Slides
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3Q25October 28, 2025
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ThedateofthiswebcastisOctober28,2025.Today’swebcastisbeingrecordedandwillbeavailableatwww.walmex.mx.Beforewestart,letmeremindyouthatthecontentofthiswebcastispropertyofWal-MartdeMéxicoS.A.B.deC.V.andisintendedfortheuseofthecompany’sshareholdersandtheinvestmentcommunity.Itshouldnotbereproducedinanyway.ThiswebcastmaycontaincertainreferencesconcerningWal-MartdeMexicoS.A.B.deC.V.’sfutureperformancethatshouldbeconsideredasgoodfaithestimatesmadebytheCompany.Thesereferencesonlyreflectmanagement´sexpectationsandarebaseduponcurrentlyavailabledata.Actualresultsarealwayssubjecttofutureevents,risksanduncertainties,whichcouldmateriallyimpacttheCompany’sactualperformance.
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Cristian Barrientos PozoCEO 3Q25Performance
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Availability Pricing eCommerce acceleration
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Executing our strategy; delivering results *Constant currency 4.9%Consolidated revenue growth5.6% | 2.5%Mexico| CAM* revenue growth +280 bpsvs. ANTAD SSS Performance +10 bpsPrice perceptionvs 3Q24 +80 bpsTotal availability vs 2Q25 1.8%New stores contribution in 3Q25 >100 bpsOur Brands penetration vs 3Q24 Win in Discount 24%On-Demand growthvs3Q2420%eCommGMVgrowth vs3Q24 23.5MBait active users16%Walmart Connect revenue growth vs 3Q24 Lead in OmnichannelEcosystem of Choice
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We are well-positioned to help people save money and live better while continue expanding market share.
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Javier AndradeCMO 3Q25Operational Highlights
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eCommerce acceleration Spearheaded by On-Demand Availability Total availability +80 bps vs 2Q25 EDLP Price Perception:+10 bps vs 3Q24 Advancingfirmly with our strategy, improving our execution and delivery… … while accelerating AI driven productivities
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% of total GMV7.7%MarketplaceGMV Growth11.2% Mexico’s eCommGMV increased 20% in 3Q driven by On-DemandMexico eComm GMV 1Growth (%) On-demandExtended Assortment 1: GMV: Gross Merchandise Value On-demand~1,370 stores with On-Demand 3Q25 20% Extended Assortment+29% Seller growth vs 3Q24
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CONNECTIVITYNew businesses accelerating and enabling core performanceBENEFICIOSADVERTISING 23.5MActive1users 16%Revenue growth vs 3Q24~$3.0BSales in 3Q25 1Active Bait users refers to users with at least one transaction in the last 6 months, including economic transactions (sales to distributors). Includes Home Broadband and MiFi lines.2Customers that have given their cellphone number and registered a purchase at least once in the last 90 days 46MActive customers2
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Paulo GarciaCFO 3Q25Financial Results
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Total Revenue Growth (%)3Q25 5.6 2.55.04.9 MexicoCentral AmericaWalmexWalmex Revenue growth of 4.9% in 3Q25; 5.0% in constant currency 4.84.04.76.6 MexicoCentral AmericaWalmexWalmex Total Revenue Growth (%)9M25 Constant currencyConstant currency
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Mexico’s Performance •Total revenuesgrowth of 5.6%•Same-store sales growth of 3.9%•Gross margincontracted 20bpsto 24.8% with new businesses contribution not enough to offset inventory investments and a one-off from previous year.•SG&Arepresented 16.7%of sales, decreasing 10 bps with operational efficiencies and a one-off from previous year partly offsetting growth investments.•EBITDA increased 3.8% reaching a 10.7% margin.bps = basis points 6.15.6 3Q243Q25 10.910.7 3Q243Q25 Revenues growth (%) EBITDA Margin (%) 3Q25 Highlights
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WalmartSam'sClubBodegaWalmartExpressNorthMetroCenterSouthHealth &WellnessGeneralMerchandiseFood &Consumables 3Q25 Same-Store Sales Growth -Mexico (%)By FormatBy RegionBy Merchandise Division In Mexico, same-store sales grew 3.9% driven by Supercenter and Sam’s Club Mexico: 3.9% SSS ANTAD
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-80 104050 -30 4060140110 1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25 Walmex Gap vs. ANTAD1–Same-Store Sales Growth (bps) 1.ANTAD self-service and clubsbps = basis points 150 Highest gap vs ANTAD since mid-2021 190200 280 bps220190
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In Mexico, revenues grew 5.6% and EBITDA margin was 10.7% ($MXN Millions) 3Q253Q24Var.$%$%%Totalrevenues200,567100.0190,018100.05.6Gross profit49,67224.847,43625.04.7General expenses33,40516.731,86216.84.8Earningsbefore other income, net16,2678.115,5748.24.4Other income, net1350.14480.2(69.7)Operatingincome16,4028.216,0228.42.4EBITDA21,49010.720,69610.93.8 Mexico 3Q25 results
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3Q25 Gross Profit Margin% Total Revenues –Mexico bps = basis points Gross Margin (MX): new businesses contribution partially offsetting investments to improve inventories and one-off 25.0% 24.8% 20 bps-25 bps-15 bps 3Q24NewBusinessesOmnichannelMarginOne Off3Q25 vs 3Q24: -20bps
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16.8% 16.7% -45 bps55 bps 3Q24RunGrowOne Off3Q25 3Q25 SG&A % Total Revenues –Mexico SG&A (MX): expenses deleverage mainly from operational efficiencies and one-off bps = basis points -20 bps vs 3Q24: -10 bps
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Central America’s Performance | (Constant Currency) •Total revenuesincreased 2.5%•Same-store sales growth of 0.6%•Gross margin decreased 10 bps to24.7%, with CVP investments, partially offset by Walmart Connect contribution.•SG&Arepresented 18.4%of sales, 20 bps morevs last year behind growth investments only partially compensated by operational efficiencies.•EBITDA marginat 9.2%,decreased 20 bps vs LY. 3Q25 Highlights4.62.5 3Q243Q25 9.49.2 3Q243Q25 Revenues growth (%) EBITDA Margin (%) bps = basis points
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HondurasEl SalvadorNicaraguaGuatemalaCosta Rica 3Q25 Same-Store Sales Growth (%)By Country in Central America Figures in constant currency basis Central America same-store sales growing 0.6% Central America: 0.6%
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Central America 2.5% revenue growth in constant currency and 9.2% EBITDA margin.Central America 3Q25 results($MXN Millions) 3Q253Q24Var. (%)$%$%PesotermsConstantcurrency basisTotalrevenues40,953100.040,176100.01.92.5Gross profit10,10224.79,97224.81.31.9General expenses7,54118.47,30718.23.23.6Earningsbefore other income, net2,5616.32,6656.6(3.9)(2.7)Other income, net580.1360.159.254.1Operatingincome2,6196.42,7016.7(3.0)(1.9)EBITDA3,7769.23,7599.40.41.4
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Walmex Consolidated Performance •Total revenuesincreased 4.9%•New stores contributed 1.8%•Gross margin decreased 20 bpsto 24.7%of revenue•SG&Arepresented 17.0%of revenues•EBITDA margin of10.5%•Net income margin of 4.9% 8.04.9 3Q243Q25 10.610.5 3Q243Q25 3Q25 Highlights bps = basis points Revenues growth (%) EBITDA Margin (%)
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($MXN Millions) 3Q253Q24Var.$%$%%Totalrevenues241,520100.0230,194100.04.9Gross profit59,77424.757,40824.94.1General expenses40,94617.039,16917.04.5Earningsbefore other income, net18,8287.818,2397.93.2Other income, net1930.14840.2(60.0)Operatingincome19,0217.918,7238.11.6EBITDA25,26610.524,45510.63.3Net income11,7474.912,9345.6(9.2) Walmex Consolidated 3Q25 resultsConsolidated revenues grew 4.9% and EBITDA margin was 10.5%
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Returning value to shareholders and improving working capitalSources and uses of cash –$MXN Millions 48,536 35,182 87,628 2,923749 37,399 35,88323,8037,569 CashSep 2024CashGenerationDividendPaymentCapexTaxesWorkingCapitalRepurchaseof SharesPlanFundCashSep 2025
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Reaching more customers; closer than ever 1.8%Contribution toTotal Sales Growth in 3Q25 26New stores in 3Q253Central America23Mexico +35Kin 3Q25 New Square Metersof Sales Floor+84Kin 9M25
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Key Messages Focus in 3 core non-negotiables Pricing | Availability | eCommerce acceleration Outpacing the market Highest gap since mid-2021 Focus on what we can control Aiming for a strong Q4 +280 2Q224Q222Q234Q232Q244Q242Q25 WalmexGap vs. ANTAD1Same-Store Sales Growth (bps) 1.ANTAD self-service and clubsbps = basis points
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9M25
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In Mexico, revenues have grown 4.8% and EBITDA margin was 10.3% ($MXN Millions) 9M259M24Var.$%$%%Totalrevenues599,115100.0571,427100.04.8Gross profit145,43024.3138,95224.34.7General expenses99,61916.692,26616.18.0Earningsbefore other income, net45,8117.646,6868.2(1.9)Other income, net8840.11,5340.3(42.4)Operatingincome46,6957.848,2208.4(3.2)EBITDA61,84310.362,01010.9(0.3) Mexico 9M25 results
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In Central America EBITDA margin was 9.3%Central America 9M25 results($MXN Millions) 9M259M24Var. (%)$%$%PesotermsConstantcurrency basisTotalrevenues129,634100.0112,376100.015.44.0Gross profit31,82424.527,53924.515.64.2General expenses23,47518.120,19718.016.24.7Earningsbefore other income, net8,3496.47,3426.513.72.9Other income, net1330.13150.3(57.8)(62.4)Operatingincome8,4826.57,6576.810.80.2EBITDA12,0099.310,6069.413.22.4
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($MXN Millions) 9M259M24Var.$%$%%Totalrevenues728,749100.0683,803100.06.6Gross profit177,25424.3166,49124.36.5General expenses123,09416.9112,46316.49.5Earningsbefore other income, net54,1607.454,0287.90.2Other income, net1,0170.11,8490.3(45.0)Operatingincome55,1777.655,8778.2(1.3)EBITDA73,85210.172,61610.61.7Net income35,2914.838,6285.6(8.6) Walmex Consolidated 9M25 results Consolidated revenues have grown 6.6% and EBITDA margin was 10.1%
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3Q25October 28, 2025