4Q25 Results

Tiendas 3B Fourth Quarter & Full-Year 2025 Financial Results

Anthony Hatoum

Chairman and CEO

Eduardo Pizzuto

CFO

• 4Q25 & Full-Year 2025 Key Highlights

• Operational Performance

• Financial Results

• 2026 Guidance

• Closing Remarks

• Q&A

  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

  2025 Cash Flow from Operations of Ps. 4,682 million,

  up 24.9%

  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 2025 Revenue of Ps. 78,153 million, 36.1% growth

  
  
  
  
  

  4Q25 EBITDA of Ps. 1,200 million, up 23.5%

  2025 EBITDA of Ps. 4,384 million, up 30.1%

  Ex SBP(2) and one-time account receivable write-off

  1. We measure "Same Store Sales" using revenue from sales of merchandise from stores that were operational for at least the full preceding 12 months for the periods under considerat ion. 5

  2. SBP: Share-based payment expense.

  Agenda

• 4Q25 & Full-Year 2025 Key Highlights

  • Operational Performance

• Financial Results

• 2026 Guidance

• Closing Remarks

• Q&A

Number of Stores

'21-'25 CAGR:

22.2%

3,346

2,772

+574

2,288

+484

1,892

+396

1,500

+392

Units

2021 2022 2023 2024 2025

YoY Growth:

16,346

34.4%

21,972

Same Store Sales Growth

4Q24 4Q25

11.8%

16.6%

'21-'25 CAGR:

35.6%

78,153

57,439

+36%

44,078

+30%

32,580

+35%

23,091

+41%

2021 2022 2023 2024 2025

12.3%

21.9%

17.6%

13.4%

18.3%

Same Store

Sales Growth

Same Store Sales Growth vs. ANTAD Self-Service

Same Store Sales Growth

Percentage (%)

11.8%

13.5%

17.7% 17.9%

16.6%

2.1%

2.5%

0.6%

1.1%

1.5%

4Q24 1Q25 2Q25 3Q25 4Q25

(1) (2)

ANTAD Self-Service TBBB

Source: ANTAD Self-Service 3-month average. 10

1. ANTAD uses the sales of stores that have been in operation for more than one year, making them comparable against prior periods.

2. Same Store Sales refers to revenue from stores that have been operational for at least the full 12 months prior to the period under analysis.

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 )

Store Vintage

2005

2024

30.0

25.0

20.0

15.0

10.0

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

Source: Company information, INEGI

Notes:

1."Sales Ramp-up Evolution by Vintage" measures, for stores of the same vintage, the median of such stores' revenue from sales of merchandise during 12-month periods since the start of operation. When

calculating this measure, w e exclude the first calendar month of a store's operations to account for stores that are not open for the entire month, as well as stores that have been permanently closed. Considers stores opened in the corres ponding vintage that remained open as of December 2025

2.12-month period since opening, ex cludes month 1

3. Median 12-month period sales of all stores opened in the corresponding vintage (excludes f irst month to "normalize" dates in whi ch stores are operational since opening). Closed stores are exc luded f rom median calculation.

4.All figures in real Ps. terms as of December 31, 2025, adjusted for inflation using Mexic an National Consumer Price Index ( Índice Nacional de Precios al Consumidor), as provided by INEGI and as published

by the Mexican Central Bank

11

2024 2025 Var %

Average Number of Transactions

per store per month(1)

26,821

27,494

2.5%

Average Ticket Size (Ps.)(2) Ps. 85.4 Ps. 94.9 11.0%

Private Label Sales Products

(% of Sales of Merchandise)

53.6%

58.2%

460 bps

1. Stores with five or more years of operations. 12

2. Numbers have been rounded

• 4Q25 & Full-Year 2025 Key Highlights

• Operational Performance

  • Financial Results

• 2026 Guidance

• Closing Remarks

• Q&A

YoY Increase:

21.1%

2,317

1,913

Sales Expenses

as % of Revenue

4Q24 4Q25

11.7%

10.5%

Administrative Expenses

Ps. MM

Shared-based payment expense

891

1,549

561

433

YoY Increase: 51.9%

658

127

Admin Expenses as % of Revenue ex SBP

4Q24 4Q25

2.6% 3.0%

EBITDA(1)

Ps. MM

YoY Growth: 23.5%

1,200

972

EBITDA

Margin

4Q24 4Q25

5.9%

5.5%

FY Adjusted EBITDA

EBITDA(1)

Ps. MM

'21-'25 CAGR:

42.1%

4,384

3,370

+30%

2,268

+49%

1,621

1,077

+40%

+51%

2021 2022 2023 2024 2025

5.6%

4.7%

5.0%

5.1%

5.9%

EBITDA

Margin

Favorable Working Capital

(1)

Working Capital

Ps. MM

Working Capital ex. IPO proceeds

(2)

Dec-24 Dec-25

(6,088)

(8,939)(3)

Working Capital as a

10.6%

(4)

11.4%

% of Total Revenue ex. IPO proceeds

1. We calculate Working Capital as total current assets minus total current liabilities.

2. Includes last twelve months.

3. We calculate "Working Capital ex. IPO Proceeds" as Working Capital minus the net proceeds from Initial Public Offering net from underwriting fees and repayment of promissory and convertible notes, assuming an

   exchange rate of Ps. 17.97 See Annex 5 for a reconciliation of the Working Capital ex. IPO Proceeds. 18

4. We calculate the percentage of Working Capital to Total Revenue for a period by dividing the corresponding by the last twelve months of total revenue for the corresponding period and the percentage of Working

Capital ex. IPO Proceeds to Total Revenue for a period by dividing the corresponding by the last twelve months of total revenue for the corresponding period.

• 4Q25 & Full-Year 2025 Key Highlights

• Operational Performance

• Financial Results

  • 2026 Guidance

• Closing Remarks

• Q&A

19

Range

Revenue Growth (%) 29% - 32%

20

(1) Average investment per store of Ps.5.5 million (~US$300,000)