BBB Foods Inc. (TBBB)

26 The development of private label products, core to offering high value to our customers, has been part of our business strategy since our founding. We launched our first private label, “LactiBu,” a modified liquid milk formula, in May 2005. As of December 31, 2025, we had developed over 113 different private label brands, representing over 525 SKUs. Our value offer to our customers improves continuously as we introduce new private labels and continue to improve existing ones. As of December 31, 2025, we had grown to become the leading hard discount retailer in Mexico with 3,346 stores, 20 distribution centers, and 29,202 employees. The charts below highlight our growth trajectory from 2020 to 2025.

__________________ Notes: 1. Total revenue is calculated as the sum of Revenue from sales of merchandise and sales of recyclables. 2. “Same Store Sales” is calculated using revenue from sales of merchandise from stores that were operational for at least the full 12 months for the periods under consideration. Stores that were temporarily closed (for one month or more) or permanently closed during the periods under consideration were excluded when calculating this measure. Same Store Sales growth is measured by comparing the Same Store Sales of stores that were open during the measurement period.

Our sales growth is attributable to both our store footprint expansion as well as Same Store Sales growth from our existing store base. Our Same Store Sales growth has seen consistent double-digit growth over recent years. Our founder-led management team continues to run the business and has successfully transitioned the company from a startup to Mexico’s 96 th most important company according to Expansión magazine’s ranking of the 500 most important companies in Mexico for 2025. The Company was recognized by the Financial Times in 2025 as one of the fastest growing companies in the Americas. Our belief in building a solid foundation to sustain high growth has led us to invest heavily in human resource development early on, establishing a strong culture, building robust processes, and an enterprise resource planning system capable of sustaining thousands of stores.

This investment today has been fully justified as it is what we believe has allowed the company to sustain high growth rates. Key milestones in our history are shown below. 27 In February 2024, we became a publicly traded company on the New York Stock Exchange (“NYSE”). Our reports filed with or furnished to the SEC are available, free of charge, on our investor relations website at https://www.investorstiendas3b.com/ as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding us and other companies that file materials with the SEC electronically.

Following our IPO, we use our investor relations website as a means of disclosing material information. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings and public conference 28 calls and webcasts. However, the information appearing on and available through our website does not constitute part of this annual report, and is not incorporated by reference herein, unless expressly stated to be so incorporated. B. BUSINESS O VERVIEW Overview We are pioneers and leaders of the grocery hard discount model in Mexico and one of the fastest growing retailers in the country as measured by our sales and store growth rates. […]

We maintain a negative working capital position. As is customary for businesses with high inventory turnover and strict control over working capital, we consistently maintain a negative working capital position. Negative working capital is an important driver in our cash flow from operating activities and is used to finance our store expansion. Our negative working capital and increases in our negative working capital has been and is expected to continue to be a major source of capital resources. If our revenues decrease materially, or key suppliers change payment terms, we may not have enough available cash to meet our obligations as they become due or fund our expansion. Further, we may not be able to raise additional funds on satisfactory terms, if at all, through equity or debt financings to meet our obligations or continue funding our expansion.

We maintain a negative working capital position. As is customary for businesses with high inventory turnover and strict control over working capital, we consistently maintain a negative working capital position. Negative working capital is an important driver in our cash flow from operating activities and is used to finance our store expansion. Our negative working capital and increases in our negative working capital has been and is expected to continue to be a major source of capital resources. If our revenues decrease materially, or key suppliers change payment terms, we may not have enough available cash to meet our obligations as they become due or fund our expansion. Further, we may not be able to raise additional funds on satisfactory terms, if at all, through equity or debt financings to meet our obligations or continue funding our expansion.

We undertake no obligation, and specifically disclaim any duty, to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. As a result of these vi risks and uncertainties, we caution you not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us. vii PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3.

KEY INFORMATION A. [Reserved] B. CAPITALI ZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR T HE OFFER AND USE OF PROCEEDS Not applicable. D.

RISK FACTORS The following summarizes some, but not all, of the principal risks provided below. Please carefully consider all of the information discussed in this “Item 3. Key Information–D.

Risk Factors” in this annual report for a detailed description of these and other risks. • economic factors reducing our customers’ spending, impairing our ability to execute our strategies and initiatives, and increasing our costs and expenses, resulting in materially decreased sales or profitability; • failure to achieve or sustain our strategies and initiatives, including those relating to store openings, sourcing and supplier relationships, private label product development and cost initiatives, inventory management, supply chain, store operations, expense reduction and technology; • risks associated with our private label products, including, but not limited to, our level of success in improving their margins; • our ability to successfully identify, lease, obtain permits for and adapt real estate spaces for stores and distribution centers; • our ability to renew our existing leases on terms that are not detrimental to us; • competitive pressures and changes in the business environment and the geographic and product markets where we operate, including, but not limited to, pricing, promotional activity, expanded availability of mobile, web-based and other digital technologies, and alliances or other business combinations; • our failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; • our loss of key personnel, including regional management, or inability to hire additional qualified personnel; 1 • sustainability of negative levels of working capital; • product liability, product recall or other product safety or labeling claims; • risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade; • failure to successfully manage inventory balances; • a significant disruption to our distribution network, the capacity of our distribution centers or the timely receipt of inventory, or delays in constructing or opening new distribution centers; • damage or interruption to our information systems as a result of external factors, staffing shortages or challenges in maintaining or updating our existing technology or developing or implementing new technology; • failure to maintain the security of our business, customer, employee or vendor information or to comply with privacy laws; • the impact of changes in or noncompliance with laws and governmental regulations and requirements (including, but not limited to, those relating to environmental compliance, product and food safety or labeling, information security and privacy, labor and employment, employee wages, and those governing the sale of products, as well as tax laws, the interpretation of existing tax laws, or our failure to sustain our reporting positions, in each case negatively affecting our tax rate) and developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation; • incurrence of material uninsured losses, excessive insurance costs or accident costs; […]

Operating and Financial Review and Prospects.” We caution you that the foregoing list of significant factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this annual report may not in fact occur. Many of these risks are beyond our ability to control or predict. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this annual report. We cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect.

We undertake no obligation, and specifically disclaim any duty, to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. As a result of these vi risks and uncertainties, we caution you not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us. vii PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3.

KEY INFORMATION A. [Reserved] B. CAPITALI ZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR T HE OFFER AND USE OF PROCEEDS Not applicable. D.

RISK FACTORS The following summarizes some, but not all, of the principal risks provided below. Please carefully consider all of the information discussed in this “Item 3. Key Information–D.

Risk Factors” in this annual report for a detailed description of these and other risks. • economic factors reducing our customers’ spending, impairing our ability to execute our strategies and initiatives, and increasing our costs and expenses, resulting in materially decreased sales or profitability; • failure to achieve or sustain our strategies and initiatives, including those relating to store openings, sourcing and supplier relationships, private label product development and cost initiatives, inventory management, supply chain, store operations, expense reduction and technology; • risks associated with our private label products, including, but not limited to, our level of success in improving their margins; • our ability to successfully identify, lease, obtain permits for and adapt real estate spaces for stores and distribution centers; • our ability to renew our existing leases on terms that are not detrimental to us; • competitive pressures and changes in the business environment and the geographic and product markets where we operate, including, but not limited to, pricing, promotional activity, expanded availability of mobile, web-based and other digital technologies, and alliances or other business combinations; • our failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; • our loss of key personnel, including regional management, or inability to hire additional qualified personnel; 1 • sustainability of negative levels of working capital; • product liability, product recall or other product safety or labeling claims; • risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade; • failure to successfully manage inventory balances; • a significant disruption to our distribution network, the capacity of our distribution centers or the timely receipt of inventory, or delays in constructing or opening new distribution centers; • damage or interruption to our information systems as a result of external factors, staffing shortages or challenges in maintaining or updating our existing technology or developing or implementing new technology; • failure to maintain the security of our business, customer, employee or vendor information or to comply with privacy laws; • the impact of changes in or noncompliance with laws and governmental regulations and requirements (including, but not limited to, those relating to environmental compliance, product and food safety or labeling, information security and privacy, labor and employment, employee wages, and those governing the sale of products, as well as tax laws, the interpretation of existing tax laws, or our failure to sustain our reporting positions, in each case negatively affecting our tax rate) and developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation; • incurrence of material uninsured losses, excessive insurance costs or accident costs; […]

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