Wal-Mart de México (WALMEX) investor relations material

Executive summary

• Consolidated revenues grew 1.7% year-over-year (4.1% in constant currency), with Mexico up 4.4% and Central America up 2.5% on a constant currency basis.

• Bodega underperformed in Q1 due to inventory and availability issues but saw recovery by quarter-end and remains a strategic priority.

• E-commerce marketplace faced challenges from seller concentration but is shifting to a more global, diversified approach with faster onboarding and improved fulfillment.

• Sam's Club continues to outperform with double-digit membership and private label growth, driving traffic and revenue.

• Gross margin expanded by 20 bps to 24.3%, supported by new business contributions.

Financial highlights

• Net sales reached MXN 243,263 million, up 1.7% year-over-year.

• EBITDA margin was 10.2%, down 20 bps from the previous year, with EBITDA at MXN 24,979 million.

• Net income rose 1.5% to MXN 12,500 million, margin steady at 5.1%.

• SG&A increased 40 bps to 16.9% of revenues, reflecting investments in growth and eCommerce.

• EPS increased 2.3% to MXN 0.723.

Segment performance

• Mexico revenues grew 4.4% to MXN 204,358 million, with same-store sales up 3.1% and EBITDA margin at 10.4%.

• Central America revenues grew 2.5% in constant currency, with same-store sales up 0.9% and EBITDA margin at 9.2%.

• eCommerce in Mexico grew GMV by 9.1%, with net sales up 14.4% and On-Demand GMV up 20%.

• Sam's Club saw strong growth in membership, renewals, and private label penetration, supported by targeted price investments.

• Walmart Express is repositioning its value proposition to complement Supercenter, focusing on price parity and omni-channel integration.