REPORT FROM THE
CHIEF EXECUTIVE OFFICER

2025 tested our execution capabilities. Throughout the year, we operated in a challenging environment characterized by a slowing economy and significant pressure on our profitability.

In this context, we strengthen our focus on the accelerated evolution of our business model toward a unified commerce platform to provide a differentiated and consistent shopping experience to all our customers—anytime, anywhere, for a lifetime.

This year, two major milestones are particularly noteworthy. The first was the partnership with members of the Nordstrom family to take Nordstrom, Inc. private. The transaction was finalized on May 20 and required an additional investment from El Puerto de Liverpool of $1.23 billion dollars, financed through a combination of internal and external resources. The resulting shareholding structure is 49.9% for Liverpool and 50.1% for the Nordstrom family. Several strategic reasons support this transformational investment: we expect to generate an attractive return on investment; it allows us to diversify our geographic and currency risks; and it enables us to benchmark best practices in critical areas such as customer service, eCommerce, logistics, private labels, and loyalty programs. Furthermore, it allows us to partner with the Nordstrom family, with whom we share many cultural elements and business philosophies, such as a customer-centric focus, employee well-being, and a long-term vision for decision-making. Nordstrom is one of the strongest omnichannel platforms in U.S. retail, with annual sales of approximately $15 billion dollars and nearly 125 years of history. In terms of corporate governance, we share equal voting rights on the Board of Directors.

The second milestone of 2025 was the relocation and consolidation of our logistics operations for clothing, footwear, and accessories categories into a single facility at our Arco Norte Logistics Platform (PLAN). This move represents a structural change in our way of operating. PLAN is not merely a capacity expansion but the foundation of a more agile and scalable logistics model designed to support eCommerce growth and the complexity of an omnichannel ecosystem. This new facility added more than 200,000 square meters of roofed surface and features state-of-the-art automated equipment for cross-docking, centralization, bulk handling, eCommerce, imports, and reverse logistics for our three commercial business units: Liverpool, Suburbia, and Boutiques. Accumulated investment in PLAN at the end of the fiscal year reached nearly $17 billion pesos, with only certain operational processes and infrastructure elements remaining to complete our initial master plan.

Regarding business results, consolidated revenue in 2025 reached $229 billion pesos, a 6.7% increase compared to the previous year, showing growth across all our business units. In the retail segment, revenue recorded a 5.7% increase. In terms of same-store sales, both Liverpool and Suburbia grew by 4.2%. We reopened Liverpool Tezontle in Mexico City after a full renovation that took over two years, and we opened 28 Liverpool Express locations to end the year with 68 units of this new format, which plays a relevant role in our customer proximity strategy. Regarding Suburbia, we opened 3 new stores during the year to reach 195 locations. In the Boutiques unit, we opened 29 units, adding new brands to our commercial offering, such as the arrival of the first Disney Stores in Latin America.

The second milestone of 2025 was the relocation and consolidation of our logistics operations for clothing, footwear, and accessories categories into a single facility at our Arco Norte Logistics Platform (PLAN).

The business volume of our digital channel (GMV) experienced outstanding growth of 18.2%, raising its share to 30.5% for Liverpool and 7.5% for Suburbia. This year, our efforts focused on two strategic pillars for our digital transformation. First, the modernization of our Contact Center through the implementation of cutting-edge technologies, including artificial intelligence tools to increase efficiency and the quality of customer interaction. Second, we continued advancing the evolution of our eCommerce platform, optimizing the full cycle from product cataloging to the shopping experience. These are not isolated initiatives but the construction of a digital architecture that will be a key enabler for our future growth.

In our Financial Business unit, we continued expanding the reach and depth of our ecosystem. Revenue increased notably by 15.3%. The gross portfolio closed the year at nearly $72 billion pesos, an 11.1% expansion. At the end of the period, we surpassed 8.3 million credit cards. Regarding portfolio quality, accounts more than 90 days past due reached 3.7% at year-end, a 53-basis-point increase over the previous year but still below pre-pandemic levels. We are very proud that our credit cards celebrated their first 100 years of history, having been pioneers in offering department store financing in Mexico and remaining at the forefront of technology, security, and diverse financial solutions for our customers. We continue to strengthen our value proposition with new products and solutions, such as the launch of “MiniPagos” for Suburbia, the ongoing expansion of the insurance portfolio, and the growth of “Activa,” our savings and investment product.

The Real Estate business increased its revenue by 8.7%. In May 2025, we inaugurated the expansion of Galerías Metepec, which practically doubled the leasable area of this shopping center. Occupancy in our shopping centers closed the year at 93%. We continue to enrich the entertainment and dining offerings in all our malls to maintain the preference and loyalty of both our customers and tenants.

In May 2025, we inaugurated the expansion of Galerías Metepec, which practically doubled the leasable area of this shopping center.

In terms of profitability, consolidated EBITDA reached $35.8 billion pesos, a 4.7% decrease, while the EBITDA margin of 15.6% was two percentage points below the previous year. This reduction is due to increased promotional activity—reflecting deliberate decisions to adjust inventory—expenses associated with strategic investments, particularly in logistics, and increases in bad debt provisions. We also faced external pressures such as higher import duties and minimum wage adjustments.

Net income for the year decreased 25.9% to reach $17.2 billion pesos. In addition to operating performance, this result was impacted by higher financial expenses and exchange rate effects. Inventory at the end of the fiscal year recorded a 6.3% increase, reflecting efforts throughout the year to align stock with expected sales levels.

Capital expenditures, including real estate trusts, totaled $10.7 billion pesos, equivalent to 4.7% of total revenue. These were concentrated in the modernization of our logistics infrastructure, technology projects, and the renovation and expansion of our stores and shopping centers.

At the beginning of 2025, the Company issued a bond in international markets for a total of one billion dollars, divided into two equal tranches of US$500 million with maturities of seven and twelve years, respectively. Simultaneously, a principal hedge was contracted, a key strategy to mitigate exchange rate risk and align our liabilities with dollar cash flow generation. These resources were used to finance a portion of the investment made in Nordstrom.

Maintaining a solid financial position remains a priority for the Company. Operating cash flow for 2025 was $21 billion pesos; we closed the year with a cash balance of $25.3 billion pesos and a leverage level of 0.52x Net Debt/EBITDA.

Our sustainability initiative, ‘The Footprint’ recorded progress on all fronts. In the environmental pillar, more efficient resource management allowed us to consolidate 38.4% of waste with valorization potential and increase treated water consumption by 25.3%. In the social pillar, we continued to promote equity and development, achieving 41.8% of leadership positions held by women, while actively strengthening diverse and equitable workplaces. In terms of products and supply chain, the proportion of sustainable products increased to 57.6% in our Liverpool brands and we managed to audit 1,391 suppliers through Responsible Purchasing.

In summary, 2025 was a year of great challenges. We faced significant obstacles, particularly in terms of profitability, but we continued to move decisively forward with our strategic initiatives to develop the capabilities that will be key to our future.

We sincerely appreciate the loyalty of our customers, the commitment of our employees, the trust of our suppliers, and the support of our investors.

Thank you,


Enrique Güijosa H. Chief Executive Officer December 31, 2025