<\/p>\n
Tiendas 3B 3Q26 Earnings Release<\/b><\/p>\n
MEXICO CITY–(BUSINESS WIRE<\/a>)–BBB Foods Inc. (\u201cTiendas 3B\u201d<\/b> or the \u201cCompany\u201d)<\/b>(NYSE: TBBB)<\/b>, a leading grocery hard discounter in Mexico, announced today its consolidated results for the third quarter of 2026 (\u201c3Q26\u201d) ended September 30, 2026. The figures presented in this release are expressed in nominal Mexican Pesos (Ps.) and are prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d), unless otherwise stated.<\/p>\n HIGHLIGHTS<\/b><\/p>\n THIRD QUARTER 2026<\/span><\/span><\/b><\/p>\n MESSAGE FROM THE CHAIRMAN AND CEO<\/b><\/p>\n \nDear Investors,<\/p>\n \nOur third-quarter 2026 results sustained the strong momentum established in the first half of the year. Continued improvements in our value proposition, growing Tiendas 3B brand equity, and increasing customer trust drove robust same-store sales (SSS) growth of 20.5%.<\/p>\n \nDuring the quarter, we opened 141 net new stores, bringing net store openings over the last twelve months to 603. We also opened four new distribution centers, expanding our regional network to 25 regions as of September 2026.<\/p>\n \nOur revenue growth continues to significantly outpace that of the Mexican retail industry. Third-quarter revenue reached Ps. 28,445 million, an increase of 40.3% year over year, driven by strong SSS growth and a 19.1% expansion in our store base.<\/p>\n \nEBITDA, when excluding non-cash share-based compensation, increased 60.5% year over year to Ps. 1,877 million. Reported EBITDA was Ps. 1,327 million, reflecting the impact of non-cash share-based compensation.<\/p>\n \nWhile we are pleased with our EBITDA performance, we highlight that we do not manage our business to achieve a specific EBITDA margin target. Our priorities remain the disciplined expansion of our store network and the relentless improvement of our customer value proposition. These are the foundations of our competitive advantage, and, over time, we believe will drive sustainable margin expansion.<\/p>\n \nCash flow generation remained strong, fully funding our expansion during the quarter. Robust revenue growth, healthy operating margins, and our structurally negative working capital continued to support our strong cash flow dynamics.<\/p>\n \nAs we enter the final quarter of 2026, we remain focused on execution and optimistic about the opportunities ahead. Our resilient, scalable business model positions us to capitalize on these opportunities while continuing to create lasting value for our customers, employees, and shareholders.<\/p>\n \nThank you for your continued trust and support.<\/p>\n K. Anthony Hatoum, Chairman and Chief Executive Officer<\/i><\/b><\/p>\n FINANCIAL RESULTS<\/b><\/p>\n \n\u00a0<\/p>\n 3Q26 CONSOLIDATED RESULTS<\/b><\/p>\n \n(In Ps. Million, except percentages)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 3Q26<\/b><\/p>\n<\/td>\n As % of Revenue<\/b><\/p>\n<\/td>\n 3Q25<\/b><\/p>\n<\/td>\n As % of Revenue<\/b><\/p>\n<\/td>\n Growth (%)<\/i><\/b><\/p>\n<\/td>\n Margin Variation (bps)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n Total Revenue<\/b><\/p>\n<\/td>\n \nPs. 28,445<\/p>\n<\/td>\n 100.0%<\/i><\/p>\n<\/td>\n \nPs. 20,279<\/p>\n<\/td>\n 100.0%<\/i><\/p>\n<\/td>\n 40.3%<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/b><\/p>\n<\/td>\n \nPs. 4,743<\/p>\n<\/td>\n 16.7%<\/i><\/p>\n<\/td>\n \nPs. 3,277<\/p>\n<\/td>\n 16.2%<\/i><\/p>\n<\/td>\n 44.8%<\/i><\/p>\n<\/td>\n 52 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Sales Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 2,796)<\/p>\n<\/td>\n 9.8%<\/i><\/p>\n<\/td>\n \n(Ps. 2,065)<\/p>\n<\/td>\n 10.2%<\/i><\/p>\n<\/td>\n 35.4%<\/i><\/p>\n<\/td>\n (36 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n Administrative Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 1,283)<\/p>\n<\/td>\n 4.5%<\/i><\/p>\n<\/td>\n \n(Ps. 2,109)<\/p>\n<\/td>\n 10.4%<\/i><\/p>\n<\/td>\n (39.2%)<\/i><\/p>\n<\/td>\n (589 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n Other Income \u2013 Net<\/b><\/p>\n<\/td>\n \nPs. 17<\/p>\n<\/td>\n 0.1%<\/i><\/p>\n<\/td>\n \nPs. 17<\/p>\n<\/td>\n 0.1%<\/i><\/p>\n<\/td>\n (3.5%)<\/i><\/p>\n<\/td>\n (3 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \nPs. 1,327<\/p>\n<\/td>\n 4.7%<\/i><\/p>\n<\/td>\n \n(Ps. 404)<\/p>\n<\/td>\n (2.0%)<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n<\/tr>\n Share-based payment expense<\/b><\/p>\n<\/td>\n \nPs. 550<\/p>\n<\/td>\n 1.9%<\/i><\/p>\n<\/td>\n \nPs. 1,574<\/p>\n<\/td>\n 7.8%<\/i><\/p>\n<\/td>\n (65.0%)<\/i><\/p>\n<\/td>\n (583 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA ex. SBP<\/b><\/p>\n<\/td>\n \nPs. 1,877<\/p>\n<\/td>\n 6.6%<\/i><\/p>\n<\/td>\n \nPs. 1,170<\/p>\n<\/td>\n 5.8%<\/i><\/p>\n<\/td>\n 60.5%<\/i><\/p>\n<\/td>\n 83 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Please see the explanation at the end of this release on how EBITDA, a non-IFRS financial measure, is calculated, and for other relevant definitions.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n TOTAL REVENUE<\/b><\/p>\n \nTotal revenue for 3Q26 was Ps. 28,445 million, up 40.3% year-over-year. Most of this growth was driven by sales from stores that have been operating for more than one year, and, to a lesser extent, the incremental sales from 603 net new stores opened in the past twelve months.<\/p>\n GROSS PROFIT AND GROSS PROFIT MARGIN<\/b><\/p>\n \nGross profit increased 44.8% year-over-year to Ps. 4,743 million in 3Q26, driven by strong sales growth and a 52-bps expansion in gross margin. The margin improvement reflected a stronger commercial margin and lower transportation costs as a percentage of revenue, despite the opening of four distribution centers in 3Q26.<\/p>\n EXPENSES<\/b><\/p>\n \nSales expenses primarily reflect the cost of operating our stores, including wages and energy. As a percentage of total revenue, sales expenses stood at 9.8% in 3Q26, a decline of 36 bps year-over-year, as a result of improved operational leverage across most components of our sales expenses, including labor. In 3Q26, sales expenses reached Ps. 2,796 million, a 35.4% increase compared to 3Q25. This growth was mainly driven by an increase in the number of stores and wage inflation.<\/p>\n \nAdministrative expenses refer to expenses not directly related to operating our stores, such as headquarters, regional office expenses, and share-based compensation. For 3Q26, administrative expenses totaled Ps. 1,283 million, a 39.2% decrease compared to 3Q25. This decrease is entirely explained by a lower non-cash share-based payment expense, as in 3Q25 we started to recognize the non-cash expense corresponding to the Liquidity Event Plan (LEP) disclosed in February 2024 and granted by the Board of Directors in June 2025, subject to a quarterly vesting schedule, and which expense is recognized on a non-linear basis using a graded vesting method, being higher at the start of the period and decreasing over time (see Appendix 2 of this Earnings Release for additional details). As a percentage of revenue, administrative expenses decreased from 10.4% in 3Q25 to 4.5% in 3Q26. The non-cash share-based compensation is already reflected in our fully diluted share count.<\/p>\n \nExcluding non-cash share-based payment expense, administrative expenses for 3Q26 amounted to Ps. 733 million, an increase of 37.0% compared to 3Q25, as we continue to invest in talent and open new regions. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 2.6% in 3Q26, a decrease of 6 bps year-over-year.<\/p>\n Please refer to Appendix 2 of this Earnings Release for an updated table summarizing the share-based payment expense plans and related expenses.<\/i><\/p>\n \nOther income \u2013 net, which includes, among other items, revenues from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to other income \u2013 net of Ps. 17 million in 3Q26, 3.5% lower than in 3Q25. As a percentage of revenue, other income \u2013 net decreased by 3 bps year-over-year.<\/p>\n EBITDA AND EBITDA MARGIN<\/b><\/p>\n \nFor 3Q26, EBITDA was Ps. 1,327 million, compared to (Ps. 404) million in 3Q25. As previously described, our EBITDA was positively impacted by the decrease in non-cash share-based payment expense.<\/p>\n \nExcluding non-cash share-based payment expense, EBITDA was Ps. 1,877 million, an increase of 60.5% compared to 3Q25. The EBITDA margin for 3Q26, adjusted to exclude the non-cash share-based compensation, increased by 83 bps to 6.6%.<\/p>\n Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.<\/i><\/p>\n ADDITIONAL DISCLOSURES<\/b><\/p>\n \nTo allow investors to better assess our performance, the Company is providing the following supplementary information:<\/p>\n FINANCIAL COSTS AND NET PROFIT\/LOSS<\/b><\/p>\n \nFinancial income totaled Ps. 63 million in 3Q26, up from Ps. 42 million in 3Q25. The increase was primarily driven by a higher average cash position.<\/p>\n \nFinancial costs were Ps. 528 million for 3Q26, a 45.7% increase compared to 3Q25. This increase was primarily driven by higher interest expenses on lease liabilities, reflecting the continued expansion of our stores, distribution center network, and equipment.<\/p>\n \nThe Company recorded a foreign exchange gain of Ps. 97 million in 3Q26, driven by the appreciation of the U.S. dollar against the Mexican peso, which positively impacted, in Mexican peso terms, the Company\u2019s U.S. dollar-denominated cash position.<\/p>\n \nIncome tax expense reached Ps. 290 million in 3Q26 compared to Ps. 137 million in 3Q25.<\/p>\n \nAs a result, our net profit for 3Q26 was Ps. 23 million, compared to a net loss of Ps. 1,424 million for 3Q25.<\/p>\n BALANCE SHEET AND LIQUIDITY<\/b><\/p>\n \nAs of September 30, 2026, the Company reported local currency cash and cash equivalents of Ps. 3,075 million. In addition, as of September 30, 2026, the Company held $237 million in U.S. dollar-denominated short-term bank deposits. The Company applied an exchange rate of Ps. 17.84 to one U.S. dollar as of September 30, 2026.<\/p>\n\n
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For additional details,<\/i>please refer to Appendix 2 of this Earnings Release.<\/i><\/li>\n<\/ul>\n\n