Tiendas 3B Third Quarter 2025 Earnings Conference Call (Press Release)

https://www.investorstiendas3b.com

THIRD QUARTER 2025

• Opened 131 net new stores during the quarter, reaching 3,162 stores as of September 30, 2025.

• Ps. 20,279 million total revenues for 3Q25.

  • 36.7% revenue growth compared to 3Q24.

  • Same Store Sales grew 17.9%.

• EBITDA was (Ps. 404) million, compared to Ps. 688 million in 3Q24.

  • Excluding non-cash share-based payment expense, EBITDA reached Ps. 1,170 million, an increase of 43.6% compared to 3Q24.

Dear Investors,

Tiendas 3B delivered another strong quarter in Q3 2025, underscoring the continued success of our strategy and disciplined execution.

We opened 131 net new stores during the quarter, bringing our total store count to 3,162 as of September 30, 2025. Over the last twelve months, we opened 528 net new stores and remain on track to meet our full-year 2025 guidance. We also opened two new distribution centers in the quarter, increasing the number of regions to 18.

Total revenue for the quarter reached Ps. 20,279 million, up 36.7% year-over-year. Same Store Sales grew 17.9%, driven by our strengthening value proposition and our customer loyalty to our low-price, high-quality offering. Like-for-like revenue growth was fueled by higher transactions per store and more SKUs per transaction.

EBITDA, excluding non-cash share-based payments, increased 43.6% year-over-year to Ps. 1,170 million, reflecting healthy commercial margins and solid operational control.

Our business model is proven and resilient. We continue to invest in accelerating store openings and strengthening our talent base, as we believe human capital is essential to sustaining long-term growth. We see a clear path to operating at least 14,000 stores in Mexico. Older store cohorts continue to deliver same-store sales growth well above inflation, while newer cohorts are maturing faster than prior generations. Our earliest vintages are already achieving EBITDA margins comparable to listed hard discounters globally.

Thank you for your continued trust and support.

K. Anthony Hatoum, Chairman and Chief Executive Officer

(In Ps. Million, except percentages)

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 for 3Q25 was Ps. 20,279 million, up 36.7% 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 528 net new stores opened in the past twelve months.

Gross profit for 3Q25 was Ps. 3,277 million, an increase of 39.8% compared to 3Q24. This increase reflected sales growth and a 36-bps expansion in gross margin. While we continued to see higher logistics costs associated with the two new regions opened in 3Q25 and another two that are expected to start operations in 4Q25, our commercial margin more than offset that impact.

Sales expenses primarily reflect the cost of operating our stores, including wages and energy. In 3Q25, sales expenses reached Ps. 2,065 million, a 37.8% increase compared to 3Q24. This growth was mainly driven by an increase in labor-related expenses due to our larger store base. As a percentage of total revenue, sales expenses increased from 10.1% in 3Q24 to 10.2% in 3Q25, an expansion of 8 bps.

Administrative expenses refer to expenses not directly related to operating our stores, such as headquarters, regional office expenses, and share-based compensation. For 3Q25, administrative expenses totaled Ps. 2,109 million, a 326.5% increase compared to 3Q24. This increase reflects

(i) higher non-cash share-based payment expense, including the start of 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; and (iii) continued investments in human capital. As a percentage of revenue, administrative expenses increased from 3.3% in 3Q24 to 10.4% in 3Q25. As previously explained, the non-cash share-based compensation is reflected in our fully diluted share count.

Excluding non-cash share-based payment expense, administrative expenses for 3Q25 amounted to Ps. 535 million, an increase of 45.4% compared to 3Q24. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 2.6% in 3Q25, an increase of 16 bps from 3Q24.

Please refer to the Appendix 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 (expenses) from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to Ps. 17 million in 3Q25, compared to a net income of Ps. 2 million in 3Q24. As a percentage of revenue, other income- net increased by 7 bps.

For 3Q25, EBITDA was a loss of Ps. 404 million, compared to a Ps. 688 million gain in 3Q24. As previously described, our EBITDA margin was impacted by the increase in non-cash share-based payment expense.

Excluding non-cash share-based payment expense, EBITDA was Ps. 1,170 million, an increase of 43.6% compared to 3Q24. The EBITDA margin for 3Q25, adjusted to add-back non-cash share-based compensation, increased by 28 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.

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

• Non-cash Share-based payment expense reached Ps. 1,574 million in 3Q25, compared to Ps. 126 million recorded in 3Q24. For additional details, please refer to the Appendix section of this Earnings Release.
• Building lease payments: The Company leases its stores and 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. 463 million in 3Q25, compared to Ps. 357 million in 3Q24.

Financial income totaled Ps. 42 million in 3Q25, down from Ps. 48 million in 3Q24. The decrease was primarily driven by lower interest rates.

Financial costs were Ps. 363 million for 3Q25, a 26.4% increase compared to 3Q24. This increase was primarily driven by higher interest on lease liabilities, reflecting the continued expansion of our stores and distribution center network.

The Company recorded a foreign exchange loss of Ps. 86 million in 3Q25, 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 still held from the IPO.

Income tax expense reached Ps. 137 million in 3Q25 compared to Ps. 66 million in 3Q24.

As a result, our net loss for the 3Q25 was Ps. 1,424 million, compared to a net profit of Ps. 258 million for the 3Q24.

As of September 30, 2025, the Company had local currency cash and cash equivalents of Ps. 1,113 million. In addition, as of September 30, 2025, the Company held US$151 million in U.S. dollar-denominated short-term bank deposits. The Company applied an exchange rate of Ps.

18.38 as of September 30, 2025 when translating Ps. to US$.

(In Ps. Million, except percentages)

Our business model continues to generate strong operating cash flow from our negative working capital cycle due to our growing sales and high inventory turnover relative to payment terms. This robust cash flow has enabled us to fund internally our growth initiatives, including the expansion of new stores and distribution centers.

The information provided below summarizes cash flow changes for the first nine months of 2025:

Net cash flows provided by operating activities increased to Ps. 3,095 million in the first nine months of 2025 ("9M25") from Ps. 2,378 million for the first nine months of 2024 ("9M24"). 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. 2,228 million for 9M25, compared to Ps. 4,172 million in 9M24. This decrease was primarily driven by the Ps. 2,621 million allocation of IPO proceeds into short-term deposits during 9M24, partially offset by continued investments to expand our store and logistics network.

Net cash flows used in financing activities were Ps. 1,172 million for 9M25, compared to the cash flows obtained in 9M24 of Ps. 1,748 million. The year-over-year difference primarily reflects the net proceeds from the IPO received in 9M24.

In 3Q25, we opened 131 stores. In the last twelve months, the Company opened 528 stores, compared to 499 in the twelve months ending 3Q24. Same Store Sales growth was 17.9% for 3Q25, compared to 11.6% for 3Q24.

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 Costs: 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.

Sales per Store: We define our "Sales per Store" as the average of the revenue from sales of merchandise achieved by our stores that were open for the full year in consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the period in consideration. This measure assists our management's understanding of how store performance has evolved across different vintages. Sales per Store also serves as a benchmark to measure the performance of new stores and is useful to set growth and expansion targets.

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.

Tiendas 3B will host a call to discuss the third quarter 2025 results on November 20th, 2025, 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_NENSImhmRrGX66ZAj11gYQ#/registration

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

+52 558 659 6002

+52 554 161 4288

+52 554 169 6926

+1 312 626 6799 (Chicago)

+1 346 248 7799 (Houston)

+1 646 558 8656 (New York)

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

The webinar ID is 988 2044 0017

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