<\/p>\n
\nTiendas 3B 2Q26 Earnings Release<\/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 second quarter of 2026 (\u201c2Q26\u201d) ended June 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 Second qUARTER 2026<\/span><\/span><\/b><\/p>\n MESSAGE FROM THE CHAIRMAN AND CEO<\/b><\/p>\n \nDear Investors,<\/p>\n \nWe delivered strong results in the second quarter of 2026. Despite a soft consumer environment in Mexico, same-store sales (SSS) grew 20.0%, driven by our compelling value proposition, strong brand recognition, and growing customer loyalty. We opened 155 net new stores in the quarter, bringing our total store base to 3,624 units, and added a new distribution center, expanding our logistics footprint to 21 regions.<\/p>\n \nOur growth remains among the fastest in retail. Total revenue increased 38.7% year over year to Ps. 26,037 million, supported by strong SSS performance and the continued expansion of our store base.<\/p>\n \nEBITDA, excluding non-cash share-based compensation, increased 43.8% year over year to Ps. 1,575 million. Reported EBITDA was Ps. 960 million, reflecting the impact of non-cash share-based compensation as well as expenses related to our May equity follow-on offering.<\/p>\n \nWe are pleased with our EBITDA growth excluding non-cash share-based compensation. While we do not manage the business to specific EBITDA margin targets, we believe disciplined execution – opening successful stores, strengthening our customer value proposition, and continuously improving operating efficiency \u2013 will drive margin expansion over time. This approach is the foundation of durable competitive advantages and long-term shareholder value creation.<\/p>\n \nCash flow generation was strong in the quarter, supported by robust revenue growth, healthy operating profitability, and our structurally negative working capital model. As a result, our organic expansion continues to be fully self-funded.<\/p>\n \nWe enter the second half of 2026 with strong momentum. Our results continue to demonstrate the resilience, scalability, and strength of our business model, and we remain confident in our ability to deliver sustained 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 \n\u00a0<\/p>\n<\/td>\n<\/tr>\n 2Q26 CONSOLIDATED RESULTS<\/b><\/p>\n \n(In Ps. Million, except percentages)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2Q26<\/b><\/p>\n<\/td>\n As % of Revenue<\/b><\/p>\n<\/td>\n 2Q25<\/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. 26,037<\/p>\n<\/td>\n 100.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 18,770<\/p>\n<\/td>\n 100.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 38.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n n.m.<\/i><\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/b><\/p>\n<\/td>\n \nPs. 4,362<\/p>\n<\/td>\n 16.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 3,043<\/p>\n<\/td>\n 16.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 43.4<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 54 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Sales Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 2,598)<\/p>\n<\/td>\n 10.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n(Ps. 1,978)<\/p>\n<\/td>\n 10.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 31.4<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n (56 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n Administrative Expenses<\/b><\/p>\n<\/td>\n \n(Ps. 1,428)<\/p>\n<\/td>\n 5.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n(Ps. 731)<\/p>\n<\/td>\n 3.9<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 95.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 159 bps<\/i><\/p>\n<\/td>\n<\/tr>\n Other Income \u2013 Net<\/b><\/p>\n<\/td>\n \nPs. 16<\/p>\n<\/td>\n 0.1<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 59<\/p>\n<\/td>\n 0.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n (72.4<\/i><\/p>\n<\/td>\n %)<\/i><\/p>\n<\/td>\n (25 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \nPs. 960<\/p>\n<\/td>\n 3.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 844<\/p>\n<\/td>\n 4.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 13.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n (81 bps)<\/i><\/p>\n<\/td>\n<\/tr>\n Share-based payment expense<\/b><\/p>\n<\/td>\n \nPs. 615<\/p>\n<\/td>\n 2.4<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 252<\/p>\n<\/td>\n 1.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 143.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 102 bps<\/i><\/p>\n<\/td>\n<\/tr>\n EBITDA ex. SBP<\/b><\/p>\n<\/td>\n \nPs. 1,575<\/p>\n<\/td>\n 6.1<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \nPs. 1,096<\/p>\n<\/td>\n 5.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 43.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n 21 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\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 TOTAL REVENUE<\/b><\/p>\n \nTotal revenue for 2Q26 was Ps. 26,037 million, up 38.7% 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 593 net new stores opened in the past twelve months.<\/p>\n GROSS PROFIT AND GROSS PROFIT MARGIN<\/b><\/p>\n \nGross profit increased 43.4% year-over-year to Ps. 4,362 million in 2Q26, driven by strong sales growth and a 54-bps expansion in gross margin. The margin improvement reflected a stronger commercial margin and lower transportation costs as a percentage of revenue.<\/p>\n EXPENSES<\/b><\/p>\n \nSales expenses primarily reflect the cost of operating our stores, including wages and energy. In 2Q26, sales expenses reached Ps. 2,598 million, a 31.4% increase compared to 2Q25. This growth was mainly driven by an increase in the number of stores. As a percentage of total revenue, sales expenses stood at 10.0% in 2Q26, a decline of 56 bps year-over-year, as a result of improved operational leverage across most components of our sales expenses, including labor.<\/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 2Q26, administrative expenses totaled Ps. 1,428 million, a 95.3% increase compared to 2Q25. 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; (iii) continued investments in human capital and (iv) non-recurring expenses of Ps 37 million related to the equity follow-on offering in May 2026. As a percentage of revenue, administrative expenses increased from 3.9% in 2Q25 to 5.5% in 2Q26. 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 2Q26 amounted to Ps. 813 million, an increase of 69.8% compared to 2Q25. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 3.1% in 2Q26, an increase of 57 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. 16 million in 2Q26, compared to other income \u2013 net of Ps. 59 million in 2Q25. Note that in 2Q25 this line reflected a Ps. 40 million non-recurring insurance recovery related to Hurricane Otis. As a percentage of revenue, other income \u2013 net decreased by 25 bps year-over-year.<\/p>\n EBITDA AND EBITDA MARGIN<\/b><\/p>\n \nFor 2Q26, EBITDA was Ps. 960 million, compared to Ps. 844 million in 2Q25. 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. 1,575 million, an increase of 43.8% compared to 2Q25. The EBITDA margin for 2Q26, adjusted to exclude the non-cash share-based compensation, increased by 21 bps to 6.1%.<\/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. 37 million in 2Q26, down from Ps. 52 million in 2Q25. The decrease was primarily driven by lower interest rates and the negative impact from a stronger Mexican peso compared to the U.S. dollar given our net U.S. dollar denominated cash position.<\/p>\n \nFinancial costs were Ps. 483 million for 2Q26, a 27.1% increase compared to 2Q25. 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 loss of Ps. 85 million in 2Q26, driven by the depreciation of the U.S. dollar against the Mexican peso, which negatively impacted, in Mexican peso terms, the Company\u2019s U.S. dollar-denominated cash position.<\/p>\n \nIncome tax expense reached Ps. 208 million in 2Q26 compared to Ps. 117 million in 2Q25.<\/p>\n \nAs a result, our net loss for 2Q26 was Ps. 386 million, compared to a net loss of Ps. 286 million for 2Q25.<\/p>\n BALANCE SHEET AND LIQUIDITY<\/b><\/p>\n \nAs of June 30, 2026, the Company reported local currency cash and cash equivalents of Ps. 1,981 million. In addition, as of June 30, 2026, the Company held $236 million in U.S. dollar-denominated short-term bank deposits. The Company applied an exchange rate of Ps. 17.47 to one U.S. dollar as of June 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