Fundamentals

Results

(Millions of MXN) 2025 2024 2023 2022
Net revenue 5,088 4,487 4,506 3,727
Gross profit 1,201 1,197 1,220 948
Operating income 469 428 522 377
Capitalized Comprehensive Financial Result 302 277 214 256
EBITDA 785 716 745 641
Net income 412 232 302 259

Balance Sheet

(Millions of MXN) 2025 2024 2023 2022
Inventory 9,213 9,270 8,766 8,017
Total assets 11,637 11,870 11,337 10,417
Cash and cash equivalents* 464 466 544 663
Total debt 1,704 2,164 2,123 3,051
Total liabilities 5,784 6,387 6,060 5,433
Stockholders' equity 5,853 5,484 5,277 4,995
*Include "CADU20V" reserve fund

Cash Flow

(Millions of MXN) 2025 2024 2023 2022
Earnings before taxes 447 336 413 271
Cash flows from operating activities 131 (540) 1,313 1,007
Cash flows from investment activities (122) 19 29 19
Cash flows from financing activities (791) (284) (1,461) (858)
Opening cash balance* 466 544 663 494
Cash generated during the period (2) (79) (118) 169
Ending cash balance* 464 466 544 663
*Including "CADU20V" reserve fund

Growth and Profitability

(Percentage) 2025 2024 2023 2022
Net revenue growth 13.4% (0.4%) 20.9% 34.1%
EBITDA growth 9.7% (4.0%) 16.3% 100.5%
Gross margin 23.6% 26.7% 27.1% 25.4%
Operating margin 9.2% 9.5% 11.6% 10.1%
EBITDA margin 15.4% 15.9% 16.5% 17.2%
Net Margin 8.1% 5.2% 6.7% 7.0%

Financial ratios

(Times) 2025 2024 2023 2022
Total liabilities / Stockholders' equity 0.99 1.16 1.15 1.10
Net debt / LTM EBITDA 1.58 2.37 2.12 3.79
Total debt / LTM EBITDA 2.17 3.02 2.85 4.8
Interest coverage 3.02 2.61 2.24 1.69

Working Capital Cycle

(Days) 2025 2024 2023 2022
Receivables 50 73 54 50
Inventory 853 1,014 960 1,039
Suppliers 218 269 252 133
Prepayments 34 35 33 29
Working Capital Cycle (WCC) 650 782 729 927