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. February 18, 2026 1 Walmart de México y Centroamérica Reports Fourth Quarter and Full Year 2025 Results FREE TRANSLATION, NOT TO THE LETTER Mexico City, February 18, 2026 “As we close 2025, I want to thank our associates across Mexico and Central America. We remain centered on our three non- negotiables: EDLP, product availability and eCommerce acceleration. We know what we have to do, we have clear priorities and we will accelerate the speed at which we are moving. I’m confident that this focus on fundamentals is strengthening our company and positioning us to accelerate our performance.” Cristian Barrientos Pozo President and CEO of Walmart de México y Centroamérica Fourth-quarter highlights Full-year highlights Consolidated revenue increased 3.0%: o 4.9% in Mexico and 2.4% in Central America. Same-store sales growth of 3.3% in Mexico and 0.6% in Central America. o Mexico: ticket grew 3.9% and traffic -0.5%. o Central America: ticket grew 1.5% and traffic -0.8%. We continue leading in omnichannel. Mexico eCommerce GMV grew 13.3%, driven by On-Demand +19.1% and Marketplace +15.3%. Central America eCommerce GMV grew +34% vs 4Q24. Gross margin expanded 30 basis points to 24.0%, mainly due to both regions expansion and new businesses contribution. SG&A grew 3.0% in line with revenue, and remained flat compared to 4Q24 at 15.9%, mainly due to benefits from operational efficiencies offsetting growth investments and to a one-off benefit. EBITDA grew 8.1%, with a margin expansion of 50 basis points to 10.5%. Consolidated net income margin of 5.2%, impacted by a higher effective tax rate. EPS (earnings per share) of 0.844 pesos for 4Q25. Consolidated revenue grew 5.5%: o 4.9% in Mexico and 3.5% in Central America. Same-store sales growth of 3.3% in Mexico and 1.7% in Central America. eCommerce GMV grew 17.1%, driven by On-Demand acceleration +22.1% with its 1,468 stores with On-Demand delivery capabilities. Gross Margin expansion of 10 basis points at 24.2% of revenues, mainly due to new businesses contribution. SG&A increased 7.7%, accounting for 16.6% of total revenues, driven by growth investments. EBITDA grew 3.4%, with a 20 basis points margin contraction to 10.2%. Consolidated net income margin of 4.9%. EPS (earnings per share) of 2.873 pesos for 2025. 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. February 18, 2026 2 Financial Statements Consolidated main figures are: Results 4Q25 4Q24 Growth October - December Millions $MXN % Millions $MXN % % Net Sales 280,982 272,881 3.0 Other Income 1,867 1,824 2.4 Total Revenues 282,849 100.0 274,705 100.0 3.0 Cost of Sales (214,905) (76.0) (209,723) (76.3) 2.5 Gross Profit 67,944 24.0 64,982 23.7 4.6 General Expenses (44,951) (15.9) (43,622) (15.9) 3.0 Income before Other Income Net 22,993 8.1 21,360 7.8 7.6 Other Income (Expenses) - Net 324 0.1 122 0.0 164.2 Operating Income 23,317 8.2 21,482 7.8 8.5 Financial Income (Expenses) - Net (2,264) (0.8) (3,101) (1.1) (27.0) Taxes (6,453) (2.3) (3,181) (1.2) 102.8 Net Income 14,600 5.2 15,200 5.5 (3.9) EBITDA 29,595 10.5 27,383 10.0 8.1 EPS (in pesos) 0.844 0.871 (3.1) Results 2025 2024 Growth January – December Millions $MXN % Millions $MXN % % Net Sales 1,004,494 951,642 5.6 Other Income 7,104 6,865 3.5 Total Revenues 1,011,598 100.0 958,507 100.0 5.5 Cost of Sales (766,400) (75.8) (727,034) (75.9) 5.4 Gross Profit 245,198 24.2 231,473 24.1 5.9 General Expenses (168,044) (16.6) (156,085) (16.3) 7.7 Income before Other Income Net 77,154 7.6 75,388 7.9 2.3 Other Income (Expenses) - Net 1,340 0.1 1,971 0.2 (32.0) Operating Income 78,494 7.8 77,359 8.1 1.5 Financial Income (Expenses) - Net (9,617) (1.0) (8,428) (0.9) 14.1 Taxes (18,986) (1.9) (15,104) (1.6) 25.7 Net Income 49,891 4.9 53,827 5.6 (7.3) EBITDA 103,447 10.2 99,998 10.4 3.4 EPS (in pesos) 2.873 3.085 (6.9) ) EPS: Earnings per share Balance Sheet (December 31, 2025 – $MXN Millions) 359,231 371,369 107,451 123,904 28,591 Assets Liabilities & shareholders' equity TOTAL: $495,273 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. February 18, 2026 3 Mexico main figures are: Results 4Q25 4Q24 Growth October - December Millions $MXN % Millions $MXN % % 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 Income before Other Income Net 20,085 8.5 18,168 8.0 10.5 Other Income (Expenses) - 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 Results 2025 2024 Growth January – December Millions $MXN % Millions $MXN % % 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 Income before Other Income Net 65,895 7.9 64,854 8.1 1.6 Other Income (Expenses) - 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 Central America main figures are: Results 4Q25 4Q24 Growth Peso terms Growth Constant currency basis October - December Millions $MXN % Millions $MXN % % % 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 Income before Other Income Net 2,908 6.4 3,192 6.6 (8.9) (0.1) Other Income (Expenses) - 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 Results 2025 2024 Growth Peso terms Growth Constant currency basis January – December Millions $MXN % Millions $MXN % % % 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 Income before Other Income Net 11,259 6.4 10,534 6.5 6.9 2.0 Other Income (Expenses) - 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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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. February 18, 2026 4 Key Results Focused on Winning in Discount: 4Q25 2025 +260 bps Variation in price perception 18.2% Our Brands penetration 50 bps Var. in Our Brands penetration +30 bps Variation in price perception 17.2% Our Brands penetration 70 bps Var. in Our Brands penetration 19.5% Our Brands penetration 60 bps Variation in Our Brands penetration 19.5% Our Brands penetration 70 bps Variation in Our Brands penetration We continue to lead in omnichannel: 4Q25 2025 13% GMV growth 12% Net sales growth 9.1% eCommerce GMV of total GMV 15% Marketplace GMV growth 17% GMV growth 18% Net sales growth 8.3% eCommerce GMV of total GMV 13% Marketplace GMV growth 49% Marketplace SKUs 19% On-Demand GMV growth 4.7% Extended Assortment GMV growth 1,468 On-Demand stores ~500 cities With On-Demand 22% On-Demand GMV growth 34% GMV growth 1.8% eCommerce share of Total GMV 42% GMV growth 40 bps Increase in Omni sales penetration Being the Ecosystem of choice for our clients and members: 4Q25 2025 -36% Total Processed Volume growth 119% Credits disbursed growth -9% Total Processed Volume growth 7.1% Increase in factoring income 26.4 million Active users ~3 million Active users growth vs 3Q25 +8.1 million Active users vs 4Q24 44% 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. 5% Business sales growth -1% Campaigns growth 17% Business sales growth 16% Campaigns growth Connect Campaigns of the largest advertisers without Marketplace. 2.2 million Health programs sold 23% Health program renewal 6.2 million Health programs sold 148% Health program growth +3.6 million Active customers vs 3Q25 49.6 million Active customers Active Customer: A valued customer who has provided their phone number at checkout (via POS and/or self -checkout, and eCommerce ) at least once within the past 90 days. Previously disclosed figures contemplated contactable customers since program launch, as of December 2025 that number would have reached 104 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. February 18, 2026 5 Organizational changes During the quarter, Walmart announced that Guilherme “Gui” Loureiro, Regional CEO for Walmart Canada, Chile, Mexico and Central America, will retire from Walmart effective March 31, 2026. Over more than 13 years with the company, Gui has led operations and growth strategy across eight countries and has been instrumental i n advancing transformation across the Americas, including strengthening an omnichannel ecosystem and reinforcing a customer -centric, Everyday Low Price (EDLP) culture. Gui will continue to serve as Chairman of the Board of Directors of Walmart de México y Centroamérica (Walmex) through his retirement date, supporting continuity and a smooth leadership transition. In connection with this transition, Kyle Kinnard will join Walmart International as Executive Vice President and Chief Operating Officer, succeeding Gui and supporting Walmart de México y Centroamérica (Walmex), Canada, Chile and South Africa. Kyle brings deep operational, merchandising and people -leadership experience, most recently leading Walmart U.S. Health & Wellness and previously holding senior roles across U.S. and international businesses. Walmart announced that Kathryn McLay, President and CEO of Walmart International, departed Walmart on January 31, 2026, but will remain with the company through the first quarter to help ensure an orderly transition. Kathryn McLay has led Walmart International since 2023, advancing a growth agenda that delivered strong results, accelerated digital and technology transformation, and strengthened the leadership team; earlier, she led Sam’s Club U.S. through 12 consecutive quarters of double-digit sales growth, while improving merchandise quality and expanding omnichannel capabilities. Effective February 1, 2026, Chris Nicholas was named President and CEO of Walmart International, overseeing operations across 17 countries. A proven operator with significant international experience , having lived and worked in more than 10 countries, Chris Nicholas brings a combination of operational and financial leadership, having previously served as Chief Operating Officer of Walmart U.S. and as CFO of both Walmart U.S. and Walmart International. In sharing his excitement about the role, Chris Nicholas underscored Walmart International’s “culture of rapid innovation” and its enduring purpose to help people save money and live better, reinforcing momentum and continuity as Walmart International enters its next chapter. In a planned CEO succession, Walmart’s Inc. Board of Directors elected John Furner to succeed Doug McMillon as President and Chief Executive Officer, effective on February 1, 2026; Doug McMillon retired as CEO on January 31, 2026. Over a 32-year Walmart career that began as an hourly store associate, John Furner has developed deep, end- to-end leadership experience across the business, spanning roles on the sales floor, international assignments, leading Sam’s Club, and most recently serving as President and CEO of Walmart U.S., and is recognized as a merchant, operator and innovator grounded in Walmart’s purpose and values, with a clear focus on leading the company into a new, innovation and AI -enabled era of retail. Under Doug McMillon’s leadership as CEO since 2014, Walmart ac celerated its transformation into a people-led, tech -powered omnichannel retailer while investing in associates and strengthening the culture that supports customers and communities, and in his farewell message he emphasized the enduring importance of Walmart’s purpose, values and the diffe rence associates make every day. To support continuity, Doug McMillon will remain on Walmart’s Board of Directors until the next annual shareholders’ meeting in June 2026 and will serve as an advisor to John Furner through January 31, 2027 .
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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. February 18, 2026 6 Other Events in 4Q25 Walmart de México y Centroamérica was recognized in Forbes México’s “Ready 25” list, which highlights the companies leading technological transformation in Mexico. Walmex ranked first in the Merco category for Self-Service and Department Stores with the Best Reputation in Mexico. Walmart de México y Centroamérica ranked first in Mundo Ejecutivo’s “50 Companies that Dominate Retail and eCommerce in Mexico” ranking. Company Description WALMEX is a Retail Sector company whose shares are traded in the Mexican Stock Exchange since 1977. As of December 2025, it operated 4,265 units, broken down as follows: Openings 4Q25 Total Stores Walmex Format Units Format Units Format Units Format Units Bodega Aurrera 92 Discount Store 11 Bodega Aurrera 2,698 Discount Store 636 Bodega 16 Bodega 1 Bodega 639 Bodega 175 Mi Bodega 8 Walmart 1 Mi Bodega 511 Supermarket 99 Bodega Aurrera Express 68 Bodega Aurrera Express 1,548 Walmart Supercenter 39 Walmart Supercenter 7 Walmart Supercenter 338 Walmart Express 1 Walmart Express 104 Sam's Club 2 Sam's Club 176 Total Mexico 102 Total Central America 13 Total Mexico 3,316 Total Central America 949 Installed Capacity Sales Area in m2 (December 31, 2025) Format Mexico Central America Bodegas and Discount Stores 3,303,416 524,516 Walmarts 2,431,583 197,774 Sam’s Clubs 1,275,843 - Supermarkets 165,216 136,219 Total 7,176,058 858,509
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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. February 18, 2026 7 Live Q&A session Walmart de México y Centroamérica will hold a live Q&A session on February 19th at 7:00 AM ( Mexico City time ) to discuss the company’s 4Q25 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 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. February 18, 2026 8 Appendix 1: Quarterly Income Statement (million pesos) $ $ $ $ $ $ $ $ Net Sales 239,161 224,589 244,556 225,746 239,795 228,427 280,982 272,881 Other Revenues 1,814 1,605 1,698 1,669 1,725 1,767 1,867 1,824 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 4.9 282,849 100.0 274,705 100.0 3.0 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 (214,905) (76.0) (209,723) (76.3) 2.5 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 67,944 24.0 64,982 23.7 4.6 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 (44,951) (15.9) (43,622) (15.9) 3.0 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 22,993 8.1 21,360 7.8 7.6 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) 324 0.1 122 — 164.2 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 23,317 8.2 21,482 7.8 8.5 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 (2,264) (0.8) (3,101) (1.1) (27.0) 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) 21,053 7.4 18,381 6.7 14.5 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 (6,453) (2.3) (3,181) (1.2) 102.8 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) 14,600 5.2 15,200 5.5 (3.9) 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 29,595 10.5 27,383 10.0 8.1 Earnings per share (in pesos): 0.707 0.756 (6.6) 0.645 0.717 (10.3) 0.678 0.741 (8.6) 0.844 0.871 (3.1) % Revenue 2025 Quarter I 2024 % Revenue % Growth % Revenue 2025 Quarter II 2024 % Revenue % Growth % Revenue 2025 2024 Quarter III % Growth% Revenue 2025 % Revenue Quarter IV % Revenue 2024 % Growth
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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. February 18, 2026 9 Net sales $ 1,004,494,234 $ 951, 642,597 Other revenues 7,103,650 6,864,894 Total revenues 1,011,597,884 958,507,491 Cost of sales (766,399,989) (727,034,273) Gross profit 245,197,895 231,473,218 General expenses (168,044,492) (156,085,246) Income before other income and expenses 77,153,403 75,387,972 Other income 2,393,802 2,784,127 Other expenses (1,053,455) (813,111) Operating income 78,493,750 77,358,988 Financial income 1,847,595 3,672,831 Financial expenses (11,464,697) (12,100,332) Income before income taxes 68,876,648 68,931,487 Income taxes (18,985,907) (15,104,103) Consolidated net income $ 49,890,741 $ 53, 827,384 Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Actuarial results on employee benefits, net of income tax (325,270) (451,592) Cumulative translation adjustment $ (10,232,480) $ 16, 620,054 Other comprehensive (loss) income (10,557,750) 16,168,462 Comprehensive income $ 39,332,991 $ 69, 995,846 Basic earnings per share (in pesos) $ 2.873 $ 3. 085 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 years ended on December 31
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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. February 18, 2026 10 Assets Current Assets: Cash and cash equivalents $ 28,591,153 $ 36,513,582 Account receivable, net 26,634,850 24,862,289 Inventories 107,450,921 110,694,942 Prepaid expenses and others 1,432,523 1,326,455 Total current assets 164,109,447 173,397,268 Non-current assets: Property and equipment, net 195,080,344 180,715,011 Right-of-use assets 63,545,003 63,958,072 Investment properties, net 4,133,976 4,351,732 Intangibles properties, net 42,646,550 47,393,126 Deferred tax assets 23,189,157 21,678,914 Other non-current assets 2,568,786 2,398,942 Total assets $ 495,273,263 $ 493,893,065 Liabilities and equity Current liabilities: Accounts payable 123,903,939 121,971,233 Short-term lease liability 5,186,942 4,735,116 Other accounts payable 38,820,282 39,899,960 Income taxes payable 1,805,549 4,187,435 Total current liabilities 169,716,712 170,793,744 Long-term liabilities: Leases and other long-term liabilities 83,988,302 84,844,691 Income tax liabilities 2,364,599 2,381,292 Employee benefits 3,623,589 2,997,869 Total liabilities 259,693,202 261,017,596 Equity: Capital stock 45,027,866 45,429,160 Retained earnings 180,017,034 167,447,963 Other comprehensive income 14,702,423 25,260,173 Premium on sale of shares 6,230,963 5,906,487 Employee stock option plan fund (10,398,225) (11,168,314) Total equity 235,580,061 232,875,469 Total liabilities and equity $ 495,273,263 $ 493,893,065 WALMART DE MEXICO, S.A.B DE C.V. AND SUBSIDIARIES 20242025 December 31 (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. February 18, 2026 11 Operating activities Income before income taxes $ 68,876,648 $ 68,931,487 Items related to investing activities: Depreciation and amortization 24,953,131 22,639,474 Loss from disposal of property and equipment and impairment 223,564 (402,757) Stock option compensation expenses 304,661 493,766 Interest earned (1,327,640) (2,657,187) Items related to financing activities: Interest on lease liabilities 9,115,155 8,593,484 Unrealized exchange rate fluctuation 857,863 (62,852) Provision for labor obligations 1,031,707 574,290 Interest in charge 263,182 42,902 Cash flow from operating activities 104,298,271 98,152,607 Variances in: Accounts receivable (1,642,439) (173,566) Inventories 1,249,411 (12,543,798) Prepaid expenses and other assets (406,351) (826,096) Accounts payable 4,755,799 3,057,479 Other accounts payable (1,571,215) 2,121,813 Income tax paid (23,574,671) (16,397,777) Employee benefits (671,057) (755,127) Net cash flow operating activities 82,437,748 72,635,535 Investing activities Long-lived assets (38,981,955) (34,763,789) Interest collected 1,327,640 2,657,187 Proceeds from sale of property and equipment 544,462 872,570 Employee stock option plan fund 789,904 699,272 Net cash flow used in from investing activities (36,319,949) (30,534,760) Financing activities Dividend payment (28,922,976) (37,399,452) Repurchase of shares (8,799,988) — Interest paid (263,182) (42,902) Payment of leases liability (13,285,498) (12,355,100) Net cash flow used in investing activities (51,271,644) (49,797,454) Effect of changes in the value of cash (2,768,584) 3,541,276 Net decrease in cash and cash equivalents (7,922,429) (4,155,403) Cash and cash equivalents at beginning of year 36,513,582 40,668,985 Cash and cash equivalents at end of year $ 28,591,153 $ 36,513,582 Non-cash transactions: Additions of right-of-use assets $ 2,771,976 $ 1,821,479 Modifications and actualizations $ 4,067,065 $ 4,651,885 WALMART DE MEXICO, S.A.B DE C.V. AND SUBSIDIARIES 20242025 December 31 For the years ended on (Amounts in thousands of Mexican pesos) Consolidated Statement of Cash Flows