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BBB Foods (TBBB) investor relations material
BBB Foods Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Opened 131 net new stores in Q3 2025, reaching 3,162 stores and 18 distribution centers.
Total revenue grew 36.7% year-over-year to Ps. 20,279 million, with same-store sales up 17.9%.
EBITDA excluding non-cash share-based payment expense rose 43.6% to Ps. 1,170 million, while reported EBITDA was negative at Ps. -404 million.
Net loss for 3Q25 was Ps. 1,424 million, mainly due to a significant increase in non-cash share-based payment expense.
Cash flow from operations for the first nine months of 2025 reached Ps. 3,095 million, a 30% year-on-year increase.
Financial highlights
Gross profit for 3Q25 was Ps. 3,277 million, up 39.8% year-over-year, with a gross margin of 16.2%.
EBITDA margin excluding share-based payment expense reached 5.8%, up 28 bps year-over-year.
Sales expenses rose 37.8% to Ps. 2,065 million, representing 10.2% of revenue.
Administrative expenses surged 326.5% to Ps. 2,109 million, mainly due to non-cash share-based payment expense.
Net loss margin was -7.0% in 3Q25, compared to a net profit margin of 1.7% in 3Q24.
Outlook and guidance
Confident in maintaining strong same-store sales growth into next year, supported by ongoing product improvements.
No signs of market saturation; clear path to operating at least 14,000 stores in Mexico.
Continued focus on store expansion, with 528 net new stores opened in the last twelve months.
Expect continued operational leverage and margin improvement as store vintages mature.
Guidance for next year’s operating leverage and expansion pace to be provided in the next call.
When will SBP expense normalize post-LEP grant?
Assess new store cohort's faster maturation impact.
How does negative working capital fund growth?
Impact of rapid growth on operating leverage
Update on perishables and new categories
How does 3B balance margin vs. price investment?
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Frequently asked questions
BBB Foods Inc. is a Mexico-based company engaged in the operation of grocery retail stores. The company provides a wide range of products including food items, drinks, hygiene and beauty products, home cleaning supplies, as well as coffee, tea, jellies, desserts, and baby and pet products. These offerings include both branded and private label products. Additionally, BBB Foods operates both physical stores and an online platform, catering primarily to low-to-middle income households. BBB Foods Inc. is headquartered in Mexico City, Mexico, and its shares are listed on the New York Stock Exchange.
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