El Puerto de Liverpool (LIVEPOLC) Q3 2026 earnings summary

Executive summary

• Cautious consumers and modest sales growth were offset by stronger merchandise margins, expense discipline, and real estate growth; EBITDA rose 8.5% YoY to MXN 6.9B.

• Priorities include disciplined inventory and promotions, sustainable credit growth, asset quality, and investment in strategic retail and digital capabilities.

Financial highlights

• Consolidated revenue was MXN 49.1B, up 2.2% YoY; EBITDA was MXN 6.9B, up 8.5%.

• Controlling net income fell 14.5% to MXN 3.4B; excluding Nordstrom PPA and acquisition-related effects, net income was ~MXN 4.2B, up 5.8%.

• Consolidated gross profit increased 7.7% to MXN 21.0B; gross margin expanded 2.2 pp to 42.8%.

• Operating income rose 10.1% to MXN 5.3B; operating expenses were MXN 15.7B, up 6.9%, while expenses excluding provisions, depreciation, and amortization rose 5.9%.

• YTD revenue was MXN 151.8B, up 1.2%; EBITDA was MXN 20.6B, up 0.5%.

Outlook and guidance

• Q4 demand is expected to remain soft; consumer confidence is relatively stable, with value-conscious shoppers and promotions shaping demand.

• Digital growth is expected to re-accelerate in Q4; October results were encouraging, migration issues have largely eased, and click-and-collect metrics returned to normal by quarter-end.

• Margin expansion is not expected to repeat at the same level every quarter; a weaker peso may pressure margins, partly offset by healthier inventory, selective promotions, and expense control.

• Primark's master franchise agreement is expected before year-end; rollout plans are being assessed, with investment phased and funded through operating cash flow.