TBBB earnings call summary

Prepared Highlights

• Q4 2025 total revenue increased 34% year-over-year to MXN22 billion; full-year 2025 revenue grew 36% to MXN78 billion (CEO, prepared).
• Same-store sales grew 0.6% in Q4 2025 vs. prior-year quarter; full-year same-store sales increased 18.3% (CEO).
• Q4 2025 reported EBITDA was MXN79 million; excluding non-cash share-based compensation and a one-time asset write-off, adjusted EBITDA increased 23% to MXN1.2 billion (CEO).
• Full-year 2025 reported EBITDA was MXN1.2 billion; excluding non-cash share-based compensation and the asset write-off, adjusted EBITDA increased 30% to MXN4.4 billion (CEO).
• Opened 184 net new stores in Q4 2025; full-year 2025 net openings totaled 574, exceeding guidance of 500–550 stores (CEO).
• Opened two new distribution centers in Q4 2025, for a total of four new DCs in 2025 (CEO).
• For stores with five or more years of operations, average transactions per store per month increased 2.5%; average ticket size increased 11% (CEO).
• Private label represented 58% of total merchandise sales in 2025, vs. 54% in 2024 (CEO).
• Sales expenses as a percentage of revenue declined from 11.7% to 10.5% year-over-year in 2025 (CFO).
• Negative working capital reached MXN8.9 billion in December 2025, vs. MXN6 billion in 2024 (excluding IPO proceeds), representing ~11.4% of total revenue (CFO).
• Cash flow from operating activities for twelve months ending December 2025 reached MXN4.7 billion, ~25% increase year-over-year (CEO).
• One-time charge of MXN230 million recorded in 2025 related to write-off of an accounts receivable balance from termination of a payment terminal provider relationship (CFO).

Official guidance (2026):

• Same-store sales growth: 13%–16%
• Net new stores: 590–630
• Revenue growth: 29%–32% (CFO)

Target unit economics (updated):

• Average CapEx per store: ~MXN5.5 million
• Payback period: ~26 months
• Cash-on-cash return by year three: ~55% (CFO)

Mgmt quotes:

• “We delivered another quarter of excellent performance and closed the year with strong momentum.” (CEO)
• “It is likely that we are one of the fastest growing retailers in LATAM, if not globally.” (CEO)
• “Our business model generates significant negative working capital which in turn supports strong operating cash flow.” (CFO)
• “We operate a high-growth business model that has proven to be robust and resilient across economic cycles.” (CEO)
• “We have updated our target unit economics, which remains very attractive.” (CFO)

Prepared Metrics

Q&A Batch (1-5 of 5)

Q1 — Alvaro Garcia

• Topic: 股票补偿授予总量及单位经济模型
• Key points:
  • 2025年已授予的股票补偿为全年总量，无需预期后续追加；附录中可查12月授予具体数字。
  • 更新后的单店销售额曲线仅基于最近年份实际表现（如2024年份），未考虑新店新增设备带来的增量销售。
• Mgmt stance: 保守（单位经济模型未纳入新设备增量，仅基于已实现数据）。

Q2 — Melissa Bayon

• Topic: 同店销售构成、老门店增长、产品创新及自有品牌影响
• Key points:
  • 同店销售增长中三分之二来自销量（件数），三分之一来自平均售价提升，通胀贡献极小。
  • 开业五年以上门店票单增长2.5%，管理层认为极佳，且老店仍在吸引新客。
  • 公司同时测试约60种新产品，成功率极高；创新领域包括化妆品、冷冻食品、冰激凌、个人护理、乳制品和饮料。
  • 自有品牌占比自然提升，具有通缩效应，但销量增长足以弥补。
• Mgmt stance: 乐观（老店增长超预期、创新持续积极、自有品牌健康增长）。

Q3 — Froylan Mendez

• Topic: 新增股票补偿稀释比例及Q4 EBITDA低于预期的原因
• Key points:
  • 新授予期权占已发行股份约2%（前一年约1%），增长源自公司人员增加和规模扩大，而非人均授予量上升。
  • Q4 EBITDA低于预期，因当季新开184家门店及2个配送中心（前三季度已开2个DC），规模显著影响租赁支出。
  • 新门店格式（更大冷柜、更多制冷设备）亦推高租赁成本，但主要变动来自开店数量及DC。
• Mgmt stance: 中性偏乐观（稀释与股价挂钩，低于行权价时无影响；EBITDA下降为一次性扩张代价）。

Q4 — Irma Sgarz

• Topic: 2026年G&A费用（不含SBC）的运营杠杆轨迹
• Key points:
  • 2025年G&A（不含股票补偿）因总部团队及运营团队结构性投资而大幅上升，包括信息技术等多层面招聘。
  • 管理层不提供具体2026年利润率或SG&A指引。
  • 长期来看，管理费用占销售比例将下降，但短期内为支持未来三至五年增长仍需持续增加人才储备。
• Mgmt stance: 谨慎（2026年不指引，只确认长期趋势；当前继续投入人才）。

Q5 — Eduardo Pizzuto（实为对Q4的延续）

• Topic: 房地产扩张策略及2026年单位经济展望
• Key points:
  • 扩张策略不变，开店潜力仍开放，无可见阻碍。
  • 新门店较过去更大、建造成本更高，且新增冷藏设备（未计入单位经济模型中的销售预期）。
  • 已披露的单位经济数据（单店

Q&A Batch (6-8 of 8)

Q6 — Andrew Rubin

• Topic: 2025 same-store sales outperformance vs. 2026 guidance
• Key points:
  • 2025 same-store sales exceeded 18%, above the 11%–14% guidance range and above 2024 levels.
  • Mgmt described the 18% as “stratospheric” and a one-quarter outlier, not a new baseline.
  • 2026 guided same-store sales remain in low teens (implied by “15% and 16%” as still “amazing numbers”).
• Mgmt stance: Neutral – mgmt declined to attribute the 18% to specific macro or innovation factors, calling it an unexplained quarter.

Q7 — Héctor Maya

• Topic: Store size, refrigeration equipment, and payment processing provider switch
• Key points:
  • Store size has been “fairly consistent for the last two years” but “slightly bigger” than 10 years ago, affecting CapEx.
  • 2026 mix assumes more stores built from scratch (conservative estimate based on real estate master plan).
  • More refrigeration equipment is for expanding refrigerated/frozen categories, not fresh (fresh is a separate test).
  • Payment processing switched to one of the top three banks in Mexico; transaction fees are “even more competitive” vs. previous provider.
• Mgmt stance: Bullish – mgmt sees no impact on sales expenses from the new bank, and store expansion supports robust same-store sales.

Q8 — Antonio Hernandez

• Topic: Regional expansion performance and opportunities
• Key points:
  • Mgmt sees “extremely consistent performance across all regions” due to selling basic goods with stable customer behavior.
  • No region is underperforming; every store is vetted for success before opening.
  • 2026 expected to show “consistent performance” vs. 2025 with “robust same-store sales growth” across all store vintages.
• Mgmt stance: Bullish – mgmt expresses confidence in uniform regional growth, citing the non-discretionary nature of products.