Wal-mart De Mexico Sab De Cv · BMV:WALMEX
Wal-mart De Mexico Sab De Cv — Q2 2025 Earnings Presentation
32 slides from Wal-mart De Mexico Sab De Cv's earnings presentation, Jul 17, 2025
Slide 1: WALMEX
WALMEX July 16, 2025 U Walmart >< México y Centroamérica
Slide 2: Webcast notice and forward-looking statements
The date of this webcast is July 16, 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 CY. and is intended for the use of the company’s shareholders and the i
Slide 3: 2Q25 Performance
2Q25 Performance CEO Walmart México y Centroamérica
Slide 4: Apparel is included in General Merchandise while Health & Wellness reported separately
*Apparel is included in General Merchandise while Health & Wellness (previously included in GM) will be reported separately.
Slide 5: Sustained growth ahead of the market: Walmex gap vs. ANTAD
ined growth ahead of the market for 9 periods; 80 bps ay Walmex Gap vs. ANTAD! - Same-Store Sales Growth (bps) 220 80 bps 10) -80 1Q22, 2Q22) =. 3Q22) 4Q22-— 1Q23. 2Q23) 33Q23. 4Q23.——1Q24 —- 2Q24.3Q24 «= 4Q24)— 1Q25_ Apr-May 2025 1, ANTAD self-service and clubs bps = basis points México y Centroamé
Slide 6: Investing in growing our footprint to get closer to customers
Investing in growing our footprint to get closer to customers 25 New stores in 2Q25 20 365 Mexico ' Central America New Square Meters of Sales Floor +27K +49K in 2Q25 ' in 1H25 1.8% Contribution to Total Sales Growth in 2Q25 1 Walmart >,< México y Centroamérica
Slide 7: Widespread growth across all dimensions of our ecosystem
Widespread growth across all dimensions of our ecosystem 1.8% 20% 21.5M New stores GMV eComm : ; contribution in 2Q25 Grawihws 20R4 Bait active users 74.2M Beneficios program contactable customers Se a ae et >100 bps Our Brands penetration vs 2Q24 EEE 1 Walmart >,< México y Centroamérica rt Connect
Slide 8: Central America same-store sales growing 4.0%
Central America same-store sales growing 4.0% 2Q25 Same-Store Sales Growth (%) By Country in Central America Honduras ElSalvador Nicaragua Guatemala Costa Rica e®eee@s Figures in constant currency basis 1 Walmart >,< México y Centroamérica
Slide 9: Progressing on our strategy and setting ourselves up for a stronger future
x t a Progressing on our strategy and setting ourselves up for a stronger future 1 Walmart >,< México y Centroamérica
Slide 10: 2Q25 Operational Highlights
2Q25 Operational Highlights COO Walmart México y Centroamérica
Slide 11: Offering the best value, convenience, experience and assortment
Offering the best value, convenience, experience and assortment to strengthen our customer's trust Price Gap Our Brands Hot Sale 2025 a fh . “Walmart siz +63M transactions +40 bps vs 2Q24 Penetration: >100 bps vs 2Q24 28% growth in digital channels Walmart >| México y Centroamérica
Slide 12: Mexico's eComm GMV increased 20% in 2Q driven by On-Demand
Mexico’s eComm GMYV increased 20% in 2Q driven by On-Demand _ Martes de Frescura Mexico eComm GMV '! Growth (%) a ee Hl On-demand Il Extended Assortment On-demand ~1,350 stores with On-Demand hoftotalGMV 88% Extended Assortment Marketplace GMV Growth 14.3% +32% Seller growth vs 2Q24 1 ate Walmart >.
Slide 13: New businesses that enhance the core and improve customer understanding
New businesses that enhance the core and improve customer understanding CONNECTIVITY 21.5m ~$2.7B Active! users. Sales in 2Q25 Walmart >|< En la compra de $400 o mas ea ‘a Ifa ' Active Bait users refers to users with at least one transaction in the last 6 months, including economic transactions (sal
Slide 14: 2Q25 Financial Results
2Q25 Financial Results CFO México y Centroamérica
Slide 15: Revenue growth of 8.3% in 2Q25; 6.0% in constant currency
Revenue growth of 8.3% in 2Q25; 6.0% in constant currency Total Revenue Growth (%) Total Revenue Growth (%) 2Q25 1H25 Mexico — \ Central Ameree Walmex __) ~Walmex Mexico \_Central America Walmex Walmex Constant‘ currency ee. currency Walmart >; México y Centroamérica
Slide 16: Mexico's Performance
Mexico’s Performance Revenues growth (%) 2Q25 Highlights * Total revenues growth of 6.0% 4 6.0 * Same-store sales growth of 4.4% : 4 § * Gross margin decreased 10 bps to 24.0% with new businesses contribution not enough to 2Q24 2Q25 offset price investments to increase price gap. EBITDA Margin (%) *
Slide 17: In Mexico, revenues grew 6.0% and EBITDA margin was 9.6%
In Mexico, revenues grew 6.0% and EBITDA margin was 9.6% Mexico 2Q25 results Total revenues Gross profit General expenses | Earnings before other income, net Other income, net Operating income EBITDA 202,883 48,790 34,617 14,173 271 14,444 19,500 191,345 46,162 31,227 14,935 719 15,654 20,253 10.6 6
Slide 18: Gross Margin (MX): new businesses contribution almost offsetting price investments
Gross Margin (MX): new businesses contribution almost offsetting price investments 2Q25 Gross Profit Margin % Total Revenues —- Mexico 2Q24 New Omnichannel Supply 2Q25 Businesses Margin Chain F Walmart >,< bps = basis points México y Centroamérica
Slide 19: SG&A increase driven mainly by growth investments and labor cost
SG&A increase driven mainly by growth investments and labor cost 2Q25 SG&A % Total Revenues — Mexico 2Q24 Run Grow 2Q25 Walmart >/< bps = basis points México y Centroamérica
Slide 20: Central America's Performance
Central America’s Performance | (constant Currency) Revenues growth (%) 2Q25 Highlights 6.0 * Total revenues increased 6.0% ¢ Same-store sales growth of 4.0% * Gross margin expanded 20 bps to 24.5%, benefitting from Walmart Connect contribution and Supply Chain benefits. 2024 2Q25 ° SG&A represented
Slide 21: Central America results benefitted by FX; in constant currency
Central America results benefitted by FX; in constant currency 6.0% revenue growth and 9.2% EBITDA margin. Central America 2Q25 results Total revenues 43,371 100.0 | 36,070 100.0 20.2 6.0 Gross profit 10,616 24.5 8,752 24.3 21.3 vA) General expenses 7,807 18.0 6,600 18.3 18.3 4.0 Earnings before oth
Slide 22: Walmex Consolidated Performance
Walmex Consolidated Performance Revenues growth (%) 2Q25 Highlights * Total revenues increased 8.3% 8.3 * New stores contributed 1.8% 6.4 a * Gross margin remained flat at 24.1% of revenue. 2Q24 5025 ¢ SG&A represented 17.2% of revenues. EBITDA Margin (%) * Operating income contracted 4.0%. 0.4 95 *
Slide 23: Consolidated revenues grew 8.3% and EBITDA margin was 9.5%
Consolidated revenues grew 8.3% and EBITDA margin was 9.5% Walmex Consolidated 2Q25 results Total revenues Gross profit General expenses | Earnings before other income, net Other income, net Popercting income EBITDA Net income 246,254 59,406 42,424 16,982 285 17,267 23,495 11,227 227,415 54,914 37,8
Slide 24: Financial fundamentals as a key strength
Financial fundamentals as a key strength Balance sheet statement (June 30¢, 2025 - $MX Millions) TOTAL: $480,957 Cash Inventories Accounts Payable Fixed assets Shareholders’ and other Equity and other Assets Liabilities & shareholders’ equity México y Centroamérica Walmart >/<
Slide 25: Strong cash generation but more to come in H2
Strong cash generation but more to come in H2 Sources and uses of cash - SMXN Millions moe _ 3,116 809 Cash Cash Dividend Capex Taxes Working Repurchase Plan Cash Jun. 2024 Generation Payment Capital of Shares Fund Jun. 2025 1 Walmart >,< México y Centroamérica
Slide 26: Walmart
Walmart >\< México y Centroamérica
Slide 27: Key Messages
Key Messages Growth ahead of the market Reaffirming our guidance Growth investments Q23. 4Q23. 2Q24 = 4Q24 Apr-May 2025 1. ANTAD self-service and clubs Walmart Ss bps = basis points México y Centroamérica
Slide 28: July 16, 2025
July 16, 2025 Walmart >|< México y Centroamérica
Slide 29: In Mexico, revenues have grown 4.5% in 1H25
In Mexico, revenues have grown 4.5% and EBITDA margin was 10.1% Mexico 1H25 results Total revenues General expenses | Earnings before other income, net Other income, net | Operating income EBITDA 398,548 95,758 66,214 29,544 749 30,293 40,352 100.0 24.0 16.6 7.4 0.2 76 10.1 381,409 91,516 60,405 31,
Slide 30: In Central America EBITDA margin was 9.3%
In Central America EBITDA margin was 9.3% Central America 1H25 results Total revenues 88,680 100.0 | 72,200 100.0 22.8 4.8 Gross profit 2,722 245 | 17567 243 | 237° 55 General expenses 15,933 18.0 12,889 179 23.6 5.3 Earnings before other income, net 5,789 6.5 4,678 6.5 23.7 61 Other income, net 74
Slide 31: Consolidated revenues have grown 7.4% and EBITDA margin was 10.0%
Consolidated revenues have grown 7.4% and EBITDA margin was 10.0% Walmex Consolidated 1H25 results Total revenues Sonor General expenses | Earnings before other income, net Other income, net operating income EBITDA Net income 487,228 117,480 82,147 35,333 823 36,156 48,586 23,544 100.0 241 16.9 7.3
Slide 32: WALMEX
WALMEX July 16, 2025 U Walmart >< México y Centroamérica
Wal-mart De Mexico Sab De Cv — Q2 2025 Earnings Presentation on 6ix