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 ~~November~~March ~~2025~~2026

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 check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.


Form 20-F		Form 40-F

~~3Q25~~4Q25 & FY2025

EARNINGS RELEASE

RELEASE

https://www.investorstiendas3b.com

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Mexico City, ~~November~~March ~~19th~~11th, ~~2025~~2026 – BBB Foods Inc. (“Tiendas 3B” or the “Company”) (NYSE: TBBB), a leading grocery hard discounter in Mexico, announced today its consolidated results for the ~~third~~fourth quarter of 2025 (“~~3Q25~~4Q25”) and for the year ended ~~September~~December 3031, 2025. The figures presented in this release are expressed in nominal Mexican Pesos (Ps.) and are prepared in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise stated.

highlights

~~THIRD~~FOURTH qUARTER 2025

•

Opened ~~131~~184 net new stores during the quarter, reaching 3,~~162~~346 ~~stores~~units as of ~~September~~December 3031, 2025.

•

~~Ps.~~Opened 20two distribution centers in 4Q25,~~279~~ ~~million~~reaching ~~total~~20 ~~revenues~~as ~~for~~of ~~3Q25~~December 31, 2025.

•

36Ps.7% ~~revenue~~21,972 ~~growth~~million ~~compared~~total torevenue ~~3Q24~~for 4Q25.

~~Same~~34.4% ~~Store~~revenue ~~Sales~~growth ~~grew~~compared 17to 4Q24.~~9%.~~

~~EBITDA~~Same ~~was~~Store ~~(Ps.~~Sales ~~404)~~grew ~~million,~~16.6% compared to Ps4Q24. ~~688 million in 3Q24.~~

•

~~Excluding non-cash share-based payment expense,~~ EBITDA ~~reached~~was Ps. ~~1,170~~79 million, anin ~~increase~~4Q25, ofcompared 43to Ps.6% ~~compared~~845 tomillion ~~3Q24~~in 4Q24.

Excluding non-cash share-based payment expense of Ps. 891 million and a one-time write-off of an account receivable of Ps. 230 million relating to the termination of our payment terminal provider, EBITDA reached Ps. 1,200 million, an increase of 23.5% compared to 4Q24. Please refer to the Additional Disclosures section for further details.

FULL YEAR 2025

•

Opened 574 net new stores during 2025, a 21% expansion compared to 2024.

•

Opened four distribution centers in 2025.

•

Ps. 78,153 million in total revenue for the full year.

36.1% total revenue growth compared to 2024.

Same Store Sales growth of 18.3% compared to 2024.

•

EBITDA was Ps. 1,224 million, compared to Ps. 2,847 million in 2024.

Excluding non-cash share-based payment expense, as well as the one-time write-account receivable off recorded in 4Q25, EBITDA reached Ps. 4,384 million, an increase of 30.1% compared to 2024.

•

Negative working capital was Ps. 8,939 million.

•

Cash flow from operations increased by 24.9%.


	2

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Message from the CHAIRMAN AND CEO

Dear Investors,

~~Tiendas~~Our 3Bstrategy ~~delivered~~of ~~another~~rapidly ~~strong~~expanding ~~quarter~~a inhighly Q3efficient ~~2025,~~store ~~underscoring~~network ~~the~~while ~~continued~~continuously ~~success~~improving value for customers delivered another year of ~~our~~strong ~~strategy~~growth and ~~disciplined~~operating ~~execution~~performance.

WeIn 2025, we opened ~~131~~574 net new stores, ~~during~~a ~~the~~21% ~~quarter~~increase relative to 2024, bringing our total store count to 3,~~162 as of September 30~~346, ~~2025.~~and ~~Over~~exceeding ~~the~~our ~~last~~guidance ~~twelve~~of ~~months,~~500 weto ~~opened~~550 ~~528~~ net ~~new~~store ~~stores~~openings ~~and~~for ~~remain~~the ~~on track to meet our full-~~year ~~2025 guidance~~. We also opened ~~two~~four new distribution centers induring ~~the quarter~~2025, ~~increasing~~bringing the ~~number~~total ~~of regions~~ to 1820.

Our sales performance was notable. Total revenue ~~for~~in ~~the~~2025 ~~quarter~~ reached Ps. 2078,~~279~~153 million, up 36.71% ~~year-over-year~~vs. 2024, and Same Store Sales ~~grew~~reached 1718.93%,. ~~driven~~The byongoing ~~our~~improvement ~~strengthening~~of our value proposition to consumers, disciplined execution, and ~~our~~the ~~customer~~relentless ~~loyalty~~scaling toof our ~~low-price,~~store ~~high-quality~~base ~~offering~~drove market share gains. ~~Like-for-like~~Our ~~revenue~~private ~~growth~~label ~~was~~penetration ~~fueled~~increased byto ~~higher~~58.2% ~~transactions~~of ~~per~~revenues ~~store~~in ~~and~~2025, ~~more~~compared ~~SKUs~~to ~~per~~53.6% ~~transaction~~in 2024.

EBITDA, excluding the impact of the non-cash share-based ~~payments~~payment and a one-time account receivable write-off recorded in 4Q25, ~~increased~~for 432025 reached Ps.6 4,384 million, representing a growth of 30.1% year- over- year. toReported EBITDA was Ps. 1,~~170~~224 million, ~~reflecting~~and ~~healthy~~includes ~~commercial~~the ~~margins~~impact of the non-cash share-based payment and ~~solid~~a ~~operational~~one-time ~~control~~account receivable write-off recorded in 4Q25.

~~Our~~While ~~business~~EBITDA ~~model~~margin is ~~proven~~an ~~and~~important ~~resilient.~~metric, Wewe ~~continue~~do not manage the business to ~~invest~~achieve ina ~~accelerating~~specific ~~store~~margin ~~openings~~target ~~and~~in ~~strengthening~~any ~~our~~given ~~talent~~quarter. ~~base~~Instead, as we ~~believe~~focus ~~human~~on ~~capital~~executing isour ~~essential~~core topriorities: ~~sustaining~~opening ~~long-term~~successful ~~growth.~~stores, Wecontinuously ~~see~~improving avalue ~~clear~~for ~~path~~our tocustomers, and operating atwith ~~least~~increasing ~~14,000~~efficiency. ~~stores~~Over intime, ~~Mexico.~~we ~~Older~~expect ~~store~~this ~~cohorts~~disciplined ~~continue~~approach to ~~deliver~~translate ~~same-store~~into ~~sales~~expanding ~~growth~~margins. ~~well~~We ~~above~~believe ~~inflation,~~this ~~while~~approach ~~newer~~creates ~~cohorts~~long-term ~~are~~shareholder ~~maturing~~value ~~faster~~and ~~than~~sustainable ~~prior~~competitive ~~generations~~advantages. Cash generation is also important. Our ~~earliest~~model ~~vintages~~benefits ~~are~~from ~~already~~negative ~~achieving~~working ~~EBITDA~~capital ~~margins~~dynamics, ~~comparable~~driven toby ~~listed~~strong ~~hard~~sales ~~discounters~~growth ~~globally~~and rapid inventory turnover, which support healthy cash flow.

We closed 2025 with strong momentum. In 4Q25, revenue reached Ps. 21,972, up 34.4% vs 4Q24, while Same Store Sales grew 16.6%. We accelerated our store opening pace, adding 184 net new stores during the quarter. Adjusted for share-based payment and the one-time account receivable write-off, 4Q25 EBITDA grew 23.5% compared with 4Q24.


	3


	Earnings Release 4Q25 and Full Year 2025

Our business model is robust and continues to strengthen as we scale. By consistently improving the value we offer our customers, we are becoming more efficient and more competitive. Our business model is also relatively resilient to economic cycles. We serve essential needs that tend to remain stable over time.

Looking ahead to 2026 and beyond, we will continue to do the same: just faster and better.

Thank you for your continued trust and support.

K. Anthony Hatoum, Chairman and Chief Executive Officer

Earnings Release 3Q25

FINANCIAL Results

~~3Q25~~4Q25 Consolidated Results

(In Ps. Million, except percentages)

	3Q25	As % of Revenue	3Q24	As % of Revenue	Growth (%)	Variation (Bps)
	4Q25	As % of Revenue	4Q24	As % of Revenue	Growth (%)	Margin Variation (Bps)
Total Revenue	Ps. 2021,~~279~~972	100.0%	Ps. 1416,~~834~~347	100.0%	3634.74%	n.m.
Gross Profit	Ps. 3,~~277~~580	16.23%	Ps. 2,~~344~~698	1516.85%	3932.87%	36(21 bps)
Sales Expenses	(Ps. 2,~~065~~317)	10.25%	(Ps. 1,~~499~~913)	1011.17%	3721.81%	8(116 bps)
Administrative Expenses	(Ps. 21,~~109~~549)	107.41%	(Ps. ~~494~~561)	3.34%	~~326~~176.54%	~~707~~362 bps
Other Income – Net	(Ps. 17200)	0.19%	Ps. 254	0.03%	~~885~~n.9%m.	7(124 bps)
EBITDA	(Ps. ~~404)~~79	~~-2.~~0.4%	Ps. ~~688~~845	45.62%	n.am.	n.am.
Share-based payment expense	Ps. ~~1,574~~891	74.81%	Ps. ~~126~~127	0.8%	~~1144~~n.5%m.	~~691 bps~~n.m.
EBITDA ex. SBP	Ps. 1,170	5.8%	Ps. 814	5.5%	43.6%	28 bps
EBITDA ex. SBP & One-Time Account Receivable Write-Off	Ps. 1,200	5.5%	Ps. 972	5.9%	23.5%	(48 bps)

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

Total revenue for ~~3Q25~~4Q25 was Ps. 2021,~~279~~972 million, up 3634.74% 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~~574 net new stores opened in ~~the past twelve months~~2025.


	4


	Earnings Release 4Q25 and Full Year 2025

GROSS PROFIT and gross profit margin

Gross profit for ~~3Q25~~4Q25 was Ps. 3,~~277~~580 million, an increase of 3932.87% compared to ~~3Q24~~4Q24. This increase reflected sales growth and a 3621-bps ~~expansion~~contraction in gross margin. ~~While~~Our wecommercial ~~continued~~margin toremains ~~see~~healthy ~~higher~~and ~~logistics~~stable ~~costs~~year-over-year. ~~associated~~The ~~with~~modest ~~the~~gross ~~two~~margin ~~new~~contraction ~~regions~~was ~~opened~~primarily inrelated ~~3Q25~~to ~~and~~incremental ~~another~~logistic ~~two~~costs ~~that~~associated ~~are~~with ~~expected~~the toopening ~~start~~of ~~operations~~four indistribution ~~4Q25,~~centers ~~our~~in ~~commercial~~the ~~margin~~second ~~more~~half ~~than~~of ~~offset that impact~~2025.

Expenses

Sales expenses primarily reflect the cost of operating our stores, including wages and energy. In ~~3Q25~~4Q25, sales expenses reached Ps. 2,~~065~~317 million, a 3721.81% increase compared to ~~3Q24~~4Q24. This growth was mainly driven by an increase in ~~labor~~utilities and maintenance-related expenses, ~~due~~while most of other expenses (including labor) grew at a slower pace than revenue. As a percentage of total revenue, sales expenses decreased from 11.7% in 4Q24 to 10.5% in 4Q25, a contraction of 116 bps. Part of this contraction is explained by a one-time adjustment in depreciation and amortization (“D&A”) charges recorded in 4Q24.

Administrative expenses refer to expenses not directly related to operating our stores, such as headquarters, regional office expenses, and share-based compensation. For 4Q25, administrative expenses totaled Ps. 1,549 million, a 176.4% increase compared to 4Q24. This increase reflected (i) higher non-cash share-based payment expense, including 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 3.4% in 4Q24 to 7.1% in 4Q25. The non-cash share-based compensation is reflected in our fully diluted share count.

~~Earnings~~Excluding ~~Release~~non-cash ~~3Q25~~share-based payment expense, administrative expenses for 4Q25 amounted to Ps. 658 million, an increase of 51.9% compared to 4Q24. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 3.0% in 4Q25, an increase of 35 bps from 4Q24.

~~our~~Please ~~larger~~refer ~~store~~to ~~base.~~Appendix As2 ~~a percentage~~ of ~~total~~this ~~revenue,~~Earnings ~~sales~~Release ~~expenses~~for ~~increased~~an ~~from~~updated ~~10.1%~~table insummarizing ~~3Q24~~the toshare-based ~~10.2%~~payment inexpense ~~3Q25,~~plans anand ~~expansion~~related ~~of 8 bps~~expenses.

~~Administrative~~Other 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 (iexpense) ~~higher~~income ~~non~~-~~cash~~ ~~share-based~~net, ~~payment~~which ~~expense~~includes, ~~including~~among ~~the~~other ~~start of the recognition of the Liquidity Event Plan (LEP) disclosed in February 2024 and granted by the Board of Directors in June 2025~~items, ~~subject~~revenues ~~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~~operative ~~share-based~~activities ~~compensation~~such isas ~~reflected~~asset indisposals, ~~our~~cost ~~fully~~reimbursements, ~~diluted~~and ~~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 3Q24.5

~~Please refer to the Appendix of this~~ Earnings Release ~~for~~4Q25 ~~an updated table summarizing the share-based payment expense plans~~ and ~~related~~Full ~~expenses.~~Year 2025

~~Other~~insurance ~~income - net~~proceeds, ~~which~~amounted ~~includes,~~to ~~among~~a ~~other~~net ~~items,~~expense ~~revenues~~of ~~(expenses)~~Ps. ~~from~~200 ~~non-operative~~million ~~activities~~in ~~such as asset disposals~~4Q25, ~~cost~~compared ~~reimbursements,~~to ~~and~~a ~~insurance~~net ~~proceeds,~~income ~~amounted~~of to Ps. 1754 million in ~~3Q25,~~4Q24. ~~compared~~The toamount arecorded ~~net~~in ~~income~~4Q25 ofreflected ~~Ps.~~the 2commented ~~million~~one-time inaccount ~~3Q24~~receivable write-off. As a percentage of revenue, other (expense) income– net ~~increased~~decreased by 7124 bps.

EBITDA and EBITDA Margin

For ~~3Q25~~4Q25, EBITDA was ~~a loss of~~ Ps. ~~404~~79 million, compared to a Ps. ~~688~~845 million ~~gain~~ in ~~3Q24~~4Q24. As previously described, our EBITDA ~~margin~~ was impacted by the increase in non-cash share-based payment expense as well as by a one-time account receivable write-off.

Excluding non-cash share-based payment expense as well as the one-time account receivable write-off, EBITDA was Ps. 1,~~170~~200 million, an increase of 4323.65% compared to ~~3Q24~~4Q24. The EBITDA margin for ~~3Q25~~4Q25, adjusted to add-back non-cash share-based compensation and the one-time account receivable write-off, ~~increased~~decreased by 2848 bps to 5.85%.

Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.

Earnings Release 3Q25

Additional Disclosures

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

•

Share-based payment expense (non-cash): Non-cash ~~Share~~share-based payment expense ~~reached~~totaled Ps. ~~1,574~~891 million in ~~3Q25~~4Q25, compared to Ps. ~~126~~127 million recorded in ~~3Q24~~4Q24. Of the 4Q25 expense, Ps. 708 million relates to pre-IPO allocations. For additional details, please refer to ~~the~~ Appendix ~~section~~2 of this Earnings Release.

•

Building lease payments: The Company leases all except one of its stores and all of its 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~~533 million in ~~3Q25~~4Q25, compared to Ps. ~~357~~378 million in ~~3Q24~~4Q24.

•

One-time account receivable write-off: In 4Q25, the Company terminated its relationship with its payment terminal provider. At that time, the outstanding accounts receivable balance with the provider totaled Ps. 230 million, which the Company fully wrote off during the quarter, resulting in a one-time impact on earnings. The Company is pursuing legal remedies in connection with this matter. Payment processing has since been migrated to terminals operated by one of the top three banks in Mexico, with no disruption to operations.


	6


	Earnings Release 4Q25 and Full Year 2025

FINANCIAL COSTS and NET loss

Financial income totaled Ps. 4241 million in ~~3Q25~~4Q25, down from Ps. 4846 million in ~~3Q24~~4Q24. The decrease was primarily driven by lower interest rates.

Financial costs were Ps. ~~363~~447 million for ~~3Q25~~4Q25, a 2634.43% increase compared to ~~3Q24~~4Q24. This increase was primarily driven by higher interest expense on lease liabilities, reflecting the continued expansion of our stores and distribution center network.

The Company recorded a foreign exchange loss of Ps. 8673 million in ~~3Q25~~4Q25, 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~~77 million in ~~3Q25~~4Q25 compared to Ps. 66120 million in ~~3Q24~~4Q24.

As a result, our net loss for ~~the~~4Q25 ~~3Q25~~ was Ps. 1,~~424~~043 million, compared to a net ~~profit~~loss of Ps. ~~258~~24 million for ~~the 3Q24~~4Q24.

FULL YEAR 2025 Consolidated Results

(In Ps. Million, except percentages)


	2025	As % of Revenue	2024	As % of Revenue	Growth (%)	Margin Variation (Bps)
Total Revenue	Ps. 78,153	100.0%	Ps. 57,439	100.0%	36.1%	n.m.
Gross Profit	Ps. 12,643	16.2%	Ps. 9,376	16.3%	34.8%	(15 bps)
Sales Expenses	(Ps. 8,123)	10.4%	(Ps. 6.122)	10.7%	32.7%	(26 bps)
Administrative Expenses	(Ps. 5,094)	6.5%	(Ps. 1,987)	3.5%	156.4%	306 bps
Other Income – Net	(Ps. 101)	0.1%	Ps. 61	0.1%	n.m.	(24 bps)
EBITDA	Ps. 1,224	1.6%	Ps. 2,847	5.0%	(57.0%)	(339 bps)
Share-based payment expense	Ps. 2,930	3.7%	Ps. 523	0.9%	460.0%	284 bps
EBITDA ex. SBP & One-Time Account Receivable Write-Off	Ps. 4,384	5.6%	Ps. 3,370	5.9%	30.1%	(26 bps)

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.


	7


	Earnings Release 4Q25 and Full Year 2025

TOTAL Revenue

Total revenue for 2025 was Ps. 78,153 million, up 36.1% year-over-year. In 2025, sales growth was primarily driven by a 23.0% increase in the number of transactions, which increased to 825 million from 671 million in 2024. The average ticket also increased, from Ps. 85.4 to Ps. 94.9, a gain of 11.0%, mostly driven by an increase in items per ticket. 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 574 net new stores opened in 2025.

GROSS PROFIT and gross profit margin

Gross profit for 2025 was Ps. 12,643 million, an increase of 34.8% compared to 2024. This increase reflected sales growth and a 15-bps contraction in gross margin, entirely caused by the higher logistic costs associated with the opening of four distribution centers in 2025.

Expenses

In 2025, sales expenses reached Ps. 8,123 million, a 32.7% increase compared to 2024. This growth was mainly driven by an increase in D&A charges, maintenance, utilities, and, to a lesser extent, labor-related expenses due to our larger store base. As a percentage of total revenue, sales expenses decreased from 10.7% in 2024 to 10.4% in 2025, a reduction of 26 bps.

Administrative expenses totaled Ps. 5,094 million in 2025, a 156.4% increase compared to 2024. This increase reflected (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 3.5% in 2024 to 6.5% in 2025. 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 2025 amounted to Ps. 2,111 million, an increase of 51.4% compared to 2024. As a percentage of revenue, administrative expenses excluding non-cash share-based payment expense stood at 2.7% in 2025, an increase of 27 bps from 2024.


	8


	Earnings Release 4Q25 and Full Year 2025

Please refer to Appendix 2 of this Earnings Release for an updated table summarizing the share-based payment expense plans and related expenses.

Other (expense) income - net, which includes, among other items, revenues (expenses) from non-operative activities such as asset disposals, cost reimbursements, and insurance proceeds, amounted to an expense of Ps. 101 million in 2025, compared to a net income of Ps. 61 million in 2024. As a percentage of revenue, other (expense) income– net decreased by 24 bps.

EBITDA and EBITDA Margin

For 2025, EBITDA was Ps. 1,224 million, compared to a Ps. 2,847 million gain in 2024. As previously described, our EBITDA margin was impacted by the increase in non-cash share-based payment expense and the one-time account receivable write-off in 4Q25.

Excluding non-cash share-based payment expense as well as the one-time account receivable write-off, EBITDA was Ps. 4,384 million, an increase of 30.1% compared to 2024. The EBITDA margin for 2025, adjusted to add-back non-cash share-based compensation and the one-time account receivable write-off, contracted by 26 bps to 5.6%.

Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.

FULL YEAR 2025 Additional Disclosures

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

•

Non-cash Share-based payment expense reached Ps. 2,930 million in 2025, compared to Ps. 523 million recorded in 2024. For additional details, please refer to Appendix 2 section of this Earnings Release.

•

Building lease payments: The Company leases all except one of its stores and all of its 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. 1,833 million in 2025, compared to Ps. 1,389 million in 2024.

•

One-time account receivable write-off: Please refer to the previous discussion on the topic in the Additional Disclosures section for 4Q25.


	9


	Earnings Release 4Q25 and Full Year 2025

FINANCIAL COSTS and NET loss

Financial income totaled Ps. 173 million in 2025, up from Ps. 156 million in 2024. The increase was primarily driven by interest earned on the net cash proceeds from the Company’s Initial Public Offering in 2024 (“IPO”).

Financial costs were Ps. 1,508 million for 2025, a 20.0% increase compared to 2024. 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. 385 million in 2025, 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. 444 million in 2025 compared to Ps. 383 million in 2024.

As a result, our net loss for 2025 was Ps. 2,840 million, compared to a net profit of Ps. 334 million for 2024.

balance sheet and liquidity

As of ~~September~~December 3031, 2025, the Company had local currency cash and cash equivalents of Ps. 1,~~113~~427 million. In addition, as of ~~September~~December 3031, 2025, the Company held US$151 million in U.S. dollar-denominated short-term bank deposits. The Company applied an exchange rate of Ps. 1817.3897 to one U.S. dollar as of ~~September~~December 3031, 2025 ~~when translating Ps~~. ~~to US$.~~

Earnings Release 3Q25

cASH fLOW sTATEMENT

(In Ps. Million, except percentages)

	9M25	9M24	Growth (%)
	2025	2024	Growth (%)
Net cash flows provided by operating activities	Ps. 34,~~095~~682	Ps. 23,~~378~~749	3024.19%
Net cash flows used in investing activities	(Ps. 2(3,~~228~~409)	(Ps. 4,~~172~~907)	~~-46~~(30.65%)
Net cash flows (used in) obtained from financing activities	(Ps. 1,172)	Ps. 1,748	n.m.
Net cash flows obtained from (used in) financing activities	Ps. (1,254)	Ps. 1,228	n.m.
Net decrease in cash and cash equivalents	(Ps. ~~305)~~18	(Ps. ~~46)~~129	~~564~~n.7%m.

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. 10

~~The~~Earnings ~~information~~Release ~~provided~~4Q25 ~~below~~and ~~summarizes~~Full ~~cash~~Year ~~flow changes for the first nine months of~~ 2025:

~~Net~~Our ~~cash~~business ~~flows~~model ~~provided~~continues byto ~~operating~~generate ~~activities~~strong ~~increased~~operating tocash ~~Ps.~~flow ~~3,095~~from ~~million~~our innegative ~~the~~working ~~first~~capital ~~nine~~cycle ~~months~~due ofto ~~2025~~our ~~(“9M25”)~~growing ~~from~~sales ~~Ps.~~and ~~2,378~~high ~~million~~inventory ~~for~~turnover ~~the~~relative ~~first~~to ~~nine~~payment ~~months~~terms. ofThis ~~2024~~robust ~~(“9M24”).~~cash ~~Our~~flow ~~net~~has ~~working~~enabled ~~capital~~us ~~continues~~ to befund ~~driven~~our bygrowth ainitiatives, ~~favorable~~including ~~ratio~~the expansion of ~~Inventory~~new ~~Days~~stores toand ~~Payable~~distribution ~~Days~~centers internally.

~~Net~~The ~~cash~~information ~~flows~~provided ~~used~~below insummarizes ~~investing~~cash ~~activities~~flow ~~totaled~~changes ~~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.2025:

Net cash flows ~~used~~provided inby ~~financing~~operating activities ~~were~~increased to Ps. 14,~~172~~682 million for ~~9M25,~~2025 ~~compared~~from toPs. ~~the~~3,749 ~~cash~~million ~~flows~~for ~~obtained~~2024. inOur ~~9M24~~net ofworking ~~Ps.~~capital ~~1,748~~continues ~~million.~~to ~~The~~be ~~year-over-year~~driven ~~difference~~by ~~primarily~~a ~~reflects~~favorable ~~the~~ratio ~~net~~of ~~proceeds~~Inventory ~~from~~Days ~~the~~to ~~IPO~~Payable ~~received in 9M24~~Days.

~~key~~Net ~~operating~~cash ~~metric~~flows used in investing activities totaled Ps. 3,409 million for 2025, compared to Ps. 4,907 million in 2024. This decrease was primarily driven by the Ps. 2,621 million allocation of IPO proceeds into short-term deposits during 2024, partially offset by continued investments to expand our store and logistics network.

	3Q25	3Q24	Variation (%)
Number of Stores Opened	131	131	0.0%
Number of Distribution Centers	18	16	12.5%
Same Store Sales Growth (%)	17.9%	11.6%	n.m.

Net cash flows used in financing activities were Ps. 1,254 million for 2025, compared to the cash flows obtained in 2024 of Ps. 1,228 million. The year-over-year difference primarily reflected the net proceeds from the IPO received in 2024.

7key ANNUAL operating metric

Earnings Release 3Q25


	2025	2024	Variation (%)
Number of Stores Opened	574	484	18.6%
Number of Distribution Centers	20	16	25.0%
Same Store Sales Growth (%)	18.3%	13.4%	n.m.
Private Label Sales Products (% of Sales of Merchandise)	58.2%	53.6%	460 bps
Average Ticket Size(1)	Ps. 94.9	Ps. 85.4	11.0%
Transaction Number(2)	27,494	26,821	2.5%

(1)

InWe ~~3Q25,~~calculate we“average ~~opened~~ticket ~~131~~size” ~~stores.~~by Individing ~~the~~revenue ~~last~~from ~~twelve~~Sales ~~months,~~of ~~the~~Merchandise ~~Company~~by ~~opened 528 stores, compared to 499 in~~ the ~~twelve~~total ~~months~~number ~~ending~~of ~~3Q24~~transactions. ~~Same Store Sales growth was 17.9% for 3Q25, compared to 11.6% for 3Q24.~~

(2)

Number of transactions is derived from stores that have been operating for 5+ years.

During 2025, we opened 574 stores compared to the 484 stores opened in 2024. In 4Q25, we opened 184 stores. To support the incremental number of stores, in 2025, we opened four additional distribution centers.

Same Store Sales grew by 16.6% for 4Q25, compared to 11.8% for 4Q24. For the year 2025, Same Store Sales increased by 18.3%, compared to 13.4% for 2024.

Our private label offering continues to gain as a share of sales of merchandise. The share of revenue from private labels increased from 53.6% in 2024 to 58.2% in 2025.


	11


	Earnings Release 4Q25 and Full Year 2025

STORE PERFORMANCE BY VINTAGE

Median Sales per Store Vintage (1)

Ps. million | Median 12-Month Period (2) Sales per Store (3) in Real Terms (4)

Source: Company Information. INEGI

Notes:

1.“Sales Ramp-up Evolution by Vintage” measures, for stores of the same vintage, the median of such stores’ revenue from sales of merchandise during 12-month periods since the start of operation. When calculating this measure, we exclude the first calendar month of a store’s operations to account for stores that are not open for the entire month, as well as stores that have been permanently closed. Considers stores opened in the corresponding vintage that remained open as of December 2025

2.12-month period since opening, excludes month 1

3.Median 12-month period sales of all stores opened in the corresponding vintage (excludes first month to “normalize” dates in which stores are operational since opening). Closed stores are excluded from median calculation.

4.All figures in real Ps. terms as of December 31, 2025, adjusted for inflation using Mexican National Consumer Price Index (Índice Nacional de Precios al Consumidor), as provided by INEGI and as published by the Mexican Central Bank

Our Sales per Store curves have shown a consistent upward trend across store vintages from 2005 to 2024. The data, adjusted for inflation, reflects growing sales maturity over time, with earlier vintages becoming more productive over time. The charts above demonstrate our disciplined approach to store expansion, with new stores not negatively impacting the sales of older stores (indeed, on the contrary).

2026 guidance


	Range
Same Store Sales Growth (%)	13% - 16%
Revenue Growth (%)	29% - 32%
Number of New Stores	590 - 630

For 2026, the Company plans to open between 590 and 630 stores during the year. We expect Same Store Sales growth between 13% and 16%, and total revenue is forecast to grow by 29% to 32%.


	12


	Earnings Release 4Q25 and Full Year 2025

This guidance is predicted on the prevailing consensus regarding the outlook for the Mexican economy and is subject to change, particularly if Mexico’s economic performance deviates from current expectations.

Disclaimer

The foregoing 2026 guidance reflects management’s current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the “Risk Factors” section set forth in the Company’s Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) and the Company’s Annual Report on Form 20-F to be filed with the SEC.

A reconciliation of the forward-looking non-IFRS measure, specifically the 2025 EBITDA Margin guidance, to the relevant forward-looking IFRS measure is not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such guidance and reconciliation. Due to this uncertainty, the Company cannot reconcile projected EBITDA Margin to projected net profit/loss without unreasonable effort.

The 2026 guidance constitutes forward-looking statements. For more information, see “Forward-Looking Statements” in this release.

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.


	13


	Earnings Release 4Q25 and Full Year 2025

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, ~~are~~is a proxy for but not equal to the Company’s actual cash expenditure incurred in connection with its leased properties.

Earnings Release 3Q25

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.

914

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

conference call details

Tiendas 3B will host a call to discuss the ~~third~~fourth quarter and full year 2025 results on ~~November~~March ~~20th~~12th, ~~2025~~2026, at 1112:00 ap.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~~WN_n3iHgoaHQJWuxckAjgW6Ug

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

Mexico+52 558 659 6002 +52 554 161 4288 +52 554 169 6926 United States+1 312 626 6799 (Chicago)+1 346 248 7799 (Houston) +1 646 558 8656 (New York)


Mexico	United States
+52 558 659 6002	+1 312 626 6799 (Chicago)
+52 554 161 4288	+1 346 248 7799 (Houston)
+52 554 169 6926	+1 646 558 8656 (New York)

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

The webinar ID is ~~988~~958 ~~2044~~8843 ~~0017~~0066

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

1015

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

forward-looking statements

This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We base these forward-looking statements on our current beliefs, expectations and projections about future events and trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. The words “believe,” “may,” “should,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “will,” “expect” and similar words are intended to identify forward-looking statements. Forward looking statements include information concerning our possible or assumed future results of operations, business strategies, capital expenditures, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Please refer to our annual report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities Exchange Commission (the “SEC”), as well as any subsequent filings made by us with the SEC, each of which is available on the SEC’s website (www.sec.gov), for a more extensive discussion of the risks and other factors that may impact any forward-looking statements in this release. Considering these limitations, you should not make any investment decision in reliance on forward-looking statements contained in this release.

About TIENDAS 3B

BBB Foods Inc. (“Tiendas 3B”), a proudly Mexican company, is a pioneer and leader of the grocery hard discount model in Mexico and one of the fastest growing retailers in the country as measured by its sales and store growth rates. The 3B name, which references "Bueno, Bonito y Barato" - a Mexican saying which translates to "Good, Nice and Affordable" - summarizes Tiendas 3B’s mission of offering irresistible value to budget savvy consumers through great quality products at bargain prices. By delivering value to the Mexican consumer, we believe we contribute to the economic well-being of Mexican families. In a landmark achievement, Tiendas 3B was listed on the New York Stock Exchange in February 2024 under the ticker symbol “TBBB”.

For more information, please visit: https://www.investorstiendas3b.com/

Investor Relations Contact

ir@tiendas3b.com

1116

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Financial Statements

Consolidated Income Statement

(Unaudited)

For the three months ended ~~September~~December 3031, 2025, and ~~September~~December 3031, 2024

(In thousands of Mexican pesos)

	For the Three Months Ended September 30,
	For the Three Months Ended December 31,
	2025	2024	% Change
Revenue From Sales of Merchandise	Ps. 2021,~~250~~944,~~500~~649	Ps. 1416,~~807~~318,~~698~~342	3634.85%
Sales of Recyclables	2827,~~492~~835	2628,~~108~~276	9.(1.6%)
Total Revenue	2021,~~278~~972,~~992~~484	1416,~~833~~346,~~806~~618	3634.74%
Cost of Sales	(1718,~~002~~392,~~194~~193)	(1213,~~490~~648,~~108~~700)	3634.18%
Gross Profit	Ps. 3,~~276~~580,~~798~~291	Ps. 2,~~343~~697,~~698~~918	3932.87%
Gross Profit Margin	16.23%	1516.85%
Sales Expenses	(2,~~065~~316,~~282~~900)	(1,~~498~~913,~~500~~108)	3721.81%
Administrative Expenses	(21,~~108~~549,~~760~~175)	(~~494~~560,~~399~~524)	~~326~~176.54%
Other Income - Net	17,451	1,770	885.9%
Other (Expense) Income - Net	(200,161)	53,978	n.m.
Operating Profit	(Ps. 879,793)	Ps. 352,569	(349.5%)
Operating (Loss) Profit	(Ps. 485,945)	Ps. 278,264	n.m.
Operating Profit Margin	(4.3%)	2.4%
Operating (Loss) Profit Margin	(2.2%)	1.7%
Financial Income	4240,~~128~~641	4746,~~642~~362	(1112.63%)
Financial Costs	(~~362~~447,~~792~~332)	(~~286~~333,~~930~~199)	2634.43%
Exchange Rate Fluctuation	(8673,~~149~~295)	~~210~~105,~~191~~093	n.m.
Financial Cost - Net	(~~406~~479,~~813~~986)	(29181,~~097~~744)	~~1298~~164.1%
Profit (Loss) Before Income Tax	(Ps. 1965,~~286,606~~931)	Ps. ~~323~~96,~~472~~520	n.m.
Income Tax Expense	(~~137~~76,~~404~~576)	(65120,~~872~~091)	~~108~~(36.62%)
Net Profit (Loss) for the Period	(Ps. 1,424,010)	Ps. 257,600	n.m.
Net Loss for the Period	(Ps. 1,042,507)	(Ps. 23,571)	4322.8%
Net Profit (Loss) Margin	(7.0%)	1.7%
Net Loss Margin	(4.7%)	(0.1%)
Weighted average common shares	~~115~~116,~~398~~045,~~598~~917	112,200,752
Basic (loss) earnings per common share	~~n.m.~~-	~~Ps. 2.30~~-
EBITDA Reconciliation
Net Profit (Loss) for the Period	(Ps.1,424,010)	Ps. 257,600	n.m
Net Loss for the Period	(Ps.1,042,507)	(Ps.23,571)	4322.8%
Net Profit (Loss) Margin	(7.0%)	1.7%
Net Loss Margin	(4.7%)	(0.1%)
Income Tax Expense	(~~137~~76,~~404~~576)	(65120,~~872~~091)	~~108~~(36.62%)
Financial Cost - Net	(~~406~~479,~~813~~986)	(29181,~~097~~744)	~~1298~~164.1%
D&A	~~475~~565,~~633~~387	~~335~~566,~~385~~513	41(0.82%)
EBITDA	(Ps.~~404~~ 79,~~160)~~442	Ps. ~~687~~844,~~954~~777	n(90.m.6%)
EBITDA margin	~~(2.~~0.4%)	45.62%

1217

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Consolidated Income Statement

(Unaudited)

For the ~~nine~~year ~~months~~ ended ~~September~~December 3031, 2025, and ~~September~~December 3031, 2024

(In thousands of Mexican pesos)

	For the Nine Months Ended September 30,
	For the Year Ended December 31,
	2025	2024	% Change
Revenue From Sales of Merchandise	Ps. 5678,~~099~~044,~~458~~107	Ps. 4157,~~014~~333,~~985~~327	36.81%
Sales of Recyclables	81108,~~001~~836	77105,~~416~~692	43.60%
Total Revenue	5678,~~180~~152,~~459~~943	4157,~~092~~439,~~401~~019	36.71%
Cost of Sales	(4765,~~117~~509,~~276~~469)	(3448,~~414~~062,~~213~~913)	36.93%
Gross Profit	Ps. 912,~~063~~643,~~183~~474	Ps. 69,~~678~~376,~~188~~106	3534.78%
Gross Profit Margin	16.12%	16.3%
Sales Expenses	(58,~~806~~122,~~007~~907)	(46,~~208~~121,~~458~~566)	3832.07%
Administrative Expenses	(35,~~545~~094,~~303~~478)	(1,~~426~~987,~~551~~075)	~~148~~156.54%
Other Income - Net	98,842	7,066	1298.8%
Other (Expense) Income - Net	(101,319)	61,044	n.m.
Operating Profit	(Ps. 189,285)	Ps. 1,050,245	(118.0%)
Operating (Loss) Profit	(Ps. 675,230)	Ps. 1,328,509	n.m.
Operating Profit Margin	(0.3%)	2.6%
Operating (Loss) Profit Margin	(0.9%)	2.3%
Financial Income	~~132~~172,~~033~~674	~~109~~155,~~501~~863	2010.68%
Financial Costs	(1,~~060~~508,~~981~~313)	(~~924~~1,~~055~~257,254)	1420.80%
Exchange Rate Fluctuation	(~~311~~384,~~656~~951)	~~385~~490,~~335~~428	n.m.
Financial Cost - Net	(1,~~240~~720,~~604~~590)	(~~429~~610,~~219~~963)	~~189~~181.06%
Profit (Loss) Before Income Tax	(Ps. 1,429,889)	Ps. 621,026	n.m.
(Loss) Profit Before Income Tax	(Ps. 2,395,820)	Ps. 717,546	n.m.
Income Tax Expense	(~~367~~443,~~175~~751)	(~~263~~383,~~033~~124)	3915.68%
Net Profit (Loss) for the Period	(Ps. 12,~~797~~839,~~064~~571)	Ps. ~~357~~334,~~993~~422	n.m.
Net Profit (Loss) Margin	(3.26%)	0.96%
Weighted average common shares	~~114~~115,~~678~~022,~~113~~874	~~107~~109,~~798~~203,~~668~~573
Basic (loss) earnings per common share	~~n.m.~~-	~~Ps.~~ 3.3206
EBITDA Reconciliation
Net Profit (Loss) for the Period	(Ps.12,~~797~~839,~~064~~571)	Ps. ~~357~~334,~~993~~422	n.m.
Net Profit (Loss) Margin	(3.26%)	0.96%
Income Tax Expense	(~~367~~443,~~175~~751)	(~~263~~383,~~033~~124)	3915.68%
Financial Cost - Net	(1,~~240~~720,~~604~~590)	(~~429~~610,~~219~~963)	~~189~~181.06%
D&A	1,~~333~~899,~~757~~144	~~952~~1,~~086~~518,599	4025.1%
EBITDA	Ps. 1,~~144~~223,~~472~~914	Ps. 2,~~002~~847,~~331~~108	(4257.80%)
EBITDA margin	21.06%	45.90%

1318

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Consolidated Balance Sheet

(Unaudited)

As of ~~September~~December 3031, 2025, and December 31, 2024

(In thousands of Mexican pesos)

	As of September 30,	As of December 31,
	As of December 31,
	2025	2024
Current assets:
Cash and cash equivalents	Ps. 1,~~113~~427,~~183~~248	Ps. 1,447,166
Short-term bank deposits	2,~~772~~711,~~373~~422	3,058,691
Sundry debtors	218,375	95,058
Sundry debtors - Net	125,033	95,058
VAT and other taxes receivable	1,~~025~~172,~~935~~101	843,926
Advanced payments	~~109~~72,~~408~~927	70,925
Inventories	34,~~409~~217,~~703~~417	3,038,373
Total Current Assets	Ps. 89,~~648~~726,~~977~~148	Ps. 8,554,139
Non-Current Assets:
Guarantee deposits	~~122~~109,~~182~~096	72,652
VAT receivable	306,238	174,936
VAT and other taxes receivable	333,607	174,936
Other non-current receivables	156,087	-
Property, furniture, equipment, and lease-hold improvements – Net	9,348,874	6,455,625
Property, furniture, equipment, and lease-hold improvements – Net	8,403,065	6,455,625
Right-of-use assets – Net	10,305,131	7,028,346
Right-of-use assets – Net	8,897,000	7,028,346
Intangible assets – Net	27,819	6,790
Intangible assets – Net	19,552	6,790
Deferred income tax	675,504	484,325
Deferred income tax	551,801	484,325
Total Non-Current Assets	Ps. 20,800,031	Ps. 14,222,674
Total Non-Current Assets	Ps. 18,455,925	Ps. 14,222,674
Total Assets	Ps. 30,526,179	Ps. 22,776,813
Total Assets	Ps. 27,104,902	Ps. 22,776,813
Current liabilities:
Suppliers	Ps. 1011,~~141~~428,~~098~~037	Ps. 8,835,875
Accounts payable and accrued expenses	~~464~~536,~~863~~792	341,828
Income tax payable	1341,~~180~~624	74,642
Bonus payable to related parties	64102,~~599~~988	58,702
Short-term debt	12,~~494~~107,~~522~~044	926,765
Lease liabilities	~~973~~1,~~891~~118,382	750,127
Employees’ statutory profit sharing payable	~~199~~267,~~996~~423	199,477
Total Current Liabilities	Ps. 1315,~~352~~602,~~149~~290	Ps. 11,187,416
Non-Current Liabilities:
Long-term debt	~~169~~141,~~955~~907	106,693
Lease liabilities	910,~~264~~612,~~031~~062	7,415,363
Employee benefits	4144,~~506~~487	32,559
Total Non-Current Liabilities	Ps. 910,~~475~~798,~~492~~456	Ps. 7,554,615
Total Liabilities	Ps. 2226,~~827~~400,~~641~~746	Ps. 18,742,031
Stockholders’ equity:
Capital stock	89,~~951~~325,~~301~~356	8,283,347
Reserve for share-based payments	23,~~746~~263,~~433~~057	1,374,844
Cumulative losses	(78,~~420~~462,~~473~~980)	(5,623,409)
Total Stockholders’ Equity	Ps. 4,~~277~~125,~~261~~433	Ps. 4,034,782
Total Liabilities and Stockholders’ Equity	Ps. 2730,~~104~~526,~~902~~179	Ps. 22,776,813

1419

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Cash Flow Statement

(Unaudited)

For the ~~three~~year ~~months~~ended ~~September~~December 3031, 2025, and ~~September~~December 3031, 2024

(In thousands of Mexican pesos)

	For the Three Months Ended September 30,
	For the Twelve Months Ended December 31,
	2025	2024
(Loss) profit before income tax	(Ps. 12,~~286~~395,~~606~~820)	Ps. ~~323~~717,~~472~~547
Adjustments for:
Depreciation of property, furniture, equipment, and lease-hold improvements	~~222~~868,~~172~~830	~~174~~719,~~009~~987
Depreciation of right-of-use assets	~~252~~1,~~567~~026,971	~~160~~796,~~766~~182
Amortization of intangible assets	~~894~~3,343	~~610~~2,430
Employee benefits	211,~~983~~930	210,~~000~~327
Interest payable on Promissory Notes and Convertible Notes	-	-82,588
Interest expense on lease liabilities	~~329~~1,~~882~~420,187	~~263~~1,~~415~~072,774
Interest on debt and bonus payable and amortization of issuance costs	1037,~~275~~042	736,~~108~~390
Other financial income	(42172,~~128~~674)	(44155,~~223~~863)
Gain on fair value of derivative financial instrument	-	(3,419)
Interests and commissions from credit lines	51,084	65,503
Interests and commissions from credit lines	22,635	16,407
Expected Credit Losses on Sundry Debtors	230,151	-
Loss on disposal of Property, furniture, equipment and lease-hold improvements	918,937	-
Gain on termination of lease agreements	-	(387)
Loss on termination of lease agreements	-	1,573
Exchange rate fluctuation	86384,~~149~~951	(~~210~~490,~~191~~428)
Share-based payments expense	12,~~573~~930,~~926~~222	~~126~~523,~~468~~143
Increase in inventories	(~~299~~1,~~738~~179,045)	(~~150~~680,~~579~~887)
Increase in other current assets and guarantee deposits	(~~123~~785,~~306~~418)	(~~154~~418,~~747~~647)
Increase in suppliers (including supplier finance arrangements)	~~489~~2,~~540~~592,163	~~572~~1,~~652~~709,786
Increase in other current liabilities	63262,~~510~~422	~~113~~165,~~145~~090
Increase (decrease) on bonus payable to related parties	(344,~~008)~~286	-(20,648)
Income taxes paid	(~~160~~667,~~154~~949)	(97388,~~536~~310)
Net cash flows provided by operating activities	Ps. 14,~~139~~681,~~602~~613	Ps. 13,~~098~~748,~~970~~537
Purchase of property, furniture, equipment, and lease-hold improvements	(~~924~~3,~~775~~548,943)	(~~651~~2,~~199~~435,695)
Sale of property and equipment	~~294~~1,392	~~(509)~~1,877
Additions to intangible assets	(424,~~516~~373)	(~~563~~2,449)
Short-term bank deposits	~~(2,911)~~-	~~152~~(2,~~970~~614,080)
Interest earned on short-term investments	41,819	40,683
Interest received from settlement of derivative financial instruments	-	7,980
Net cash flows used in investing activities	(Ps. 890,089)	(Ps. 458,618)
Interest earned on short-term investments	163,042	135,071
Payments made on supplier finance arrangements-net of commissions received	(1,457,676)	(818,588)
Net cash flows used in investing activities	(Ps. 3,408,882)	(Ps. 4,907,296)
Finance obtained through supplier finance arrangements	1,644,801	869,064
Payments made on supplier finance arrangements-net of commissions received	(5,831,149)	(3,251,211)
Proceeds from Santander and HSBC credit lines, net	183,650	(85,086)
Finance obtained through supplier finance arrangements	6,276,203	3,498,928
Payment of debt	(47,511)	(30,328)
Proceeds from Santander and HSBC credit lines - Net	723,836	-
Interest payment on debt	(32,909)	(23,515)
Payment of debt	(176,250)	(208,679)
Principal payments on lease liabilities	(208,687)	-
Interest payment on debt	(88,126)	(94,734)
Interest payment on leases	(329,882)	(396,839)
Principal payments on lease liabilities	(738,802)	(471,703)
Net cash flows obtained from (used in) financing activities	(Ps. 248,214)	(Ps. 485,292)
Interest payment on leases	(1,420,187)	(1,072,774)
Net decrease in cash and cash equivalents	1,299	155,060
Payment of principal of Promissory Notes	-	(1,974,787)
Effect of foreign exchange movements on cash balances	(9,407)	(131,395)
Payment of accrued Interests of Promissory Notes	-	(2,955,495)
Cash and cash equivalents at beginning of period	1,121,291	1,245,237
Proceeds from initial public offering, net of underwriting fees	-	7,841,837
Cash and cash equivalents at end of period	Ps. 1,113,183	Ps. 1,268,902
Initial public offering costs	-	(23,269)
Net cash flows obtained from (used in) financing activities	(Ps. 1,254,475)	Ps. 1,288,113
Net increase in cash and cash equivalents	18,256	129,354
Effect of foreign exchange movements on cash balances	(38,174)	97,341
Cash and cash equivalents at beginning of period	1,447,166	1,220,471
Cash and cash equivalents at end of period	Ps. 1,427,248	Ps. 1,447,166

1520

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Cash Flow Statement

(Unaudited)

For the nine months ended September 30, 2025, and September 30, 2024

(In thousands of Mexican pesos)

	For the Nine Months Ended September 30,
	2025	2024
(Loss) profit before income tax	(Ps. 1,429,889)	Ps. 621,026
Adjustments for:
Depreciation of property, furniture, equipment, and lease-hold improvements	610,628	468,985
Depreciation of right-of-use assets	720,901	481,244
Amortization of intangible assets	2,228	1,857
Employee benefits	8,948	5,999
Interest payable on Promissory Notes and Convertible Notes	-	82,588
Interest expense on lease liabilities	1,004,400	757,618
Interest on debt and bonus payable and amortization of issuance costs	26,310	29,471
Other financial income	(132,033)	(102,214)
Gain on fair value of derivative financial instrument	-	(7,287)
Interests and commissions from credit lines	30,271	54,378
Loss on disposal of Property, furniture, equipment and lease-hold improvements	13,787	-
Gain on termination of lease agreements	-	(387)
Exchange rate fluctuation	311,656	(385,335)
Share-based payments expense	2,039,543	396,054
Increase in inventories	(371,330)	(167,146)
Increase in other current assets and guarantee deposits	(680,726)	(446,657)
Increase in suppliers (including supplier finance arrangements)	1,305,223	728,969
Increase in other current liabilities	123,185	248,169
Increase (decrease) on bonus payable to related parties	7,782	(79,351)
Income taxes paid	(496,113)	(309,773)
Net cash flows provided by operating activities	Ps. 3,094,771	Ps. 2,378,208
Purchase of property, furniture, equipment, and lease-hold improvements	(2,342,836)	(1,642,397)
Sale of property and equipment	2,234	1,856
Additions to intangible assets	(14,990)	(1,880)
Short-term bank deposits	-	(2,621,393)
Interest earned on short-term investments	127,874	91,966
Net cash flows used in investing activities	(Ps. 2,227,718)	(Ps. 4,171,848)
Payments made on supplier finance arrangements-net of commissions received	(3,883,121)	(2,266,340)
Finance obtained through supplier finance arrangements	4,241,758	2,385,967
Proceeds from Santander and HSBC credit lines, net	182,695	58,806
Payment of debt	(134,810)	(107,557)
Interest payment on debt	(56,581)	(76,691)
Principal payments on lease liabilities	(517,123)	(382,210)
Interest payment on leases	(1,004,400)	(757,618)
Payment of principal of Promissory Notes	-	(1,969,602)
Payment of accrued Interests of Promissory Notes	-	(2,955,495)
Proceeds from initial public offering, net of underwriting fees	-	7,841,837
Initial public offering costs	-	(23,269)
Net cash flows obtained from (used in) financing activities	(Ps. 1,171,582)	Ps. 1,747,828
Net decrease in cash and cash equivalents	(304,529)	(45,812)
Effect of foreign exchange movements on cash balances	(29,454)	94,243
Cash and cash equivalents at beginning of period	1,447,166	1,220,471
Cash and cash equivalents at end of period	Ps. 1,113,183	Ps. 1,268,902

Earnings Release 3Q25

Appendix 1: Fully Diluted Shares Illustrative Calculation

To further improve investor’s understanding of our capital structure, we are providing below an illustrative calculation of our fully diluted share count as of ~~September~~December 3031, 2025, inclusive of Class A common shares and Class C common shares subject to vested and unvested stock options, restricted stock units, and Class C common shares under the Liquidity Event Share Plan and the Bolton Partners Share Allocation. We calculate our fully diluted common shares outstanding by assuming the “net settlement” of all our outstanding options at their weighted average strike price.

The illustrative example below assumes:

•

Price per Class A common share: US$3035.00

•

Weighted average exercise price of US$5.8074 per Class C common share subject to options granted under our Legacy 2004 Option Plan

•

Weighted average exercise price of $2932.2290 per Class A common share subject to options granted under our 2024 Equity Incentive Plan

•

All outstanding options are vested as of the date hereof, for illustrative purposes only

Illustrative Fully Diluted Share Count
Share Count	As of ~~September~~December 3031, 2025
Class A common shares (publicly traded and registered)	62,048,108
Class B common shares (high-vote shares)	5,200,000
Class C common shares	47,518,697
Common Shares Outstanding	114,766,805
Liquidity Event Class C Shares (1)	7,500,000
Bolton Partners Class C Share Allocation	4,224,960
Class C Common Shares Subject to Vesting or Delayed Delivery	11,724,960
Total Common Shares	126,491,765
Net Shares subject to Equity-Based Compensation Plans(2)	3132,~~657~~923,~~086~~274
Fully Diluted Share Count	~~158~~159,~~148~~415,~~851~~039

(1)

As of ~~September~~December 3031, 2025, 1,~~250~~875,000 of the Liquidity Event Class C Shares had been vested.

(2)

See the illustrative calculation below for how this figure is calculated. Assumes the net exercise at their weighted average strike price of all options granted under our legacy 2004 Option Plan, all options granted under our 2024 Equity Incentive Plan and all restricted stock units granted under our 2024 Equity Incentive Plan.

1721

Weighted-average strike price

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

	Common Shares issuable upon exercise				Net Shares(1) (2)
Legacy 2004 Option Plan	3837,~~232~~745,~~812~~312	X	(US$3035.00 - US$5.8074)	=	3031,~~841~~551,~~843~~803
			US$30.00
			US$35.00
2024 Equity Incentive Plan Options	14,~~470~~090,000	X	(US$3035.00 - US$2932.2290)	=	38245,~~243~~471
			US$30.00
			US$35.00
2024 Equity Incentive Plan RSUs	~~777~~1,126,000		=		~~777~~1,126,000
Net Shares subject to Equity-Based Compensation Plans					3132,~~657~~923,~~086~~274

(1)

Net share numbers have been rounded down to the nearest whole share.

(2)

For illustrative purposes we are assuming all options are exercised into Class A common shares but note that options under our Legacy 2004 Option Plan are exercisable for Class C common shares. All our Class C common shares are subject to a liquidity lock-up that expires on August 8, 2026 (subject to exceptions).

The example above is provided for illustrative purposes only. The number of common shares outstanding would change if the strike price of the specific option being exercised were higher or lower than the weighted average strike price assumed for this exercise and/or if the market price for our Class A common shares was higher or lower at the time of exercise than the assumed price.

1822

Earnings Release ~~3Q25~~4Q25 and Full Year 2025

Appendix 2: Share-Based Payment Expense

The tables and explanatory text below provide a breakdown of the expenses associated with stock options and restricted shares granted under the 2004 Option Plan, the 2024 Equity Incentive Plan, and the Liquidity Event Share Plan.

All our share-based compensation plans were previously fully disclosed in our offering documents and public filings, including in our annual report on Form 20-F for the year ended December 31, 2024 and for the year ended December 31, 2023 filed with the U.S. Securities Exchange Commission (the “SEC”), each of which is available on the SEC’s website (www.sec.gov) and on our investor relations website.

The previously disclosed Liquidity Event Share Plan, in the aggregate amount of 7.5 million Class C common shares was subject to formal assignment and delivery. On June 24, 2025, Tiendas 3B formally granted the 7.5 million Class C common shares to the Liquidity Event Share Plan participants. Our board of directors also determined it was in the best interest of the Company, primarily ~~for~~in relation to talent retention ~~purposes,~~ to subject the ~~awards~~award to quarterly vesting over a three-year period. The corresponding expense will be recognized during such three-year period beginning in the third quarter of 2025 using a graded vesting model (accelerated expense recognition) with a corresponding increase to equity.

Under IFRS, the cost of this award is recognized as a non-cash expense in the profit and loss statement, even though the award is equity-settled. The fair value of the grant is determined at the grant date, and for awards with vesting conditions, the expense is recognized over the applicable vesting period. To improve investors’ understanding of how we recognize the non-cash expenses associated with each of our share-based payment arrangements, we are including below our current expectations for non-cash share-based payment expenses per program from 2025 until 2028. We note however, that these figures may vary slightly from initial estimates due to the actual vesting of the awards.

It is important to note that the formal grant of these awards and vesting schedule does not result in any additional dilution beyond what was previously disclosed and is already reflected in our fully diluted share count, discussed in Appendix I1. Additionally, the estimated share-based payment expense reflected in the table below only considers awards granted as of today. The Company may grant additional awards under the 2024 Equity Incentive Plan as administered by the Company’s compensation committee (or such other committee of our board of directors to which it has properly delegated power, or if no such committee or subcommittee exists, our board of directors).

Projected Share-Based Payment Non-Cash Expense(1)

(In Ps. Million)

	Projected	~~Projected~~
Breakdown	1Q26E	~~FY2025E~~2Q26E	3Q26E	~~FY2026E~~4Q26E	FY26E	~~FY2027E~~FY27E	FY28E	~~FY2028E~~FY29E
2004 Option Plan	57	~~406~~57	58	~~237~~58	230	~~120~~117	45	46-
2024 Equity Incentive Plan - Options	131	~~205~~133	134	~~116~~134	532	62278	143	2650
2024 Equity Incentive Plan - RSUs	62	~~370~~63	63	4463	252	17	-	-
Total	250	~~981~~253	255	~~396~~255	1,013	~~199~~412	188	7350
Liquidity Event Shares	472	~~1,953~~373	298	~~1,378~~235	1,378	470	28	28-
Total	722	~~2,934~~626	554	~~1,774~~490	2,391	~~669~~882	216	~~101~~50

(1)

Expense is recognized on a non-linear basis using a graded vesting method, being higher at the start of the period and decreasing over time.

1923

SIGNATURE

Pursuant to the requirements of the U.S. Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 19, 2025
Date: March 11, 2026
	BBB Foods Inc.
	By:	/s/ Eduardo Pizzuto
		Name:	Eduardo Pizzuto
		Title:	Chief Financial Officer

Filing Compare · BBB FOODS INC