MEXICO CITY--(BUSINESS WIRE)--August 12, 2026--
BBB Foods Inc. ("Tiendas 3B" or the "Company") (NYSE: TBBB), a leading grocery hard discounter in Mexico, announced today its consolidated results for the second quarter of 2026 ("2Q26") 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 ("IFRS"), unless otherwise stated.
HIGHLIGHTS
Second qUARTER 2026
-- Opened 155 net new stores during the quarter, reaching 3,624 stores as
of June 30, 2026.
-- Opened one distribution center in 2Q26, reaching 21 as of June 30,
2026.
-- Ps. 26,037 million total revenue for 2Q26.
-- 38.7% revenue growth compared to 2Q25.
-- Same Store Sales grew 20.0% compared to 2Q25.
-- EBITDA was Ps. 960 million in 2Q26, compared to Ps. 844 million in
2Q25.
-- Excluding non-cash share-based payment expense of Ps. 615
million, EBITDA reached Ps. 1,575 million, an increase of 43.8%
compared to 2Q25. 2Q26 EBITDA includes a non-recurring cash
expense of Ps. 37 million related to the equity follow-on offering
in May 2026.
MESSAGE FROM THE CHAIRMAN AND CEO
Dear Investors,
We 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.
Our 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.
EBITDA, 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.
We 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 -- will drive margin expansion over time. This approach is the foundation of durable competitive advantages and long-term shareholder value creation.
Cash 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.
We 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.
Thank you for your continued trust and support.
K. Anthony Hatoum, Chairman and Chief Executive Officer
FINANCIAL RESULTS
2Q26 CONSOLIDATED RESULTS
(In Ps. Million, except percentages)
Margin
As % of As % of Growth Variation
2Q26 Revenue 2Q25 Revenue (%) (bps)
----------------- ------- ----------- ------ ----------- --------- ---------
Ps. Ps.
Total Revenue 26,037 100.0% 18,770 100.0% 38.7% n.m.
----------------- ------- ----- --- ------ ----- --- ----- ---------
Ps. Ps.
Gross Profit 4,362 16.8% 3,043 16.2% 43.4% 54 bps
----------------- ------- ----- --- ------ ----- --- ----- ---------
(Ps. (Ps.
Sales Expenses 2,598) 10.0% 1,978) 10.5% 31.4% (56 bps)
----------------- ------- ----- --- ------ ----- --- ----- ---------
Administrative (Ps. (Ps.
Expenses 1,428) 5.5% 731) 3.9% 95.3% 159 bps
----------------- ------- ----- --- ------ ----- --- ----- ---------
Other Income --
Net Ps. 16 0.1% Ps. 59 0.3% (72.4%) (25 bps)
----------------- ------- ----- --- ------ ----- --- ----- ---------
Ps.
EBITDA Ps. 960 3.7% 844 4.5% 13.8% (81 bps)
----------------- ------- ----- --- ------ ----- --- ----- ---------
Share-based
payment Ps.
expense Ps. 615 2.4% 252 1.3% 143.8% 102 bps
----------------- ------- ----- --- ------ ----- --- ----- ---------
Ps. Ps.
EBITDA ex. SBP 1,575 6.1% 1,096 5.8% 43.8% 21 bps
----------------- ------- ----- --- ------ ----- --- ----- ---------
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.
TOTAL REVENUE
Total 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.
GROSS PROFIT AND GROSS PROFIT MARGIN
Gross 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.
EXPENSES
Sales 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.
Administrative 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.
Excluding 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.
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. 16 million in 2Q26, compared to other income -- 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 -- net decreased by 25 bps year-over-year.
EBITDA AND EBITDA MARGIN
For 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.
Excluding 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%.
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:
-- Non-recurring follow-on offering expenses: The Company incurred Ps. 37
million in follow-on related expenses during 2Q26, reflected as
administrative expenses.
-- Share-based payment expense (non-cash): Non-cash share-based payment
expense totaled Ps. 615 million in 2Q26, compared to Ps. 252 million
recorded in 2Q25. 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. 593 million in 2Q26, versus Ps. 439 million in 2Q25.
FINANCIAL COSTS AND NET LOSS/INCOME
Financial 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.
Financial 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.
The 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's U.S. dollar-denominated cash position.
Income tax expense reached Ps. 208 million in 2Q26 compared to Ps. 117 million in 2Q25.
As a result, our net loss for 2Q26 was Ps. 386 million, compared to a net loss of Ps. 286 million for 2Q25.
BALANCE SHEET AND LIQUIDITY
As 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.
CASH FLOW STATEMENT
(In Ps. Million, except percentages)
1H26 1H25 Growth (%)
------------------------------------ ------------ ------------ ------------
Net cash flows provided by
operating activities Ps.4,285 Ps. 1,955 119.2%
------------------------------------ ------------ ------------ --------
Net cash flows used in investing
activities Ps. (3,080) (Ps. 1,338) 130.2%
------------------------------------ ------------ ------------ --------
Net cash flows used in financing Ps. (655) Ps. (923) (29.0 %)
activities
------------------------------------ ------------ ------------ --------
Net increase (decrease) in cash Ps. 550 Ps. (306) n.m.
and cash equivalents
------------------------------------ ------------ ------------ ------------
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 half of 2026:
Net cash flows provided by operating activities increased to Ps. 4,285 million in the first six months of 2026 ("1H26") from Ps. 1,955 million for the first half of 2025 ("1H25"). 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. 3,080 million for 1H26, compared to Ps. 1,338 million in 1H25. 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. 655 million for 1H26, compared to the cash flows used in 1H25 of Ps. 923 million. The amount for 1H26 reflects the inflows from the primary proceeds from the equity follow-on.
KEY OPERATING METRIC
2Q26 2Q25 Variation (%)
--------------------------------- ----- ----- -------------
Number of Stores Opened 155 142 9.2%
--------------------------------- ----- ----- -------------
Number of Distribution Centers 21 16 31.3%
--------------------------------- ----- ----- -------------
Same Store Sales Growth (%) 20.0% 17.7% n.m.
--------------------------------- ----- ----- -------------
In 2Q26, we opened 155 net new stores compared to the 142 net new stores opened in 2Q25. In the last twelve months, the Company opened 593 net new stores, compared to 528 stores in the twelve months ending 2Q25.
Same Store Sales grew by 20.0% for 2Q26, compared to 17.7% for 2Q25.
OTHER RECENT DEVELOPMENTS
Lock-up Expiration. As previously reported, the liquidity lock-up applicable to our Class C common shares expired on August 6, 2026, and, accordingly, all Class C common shares converted automatically into Class A common shares on a one-to-one basis on such date.
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 second quarter 2026 results on August 13(th) , 2026, at 12:00 p.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_H7J00JR0SDSW2VhQ3n2KTA
To join via telephone, please dial one of the domestic or international numbers listed below:
Mexico United States
+52 558 659 6002 +1 312 626 6799 (Chicago)
+52 554 161 4288 +1 346 248 7799 (Houston)
+52 554 169 6926 +1 646 558 8656 (New York)
Other international numbers available: https://us02web.zoom.us/u/knEOJCJkC
The webinar ID is 951 8752 5034
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, 2024 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/
FINANCIAL STATEMENTS
Consolidated Income Statement
(Unaudited)
For the three months ended June 30, 2026, and June 30, 2025
(In thousands of Mexican pesos)
For the Three Months Ended June 30
----------------------------------------
2026 2025 % Change
------------------------------------ -------------- -------------- --------
Revenue from Sales of Merchandise Ps. 26,002,293 Ps. 18,743,461 38.7%
Sales of Recyclables 34,999 26,218 33.5%
------------------------------------ -------------- -------------- --------
Total Revenue 26,037,292 18,769,679 38.7%
Cost of Sales (21,675,036) (15,726,829) 37.8%
------------------------------------ -------------- -------------- --------
Gross Profit Ps. 4,362,256 Ps. 3,042,850 43.4%
Gross Profit Margin 16.8% 16.2%
Sales Expenses (2,598,412) (1,977,612) 31.4%
Administrative Expenses (1,427,861) (730,957) 95.3%
Other Income - Net 16,227 58,812 (72.4%)
------------------------------------ -------------- -------------- --------
Operating Profit Ps. 352,210 Ps. 393,093 (10.4%)
Operating Profit Margin 1.4% 2.1%
Financial Income 36,928 52,126 (29.2%)
Financial Costs (482,652) (379,722) 27.1%
Exchange Rate Fluctuation (85,315) (234,322) (63.6%)
Financial (Costs) Income -- Net (531,039) (561,918) (5.5%)
------------------------------------ -------------- -------------- --------
(Loss) Profit Before Income Tax (Ps. 178,829) (Ps. 168,825) 5.9%
Income Tax Expense (207,507) (117,250) 77.0%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit for the Period (Ps. 386,336) (Ps. 286,075) 35.0%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit Margin (1.5%) (1.5%)
Weighted Average Common Shares 118,755,982 114,766,805
------------------------------------ -------------- -------------- --------
Basic (Loss) Earnings per Common
Share n.m. n.m.
------------------------------------ -------------- -------------- --------
EBITDA Reconciliation
Net (Loss) Profit for the Period (Ps.386,336) (Ps.286,075) 35.0%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit Margin (1.5%) (1.5%)
Income Tax Expense (207,507) (117,250) 77.0%
Financial (Costs) Income -- Net (531,039) (561,918) (5.5%)
D&A 608,004 450,428 35.0%
------------------------------------ -------------- -------------- --------
EBITDA Ps. 960,214 Ps. 843,521 13.8%
------------------------------------ -------------- -------------- --------
EBITDA Margin 3.7% 4.5%
Share-Based Payment Expenses 615,212 252,327 143.8%
------------------------------------ -------------- -------------- --------
EBITDA ex. Share-Based Payment
Expenses Ps. 1,575,426 Ps. 1,095,848 43.8%
------------------------------------ -------------- -------------- --------
EBITDA Margin ex. Share-Based
Payment Expenses 6.1% 5.8%
Consolidated Income Statement
(Unaudited)
For the six months ended June 30, 2026, and June 30, 2025
(In thousands of Mexican pesos)
For the Six Months Ended June 30
----------------------------------------
2026 2025 % Change
------------------------------------ -------------- -------------- --------
Revenue from Sales of Merchandise Ps. 48,830,303 Ps. 35,848,958 36.2%
Sales of Recyclables 67,335 52,509 28.2%
------------------------------------ -------------- -------------- --------
Total Revenue 48,897,638 35,901,467 36.2%
Cost of Sales (40,831,380) (30,115,082) 35.6%
------------------------------------ -------------- -------------- --------
Gross Profit Ps. 8,066,258 Ps. 5,786,385 39.4%
Gross Profit Margin 16.5% 16.1%
Sales Expenses (4,962,697) (3,740,725) 32.7%
Administrative Expenses (2,807,037) (1,436,543) 95.4%
Other Income - Net 37,256 81,391 (54.2%)
------------------------------------ -------------- -------------- --------
Operating Profit Ps. 333,780 Ps. 690,508 (51.7%)
Operating Profit Margin 0.7% 1.9%
Financial Income 73,012 89,905 (18.8%)
Financial Costs (939,955) (698,189) 34.6%
Exchange Rate Fluctuation (68,959) (225,507) (69.4%)
Financial (Costs) Income -- Net (935,902) (833,791) 12.2%
------------------------------------ -------------- -------------- --------
(Loss) Profit Before Income Tax (Ps. 602,122) (Ps. 143,283) 320.2%
Income Tax Expense (342,473) (229,771) 49.0%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit for the Period (Ps. 944,595) (Ps. 373,054) 153.2%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit Margin (1.9%) (1.0%)
Weighted Average Common Shares 118,001,724 114,766,805
------------------------------------ -------------- -------------- --------
Basic (Loss) Earnings per Common
Share n.m. n.m.
------------------------------------ -------------- -------------- --------
EBITDA Reconciliation
Net (Loss) Profit for the Period (Ps.944,595) (Ps.373,054) 153.2%
------------------------------------ -------------- -------------- --------
Net (Loss) Profit Margin (1.9%) (1.0%)
Income Tax Expense (342,473) (229,771) 49.0%
Financial (Costs) Income -- Net (935,902) (833,791) 12.2%
D&A 1,180,633 858,124 37.6%
------------------------------------ -------------- -------------- --------
EBITDA Ps. 1,514,413 Ps. 1,548,632 (2.2%)
------------------------------------ -------------- -------------- --------
EBITDA Margin 3.1% 4.3%
Share-Based Payment Expenses 1,336,717 465,617 187.1%
------------------------------------ -------------- -------------- --------
EBITDA ex. Share-Based Payment
Expenses Ps. 2,851,130 Ps. 2,014,249 41.5%
------------------------------------ -------------- -------------- --------
EBITDA Margin ex. Share-Based
Payment Expenses 5.8% 5.6%
Consolidated Balance Sheet
(Unaudited)
As of June 30, 2026, and December 31, 2025
(In thousands of Mexican pesos)
As of June 30, As of December 31,
-------------- ------------------
2026 2025
------------------------------------------ -------------- ------------------
Current Assets:
------------------------------------------ -------------- ------------------
Cash and cash equivalents Ps. 1,981,125 Ps. 1,427,248
Short-term bank deposits 4,128,611 2,711,422
Sundry debtors 270,402 125,033
VAT and other taxes receivable 1,291,596 1,172,101
Advanced payments 170,436 72,927
Inventories 4,223,801 4,217,417
------------------------------------------ -------------- ------------------
Total Current Assets Ps. 12,065,971 Ps. 9,726,148
------------------------------------------ -------------- ------------------
Non-Current Assets:
------------------------------------------ -------------- ------------------
Guarantee deposits 166,839 109,096
VAT receivable 375,336 333,607
Property, furniture, equipment, and
lease-hold improvements - Net 10,759,706 9,348,874
Right-of-use assets - Net 12,511,887 10,305,131
Intangible assets - Net 38,686 27,819
Deferred income tax 897,339 675,504
------------------------------------------ -------------- ------------------
Total Non-Current Assets Ps. 24,749,793 Ps. 20,800,031
------------------------------------------ -------------- ------------------
Total Assets Ps. 36,815,764 Ps. 30,526,179
------------------------------------------ -------------- ------------------
Current Liabilities:
------------------------------------------ -------------- ------------------
Suppliers 13,252,362 11,428,037
Accounts payable and accrued expenses 929,226 536,792
Income tax payable 185,916 41,624
Bonus payable to related parties 158,538 102,988
Short-term debt 1,550,688 2,107,044
Lease liabilities 1,405,420 1,118,382
Employees' statutory profit sharing
payable 275,674 267,423
------------------------------------------ -------------- ------------------
Total Current Liabilities Ps. 17,757,824 Ps. 15,602,290
------------------------------------------ -------------- ------------------
Non-Current Liabilities:
------------------------------------------ -------------- ------------------
Long-term debt 254,071 141,907
Lease liabilities 12,711,124 10,612,062
Employee benefits 88,335 44,487
------------------------------------------ -------------- ------------------
Total Non-Current Liabilities Ps. 13,053,530 Ps. 10,798,456
------------------------------------------ -------------- ------------------
Total Liabilities Ps. 30,811,354 Ps. 26,400,746
------------------------------------------ -------------- ------------------
Stockholders' Equity:
------------------------------------------ -------------- ------------------
Capital stock 11,733,128 9,325,356
Reserve for share-based payments 3,678,857 3,263,057
Cumulative losses (9,407,575) (8,462,980)
------------------------------------------ -------------- ------------------
Total Stockholders' Equity Ps. 6,004,410 Ps. 4,125,433
------------------------------------------ -------------- ------------------
Total Liabilities and Stockholders' Ps. 36,815,764 Ps. 30,526,179
Equity
------------------------------------------ -------------- ------------------
Cash Flow Statement
(Unaudited)
For the three months ended June 30, 2026, and June 30, 2025
(In thousands of Mexican pesos)
For the Three Months Ended June 30,
-------------------------------------
2026 2025
------------------- ----------------
(Loss) profit before income tax (Ps. 178,829) (Ps. 168,825)
Adjustments for:
Depreciation of property,
furniture, equipment, and
lease-hold improvements 282,864 202,236
Depreciation of right-of-use
assets 323,436 247,405
Amortization of intangible assets 1,704 787
Defined costs on employee benefits 3,923 2,982
Interest expense on lease
liabilities 464,034 369,079
Interest on debt and bonus
payable, and amortization of
issuance costs 12,929 8,212
Financial income (36,928) (52,126)
Interests and commissions from
credit lines 4,713 2,432
Loss on disposal of property,
furniture, equipment, and
lease-hold improvements - 13,778
Exchange rate fluctuation 85,315 234,322
Share-based payment expense 615,212 252,327
--------------------------------------- ------------------- ----------------
Increase in inventories (103,456) (163,058)
Increase in other current assets
and guarantee deposits (295,693) (344,969)
Increase in suppliers 1,173,644 368,668
Increase in other current
liabilities 154,795 (29,776)
Increase in Employees' benefits 18,000 -
Increase (decrease) on bonus
payable to related parties 26,761 (3,753)
Income taxes paid (227,695) (179,400)
--------------------------------------- ------------------- ----------------
Net cash flows provided by operating
activities Ps. 2,324,729 Ps. 760,321
--------------------------------------- ------------------- ----------------
Purchase of property, furniture,
equipment, and lease-hold
improvements (934,827) (876,808)
Sale of property and equipment 107 1,770
Additions to intangible assets (6,859) (3,222)
Short-term bank deposits (1,482,851) 949
Interest earned on short-term
investments and other 27,874 50,111
--------------------------------------- ------------------- ----------------
Net cash flows used in investing
activities (Ps. 2,396,556) (Ps. 827,200)
--------------------------------------- ------------------- ----------------
Payments made on supplier finance
arrangements-net of commissions
received (2,299,251) (1,301,446)
Finance obtained through supplier
finance arrangements 2,360,478 1,412,327
Proceeds (payment) from credit
lines (46,721) 120,000
Payment of debt (68,666) (44,698)
Interest payment on debt (17,642) (10,644)
Proceeds from primary share
offering, net 1,486,855 -
Principal payments on lease
liabilities (243,978) (164,314)
Interest payments on leases (464,034) (369,079)
--------------------------------------- ------------------- ----------------
Net cash flows used in financing
activities Ps. 707,041 (Ps. 357,854)
--------------------------------------- ------------------- ----------------
Net increase (decrease) in cash and
cash equivalents 635,214 (424,733)
Effect of foreign exchange movements
on cash balances 2,392 (21,281)
Cash and cash equivalents at
beginning of period 1,343,519 1,567,305
--------------------------------------- ------------------- ----------------
Cash and cash equivalents at end of Ps. 1,981,125 Ps. 1,121,291
period
--------------------------------------- ------------------- ----------------
Cash Flow Statement
(Unaudited)
For the six months ended June 30, 2026, and June 30, 2025
(In thousands of Mexican pesos)
For the Six Months Ended June 30,
-----------------------------------
2026 2025
----------------- ----------------
(Loss) profit before income tax (Ps. 602,122) (Ps. 143,283)
Adjustments for:
Depreciation of property, furniture,
equipment, and lease-hold
improvements 542,812 388,457
Depreciation of right-of-use assets 634,733 468,333
Amortization of intangible assets 3,088 1,334
Defined costs on employee benefits 7,846 5,965
Interest expense on lease
liabilities 891,666 674,518
Interest on debt and bonus payable,
and amortization of issuance costs 22,254 16,035
Financial income (73,012) (89,905)
Interests and commissions from
credit lines 24,084 7,636
Loss on disposal of property,
furniture, equipment, and
lease-hold improvements - 13,778
Exchange rate fluctuation 68,959 225,507
Share-based payment expense 1,336,717 465,617
----------------------------------------- ----------------- ----------------
Increase in inventories (6,384) (71,592)
Increase in other current assets and
guarantee deposits (462,004) (557,420)
Increase in suppliers 1,824,316 815,683
Increase in other current
liabilities 400,905 59,675
Increase in Employees' benefits 36,000 -
Increase (decrease) on bonus payable
to related parties 55,550 10,790
Income taxes paid (420,015) (335,959)
----------------------------------------- ----------------- ----------------
Net cash flows provided by operating
activities Ps. 4,285,393 Ps. 1,955,169
----------------------------------------- ----------------- ----------------
Purchase of property, furniture,
equipment, and lease-hold
improvements (1,641,401) (1,418,061)
Sale of property and equipment 185 1,940
Additions to intangible assets (13,956) (10,474)
Short-term bank deposits (1,482,851) 2,911
Interest earned on short-term
investments and other 58,263 86,055
----------------------------------------- ----------------- ----------------
Net cash flows used in investing
activities (Ps. 3,079,760) (Ps. 1,337,629)
----------------------------------------- ----------------- ----------------
Payments made on supplier finance
arrangements-net of commissions
received (4,139,777) (2,425,445)
Finance obtained through supplier
finance arrangements 4,354,953 2,596,957
Proceeds (payment) from credit lines (844,791) (955)
Payment of debt (119,259) (87,299)
Interest payment on debt (46,338) (23,672)
Proceeds from primary share
offering, net 1,486,855 -
Principal payments on lease
liabilities (455,388) (308,436)
Interest payments on leases (891,666) (674,518)
----------------------------------------- ----------------- ----------------
Net cash flows used in financing
activities (Ps. 655,411) (Ps. 923,368)
----------------------------------------- ----------------- ----------------
Net increase (decrease) in cash and
cash equivalents 550,222 (305,828)
Effect of foreign exchange movements on
cash balances 3,655 (20,047)
Cash and cash equivalents at beginning
of period 1,427,248 1,447,166
----------------------------------------- ----------------- ----------------
Cash and cash equivalents at end of Ps. 1,981,125 Ps. 1,121,291
period
----------------------------------------- ----------------- ----------------
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 June 30, 2026, inclusive of Class A common shares and Class C common shares subject to vested and unvested stock options, restricted stock units, and Class C 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$35.00
-- Weighted average exercise price of US$5.73 per Class C common share
subject to options granted under our Legacy Plan
-- Weighted average exercise price of $32.91 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
Illustrative Fully Diluted Share Count
----------------------------------------------------------------------------
Share Count As of June 30, 2026
------------------------------------------------------- -------------------
Class A common shares (publicly traded and
registered) (1) 77,938,244
Class B common shares (high-vote shares) 5,210,000
Class C common shares (2) 38,039,530
------------------------------------------------------- -------------------
Common Shares Outstanding 121,187,774
------------------------------------------------------- -------------------
Liquidity Event Plan Class C common shares (3) 4,374,993
Bolton Partners Class C Share Allocation 4,224,960
------------------------------------------------------ -------------------
Class C Common Shares Subject to Vesting or Delayed
Delivery 8,599,953
------------------------------------------------------- -------------------
Total Common Shares 129,787,727
------------------------------------------------------- -------------------
Net Shares subject to Equity-Based Compensation
Plans(4) 32,259,957
------------------------------------------------------ -------------------
Fully Diluted Share Count 162,047,684
------------------------------------------------------- -------------------
(1) Includes 590,000 vested RSUs from the Post-IPO Equity Incentive Plan.
(2) Includes 3,125,007 vested Class C common shares from the Liquidity Event
Plan
(3) As of June 30, 2026, 3,125,007 of the Liquidity Event Plan Class C common
shares had vested.
(4) See the illustrative calculation below for how this figure is calculated.
Assumes the net exercise at their weighted average strike price of all
options granted under our Legacy Plan, all options granted under our
Post-IPO Equity Incentive Plan and all restricted stock units granted
under our Post-IPO Equity Incentive Plan.
Common Shares
issuable upon Weighted-average Net Shares(1)
exercise strike price (2)
--------------- -------------- ---------------------- ---------------
Legacy Plan 37,640,312 X (US$35.00 - US$5.73) = 31,480,088
----------------------
US$35.00
Post-IPO
Equity
Incentive
Plan
Options 4,082,500 X (US$35.00 - US$32.91) = 244,205
----------------------