Earnings release
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 1 Walmart de México y Centroamérica Reports Third Quarter and Nine Months of 2025 Results FREE TRANSLATION, NOT TO THE LETTER Mexico City, October 28, 2025 “Our strategy and long-term plan remain consistent and with solid business fundamentals. Nevertheless, we are elevating the discipline of execution, doubling down on the three non-negotiables at the core of our business: pricing, availability, and eCommerce acceleration, so we can help our customers save money and live better.” Cristian Barrientos Pozo President and CEO of Walmart de México y Centroamérica Third-quarter highlights Nine months highlights Consolidated revenue increased 4.9%: o 5.6% in Mexico and 2.5% in Central America. Same-store sales growth of 3.9% in Mexico and 0.6% in Central America. o Mexico: ticket grew 4.5% and traffic -0.6%. o Central America: ticket grew 1.2% and traffic -0.6%. We continue leading in omnichannel. Mexico eCommerce GMV grew 20%, driven by On-Demand +24% and Marketplace +11%. Central America eCommerce GMV grew +38% vs 3Q24. Gross margin contracted 20 basis points to 24.7%, mainly due to investments to improve inventories and customer value proposition, and a one-off related to a prior year accounting adjustment in Mexico. New businesses contribution in both regions helped to partially compensate. SG&A grew 4.5%, remaining flat compared to 3Q24 at 17.0%, due to growth investments in new stores, tech and associate value proposition, benefited by operational efficiencies in both regions and a one-off related to a labor provision from previous exercises in Mexico. EBITDA grew 3.3%, a margin contraction of 10 basis points to 10.5%. Consolidated net income margin of 4.9%, impacted by a non-recurrent item in the quarter. EPS (earnings per share) of 0.678 pesos for 3Q25. Consolidated revenue grew 6.6%: o 4.8% in Mexico and 4.0% in Central America. Same-store sales growth of 3.2% in Mexico and 2.1% in Central America. eCommerce GMV grew 19%, driven by On-Demand acceleration +25% with its >1,370 stores with On-Demand delivery capabilities. Gross Margin remained flat at 24.3% of revenues, mainly due to the contribution from new businesses. SG&A increased 9.5%, accounting for 16.9% of total revenues, mainly driven by growth investments. EBITDA grew 1.7%, with a 50-basis points margin contraction to 10.1%. Consolidated net income margin of 4.8%. EPS (earnings per share) of 2.030 pesos for 9M25. Please consider that, when we talk about results in Central America, we are referring to figures on a constant currency basis .
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 2 Financial Statements Consolidated main figures are: Results 3Q25 3Q24 Growth July - September Millions $MXN % Millions $MXN % % Net Sales 239,795 228,427 5.0 Other Income 1,725 1,767 (2.4) Total Revenues 241,520 100.0 230,194 100.0 4.9 Cost of Sales (181,746) (75.3) (172,786) (75.1) 5.2 Gross Profit 59,774 24.7 57,408 24.9 4.1 General Expenses (40,946) (17.0) (39,169) (17.0) 4.5 Income before Other Income Net 18,828 7.8 18,239 7.9 3.2 Other Income (Expenses) - Net 193 0.1 484 0.2 (60.0) Operating Income 19,021 7.9 18,723 8.1 1.6 Financial Income (Expenses) - Net (2,693) (1.1) (1,625) (0.7) 65.7 Taxes (4,581) (1.9) (4,164) (1.8) 10.0 Net Income 11,747 4.9 12,934 5.6 (9.2) EBITDA 25,266 10.5 24,455 10.6 3.3 EPS (in pesos) 0.678 0.741 (8.6) Results 9M25 9M24 Growth January – September Millions $MXN % Millions $MXN % % Net Sales 723,512 678,761 6.6 Other Income 5,237 5,042 3.9 Total Revenues 728,749 100.0 683,803 100.0 6.6 Cost of Sales (551,495) (75.7) (517,312) (75.7) 6.6 Gross Profit 177,254 24.3 166,491 24.3 6.5 General Expenses (123,094) (16.9) (112,463) (16.4) 9.5 Income before Other Income Net 54,160 7.4 54,028 7.9 0.2 Other Income (Expenses) - Net 1,017 0.1 1,849 0.3 (45.0) Operating Income 55,177 7.6 55,877 8.2 (1.3) Financial Income (Expenses) - Net (7,354) (1.0) (5,326) (0.8) 38.1 Taxes (12,532) (1.7) (11,923) (1.7) 5.1 Net Income 35,291 4.8 38,628 5.6 (8.6) EBITDA 73,852 10.1 72,616 10.6 1.7 EPS (in pesos) 2.030 2.214 (8.3) ) EPS: Earnings per share Balance Sheet (September 30, 2025 – $MXN Millions) 348,915 382,460 113,238 114,875 35,182 Assets Liabilities & shareholders' equity TOTAL: $497 ,335 Cash Inventories Fixed assets and other Accounts Payable Shareholders’ equity and other
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 3 Mexico main figures are: Results 3Q25 3Q24 Growth July - September Millions $MXN % Millions $MXN % % Total Revenues 200,567 100.0 190,018 100.0 5.6 Gross Profit 49,672 24.8 47,436 25.0 4.7 General Expenses 33,405 16.7 31,862 16.8 4.8 Income before Other Income Net 16,267 8.1 15,574 8.2 4.4 Other Income (Expenses) - Net 135 0.1 448 0.2 (69.7) Operating Income 16,402 8.2 16,022 8.4 2.4 EBITDA 21,490 10.7 20,696 10.9 3.8 Results 9M25 9M24 Growth January – September Millions $MXN % Millions $MXN % % Total Revenues 599,115 100.0 571,427 100.0 4.8 Gross Profit 145,430 24.3 138,952 24.3 4.7 General Expenses 99,619 16.6 92,266 16.1 8.0 Income before Other Income Net 45,811 7.6 46,686 8.2 (1.9) Other Income (Expenses) - Net 884 0.1 1,534 0.3 (42.4) Operating Income 46,695 7.8 48,220 8.4 (3.2) EBITDA 61,843 10.3 62,010 10.9 (0.3) Central America main figures are: Results 3Q25 3Q24 Growth Peso terms Growth Constant currency basis July - September Millions $MXN % Millions $MXN % % % Total Revenues 40,953 100.0 40,176 100.0 1.9 2.5 Gross Profit 10,102 24.7 9,972 24.8 1.3 1.9 General Expenses 7,541 18.4 7,307 18.2 3.2 3.6 Income before Other Income Net 2,561 6.3 2,665 6.6 (3.9) (2.7) Other Income (Expenses) - Net 58 0.1 36 0.1 59.2 54.1 Operating Income 2,619 6.4 2,701 6.7 (3.0) (1.9) EBITDA 3,776 9.2 3,759 9.4 0.4 1.4 Results 9M25 9M24 Growth Peso terms Growth Constant currency basis January – September Millions $MXN % Millions $MXN % % % Total Revenues 129,634 100.0 112,376 100.0 15.4 4.0 Gross Profit 31,824 24.5 27,539 24.5 15.6 4.2 General Expenses 23,475 18.1 20,197 18.0 16.2 4.7 Income before Other Income Net 8,349 6.4 7,342 6.5 13.7 2.9 Other Income (Expenses) - Net 133 0.1 315 0.3 (57.8) (62.4) Operating Income 8,482 6.5 7,657 6.8 10.8 0.2 EBITDA 12,009 9.3 10,606 9.4 13.2 2.4
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 4 Key Results Focused on Winning in Discount: 3Q25 9M25 +10 bps Variation in price perception 17.2% Our Brands penetration >100 bps Var. in Our Brands penetration -50 bps Variation in price perception 16.6% Our Brands penetration 60 bps Var. in Our Brands penetration 19.3% Our Brands penetration -40 bps Variation in Our Brands penetration 19.5% Our Brands penetration -20 bps Variation in Our Brands penetration We continue to lead in omnichannel: 3Q25 9M25 20% GMV growth 21% Net sales growth 7.7% eCommerce GMV of total GMV 11% Marketplace GMV growth 19% GMV growth 20% Net sales growth 8.0% eCommerce GMV of total GMV 11% Marketplace GMV growth -31% Marketplace SKUs 24% On-Demand GMV growth 7.9% Extended Assortment GMV growth >1,370 On-Demand stores ~500 cities With On-Demand 25% On-Demand GMV growth 38% GMV growth 1.6% eCommerce share of Total GMV 46% GMV growth 40 bps Increase in Omni sales penetration Being the Ecosystem of choice for our clients and members: 3Q25 9M25 3% Total Processed Volume growth 149% Credits disbursed growth -6% Total Processed Volume growth 6.1% Increase in factoring income 23.5 million Active users +2 million Active users growth vs 2Q25 +8.4 million Active users vs 3Q24 55% Active users base growth Note: Active users refer to users with at least one transaction in the last 6 months, including economic transactions (sales to distributors). Includes Home Broadband and MiFi lines. 16% Business sales growth 7% Campaigns growth 22% Business sales growth 24% Campaigns growth Connect Campaigns of the largest advertisers without Marketplace. 1.6 million Health programs sold 24% Health program renewal 3.8 million Health programs 231% Health program growth 46 million Active customers Active Customer: A valued customer who has provided their phone number at checkout (via POS and/or self -checkout) at least once within the past 90 days. Previously disclosed figures contemplated contactable customers since program launch, as of September 2025 that number wou ld have reached 90 million. CAM
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 5 Organizational changes On October 7, 2025, Walmart de México y Centroamérica appointed Cristian Barrientos Pozo as President and Chief Executive Officer (CEO), effective immediately. Cristian had been serving as interim leader and Board member since August 1, 2025, reinforcing the company’s long-term omnichannel strategy. Cristian brings over 26 years of professional experience within Walmart, having held leadership roles across Chile, Mexico, and Central America. His proven track record includes driving operational excellence and business growth in diverse markets. Kathryn McLay, President and CEO of Walmart International, highlighted Cristian as a visionary leader with deep market knowledge, a strong commitment to talent development, and a clear alignment with the company’s purpose and values. Cristian will continue to serve as Provisional Director on the Board until his ratification at the next annual shareholders’ meeting, ensuring continuity and stability in corporate governance. Additional senior management changes: On August 20, 2025, Walmart de México y Centroamérica appointed Prathibha Rajashekhar as CEO of Sam’s Club . Prathibha will report directly to the President and CEO and will join the Walmex Executive Committee, as part of the company’s continued efforts to strengthen its focus on the Self-Service and Sam’s Club formats. Prathibha served as Senior Vice President, Walmart International – Business Acceleration, and brings extensive global retail experience across strategy, innovation, and brand development. During her tenure at Walmart China, she led Real Estate and Strategy, driving Sam’s Club’s growth through the launch of a new store format and contributing to the company’s regional transformation. She has also held key leadership roles at Walmart U.S., spearheading initiatives in automation and innovation to improve product availability and efficiency, as well as leading the Private Brands strategy at Sam’s Club U.S. On September 10 , 2025, Walmart de México y Centroamérica appointed Michelle Benavides as Chief Legal Officer (CLO). Her appointment strengthens our legal and compliance leadership structure across the region, supporting Walmart’s continued commitment to integrity, transparency, and responsible business practices. Michelle joins Walmart with extensive international experience and a proven track record in corporate governance, regulatory compliance, and ethics. Before joining the company, she held senior roles at Halliburton, leading global initiatives in investigations, compliance, and data privacy, and most recently served as Deputy General Counsel and Chief Ethics & Compliance Officer at Marathon Petroleum Company. On October 14, 2025, Walmart de México y Centroamérica appointed Javier Andrade, who has been serving as interim leader of the Category Strategy & eCommerce team since July of this year, as Chief Merchandising Officer (CMO) for Walmart Mexico. Javier has an outstanding career of more than 20 years at Walmart Mexico, during which he has held various leadership positions both in Self-Service and at Sam’s Club. He has stood out for his results- oriented approach, his ability to drive high-performing teams, and his comprehensive vision of the business. Under his leadership, relationships with suppliers have been strengthened, as well as the acceleration of omnichannel commercial strategies.
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 6 On October 21, 2025, Walmart de México y Centroamérica appointed Paul Lewellen as Chief Operating Officer (COO). In this role, Paul will oversee the teams of Bodega Aurrera, Walmart Supercenter, Walmart Express, Operations Support, and Operational Efficiency, reporting directly to the President and CEO. Paul brings more than 35 years of experience with Walmart U.S., where he began his career as a store associate and went on to hold multiple leadership roles in Operations, including Store Manager, District Manager, and Regional Vice President. He has also served as Vice President of Communications, Sustainability, and Events at Sam’s Club, and later as Senior Vice President of Operations for Walmart U.S., leading the company’s operations in the western and southwestern regions. Paul’s deep operational exper tise and people -centered leadership will be key to advancing Walmart’s omnichannel transformation in Mexico. Changes in the Compensation and Succession Planning Committee Today, the Board of Directors of Walmart de México y Centroamérica approved the resignation of Ernesto Cervera as a member of the Compensation and Succession Planning Committee, as he will cease to serve as Director effective October 31, 2025. The Board also approved the appointment of Viridiana Ríos, independent director, as a new member of the Committee, effective November 1, 2025. Both decisions were made following the favorable recommendation of the Compensation and Succession Planning Committee. The Bo ard expressed its appreciation for Ernesto’s contributions during his tenure. Other Events in 3Q25 Walmart de México y Centroamérica secured first place in Mundo Ejecutivo’s ranking of “50 Companies Leading Retail and eCommerce in Mexico”, highlighting its leadership in transforming eCommerce in the country. During the quarter, our annual Walmart Connect Experience event took place, where the leaders of our retail media business presented the main innovations and solutions that will be available to our advertising partners in the coming months. The Walmart Connect Experience featured the participation of Sir Martin Sorrell in Mexico and Colin Lewis in Central America , renowned figures in the advertising industry who shared their vision and experience with representatives from more than 100 companies that attended the events. We strengthened our logistics strategy with the first Supply Chain Summit 2025, which brought together strategic leaders and more than 50 key business partners to share the vision and plans for transforming our logistics and distribution network. This initiative further reinforces our commitment to investing in innovation and infrastructure, highlighting the two fully automated Distribution Centers in Bajío and Tlaxcala that will begin operations in 2026.
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 7 Company Description WALMEX is a Retail Sector company whose shares are traded in the Mexican Stock Exchange since 1977. As of September 2025, it operated 4,150 units, broken down as follows: Openings 3Q25 Total Stores Walmex Format Units Format Units Format Units Format Units Bodega Aurrera 19 Discount Store 3 Bodega Aurrera 2,606 Discount Store 626 Bodega 1 Bodega 623 Bodega 174 Mi Bodega 4 Mi Bodega 503 Supermarket 98 Bodega Aurrera Express 14 Bodega Aurrera Express 1,480 Walmart Supercenter 38 Walmart Supercenter 3 Walmart Supercenter 331 Walmart Express - Walmart Express 103 Sam's Club 1 Sam's Club 174 Total Mexico 23 Total Central America 3 Total Mexico 3,214 Total Central America 936 Installed Capacity Sales Area in m2 (September 30, 2025) Format Mexico Central America Bodegas and Discount Stores 3,249,589 520,178 Walmarts 2,390,808 193,534 Sam’s Clubs 1,258,165 - Supermarkets 163,780 134,853 Total 7,062,342 848,565 Live Q&A session Walmart de México y Centroamérica will hold a live Q&A session on October 29th at 6:30 AM (Mexico City time) to discuss the company’s 3Q25 earnings results. Access to the webcast is through: https://walmexreportederesultados.com/ The presentation and transcript will be available both in English and in Spanish at our website. Ticker Symbols Mexican Stock Exchange: Bloomberg: Reuters: ADR’s sponsored program: Walmex Walmex* MM WMMVY US Walmex.Mx WMMVY.Pk WMMVY
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the C ompany and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 8 Websites Investor Relations: www.walmex.mx Corporate: www.walmartmexico.com Corporate YouTube https://www.youtube.com/user/WalmartMexicoyCam Contact Investor Relations Corporate Communication Salvador Villaseñor (52-55) 5283-0289 salvador.villasenor@walmart.com Martha Amaya (52-56) 2368 - 1801 martha.amaya@walmart.com
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This document may contain certain references concerning Wal-Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the Company and are based upon currently available data. Actual results are always subject to future events, risks and uncertaint ies, which could materially impact the Company’s actual performance. October 28, 2025 9 Appendix 1: Quarterly Income Statement (million pesos) $ $ $ $ $ $ Net Sales 239,161 224,589 244,556 225,746 239,795 228,427 Other Revenues 1,814 1,605 1,698 1,669 1,725 1,767 Total Revenues 240,975 100.0 226,194 100.0 6.5 246,254 100.0 227,415 100.0 8.3 241,520 100.0 230,194 100.0 4.9 Cost of Sales (182,900) (75.9) (172,025) (76.1) 6.3 (186,848) (75.9) (172,501) (75.9) 8.3 (181,746) (75.3) (172,786) (75.1) 5.2 Gross Profit 58,075 24.1 54,169 23.9 7.2 59,406 24.1 54,914 24.1 8.2 59,774 24.7 57,408 24.9 4.1 General Expenses (39,724) (16.5) (35,466) (15.7) 12.0 (42,424) (17.2) (37,827) (16.6) 12.2 (40,946) (17.0) (39,169) (17.0) 4.5 Income before other income (expenses) - Net 18,351 7.6 18,703 8.3 (1.9) 16,982 6.9 17,087 7.5 (0.6) 18,828 7.8 18,239 7.9 3.2 Other Income (expenses) - Net 538 0.2 467 0.2 15.1 285 0.1 897 0.4 (68.2) 193 0.1 484 0.2 (60.0) Operating Income 18,889 7.8 19,170 8.5 (1.5) 17,267 7.0 17,984 7.9 (4.0) 19,021 7.9 18,723 8.1 1.6 Financial Income (Expenses) - Net (2,470) (1.0) (2,024) (0.9) 22.1 (2,190) (0.9) (1,677) (0.7) 30.6 (2,693) (1.1) (1,625) (0.7) 65.7 Income before taxes on profits 16,419 6.8 17,146 7.6 (4.2) 15,077 6.1 16,307 7.2 (7.5) 16,328 6.8 17,098 7.4 (4.5) Taxes on profits (4,102) (1.7) (3,963) (1.8) 3.5 (3,850) (1.6) (3,797) (1.7) 1.4 (4,581) (1.9) (4,164) (1.8) 10.0 Net Income 12,317 5.1 13,183 5.8 (6.6) 11,227 4.6 12,510 5.5 (10.3) 11,747 4.9 12,934 5.6 (9.2) EBITDA 25,091 10.4 24,622 10.9 1.9 23,495 9.5 23,539 10.4 (0.2) 25,266 10.5 24,455 10.6 3.3 Earnings per share (in pesos): 0.707 0.756 (6.6) 0.645 0.717 (10.3) 0.678 0.741 (8.6) % Revenue 2025 Quarter I 2024 % Revenue % Growth % Revenue 2025 Quarter II 2024 % Revenue % Growth % Revenue 2025 2024 Quarter III % Growth % Revenue
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This document may contain certain references concerning Wal -Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the Company and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 10 Net sales $ 723,511,858 $ 678,761,432 Other revenues 5,236,725 5,041,256 Total revenues 728,748,583 683,802,688 Cost of sales (551,494,584) (517,311,718) Gross profit 177,253,999 166,490,970 General expenses (123,093,827) (112,462,935) Income before other income and expenses 54,160,172 54,028,035 Other income 1,708,564 2,337,111 Other expenses (691,971) (488,623) Operating income 55,176,765 55,876,523 Financial income 1,316,170 2,994,157 Financial expenses (8,669,574) (8,320,342) Income before income taxes 47,823,361 50,550,338 Income taxes (12,532,426) (11,922,521) Consolidated net income $ 35,290,935 $ 38,627,817 Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Cumulative translation adjustment $ (9,098,493) $ 11,667,097 Other comprehensive (loss) income (9,098,493) 11,667,097 Comprehensive income $ 26,192,442 $ 50,294,914 Basic earnings per share (in pesos) $ 2.030 $ 2.214 WALMART DE MEXICO, S.A.B. DE C.V. AND SUBSIDIARIES 20242025 Consolidated Statements of Comprehensive Income (Amounts in thousands of Mexican pesos) For the nine-months period ended on September 30
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This document may contain certain references concerning Wal -Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the Company and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 11 Assets Current Assets: Cash and cash equivalents $ 35,181,664 $ 48,535,931 Account receivable, net 26,741,285 22,245,317 Inventories 113,238,427 114,997,211 Prepaid expenses and others 1,812,765 2,011,798 Total current assets 176,974,141 187,790,257 Non-current assets: Property and equipment, net 184,973,186 170,691,254 Right-of-use assets 62,249,099 62,889,825 Investment properties, net 4,164,728 4,416,863 Intangibles properties, net 42,912,347 44,326,444 Deferred tax assets 23,467,093 15,438,088 Other non-current assets 2,593,943 2,216,848 Total assets $ 497,334,537 $ 487,769,579 Liabilities and equity Current liabilities: Accounts payable 114,874,401 111,844,803 Short-term lease liability 4,981,480 4,573,765 Other accounts payable 64,420,251 72,464,921 Income taxes payable 2,080,320 3,273,135 Total current liabilities 186,356,452 192,156,624 Long-term liabilities: Leases and other long-term liabilities 81,742,940 77,533,910 Income tax liabilities 2,567,951 2,575,083 Employee benefits 3,228,059 2,505,537 Total liabilities 273,895,402 274,771,154 Equity: Capital stock 45,080,167 45,429,160 Retained earnings 166,594,815 152,249,205 Other comprehensive income 16,161,680 20,758,808 Premium on sale of shares 6,180,425 5,872,707 Employee stock option plan fund (10,577,952) (11,311,455) Total equity 223,439,135 212,998,425 Total liabilities and equity $ 497,334,537 $ 487,769,579 WALMART DE MEXICO, S.A.B DE C.V. AND SUBSIDIARIES 20242025 September 30 (Amounts in thousands of Mexican pesos) Consolidated Statement of Financial Position
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This document may contain certain references concerning Wal -Mart de México S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company. These references are a reflection of Managements’ expectations about the Company and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance. October 28, 2025 12 Operating activities Income before income taxes $ 47,823,361 $ 50,550,338 Items related to investing activities: Depreciation and amortization 18,675,202 16,738,927 Loss from disposal of property and equipment and impairment 99,863 (361,553) Stock option compensation expenses 174,889 376,286 Interest earned (935,629) (2,068,522) Items related to financing activities: Interest on lease liabilities 6,773,479 6,351,800 Unrealized exchange rate fluctuation 91,353 115,166 Provision for labor obligations 649,977 385,833 Interest in charge 189,804 35,219 Cash flow from operating activities 73,542,299 72,123,494 Variances in: Accounts receivable 670,068 530,657 Inventories (4,339,027) (17,699,777) Prepaid expenses and other assets (804,564) (1,370,256) Accounts payable (4,800,659) (5,710,015) Other accounts payable (6,025,452) (2,337,424) Income tax paid (18,839,879) (11,435,365) Employee benefits (279,668) (370,533) Net cash flow operating activities 39,123,118 33,730,781 Investing activities Long-lived assets (23,150,152) (22,030,540) Interest collected 935,629 2,068,522 Proceeds from sale of property and equipment 465,942 621,317 Employee stock option plan fund 689,411 639,831 Net cash flow used in from investing activities (21,059,170) (18,700,870) Financing activities Repurchase of shares (7,569,066) — Interest paid (189,804) (35,219) Payment of leases liability (9,906,917) (9,155,324) Net cash flow used in investing activities (17,665,787) (9,190,543) Effect of changes in the value of cash (1,730,079) 2,027,578 Net decrease in cash and cash equivalents (1,331,918) 7,866,946 Cash and cash equivalents at beginning of year 36,513,582 40,668,985 Cash and cash equivalents at end of year $ 35,181,664 $ 48,535,931 Non-cash transactions: Additions of right-of-use assets $ 1,806,996 $ 1,355,441 Modifications and actualizations $ 2,001,791 $ 3,006,235 WALMART DE MEXICO, S.A.B DE C.V. AND SUBSIDIARIES 20242025 September 30 For the nine months period ended on (Amounts in thousands of Mexican pesos) Consolidated Statement of Cash Flows