Wal-Mart de Mexico (WALMEX.MX): Weak but in-line 2Q26, lowered guidance addresses concern

Research evidence excerpt

Wal-Mart de Mexico (WALMEX.MX): Weak but in-line 2Q26, lowered guidance addresses concern

Equity Research

22 July 2026 | 7:53PM EDT

Wal-Mart de Mexico (WALMEX.MX): Weak but in-line 2Q26, lowered

guidance addresses concern

Walmex reported soft, albeit in-line 2Q26 results. Sales were negatively impacted Irma Sgarz

+1(212)357-3770 | irma.sgarz@gs.com

by a still soft demand environment in Mexico, although thanks to a strong Goldman Sachs & Co. LLC

performance at Sam’s Club, Walmex outpaced ANTAD peers by +180bp, with a SSS Felipe Rached

growth of +1.8%. Ex-Sam’s, all other formats posted flattish-to-negative SSS +55(11)3371-4587felipe.rached@gs.com|

performance, driven by negative traffic. Gross margin was broadly stable, with the Goldman Sachs do Brasil CTVM S.A.

Gabriela Lemepositive contribution from new businesses offset by price investments, which in turn +55(11)3372-3512 |

drove a steady improvement in the price gap and value perception. ‘Grow’ expenses gabriela.leme@gs.comGoldman Sachs do Brasil CTVM S.A.

remained a source of pressure, but this was offset by a dilution in ‘Run’ expenses and

a larger contribution from ‘Other income’.

Management revised the guidance for the year. Sales are now expected to grow

between +3.5% and +4.5% in constant currency. This compares to the previous

guidance of an acceleration from the +4.6% LC growth in 2025 and to GSe at +5.4%

(unrevised) and consensus at +5.2%. In addition, management now expects a slight

yoy decline in the EBITDA margin, while the previous guidance called for stability (vs.

GSe yoy stable/consensus -6bp yoy).

While the revised guidance implies slight downside to our and consensus estimates,

we believe it addresses a key investor question and provides visibility, even as the