[6-K] BBB Foods Inc. Current Report (Foreign Issuer)
Tiendas 3B (TBBB) reported robust top-line growth in 2Q25, with total revenue of Ps.18,770 million, up 38.3% year-over-year, supported by 142 net store openings in the quarter (3,031 stores total) and Same Store Sales growth of 17.7%. Gross profit rose 33.9% to Ps.3,043 million while gross margin narrowed 53 bps to 16.2% due to incremental logistics costs tied to new regions. EBITDA was Ps.844 million (EBITDA excluding non-cash share-based payment expense was Ps.1,096 million), with margins of 4.5% and 5.8% ex-SBP respectively.
Operating cash generation remains strong: net cash from operations was Ps.1,955 million in 1H25, enabling continued investment in stores and logistics. However, the company recorded a net loss of Ps.286 million in 2Q25 versus a net gain of Ps.331 million in 2Q24, mainly driven by a Ps.234 million foreign exchange loss and higher financial costs (Ps.380 million). Liquidity includes Ps.1,121 million in cash and Ps.$150 million in U.S. short-term deposits (exchange rate Ps.18.89 as of June 30, 2025).
Tiendas 3B (TBBB) ha registrato una solida crescita dei ricavi nel 2Q25: il fatturato totale è stato di Ps.18,770 milioni, in crescita del 38.3% su base annua, sostenuto da 142 aperture nette nel trimestre (3,031 punti vendita in totale) e da una crescita delle vendite a parità di punti vendita del 17.7%. Il margine lordo è salito del 33.9% a Ps.3,043 milioni, mentre il margine si è ridotto di 53 punti base al 16.2% a causa di costi logistici incrementali legati alle nuove regioni. L'EBITDA è stato di Ps.844 milioni (Ps.1,096 milioni escludendo la componente non monetaria della remunerazione azionaria), con margini rispettivamente del 4.5% e del 5.8% al netto della SBP.
La generazione di cassa operativa resta robusta: il cash flow netto dalle attività operative è stato di Ps.1,955 milioni nel 1H25, permettendo di continuare a investire in punti vendita e logistica. Tuttavia, la società ha registrato una perdita netta di Ps.286 milioni nel 2Q25 rispetto a un utile netto di Ps.331 milioni nel 2Q24, principalmente a causa di una perdita per cambio di Ps.234 milioni e di costi finanziari più elevati (Ps.380 milioni). La posizione di liquidità comprende Ps.1,121 milioni in cassa e Ps.$150 milioni in depositi a breve termine negli USA (tasso di cambio Ps.18.89 al 30 giugno 2025).
Tiendas 3B (TBBB) reportó un sólido crecimiento de ingresos en 2Q25: los ingresos totales alcanzaron Ps.18,770 millones, un aumento interanual del 38.3%, respaldado por 142 aperturas netas en el trimestre (3,031 tiendas en total) y un crecimiento de Ventas en Tiendas Comparables del 17.7%. La utilidad bruta subió 33.9% hasta Ps.3,043 millones, mientras que el margen bruto se redujo 53 puntos básicos hasta 16.2% debido a costos logísticos adicionales asociados a nuevas regiones. El EBITDA fue Ps.844 millones (Ps.1,096 millones excluyendo el gasto no monetario por compensación accionaria), con márgenes de 4.5% y 5.8% excluyendo SBP, respectivamente.
La generación de caja operativa se mantiene sólida: el flujo de caja neto de operaciones fue Ps.1,955 millones en 1H25, lo que permitió continuar invirtiendo en tiendas y logística. No obstante, la compañía registró una pérdida neta de Ps.286 millones en 2Q25 frente a una ganancia neta de Ps.331 millones en 2Q24, principalmente por una pérdida cambiaria de Ps.234 millones y mayores costos financieros (Ps.380 millones). La liquidez incluye Ps.1,121 millones en efectivo y Ps.$150 millones en depósitos a corto plazo en EE. UU. (tipo de cambio Ps.18.89 al 30 de junio de 2025).
Tiendas 3B (TBBB)는 2Q25에 견조한 매출 성장을 기록했습니다. 총매출은 Ps.18,770 million으로 전년 동기 대비 38.3% 증가했으며, 이는 분기 중 순 142개 점포 추가(총 3,031개)와 Same Store Sales(동일점포매출) 17.7% 성장에 기인합니다. 매출총이익은 33.9% 증가한 Ps.3,043 million을 기록했으나, 신규 지역과 관련된 추가 물류비용으로 매출총이익률은 53bp 축소되어 16.2%가 됐습니다. EBITDA는 Ps.844 million(비현금성 주식보상 비용 제외 시 Ps.1,096 million)으로, 마진은 각각 4.5% 및 주식보상 제외 시 5.8%였습니다.
영업현금창출력은 견고합니다: 1H25 영업활동으로 인한 순현금은 Ps.1,955 million으로 점포와 물류에 대한 지속적 투자를 가능하게 했습니다. 다만 2Q25에 순손실 Ps.286 million을 기록했는데, 이는 2Q24의 순이익 Ps.331 million과 비교해 Ps.234 million의 외환손실과 금융비용 증가(Ps.380 million)가 주된 원인입니다. 유동성은 Ps.1,121 million의 현금과 Ps.$150 million의 미국 단기예치금을 포함합니다(환율 Ps.18.89, 2025년 6월 30일 기준).
Tiendas 3B (TBBB) a affiché une solide croissance du chiffre d'affaires au 2T25 : le chiffre d'affaires total s'est élevé à Ps.18,770 millions, en hausse de 38.3% en glissement annuel, soutenu par 142 ouvertures nettes de magasins au trimestre (3,031 magasins au total) et une croissance des ventes à magasins comparables de 17.7%. La marge brute a augmenté de 33.9% pour atteindre Ps.3,043 millions, tandis que la marge brute s'est réduite de 53 points de base à 16.2% en raison de coûts logistiques supplémentaires liés aux nouvelles régions. L'EBITDA s'est élevé à Ps.844 millions (Ps.1,096 millions hors charge non monétaire liée à la rémunération en actions), avec des marges de 4.5% et 5.8% hors SBP, respectivement.
La génération de trésorerie opérationnelle reste solide : le flux de trésorerie net provenant des activités a été de Ps.1,955 millions au 1S25, permettant de poursuivre les investissements en magasins et en logistique. Toutefois, la société a enregistré une perte nette de Ps.286 millions au 2T25, contre un résultat net positif de Ps.331 millions au 2T24, principalement en raison d'une perte de change de Ps.234 millions et de coûts financiers plus élevés (Ps.380 millions). La liquidité comprend Ps.1,121 millions en trésorerie et Ps.$150 millions en dépôts à court terme aux États-Unis (taux de change Ps.18.89 au 30 juin 2025).
Tiendas 3B (TBBB) verzeichnete im 2Q25 ein robustes Umsatzwachstum: der Gesamtumsatz betrug Ps.18,770 Millionen, ein Anstieg von 38.3% gegenüber dem Vorjahr, gestützt durch 142 Nettofilialeröffnungen im Quartal (insgesamt 3,031 Filialen) und ein Same-Store-Sales-Wachstum von 17.7%. Der Bruttogewinn stieg um 33.9% auf Ps.3,043 Millionen, während die Bruttomarge aufgrund zusätzlicher Logistikkosten in neuen Regionen um 53 Basispunkte auf 16.2% schrumpfte. Das EBITDA belief sich auf Ps.844 Millionen (Ps.1,096 Millionen ohne nicht zahlungswirksame aktienbasierte Vergütung), mit Margen von 4.5% bzw. 5.8% ex SBP.
Die operative Cash-Generierung bleibt stark: der Netto-Cashflow aus laufender Geschäftstätigkeit betrug im 1H25 Ps.1,955 Millionen und ermöglichte weiterhin Investitionen in Filialen und Logistik. Das Unternehmen verzeichnete jedoch im 2Q25 einen Nettoverlust von Ps.286 Millionen gegenüber einem Nettogewinn von Ps.331 Millionen im 2Q24, hauptsächlich aufgrund eines Fremdwährungsverlusts von Ps.234 Millionen und gestiegener Finanzaufwendungen (Ps.380 Millionen). Die Liquidität umfasst Ps.1,121 Millionen in Barmitteln und Ps.$150 Millionen in kurzfristigen US-Einlagen (Wechselkurs Ps.18.89 zum 30. Juni 2025).
- Revenue growth of Ps.18,770 million in 2Q25, up 38.3% year-over-year.
- Same Store Sales increased 17.7%, showing strong underlying demand.
- Store expansion: 142 net new stores in the quarter; total of 3,031 stores as of June 30, 2025 (528 net opens in last 12 months).
- Operating cash generation: Net cash from operating activities of Ps.1,955 million in 1H25, supporting growth investments.
- Net loss: Ps.286 million in 2Q25 versus a net gain of Ps.331 million in 2Q24, driven primarily by non-operating items.
- Foreign exchange loss: Ps.234 million FX loss materially reduced profitability in 2Q25.
- Higher financial costs: Financial costs rose to Ps.380 million (up 37.5%), including interest on lease liabilities, pressuring net results.
- Margin pressure and expense growth: Gross margin down 53 bps to 16.2% and administrative expenses up 50.3% (including Ps.252 million non-cash share-based payments).
Insights
TL;DR Strong revenue and same-store sales growth offset by FX loss and rising finance costs, creating a mixed near-term profit outlook.
Revenue growth of 38.3% and 17.7% same-store sales are materially positive signals for market penetration and pricing/volume execution. EBITDA expanded year-over-year, and operating cash flow strengthened to Ps.1,955 million in 1H25, supporting organic expansion. Offsetting these positives, a Ps.234 million foreign exchange loss and a 37.5% rise in financial costs to Ps.380 million drove a 2Q25 net loss of Ps.286 million. Non-cash share-based payment expense (Ps.252 million) also compressed reported EBITDA margin. Overall impact is mixed for investors: strong operational momentum but near-term profitability pressured by financial items and growth-related costs.
TL;DR Rapid store expansion and double-digit same-store sales demonstrate clear consumer traction for the hard-discount model in Mexico.
Opening 142 net stores in the quarter (528 in the last twelve months) to reach 3,031 locations, combined with 17.7% same-store sales, indicates scalable unit economics and strong customer acceptance of the value proposition. The business generates meaningful operating cash flow driven by negative working capital dynamics and high inventory turnover, which has funded expansion internally. Margin pressure from logistics for new regions and higher administrative/share-based expenses is expected with rollout; these are execution risks rather than demand issues. From an industry perspective, the report is impactful for growth narrative and market share gains.
Tiendas 3B (TBBB) ha registrato una solida crescita dei ricavi nel 2Q25: il fatturato totale è stato di Ps.18,770 milioni, in crescita del 38.3% su base annua, sostenuto da 142 aperture nette nel trimestre (3,031 punti vendita in totale) e da una crescita delle vendite a parità di punti vendita del 17.7%. Il margine lordo è salito del 33.9% a Ps.3,043 milioni, mentre il margine si è ridotto di 53 punti base al 16.2% a causa di costi logistici incrementali legati alle nuove regioni. L'EBITDA è stato di Ps.844 milioni (Ps.1,096 milioni escludendo la componente non monetaria della remunerazione azionaria), con margini rispettivamente del 4.5% e del 5.8% al netto della SBP.
La generazione di cassa operativa resta robusta: il cash flow netto dalle attività operative è stato di Ps.1,955 milioni nel 1H25, permettendo di continuare a investire in punti vendita e logistica. Tuttavia, la società ha registrato una perdita netta di Ps.286 milioni nel 2Q25 rispetto a un utile netto di Ps.331 milioni nel 2Q24, principalmente a causa di una perdita per cambio di Ps.234 milioni e di costi finanziari più elevati (Ps.380 milioni). La posizione di liquidità comprende Ps.1,121 milioni in cassa e Ps.$150 milioni in depositi a breve termine negli USA (tasso di cambio Ps.18.89 al 30 giugno 2025).
Tiendas 3B (TBBB) reportó un sólido crecimiento de ingresos en 2Q25: los ingresos totales alcanzaron Ps.18,770 millones, un aumento interanual del 38.3%, respaldado por 142 aperturas netas en el trimestre (3,031 tiendas en total) y un crecimiento de Ventas en Tiendas Comparables del 17.7%. La utilidad bruta subió 33.9% hasta Ps.3,043 millones, mientras que el margen bruto se redujo 53 puntos básicos hasta 16.2% debido a costos logísticos adicionales asociados a nuevas regiones. El EBITDA fue Ps.844 millones (Ps.1,096 millones excluyendo el gasto no monetario por compensación accionaria), con márgenes de 4.5% y 5.8% excluyendo SBP, respectivamente.
La generación de caja operativa se mantiene sólida: el flujo de caja neto de operaciones fue Ps.1,955 millones en 1H25, lo que permitió continuar invirtiendo en tiendas y logística. No obstante, la compañía registró una pérdida neta de Ps.286 millones en 2Q25 frente a una ganancia neta de Ps.331 millones en 2Q24, principalmente por una pérdida cambiaria de Ps.234 millones y mayores costos financieros (Ps.380 millones). La liquidez incluye Ps.1,121 millones en efectivo y Ps.$150 millones en depósitos a corto plazo en EE. UU. (tipo de cambio Ps.18.89 al 30 de junio de 2025).
Tiendas 3B (TBBB)는 2Q25에 견조한 매출 성장을 기록했습니다. 총매출은 Ps.18,770 million으로 전년 동기 대비 38.3% 증가했으며, 이는 분기 중 순 142개 점포 추가(총 3,031개)와 Same Store Sales(동일점포매출) 17.7% 성장에 기인합니다. 매출총이익은 33.9% 증가한 Ps.3,043 million을 기록했으나, 신규 지역과 관련된 추가 물류비용으로 매출총이익률은 53bp 축소되어 16.2%가 됐습니다. EBITDA는 Ps.844 million(비현금성 주식보상 비용 제외 시 Ps.1,096 million)으로, 마진은 각각 4.5% 및 주식보상 제외 시 5.8%였습니다.
영업현금창출력은 견고합니다: 1H25 영업활동으로 인한 순현금은 Ps.1,955 million으로 점포와 물류에 대한 지속적 투자를 가능하게 했습니다. 다만 2Q25에 순손실 Ps.286 million을 기록했는데, 이는 2Q24의 순이익 Ps.331 million과 비교해 Ps.234 million의 외환손실과 금융비용 증가(Ps.380 million)가 주된 원인입니다. 유동성은 Ps.1,121 million의 현금과 Ps.$150 million의 미국 단기예치금을 포함합니다(환율 Ps.18.89, 2025년 6월 30일 기준).
Tiendas 3B (TBBB) a affiché une solide croissance du chiffre d'affaires au 2T25 : le chiffre d'affaires total s'est élevé à Ps.18,770 millions, en hausse de 38.3% en glissement annuel, soutenu par 142 ouvertures nettes de magasins au trimestre (3,031 magasins au total) et une croissance des ventes à magasins comparables de 17.7%. La marge brute a augmenté de 33.9% pour atteindre Ps.3,043 millions, tandis que la marge brute s'est réduite de 53 points de base à 16.2% en raison de coûts logistiques supplémentaires liés aux nouvelles régions. L'EBITDA s'est élevé à Ps.844 millions (Ps.1,096 millions hors charge non monétaire liée à la rémunération en actions), avec des marges de 4.5% et 5.8% hors SBP, respectivement.
La génération de trésorerie opérationnelle reste solide : le flux de trésorerie net provenant des activités a été de Ps.1,955 millions au 1S25, permettant de poursuivre les investissements en magasins et en logistique. Toutefois, la société a enregistré une perte nette de Ps.286 millions au 2T25, contre un résultat net positif de Ps.331 millions au 2T24, principalement en raison d'une perte de change de Ps.234 millions et de coûts financiers plus élevés (Ps.380 millions). La liquidité comprend Ps.1,121 millions en trésorerie et Ps.$150 millions en dépôts à court terme aux États-Unis (taux de change Ps.18.89 au 30 juin 2025).
Tiendas 3B (TBBB) verzeichnete im 2Q25 ein robustes Umsatzwachstum: der Gesamtumsatz betrug Ps.18,770 Millionen, ein Anstieg von 38.3% gegenüber dem Vorjahr, gestützt durch 142 Nettofilialeröffnungen im Quartal (insgesamt 3,031 Filialen) und ein Same-Store-Sales-Wachstum von 17.7%. Der Bruttogewinn stieg um 33.9% auf Ps.3,043 Millionen, während die Bruttomarge aufgrund zusätzlicher Logistikkosten in neuen Regionen um 53 Basispunkte auf 16.2% schrumpfte. Das EBITDA belief sich auf Ps.844 Millionen (Ps.1,096 Millionen ohne nicht zahlungswirksame aktienbasierte Vergütung), mit Margen von 4.5% bzw. 5.8% ex SBP.
Die operative Cash-Generierung bleibt stark: der Netto-Cashflow aus laufender Geschäftstätigkeit betrug im 1H25 Ps.1,955 Millionen und ermöglichte weiterhin Investitionen in Filialen und Logistik. Das Unternehmen verzeichnete jedoch im 2Q25 einen Nettoverlust von Ps.286 Millionen gegenüber einem Nettogewinn von Ps.331 Millionen im 2Q24, hauptsächlich aufgrund eines Fremdwährungsverlusts von Ps.234 Millionen und gestiegener Finanzaufwendungen (Ps.380 Millionen). Die Liquidität umfasst Ps.1,121 Millionen in Barmitteln und Ps.$150 Millionen in kurzfristigen US-Einlagen (Wechselkurs Ps.18.89 zum 30. Juni 2025).
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
UNDER the Securities Exchange Act of 1934
For the month of August 2025
Commission File Number: 001-41954
BBB Foods Inc.
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Av. Presidente Masaryk 8
Polanco V Sección, Miguel Hidalgo
Mexico City, Mexico 11560
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ý Form 40-Fo
SIGNATURE
Pursuant to the requirements of the U.S. Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 11, 2025
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BBB Foods Inc. |
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By: |
/s/ Eduardo Pizzuto |
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Name: |
Eduardo Pizzuto |
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Title: |
Chief Financial Officer |
FAQ
What were Tiendas 3B (TBBB) reported revenues and growth in 2Q25?
How many stores does Tiendas 3B operate after 2Q25 and how many were opened in the quarter?
Why did Tiendas 3B report a net loss in 2Q25?
What was EBITDA and EBITDA ex-share-based payments in 2Q25?
How strong is Tiendas 3B’s cash position and liquidity as of June 30, 2025?
How much operating cash flow did Tiendas 3B generate in the first half of 2025?
