Good morning, and thank you for joining us today. I will begin with a review of our operating results for the quarter, and will be followed by our CFO, Eduardo Pizzuto, who will provide an overview of our financial performance.

We will conclude with our Q&A session. We delivered another strong quarter, sustaining and even building on the momentum we achieved in the first quarter.

Here are the key highlights from our second quarter results. We opened 155 net new stores during the quarter, bringing our total store count to 3,624 as of June 30th, 2026.

Over the last 12 months, we've opened 593 net new stores. We also opened one new distribution center, expanding our network to 21 regions as of the end of June.

Same-store sales grew 20% compared to the second quarter of 2025. Total revenue increased 39% year-over-year to 26 billion pesos.

Reported EBITDA reached 960 million pesos. Excluding non-cash share-based compensation, EBITDA increased 44% to 1.6 billion pesos.

For the first half of the year, cash flow generated from operating activities reached 4.3 billion pesos, representing 119% growth compared to the first half of 2025. Let's now turn to our operational performance.

As I mentioned, we opened 155 net new stores during the second quarter. Over the last 12 months, we've opened 593 net new stores, representing 20% growth in our store base compared to June 2025.

Our expansion strategy remains unchanged. We continue to balance densifying our presence in existing regions while selectively expanding our footprint in others.

Our revenue growth remained exceptionally strong, and we believe 3B continues to be amongst the fastest-growing retailers globally. Total revenue reached 26 billion pesos in the second quarter, up 39% year-over-year.

Same-store sales increased 20%, reflecting another quarter of outstanding performance. This strong growth continues to be driven by ongoing improvements to our value proposition, increasing brand awareness, and growing customer loyalty.

Our same-store sales performance continued to significantly outperform the market. During the quarter, we maintained a gap of more than 20 percentage points versus ANTAD, while our internal inflation remained very low.

I will now pass the microphone to Eduardo.

Thank you, Anthony. Good morning, everyone.

Sales expenses, as a percentage of revenue, decreased by 56 basis points to 10% year-over-year in the second quarter of 2026. Most of the expense lines showed operating leverage, including labor.

Admin expenses, excluding share-based payment, increased by 57 basis points year-over-year. As seen in previous quarters, admin expenses reflect our continued investment in talent and expansion into new regions to support our accelerated growth.

In the second quarter of 2026, admin expenses reflects a one-time cash expense of 37 million pesos related to the equity follow-on offering in May 2026. With respect to the share-based payment expense, these are non-cash and already reflected in our fully diluted share count.

Additional details are available in the appendix of this earnings release, where we also provide projections for this non-cash expense. EBITDA for the second quarter of 2026, excluding non-cash share-based payment expense, increased 44% to 1.6 billion pesos, driven by strong sales growth, improved gross margin, and operational efficiencies.

The adjusted EBITDA margin increased by 21 basis points year-over-year. EBITDA in the second quarter of 2026 includes a one-time cash expense of 37 million pesos related to the equity follow-on offering in May 2026.

Excluding this impact, the adjusted EBITDA margin in the second quarter of 2026 was 6.2%. As we don't drive to an EBITDA.

It will naturally continue to increase over time, driven by our disciplined execution. Our business model generates strong operating cash flow through our structurally negative working capital model.

As of June 2026, adjusted negative working capital reached 10.2 billion pesos, compared to 7.1 billion pesos in 2025, excluding IPO and follow-on proceeds. This represents approximately 11.2% of total LTM revenue, also excluding IPO and follow-on proceeds.

Our operating cash flow fully funds our organic expansion. I will now turn the call back over to Anthony for final remarks.

Thank you all for joining us today and for your continued interest in Tiendas 3B. We delivered a strong first half of 2026 with consistent and solid execution across our key operating and financial metrics.

Our high-growth business model has continued to demonstrate its resilience across different economic environments. It delivers attractive unit economics, generates strong cash flow, and becomes even more competitive as we scale.

We remain confident in the significant long-term growth opportunity for Tiendas 3B. Thank you, and we will now open the call for your questions.

Hi, thanks very much for the question. I'm interested to understand a bit more about the gross margin performance and just thinking about some of the drivers.

You mentioned stronger commercial margins, trying to understand what might have changed, if anything, quarter-on-quarter there. Then second, the lower transportation costs, I think this is the first time you've mentioned that in a while despite the DC build-out.

Trying to understand these drivers, how much they contributed, and how that pertains to any forward outlook on gross margin would be very helpful. Thank you.

I'll take the gross margin question, Andrew. As it's a dynamic process in a sense that what you're seeing here is the sum of the gross margins of all the SKUs we currently carry.

In large part, let's say, the main driver is we scale, we are much more efficient in terms of buying or in terms of manufacturing a good. We get better input conditions.

We improve the logistics of moving that good over, and that fundamentally basically gives you a bigger pie that if it's a private label product, you've divided in a very equitable way with your producer. Then you turn around and you say, "Okay, now I have a bigger pie.

Let's decide at what price do we put it?" It's mostly a very ongoing adjustment of prices where we try to optimize volumes and dollar margin.

Then we sum it all up and you see that yes, it's improved, but it's the result of all these little improvements that we see across the whole portfolio. Will the trend continue?

Very likely you'd see this improving as we scale and as we are just getting better at what we do. There comes a point where, in terms of percent margin, you're basically passing more into price than necessarily retaining it.

End result, the most important thing is to look at is the dollar margin generated. As long as this continues to grow healthily, as we see it here, we're all very happy.

I'll take the second portion. Andrew, good morning.

In terms of transportation expenses, I guess overall there's no doubt that as we continue to grow and gain scale, we become more efficient in all our operating line items. Specifically on logistics for Q2, two things played in our favor.

One is we have ongoing efforts to optimize our transportation costs, not only for new regions, for all of our regions. The second one is, specifically for the distribution center that we opened in Q2, we did a better job in managing the pre-operating expenses of this region.

Of course, that is something that we will apply in future regions. I'll take advantage of your question just to give you an update on distribution centers.

We have, in addition to the one we opened in Q2, in the past few weeks we opened an additional two distribution centers, and we expect to open a third one within Q3. For a total of three DCs in Q3.

The reason I mention this, it's because we might see some pressure probably in logistics expense, just because we're adding three additional new distribution centers.

Right. That's very helpful color.

Thank you both and congrats on the quarter.

Thank you.

Thanks, Andrew.

Hey, thank you very much. Good morning, Anthony, Eduardo, Joaquin, and again, congratulations as well.

With respect to same-store sales, how much of the growth is ticket versus traffic? How should we think about the year-on-year improvements that you're seeing in terms of item counts per transaction?

I was also curious, you've got some phenomenal innovation. How much of that growth is coming from new SKUs?

Additionally, could you give us a little update on the progress with the ERP rewrite, right? There's been a revolution in programming over the last 12 months.

How is that speeding up development or maybe allowing you to run a little leaner than you expected? How should we think about deployment, both in terms of functionality in the system as well as any complementary changes you may need in logistics or the point of sale?

Hi Bob, good to hear from you. Many questions.

Let me start with the first one regarding towards same-store sales growth coming from. We have about two-thirds of the growth is explained by volume, one-third is explained by price, and within price, the large impact is coming from better mix.

We remain with a very low amount of inflation in our price number. There was a second part to your question that was talking about categories and category growth.

When we look at all our current categories, they're all growing at various rates, but they're all growing. When we look at maybe one or two commodity categories where we're relatively well penetrated, they're still growing, but possibly at a slightly slower pace than let's say newer categories that just entered, which very rightly so.

We have a couple of new categories which, starting from a low base, are growing quite rapidly and successfully. We've been extremely careful about introduction of new products or categories.

As we like to keep our SKU count on the low side. It brings a lot of benefits to us.

Every time we put in an SKU, we have to make sure that it does rotate, that it's highly accepted, and many times we just drop an SKU that is less attractive. This will continue.

I don't see us stop to that. As our stores can handle a significantly higher number of SKUs, but we're extremely conservative in introducing new ones.

One last part to your question is 3B is a platform and we've said that many times. We touch a client very frequently.

This client not only needs groceries. Then you can basically say whatever this client needs is something that you can potentially offer as long as you don't violate your core principles.

On the second part of your question, which had to do with our ERP, I'm very pleased with the progress on our new ERP system. We are testing phase one, and I think it's going quite well.

AI tools have definitely accelerated our ability to program. What I've noticed, though, is that we've just brought forward a lot of stuff that we had planned to do a little bit later, and we've even added more features that we thought we would put in a bit later.

Net-net, we're on track and it's going quite well. There was a last part to your question, but maybe I missed it.

It was actually kind of plugging into, maybe you're signaling this when you talk about the broader platform opportunity, but I was asking you a little bit, too, about how you're thinking about complementary changes to the supply chain or the point of sale systems, and just trying to get a better sense for the calendar of deployment and maybe the functionality that we'll expect over time.

There's no doubt that in this new generation of ERP that you're seeing, our point of sale is a much more potent point of sale that has the ability to deliver more than just ringing up a product. That's the whole idea of giving us optionality to offer more services to the client down the road.

In terms of logistics, again, as you get bigger, suddenly you have many more doors opening for optimizing your logistics. As you know very well, we don't do much on the backside of logistics, and that's quite an interesting opportunity for us to explore.

Oh,

very helpful. Thank you, and again, congratulations.

Thanks, Bob.

Thanks, Bob.

Hi, good morning everyone. Good morning, Anthony.

Thanks for taking my question. I want to explore a little bit the upgraded store format that you guys have been talking about.

It's a little bit larger, more doors for refrigerated goods. I'd like to understand what's the percentage of new stores that are coming under the new format, if it's 100%.

Second, what's the typical sales uplift we're seeing from those locations? Last, if I may, how should we think about the ramp-ups?

It looks like the ramp-up of the new stores are much faster than in previous vintage. Thank you very much.

Hi Joe, good to hear from you. Yeah, 100% of our new stores open under the new format.

We'd like to try and keep as much format discipline as we can going forward. There's no doubt that we chose this upgraded format because it has much better performance than our older stores, having said that our older stores are still performing extremely well.

Eduardo, do you want to touch on the others?

Yeah. I would just add, you asked also on the ramp-ups, Joe, and what I can say is that we're very happy to see how these stores are performing.

If you remember, we update our unit economics analysis in Q4, it's pretty much trending against what we had projected. The same thing with pretty much all our stores are tracking in the direction that we had expected.

No, there's no news there other than the ramp-ups continue to be very consistent, and we're very happy with the evolution of our 2026 vintage.

Thank you.

Hi Anthony, Eduardo. Thanks for the space for questions.

I had kind of a follow-up to a point you made earlier, Eduardo. You guys opened close to 280 stores in the first 6 months of the year, and this came with only one additional distribution center.

Just wanted to get some color if this is more related to some temporality effects there on the opening of distribution centers. You already said, Eduardo, there will be three new ones on the quarter, but wanted to get a sense there if you're finding any efficiencies being able to serve a broader store base from each distribution center given what we saw in the first half of the year.

Appreciate any thoughts there. Thank you.

Hi Ulises, thank you. We are on track in terms of our openings as what we had planned in the beginning of the year.

As we've discussed in previous calls, every time we open a new distribution center, we, of course, benefit from two things. One is we continue to increase our footprint in the country, and the second one is we do become more efficient because our transportation expenses get benefited from that.

We've seen that in pretty much all the DCs that we have opened. For the back half of the year, yes, we're opening three additional ones in Q3.

If we see opportunities to open more in the back half of the year, we might do so. Again, it's because at the end we become more efficient.

There was a second portion of your question.

No, I think it was just to understand if there was kind of any temporality into what we saw in the expansion on the first half with just one DC being added, no?

Yeah. As I mentioned earlier, we were benefited this quarter by those two factors that I mentioned on transportation expense and the fact that we were I guess smarter in the pre-opening expenses for the region that will be applied for the next regions that we open.

Just a heads-up, as I said, might be some pressure on logistics expense in Q3 just because we're opening three additional DCs, but in the longer run, eventually these will become even more efficient, nothing very different from what you've seen in the past.

No, that's very clear. Thanks, Eduardo.

Gracias. Gracias.

Thank you, Ulises.

Hi Anthony, Eduardo, congrats on the strong results. Just wondering if you saw any tailwind from the World Cup, and if so, how much do you think it contributed to same-store sales?

Also, I wanted to know how you are thinking about the increase in the pace of G&A investments in the second half, or if the level we saw in Q2 could be a good run rate? Thank you very much.

Hi. World Cup did not have a relevant impact on our sales.

It was even hard to tease out anything, if at all. In terms of G&A expenses, Eduardo, you have a better handle on that.

Sure. Héctor, as we don't guide on these metrics, but I think it's fair to assume that we will continue to invest in talent just because we're convinced that it drives value, strong value actually.

We will continue to do so for the back half of the year, I think it's fair to assume and expect something very similar to what happened in Q2. Let's say 3-ish percent of revenue.

I think that would be in the short term, that would be a fair assumption.

Perfect, very clear. Thank you, thank you very much.

Thank you for the opportunity to ask my question. Just picking up on that G&A point, as you've made clear in your previous answer, you're looking to continue to invest into talent.

Can you just be a little bit more explicit in terms of where and which areas of the organization you're looking to add talent? Obviously, you've brought some important people onto the team, a lot of sort of market-facing over the last 12 months.

I'd be curious to just hear a little bit more on the back end, the part that we don't maybe directly see, which areas of the organization you're looking to add, or is this more sort of retention of talent and sort of incentives and employee value proposition that you're investing in there on the G&A side? Then just curious, I know it's a bit of the nitty-gritty, but I know you're testing in some stores to sort of go cardless, and I know you have a lot of cash expenses actually, or cash transactions in your stores, but just curious if you've sort of teased out for us what you've learned here, and if there's any meaningful sort of margin gain from that or even incremental margin gain that you envision?

Thank you.

Let me start with the last question. What you're referring to is the cardless exercise is a test where we basically taking out credit cards and debit cards to see what happens.

I can just give you a very high level answer saying that non-material impact. It's a test and it doesn't mean we're going to expand it, and at 3B at any point in time you're going to find several tests running on different topics, but they all have the same kind of objective with either trying to generate more revenue or reduce costs or reduce risk, and it's always something where we're trying to create more value for the customer.

That's on that. On the matter of G&A investment, it has much, much less to do with the improving salaries and benefits to employees and much, much more to do, and that's where the core value is, in adding talent and densifying talent in across the board critical areas.

You'll see it in purchasing. You'll see it in logistics.

You'll see it in systems. You'll see it in specialty areas where one person can have a dramatic impact on creating value for the company.

We're very aware that that adds to the G&A number, but we're also much more than convinced that it's a very valuable investment with very high return.

As we think about '27, should we think of that as an ongoing process?

You said fresh, right?

No, in terms of talent.

Oh yeah, talent is an ongoing process. At this point in time, there is no limit to adding talent.

Again, for us, it's if we do add, for example, one new person, whatever they cost, what are they going to contribute? The answer always has to be significantly more than what they're going to cost us.

It's been the case so far.

The dilution that we should think about with the operating leverage should come more still through the selling expense line?

Exactly. Exactly.

Perfect.

Hi, good morning Anthony, Eduardo. Thanks for the space for questions, and congrats on the results.

I have a quick one regarding store size going forward. As basket size increases, how are you thinking about store sizes and the need to have parking availability in the future?

Interesting question. I think at this stage, we're extremely comfortable with the current store size that you're seeing in the new generation of stores.

Then the addition of parking or not boils down very simply to how suburban or urban are you. In urban areas, very difficult to have parking, so that sort of limits your ability to do so.

As soon as there is a need for parking and you've opened a store where there is parking, then absolutely, we're putting parking.

Okay. Thank you very much, Anthony.

Hi, good morning. Congrats on your results.

Just a quick one regarding working capital. As new categories are being introduced or even piloted, how should we see working capital going forward?

There's of course an improvement, but how much should we weigh in this new categories? Thanks.

Hi Antonio, thanks for your question. Let me take a step back, and our overall philosophy is we only carry items that have very high rotation.

By definition, what we look for in a new item, new category, whatever that is, is that it complies with that principle, not only high rotation, but an amazing value. If we consider that into your question, then there should be no impact on working capital because we always look for items with very fast rotation, and so there should be no material impact on working capital.

In fact, if you look at our trends over the past let's say few years, you'll see that we've been slightly proving our inventory days, it's below 20 days. That's what we should expect going forward.

No changes really on that front.

Perfect. Thanks a lot.

Good morning, Anthony and Eduardo. Thanks for the space and congratulations on the strong results.

Couple of things, please. Firstly, same-store sales as you pointed out, it was +20 on a comp of +17 from last year.

If you look at this on a 2-year basis, there is a real, meaningful acceleration. Given that the improvement sounds like it's coming from volume more than anything else, is that sort of 2-year momentum the best way to think about how to model this out into the future and the sort of performance that can be maintained?

Secondly, I had a question on competition because we're hearing a lot of noise in the market including from FEMSA about their rollouts. I just wondered what you're seeing in terms of the competitive intensity in the hard discounting space and what it is that you're doing to stay ahead of that competition specifically?

Let me take that last one. Regarding to FEMSA, we don't see anything more than what we've already seen.

It's good to keep in mind that we already operate in a very competitive market, and that's been the case now for many years. I continue to believe that the market potential in Mexico is significant, and that there is room for several players to thrive in the sector that we call discount.

From our side, nothing new, nothing that will change what we're doing at all. We continue to do what we're doing, and I think that's going to continue to work extremely well.

With regards to same-store sales growth, it's, if you go back to some of the discussions we've had with the market earlier, it doesn't take much in our case to see an increase in same-store sales. All we need to do is sell one more item per customer and you can see that number significantly increasing.

We see that increase in number of products we sell to a given existing customer as something that will happen naturally over time because our products are just getting better, and the value that we're offering to the client is continuing to improve. The day that stops is probably the day you don't see any more expansion in same-store sales.

I would be conservative, but I would still remain positive that that's going to happen. Thank you.

Hi Anthony, Eduardo. Thank you for the opportunity for taking questions here.

I have two questions. First, I'd like to tap also on your growth, but specifically on how could we think in terms of how much growth has been coming from new customers compared to the increased share of wallet from your existing ones?

Also if you could elaborate on the main initiatives that you have in place to expand this number of items per transaction that you've just mentioned. Also if you see the company gaining increasing relevance within customer share of wallet, is this a trend that we should continue seeing from now on?

My second one is regarding your expansion, specifically on the real estate front. If you continue to see solid availability for real estate, for your pipeline, and if you see better negotiation conditions with landlords or any change in that?

Also, given that you have a very solid performance, cash generation remains healthy, if you could be considering accelerating the expansion pace?

Let me start with the real estate question and it's a fairly straightforward answer. There is no constraints on real estate.

The runway is tremendous in Mexico for us, we haven't seen any constraints on that front. On the matter of where's the growth going to come from, more penetration of wallet or more customers, it's always been a balance and historically, if we look back and we look at our numbers, we see that it's been a mix of both.

It also depends on how old the store is. You can imagine that older vintages will capture new clients at a slower rate, whereas, of course, our newer vintages are just capturing clients much more rapidly.

I think Eduardo mentioned earlier on, it's also that we're seeing a faster ramp-up. It's we get new customers not only more customers, but we get them faster at the initial part of a store opening, and it has a very beneficial impact.

Across the board, what you will see is an increase in penetration of wallet. An increase in penetration of wallet comes from two things: when you can add new SKUs and automatically you'll get something more there, but even without adding any new SKUs, and as I mentioned, we're super conservative on adding new SKUs, the existing portfolio is still not by any metric fully penetrated.

There's still tremendous potential for existing customers with the existing portfolio to still see an increase in same-store sales. That we have pretty good data on and we continuously monitor that, we're pretty confident that there is a lot more to do with what we have right now without adding anything new.

That's clear. Thank you.

Hola, Eduardo. Anthony, thank you very much for for taking my question.

Just wanted to to dig a little bit more on the gross margin. In the past, you have said not to really extrapolate a single-quarter margin into the full year or the next quarters.

It sounds that the extra openings in the second quarter could in the third quarter could could lead to a giveback on the gross margin that we saw this quarter. Is there anything also seasonal on on the gross margin during this quarter?

Maybe more, I don't know, World Cup campaigns or more more people using your DC versus the past? Some more granularity on the gross margin into this quarter and what to expect into the next would be appreciated.

Secondly, on the stock option plan, we know that the employee stock option plan had this restriction period during the earnings season. I understand that it's liberated tomorrow after 48 hours of of of the earnings release.

Any any comments on any mechanism that avoids any disorderly sale from management that wants to obviously gain liquidity after many years of of having received stock options? That would be highly appreciated.

Thank you. Let me answer the question of options.

You would think that people will rush to the doors to sell their options, and I don't have a feeling that that's going to be the case. In any event, we do already have in place mechanisms to ensure that when naturally people want to sell some of their options, it's done in a very orderly and timely way.

That's already in place. Your first question was around

Gross margins, Anthony, if there was something one-off.

Yeah. No, again, we don't see seasonality in our gross margins really, and we still see volatility quarter-to-quarter in the gross margins for the fundamental mechanism in which gross margins change SKU per SKU.

As I've always said that if you look at it longer term, the trend is always positive. Now, I did answer Andrew's question on that saying that there is a natural moment in time where you basically say the percent gross margin maybe stabilizes, but your dollar gross margin basically continues to increase dramatically.

It's all due to the fact that how much of this are you passing on to the customer in terms of price that then detonates more sales that then generates more dollar margin versus how much you're keeping and showing a better percentage gross margin. At the end of the day, what's most important is your dollar gross margin increasing healthily over time, which is a reflection of all the good things you're doing.

Thank you, appreciate it.

As always, we appreciate very much and thank you very much for your interest and participation in our company. Thank you to the analysts covering us, and thank you to all the shareholders who are participating here today.

Of course, thank you to all the 3B employees, and again, our customers who make all of this possible. Till next time, thank you very much.