TBBB · BBB Foods Inc.

BBB Foods Inc. delivered robust top-line growth in 1Q26, with total revenue reaching Ps. 22,860 million, a 33.4% increase from Ps. 17,132 million in 1Q25, primarily fueled by 16.0% same-store sales growth and contributions from 580 net new stores opened over the past twelve months. The company expanded its footprint by opening 123 net new stores during the quarter, bringing the total to 3,469 stores as of March 31, 2026, while also growing its distribution center network to 20 from 16 a year ago. Gross profit rose 35.0% to Ps. 3,704 million, with the margin expanding 19 basis points to 16.2%, supported by a better commercial margin that offset higher logistic costs from four new distribution centers opened in 2H25.

Reported EBITDA fell 21.4% to Ps. 554 million (2.4% margin) from Ps. 705 million (4.1% margin), largely due to a sharp rise in non-cash share-based payment expense to Ps. 722 million from Ps. 213 million, tied to the Liquidity Event Plan granted in June 2025. Excluding this expense, EBITDA surged 38.9% to Ps. 1,276 million (5.6% margin, +22 bps YoY), reflecting strong operational performance. Sales expenses grew 34.1% in line with revenue expansion and new store depreciation, holding steady at 10.3% of revenue, while administrative expenses excluding SBP increased 33.6% to 2.9% of revenue, driven by regional staffing and human capital investments.

The net loss widened to Ps. 558 million from Ps. 87 million, impacted by higher financial costs of Ps. 457 million (+43.6% YoY) from lease liabilities and expansion. Despite this, operating cash flow strengthened significantly to Ps. 1,961 million (+64.1% YoY), supported by negative working capital dynamics from high inventory turnover and stable payables. Balance sheet liquidity remained solid with Ps. 1,344 million in local cash and $151 million in USD deposits. Management emphasized disciplined execution, store expansion, and efficiency gains over short-term margins, expressing confidence in sustained momentum. Additionally, the April 29, 2026, shareholders' meeting re-elected K. Anthony Hatoum and Juan Pablo Cappello as directors and elected Halil Erdogmus, replacing Alexis Meffre.