El Puerto De Liverpool (LIVEPOLC1.MX): 2Q26 broadly in line with expectations

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El Puerto De Liverpool (LIVEPOLC1.MX): 2Q26 broadly in line with expectations

Equity Research

27 July 2026 | 8:51PM EDT

El Puerto De Liverpool (LIVEPOLC1.MX): 2Q26 broadly in line with

expectations

El Puerto de Liverpool reported 2Q26 results broadly in line with expectations. Irma Sgarz

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

SSS trends remained underwhelming across segments, impacted by a relatively soft Goldman Sachs & Co. LLC

consumption environment. The Liverpool banner outperformed ANTAD peers by Felipe Rached

80bp, while Suburbia underperformed. Gross margin was once again a positive +55(11)3371-4587felipe.rached@gs.com|

(+190bp yoy), helped by FX tailwinds, lower promotional activity and favorable Goldman Sachs do Brasil CTVM S.A.

Gabriela Lemecategory mix. Growth in higher margin activities (e.g. real estate) also supported +55(11)3372-3512 |

gross margin through a positive mix effect. However, the combination of operating gabriela.leme@gs.comGoldman Sachs do Brasil CTVM S.A.

deleverage and greater cost of risk in the financial business resulted in a -40bp yoy

decline in EBITDA margin.

On the call, we look to further explore (1) the forward outlook for demand and the

overall state of the consumer, (2) any update on the FY guidance for SSS and EBITDA

margins, in light of soft 2Q results, and (3) any potential changes in the risk appetite

of the financial business in light of the relatively weak consumption environment.

Sales remained soft, though Liverpool outperformed ANTAD peers. The Liverpool

banner posted SSS of +1.7% yoy, improving from the -2.5% yoy posted in 1Q26.

Suburbia posted weak SSS growth of -6.4% yoy (vs. -3.1% yoy in 1Q26). ANTAD

department stores reported SSS of +0.9% yoy this quarter, implying that the