Chedraui (CHDRAUI) Q4 2025 earnings summary

Executive summary

• Achieved 22 consecutive quarters of same-store sales outperformance versus ANTAD in Mexico, with 3% same-store sales growth in Q4 2025 and 6.9% total sales growth, despite a challenging consumption environment.

• Consolidated sales for Q4 2025 were MXN 75,221 million, down 3% year-over-year, mainly due to U.S. headwinds and a 10% appreciation of the Mexican peso against the U.S. dollar.

• Opened 142 stores in Mexico and 1 in the U.S. in 2025, the most aggressive expansion in company history.

• Chedraui USA faced headwinds from stricter immigration enforcement and a U.S. government shutdown, resulting in negative same-store sales, but improved EBITDA margin through expense control.

• Ended 2025 with 1,067 stores across Mexico and the U.S., with plans to open 147 stores in Mexico and 5 in the U.S. in 2026.

Financial highlights

• Consolidated EBITDA excluding extraordinary items increased 9.7% year-over-year to MXN 6,498 million, with margin up 101 bps to 8.6%.

• Including extraordinary items, Q4 2025 EBITDA declined 2.2% to MXN 5,793 million, margin up 7 bps to 7.7%.

• Gross profit rose 2.9% to MXN 17,420 million, with margin at 23.2% (vs. 21.8% prior year), driven by inventory and promotion management.

• Consolidated net income was MXN 1,846 million, or MXN 1,344 million including extraordinary items.

• Net cash position at year-end was MXN 6,923 million; CapEx for 2025 was MXN 8,549 million (2.9% of sales), 25.4% lower than 2024.

Outlook and guidance

• Plans to open 147 stores in Mexico (17 large format, rest Supercito) and 5 in the U.S. in 2026.

• Expects at least 3% same-store sales growth in Mexico for 2026, with double-digit e-commerce growth and penetration targeted to reach 5%.

• Focus on maintaining market share gains in Mexico and adapting to challenging U.S. market conditions.

• Long-term growth strategy has resulted in a 14% net income CAGR over the last four years.

• Profitability has benefited from both M&A activity and organic expansion.