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2Q25 EARNINGS RELEASE Mexico City, August 11th, 2025 - 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 2025 ("2Q25") ended June 30, 2025. 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 2025
Opened 142 net new stores during the quarter, reaching 3,031 stores as of June 30, 2025.
Ps. 18,770 million total revenue for 2Q25.
38.3% revenue growth compared to 2Q24.
Same Store Sales grew 17.7%.
EBITDA reached Ps. 844 million, an increase of 22.5% compared to 2Q24.
Excluding non-cash share-based payment expense, EBITDA reached Ps. 1,096 million, an increase of 32.1% compared to 2Q24.
Dear Investors,
Tiendas 3B delivered strong results in the second quarter of 2025, reflecting the continued success of our growth strategy and operational discipline.
We opened 142 net new stores during the quarter, bringing our total store count to 3,031 as of June 30, 2025.
Total revenue for the quarter reached Ps. 18,770 million, a 38.3% increase year-over-year. Same Store Sales rose 17.7%, driven by the strength of our value proposition and strong customer loyalty to our low-price, high-quality offering.
EBITDA, excluding non-cash share-based payment expense, increased 32.1% year-over-year to Ps. 1,096 million for the quarter. This performance reflects disciplined execution and strong operational control, even as we continued to make significant investments in long-term growth.
Our investments this quarter focused on expanding logistics infrastructure and accelerating regional growth. We also strengthened our leadership team with the appointments of Joaquín Ley as Head of Investor Relations and Amparo Martínez as General Counsel. Their experience and insight will be instrumental as we continue to scale.
We remain confident in our strategy and the significant opportunity ahead. Thank you for your continued trust and support.
K. Anthony Hatoum, Chairman and Chief Executive Officer
FINANCIAL RESULTS 2Q25 CONSOLIDATED RESULTS(In Ps. Million, except percentages)
2Q25 | As % of Revenue | 2Q24 | As % of Revenue | Growth (%) | Variation (Bps) | |
Total Revenue | Ps. 18,770 | 100.0% | Ps. 13,574 | 100.0% | 38.3% | n.m. |
Gross Profit | Ps. 3,043 | 16.2% | Ps. 2,272 | 16.7% | 33.9% | -53 bps |
Sales Expenses | (Ps. 1,978) | 10.5% | (Ps. 1,414) | 10.4% | 39.8% | 12 bps |
Administrative Expenses | (Ps. 731) | 3.9% | (Ps. 486) | 3.6% | 50.3% | 31 bps |
Other Income - Net | Ps. 59 | 0.3% | Ps. 3 | 0.0% | n.m. | 29 bps |
EBITDA | Ps. 844 | 4.5% | Ps. 689 | 5.1% | 22.5% | -58 bps |
Share-based payment expense | Ps. 252 | 1.3% | Ps. 141 | 1.0% | 79.3% | 31 bps |
EBITDA ex. SBP | Ps. 1,096 | 5.8% | Ps. 830 | 6.1% | 32.1% | -27 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 REVENUETotal revenue for 2Q25 was Ps. 18,770 million, an increase of 38.3% compared to 2Q24. 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 528 net new stores opened in the past twelve months.
GROSS PROFIT AND GROSS PROFIT MARGINGross profit for 2Q25 was Ps. 3,043 million, an increase of 33.9% compared to 2Q24. This increase was driven by sales growth. Our gross margin decreased by 53 bps to 16.2% mainly due to incremental logistics costs associated with the four new regions expected to start operations in the second half of 2025.
EXPENSESSales expenses primarily reflect the cost of operating our stores, including wages and energy. In 2Q25, sales expenses reached Ps. 1,978 million, a 39.8% increase compared to 2Q24. This growth was mainly driven by increased personnel expenses due to our larger store base. As a percentage of total revenue, sales expenses increased from 10.4% in 2Q24 to 10.5% in 2Q25, an expansion of 12 bps.
Administrative expenses refer to expenses not directly related to operating our stores, such as headquarters and regional office expenses. For 2Q25, administrative expenses totaled Ps. 731
million, a 50.3% increase compared to 2Q24. This increase reflects (i) continued investments in human capital; (ii) increased staffing expenses related to four new regions opening in the second half of 2025; and (iii) higher non-cash share-based payment expense, including the recognition this quarter of 192 thousand RSUs and 160 thousand options under the 2024 equity incentive plan. As a percentage of revenue, administrative expenses increased from 3.6% in 2Q24 to 3.9% in 2Q25, or 31 bps.
If we exclude the non-cash share-based payment expense, administrative expenses for 2Q25 amounted to Ps. 479 million, an increase of 38.6% compared to 2Q24. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense increased from 2.54% in 2Q24 to 2.55% in 2Q25, a growth of 1 bps.
Please refer to the Appendix of this Earnings Release for a summary of the treatment of share-based payment plans and related expenses.
Other income - net, which includes, among other items, revenues (expenses) from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to Ps. 59 million in 2Q25, compared to Ps. 3 million in 2Q24. This line benefited from a Ps. 40 million non-recurring insurance recovery related to Hurricane Otis.
For more information, please refer to the Additional Disclosures section.
EBITDA AND EBITDA MARGINFor 2Q25, EBITDA reached Ps. 844 million, an increase of 22.5% compared to 2Q24. The EBITDA margin for 2Q25 decreased by 58 bps to 4.5%. Our EBITDA margin was primarily impacted by higher logistics costs and an increase in non-cash share-based payment expense.
If we exclude the non-cash share-based payment expense, EBITDA reached Ps. 1,096 million, an increase of 32.1% compared to 2Q24. The EBITDA margin for 2Q25 decreased by 27 bps to 5.8%.
Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.