Key Highlights

● Total revenue rose 38.7 per cent year over year to Ps.26,037 million.

● Same-store sales grew 20.0 per cent, compared with 17.7 per cent a year earlier.

● The network reached 3,624 stores after 155 net openings in the quarter.

● The company posted a net loss of Ps.386 million, mainly on share-based pay charges.

BBB Foods Inc. (NYSE:TBBB), which trades as Tiendas 3B, operates a hard-discount grocery chain in Mexico, and its Class A shares are listed on the New York Stock Exchange under TBBB, where they have traded since February 2024. The company reported second-quarter 2026 results on 12 August 2026 after the market close, with a conference call the following day. All figures are in nominal Mexican pesos under IFRS. Total revenue rose 38.7 per cent to Ps. 26,037 million from Ps. 18,770 million, and same-store sales grew 20.0 per cent, compared with 17.7 per cent a year earlier. The network reached 3,624 stores at 30 June 2026 after 155 net openings in the quarter and 593 over the last twelve months, supported by 21 distribution centres, one of which opened in the quarter.

Margins, profit and the effect of share-based pay

Gross profit increased 43.4 per cent to Ps. 4,362 million, lifting the gross margin to 16.8 per cent from 16.2 per cent. Sales expenses fell to 10.0 per cent of revenue, yet administrative expenses climbed to 5.5 per cent from 3.9 per cent. Operating profit slipped 10.4 per cent to Ps. 352 million. Reported EBITDA was Ps. 960 million, a 3.7 per cent margin, up 13.8 per cent. A non-cash share-based payment charge of Ps. 615 million, against Ps. 252 million a year earlier, weighed on those figures; excluding it, EBITDA was Ps. 1,575 million, a 6.1 per cent margin, up 43.8 per cent. The company posted a net loss of Ps. 386 million, compared with Ps. 286 million a year before, and described earnings per share as not meaningful. The result also carried a Ps. 85 million foreign-exchange loss and Ps. 37 million of follow-on offering costs. The gap between reported and adjusted EBITDA is the main item to understand, since share-based pay is a real cost to shareholders through dilution even though it requires no cash.

Cash flow, funding and share structure

Operating cash flow was Ps. 2,325 million in the quarter and Ps. 4,285 million in the first half, against Ps. 1,955 million a year earlier. Capital expenditure on property and equipment was Ps. 935 million in the quarter. In May 2026 the company raised net primary equity proceeds of Ps. 1,487 million through a follow-on offering. Chairman and chief executive K. Anthony Hatoum said organic expansion continues to be fully self-funded. At 30 June the company held Ps. 1,981 million of cash and Ps. 4,129 million of short-term deposits, against total debt of Ps. 1,805 million and lease liabilities of Ps. 14,116 million; the release does not state a net debt figure. The Class C lock-up expired on 6 August 2026 and all Class C shares converted one-for-one into Class A, leaving 77,938,244 Class A, 5,210,000 Class B and 38,039,530 Class C shares counted at the period end, for 121,187,774 shares. That conversion enlarges the tradeable pool of Class A stock.

A Non-Cash Charge Masks Strong Underlying Growth

BBB Foods kept opening stores at a rapid pace and grew same-store sales faster than a year earlier, but a non-cash share-based payment charge of Ps.615 million pushed the company to a reported net loss even as EBITDA excluding that charge rose 43.8 per cent. The May follow-on equity offering and the August conversion of Class C shares into Class A both expand the tradeable share pool, and with administrative expenses climbing as a share of revenue, the pace of the rollout will keep testing the company's cost discipline.