate 
fluctuations. Exposure to exchange rate fluctuations is managed within the parameters of approved 
policies, using foreign currency forwards contracts. Note 31 shows foreign currency positions at 
December 31, 2024, 2023 and 2022. It also shows the exchange rates in effect at those dates.
USD hedging and its requirements are determined based on the cash flow budgeted by the Entity, and 
it is aligned to the current Risk Management Policy approved by the Corporate Practices Committee, the 
General Director’s office and the Administration and Financial Director’s office. The policy is overseen 
by the Internal Audit Department. 
The exchange rate risk expressed in a foreign currency (USD) is internally monitored on a weekly basis 
with the positions or hedges approximating maturity at market exchange rates. The agent calculating 
or valuing the derivative financial instruments is in all cases the counterparty designated under the 
master agreement. 
The purpose of the internal review is to identify any significant changes in exchange rates that could 
pose a risk or cause the Entity to incur in non-compliance with its obligations. If a significant risk 
position is identified, the Corporate Treasury Manager informs the Corporate Financial Director’s office.
The following table shows a quantitative description of exposure to exchange risk based on foreign 
currency forwards and options agreements contracted by the Entity in USD/MXN, in effect as of December 
31, 2024, 2023 and 2022. 
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Notes to the Consolidated Financial Statements
Underlying / reference variable
Notional amount/ face value 
(thousands of USD)
Fair value (thousands of USD)
Type of 
derivative, 
security or 
contract
Position
Objective of 
the hedging
2024 
current
2023 
current
2022 
previous
2024 
current
2023 
current
2022 
previous
2024 
current
2023 
current
2022 
previous
Forwards
Long
Economic
20.5100 
USDMXN
16.9200 
USDMXN
20.0900 
USDMXN 974,225
	
923,292          -	
$  (88,172) $       -	
$       -	
Options
Long
Economic
20.5100 
USDMXN
16.9200 
USDMXN
20.0900 
USDMXN          - 285,948 1,720,709 $  (166,979) $ 170,029
$ (40,341)
1. Foreign currency sensitivity analysis
As of December 31, 2024, 2023 and 2022, the Entity has hedges for the purchase of US dollars for the 
next 12 months for a total of $47.50, $72.0, and $85.7 million, respectively, with an average exchange 
rate of  $18.88, $19.82, and $20.02 per US dollar, respectively.
Given the aforementioned values and amounts of foreign exchange hedges, management does 
not anticipate a significant risk that could affect its results at the close of December 31, 2024, 
as well as its obligations incurred in its current operations due in the next twelve months. The 
net position of assets against dollar-denominated financial liabilities is not considered as it is 
neither representative nor material. The analysis shows only the impact on the hedges for the 
dollar purchase operations contracted and in force at the end of December 31, 2024.
Management considers that in the event of a stress scenario as the one described above, the Entity’s 
liquidity capacity would not be affected, there would be no negative effects on its operations, nor 
would compliance with the commitments assumed in relation to contracted derivative financial 
instruments be at risk.
2. Foreign currency forwards and options contracts
At December 31, 2024, 2023 and 2022, a total of 187, 404 and 402 derivative financial instrument 
operations (forwards and options) were carried out, respectively, for a total of $123.5, $117.2, and 
$96.5 million US dollars, respectively. The absolute value of the fair value of the derivative financial 
instruments entered into per quarter over the year does not comprise more than 5% of assets, 
liabilities or total consolidated capital, or otherwise 3% of the total consolidated sales for the last 
quarter. Therefore, the risk for the Entity of exchange rate fluctuations will have no negative effects, 
nor will it affect its capacity to carry out derivative financial instrument operations.
At December 31, 2024, 2023 and 2022, Alsea has contracted DFI’s to purchase US dollars in the next 
twelve months for a total of approximately $47.50, $72.0, and $85.7 million USD, at the average 
exchange rate of $18.88, $19.82, and $20.02 to the dollar, respectively.
At December 31, 2024, 2023 and 2022, the Entity had contracted the financial instruments shown in 
the table above. 
F. INTEREST RATE RISK MANAGEMENT
The Entity faces certain exposure to the volatility of interest rates as a result of contracting bank and 
public stock exchange debt at fixed and variable interest rates. The respective risks are monitored 
and evaluated monthly on the basis of:
- Cash flow requirements
- Budget reviews
- Observation of the market and interest rate trends in the local market and in the countries in 
which Alsea operates (Mexico, Argentina, Chile and Colombia).
- Differences between negative and positive market rates
The aforementioned evaluation is intended to mitigate the Entity’s risk concerning debt subject to 
floating rates or indicators, to streamline the respective prices and to determine the most advisable 
mix of fixed and variable rates.
The Corporate Treasury Manager is responsible for monitoring and reporting to the Administration 
and Financial Director any events or contingencies of importance that could affect the hedging, 
liquidity, maturities, etc. of DFI’s. He in turn informs Alsea’s General Management of any identified 
risks that might materialize.
The type of derivative products utilized and the hedged amounts are in line with the internal risk 
management policy defined by the Entity’s Corporate Practices Committee, which contemplates an 
approach to cover foreign currency needs without the possibility to carry out speculative operations.
At December 31, 2024, the Entity has a total debt of $33,056 million pesos, this debt was contracted at 
a fixed rate and a variable rate; in addition to the above, it was decided to apply a risk management 
strategy in order to you mitigate the fluctuations of the interest rate staying in a mix of rates where 
55% is fixed at a weighted rate of 9.46%%, and 45% at a variable rate, this strategy has generated a 
positive result for the Entity.
­	
Interest rate swap contracts
According to contracts for swaps of interest (Interest Rate Swap - ISR), the Entity agrees to exchange 
the difference between the amounts of the fixed and variable rates calculated on the agreed 
notional amount. 
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Notes to the Consolidated Financial Statements
Such contracts allow the Entity to mitigate interest rate change risks on the fair value of the debt issued 
at a fixed interest rate and the exposure to cash flows on the debt issued at a variable interest rate. 
The starting price of the swaps of interest at the end of the period being reported is determined by 
discounting future cash flows using the curves at the end of the period being reported and the credit 
risk inherent to the contract, as described further on in these consolidated financial statements. The 
average interest rate is based on current balances at the end of the period being reported.
The following table shows a quantitative description of exposure to interest rate risk based on interest 
rate forwards and options agreements contracted by the Entity, in effect as of December 31, 2024, 2023 
and 2022.
Underlying / reference 
variable
Notional amount/ 
face value (USD)
Fair value (USD)
Type of 
derivative, 
security or 
contract
Position
Objective of 
the hedging
2024 
current
2023 
current
2022 
previous
2024 
current
2023 
current
2022 
previous
2024 
current
2023 
current
2022 
previous
IRS Plain Vanilla, 
Call Spread, 
Cross Currency 
Swaps
Long
Coverage
10.48% - 
TIIE 28 d 
20.5100 
USDMXN
11.50% - 
TIIE 28 d 
16.9200 
USDMXN
10.76% - 
TIIE 28 d 
20.0900 
USDMXN
36,210,710
33,674,856
9,789,783
$  360,300
$ 1,150,255
$   410,654
Capped IRS
Long
Economic
-
11.50% 
- TIIE 
28 d
10.76% 
- TIIE 
28 d
         -	
302,500
7,093,020
$       -	
$	
7,865
$	 (241,349)
The following table details quantitatively the instrument contracted for the senior bond issued in dollars 
with a value of $500 million outstanding as of December 31, 2024:
Instrument
Rate
Notional 
(Miles USD)
Notional 
(Miles MXP)
Closing date
Expiring date
Call Spread
2.3970%
257,359
5,336,125
Jan 05, 2022
Dec 08, 2026
Principal Only Swap
5.1675%
171,572
3,557,417
Jan 10, 2022
Dec 14, 2026
Coupon Only Swap
TIIE 28D + 0.7100%
232,727
4,308,468
Feb 16, 2023
Dec 14, 2025
Coupon Only Swap
8.7300%
232,727
4,308,468
Feb 16, 2023
Dec 14, 2025
Coupon Only Swap
9.1800%
215,000
3,893,650
Mar 30, 2023
Dec 14, 2026
Coupon Only Swap
8.9800%
215,000
3,874,300
Mar 31, 2023
Dec 16, 2026
1.  Analysis of interest rate sensitivity
The following sensitivity analysis has been determined on the basis of the exposure to interest rates 
of derivative instruments and of non-derivative instruments at the end of the period being reported. 
In the case of variable rate liabilities, an analysis is prepared assuming that the amount of the liability 
held at the end of the period being reported has been the amount of the liability throughout the year.
•	
The first stress scenario considered by the Entity’s management is a 200 bps increase in the 28 and 
91 days TIIE reference rate while the rest of the variables remain constant. 
•	
The first stress scenario management is considering is a 200 bps increase in the 28- and 91-day TIIE 
reference rates, with all other variables remaining constant. At the close of December 31, 2024, a 
200 bps increase in the reference rates would impact interest and financial costs by approximately 
$108.3 million Mexican pesos.
•	
An increase of 150 bps in the 28- and 91-day TIIE rate represents an increase in the financial cost 
of approximately $81.2 million pesos, in which there is no risk to the Entity’s liquidity, nor is any 
negative effect expected on the operation of the business, or to assume the commitments related 
to the contracting of derivative financial instruments for interest rates.
•	
Finally, the scenario with a 100 bps increase in the 28- and 91-day TIIE reference rate would have a 
negative effect on financial costs of approximately $54.1 million pesos.
The previous scenarios were carried out on the bank and stock market debt contracted in Mexican 
pesos with 28 and 91 days TIIE floating rate.
G. CREDIT RISK MANAGEMENT
Credit risk refers to the uncertainty of whether one or several of the counterparties will comply with 
their contractual obligations, which would result in a financial loss for the Entity. The Entity has adopted 
the policy of only operating with solvent institutions and obtaining sufficient collateral, when deemed 
necessary, as a way to mitigate the risk of financial loss caused by non-compliance.
The Entity has identified in its portfolio a credit risk among its derivative financial instruments designed 
as cash flow hedges, since are measured at fair value.
The Entity’s exposure and the credit ratings of its counterparties are supervised on a regular basis. 
The maximum credit exposure levels allowed are established in the Entity’s risk management internal 
policies. Credit risk over liquid funds and derivative financial instruments is limited because the 
counterparties are banks with high credit ratings issued by accepted rating agencies. 
In order to reduce to a minimum, the credit risk associated to counterparties, the Entity contracts its 
financial instruments with domestic and foreign institutions that are duly authorized to engage in 
those operations and which form part of the Mexican Financial System.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
With respect to derivative financial instruments, the Entity signs a standard agreement approved by the 
International Swaps and Derivatives Association Inc. with each counterparty along with the standard 
confirmation forms for each operation. Additionally, the Entity signs bilateral guarantee agreements 
with each counterparty that establish the margin, collateral and credit line policies to be followed. 
Such agreements, commonly known as “Credit Support Annexes”, establish the credit limits offered by 
credit institutions that would apply in the event of negative scenarios or fluctuations that might affect 
the fair value of open positions of derivative financial instruments. Such agreements establish the 
margin calls for instances in which credit facility limits are exceeded.
In addition to the bilateral agreements signed further to the ISDA maser agreement, known as Credit 
Support Annexes (CSA), the Entity monitors the favorable or negative fair value on a monthly basis. 
Should the Entity incur a positive result, and that result be considered material in light of the amount, 
a CDS could be contracted to reduce the risk of breach by counterparties.
The methodologies and practices generally accepted in the market and which are applied by the Entity 
to quantify the credit risk related to a given financial agent are detailed below.
1.	 Credit Default Swap, the credit risk is quantified based on the quoted market price. The CDS is the 
additional premium that an investor is willing to pay to cover a credit position, meaning that the risk 
quantification is equal to this premium. This practice is utilized as long as quoted CDS are available 
on the market.
2.	 Issuance Credit Spread, if issuances are available for quotation on different financial markets, the 
credit risk can be quantified as the difference between the internal rate of return of the bonds and 
the risk-free rate. 
3.	 Comparable items, if the risk cannot be quantified by using the above methodologies, the use of 
comparable items is generally accepted; i.e., the use of entities or bonds of the sector that the 
company wishes to analyze as a reference.
The Entity has the policy of monitoring the volume of operations contracted with each institution, in 
order to avoid margin calls and mitigate credit risks with counterparties.
At the close of December 31, 2024, and 2023, the Entity has incurred in 16 and 104 margin calls respectively. 
At December 31, 2024, 2023 and 2022, the Entity has recorded no breaches to the agreements signed 
with different financial entities for exchange rate hedging operations.
The Entity’s maximum exposure to credit risk is represented by the carrying value of its financial 
assets. At December 31, 2024, 2023 and 2022, that risk amounts to $2,850,393, $2,390,935 and $1,973,357, 
respectively.
The credit risk generated by the management of the Entity’s temporary investments reflects its current 
investment policy, which has the following objectives: I) enhance resource efficiency, and II) mitigate 
the credit risk. In order to fulfill these objectives, certain guidelines and maximum amounts were 
established for counterparties, instruments and periods within the Entity’s policies. 
All transactions performed in Mexican pesos and foreign currency are supported by an outline 
brokerage agreement duly executed by both parties with regulated institutions belonging to the Mexican 
Financial System, which have the guarantees required by the Entity and recognized credit ratings. The 
only instruments authorized for temporary investments are those issued by the federal government, 
corporate and banking institutions under the repurchase modality. The Entity does not consider credit 
risk to be material or significant, so no measurement is made for temporary investments.
 H. LIQUIDITY RISK MANAGEMENT
The ultimate responsibility for managing liquidity lies in the Financial Director, for which purpose the 
Entity has established policies to control and follow up on working capital, thus making it possible to 
manage the Entity’s short-term and long-term financing requirements. In keeping this type of control, 
cash flows are prepared periodically to manage risk and maintain proper reserves, credit lines are 
contracted and investments are planned.
The Entity’s main source of liquidity is the cash earned from its operations.
The following table describes the contractual maturities of the Entity’s financial liabilities considering 
agreed payment periods. The table has been designed based on undiscounted, projected cash flows and 
financial liabilities considering the respective payment dates. The table includes the projected interest 
rate flows and the capital disbursements made towards the financial debt included in the consolidated 
statements of financial position. If interest is agreed at variable rates, the undiscounted amount is 
calculated based on the interest rate curves at the end of the period being reported. Contractual 
maturities are based on the minimum date on which the Entity must make the respective payments.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
As of December 31, 2024
Average 
effective 
interest 
rate
Up to 
1 year
Up to 
2 year
Up to 
3 year
Up to 
4 year
Up to 
5 years 
or more
Total
Long-term debt
8.64% $	
2,043,001 $	
4,766,675 $         -	
$         -	
$	
4,000,000 $	
10,809,676
Debt instruments
10.02%
1,000,000
12,829,192
8,417,394
              -
              -
22,246,586
Financial leasing
%
3,476,770
3,719,538
3,369,182
2,561,309
4,159,739
17,286,538
Derivates
              -
286,495
              -
              -
              -
286,495
Suppliers
4,988,563
              -
              -
              -
              -
4,988,563
Factoring of suppliers (1)
1,839,529
              -
              -
              -
              -
1,839,529
Accounts payable creditors
3,267,194
              -
              -
              -
              -
3,267,194
Accumulated expenses and 
employee benefits
8,128,765
              -
              -
              -
              -
8,128,765
Total
$	 24,743,822 $	
21,601,900 $	
11,786,576 $	
2,561,309 $	
8,159,739 $	
68,853,346
As of December 31, 2023
Average 
effective 
interest 
rate
Up to 
1 year
Up to 
2 year
Up to 
3 year
Up to 
4 year
Up to 
5 years 
or more
Total
Long-term debt
7.58% $	
388,217 $	
1,200,164 $	
3,627,948 $          -	
$          -	
$	
5,216,329
Debt instruments
8.13%
1,350,000
1,000,000
11,109,500
7,444,291
              -
20,903,791
Financial leasing
4.00%
3,315,031
2,762,529
2,578,360
2,210,023
7,550,917
18,416,860
Derivates
              -
1,328,149
              -
              -
              -
1,328,149
Suppliers
4,265,968
              -
              -
              -
              -
4,265,968
Factoring of suppliers (1)
1,501,931
              -
              -
              -
              -
1,501,931
Accounts payable creditors
4,172,708
              -
              -
              -
              -
4,172,708
Accumulated expenses and 
employee benefits
7,030,557
              -
              -
              -
              -
7,030,557
Sale of non-controlling 
interest
1,123,439
 -
              -
-
 -
1,123,439
Total
$	
23,147,851 $	 6,290,842 $	
17,315,808 $	
9,654,314 $	
7,550,917 $	 63,959,732
As of December 31, 2022
Average 
effective 
interest 
rate
Up to 
1 year
Up to 
2 year
Up to 
3 year
Up to 
4 year
Up to 
5 years 
or more
Total
Long-term debt
6.46% $	 1,277,638 $	
1,512,168 $	
1,420,744 $	
829,848 $         -	
$	 5,040,398
Debt instruments
9.14%
              -
1,200,449
1,000,000
2,650,000
17,897,991
22,748,440
Financial leasing
8.00%
4,103,865
3,503,867
2,980,936
2,493,175
8,742,595
21,824,438
Derivates
              -
691,056
              -
              -
              -
691,056 
Suppliers
4,252,803
              -
              -
              -
              -
4,252,803
Factoring of suppliers (1)
1,375,794
              -
              -
              -
              -
1,375,794
Accounts payable creditors
4,861,118
              -
              -
              -
              -
4,861,118
Accumulated expenses and 
employee benefits
5,667,413
              -
              -
              -
              -
5,667,413
Sale of non-controlling 
interest
              - 	
1,123,439
              -
              -
              - 	
1,123,439
Total
$	21,538,631 $	
8,030,979 $	
5,401,680 $	
5,973,023 $	
26,640,586 $	 67,584,899
(1) The policy of payment to suppliers is 90 days, for which the Entity signed financial factoring contracts backed by credit 
lines with financial institutions, through which a supplier can contact the financial institution to collect the any invoice 
in particular, previously approved by Alsea, before the payment date, which ends the payment obligation of Alsea to the 
supplier; in turn, Alsea will settle the balance to the financial institution on the due date for the invoice, in accordance 
with the terms previously agreed with the supplier. This transaction has no cost to Alsea, provided that the balances are 
liquidated in a timely manner, the balances not settled in a timely manner will be subject to a default interest that will 
be determined by the financial institution; Additionally, Alsea receives a commission for the balances discounted by the 
suppliers. These amounts have been classified as factoring of suppliers in the statement of financial position.
I. FAIR VALUE OF FINANCIAL INSTRUMENTS
This notes provides information on the manner in which the Entity determines the fair values of the 
different financial assets and liabilities.
Some of the Entity’s financial assets and liabilities are valued at fair value at each reporting period. 
The following table contains information on the procedure for determining the fair values of financial 
assets and financial liabilities (specifically the valuation technique(s) and input data used).
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Financial assets/liabilities
Fair value (1)(2) 
 Cifras en miles MXN
Fair value 
hierarchy
2024
2023
2022
1) Forwards and currency options agreements 
$	
(88,172)
$	
(121,313)
$	
(38,978)
Nivel 2
Valuation technique(s) and main input data
Plain vanilla forwards are calculated based on discounted cash flows 
on forward exchange type bases. The main input data are the Spot, 
the risk-free rates in MXN and USD + a rate that reflects the credit risk 
of counterparties. In the case of options, the methods used are Black 
and Scholes and Montecarlo digital and/or binary algorithms.
2) Swaps de tasa de interés y tipo de cambio ligados 
    a deuda
$	
151,917
$	
(1,206,836)
$	
409,945
Nivel 2
Valuation technique(s) and main input data
Discounted cash flows are estimated based on forwards interest rates 
(using the observable yield curves at the end of the period being 
reported) and the contractual rates, discounted at a rate that reflects 
the credit risk of the counterparties.
During the period there were no transfers between level 1 and 3.
(1)The fair value is presented from a bank’s perspective, which means that a negative amount represents a favorable result 
for the Entity.
(2) The calculation or valuation agent used is the same counterparty or financial entity with whom the instrument is 
contracted, who is asked to issue the respective reports at the month-end closing dates specified by the Entity.
(3)Techniques and valuations applied are those generally used by financial entities, with official price sources from banks 
such as Banxico for exchange rates, Proveedor Integral de Precios (PIP) and Valmer for supply and databases of rate prices, 
volatility, etc.
In order to reduce to a minimum, the credit risk associated with counterparties, the Entity contracts its 
financial instruments with domestic and foreign institutions that are duly authorized to engage in those 
operations. 
In the case of derivative financial instruments, a standard contract approved by the International Swaps 
and Derivatives Association Inc. (ISDA) is executed with each counterparty; the standard confirmation 
forms required for each transaction are also completed. 
Likewise, bilateral guarantee agreements are executed with each counterparty to determine policies for 
the margins, collateral and credit lines to be granted. 
This type of agreement is usually known as a “Credit Support Annex”; it establishes the credit limits that 
financial institutions grant to the company and which are applicable in the event of negative scenarios 
or fluctuations that affect the fair value of the open positions of derivative financial instruments. These 
agreements establish the margin calls to be implemented if credit line limits are exceeded. 
Aside from the bilateral agreements attached to the ISDA outline agreement known as the Credit Support 
Annex (CSA), the Entity monthly monitors the fair value of payable or receivable amounts. If the result is 
positive for the Entity and is considered relevant due to its amount, a CDS can be contracted to reduce the 
risk of counterparty noncompliance. 
The Entity has the policy of monitoring the number of operations contracted with each of these institutions 
so as to avoid margin calls and mitigate the counterparty credit risk.
At December 31, 2024, 2023 and 2022, the Entity has not received any margin calls and does not have 
any securities given as a guarantee with counterparties as interest rate hedges. Furthermore, it did not 
record any instances of noncompliance with the contracts executed with different financial institutions for 
operations involving interest rate hedges.
J.FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES THAT ARE NOT VALUED AT FAIR VALUE 
ON A RECURRING BASIS (BUT    THAT REQUIRE FAIR VALUE DISCLOSURE)
Except for the matter described in the following table, Management considers that the carrying values 
of financial assets and liabilities recognized at amortized cost in the consolidated financial statements 
approximate their fair value:
	
2024
2023
2022
Financial liabilities
Carrying 
value
Fair 
value
Carrying 
value
Fair 
value
Carrying 
value
Fair 
value
Financial liabilities maintained at 
amortized cost:
Suppliers
$	
4,988,563
$	
4,988,563
$	
4,265,968
$	
4,265,968
$	
4,252,803
$	
4,252,803
Factoring of suppliers
1,839,529
1,839,529
1,501,931
1,501,931
1,375,794
1,375,794
Bank loans
2,043,001
2,202,447
388,217
542,514
1,277,638
1,620,976
Obligation under finance leases
3,476,770
3,457,308
3,315,031
3,315,031
4,103,865
4,103,865
Long-term bank loans
8,766,675 
12,832,804
4,828,112
5,680,772
3,762,760
4,160,393
Non-current financial lease 
liabilities
13,809,768
13,809,768
15,101,829
15,101,829
17,720,573
17,720,573
Debt instruments
	
22,246,586
	
22,504,538
	
20,903,791
	
21,054,728
	
22,748,440
	
22,211,789
Total
$	  57,170,892
$	 61,634,957
$	 50,304,879
$	
51,462,773
$	
55,241,873
$	 55,446,193
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Financial liabilities 2024
Level 2
Financial liabilities maintained at amortized cost:
Bank loans
$	
2,043,001 
Current obligation under finance leases
3,476,770
Long-term debt, not including current maturities
8,766,675 
Obligation under finance leases
13,809,768
Debt instruments
	
22,246,586
Total
$	
50,342,800
Financial liabilities 2023
Level 2
Financial liabilities maintained at amortized cost:
Current maturities of long-term debt
$	
388,217
Current obligation under finance leases
3,315,031
Debt instruments
4,828,112
Long-term debt, not including current maturities
15,101,829
Obligation under finance leases
1,123,439
Debt instruments
	
20,903,791
Total
$	
45,660,419
Financial liabilities 2022
Level 2
Financial liabilities maintained at amortized cost:
Current maturities of long-term debt
$	
1,277,638
Current obligation under finance leases
4,103,865
Debt instruments
3,762,760
Long-term debt, not including current maturities
17,720,573
Obligation under finance leases
1,123,439
Debt instruments
	
22,748,440
Total
$	
50,736,715
Valuation 
a)	
Description of valuation techniques, policies and frequency:
The derivative financial instruments used by Alsea (forwards and swaps) are contracted to reduce the risk 
of adverse fluctuations in exchange and interest rates. Those instruments require the Entity to exchange 
cash flows at future fixed dates on the face value or reference value and are valued at fair value.
b)	
Liquidity in derivative financial operations:
1.	
The resources used to meet the requirements related to financial instruments, will come from the 
resources generated by Alsea.
2.	
External sources of liquidity: No external sources of financing will be used to address requirements 
pertaining to derivative financial instruments.
22. Stockholders’ equity
Following is a description of the principal features of the stockholders’ equity accounts:
A. CAPITAL STOCK STRUCTURE
The movements in capital stock and premium on share issue are shown below:
Number of 
actions
Thousands of 
pesos social 
capital
Premium in 
issuance of 
shares
Figures as of December 31, 2023
838,578,725
$
478,749
8,675,410
Placement of actions
	
(23,506,079)
	
(11,753)
	
(949,682)
Figures as of December 31, 2023
815,072,646
466,996
7,725,728
Placement of actions
	
(5,354,242)
                -	
	
(2,566,167)
Figures as of December 31, 2024
	
809,718,404
$ 	
466,996
	
5,159,561
The fixed minimum capital with no withdrawal rights is comprised of Class I shares, while the variable 
portion is represented by Class II shares, and it must in no case exceed 10 times the value of the minimum 
capital with no withdrawal rights.
The National Banking and Securities Commission has established a mechanism that allows the Entity 
to acquire its own shares in the market, for which purpose a reserve for repurchase of shares must be 
created and charged to retained earnings.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Total repurchased shares must not exceed 5% of total issued shares; they must be replaced in no more 
than one year, and they are not considered in the payment of dividends. 
The premium on the issuance of shares is the difference between the payment for subscribed shares and 
the par value of those same shares, or their notional value (paid-in capital stock divided by the number 
of outstanding shares) in the case of shares with no par value, including inflation, at December 31, 2012. 
Available repurchased own shares are reclassified to contributed capital.
During the Ordinary and Extraordinary General Shareholders’ Meeting held on April 27, 2024, it was agreed 
to cancel 4,927,000 common shares repurchased in the market, equivalent to $202,300.
During the Ordinary and Extraordinary General Shareholders’ Meeting held on February 1, 2024, it was 
agreed to cancel 18,579,079 ordinary shares repurchased in the market, an amount equivalent to 2.2% of 
the total shares in circulation.
During the Ordinary and Extraordinary General Shareholders’ Meeting held in 2024, the cancellation of 
5,354,242 common shares repurchased on the market was agreed upon, an amount equivalent to 0.74% of 
the total shares outstanding.
B. STOCKHOLDERS’ EQUITY RESTRICTIONS
I. 5% of net earnings for the period must be set aside to create the legal reserve until it reaches 20% of the 
capital stock. At December 31, 2024, 2023 and 2022, the legal reserve amounted to $100,736, which amount 
reaches the required 20%.
II. Dividends paid out of accumulated profits will be free of ISR if they come from the CUFIN and for the 
surplus 30% will be paid on the result of multiplying the dividend paid by the update factor. The tax 
arising from the payment of the dividend that does not come from the CUFIN will be charged to the Entity 
and may be credited against the corporate ISR for the following two years.
23.	Non-controlling interest
a. Following is a detail of the non-controlling interest..
Amount
Initial balance at January 01, 2022
$	
1,034,923
Other movements in capital
	
(83,912)
Ending balance at December 31, 2022
951,011
Equity in results for the year ended December 31, 2023
59,267
Other movements in capital
	
(69,657)
Ending balance at December 31, 2023
	
940,621
Equity in results for the year ended December 31, 2024
(4,985)
Other movements in capital
	
(816,234)
Ending balance at December 31, 2024
$	
119,402
b.Following is the detail of the Non-Controlling interest of the main subsidiaries of the Entity:
Percentages of the  
non-controlling 
interest
Income (loss) attributable  
to the non-controlling 
interest
Accumulated  
non-controlling interest
Subsidiary
Country
2024
2023
2022
2024
2023
2022
2024
2023
2022
Food Service 
Project, S.A. (1)
España
0%
23.23%
23.23%
$      - $	 54,718 $	(66,326) $      -	
$	852,709 $	 842,186
Estrella Andina, 
S.A.S.
Colombia
30.00%
30.00%
30.00%
(4,985)
4,549
7,666
119,402
87,912
108,825
(1) In September 2021, the Entity, Alia Capital Partners and Bain Capital Credit agreed to invest in a 
noncontrolling interest of 21.1% in Food Service Project, S.A. (Alsea Europa). Following this investment, 
Alsea holds equity of 76.8% (formerly 66.2%), while Alia Capital Partners and Bain Capital Credit will 
indirectly hold equity of 10.6%, and the remaining minority shareholders represent 12.7%. The Entity’s 
outlay was 55 million euros (equal to $1,205,703), which represents 10.5% of the noncontrolling interest. 
Similarly, reimbursements of $92.4 million pesos were also obtained. Based on this agreement, the Entity 
renegotiated its PUT - CALL options in the following manner:
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
a)	 Deadline of December 31, 2026.
b)	 The Entity has an enforceable and optional “Call Option” as of the third year.
c)	 The weekly payment of a coupon (4.6% per year) payable until the date on which the “Put Option” 
is exercised.
d)	 The Entity has the possibility of settling the obligation through the exchange of shares or cash.
On February 26, 2024, a share purchase agreement was signed between Alsea S. A. B.  de C. V. (Alsea) and 
the minority shareholders of Food Service Project SL (FSP), a subsidiary of Alsea and operator of various 
brands in Europe. With this agreement, Alsea acquires 23.23% of the minority stake in FSP. The terms of the 
purchase are disclosed in note 32 on subsequent events.
24.	Earnings per share
Basic earnings per share is calculated by dividing the net profit for the period attributable to the controlling 
interest holders of ordinary capital by the average weighted number of ordinary shares outstanding during 
the period. 
Diluted earnings per share is calculated by dividing the net profit attributable to controlling interest 
holders of ordinary capital (after adjusting for interest on the convertible preferential shares, if any) by 
the average weighted ordinary shares outstanding during the year plus average weighted ordinary shares 
issued when converting all potentially ordinary diluted shares to ordinary shares. For the years ended 
December 31, 2024, 2023 and 2022, the Entity has no potentially dilutive shares, for which reason diluted 
earnings per share is equal to basic earnings per share. 
The following table contains data on income and shares used in calculating basic and diluted earnings 
per share:
2024
2023
2022
Net profit (in thousands of Mexican pesos):
Attributable to shareholders
$	
767,576
$	
2,982,351
$	
1,737,928
Shares (in thousands of shares):
Weighted average of shares outstanding
	
809,110
	
814,268
	
838,579
Basic and diluted net income per share of 
continuous and discontinued operations 
(cents per share)
$	
0.94
$	
3.66
$	
2.07
Basic and diluted net income per share of 
continuous operations (cents per share)
$	
0.94
$	
3.66
$	
2.07
25.	 Revenues
2024
2023*
2022*
Revenues from the sale of goods
$	
75,979,069
$	
72,055,117
$	
65,277,694
Services**
2,165,671
1,963,468
1,240,480
Royalties
	
840,561
	
747,702 	
725,345
Total
$	
78,985,301
$	
74,766,287
$	
67,243,519
*This data includes part of the data reclassified by the Burger King Spain operation.
**Includes merchandise revenue through digital platforms.
26.	Cost of sales  
The costs and expenses included in other operating costs and expenses in the consolidated statements 
of income are as follows:
2024
2023*
2022*
Food and beverage of costs
$	
23,085,400
$	
22,015,572
$	
19,913,453
Royalties of costs
170,032
153,156
138,774
Other costs
	
479,703 	
496,354 	
442,544
Total
$	
23,735,135
$	
22,665,082
$	
20,494,771
* This data includes part of the data reclassified by the Burger King Spain operation..
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
27.	 Other operating expenses
Other operating expenses included in the consolidated statements of income are as follows:
2024
2023*
2022*
Commission aggregators
$	
1,228,336
$	
1,023,680
$	
873,391
Fees
318,271
353,441
224,867
Insurance
803,006
729,381
839,412
Taxes and rights
1,390,468
1,116,432
820,181
Occupancy expenses
124,200
54,557
156,472
Distribution
135,700
106,330
371,136
Other expenses
	
2,185,690
	
1,858,575
	
1,638,685
Total
$	
6,185,671
$	
5,242,396
$	
4,924,144
* This data includes part of the data reclassified by the Burger King Spain operation.
28. Discontinued operations
During November 2024, 54 Burger King restaurants were transferred in accordance with the contract with 
the acquiring company, Burger King Spain, S.L., with Food Service Project, S.A.U. as the selling company. 
Only one Burger King restaurant remains under the operations of Food Service Project, S.A.U.
The income, expenses, and profit or loss before tax recognized in the consolidated income statement are 
as follows:
Data expressed in thousands of pesos
Exercise 2024
Exercise 2023
Exercise 2022
Sales
$	
1,422,146
$	
1,464,761
$	
1,587,786
Cost of sales
414,636
436,449
465,868
Occupancy expenses
961,537
973,926
1,025,245
Operating profit
45,973
54,386
96,673
Financial result
(3,705)
21,354
26,485
Profit before income taxes
49,678
33,032
70,188
Income taxes
(60,132)
9,174
19,467
Result of the year corresponding to 
discontinued operations
(109,810)
23,858
50,721
(109,810)
50,721
In relation to this transaction, as of December 31, 2024, the assets pending transfer from “Burger King” 
Spain amount to 29,336 thousand pesos and its associated liabilities amount to 19,462 thousand pesos..
29.	 Balances and transactions with related parties
OFFICER COMPENSATIONS AND BENEFITS
The total amount of compensation paid by the Entity to its directors and principal officers for the fiscal year 
ended December 31, 2024, 2023 and 2022 was approximately $231,801, $277,702, and $160,217, respectively. 
This amount includes emoluments determined by the General Assembly of Shareholders of the Entity for 
the performance of their positions during said year, as well as salaries and salaries.
The Entity continually reviews salaries, bonuses and other compensation plans in order to offer its 
employees competitive compensation conditions.
30.	Financial information by segments
The Entity is organized into three large operating divisions comprised of sales of food and beverages in 
Mexico and South America (LATAM - Argentina, Chile, Colombia and Uruguay) and Europe (Spain, Portugal, 
France, Netherlands, Belgic and Luxemburg) all headed by the same management. The accounting policies 
of the segments are the same as those of the Entity’s described in Note 3.
The Food and Beverages segments in which Alsea in Mexico, Europe and Latin America (LATAM) participates 
are as follows: 
Fast Food: This segment has the following features: i) fixed and restricted menus, ii) food for immediate 
consumption, iii) strict control over individual portions of each ingredient and finished product, and iv) 
Individual packages, among others. This type of segment can be easily accessed and therefore penetration 
is feasible at any location.
Coffee (Coffee Shops): Specialized shops where coffee is the main item on the menu. The distinguishing 
aspects are top quality services and competitive prices, and the image/ambiance is aimed at attracting 
all types of customers.
Casual Dining: This segment comprises service restaurants where orders are taken from customers and 
there are also to-go and home delivery services. The image/ambiance of these restaurants is aimed at 
attracting all types of customers. This segment covers fast food and gourmet restaurants.
The main features of casual dining stores are i) easy access, ii) informal dress code, iii) casual atmosphere, 
iv) modern ambiance, v) simple decor, vi) top quality services, and vii) reasonable prices. Alcoholic 
beverages are usually sold at those establishments.
Restaurant - cafeteria - (Vips): Is a familiar-type segment and its main characteristic is the hospitality, and 
be close to the client. These restaurants have a wide variety of menus.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Fast Casual Dining: This is a combination of the fast food and casual dining segments.
The definition of the operating segments is based on the financial information provided by General 
Management and it is reported on the same basis as those used internally by each operating segment. 
Likewise, the performance evaluations of the operating segments are periodically reviewed.
Information on the segments for the years ended December 31, 2024, 2023 and 2022 is as follows: (figures 
in millions of pesos).
Figures in millions of pesos as of December 31, division:
Food and beverages
Food and beverages
Food and beverages
Mexico
LATAM
Europe
Consolidated
2024
2023
2022
2024
2023
2022
2024
2023*
2022*
2024
2023*
2022*
Income
$	 43,075 $	 39,359 $	 33,469 $	 13,294 $	13,906 $	 13,388 $	 22,616 $	 21,501 $	 20,387 $	 78,985 $	 74,766 $	 67,244
Costs
14,589
13,847
12,018
4,418
4,539
4,503
4,728
4,279
3,974
23,735
22,665
20,495
Operating costs
17,243
15,624
13,426
6,988
7,238
6,887
14,018
13,284
12,678
38,249
36,146
32,991
Depreciation and 
amortization
	
5,370 	
4,357 	
3,579 	
1,672 	
931 	
1,002 	
1,679 	
2,695 	
2,905 	
8,721 	
7,983 	 7,486
Utility operation
5,873
5,531
4,446
216
1,198
996
2,191
1,243
830
8,280
7,972
6,272
Interest paid
- 
- 
- 
- 
- 
- 
- 
- 
- 
5,485
5,114
4,139
Earned interests
- 
- 
- 
- 
- 
- 
- 
- 
- 
(324)
(815)
(393)
Other financial 
expenses
- 
- 
- 
- 
- 
- 
- 
- 
- 	
1,697 	
(693) 	
11
- 
- 
- 
- 
- 
- 
- 
- 
- 
6,859
3,606
3,787
Participation in 
associates
- 
- 
- 
- 
- 
- 
- 
- 
- 
21
3
-
Income taxes
- 
- 
- 
- 
- 
- 
- 
- 
- 	
512 	
1,352 	
854
Consolidated net 
income for the year
- 
- 
- 
- 
- 
- 
- 
- 
- 	
763 	
3,042 	 1,679
Noncontrolling 
interest
- 
- 
- 
- 
- 
- 
- 
- 
- 	
(5) 	
59 	
(58)
Majority net income
$        -	
$        -
$        -
$       - $       -
$        -
$        -
$        -
$        - $	
768 $	 2,983 $	 1,737
*This data includes part of the data reclassified by the Burger King Spain operation.
Food and beverages
Food and beverages
Food and beverages
Mexico
LATAM
Europe
Consolidated
2024
2023
2022
2024
2023
2022
2024
2023
2022
2024
2023
2022
Assets
$	 47,604 $	 33,746 $	 28,608 $	 4,886 $	 7,968 $	 10,029 $	 24,644 $	 30,564 $	 35,755 $	 77,134 $	 72,278 $	 74,392
Investment in 
productive assets
Investment in 
associates
280
180
157
- 
-
-
-
-
-
280
180
157
Investment in 
Fixed Assets and 
Intangible
	
1,659 	
2,645 	
1,893 	
1,212 	
825 	
962 	
2,038 	
1,506 	
1,519 	
4,909 	
4,976 	
4,374
Total assets
$	 49,543 $	 36,571 $	 30,658 $	 6,098 $	 8,793 $	 10,991 $	 26,682 $	 32,070 $	 37,274 $	 82,323 $	 77,434 $	 78,923
Total liability
$	 50,277 $	
31,511 $	 35,743 $	 2,789 $	 5,801 $	
4,745 $	 19,859 $	 30,524 $	 29,140 $	 72,925 $	 67,836 $	 69,628
31.	 Foreign currency position
Assets and liabilities expressed in US dollars, shown in the reporting currency at December 31, 2024, 2023 
and 2022, are as follows:
Thousands of 
Mexican pesos
Thousands of 
Mexican pesos
Thousands of 
Mexican pesos
2024
2023
2022
Assets
$	
5,908,666 $	
5,415,419 $	
5,631,500
Liabilities
	
(29,935,896) 	
(25,872,624) 	
(28,071,938)
Net passive position
$	
(24,027,230) $	
(20,457,205) $	
(22,440,438)
The exchange rate to the US dollar at December 31, 2024, 2023 and 2022 was $20.5103, $16.9190 and $19.47, 
respectively. At March 31, 2024, the date of issuance of the consolidated financial statements, the exchange 
rate was $18.0892 to the US dollar.
The exchange rates used in the different conversions to the reporting currency at December 31, 2024, 2023 
and 2022 and at the date of issuance of these consolidated financial statements are shown below:
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Country of origin  2024
Currency
Closing exchange rate
Issuance March 31, 2025
Argentina
Argentinian peso (ARP)
.0199
0.019
Chile
Chilean peso (CLP)
.0206
0.021
Colombia
Colombian peso (COP)
.0047
0.0048
Spain
Euro (EUR)
21.5241
21.9752
Country of origin  2023
Currency
Closing exchange rate
Issuance April 10, 2024
Argentina
Argentinian peso (ARP)
0.0209
0.0012
Chile
Chilean peso (CLP)
0.0191
0.0010
Colombia
Colombian peso (COP)
0.0044
0.2600
Spain
Euro (EUR)
18.6869
17.9137
Country of origin  2022
Currency
Closing exchange rate
Issuance April 26, 2023
Argentina
Argentinian peso (ARP)
0.1099
0.08202
Chile
Chilean peso (CLP)
0.0227
0.0225
Colombia
Colombian peso (COP)
0.0040
0.0039
Spain
Euro (EUR)
20.7810
19.9975
In converting the figures, the Entity used the following exchange rates:
Currency
Foreign transaction 
Country of Origin
Recording
Functional
Presentation
Fast Food Sudamericana, S.A.
Argentina
ARP
ARP
MXP
Starbucks Coffee Argentina, S.R.L.
Argentina
ARP
ARP
MXP
Asian Bistro Argentina, S.R.L.
Argentina
ARP
ARP
MXP
Fast Food Chile, S.A.
Chile
CLP
CLP
MXP
Asian Food Ltda,
Chile
CLP
CLP
MXP
Gastronomía Italiana en Colombia, S.A.S.
Colombia
COP
COP
MXP
Operadora Alsea en Colombia, S.A.
Colombia
COP
COP
MXP
Asian Bistro Colombia, S.A.S.
Colombia
COP
COP
MXP
Food Service Project, S.A. y subsidiarias
Spain
EUR
EUR
MXP
32.	Commitments and contingent liabilities
COMMITMENTS:
a)	The Entity leases locales to house its stores and distribution centers, as well as certain equipment 
further to the lease agreements entered into for defined periods (see Note 19).
b)	The Entity has acquired several commitments with respect to the arrangements established in the 
agreements for purchase of the brands. 
c)	 In the normal course of operations, the Entity acquires commitments derived from supply agreements, 
which in some cases establish contractual penalties in the event of breach of such agreements.
CONTINGENT LIABILITIES:
a.	 In March 2019, the Tax Administration Service (SAT) assessed tax credits for GASA and Italcafé as a result 
of audits for the 2010 and 2011 fiscal years, respectively, in relation to deposits made to their bank 
accounts. They therefore filed an appeal for revocation, and subsequently, in August and November 
2019, filed a claim to annul the resolutions issued in the appeals for revocation.
	
In March 2023, the Metropolitan Regional Chamber of the TFJA (Federal Court of Justice of the Basque 
Country) issued a ruling declaring the determination of the tax credit null and void, annulling 80% of 
the tax credit. The tax authority issued a ruling ignoring the ruling’s effects. In December 2024, Italcafé 
filed an appeal against this ruling, which is currently being processed.
	
In August 2023, the Court issued a ruling recognizing the validity of the contested resolution. GASA filed 
a direct appeal against this ruling, which is currently being processed before the 10th Collegiate Court 
for Administrative Matters of the First Circuit.
	
It is important to mention that the previous owners of GASA and Italcafé will bear the economic 
consequences of the aforementioned tax credit, pursuant to the terms and conditions established in 
the agreements Alsea entered into with the aforementioned sellers.
b.	 The tax authorities carried out a review of Alsea and its subsidiary Operadora Alsea de Resturaciones 
Mexicanos S.A., of C.V. (OARM), in respect of the 2014 financial year, in particular they reviewed the fiscal 
aspects relating to the purchase operation of the restaurant division Vips a Wal-Mart de México S.A.B. 
de C.V. in that year.
	
The tax authorities issued liquidation offices, the most relevant being the one who claims the payment 
of taxes for alleged revenues in the acquisition of goods from ALSEA and which together amount to the 
amount of 4,948 million of pesos, including update.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
	
Alsea and its external lawyers consider that there are sufficient elements to demonstrate that the 
liquidations made by the tax authorities are improper and to demonstrate that Alsea has complied 
in time and form with its tax obligations with respect to the operation of the said sale. By agreement 
issued on June 15, 2022, the Specialized Chamber of Exclusive Fund Resolution admitted the application 
for nullity under file number 57/22-ERF-01-7 and granted the plan to suspend the execution of the 
contested resolutions including the order to unblock the bank accounts of the company on the basis 
of the embargo carried out by the collecting authority. Subsequently, the respondent authorities 
responded to the claim and expanded the company’s valuation expert test questionnaire. Such expert 
evidence is duly integrated as the experts of the parties rendered their opinions and their respective 
extensions.
	
In October 2023, the Superior Room exercised the power of attraction to resolve the trial, and litis 
fixation hearings have been held.
	
We are currently waiting for the settlement agreement to proceed with the study and resolution in a 
plenary session.
	
The accounting framework under which the transaction was recorded was in accordance with IFRS 
the consolidated IFRS financial statements, and in particular the International Financial Reporting 
Standards 10 (10-point), and in which it is established that, in a Business combination consolidated The 
surplus value which forms part of the book amount of an investment of a subsidiary is not recognized 
separately, i.e. the surplus value generated by the acquisition of Vips must be presented in conjunction 
with the investment in shares in the individual financial statements of OARM, it does not comply with 
the definition of a separate asset in the individual financial statements.
	
In the separate financial statements of Alsea, the acquisition of the VIPS brand refers only to the 
acquisition of the intellectual property of the VIPS brand.
	
Alsea applied the accounting or buying method mentioned in IFRS the 3-store, Business combination 
which is only applicable in the consolidated financial statements of the acquiring entity, in the 
application of this method, the assets and liabilities acquired in the purchase of the business were 
recognized including the identified intangible assets of the acquired entity, the assets and liabilities 
under the above terms are compared with the compensation paid and the difference between these 
values is recorded at the consolidated level as a surplus value.
	
Purchase accounting as mentioned above is a special accounting, relative adjustments are recognized 
only in the consolidated financial statements, are not recognized in the financial statements of the 
acquired company, or in the separate financial statements of the acquirer.
	
As of December 31, 2024, the company has several active labor trials with a total contingency of $567,266. 
According to the confirmation of their lawyers, there is a chance that the resolution will be complicated 
and 60% of them may be lost. 
	
While the company has the advice of its lawyers and maintains a strategy for short-term care and 
resolution, it has registered a provision of 438,536 to cover any future disbursements related to them.
	
The provision is reflected under the heading of accrued expenses and employee benefits in the financial 
position statement.
33. Subsequent events
On February 19, 2025, the outstanding payment to the minority shareholders of the European entity that 
was acquired at the beginning of the previous year pending for an amount of $40 million (see Note 1) was 
executed.
In addition to this fact, there have been no Subsequent events significant allowances to the date of issue 
of these consolidated financial statements.
34. Authorization of consolidated financial statement 
The consolidated financial statements were authorized for issuance on March 31, 2025, by Mr. Federico 
Rodriguez Rovira, Director of Administration and Finance, consequently they do not reflect the events 
that occurred after that date, and are subject to the approval of the audit committee and the ordinary 
shareholders’ meeting of the Entity, who can decide to modify it in accordance with the provisions of the 
General Law of Commercial Companies.
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2024 Alsea Integrated Annual Report

Notes to the Consolidated Financial Statements
Information for
investors
Administration and Finance
Federico Rodríguez
+52(55) 7583 2000
Investor Relations and Corporate Affairs
Gerardo Lozoya Latapi
ri@alsea.com.mx
rp@alsea.com.mx
+52(55) 7583 2000
External Auditors
Deloitte
Galaz, Yamazaki, Ruiz Urquiza, S.C.
Av. Paseo de la Reforma 489, 6º Piso
Colonia Cuauhtémoc, C.P.06500,
Alcaldía Cuauhtémoc, CDMX
+52(55) 5080 6000
Corporate Offices
Alsea, S.A.B. de C.V.
Avenida Revolución N° 1267, 
Torre Corporativa, Piso 21
Colonia Los Alpes, C.P. 01040, 
Delegación Álvaro Obregón
Ciudad de México +52(55) 7583 2000
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2024 Alsea Integrated Annual Report

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