Financial Data and Key Metrics Changes - Total revenues increased by 36.7% year-over-year, reaching MXN 20.3 billion [4][5] - Same-store sales grew by 17.9%, driven by improvements in the value proposition [4][5] - EBITDA reported a loss of MXN 404 million, but excluding non-cash share-based payments, EBITDA increased by 43.6% to a positive MXN 1.2 billion [4][5] Business Line Data and Key Metrics Changes - The company opened 131 net new stores in the quarter, totaling 3,162 stores, with 390 stores opened in the first nine months of 2025 compared to 346 in the same period last year [4][5] - Cash flow generated by operating activities reached MXN 3 billion, a 30% increase year-on-year [5] Market Data and Key Metrics Changes - The gap versus ANTAD continues to increase, now almost 17 percentage points [6] - The company is one of the fastest-growing retailers globally, with significant room for expansion in Mexico, targeting a total of 14,000 stores [10] Company Strategy and Development Direction - The company focuses on continuous improvement of its value proposition, which is driving same-store sales growth [10] - There is a strong emphasis on talent investment as a key success factor, with a high talent density within the team [11] - The company plans to continue expanding its store network and product offerings while maintaining operational efficiency [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong sales growth, driven by product improvements and a robust pipeline [45] - The company anticipates that margins will improve over time due to better purchasing terms and logistics efficiency [14][15] - Management noted that the competitive landscape remains strong but healthy, with no significant changes in competition [37] Other Important Information - The company has a net cash position of approximately MXN 1.1 billion and $151 million in short-term deposits [5] - Share-based compensation has been a key driver of attracting talent and aligning interests with shareholders [11] Q&A Session Summary Question: Comments on gross margin and market share - Management indicated that margins will improve as purchasing costs decrease and logistics efficiency increases, with a focus on enhancing the value proposition [14][15] Question: Maturation of new store vintages - New store vintages are maturing faster than expected, leading to improved returns on invested capital [23][24] Question: Sales expenses and regional performance - Management expects more favorable comparisons for sales expenses in the next quarter and noted consistent performance across regions [29][32] Question: Product development and customer journey - The customer journey typically starts with basic goods, leading to increased basket sizes as customers try new products [57][60] Question: Interest from larger players - Management stated there has been no significant interest from larger national or international players regarding a potential acquisition [86]

Financial Data and Key Metrics Changes - Total revenues increased by 36.7% year-over-year, reaching MXN 20.3 billion [4][3] - Same-store sales grew by 17.9%, driven by improvements in the value proposition [4][3] - EBITDA reported a loss of MXN 404 million, but excluding non-cash share-based payments, EBITDA increased by 43.6% to MXN 1.2 billion [3][4] - Cash flow generated by operating activities reached MXN 3 billion, a 30% increase year-on-year [4] Business Line Data and Key Metrics Changes - The company opened 131 net new stores in the quarter, totaling 3,162 stores, with 390 stores opened in the first nine months of 2025 compared to 346 in the same period last year [3][4] - The company opened two distribution centers in the quarter, bringing the total to 18 [3] Market Data and Key Metrics Changes - The gap in same-store sales growth compared to Antad has increased to almost 17 percentage points [4][5] Company Strategy and Development Direction - The company aims to expand to no less than 14,000 stores in Mexico, indicating significant growth potential [8] - The focus remains on improving product quality and price, which strengthens brand equity and drives sales [8][9] - The company continues to invest in talent, viewing it as a key success factor [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong sales growth, driven by product improvements and a robust value proposition [45] - The company anticipates continued strong performance in the near future, with no expected weakness in semester sales [45] - Management noted that the competitive landscape remains strong and healthy, with no significant changes in competition [36] Other Important Information - The company has a strong focus on operational leverage and margin growth, with expectations for improvement over time [6][7] - Management highlighted the importance of long-term planning in supply chain management to mitigate risks [14] Q&A Session Summary Question: Comments on current value propositions and market share - Management indicated that margins will improve over time due to better purchasing costs and logistics efficiency, with a focus on enhancing the value proposition [12][13] Question: Maturation of new store vintages and returns - Management confirmed that new store vintages are maturing faster, leading to improved returns on invested capital [21][22] Question: Sales expenses and regional ramp-up - Management noted that sales expenses would show more favorable comparisons in the next quarter, and ramp-ups are consistent across regions [28][30] Question: Competition in new regions and same-store sales drivers - Management stated that competition remains strong and healthy, with same-store sales growth driven by increased transactions and basket sizes [36][37] Question: Confidence in maintaining sales growth and margin decisions - Management expressed confidence in maintaining strong sales growth and explained that savings from efficiencies are allocated based on elasticity testing [42][45] Question: Updates on perishables category and product innovation - Management confirmed ongoing innovation across product categories, including perishables, with positive test results [49][50] Question: Interest from larger players and share valuation - Management stated there has been no significant interest from larger players regarding a potential acquisition, emphasizing the company's strong growth metrics [86]