Wal-mart De Mexico Sab De Cv · BMV:WALMEX
Wal-mart De Mexico Sab De Cv — Q3 2025 Earnings Presentation
31 slides from Wal-mart De Mexico Sab De Cv's earnings presentation, Oct 29, 2025
Slide 1: 3Q25 October 28, 2025
WAL October 28, 2025 al, Cd Walmart México y Centroamérica
Slide 2: Webcast notice and forward-looking statements
The date of this webcast is October 28, 2025. Today’s webcast is being recorded and will be available at www.walmex.mx. Before we start, let me remind you that the content of this webcast is property of Wal-Mart de México S.A.B. de C.V. and is intended for the use of the company’s shareholders and t
Slide 3: 3Q25 Performance
3Q25 Performance Cristian Barrientos Pozo CEO
Slide 4: Pricing, Availability, eCommerce acceleration
Pricing Availability eCommerce acceleration
Slide 5: Executing our strategy; delivering results
Executing our strategy; delivering results Performance 4.9% 5.6% | 2.5% +280 bps Consolidated revenue growth Mexico| CAM* revenue growth vs. ANTAD SSS Win in Discount 1.8% +10 bps >100 bps +80 bps New stores Price perception Our Brands Total availability contribution in 3Q25 vs 3Q24 penetration vs 3
Slide 6: Well-positioned to help people save money and live better
We are well-positioned to help people save money and live better while continue expanding market share.
Slide 7: 3Q25 Operational Highlights
3Q25 Operational Highlights Javier Andrade CMO
Slide 8: Advancing firmly with our strategy, improving execution and delivery
Advancing firmly with our strategy, improving our execution and delivery… EDLP Availability eCommerce acceleration Price Perception:+10 bps vs 3Q24 Total availability +80 bps vs 2Q25 Spearheaded by On-Demand … while accelerating AI driven productivities
Slide 9: Mexico's eComm GMV increased 20% in 3Q driven by On-Demand
Mexico’s eComm GMV increased 20% in 3Q driven by On-Demand Mexico eComm GMV 1 Growth (%) 20% On-demand Extended Assortment On-demand ~1,370 stores with On-Demand 3Q25 % of total GMV 7.7% Extended Assortment Marketplace GMV Growth 11.2% +29% Seller growth vs 3Q24 1: GMV: Gross Merchandise Value
Slide 10: New businesses accelerating and enabling core performance
New businesses accelerating and enabling core performance CONNECTIVITY ADVERTISING BENEFICIOS 23.5M ~$3.0B 16% 46M Active1 users Sales in 3Q25 Revenue growth vs 3Q24 Active customers2 1 Active Bait users refers to users with at least one transaction in the last 6 months, including economic transacti
Slide 11: 3Q25 Financial Results
3Q25 Financial Results Paulo Garcia CFO
Slide 12: Revenue growth of 4.9% in 3Q25; 5.0% in constant currency
Revenue growth of 4.9% in 3Q25; 5.0% in constant currency Total Revenue Growth (%) Total Revenue Growth (%) 3Q25 9M25 6.6 5.6 5.0 4.9 4.8 4.7 4.0 2.5 Mexico Central America Walmex Walmex Mexico Central America Walmex Walmex Constant currency Constant currency
Slide 13: Mexico's Performance
Mexico’s Performance Revenues growth (%) 3Q25 Highlights 6.1 • Total revenues growth of 5.6% 5.6 • Same-store sales growth of 3.9% • Gross margin contracted 20 bps to 24.8% with new businesses contribution not enough to 3Q24 3Q25 offset inventory investments and a one-off from previous year. EBITDA
Slide 14: In Mexico, same-store sales grew 3.9%
In Mexico, same-store sales grew 3.9% driven by Supercenter and Sam’s Club 3Q25 Same-Store Sales Growth - Mexico (%) By Format By Region By Merchandise Division Mexico: 3.9% SSS ANTAD Walmart Sam's Bodega Walmart North Metro Center South Health & General Food & Club Express Wellness Merchandise Cons
Slide 15: Highest gap vs ANTAD since mid-2021
Highest gap vs ANTAD since mid-2021 Walmex Gap vs. ANTAD1 – Same-Store Sales Growth (bps) 280 bps 220 190 200 190 150 140 40 50 40 110 10 60 -30 -80 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1. ANTAD self-service and clubs bps = basis points
Slide 16: In Mexico, revenues grew 5.6% and EBITDA margin was 10.7%
In Mexico, revenues grew 5.6% and EBITDA margin was 10.7% Mexico 3Q25 results 3Q25 3Q24 Var. ($MXN Millions) $ % $ % % Total revenues 200,567 100.0 190,018 100.0 5.6 Gross profit 49,672 24.8 47,436 25.0 4.7 General expenses 33,405 16.7 31,862 16.8 4.8 Earnings before other income, net 16,267 8.1 15,
Slide 17: Gross Margin (MX): new businesses partially offsetting investments
Gross Margin (MX): new businesses contribution partially offsetting investments to improve inventories and one-off 3Q25 Gross Profit Margin % Total Revenues – Mexico 20 bps -25 bps -15 bps 25.0% 24.8% vs 3Q24: -20 bps 3Q24 New Omnichannel One Off 3Q25 Businesses Margin bps = basis points
Slide 18: SG&A (MX): expenses deleverage from efficiencies and one-off
SG&A (MX): expenses deleverage mainly from operational efficiencies and one-off 3Q25 SG&A % Total Revenues – Mexico -45 bps 55 bps -20 bps 16.8% 16.7% vs 3Q24: -10 bps 3Q24 Run Grow One Off 3Q25 bps = basis points
Slide 19: Central America's Performance (Constant Currency)
Central America’s Performance | (Constant Currency) Revenues growth (%) 3Q25 Highlights 4.6 • Total revenues increased 2.5% 2.5 • Same-store sales growth of 0.6% • Gross margin decreased 10 bps to 24.7%, with CVP investments, partially offset by Walmart 3Q24 3Q25 Connect contribution. • SG&A represe
Slide 20: Central America same-store sales growing 0.6%
Central America same-store sales growing 0.6% 3Q25 Same-Store Sales Growth (%) By Country in Central America Central America: 0.6% Honduras El Salvador Nicaragua Guatemala Costa Rica Figures in constant currency basis
Slide 21: Central America 2.5% revenue growth and 9.2% EBITDA margin
Central America 2.5% revenue growth in constant currency and 9.2% EBITDA margin. Central America 3Q25 results 3Q25 3Q24 Var. (%) Peso Constant ($MXN Millions) $ % $ % terms currency basis Total revenues 40,953 100.0 40,176 100.0 1.9 2.5 Gross profit 10,102 24.7 9,972 24.8 1.3 1.9 General expenses 7,
Slide 22: Walmex Consolidated Performance
Walmex Consolidated Performance Revenues growth (%) 3Q25 Highlights 8.0 • Total revenues increased 4.9% • New stores contributed 1.8% 4.9 • Gross margin decreased 20 bps to 24.7% of revenue 3Q24 3Q25 • SG&A represented 17.0% of revenues EBITDA Margin (%) • EBITDA margin of 10.5% 10.6 10.5 • Net inco
Slide 23: Consolidated revenues grew 4.9% and EBITDA margin was 10.5%
Consolidated revenues grew 4.9% and EBITDA margin was 10.5% Walmex Consolidated 3Q25 results 3Q25 3Q24 Var. ($MXN Millions) $ % $ % % Total revenues 241,520 100.0 230,194 100.0 4.9 Gross profit 59,774 24.7 57,408 24.9 4.1 General expenses 40,946 17.0 39,169 17.0 4.5 Earnings before other income, net
Slide 24: Returning value to shareholders and improving working capital
Returning value to shareholders and improving working capital Sources and uses of cash – $MXN Millions 37,399 87,628 35,883 23,803 2,923 7,569 48,536 749 35,182 Cash Cash Dividend Capex Taxes Working Repurchase Plan Cash Sep 2024 Generation Payment Capital of Shares Fund Sep 2025
Slide 25: Reaching more customers; closer than ever
Reaching more customers; closer than ever 26 New stores in 3Q25 23 3 Mexico Central America New Square Meters of Sales Floor 1.8% +35K +84K in 3Q25 in 9M25 Contribution to Total Sales Growth in 3Q25
Slide 26: Key Messages
Key Messages Focus in 3 core Outpacing the market Focus on what we can control non-negotiables Walmex Gap vs. ANTAD1 Same-Store Sales Growth (bps) +280 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 Highest gap since mid-2021 Pricing | Availability | eCommerce acceleration Aiming for a strong Q4 1. ANTAD self-s
Slide 27: Walmart México y Centroamérica
WALM al, Cd Walmart México y Centroamérica
Slide 28: In Mexico, revenues have grown 4.8% and EBITDA margin was 10.3%
In Mexico, revenues have grown 4.8% and EBITDA margin was 10.3% Mexico 9M25 results 9M25 9M24 Var. ($MXN Millions) $ % $ % % Total revenues 599,115 100.0 571,427 100.0 4.8 Gross profit 145,430 24.3 138,952 24.3 4.7 General expenses 99,619 16.6 92,266 16.1 8.0 Earnings before other income, net 45,811
Slide 29: In Central America EBITDA margin was 9.3%
In Central America EBITDA margin was 9.3% Central America 9M25 results 9M25 9M24 Var. (%) Peso Constant ($MXN Millions) $ % $ % terms currency basis Total revenues 129,634 100.0 112,376 100.0 15.4 4.0 Gross profit 31,824 24.5 27,539 24.5 15.6 4.2 General expenses 23,475 18.1 20,197 18.0 16.2 4.7 Ear
Slide 30: Consolidated revenues have grown 6.6% and EBITDA margin was 10.1%
Consolidated revenues have grown 6.6% and EBITDA margin was 10.1% Walmex Consolidated 9M25 results 9M25 9M24 Var. ($MXN Millions) $ % $ % % Total revenues 728,749 100.0 683,803 100.0 6.6 Gross profit 177,254 24.3 166,491 24.3 6.5 General expenses 123,094 16.9 112,463 16.4 9.5 Earnings before other i
Slide 31: 3Q25 October 28, 2025
WAL October 28, 2025 al, Cd Walmart México y Centroamérica
Wal-mart De Mexico Sab De Cv — Q3 2025 Earnings Presentation on 6ix