El Puerto de Liverpool (LIVEPOLC) Q3 2025 earnings summary

Executive summary

• Achieved consolidated revenue of MXN 48.1 billion in Q3 2025, up 4.4% year-over-year, with growth across financial services (up 15.7%), real estate (up 7.3%), and retail (up 2.9%).

• Net income declined 10.5% year-over-year to $3,953 million, while EBITDA was MXN 6.4 billion, down 14.8% with a margin of 13.3%.

• Digital channels expanded, with Liverpool's digital share at 28.3% and Suburbia's GMV up 35%.

• Inventory levels increased 15.8% year-over-year, now better aligned with sales and peak season needs.

• Same-store sales rose 1.9% for Liverpool and 4.0% for Suburbia, despite industry headwinds.

Financial highlights

• Total income reached $48,062 million, up 4.4% year-over-year.

• Retail margin, including logistics, was 31%, down 223 basis points, impacted by one-time logistics expenses of MXN 299 million for Arco Norte migration.

• Gross margin contracted 110 basis points; EBITDA margin at 13.3%, down 300 basis points year-over-year.

• Net profit after tax was $4 billion, a 10.5% decrease year-over-year.

• CapEx reached $6.7 billion, a 19% decrease from 2024, mainly due to prior year acquisitions.

Outlook and guidance

• Expect to close the gap in retail margin in Q4, but full recovery to pre-move logistics margin levels anticipated in 2026.

• EBITDA margin guidance revised down to 15.5%-16% for full year 2025.

• Credit loss provisions for 2025 expected at the higher end of 30%-35% range, with revenue growth offsetting higher reserves.

• Continued focus on inventory management and digital ecosystem expansion.

• Ongoing capital investments and store expansions are expected to support future growth.