Chedraui (CHDRAUI) Q4 2025 earnings summary

Executive summary

• Achieved 22 consecutive quarters of same-store sales outperformance versus ANTAD in Mexico, with 3.0% same-store sales growth in Q4 2025 and 6.9% total sales growth, despite a challenging economic environment in both Mexico and the U.S.

• Opened 142 stores in Mexico and 1 in the U.S. in 2025, marking the most aggressive expansion in company history and surpassing organic growth targets.

• Consolidated sales for Q4 2025 were MXN 75,221 million, down 3.0% year-over-year, mainly due to lower U.S. sales and a 10% appreciation of the Mexican peso against the U.S. dollar.

• Chedraui USA faced headwinds from stricter immigration enforcement and a U.S. government shutdown, resulting in negative same-store sales, but improved EBITDA margin through expense control.

• Board recommended a total dividend of MXN 2,232.9 million for 2025, representing 34.2% of majority net income.

Financial highlights

• Consolidated EBITDA increased 9.7% year-over-year to MXN 6,498 million in Q4 2025, with margin up 101 bps to 8.6% excluding extraordinary items; including extraordinary items, EBITDA declined 2.2% and margin was 7.7%.

• Consolidated net income was MXN 1,846 million, or MXN 1,344 million including extraordinary items, flat year-over-year.

• Gross profit rose 2.9% year-over-year in Q4 2025, with gross margin at 23.2% versus 21.8% in Q4 2024.

• Net cash position at year-end was MXN 6,923 million; net debt to EBITDA ratio improved to -0.28x from -0.18x.

• CapEx for 2025 was MXN 8,549 million, 25.4% lower than 2024.

Outlook and guidance

• Plans to open 147 stores in Mexico and 5 in the U.S. in 2026, continuing organic expansion and investment in e-commerce.

• Expects at least 3% same-store sales growth in Mexico in 2026, with double-digit growth targeted for e-commerce and penetration to reach 5% of sales.

• Focus on maintaining market share gains in Mexico and adapting to challenging U.S. market conditions.