BBB Foods (TBBB) Q1 2026 earnings summary

Executive summary

• Opened 123 net new stores in Q1 2026, reaching 3,469 total stores and 20 distribution centers, with 580 net stores opened in the last twelve months.

• Achieved strong operational and financial performance, with robust store expansion and revenue growth.

• Same-store sales increased 16.0% versus Q1 2025, significantly outpacing the market and reflecting strong customer loyalty.

• Revenue reached Ps. 22,860 million (MXN 23 billion), up 33.4% year-over-year, driven by network expansion and same-store sales growth.

• Adjusted EBITDA (excluding non-cash share-based payment expense) rose 38.9% to Ps. 1,276 million; reported EBITDA was Ps. 554 million.

Financial highlights

• Gross profit increased 35.0% year-over-year to Ps. 3,704 million, with gross margin expanding by 19 bps to 16.2%.

• Sales expenses grew 34.1% year-over-year but remained flat at 10.3% of revenue.

• Administrative expenses (ex-SBP) were flat at 2.9% of revenue; total admin expenses rose 33.6% YoY.

• Net loss for the period was Ps. 558 million, compared to a net loss of Ps. 87 million in 1Q25, mainly due to higher non-cash share-based payment expenses.

• Operating cash flow reached Ps. 1,961 million, up 64.1% year-over-year.

Outlook and guidance

• Management remains confident in continued high growth, citing strong business model resilience and long runway for store openings.

• SG&A expected to remain stable as a percentage of revenue for 2026, with long-term decreases anticipated.

• CapEx for 2026 guided at MXN 5.2 billion, covering new stores, distribution centers, and equipment.

• Focus on maintaining strong same-store sales growth and expanding store footprint.

• Management expects continued improvement in EBITDA margin over time, focusing on execution and operational efficiency.