Wal-Mart de México (WALMEX) investor relations material

Executive summary

• Consolidated revenues grew 1.9% year-over-year in 2Q26, or 3.2% in constant currency, with Mexico up 3.1% and Central America up 3.6% in constant currency; new stores contributed 1.6% to total sales growth.

• eCommerce net sales in Mexico rose 16.2% and GMV 11.5% year-over-year, with strong on-demand and advertising business performance.

• New businesses like Bait and Walmart Connect delivered robust growth, with Bait revenues up 40% and Walmart Connect up 31% year-over-year.

• EBITDA margin contracted slightly to 9.4%, and net income margin was 4.4%, both down from the prior year.

• Leadership transition announced: outgoing CFO Paulo Garcia to be succeeded by Camilo; board and executive changes included new director appointments.

Financial highlights

• Mexico same-store sales grew 1.8%, outperforming ANTAD self-service by 180 basis points.

• Gross margin in Mexico expanded 10 basis points to 24.1%, driven by ecosystem and new businesses.

• SG&A in Mexico increased 20 basis points to 17.3% of sales; consolidated SG&A was 17.4%.

• Central America revenues up 3.6% in constant currency; same-store sales up 2.4%, but Costa Rica underperformed due to deflation.

• Net income for 2Q26 was MXN 11,152 million, down 0.7% year-over-year.

Outlook and guidance

• Full-year sales growth now expected between 3.5% and 4.5% in constant currency, with EBITDA margin slightly below last year.

• Recovery in consumer demand is slower than anticipated, but strategic priorities remain unchanged.