BBB Foods (TBBB) Q2 2025 Earnings Call August 12, 2025 12:00 PM ET Company ParticipantsAnthony Hatoum - Founder, Chairman & CEOEduardo Pizzuto - CFO - IssuerAndrew Ruben - Equity ResearchAlvaro Garcia - Associate PartnerAlejandro Fuchs - VP - Equity Research & Head - Mexican OfficeAndrés Ortiz - Director - Asset ManagementConference Call ParticipantsRobert Ford Aguilar - Senior AnalystJoseph Giordano - Equity Research AnalystNone - AnalystHéctor Maya - Equity Research AnalystUlises Argote Bolio - Executive ...

Financial Data and Key Metrics Changes - Total revenues increased by 38.3% year over year, reaching 18,800,000,000 pesos [6][8] - Same store sales grew by 17.7%, compared to 10.7% in the same quarter last year [6][8] - EBITDA increased by 22.5% to 844,000,000 pesos, with a potential increase of 32% when excluding non-cash share-based payment expenses [6][14] - Cash flow from operating activities reached 1,900,000,000 pesos, a 56% increase compared to 2024 [7] Business Line Data and Key Metrics Changes - The company opened 142 net new stores in Q2, totaling 3,031 stores, with an acceleration in the store opening rate [5][6] - In the first half of the year, 259 stores were opened compared to 215 in the same period last year [7] - On a twelve-month basis, 528 stores were opened versus 460 in the previous twelve months [8] Market Data and Key Metrics Changes - The company continues to be one of the fastest-growing retailers in Mexico and possibly globally, with strong same store sales growth rates [8] - The growth in same store sales is attributed to improvements in the value proposition, leading to an increase in the number of tickets and items per ticket [9] Company Strategy and Development Direction - The company is focused on accelerating store openings and investing in new regions, with plans to open four new distribution centers in the second half of the year [5][6] - The management emphasizes a strategy of self-funding growth through increasing cash flows, aiming to maximize shareholder value [18] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about future same store sales growth, noting no signs of moderation [83] - The competitive landscape in Mexico remains stable, with no significant changes observed in the dynamics of the market [63][64] Other Important Information - The company has a significant negative working capital model, which generates substantial cash flow [16] - The increase in administrative expenses is partly due to non-cash share-based payment expenses related to the equity incentive plan [12] Q&A Session Summary Question: What do you attribute the acceleration in same store sales to? - Management attributes the acceleration to an improved value proposition, leading to increased traffic and ticket sizes [22] Question: How are the meat and produce pilots developing? - Management is cautiously optimistic but notes that these pilots are still at a test level and not yet impacting overall sales [25] Question: What are the implications of opening new regions? - New regions are opened next to existing ones to mitigate branding risks and ensure efficient logistics [33] Question: How is private label penetration evolving? - Private label penetration has increased significantly and is a key driver of same store sales growth [43] Question: What is the outlook for same store sales performance? - Management does not foresee a decrease in same store sales but cannot predict exact future percentages [83] Question: Are suppliers keeping up with expansion? - Suppliers are being managed long-term to ensure they can meet the demand as the company expands [92]

Core Insights - BBB Foods (TBBB) reported revenue of $963 million for the quarter ended June 2025, reflecting a year-over-year increase of 22.2% [1] - The earnings per share (EPS) was -$0.13, a decline from $0.17 in the same quarter last year, with an EPS surprise of -225% against the consensus estimate of -$0.04 [1] Financial Performance Metrics - The reported revenue was slightly below the Zacks Consensus Estimate of $967.94 million, resulting in a revenue surprise of -0.51% [1] - BBB Foods' shares have returned +5.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The company has a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3] Store Performance - Total stores reached 3,031, exceeding the average estimate of 3,022 by two analysts [4] - Same Store Sales Growth was reported at 17.7%, surpassing the average estimate of 15.4% [4] - The number of stores opened was 142, compared to the average estimate of 133 by two analysts [4]

BBB Foods (TBBB) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Anthony Hatoum - Founder, Chairman and CEOEduardo Pizzuto - CFOAlvaro Garcia - Associate PartnerAlejandro Fuchs - Vice President , Equity ResearchUlises Argote Bolio - Executive DirectorHéctor Maya - Associate Director - Equity Research Conference Call Participants Robert Ford Aguilar - Senior AnalystJoseph Giordano - Equity Research AnalystAndrew Ruben - AnalystPablo Valles García - Senior Investment AnalystJim Luther - An ...

Financial Data and Key Metrics Changes - Total revenues increased by 35% to COP 17 billion, with EBITDA rising over 12% to COP 705 million [5][7] - Cash flow from operating activities reached COP 1.1 billion, a 49% year-over-year increase [5] - Same store sales grew by 13.5%, indicating strong performance in existing locations [5][7] Business Line Data and Key Metrics Changes - The company opened 117 net new stores, bringing the total to 2,889 stores, compared to 94 stores opened in the same quarter last year [5][6] - The total number of stores opened in the last twelve months increased to 507 from 416, reflecting a significant acceleration in growth [6] Market Data and Key Metrics Changes - The company continues to be one of the fastest-growing retailers globally, with same store sales growth significantly outpacing competitors [7] - The gap between the company's same store sales and Antad's performance is notable and increasing [7] Company Strategy and Development Direction - The company emphasizes a robust business model that is resilient and focused on increasing market share through consistent execution and attractive value propositions [4][13] - Investments are being made in talent and technology to support future growth, with a focus on operational efficiency and logistics [9][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging consumer environment but believes the company's value proposition will continue to attract customers [78] - The company is well-prepared for potential impacts from changes in labor regulations and trade agreements, indicating resilience in its business model [60][79] Other Important Information - The company maintains a net cash position of approximately COP 1.6 billion, with additional cash in U.S. dollars [5] - Share-based compensation is viewed as a critical investment for attracting and retaining talent, despite concerns about potential dilution [95][96] Q&A Session Summary Question: How should the company think about investments in talent and distribution centers? - Management emphasizes that investments are made with a focus on return, and increasing talent density is seen as a competitive advantage [17][18] Question: Can you comment on the timing of sales expenses and growth investments? - The company is increasing the pace of store openings, which impacts sales expenses, but expects to see leverage on older stores [33][35] Question: What are the dynamics behind gross margin and customer environment? - Management states that gross margin dynamics remain stable, driven by scaling, and the company does not see pressure to drop prices [45][46] Question: How is the company managing supplier relationships amid current economic conditions? - The company maintains strong relationships with suppliers and plans for long-term efficiency, ensuring stability in supply and pricing [86][87] Question: What is the outlook on stock-based compensation and potential dilution? - Management views stock-based compensation as a high-return investment and has provided clarity on dilution expectations [95][97] Question: How does the company plan to address potential impacts from labor regulations? - The company is prepared to adapt to changes in labor regulations and believes that increased sales will help stabilize labor costs as a percentage of sales [60][78]

Table of Contents As filed with the U.S. Securities and Exchange Commission on April 29, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 TABLE OF CONTENTS | | | | | Page | | --- | --- | --- | --- | --- | | | | PRESENTATION OF FINANCIA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 Commission File Number: 001-41954 BBB Foods Inc. (Exact name of registrant as specified in its charter) N/A (Translation of registrant's name into English) Av. Presidente Masaryk 8 Polanco V Sección, Miguel Hidalgo Mexico City, Mexico 11560 (Address of principal executive office) Indicate by c ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 increased by 32.7% to 16.3 billion pesos, while full-year revenues increased by 30.3% to 57.4 billion pesos [5][8] - Same-store sales growth for Q4 was 11.8%, and for the full year, it was 13.4% [5][10] - Net cash flows generated by operating activity reached 3.749 million pesos, a 19.4% increase year over year [5] - The company ended the year with a net cash position of approximately 1.4 billion pesos and retained about 150 million USD since the IPO [6] Business Line Data and Key Metrics Changes - The company opened 138 net new stores in Q4 and a total of 484 new stores for the full year, representing a 21% increase over 2023 [5][7] - Private labels now represent 54% of total sales, up from 47% in 2023 [14] Market Data and Key Metrics Changes - The company significantly outperformed the Antad numbers, with Q4 same-store sales growth of 11.8% compared to Antad's 2.6% [10] Company Strategy and Development Direction - The company plans to open between 500 and 550 new stores in 2025, with same-store sales guidance between 11% and 14% and total revenue growth in the range of 26% to 29% [22] - The company continues to focus on enhancing its value proposition through continuous improvement in product quality and features [11][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience during economic downturns and anticipated a strong year in 2025 despite uncertain conditions [21][23] - The company has a robust strategy for real estate expansion, focusing on increasing store density in existing markets while exploring new geographies [31][32] Other Important Information - SG&A as a percentage of revenue increased by 96 basis points to 15.2% in Q4 2024, driven by sales and administrative expenses [15][16] - EBITDA for Q4 2024 reached 845 million pesos, representing a 51% growth year-over-year [19] Q&A Session Summary Question: Expansion strategy and balance of growth across new and existing areas - Management confirmed a decentralized approach to real estate, focusing on increasing store density and exploring new geographies [31][32] Question: Drivers behind the increase in private label penetration - The increase is attributed to improved value offerings in private labels, leading to higher sales [80] Question: Gross margin expansion and competition outlook - Management noted that gross margin improvements are driven by increased purchasing power and operational efficiencies, and they have not observed significant changes in competition [66][72] Question: Same-store sales growth sustainability - Management expressed cautious optimism about maintaining high same-store sales growth rates, driven by continuous improvements in the value proposition [51][52] Question: Store opening guidance and operational bottlenecks - Factors affecting store openings include real estate availability, capital, and human resources, with confidence in achieving the projected numbers for 2025 [59][62] Question: Optimal expense levels as a percentage of sales - Management indicated that expenses should decrease as a percentage of sales over time as the company scales [88][90] Question: Future of remittances and supplier relationships - Management confirmed that remittances are on the table as a potential service, and long-term planning with suppliers has mitigated current market uncertainties [113][118]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ý Form 40-Fo FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2025 Commission File Number: 001-41954 BBB Foods Inc. (Exact name of registrant as specified in its charter) N/A (Translation of registrant's name into English) ...

Group 1 - BBB Foods Inc. is well-positioned to benefit from the developing hard retail market in Mexico [1] - The company focuses on lower-income groups and has a strong portfolio of private label products [1]