Organización Soriana (SORIANA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached MXN45.8 billion, up 1.7% year-over-year, with moderate resilience in the Mexican retail sector amid global and domestic challenges and cautious consumer spending.

• Same-store sales declined 1.4% in the quarter, while net income was MXN743 million, up 2.5% from Q2 2024.

• EBITDA was MXN3.015 billion, representing 6.6% of sales, down 3.7% year-over-year.

• Gross margin expanded to 23.9%, up 4.6% year-over-year.

• Digital business and real estate segments delivered double-digit growth.

Financial highlights

• Operating expenses rose 8%, reaching nearly 17% of sales or MXN7.931 billion.

• Net financial cost decreased 11% due to higher cash balances and lower debt costs.

• Cash and equivalents at period end were MXN7.54 billion, up 118.5% year-over-year.

• Accumulated revenues for H1 2025 were MXN87.24 billion, up 0.4% year-over-year.

• Net income for H1 2025 was MXN1.442 billion, down 4.8% year-over-year.

Outlook and guidance

• Management expects a tougher macroeconomic environment, with more restrictive consumer spending and challenging promotional periods ahead.

• Buen Fin campaign anticipated to be highly competitive, with significant price and promotion pressures.

• CAPEX for H1 2025 totaled MXN1.476 billion, including new store openings, construction, remodels, and equipment upgrades.