BBB Foods (TBBB) Q2 2025 earnings summary

Executive summary

• Opened 142 net new stores in Q2, reaching 3,031 total stores as of June 30, 2025, reflecting continued expansion and operational discipline.

• Achieved exceptional growth, outpacing other listed grocery retailers in Mexico, with a focus on expanding store count and enhancing value proposition.

• Total revenue grew 38.3% year-over-year to Ps. 18,770 million, with Same Store Sales up 17.7%.

• Investments focused on logistics infrastructure and regional growth, with entry into four new regions and strengthened leadership team.

• EBITDA excluding non-cash share-based payment expense rose 32.1% year-over-year to Ps. 1,096 million.

Financial highlights

• Gross profit increased 33.9% year-over-year to Ps. 3,043 million; gross margin declined 53 bps to 16.2% due to higher logistics costs.

• EBITDA reached Ps. 844 million, up 22.5% year-over-year; EBITDA margin decreased 58 bps to 4.5%.

• Same-store sales grew 17.7% versus 10.7% in the prior year quarter.

• Net loss of Ps. 286 million in 2Q25 versus net gain of Ps. 331 million in 2Q24, impacted by higher financial costs and FX losses.

• Cash and cash equivalents at quarter-end were Ps. 1,121 million, plus $150 million in USD short-term deposits.

Outlook and guidance

• Confident in meeting previously provided store opening guidance for the year, with no revision despite accelerated pace.

• Four new regions expected to start operations in 2H25, with ongoing investments in logistics and human capital.

• Expect continued healthy same-store sales growth, with no signs of flattening or decrease in the near term.