Chedraui (CHDRAUI) Q3 2026 earnings summary

Executive summary

• Q3’26 consolidated sales fell 2.0% YoY to MXN 70,356 million; EBITDA declined 0.3% to MXN 6,110 million, while EBITDA margin rose 14 bps to 8.7%.

• Net income decreased 1.2% YoY to MXN 1,626 million; EPS was MXN 1.66, also down 1.2%.

• Gross margin expanded 53 bps to 25.1%, supported by Mexico promotion and inventory management and U.S. distribution efficiencies.

Financial highlights

• Gross profit increased 0.2% YoY to MXN 17,673 million; operating income declined 0.7% to MXN 3,718 million.

• Operating expenses excluding D&A rose 0.4% to MXN 11,563 million, or 16.4% of sales; D&A increased 0.4% to MXN 2,392 million.

• Financial costs rose 1.7% to MXN 1,375 million, reflecting lower interest income in Mexico and lease-related costs, partly offset by lower U.S. debt interest.

• 9M’26 sales declined 4.0% to MXN 211,187 million; EBITDA fell 2.1% to MXN 18,536 million and net income declined 4.6% to MXN 5,034 million.

• 9M’26 operating income decreased 2.4% to MXN 11,415 million; gross profit fell 1.2% to MXN 52,267 million.

Outlook and guidance

• 2026 same-store sales growth guidance: Mexico 3.0%–4.0% and U.S. 1.0%–2.0%; total sales growth: Mexico 8.0%–9.0% and U.S. 2.0%–3.0%.

• 2026 EBITDA margin guidance: consolidated expansion of 15–35 bps; Mexico 0–10 bps and U.S. 30–60 bps.

• 2026 sales-floor growth is forecast at 5.7% in Mexico and 1.6% in the U.S., or 4.3% consolidated; CAPEX is expected at 3.3% of consolidated sales.

• Year-end 2026 net bank debt (cash) to EBITDA is estimated at -0.3x; management reiterated its commitment to invest in Mexico and the U.S.