Chedraui 2Q26 Conference Call Highlights

Research evidence excerpt

Chedraui 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

23 July 2026

Chedraui Neutral

CHDRAUIB.MX, CHDRAUIB MM

2Q26 Conference Call Highlights Price (22 Jul 26):Ps86.94

LatAm Retail & Healthcare

Chedraui (N rated) just hosted its conference call for the 2Q26 management Froylan Mendez AC

reframed the U.S. recovery as market-by-market and longer-tailed given (52-55) 5540-9482

immigration/SNAP impacts, but said 3Q started better, led by Smart Final (sales/ froylan.mendez@jpmchase.com

traffic up) with some improvement at El Super. SSS remains the key guidance risk J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

in both Mexico (aiming for the low end, not certain) and the U.S., while they remain Joseph Giordano

confident in EBITDA margin, CapEx, and expansion. Margins were positioned as (55-11) 4950-3020

execution-led (not price-led), Mexico via promo/inventory discipline and shrink, joseph.giordano@jpmorgan.com

and the U.S. via RCDC stabilization, operating levers, and mix, while Mexico Banco J.P. Morgan S.A.

competition remains elevated but they claim to be holding price gaps and pushing Nicolas Larrain

Supercitos growth (130+ openings in 2026; faster implied in 2027). Key highlights (55-11) 4950-3472

below: nicolas.larrain@jpmorgan.com

Banco J.P. Morgan S.A.

• Guidance: SSS is the key risk; margins/CapEx/expansion remain the Guilherme A. Vilela, CFA

“confidence” items. Management guided that Mexico SSS looks difficult (55-11) 4950-3059

(aiming for the low end, not certain), while they feel comfortable with EBITDA guilherme.a.vilela@jpmorgan.com

margin, expansion, CapEx, and financial position; the U.S. message was

Giovanni Vescovi

similar. SSS looks tough, but EBITDA margin guidance still viewed as (55-11) 4950-2901