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Tiendas 3B 1Q26 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 first quarter of 2026 (\u201c1Q26\u201d) ended March 31, 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 FIRST qUARTER 2026<\/span><\/span><\/b><\/p>\n MESSAGE FROM THE CHAIRMAN AND CEO<\/b><\/p>\n \nDear Investors,<\/p>\n \nWe delivered a strong start to 2026. In the first quarter, we opened 123 net new stores, bringing our total store base to 3,469 units. Despite a soft consumer environment in Mexico, we achieved same-store sales (SSS) growth of 16.0% in 1Q26, underscoring the strength of our value proposition and increasing customer loyalty.<\/p>\n \nWe remain among the fastest-growing retailers globally. Total revenue for 1Q26 reached Ps. 22,860 million, an increase of 33.4% versus 1Q25, driven by robust SSS growth and the continued expansion of our store network.<\/p>\n \nEBITDA, excluding the impact of the non-cash share-based payment, was Ps. 1,276 million, up 38.9% year-over-year. Reported EBITDA was Ps. 554 million and includes the effect of this non-cash share-based payment.<\/p>\n \nWhile EBITDA margin is an important indicator that we expect will continue to improve over time, we do not manage the business to meet a specific quarterly margin target. Instead, we focus on execution: opening successful stores, continuously enhancing value for our customers, and improving operational efficiency. This we believe creates long-term shareholder value and sustains our competitive advantages.<\/p>\n \nWe maintain a focus on cash generation. Our business generates cash both from operations and from structurally negative working capital, driven by strong sales growth, healthy margins, stable payables, and rapid inventory turnover.<\/p>\n \nOur business model continues to be robust, resilient, and highly scalable. As we grow, we remain committed to getting the fundamentals right: delivering outstanding value to customers, maintaining disciplined execution, and driving ongoing productivity and efficiency gains.<\/p>\n \nWe are encouraged by our momentum heading into the rest of the year and remain confident in our ability to continue delivering long-term 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 1Q26 CONSOLIDATED RESULTS<\/b><\/p>\n<\/td>\n<\/tr>\n \n(In Ps. Million, except percentages)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 1Q26<\/b><\/p>\n<\/td>\n As % of Revenue<\/b><\/p>\n<\/td>\n 1Q25<\/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. 22,860<\/p>\n<\/td>\n 100.0%<\/i><\/p>\n<\/td>\n \nPs. 17,132<\/p>\n<\/td>\n 100.0%<\/i><\/p>\n<\/td>\n 33.4%<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/b><\/p>\n<\/td>\n \nPs. 3,704<\/p>\n<\/td>\n 16.2%<\/i><\/p>\n<\/td>\n \nPs. 2,744<\/p>\n<\/td>\n 16.0%<\/i><\/p>\n<\/td>\n 35.0%<\/i><\/p>\n<\/td>\n 19 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Sales Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 2,364)<\/p>\n<\/td>\n 10.3%<\/i><\/p>\n<\/td>\n \n(Ps. 1,763)<\/p>\n<\/td>\n 10.3%<\/i><\/p>\n<\/td>\n 34.1%<\/i><\/p>\n<\/td>\n 5 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Administrative Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 1,379)<\/p>\n<\/td>\n 6.0%<\/i><\/p>\n<\/td>\n \n(Ps. 706)<\/p>\n<\/td>\n 4.1%<\/i><\/p>\n<\/td>\n 95.5%<\/i><\/p>\n<\/td>\n 191 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Other Income \u2013 Net<\/b><\/p>\n<\/td>\n \nPs. 21<\/p>\n<\/td>\n 0.1%<\/i><\/p>\n<\/td>\n \nPs. 23<\/p>\n<\/td>\n 0.1%<\/i><\/p>\n<\/td>\n (6.9%)<\/i><\/p>\n<\/td>\n (4 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \nPs. 554<\/p>\n<\/td>\n 2.4%<\/i><\/p>\n<\/td>\n \nPs. 705<\/p>\n<\/td>\n 4.1%<\/i><\/p>\n<\/td>\n (21.4%)<\/i><\/p>\n<\/td>\n (169 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n Share-based payment expense<\/b><\/p>\n<\/td>\n \nPs. 722<\/p>\n<\/td>\n 3.2%<\/i><\/p>\n<\/td>\n \nPs. 213<\/p>\n<\/td>\n 1.2%<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA ex. SBP<\/b><\/p>\n<\/td>\n \nPs. 1,276<\/p>\n<\/td>\n 5.6%<\/i><\/p>\n<\/td>\n \nPs. 918<\/p>\n<\/td>\n 5.4%<\/i><\/p>\n<\/td>\n 38.9%<\/i><\/p>\n<\/td>\n 22 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 1Q26 was Ps. 22,860 million, up 33.4% 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 580 net new stores opened in the past twelve months.<\/p>\n GROSS PROFIT AND GROSS PROFIT MARGIN<\/b><\/p>\n \nGross profit for 1Q26 was Ps. 3,704 million, an increase of 35.0% compared to 1Q25. This increase reflected sales growth and a 19-bps expansion in gross margin. A better commercial margin offset increased logistic costs year-over-year associated with the opening of four distribution centers in the second half of 2025.<\/p>\n EXPENSES<\/b><\/p>\n \nSales expenses primarily reflect the cost of operating our stores, including wages and energy. In 1Q26, sales expenses reached Ps. 2,364 million, a 34.1% increase compared to 1Q25. This growth was mainly driven by an increase in store opening and the associated increase in depreciation and amortization expenses, while most other expenses (including labor) grew at a slower pace than revenue. As a percentage of total revenue, sales expenses stood at 10.3% in 1Q26, an expansion of 5 bps year-over-year.<\/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 1Q26, administrative expenses totaled Ps. 1,379 million, a 95.5% increase compared to 1Q25. This increase reflected (i) higher non-cash share-based payment expense, including the recognition of 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 (see Appendix 2 of this Earnings Release for additional details); (ii) increased staffing expenses for the new regional operations; and (iii) continued investments in human capital. As a percentage of revenue, administrative expenses increased from 4.1% in 1Q25 to 6.0% in 1Q26. The non-cash share-based compensation is reflected in our fully diluted share count.<\/p>\n \nExcluding non-cash share-based payment expense, administrative expenses for 1Q26 amounted to Ps. 658 million, an increase of 33.6% compared to 1Q25. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 2.9% in 1Q26, unchanged from 1Q25.<\/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 – net, which includes, among other items, revenues from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to a net income of Ps. 21 million in 1Q26, compared to a net income of Ps. 23 million in 1Q25. As a percentage of revenue, other income\u2013 net decreased by 4 bps year-over-year.<\/p>\n EBITDA AND EBITDA MARGIN<\/b><\/p>\n \nFor 1Q26, EBITDA was Ps. 554 million, compared to Ps. 705 million in 1Q25. As previously described, our EBITDA was impacted by the increase in non-cash share-based payment expense.<\/p>\n \nExcluding non-cash share-based payment expense, EBITDA was Ps. 1,276 million, an increase of 38.9% compared to 1Q25. The EBITDA margin for 1Q26, adjusted to exclude the non-cash share-based compensation, increased by 22 bps to 5.6%.<\/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 LOSS\/INCOME<\/b><\/p>\n \nFinancial income totaled Ps. 36 million in 1Q26, down from Ps. 38 million in 1Q25. The decrease was primarily driven by lower interest rates and the negative impact from the stronger MXN versus the USD.<\/p>\n \nFinancial costs were Ps. 457 million for 1Q26, a 43.6% increase compared to 1Q25. This increase was primarily driven by higher interest expense 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. 16 million in 1Q26, 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 still held from the IPO.<\/p>\n \nIncome tax expense reached Ps. 135 million in 1Q26 compared to Ps. 113 million in 1Q25.<\/p>\n \nAs a result, our net loss for 1Q26 was Ps. 558 million, compared to a net loss of Ps. 87 million for 1Q25.<\/p>\n BALANCE SHEET AND LIQUIDITY<\/b><\/p>\n \nAs of March 31, 2026, the Company reported local currency cash and cash equivalents of Ps. 1,344 million. In addition, as of March 31, 2026, the Company held $151 million in U.S. dollar-denominated short-term bank deposits. The Company applied an exchange rate of Ps. 18.07 to one U.S. dollar as of March 31, 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