Tiendas 3B 3Q26 Earnings Release

MEXICO CITY--(BUSINESS WIRE)-- BBB Foods Inc. (“Tiendas 3B” or the “Company”) (NYSE: TBBB), a leading grocery hard discounter in Mexico, announced today its consolidated results for the third quarter of 2026 (“3Q26”) 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 (“IFRS”), unless otherwise stated.

HIGHLIGHTS

THIRD QUARTER 2026

• Opened 141 net new stores during the quarter, reaching 3,765 stores as of September 30, 2026.
• Opened 4 distribution centers in 3Q26, reaching 25 as of September 30, 2026.
• Ps. 28,445 million total revenue for 3Q26.
  • 40.3% revenue growth compared to 3Q25.
  • Same Store Sales grew 20.5% compared to 3Q25.
• EBITDA was Ps. 1,327 million in 3Q26, compared to (Ps. 404) million in 3Q25.
  • Excluding non-cash share-based payment expense of Ps. 550 million, EBITDA reached Ps. 1,877 million, an increase of 60.5% compared to 3Q25.

MESSAGE FROM THE CHAIRMAN AND CEO

Dear Investors,

Our 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%.

During 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.

Our 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.

EBITDA, 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.

While 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.

Cash 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.

As 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.

Thank you for your continued trust and support.

K. Anthony Hatoum, Chairman and Chief Executive Officer

TOTAL REVENUE

Total 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.

GROSS PROFIT AND GROSS PROFIT MARGIN

Gross 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.

EXPENSES

Sales 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.

Administrative 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.

Excluding 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.

Please refer to Appendix 2 of this Earnings Release for an updated table summarizing the share-based payment expense plans and related expenses.

Other income – net, which includes, among other items, revenues from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to other income – net of Ps. 17 million in 3Q26, 3.5% lower than in 3Q25. As a percentage of revenue, other income – net decreased by 3 bps year-over-year.

EBITDA AND EBITDA MARGIN

For 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.

Excluding 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%.

Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.

ADDITIONAL DISCLOSURES

To allow investors to better assess our performance, the Company is providing the following supplementary information:

• Share-based payment expense (non-cash): Non-cash share-based payment expense totaled Ps. 550 million in 3Q26, compared to Ps. 1,574 million recorded in 3Q25.
  For additional details, please refer to Appendix 2 of this Earnings Release.

• Building lease payments: The Company leases all except one of its stores and all of its distribution centers. In accordance with IFRS 16, the Company’s lease expenses are capitalized, and are not considered operating expenses. Tiendas 3B’s capitalized lease payments for buildings were Ps. 638 million in 3Q26, versus Ps. 463 million in 3Q25.

FINANCIAL COSTS AND NET PROFIT/LOSS

Financial 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.

Financial 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.

The 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’s U.S. dollar-denominated cash position.

Income tax expense reached Ps. 290 million in 3Q26 compared to Ps. 137 million in 3Q25.

As a result, our net profit for 3Q26 was Ps. 23 million, compared to a net loss of Ps. 1,424 million for 3Q25.

BALANCE SHEET AND LIQUIDITY

As 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.

Our business model continues to generate strong operating cash flow through its structurally negative working capital cycle, supported by growing sales and high inventory turnover relative to supplier payment terms. This cash flow fully funds our expansion, including new stores and distribution centers.

The information provided below summarizes cash flow changes in the first nine months of 2026:

Net cash flows provided by operating activities increased to Ps. 7,051 million in the first nine months of 2026 (“9M26”) from Ps. 3,095 million for the first nine months of 2025 (“9M25”). Our net working capital continues to be driven by a favorable ratio of Inventory Days to Payable Days.

Net cash flows used in investing activities totaled Ps. 4,129 million for 9M26, compared to Ps. 2,228 million in 9M25. This increase was primarily attributed to the Ps. 1,483 million allocation of the primary proceeds from the equity follow-on into short-term deposits during 2Q26, along with continued investments to expand our store and logistics network.

Net cash flows used in financing activities were Ps. 1,287 million for 9M26, compared to the cash flows used in 9M25 of Ps. 1,172 million. The amount for 9M26 reflects the inflows from the primary proceeds from the equity follow-on.

In 3Q26, we opened 141 net new stores compared to the 131 net new stores opened in 3Q25. In the last twelve months, the Company opened 603 net new stores, compared to 528 stores in the twelve months ending 3Q25.

Same Store Sales grew by 20.5% for 3Q26, compared to 17.9% for 3Q25.

Non-IFRS Measures and Other Calculations

For the convenience of investors, this release presents certain non-IFRS financial measures, which are not calculated in accordance with IFRS (“non-IFRS financial measures”). A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so excluded or included in the most comparable IFRS financial measure. Non-IFRS financial measures do not have standardized meanings and may not be directly comparable to similarly titled measures reported by other companies. These non-IFRS financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The non-IFRS financial measures presented herein have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of non-IFRS financial measures may be different from the calculations used by other companies, including our competitors, and therefore, our non-IFRS financial measures may not be comparable to those of other companies.

We calculate “EBITDA”, a non-IFRS measure, as net profit (loss) for the period, plus income tax expense, financial costs, net, and total depreciation and amortization.

We calculate “EBITDA Margin”, a non-IFRS measure, for a period by dividing EBITDA for the corresponding period by total revenue for such period.

Same Store Sales: We measure “Same Store Sales” using revenue from sales of merchandise at stores that were operational for at least the full preceding 12 months for the periods under consideration. Stores that were temporarily closed (for one month or more) or permanently closed during the relevant measurement periods are excluded from this metric. Same Store Sales growth is calculated by comparing the Same Store Sales of stores that were opened and remained open throughout the relevant measurement period.

Lease Payments: Consistent with lease accounting required under IFRS 16, total depreciation and amortization includes the depreciation expense of right-of-use-asset corresponding to long-term leases, which is a non-cash expense. Such amounts, together with the interest expense on lease liabilities, is a proxy for but not equal to the Company’s actual cash expenditure incurred in connection with its leased properties.

Inventory Days: We calculate “Inventory Days” to be the average of beginning and end of period inventory balance, divided by cost of sales for the period and multiplied by the number of days during the period. Inventory Days measures the average number of days we keep inventory on hand before selling the product. This operating metric allows us to track our inventory management policies and observe how quickly we are able to rotate inventory, which is key to our cash conversion cycle.

Payable Days: We calculate “Payable Days” to be the sum of the average of beginning and end of period balance of suppliers and of accounts payable and accrued expenses, divided by cost of sales for the period and multiplied by the number of days during the period. Payable Days measures the average number of days that it takes us to pay suppliers after receiving goods or services. This metric allows us to track the terms of payment policies with suppliers and our ability to finance our operations through agreements with our suppliers.

CONFERENCE CALL DETAILS

Tiendas 3B will host a call to discuss the third quarter 2026 results on November 3, 2026, at 11:00 a.m. Eastern Time (10:00 a.m. Mexico City time). A webinar of the call will be accessible at:

https://zoom.us/webinar/register/WN_cqKZHb71QFqqAS0ZJxkZpA

To join via telephone, please dial one of the domestic or international numbers listed below:

Other international numbers available: https://us02web.zoom.us/u/knEOJCJkC

The webinar ID is 984 0868 5146

An audio replay from the conference call will be available on the Tiendas 3B website https://www.investorstiendas3b.com after the call.

FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We base these forward-looking statements on our current beliefs, expectations and projections about future events and trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. The words “believe,” “may,” “should,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “will,” “expect” and similar words are intended to identify forward-looking statements. Forward looking statements include information concerning our possible or assumed future results of operations, business strategies, capital expenditures, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Please refer to our annual report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities Exchange Commission (the “SEC”), as well as any subsequent filings made by us with the SEC, each of which is available on the SEC’s website (www.sec.gov), for a more extensive discussion of the risks and other factors that may impact any forward-looking statements in this release. Considering these limitations, you should not make any investment decision in reliance on forward-looking statements contained in this release.

ABOUT TIENDAS 3B

BBB Foods Inc. (“Tiendas 3B”), a proudly Mexican company, is a pioneer and leader of the grocery hard discount model in Mexico and one of the fastest growing retailers in the country as measured by its sales and store growth rates. The 3B name, which references "Bueno, Bonito y Barato" - a Mexican saying which translates to "Good, Nice and Affordable" - summarizes Tiendas 3B’s mission of offering irresistible value to budget savvy consumers through great quality products at bargain prices. By delivering value to the Mexican consumer, we believe we contribute to the economic well-being of Mexican families. In a landmark achievement, Tiendas 3B was listed on the New York Stock Exchange in February 2024 under the ticker symbol “TBBB”.

For more information, please visit: https://www.investorstiendas3b.com/

APPENDIX 1: FULLY DILUTED SHARES ILLUSTRATIVE CALCULATION

To further improve investor’s understanding of our capital structure, we are providing below an illustrative calculation of our fully diluted share count as of September 30, 2026, inclusive of Class A common shares and Class A common shares subject to vested and unvested stock options, restricted stock units, and Class A common shares under the Liquidity Event Plan and the Bolton Partners Share Allocation. We calculate our fully diluted common shares outstanding by assuming the “net settlement” of all our outstanding options at their weighted average strike price.

The illustrative example below assumes:

• Price per Class A common share: US$53.00 (rounded closing price of US$52.64 of September 30, 2026)
• Weighted average exercise price of US$5.75 per Class A common share subject to options granted under our Legacy Plan
• Weighted average exercise price of US$32.93 per Class A common share subject to options granted under our Post-IPO Equity Incentive Plan
• All outstanding options are vested as of the date hereof, for illustrative purposes only

The example above is provided for illustrative purposes only. The number of common shares outstanding would change if the strike price of the specific option being exercised were higher or lower than the weighted average strike price assumed for this exercise and/or if the market price for our Class A common shares was higher or lower at the time of exercise than the assumed price.

APPENDIX 2: SHARE-BASED PAYMENT EXPENSE

The tables and explanatory text below provide a breakdown of the expenses associated with stock options and restricted shares granted under the Legacy Plan, the Post-IPO Equity Incentive Plan, and the Liquidity Event Plan.

All our share-based compensation plans were previously fully disclosed in our offering documents and public filings, including in our annual report on Form 20-F for the year ended December 31, 2025, for the year ended December 31, 2024 and for the year ended December 31, 2023 filed with the U.S. Securities Exchange Commission (the “SEC”), each of which is available on the SEC’s website (www.sec.gov) and on our investor relations website.

The previously disclosed Liquidity Event Plan in the aggregate amount of 7.5 million Class C common shares was subject to formal assignment and delivery. On June 24, 2025, Tiendas 3B formally granted the 7.5 million Class C common shares to the Liquidity Event Plan participants. Our board of directors also determined it was in the best interest of the Company primarily in relation to talent retention to subject the award to quarterly vesting over a three-year period. The corresponding expense will be recognized during such three-year period beginning in the third quarter of 2025 using a graded vesting model (accelerated expense recognition) with a corresponding increase to equity.

Under IFRS, the cost of this award is recognized as a non-cash expense in the profit and loss statement, even though the award is equity-settled. The fair value of the grant is determined at the grant date, and for awards with vesting conditions, the expense is recognized over the applicable vesting period. To improve investors’ understanding of how we recognize the non-cash expenses associated with each of our share-based payment arrangements, we are including below our current expectations for non-cash share-based payment expenses per program from 2026 until 2028. We note however, that these figures may vary slightly from initial estimates due to the actual vesting of the awards.

It is important to note that the formal grant of these awards and vesting schedule does not result in any additional dilution beyond what was previously disclosed and is already reflected in our fully diluted share count, discussed in Appendix 1. Additionally, the estimated share-based payment expense reflected in the table below only considers awards granted as of today. The Company may grant additional awards under the 2024 Equity Incentive Plan as administered by the Company’s compensation committee (or such other committee of our board of directors to which it has properly delegated power, or if no such committee or subcommittee exists, our board of directors).

View source version on businesswire.com: https://www.businesswire.com/news/home/20261030251364/en/

INVESTOR RELATIONS CONTACT
[email protected]

Source: Tiendas 3B

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