El Puerto de Liverpool (LIVEPOLC) Q1 2026 earnings summary

Executive summary

• Consolidated revenue for Q1 2026 was MXN 45.4 billion, down 0.2% year-over-year, with retail revenue declining 1.9%, financial services up 11.6%, and real estate up 4.4%.

• Digital GMV in retail increased 12.4% year-over-year, with digital penetration reaching 31.4% at Liverpool and 7.8% at Suburbia.

• Retail faced weak consumer demand, operational disruptions, and security incidents, while financial services and real estate delivered strong growth.

• Same-store sales declined 2.5% at Liverpool and 3.1% at Suburbia, mainly due to lower traffic and operational issues.

• Net income was MXN 1.9 billion, a 17.2% decrease year-over-year.

Financial highlights

• EBITDA was MXN 5.1 billion, down 6.2% year-over-year; EBITDA margin contracted 70 basis points to 11.3%.

• Retail gross margin reached 30.9%, up 70 basis points year-over-year, despite MXN 150 million in one-time logistics expenses.

• Consolidated gross margin improved to 41.7%.

• CapEx for Q1 2026 was MXN 952 million, down 54.8% from 2025, reflecting near completion of the Arco Norte Logistics Center.

• Net Debt/EBITDA ratio at 0.58x, reflecting a conservative leverage approach.

Outlook and guidance

• Management expects operational momentum to gradually recover as temporary disruptions are resolved.

• 2026 guidance: Same-store sales growth of 4.5%-5.5% (Liverpool), 5.0%-6.0% (Suburbia); digital GMV growth expected at 18%-19%; net loan portfolio growth at 7%-8%.

• Too early to reassess full-year guidance; key commercial periods remain ahead.