Slides
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Walmex Results 3Q26 October 27 , 2026
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The date of this webcast is October 27 , 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 3Q26 Performance
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Strategic Progress Highlights | 3Q26 Mexico results unless stated otherwise * Constant Currency 1 Active 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 2 Customers that have given their cellphone number and registered a purchase at least once in the last 90 days Consolidated revenue growth 3.0 % | 3.6 % * Revenue growth 3.1 % | 6.0 % * Mexico SSS vs. ANTAD SSS +230 bps Performance Non - negotiables eCommerce growth vs 3Q25 14.8 % | 15.8 % Bait active users 1 | Revenue growth vs 3Q25 27.6 M | +25.7 % Walmart Connect revenue growth vs 3Q25 9.7 % Commerce Solutions Price Perception vs 3Q25 +260 bps Self - service Total Availability vs 3Q25 +340 bps Beneficios active 2 contactable customers 46 M Mexico CAM* GMV Net sales
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Camilo Cañedo - CFO 3Q26 Results
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Strengthening the Customer Value Proposition Private Brands: ~100 bps | Price Perception: +260 bps | Self - service Price Gap: +5 0 bps Mexico Results vs LY Self - service Total Availability: +3 40 bps vs 3 Q25 | DOH: - 3 vs LY
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Accelerating eCommerce Mexico eComm GMV increased 14.8% in 3Q26 while net sales increased 15.8% Growth (%) 1: GMV: Gross Merchandise Value Mexico Results • 20.8% Store - fulfilled GMV growth • 12.2% Marketplace GMV growth • 8.6 % eComm penetration of total GMV • 15.8% eComm Net Sales growth • 74.7% Store - fulfilled Same day - delivery • 28.9% Store - fulfilled <2 - hour delivery • 9.7% Store - fulfilled <1 - hour delivery 19.7% 13.3% 9.1% 11.5% 14.8% 21.2% 12.5% 14.4% 16.2% 15.8% 3Q25 4Q25 1Q26 2Q26 3Q26 GMV Net sales 3Q26 Highlights 1
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Connectivity 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. Mexico Results Commerce Solutions Enhancing the core 16.0% 5.3% 32.6% 30.6% 9.7% 3Q25 4Q25 1Q26 2Q26 3Q26 Revenue growth vs 3Q25 3.0B 3.5B 3.4B 3.8B 3.7B 23.5M 26.4M 26.6M 26.8M 27.6M 3Q25 4Q25 1Q26 2Q26 3Q26 Revenues Active users 1
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Sustaining EDLC Through automation and productivity Digital Shelf Labels Automation eComm FC Mexico Automated DCs (Bajío & Tlaxcala)
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Mexico’s Performance • Total revenues growth of 3.1% • Same - store sales growth of 1.7%. Growth ahead of the market. • Gross margin contracted 10 bps to 24.7% driven by price investments partially offset by Commerce Solutions contribution. • SG&A represented 17.2% of sales, increasing 50 bps vs previous year mainly from growth investments in new stores and eCommerce. • EBITDA reached a 10.4% margin, down 30 bps vs. LY. bps = basis points 5.6% 4.9% 4.4% 3.1% 3.1% 3Q25 4Q25 1Q26 2Q26 3Q26 10.7% 10.7% 10.4% 9.6% 10.4% 3Q25 4Q25 1Q26 2Q26 3Q26 Revenues growth EBITDA Margin 3Q26 Highlights
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24.8% 24.6% 24.6% 24.7% +10 bps +10 bps - 30 bps 3Q25 Omnichannel Commerce Solutions 3Q26 One-off 3Q26 3Q26 Gross Profit Margin % Total Revenues bps = basis points Gross Margin Mexico Price investments partially offset by Commerce Solutions contribution vs 3Q25: - 10 bps
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16.7% 17.1% 17.1% 17.2% +40 bps +15 bps - 5 bps 3Q25 Run Grow 3Q26 One-off 3Q26 3Q26 SG&A % Total Revenues bps = basis points SG&A Mexico Business expansion remains the key driver of SG&A growth vs 3Q25: +50 bps
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Sam's Club Bodega Walmart North South Center Metro Food & Consumables Health & Wellness General Merchandise By Format By Region By Merchandise Division Same - store sales In Mexico grew 1.7% led by Sam’s Club Mexico: 1.7 % SSS ANTAD 3Q Growth (%) - Mexico
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-3.0 -1.0 1.0 3.0 5.0 7.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Walmart Sam's Club Bodega -3.0 -1.0 1.0 3.0 5.0 7.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 North Metro Center South -3.0 -1.0 1.0 3.0 5.0 7.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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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- 80 10 40 50 - 30 40 150 60 190 200 140 220 110 190 190 170 180 230 bps 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 WM Mexico Gap vs. ANTAD 1 – Same - Store Sales Growth (bps) 1. ANTAD self - service and clubs bps = basis points Continued outperformance vs ANTAD 280
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Mexico 3Q26 results Revenues grew 3.1% and EBITDA margin was 10.4%. ($MXN Millions ) 3Q26 3Q25 Var. $ % $ % % Total revenues 206,759 100.0 200,567 100.0 3.1 Gross profit 51,144 24.7 49,672 24.8 3.0 General expenses 35,533 17.2 33,405 16.7 6.4 Earnings before other income, net 15,611 7.6 16,267 8.1 (4.0) Other income, net 368 0.2 135 0.1 171.7 Operating income 15,979 7.7 16,402 8.2 (2.6) EBITDA 21,491 10.4 21,490 10.7 -
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Central America’s Performance Constant Currency • Total revenues increased 6.0% with same - store sales growth of 4.8%. • Gross margin in line with last year. • SG&A represented 18.4% of sales, in line with last year. • EBITDA margin at 9.2%, growing 6.9% vs LY. bps = basis points 3Q26 Highlights (Constant Currency) 2.5% 2.4% 2.5% 3.6% 6.0% 3Q25 4Q25 1Q26 2Q26 3Q26 9.2% 9.0% 9.2% 8.4% 9.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Revenues growth EBITDA Margin
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El Salvador Honduras Nicaragua Guatemala Costa Rica 3Q26 Same - Store Sales Growth (%) - Central America Figures in constant currency basis Same - store sales Central America growing 4.8% Central America: 4.8 % 3Q26 Highlights • Costa Rica traffic improvement. • Excluding Costa Rica: 8.7% comp growth. • eComm growth: 23.4%
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-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 3Q26 results In constant currency 6.0% revenue growth and 9.2% EBITDA margin. ($MXN Millions ) 3Q26 3Q25 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 42,069 100.0 40,953 100.0 2.7 6.0 Gross profit 10,411 24.7 10,102 24.7 3.1 6.4 General expenses 7,761 18.4 7,541 18.4 2.9 5.7 Earnings before other income, net 2,650 6.3 2,561 6.3 3.5 8.4 Other income, net 54 0.1 58 0.1 (7.2) (7.5) Operating income 2,704 6.4 2,619 6.4 3.3 8.0 EBITDA 3,881 9.2 3,776 9.2 2.8 6.9
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Total Revenue Growth (%) - 3Q26 3.1 6.0 3.6 3.0 Mexico Central America Walmex Walmex Total Revenue Growth of 3.0% in 3Q26; 3.6% in constant currency 3.5 4.0 3.6 2.2 Mexico Central America Walmex Walmex Total Revenue Growth (%) – YTD26 Constant currency Constant currency
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Consolidated Performance • Total revenues increased 3.0% and 3.6% in constant currency. • Gross margin in line vs LY with 24.7% of revenues. • SG&A expanded 40 bps to 17.4% of revenues. • EBITDA margin of 10.2% contracting 30 bps vs LY. • Net income margin of 4.4% contracting 50 bps vs LY. bps = basis points 3Q26 Highlights 4.9% 3.0% 1.7% 1.9% 3.0% 3Q25 4Q25 1Q26 2Q26 3Q26 10.5% 10.5% 10.2% 9.4% 10.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Revenues growth EBITDA Margin
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($MXN Millions ) 3Q26 3Q25 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 248,828 100.0 241,520 100.0 3.0 3.6 Gross profit 61,555 24.7 59,774 24.7 3.0 3.5 General expenses 43,294 17.4 40,946 17.0 5.7 6.3 Earnings before other income, net 18,261 7.3 18,828 7.8 (3.0) (2.3) Other income, net 422 0.2 193 0.1 118.1 118.0 Operating income 18,683 7.5 19,021 7.9 (1.8) (1.1) EBITDA 25,372 10.2 25,266 10.5 0.4 1.0 Net income 11,027 4.4 11,747 4.9 (6.1) (5.5) Consolidated 3Q26 results Revenues grew 3.0% and EBITDA margin was 10.2%, 30 bps below PY
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Store Openings Continuing to expand our store network • 39 New stores in Mexico • 3 New stores in Central America • 1.6% contribution to Total Sales Growth • +36k New Sq. M. of Sales Floor • +184 Stores remodeled / maintenance 20 25 26 115 17 23 42 22K 27K 35K 128K 6K 12K 36K 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Units Sq.M. 3Q26 Highlights
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Cash Generation Supporting Value Creation Sources and uses of cash – $MXN Millions $35,182 $27,065 $91,618 $643 $5,896 $39,292 $28,923 $17,036 $9,231 Cash Sep 2025 Cash Generation Working Capital Capex Dividend Payment Taxes Repurchase of Shares Plan Fund Cash Sep 2026
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Key Messages Encouraging signs Still significant work ahead Reaffirming guidance 1 3.5% - 4.5% top line growth EBITDA margin slight contraction 1. Constant currency bps = basis points Focused on the areas that strengthen the business Customer Value Proposition | Accelerating Digital | Sustaining EDLC
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Walmex Results 9M26 October 27, 2026
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Mexico 9M26 results Revenues grew 3.5% and EBITDA margin was 10.1%. ($MXN Millions ) 9M26 9M25 Var. $ % $ % % Total revenues 620,306 100.0 599,115 100.0 3.5 Gross profit 151,294 24.4 145,430 24.3 4.0 General expenses 106,005 17.1 99,619 16.6 6.4 Earnings before other income, net 45,289 7.3 45,811 7.6 (1.1) Other income, net 1,262 0.2 884 0.1 42.7 Operating income 46,551 7.5 46,695 7.8 (0.3) EBITDA 62,860 10.1 61,843 10.3 1.6
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Central America 9M26 results In constant currency 4.0% revenue growth and 8.9% EBITDA margin. ($MXN Millions ) 9M26 9M25 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 124,489 100.0 129,634 100.0 (4.0) 4.0 Gross profit 29,979 24.1 31,824 24.5 (5.8) 2.1 General expenses 22,456 18.0 23,475 18.1 (4.3) 3.3 Earnings before other income, net 7,523 6.0 8,349 6.4 (9.9) (1.2) Other income, net 100 0.1 133 0.1 (24.4) (19.7) Operating income 7,623 6.1 8,482 6.5 (10.1) (1.5) EBITDA 11,132 8.9 12,009 9.3 (7.3) 1.1
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($MXN Millions ) 9M26 9M25 Var. (%) $ % $ % Peso terms Constant currency basis Total revenues 744,795 100.0 728,749 100.0 2.2 3.6 Gross profit 181,273 24.3 177,254 24.3 2.3 3.7 General expenses 128,461 17.2 123,094 16.9 4.4 5.8 Earnings before other income, net 52,812 7.1 54,160 7.4 (2.5) (1.1) Other income, net 1,362 0.2 1,017 0.1 34.0 34.6 Operating income 54,174 7.3 55,177 7.6 (1.8) (0.5) EBITDA 73,992 9.9 73,852 10.1 0.2 1.6 Net income 34,679 4.7 35,291 4.8 (1.7) (0.5) Consolidated 9M26 results Revenues grew 2.2% (3.6% in constant currency), and EBITDA margin was 9.9%, 20 bps below PY.
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Walmex Results 3Q26 October 27, 2026