—Consolidated revenue increased 16% to Ps. 51,768 million, driven by strong growth in financial revenue—
—Continued growth in consolidated gross loan portfolio; it increased 14% to Ps.198,915 million—
—A 12% increase in consolidated deposits, to Ps. 243,931 million, generates solid prospects for the financial business, with optimal funding costs—
MÉXICO CITY, April 29, 2025 /PRNewswire/ — Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA* Latibex: XEKT), Latin America’s leading specialty retailer and financial services company, and the largest non-bank provider of cash advance services in the United States, today announced first quarter 2025 results.
First quarter results
Consolidated revenue grew 16% to Ps.51,768 million in the period, compared to Ps.44,562 million in the same quarter of the previous year. Operating costs and expenses increased 17% to Ps.44,830 million, from Ps.38,199 million in the same quarter of 2024.
As a result, EBITDA was Ps.6,939 million, 9% higher than Ps.6,363 million a year ago. Operating income was Ps.4,553 million, 12% higher than Ps.4,067 million for the same period in 2024.
The company reported net income of Ps.1,865 million, compared to Ps.1,721 million a year ago.
|
Q1 2024 |
Q1 2025 |
Change |
||
|
Ps. |
% |
|||
|
Consolidated revenue |
$44,562 |
$51,768 |
$7,206 |
16 % |
|
EBITDA |
$6,363 |
$6,939 |
$576 |
9 % |
|
Operating profit
Net result |
$4,067
$1,721 |
$4,553
$1,865 |
$486
$144 |
12%
8% |
|
Net result per share |
$7.80 |
$8.90 |
$1.10 |
14 % |
|
Figures in millions of pesos. |
||||
|
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization. |
||||
|
As of March 31, 2024, Elektra* outstanding shares were 220.7 million and as of March 31, 2025, were 209.5 million. |
||||
Revenue
Consolidated revenue increased 16% in the period, reflecting a 23% increase in financial revenue and a 5% increase in commercial sales.
The increase in financial income — to Ps.33,844 million, up from Ps.27,526 million the previous year — largely reflects a 21% increase in Banco Azteca México’s revenue, amid continued growth in its gross loan portfolio, which boosts the well-being of millions of families and business development.
The increase in revenue from the commercial business, to Ps.17,924 million, from Ps.17,036 million a year ago, is largely due to growth in motorcycle sales — which strengthen business productivity and the mobility of millions of people — and home appliances — which boost the quality of life of a growing number of families.
Costs and expenses
Consolidated costs for the quarter grew 9% to Ps.23,550 million, compared to Ps.21,534 million a year earlier. This increase is explained by a 19% growth in financial costs — derived from greater creation of loan reserves, in the context of solid growth in the consolidated gross portfolio — and a 2% increase in commercial costs, consistent with growth in merchandise sales.
Lower increase in consolidated costs relative to revenues for the period led to a 23% growth in gross profit, to Ps.28,219 million, from Ps.23,028 million a year ago. Gross margin increased three percentage points to 55% this quarter.
Selling, administrative and promotional expenses grew 28% to Ps.21,280 million, from Ps.16,665 million a year ago, as a result of higher operating and advertising expenses during the period.
EBITDA and net result
EBITDA grew 9% to Ps.6,939 million, compared to Ps.6,363 million in the previous year. The EBITDA margin was 13% in the period. The company reported an operating income of Ps.4,553 million, compared to Ps.4,067 million in the same quarter of 2024.
Relevant variations below EBITDA were the following:
An increase of Ps.82 million in depreciation and amortization, resulting from growth in the right-of-use asset balance.
An increase of Ps.91 million in interest expense, resulting from a higher balance of debt with cost at the end of the quarter compared to the previous year.
Consistent with the quarterly results, there was an increase of Ps.123 million in the tax provision for the period.
Grupo Elektra reported a net income of Ps.1,865 million, up from Ps.1,721 million a year ago.
Unconsolidated balance sheet
A proforma balance sheet exercise of Grupo Elektra is presented, which allows knowing the non-consolidated financial situation, excluding the net assets of the financial business, whose investment is valued in this case under the participation method.
This presentation shows the debt of the company without considering Banco Azteca’s immediate and term deposits, which do not constitute debt with cost for Grupo Elektra. Also, the pro forma balance sheet does not include the bank’s gross loan portfolio.
This provides greater clarity about the various businesses that make up the company and enables financial market participants to estimate its value while considering only the relevant debt for such calculations.
Consistent with the above, debt with cost as of March 31, 2025, was Ps.41,920 million, compared to Ps.38,568 million the previous year. This increase largely reflects the issuance of fiduciary certificates and the drawdown of bank lines during the period.
Cash and cash equivalents were Ps.9,000 million, up from Ps.12,267 million a year ago, and net debt was Ps.32,920 million, compared to Ps.26,301 million a year ago.
|
As of March 31, |
As of March 31, |
Change |
||||
|
Ps. |
% |
|||||
|
Cash and cash equivalents |
$12,267 |
$9,000 |
(3,267) |
(27 %) |
||
|
Marketable financial instruments |
25,717 |
27,208 |
1,491 |
6 % |
||
|
Inventories |
17,470 |
23,946 |
6,476 |
37 % |
||
|
Accounts receivables |
52,012 |
33,629 |
(18,382) |
(35 %) |
||
|
Other current assets |
3,857 |
2,548 |
(1,308) |
(34 %) |
||
|
Investments in shares |
41,575 |
48,208 |
6,634 |
16 % |
||
|
Fixed assets |
8,801 |
8,199 |
(602) |
(7 %) |
||
|
Right of use assets |
12,056 |
12,470 |
414 |
3 % |
||
|
Other assets |
4,545 |
12,648 |
8,103 |
178 % |
||
|
Total assets |
$178,299 |
$177,856 |
($443) |
(0 %) |
||
|
Debt with cost |
$38,568 |
$41,920 |
3,352 |
9 % |
||
|
Suppliers |
11,340 |
12,727 |
1,387 |
12 % |
||
|
Other short-term liabilities |
20,235 |
19,913 |
(321) |
(2 %) |
||
|
Other long-term liabilities |
15,942 |
22,367 |
6,425 |
40 % |
||
|
Total liabilities |
$86,085 |
$96,928 |
$10,843 |
13 % |
||
|
Stakeholder´s equity |
$92,214 |
$80,928 |
($11,285) |
(12 %) |
||
|
Liabilities and equity |
$178,299 |
$177,856 |
($443) |
(0 %) |
||
|
Figures in millions of pesos |
||||||
Consolidated Balance Sheet
Loan Portfolio and Deposits
The consolidated gross loan portfolio of Banco Azteca Mexico, Purpose Financial, and Banco Azteca Latinoamerica as of March 31, 2025, grew 14% to Ps.198,915 million, compared to Ps.174,484 million the previous year. The consolidated non-performing loan ratio was 4.4% at the end of the period, compared to 4.2% the previous year.
Banco Azteca Mexico’s gross loan balance increased 13% to Ps.190,630 million, up from Ps.169,099 million a year ago. The bank’s delinquency ratio at the end of the period was 3.9%, compared to 3.7% the previous year.
Grupo Elektra’s consolidated deposits totaled Ps.243,931 million, 12% higher than the Ps.216,897 million a year ago. Banco Azteca Mexico’s traditional deposits were Ps.236,607 million, 10% higher than the Ps.214,793 million of the previous year.
Banco Azteca Mexico’s traditional deposits-to-gross portfolio ratio was 1.2 times, enabling solid growth of the Bank with optimal funding costs.
The bank’s liquidity coverage ratio (calculable liquid assets / total net cash outflow) at quarter-end was 701%, an outstanding figure in the Mexican banking sector.
Banco Azteca Mexico’s capitalization ratio was 14.63%.
Infrastructure
Grupo Elektra currently has 6,150 contact points, compared to 6,170 units the previous year; the decrease is the result of strategies focused on maximizing the profitability of the company’s contact points.
At the end of the period, Grupo Elektra had 4,908 points of contact in Mexico, 810 in the US, and 432 in Central America. The company’s extensive distribution network provides customer proximity and close service, generating superior market positioning in the countries where it operates.
Company Profile:
Grupo Elektra is Latin America’s leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The group operates more than 6,000 points of contact in México, the United States, Guatemala, Honduras, and Panama.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca (www.TVazteca.com; www.irtvazteca.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Purpose Financial (havepurpose.com), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Punto Casa de Bolsa (www.puntocasadebolsa.mx), Total Play (irtotalplay.mx; www.totalplay.com.mx) and Total Play Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spain’s’ Latibex market. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are presented in documents sent to the securities authorities.
|
Investor Relations: |
||
|
Bruno Rangel Grupo Salinas Tel. +52 (55) 1720-9167 |
Rolando Villarreal Grupo Elektra, S.A.B. de C.V. Tel. +52 (55) 1720-9167 |
|
|
Press Relations: Luciano Pascoe Tel. +52 (55) 1720 1313 ext. 36553
|
||
|
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES |
||||||||
|
CONSOLIDATED INCOME STATEMENTS |
||||||||
|
MILLIONS OF MEXICAN PESOS |
||||||||
|
1Q24 |
1Q25 |
Change |
||||||
|
Financial income |
27,526 |
62 % |
33,844 |
65 % |
6,318 |
23 % |
||
|
Commercial income |
17,036 |
38 % |
17,924 |
35 % |
888 |
5 % |
||
|
Income |
44,562 |
100 % |
51,768 |
100 % |
7,206 |
16 % |
||
|
Financial cost |
9,380 |
21 % |
11,126 |
21 % |
1,746 |
19 % |
||
|
Commercial cost |
12,154 |
27 % |
12,423 |
24 % |
269 |
2 % |
||
|
Costs |
21,534 |
48 % |
23,550 |
45 % |
2,015 |
9 % |
||
|
Gross income |
23,028 |
52 % |
28,219 |
55 % |
5,191 |
23 % |
||
|
Sales, administration and promotion expenses |
16,665 |
37 % |
21,280 |
41 % |
4,615 |
28 % |
||
|
EBITDA |
6,363 |
14 % |
6,939 |
13 % |
576 |
9 % |
||
|
Depreciation and amortization |
2,308 |
5 % |
2,390 |
5 % |
82 |
4 % |
||
|
Other income, net |
(12) |
0 % |
(4) |
0 % |
8 |
64 % |
||
|
Operating income |
4,067 |
9 % |
4,553 |
9 % |
486 |
12 % |
||
|
Comprehensive financial result: |
||||||||
|
Interest income |
445 |
1 % |
480 |
1 % |
35 |
8 % |
||
|
Interest expense |
(1,461) |
-3 % |
(1,551) |
-3 % |
(91) |
-6 % |
||
|
Foreign exchange gain (loss), net |
30 |
0 % |
18 |
0 % |
(12) |
-39 % |
||
|
Other financial results, net |
(671) |
-2 % |
(737) |
-1 % |
(66) |
-10 % |
||
|
(1,656) |
-4 % |
(1,789) |
-3 % |
(133) |
-8 % |
|||
|
Participation in the net income of |
||||||||
|
CASA and other associated companies |
80 |
0 % |
(9) |
0 % |
(88) |
—- |
||
|
Income before income tax |
2,491 |
6 % |
2,756 |
5 % |
265 |
11 % |
||
|
Income tax |
(770) |
-2 % |
(892) |
-2 % |
(123) |
-16 % |
||
|
Income before discontinued operations |
1,721 |
4 % |
1,864 |
4 % |
142 |
8 % |
||
|
Result from discontinued operations |
(0) |
0 % |
1 |
0 % |
2 |
—- |
||
|
Consolidated net income |
1,721 |
4 % |
1,865 |
4 % |
144 |
8 % |
||
|
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES |
||||||||||
|
CONSOLIDATED BALANCE SHEET |
||||||||||
|
MILLIONS OF MEXICAN PESOS |
||||||||||
|
Commercial Business |
Financial Business |
Grupo Elektra |
Commercial Business |
Financial Business |
Grupo Elektra |
|||||
|
Change |
||||||||||
|
At March 31, 2024 |
At March 31, 2025 |
|||||||||
|
Cash and cash equivalents |
12,267 |
28,408 |
40,675 |
9,000 |
32,652 |
41,652 |
977 |
2 % |
||
|
Marketable financial instruments |
3,983 |
96,919 |
100,902 |
6,926 |
116,115 |
123,040 |
22,138 |
22 % |
||
|
Performing loan portfolio |
– |
90,886 |
90,886 |
– |
102,882 |
102,882 |
11,996 |
13 % |
||
|
Total past-due loans |
– |
5,273 |
5,273 |
– |
5,902 |
5,902 |
629 |
12 % |
||
|
Gross loan portfolio |
– |
96,159 |
96,159 |
– |
108,784 |
108,784 |
12,625 |
13 % |
||
|
Allowance for credit risks |
– |
14,467 |
14,467 |
– |
20,207 |
20,207 |
5,740 |
40 % |
||
|
Loan portfolio, net |
– |
81,692 |
81,692 |
– |
88,577 |
88,577 |
6,885 |
8 % |
||
|
Inventories |
17,470 |
(0) |
17,470 |
23,946 |
– |
23,946 |
6,476 |
37 % |
||
|
Other current assets |
23,024 |
10,835 |
33,859 |
22,167 |
13,843 |
36,011 |
2,152 |
6 % |
||
|
Total current assets |
56,744 |
217,854 |
274,598 |
62,039 |
251,187 |
313,226 |
38,628 |
14 % |
||
|
Financial instruments |
21,734 |
2 |
21,735 |
20,282 |
2 |
20,284 |
(1,452) |
-7 % |
||
|
Performing loan portfolio |
– |
76,352 |
76,352 |
– |
87,319 |
87,319 |
10,968 |
14 % |
||
|
Total past-due loans |
– |
1,973 |
1,973 |
– |
2,811 |
2,811 |
838 |
42 % |
||
|
Gross loan portfolio |
– |
78,325 |
78,325 |
– |
90,131 |
90,131 |
11,806 |
15 % |
||
|
Allowance for credit risks |
– |
5,408 |
5,408 |
– |
5,911 |
5,911 |
504 |
9 % |
||
|
Loan portfolio |
– |
72,917 |
72,917 |
– |
84,219 |
84,219 |
11,302 |
16 % |
||
|
Other non-current assets |
22,500 |
707 |
23,207 |
85 |
342 |
427 |
(22,780) |
-98 % |
||
|
Investment in shares |
2,422 |
11 |
2,433 |
2,104 |
15 |
2,119 |
(313) |
-13 % |
||
|
Property, furniture, equipment and |
||||||||||
|
investment in stores, net |
8,801 |
10,361 |
19,162 |
8,199 |
10,179 |
18,377 |
(785) |
-4 % |
||
|
Intangible assets |
697 |
7,242 |
7,938 |
592 |
9,316 |
9,908 |
1,970 |
25 % |
||
|
Right of use asset |
11,896 |
1,919 |
13,816 |
12,325 |
2,333 |
14,657 |
842 |
6 % |
||
|
Other assets |
3,849 |
8,289 |
12,137 |
12,056 |
13,286 |
25,342 |
13,205 |
—- |
||
|
TOTAL ASSETS |
128,642 |
319,301 |
447,943 |
117,682 |
370,878 |
488,560 |
40,617 |
9 % |
||
|
Demand and term deposits |
– |
216,897 |
216,897 |
– |
243,931 |
243,931 |
27,034 |
12 % |
||
|
Creditors from repurchase agreements |
– |
33,204 |
33,204 |
– |
44,155 |
44,155 |
10,951 |
33 % |
||
|
Short-term debt |
9,832 |
33 |
9,865 |
12,855 |
40 |
12,895 |
3,030 |
31 % |
||
|
Leasing |
2,017 |
772 |
2,789 |
2,611 |
873 |
3,484 |
695 |
25 % |
||
|
Short-term liabilities with cost |
11,849 |
250,907 |
262,756 |
15,465 |
289,000 |
304,465 |
41,709 |
16 % |
||
|
Suppliers and other short-term liabilities |
29,343 |
20,071 |
49,415 |
29,824 |
22,391 |
52,215 |
2,801 |
6 % |
||
|
Short-term liabilities without cost |
29,343 |
20,071 |
49,415 |
29,824 |
22,391 |
52,215 |
2,801 |
6 % |
||
|
Total short-term liabilities |
41,192 |
270,978 |
312,170 |
45,289 |
311,391 |
356,680 |
44,510 |
14 % |
||
|
Long-term debt |
25,361 |
(0) |
25,361 |
23,977 |
(0) |
23,977 |
(1,383) |
-5 % |
||
|
Leasing |
11,065 |
1,183 |
12,248 |
11,331 |
1,548 |
12,880 |
631 |
5 % |
||
|
Long-term liabilities with cost |
36,426 |
1,183 |
37,609 |
35,309 |
1,548 |
36,857 |
(752) |
-2 % |
||
|
Long-term liabilities without cost |
4,877 |
1,073 |
5,951 |
11,036 |
3,059 |
14,095 |
8,144 |
—- |
||
|
Total long-term liabilities |
41,303 |
2,257 |
43,559 |
46,344 |
4,607 |
50,952 |
7,392 |
17 % |
||
|
TOTAL LIABILITIES |
82,495 |
273,235 |
355,730 |
91,633 |
315,999 |
407,632 |
51,902 |
15 % |
||
|
TOTAL STOCKHOLDERS’ EQUITY |
46,147 |
46,066 |
92,214 |
26,048 |
54,880 |
80,928 |
(11,285) |
-12 % |
||
|
LIABILITIES + EQUITY |
128,642 |
319,301 |
447,943 |
117,682 |
370,878 |
488,560 |
40,617 |
9 % |
||
|
INFRASTRUCTURE |
||||||||
|
1Q24 |
1Q25 |
Change |
||||||
|
Points of sale in Mexico |
||||||||
|
Elektra |
1,227 |
20 % |
1,245 |
20 % |
18 |
1 % |
||
|
Salinas y Rocha |
32 |
1 % |
32 |
1 % |
– |
0 % |
||
|
Banco Azteca |
1,920 |
31 % |
1,935 |
31 % |
15 |
1 % |
||
|
Freestanding branches |
1,733 |
28 % |
1,696 |
28 % |
(37) |
-2 % |
||
|
Total |
4,912 |
80 % |
4,908 |
80 % |
(4) |
0 % |
||
|
Points of sale in Central America |
||||||||
|
Elektra |
126 |
2 % |
130 |
2 % |
4 |
3 % |
||
|
Banco Azteca |
233 |
4 % |
235 |
4 % |
2 |
1 % |
||
|
Freestanding branches |
65 |
1 % |
67 |
1 % |
2 |
3 % |
||
|
Total |
424 |
7 % |
432 |
7 % |
8 |
2 % |
||
|
Points of sale in North America |
||||||||
|
Purpose Financial |
834 |
14 % |
810 |
13 % |
(24) |
-3 % |
||
|
Total |
834 |
14 % |
810 |
13 % |
(24) |
-3 % |
||
|
TOTAL |
6,170 |
100 % |
6,150 |
100 % |
(20) |
0 % |
||
|
Floor space (m²) |
1,716 |
100 % |
1,730 |
100 % |
14 |
1 % |
||
|
Employees |
||||||||
|
Mexico |
62,386 |
88 % |
61,651 |
88 % |
(735) |
-1 % |
||
|
Central and South America |
6,050 |
9 % |
6,148 |
9 % |
98 |
2 % |
||
|
North America |
2,506 |
4 % |
2,455 |
3 % |
(51) |
-2 % |
||
|
Total employees |
70,942 |
100 % |
70,254 |
100 % |
(688) |
-1 % |
||
SOURCE Grupo Elektra, S.A.B. de C.V.