Slides
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Walmex Results 4Q25 February 18, 2026
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The date of this webcast is February 18 , 2026 . Today’s webcast is being recorded and will be available at www . walmex . mx . Before we start, let me remind you that the content of this webcast is property of Wal - Mart de México S . A . B . de C . V . and is intended for the use of the company’s shareholders and the investment community . It should not be reproduced in any way . This webcast may contain certain references concerning Wal - Mart de Mexico S . A . B . de C . V . ’s future performance that should be considered as good faith estimates made by the Company . These references only reflect management’s expectations 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 .
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Cristian Barrientos Pozo - CEO 4Q25 Performance
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Product availability EDLP eCommerce acceleration Our 3 non - negotiables
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Executing our strategy with discipline | 4Q25 * Constant Currency ** Customers that have given their cellphone number and registered a purchase at least once in the last 90 days Consolidated revenue growth 3.0 % | 4.5%* Mexico | CAM* revenue growth 4.9 % | 2.4% Walmex vs. ANTAD SSS +190 bps Performance New store openings 115 Price Perception vs 4Q24 +260 bps New stores contribution 1.7 % Private Brands penetration vs 4Q24 >50 bps Win in Discount eComm GMV penetration 9.1 % eComm GMV growth vs 4Q24 13 % Bait active users 26.4 M Beneficios active** contactable customers 49.6 M Lead in Omnichannel Ecosystem of Choice
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Focused on the fundamentals today to unleash the significant growth potential ahead of us
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Paul Lewellen - COO 4Q25 Operational and Commercial Highlights
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Bodega Sam's Club Walmart Walmart Express North Center Metro South Health & Wellness Food & Consumables General Merchandise By Format By Region By Merchandise Division Same - store sales In Mexico grew 3.3% led by Bodega and Sam’s Club Mexico: 3.3 % SSS ANTAD 4Q Growth (%) - Mexico
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-3.0 -1.0 1.0 3.0 5.0 7.0 4Q24 1Q25 2Q25 3Q25 4Q25 Walmart Sam's Club Bodega Walmart Express -3.0 -1.0 1.0 3.0 5.0 7.0 4Q24 1Q25 2Q25 3Q25 4Q25 North Metro South Center -3.0 -1.0 1.0 3.0 5.0 7.0 4Q24 1Q25 2Q25 3Q25 4Q25 General Merchandise Food & Consumables Health & Wellness By Format By Region By Merchandise Division Same - store sales Historical Growth Historical Growth (%) - Mexico
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Raising the bar on fundamentals | EDLP EDLP Price Perception : +260 bps vs LY | Private Bra nds + 50 bps vs LY
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Raising the bar on fundamentals | Availability Product Availability Total Availability: +130 bps vs 3Q25
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Raising the bar on fundamentals | eCommerce Mexico eComm GMV increased 13.3 % in 4Q25 GMV 1 Growth (%) 1: GMV: Gross Merchandise Value • 19.1% On - demand • 15.3% Marketplace growth • 9.1 % eComm penetration of total GMV • 62.7% OD Same day - delivery 20% 17% 20% 20% 13% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25 Highlights FY 2025 Highlights • 22.1% On - demand • 12.7% Marketplace growth • 8.3% eComm penetration of total GMV • 59.6% OD Same day - delivery 2025: 17%
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Connectivity Benefits Program Advertising 1 Active Bait users refers to users with at least one transaction in the last 6 months, including economic transactions (sales t o distributors). Includes Home Broadband and MiFi lines. 2 Customers that have given their cellphone number and registered a purchase at least once in the last 90 days. New businesses Strengthening core performance with increase share of wallet and profit streams. 26% 25% 27% 16% 5% 4Q24 1Q25 2Q25 3Q25 4Q25 46M 62M 74M 46M 50M 4Q24 1Q25 2Q25 3Q25 4Q25 18.3M 19.8M 21.5M 23.5M 26.4M 4Q24 1Q25 2Q25 3Q25 4Q25 Active 1 users Revenue growth vs 4Q24 2025 Revenues ~$ 11.5B Total enrolled contactable customers Active customers 2 in last 90 days 2025: 17%
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Paul Lewellen - COO 4Q25 Operational and Commercial Highlights
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Paulo Garcia - CFO 4Q25 Financial Results
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Total Revenue Growth (%) - 4Q25 4.9 2.4 4.5 3.0 Mexico Central America Walmex Walmex Total Revenue Growth of 3.0% in 4Q25; 4.5% in constant currency 4.9 3.5 4.6 5.5 Mexico Central America Walmex Walmex Total Revenue Growth (%) – FY25 Constant currency Constant currency
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Mexico’s Performance • Total revenues growth of 4.9% • Same - store sales growth of 3.3%, ahead of the market. • Gross margin expanded 40 bps to 24.0% driven by improved commercial margin and new businesses contribution. • SG&A represented 15.6% of sales, flat vs previous year from operational efficiencies and PY one - off fully offsetting growth investments. • EBITDA growth of 10.0% reaching a 10.7% margin. bps = basis points 5.7% 2.9% 6.0% 5.6% 4.9% 4Q24 1Q25 2Q25 3Q25 4Q25 10.2% 10.7% 9.6% 10.7% 10.7% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues growth EBITDA Margin 4Q25 Highlights
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- 80 10 40 50 - 30 40 150 60 190 200 140 220 110 190 190 bps 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Walmex Gap vs. ANTAD 1 – Same - Store Sales Growth (bps) 1. ANTAD self - service and clubs bps = basis points Consistently Outperforming the Market 280
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Mexico 4Q25 results Revenues grew 4.9% and EBITDA margin was 10.7%, 50 bps above PY. ($MXN Millions ) 4Q25 4Q24 Var. $ % $ % % Total revenues 237,314 100.0 226,168 100.0 4.9 Gross profit 57,007 24.0 53,362 23.6 6.8 General expenses 36,922 15.6 35,194 15.6 4.9 Earnings before other income, net 20,085 8.5 18,168 8.0 10.5 Other income, net 275 0.1 186 0.1 47.7 Operating income 20,360 8.6 18,354 8.1 10.9 EBITDA 25,489 10.7 23,166 10.2 10.0
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4Q25 Gross Profit Margin % Total Revenues – Mexico bps = basis points Gross Margin Mexico Benefits from new businesses contribution and margin improvement 23.6% 24.0% +25 bps +15 bps 4Q24 Omnichannel Margin New Businesses 4Q25 vs 4Q24: +40 bps
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15.6% 15.9% 15.6% - 25 bps 55 bps - 30 bps 4Q24 Run Grow 4Q25 One Off 4Q25 4Q25 SG&A % Total Revenues – Mexico SG&A Mexico Flat vs LY, with efficiencies and one - off offsetting growth investments bps = basis points vs 4Q24: 0 bps
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Central America’s Performance Constant Currency • Total revenues increased 2.4% with same - store sales growth of 0.6%. • Gross margin expanded 10 bps to 24.0%, with price investments offset by Walmart Connect and Supply Chain benefits. • SG&A represented 17.6% of sales, 20 bps more vs last year behind run and growth investments only partially compensated by operational efficiencies. • EBITDA margin at 9.0%, expanded 30 bps vs LY. bps = basis points 4Q25 Highlights (Constant Currency) 4.6% 3.5% 6.0% 2.5% 2.4% 4Q24 1Q25 2Q25 3Q25 4Q25 8.7% 9.4% 9.2% 9.2% 9.0% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues growth EBITDA Margin
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Honduras El Salvador Guatemala Nicaragua Costa Rica 4Q25 Same - Store Sales Growth (%) - Central America Figures in constant currency basis Same - store sales Central America growing 0.6% Central America: 0.6 % 4Q25 Highlights • Costa Rica growth impacted by deflation, weaker household consumption and increased competition. • eComm growth: 34% • Omni sales penetration: +40bps vs LY • Walmart Connect growth: 27% vs LY
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-4.0 -2.0 0.0 2.0 4.0 6.0 4Q24 1Q25 2Q25 3Q25 4Q25 Costa Rica HO+ES+NI Guatemala Historical Growth (%) - Central America Figures in constant currency basis Same - store sales Historical Growth 3Q25 Highlights
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Central America 4Q25 results In constant currency 2.4% revenue growth and 9.0% EBITDA margin. ($MXN Millions ) 4Q25 4Q24 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 45,535 100.0 48,537 100.0 (6.2) 2.4 Gross profit 10,937 24.0 11,620 23.9 (5.9) 2.7 General expenses 8,029 17.6 8,428 17.4 (4.8) 3.8 Earnings before other income, net 2,908 6.4 3,192 6.6 (8.9) (0.1) Other income, net 49 0.1 (64) (0.1) (177.6) (183.8) Operating income 2,957 6.5 3,128 6.4 (5.4) 3.6 EBITDA 4,106 9.0 4,217 8.7 (2.6) 6.5
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Consolidated Performance • Total revenues increased 3.0% • New stores contributed 1.7%. • Gross margin expanded 30 bps to 24.0% of revenue. • SG&A remained flat at 15.9% of revenues. • EBITDA margin of 10.5% expanding 50 bps vs LY. • Net income margin of 5.2% impacted by higher ETR. bps = basis points 4Q25 Highlights 8.3% 6.5% 8.3% 4.9% 3.0% 4Q24 1Q25 2Q25 3Q25 4Q25 10.0% 10.4% 9.5% 10.5% 10.5% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenues growth EBITDA Margin
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($MXN Millions ) 4Q25 4Q24 Var. $ % $ % % Total revenues 282,849 100.0 274,705 100.0 3.0 Gross profit 67,944 24.0 64,982 23.7 4.6 General expenses 44,951 15.9 43,622 15.9 3.0 Earnings before other income, net 22,993 8.1 21,360 7.8 7.6 Other income, net 324 0.1 122 - 164.2 Operating income 23,317 8.2 21,482 7.8 8.5 EBITDA 29,595 10.5 27,383 10.0 8.1 Net income 14,600 5.2 15,200 5.5 (3.9) Consolidated 4Q25 results Revenues grew 3.0% and EBITDA margin was 10.5%, 50 bps above PY
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Cash Generation Supporting Value Creation Sources and uses of cash – $MXN Millions $36,514 $28,591 $89,182 $2,385 $790 $28,923 $38,982 $23,575 $8,800 Cash Dec 2024 Cash Generation Dividend Payment Capex Taxes Working Capital Repurchase of Shares Plan Fund Cash Dec 2025
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Openings Reaching more customers, closer than ever • 102 New stores in México • 13 New stores in Central America • 1.7% contribution to Total Sales Growth in 4Q25 • FY 2025 MX + CAM • +186 new stores • +212K New Sq. M. of Sales Floor 104 20 25 26 115 123K 22K 27K 35K 128K 4Q24 1Q25 2Q25 3Q25 4Q25 Units Sq.M. 4Q25 Highlights
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Key Messages Focus on what we can control Outpacing the market We know what to do Focus on fundamentals Accelerating speed of execution Looking ahead 190 14 15 16 17 18 19 20 21 22 23 24 25 Walmex Gap vs. ANTAD 1 Same - Store Sales Growth (bps) 1. ANTAD self - service and clubs bps = basis points
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Walmex Results 2025
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Mexico FY25 results Revenues grew 4.9% and EBITDA margin was 10.4% ($MXN Millions ) 2025 2024 Var. $ % $ % % Total revenues 836,428 100.0 797,595 100.0 4.9 Gross profit 202,437 24.2 192,314 24.1 5.3 General expenses 136,542 16.3 127,460 16.0 7.1 Earnings before other income, net 65,895 7.9 64,854 8.1 1.6 Other income, net 1,159 0.1 1,720 0.2 (32.6) Operating income 67,054 8.0 66,574 8.3 0.7 EBITDA 87,332 10.4 85,176 10.7 2.5
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Central America 2025 results In constant currency 3.5% revenue growth and 9.2% EBITDA margin. ($MXN Millions ) 2025 2024 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 175,170 100.0 160,912 100.0 8.9 3.5 Gross profit 42,761 24.4 39,159 24.3 9.2 3.8 General expenses 31,502 18.0 28,625 17.8 10.1 4.4 Earnings before other income, net 11,259 6.4 10,534 6.5 6.9 2.0 Other income, net 181 0.1 251 0.2 (27.5) (31.7) Operating income 11,440 6.5 10,785 6.7 6.1 1.2 EBITDA 16,115 9.2 14,822 9.2 8.7 3.5
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($MXN Millions ) 2025 2024 Var. $ % $ % % Total revenues 1,011,598 100.0 958,507 100.0 5.5 Gross profit 245,198 24.2 231,473 24.1 5.9 General expenses 168,044 16.6 156,085 16.3 7.7 Earnings before other income, net 77,154 7.6 75,388 7.9 2.3 Other income, net 1,340 0.1 1,971 0.2 (32.0) Operating income 78,494 7.8 77,359 8.1 1.5 EBITDA 103,447 10.2 99,998 10.4 3.4 Net income 49,891 4.9 53,827 5.6 (7.3) Consolidated 2025 results Revenues grew 5.5% and EBITDA margin was 10.2%
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Walmex Results 4Q25 February 1 8, 2026