Organización Soriana (SORIANA) Q4 2025 earnings summary

Executive summary

• 2025 was challenging for retail in Mexico due to inflation, high interest rates, and cautious consumer spending, impacting sales and requiring disciplined expense management and operational efficiency.

• Supermarkets outperformed other formats, especially in groceries and fresh produce, while low-price formats lagged, particularly in general merchandise and clothing.

• Private label launches drove a 6.3% sales increase and now hold a 13% market share with better margins.

• Real estate net income rose 8.8% to MXN 3.235 billion, with a 91% occupancy rate; digital revenue grew 20%.

• Loyalty program reached 8.1 million active cards, contributing to higher average ticket size and 50% of sales.

Financial highlights

• Q4 2025 revenue was MXN 47.592 billion, down 2.9% year-over-year, mainly due to extraordinary items in 2024.

• Full-year 2025 revenue was MXN 177.515 billion, a 0.9% decrease year-over-year, with same-store sales down 2.7%.

• Q4 gross profit was MXN 11.7 billion (24.8% of sales), up 100 bps from Q4 2024; annual gross profit was MXN 42.764 billion (24.1% of sales), up 40 bps.

• Q4 expenses rose 6.9% to MXN 8.432 billion; annual expenses increased 3.5%, mainly due to higher personnel costs.

• Q4 EBITDA was MXN 3.538 billion (7.4% margin), down 9.4%; annual EBITDA was MXN 11.894 billion (6.7% margin), down 6.4%.

• Q4 net income was MXN 1.308 billion (2.8% of sales); annual net income was MXN 3.334 billion (1.9% of sales), down 14.7% year-over-year.

Outlook and guidance

• Expecting 3%-5% same-store sales growth in 2026, despite continued consumer pressure.

• CapEx for 2026 planned at MXN 4 billion, similar to 2025, with continued focus on operational efficiency and synergies.

• Strategies target low-income consumers with expanded private label and value offerings, and aggressive high-low pricing in supermarkets.

• Continued focus on expense control and strategies to maintain spending levels in 2026.

• Plans to expand electric vehicle charging stations to 119 locations in 2026.