Gilinski’s Nutresa Passes Ecopetrol as Colombia’s Most Valuable Listed Company
Key Facts
—Market-cap crossing: Grupo Nutresa now trades at roughly COP 135 to 137 trillion in market value, ahead of Ecopetrol’s roughly COP 107.5 trillion at the same close.
—The 1,034% climb: the Nutresa share has gone from COP 26,780 at the first Gilinski tender offer in November 2021 to COP 304,000 on May 11, 2026, with an intraday all-time high of COP 319,000 hit on February 10, 2026.
—Q1 2026 earnings: reported EBITDA up 42% to COP 1.04 trillion, on revenues of COP 5.2 trillion (+6.6% year-on-year), per Nutresa’s earnings call disclosure.
—Ownership structure: Jaime Gilinski Bacal controls 84.6% of Nutresa through JGDB Holding, Nugil, GNB Sudameris and related vehicles; the 2025 dividend was retained in full for a buyback program through 2028.
—Ecopetrol contrast: the state oil major saw 2025 net profit fall roughly 40% from COP 15 trillion to COP 9 trillion under outgoing CEO Ricardo Roa, who has now been charged criminally and declared innocent.
A privately controlled food multinational has crossed the state oil major on the Bogotá exchange for the first time. The symbolism cuts deep 19 days before Colombians vote on whether to keep or replace the Pacto Histórico model — Gilinski’s empire versus Petro’s flagship, both on the same ticker tape.
How did Nutresa overtake Ecopetrol?
The food conglomerate’s market capitalization climbed to roughly COP 135 to 137 trillion on May 11, ahead of Ecopetrol’s COP 107.5 trillion at the same close. The crossing arrived after Gilinski’s first tender offer in November 2021 took Nutresa from COP 26,780 per share to its May 11 close of COP 304,000 — a cumulative gain of 1,034% on the BVC, with February’s intraday peak at COP 319,000 marking the all-time high.
“The performance of the company in 2025 was spectacular,” Jaime Gilinski Bacal told shareholders at the Medellín assembly, citing 2025 revenues of COP 20.6 trillion and net profit of COP 1.2 trillion, per El Colombiano. The 2025 dividend was withheld entirely to fund a share-buyback reserve running through 2028, a decision two minority shareholders publicly contested at the meeting.
What did Q1 2026 earnings deliver?
Nutresa reported Q1 2026 revenues of COP 5.2 trillion (+6.6% year-on-year) and EBITDA of COP 1.04 trillion (+42%), per the company’s earnings disclosure to the BVC. The margin expansion reflects Gilinski’s restructuring — sub-units shut, product gramatures cut, and a leaner Medellín-based management team after the founder relocated parts of his residence to the city to run the business directly.
| Metric | Nutresa | Ecopetrol |
|---|---|---|
| Market cap (May 11, 2026) | COP 135-137 trillion | COP 107.5 trillion |
| Share price close (May 11, 2026) | COP 304,000 | COP 2,350 |
| Cumulative gain since Gilinski OPA (Nov 2021) | +1,034% | n/a |
| 2025 revenues | COP 20.6 trillion | est. COP 130 trillion+ |
| 2025 net profit | COP 1.2 trillion | COP 9 trillion (-40% y/y) |
| Q1 2026 EBITDA growth | +42% | to be reported |
Source: TradingView BVC data; El Colombiano, La República and Las2Orillas, May 2026.
Why is Ecopetrol slipping at exactly this moment?
The state major posted COP 9 trillion in 2025 net profit, down roughly 40% from COP 15 trillion in 2024. Outgoing CEO Ricardo Roa was criminally charged this month and pled innocent at his imputación. Juan Carlos Hurtado took over as interim president, and the board itself faces reshuffle after Juan Gonzalo Castaño signaled he may step down, leaving the directors at eight members.
The company is set to report Q1 2026 earnings today, with the market expecting revenue between COP 27 trillion and COP 30 trillion. The stock did move on the news of leadership change, closing at COP 2,410 (+2.55%) intraday on May 12, but the longer arc tracks Brent and the political risk premium tied to a Petro successor, not internal performance, per Las2Orillas.
What does the Nutresa-Ecopetrol crossing symbolize politically?
A privately controlled food multinational eclipsing the state oil major 19 days before Colombians vote is the kind of signal that markets do not ignore. The Pacto Histórico campaign of Iván Cepeda is built around state-led development with Ecopetrol as the income engine; the right-wing critique by Abelardo de la Espriella and Paloma Valencia points to private champions like Nutresa as proof the private sector can deliver returns when the state does not.
Nutresa’s leverage is concentrated in Gilinski’s hands. He took Nutresa private from the Grupo Empresarial Antioqueño cross-holding structure starting November 2021, eventually consolidating 84.6% control. The market is now pricing what one investor called “the Gilinski premium” — a willingness to award higher multiples to private companies the state cannot reach. The company also confirmed it expects to recover sales lost in Venezuela, per Q1 2026 commentary.
What should LATAM investors and analysts watch next?
- Ecopetrol Q1 results today: consensus revenue is COP 27-30 trillion; anything below COP 27 trillion deepens the underperformance narrative against Nutresa.
- May 31 first-round vote: Cepeda victory locks in continuity for state-led economic management; a De la Espriella or Valencia win shifts the framework toward Nutresa-style private-led capitalism.
- Nutresa buyback execution through 2028: aggressive on-market repurchase could push the float even tighter, supporting the share price; weak execution would test whether the COP 304,000 level is sustainable.
- Roa criminal proceedings: the former CEO declared innocent at imputación; further indictments or testimony could deepen the governance discount on Ecopetrol.
- Venezuelan recovery: Gilinski’s commentary on regaining lost sales tests whether Maduro-era market deterioration is genuinely reversing; if so, food multinationals across the region reprice.
Frequently Asked Questions
What is Grupo Nutresa?
Grupo Nutresa is Colombia’s largest food multinational, with operations across coffee, chocolates, biscuits, processed meats, ice cream and pasta. The company sells across more than 70 countries, including a meaningful Venezuelan franchise that Gilinski has said is recovering. It was historically part of the Grupo Empresarial Antioqueño cross-holding structure until Jaime Gilinski’s tender offers in 2021-2022 broke it apart.
Who is Jaime Gilinski Bacal?
A Colombian banker and one of Latin America’s wealthiest businessmen, with majority control of Banco GNB Sudameris and Nutresa, plus stakes in Lulo Bank, Grupo Sura and Grupo Argos. Gilinski owns 84.6% of Nutresa shares through holding vehicles including JGDB Holding, Nugil, Corporación Financiera GNB Sudameris and Inversiones GNB Comunicaciones.
When did the Gilinski takeover begin?
The first hostile tender offer on Grupo Nutresa was launched on November 10, 2021 at COP 21,740 per share. After three successive OPAs, Gilinski emerged with 31.09% of Nutresa, then consolidated further via the IHC alliance and subsequent transactions to reach his current 84.6% stake by late 2023. The share traded at COP 304,000 on May 11, 2026, a 1,034% cumulative gain since the first offer.
Why is Ecopetrol losing market value?
Ecopetrol’s 2025 net profit fell roughly 40% to COP 9 trillion, weighed by softer Brent prices for most of the year, regulatory uncertainty under the Petro government, the exit and now criminal imputación of CEO Ricardo Roa, and ongoing questions about the company’s strategic direction. The Q1 2026 results today will be the first read under interim CEO Juan Carlos Hurtado.
Does the crossing affect the Colcap index?
Limited. After the Gilinski hostile takeover compressed Nutresa’s free float, the share lost relevance in the MSCI Colcap and was removed from the index for liquidity reasons. The crossing remains symbolic for market-cap rankings but does not flow directly through index-tracking flows that benefit Ecopetrol’s weight.
Connected Coverage
Related Rio Times coverage: Colombia’s right-wing dilemma before May 31 · Colombian peso worst EM performer · Petro’s final 100 days.
Sources
- El Colombiano — Jaime Gilinski 2025 shareholder assembly quotes and COP 137.4 trillion market-cap figure: elcolombiano.com
- TradingView BVC — Nutresa market cap, share-price history and Feb 10, 2026 all-time high: tradingview.com
- La República — Q1 2026 results coverage and accionista call calendar: larepublica.co
- Las2Orillas — Ecopetrol’s 40% profit decline versus Nutresa’s gains in 2025: las2orillas.co
- Portafolio — historical context on the Gilinski OPA structure: portafolio.co
- Bloomberg Línea — Colombia equity-market rankings and Nutresa free-float context: bloomberglinea.com
Published: 2026-05-12T18:30:00-03:00 · Updated: 2026-05-12T18:30:00-03:00 · Dateline: BOGOTÁ
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