Bbb Foods Inc. · NYSE:TBBB
Bbb Foods — Q4 2025 Earnings Presentation
32 slides from Bbb Foods's earnings presentation, Mar 12, 2026
Slide 1: Tiendas 3B Fourth Quarter & Full-Year 2025 Financial Results
Tiendas 3B Fourth Quarter & Full-Year 2025 Financial Results
Slide 2: Disclaimer
Disclaimer Statements in this presentation, including the possible or assumed future or other performance of BBB Foods Inc. (the “Company”, “we”, “us”, “our”) or our industry, our targets or other trends and estimates, constitute “forward- looking statements”. Statements contained herein that are no
Slide 3: Today's Presenters
Today’s Presenters Anthony Hatoum Chairman and CEO Eduardo Pizzuto CFO 3
Slide 4: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 4
Slide 5: 4Q25 & Full-Year 2025 Key Highlights
4Q25 & Full-Year 2025 | Key Highlights 4Q25 net new stores of 184 and 2 DCs 2025 net new stores of 574 and 4 DCs Total of 3,346 stores and 20 DCs 4Q25 Same Store Sales(1) growth of 16.6% versus 4Q24 2025 Same Store Sales growth of 18.3% versus 2024 4Q25 Revenue of Ps. 21,972 million, 34.4% growth 20
Slide 6: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 6
Slide 7: Continued Momentum in Store Openings
Continued Momentum in Store Openings Number of Stores Units ‘21-’25 CAGR: 22.2% 3,346 2,772 +574 2,288 +484 1,892 +396 1,500 +392 2021 2022 2023 2024 2025 Opened 574 net stores in 2025 including 184 in 4Q25, to reach 3,346 stores 7
Slide 8: 4Q25 Total Revenue and Same Store Sales Growth
4Q25 Total Revenue and Same Store Sales Growth Total Revenue Ps. MM YoY Growth: 34.4% 21,972 16,346 4Q24 4Q25 Same Store 11.8% 16.6% Sales Growth Significant increase in sales and SSS growth 8
Slide 9: FY Total Revenue and Same Store Sales Growth
FY Total Revenue and Same Store Sales Growth Total Revenue Ps. MM ‘21-’25 CAGR: 78,153 35.6% 57,439 +36% 44,078 +30% 32,580 +35% 23,091 +41% 2021 2022 2023 2024 2025 Same Store 12.3% 21.9% 17.6% 13.4% 18.3% Sales Growth Significant increase in sales and SSS growth 9
Slide 10: Same Store Sales Growth vs. ANTAD Self-Service
Same Store Sales Growth vs. ANTAD Self-Service Same Store Sales Growth Percentage (%) 17.7% 17.9% 16.6% 13.5% 11.8% 2.1% 2.5% 1.1% 1.5% 0.6% 4Q24 1Q25 2Q25 3Q25 4Q25 (1) (2) ANTAD Self-Service TBBB Our SSS performance far outpaces the market Source: ANTAD Self-Service 3-month average. 10 1. ANTAD us
Slide 11: Attractive Sales Ramp-Up Evolution
Attractive Sales Ramp-Up Evolution Median Sales per Store Vintage(1) Ps. MM | Median 12-Month Period (2 ) Sales per Store(3 ) in Real Terms(4 ) 30.0 25.0 20.0 15.0 Store Vintage 10.0 2005 2024 5.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Period Each Period = 12 months Sales of new vintages
Slide 12: Other Relevant Metrics
Other Relevant Metrics 2024 2025 Var % Average Number of Transactions 26,821 27,494 2.5% per store per month (1) Average Ticket Size (Ps.) (2) Ps. 85.4 Ps. 94.9 11.0% Private Label Sales Products 53.6% 58.2% 460 bps (% of Sales of Merchandise) 1. Stores with five or more years of operations. 12 2. N
Slide 13: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 13
Slide 14: Sales Expenses
Sales Expenses Sales Expenses Ps. MM YoY Increase: 21.1% 2,317 1,913 4Q24 4Q25 Sales Expenses 11.7% 10.5% as % of Revenue Sales Expenses decreased by 116 bps as a % of revenues, due to operational leverage generation and lower D&A charges. 14
Slide 15: Administrative Expenses
Administrative Expenses Administrative Expenses Shared-based payment expense Ps. MM 1,549 891 561 YoY Increase: 127 51.9% 658 433 4Q24 4Q25 Admin Expenses as % of Revenue 2.6% 3.0% ex SBP Admin. Expenses ex-SBP increased by 35 bps as a % of revenue, explained by investments in new regions and hiring
Slide 16: 4Q25 Adjusted EBITDA
4Q25 Adjusted EBITDA (1) EBITDA Ps. MM YoY Growth: 23.5% 1,200 972 4Q24 4Q25 EBITDA 5.9% 5.5% Margin EBITDA margin ex-SBP and one-time account receivable write-off contracted by 48 bps. 1. We calculate “EBITDA” as net income (los s) for the period, plus income tax expense, financial costs, net, and
Slide 17: FY Adjusted EBITDA
FY Adjusted EBITDA (1) EBITDA Ps. MM ‘21-’25 CAGR: 42.1% 4,384 3,370 +30% 2,268 +49% 1,621 +40% 1,077 +51% 2021 2022 2023 2024 2025 EBITDA 4.7% 5.0% 5.1% 5.9% 5.6% Margin EBITDA margin ex-SBP and one-time account receivable write-off contracted by 26 bps in 2025 1. We calculate “EBITDA” as net incom
Slide 18: Favorable Working Capital
Favorable Working Capital (1) Working Capital Working Capital ex. Ps. MM IPO proceeds (2) Dec-24 Dec-25 (2,633) (5,876) (6,088) (8,939) (3) Working Capital as a (4) % of Total Revenue 10.6% 11.4% ex. IPO proceeds Our business model continues to generate significant Negative Working Capital 1. We cal
Slide 19: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 19
Slide 20: Guidance 2026
Guidance 2026 Range Same Store Sales Growth (%) 13% - 16% Revenue Growth (%) 29% - 32% Number of New Stores 590 - 630 20 (1) Average investment per store of Ps.5.5 million (~US$300,000)
Slide 21: Our Attractive Target Unit Economics
Our Attractive Target Unit Economics ⚫ Average investment per store(1) of Ps.5.5 MM (~US$300,000 (2)) ⚫ Payback period(3): 26 months Target Sales(4) per Store and 4-Wall Profitability(5) Margin for a Store. First Three Years of Operations Ps. MM Sales per Store 10.2% 4-Wall Profitability 9.1% Margin
Slide 22: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 22
Slide 23: Closing Remarks
B Closing BB Remarks
Slide 24: Agenda
Agenda • 4Q25 & Full-Year 2025 Key Highlights • Operational Performance • Financial Results • 2026 Guidance • Closing Remarks • Q&A 24
Slide 25: Q&A
Q&A
Slide 26: Contact Information
Contact Information Investor Relation Contact: Investor Relation Website: ir@tiendas3b.com https://www.investorstiendas3b.com 26
Slide 27: Appendix: Financial Statements
Appendix: Financial Statements
Slide 28: Annex 1 – Income Statement
Annex 1 – Income Statement In Ps. Thousands 28
Slide 29: Annex 2 – EBITDA Reconciliation
Annex 2 – EBITDA Reconciliation In Ps. Thousands 29
Slide 30: Annex 3 – Statement of Cash Flows
Annex 3 – Statement of Cash Flows In Ps. Thousands 30
Slide 31: Annex 4 – Statement of Financial Position
Annex 4 – Statement of Financial Position In Ps. Thousands 31
Slide 32: Annex 5 – Reconciliation of Working Capital
Annex 5 – Reconciliation of Working Capital In Ps. Thousands 32 1. Cons idering an exchange rate of Ps. 17.97