This section contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements for several reasons, including those described under “Special Note Regarding Forward-Looking Statements” and “Item 3. Key Information-D. Risk Factors” and other issues discussed herein. The following analysis and discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, together with the notes thereto, in each case included elsewhere in this annual report, as well as the information set forth under “Presentation of Financial and Other Information.” Our consolidated financial statements are presented in thousands of Mexican pesos, except as otherwise specified. A.OPERATING RESULTS 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. From 2022 to 2025, our total revenue grew at a CAGR of 35.6%, reaching Ps.78.2 billion (US$4.4 billion) for 2025, and our number of stores increased from 1,500 as of December 31, 2021 to 3,346 as of year-end 2025, which represents a CAGR of 22.2%. Our business model is simple yet disruptive: we offer a limited assortment of products that cover the daily grocery needs of our clients. We price our products to offer what is generally market-leading value for money: the lowest sustainable price in the market for a given quality. Our stores also offer convenience, since they are generally located within central neighborhoods that allow for daily visits and minimize transportation needs for our customers. Our customers visit us on average three to four times per week to fulfill one or two days of groceries. The Tiendas 3B product range consists of approximately 850 to 900 SKUs of branded, private label and spot products. •Branded products are well known national and international brand label goods that we offer at the lowest sustainable price in the market to attract customers and drive traffic. For 2024 and 2025, branded products represented 40.6% and 35.9% of our sales, respectively. •Private label products are products that we have developed ourselves and which we believe are of comparable or better quality than the equivalent branded alternative offered at our stores. For 2024 and 2025, private label products represented 53.6% and 58.2% of our sales, respectively. •Spot products are quality food and non-food products that we offer in addition to our regularly stocked products. These are offered in limited amounts and offer exceptional value. The selection changes 42 Table of Contents every two weeks on average. For 2024 and 2025, our spot products represented 5.7% and 5.7% of our sales, respectively. This discussion, which presents our results for the years ended December 31, 2025 and 2024 should be read in conjunction with our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, together with the notes thereto, in each case included elsewhere in this annual report. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period and the primary factors that accounted for those changes. We also discuss certain performance metrics that management uses to assess our performance. Components of Our Results of Operations The following is a summary of the principal line items comprising consolidated statements of profit or loss. Revenue from Sales of Merchandise Revenue from sales of merchandise represents the sale of products to customers net of returns made by customers. Additionally, revenue from sales of merchandise includes net revenues earned from service fees and commissions collected from clients that make payments to third parties at our stores such as cell-phone providers and utilities. Sales of Recyclables Sales of recyclables includes sales of ancillary materials used in our day-to-day operations, such as cardboard and stretch film, net of costs of delivery of these products based on established contractual terms and conditions. Cost of Sales Cost of sales represents the cost of merchandise that is sold at our, stores including logistics costs incurred in bringing each product to the final point of sale and warehousing costs, as well as depreciation of properties, furniture, equipment and lease-hold improvements, right-of-use assets and shrinkage. Gross Profit Gross profit is equal to revenue from sales of merchandise and sales of recyclables net of cost of sales. Sales Expenses Sales expenses generally consist of expenses relating to our stores and the operation of our stores, including wages and salaries of store employees, depreciation of properties, furniture, equipment and lease-hold improvements and right-of-use assets, amortization of intangible assets, energy expenses, social security contributions relating to store employees, maintenance and conservation expenses and cash-in-transit services. Administrative Expenses Administrative expenses generally consist of expenses relating to headquarters, regional offices and the back office, including wages and salaries of administrative employees, depreciation, and amortization, energy, social security contributions of administrative employees, payments relating to options granted under our share-based compensation plan, administrative services, advertising expenses, corporate services, maintenance and conservation expenses and professional fees. 43 Table of Contents Other Income—Net Other income includes a variety of income streams, including revenues from asset disposals, reimbursement of costs, and insurance proceeds, among others. Operating Profit Operating profit is equal to gross profit net of sales expenses, administrative expenses, plus other income—net. Financial Income Financial income is comprised of interest generated on accounts or investments held by us. Financial Costs Financial costs are comprised principally of interest on lease liabilities, promissory notes, convertible notes and the financing of transportation and store equipment, including through reverse factoring arrangements we have entered into with Santander and HSBC. Exchange Rate Fluctuation Foreign currency transactions are translated to the functional currency using the exchange rates in effect on the transactions dates. Gains and losses on exchange fluctuations resulting from such transactions and for conversion at the exchange rates at the end of the year of monetary assets and liabilities denominated in foreign currency are recognized as exchange rate fluctuation gain or loss. After our IPO, we keep U.S. dollars deriving from the IPO proceeds on our balance sheet, which contributes to our exposure to exchange rate fluctuations. Historical Results of Operations For the Year Ended December 31, 2025 compared to the Year Ended December 31, 2024 For the year ended December 31, 2025 2024 Variation (%) (thousands of Ps.) Sales of merchandise Ps. 78,044,107 Ps. 57,333,327 36.1 % Sales of recyclables 108,836 105,692 3.0 % Total revenue 78,152,943 57,439,019 36.1 % Cost of sales (65,509,469 ) (48,062,913 ) 36.3 % Gross profit 12,643,474 9,376,106 34.8 % Sales expenses (8,122,907 ) (6,121,566 ) 32.7 % Administrative expenses (5,094,478 ) (1,987,075 ) 156.4 % Other (expense) income – net (101,319 ) 61,044 (266.0 )% Operating (loss) profit (675,230 ) 1,328,509 (150.8 )% Financial income 172,674 155,863 10.8 % Financial costs (1,508,313 ) (1,257,254 ) 20.0 % Exchange rate fluctuation (384,951 ) 490,428 (178.5 )% Financial costs – net (1,720,590 ) (610,963 ) 181.6 % (Loss) profit before income tax (2,395,820 ) 717,546 (433.9 )% Income tax expense (443,751 ) (383,124 ) 15.8 % Consolidated net (loss) profit for the year Ps. (2,839,571 ) Ps. 334,422 (949.1 )% 44 Table of Contents Revenue from Sales of Merchandise Revenue from sales of merchandise increased 36.1% to Ps.78,044,107 thousand for the year ended December 31, 2025 from Ps.57,333,327 thousand for the year ended December 31, 2024. Most of our growth was driven by sales from stores that have been operating for more than one year, and, to a lesser extent, the incremental sales from 574 net new stores opened in 2025. During 2025 we experienced a 23.0% increase in the number of transactions, which increased to 825 million from 671 million in 2024 and also an increase in average ticket, from Ps.85.4 to Ps.94.9, a gain of 11.0%, mostly driven by an increase in items per ticket. Same Store Sales for the year ended December 31, 2025 increased 18.3%. Sales of Recyclables Sales of recyclables increased 3.0% to Ps.108,836 thousand for the year ended December 31, 2025 from Ps.105,692 thousand for the year ended December 31, 2024. The increase was mainly driven by an increase in sales, offset by a decrease in the cardboard price per ton. Cost of Sales Cost of sales increased 36.3% to Ps.65,509,469 thousand for the year ended December 31, 2025 from Ps.48,062,913 thousand for the year ended December 31, 2024. The increase was attributable mainly to an increase in sales in existing stores and new stores and was proportional to the increase in revenue from sales of merchandise. Our cost of sales as a percentage of total revenue was 83.8% and 83.7% for the years ended December 31, 2025 and 2024, respectively. Gross Profit Gross profit increased 34.8% to Ps.12,643,474 thousand for the year ended December 31, 2025 from Ps.9,376,106 thousand for the year ended December 31, 2024, and our gross profit margin, calculated as gross profit as a percentage of total revenue, was 16.2% and 16.3% for the years ended December 31, 2025 and 2024, respectively. Sales Expenses Sales expenses increased 32.7% to Ps.8,122,907 thousand for the year ended December 31, 2025 from Ps.6,121,566 thousand for the year ended December 31, 2024. Our sales expenses as a percentage of total revenue decreased to 10.4% from 10.7% for the years ended December 31, 2025 and 2024, respectively. The increase in sales expenses was less pronounced than the increase in revenue from sales of merchandise and largely derived from the opening of new stores, an increase in headcount required to operate new stores, and to the effects of wage inflation. Administrative Expenses Administrative expenses increased 156.4% to Ps.5,094,478 thousand for the year ended December 31, 2025 from Ps.1,987,075 thousand for the year ended December 31, 2024. Our administrative expenses, as a percentage of total revenue, were 6.5% and 3.5% for the years ended December 31, 2025 and 2024, respectively. The increase in administrative expenses was principally due to (i) the hiring of additional headquarters personnel to support growth, and (ii) expansion of regional operations as we opened new regions. In addition, on June 24, 2025 our board of directors formally granted the 7,500,000 Restricted Stock Units ("RSUs") each equal to one Class C common share under our Liquidity Event Share Plan to the plan participants, which we recognize as an expense on a reverse gradient basis over the 12-quarter vesting period. Expenses recognized in respect of grants under our share-based compensation plan during the years ended December 31, 2025 and 2024 were Ps.2,930,222 thousand and Ps.523,143 thousand, respectively. Other (Expense) Income-Net 45 Table of Contents Other expense–net for the year ended December 31, 2025 was Ps.101,319 thousand, as compared to other income-net of Ps.61,044 thousand for the year ended December 31, 2024. The year-over-year change primarily reflects the impact of a one-time write-off of an account receivable booked in the final three months of 2025. As a percentage of total revenue, other income (expense)–net remained flat at 0.1% in 2025 compared to 2024. Operating (Loss) Profit Operating profit decreased 150.8% resulting in an operating loss of Ps.675,230 thousand for the year ended December 31, 2025 from an operating profit Ps.1,328,509 thousand for the year ended December 31, 2024, representing (0.9)% and 2.3% of total revenue for each year. The operating loss in 2025 was primarily driven by increased share-based payment expense recognition compared to 2024. In addition, operating results were impacted by strategic investments in new regions and initiatives aimed at strengthening the Company’s talent pool. Financial Income Financial income increased 10.8% to Ps.172,674 thousand for the year ended December 31, 2025 from Ps.155,863 thousand for the year ended December 31, 2024. The increase was primarily due to interest income earned from investing the net proceeds received from our IPO. Financial Costs Financial costs increased 20.0% to Ps.1,508,313 thousand for the year ended December 31, 2025 from Ps.1,257,254 thousand for the year ended December 31, 2024. This increase was primarily driven by an increase in the lease payments in connection with incremental lease agreements for our expanding store base of Ps.1,420,187 thousand and Ps.1,072,774 thousand, during the years ended December 31, 2025 and December 31, 2024, respectively. Exchange Rate Fluctuation Exchange rate fluctuation was a loss of Ps.384,951 thousand for the year ended December 31, 2025, as compared to a gain of Ps.490,428 thousand for the year ended December 31, 2024. The loss was driven by the appreciation of the Mexican peso against the U.S. dollar during the year ended December 31, 2025. Given our net exposure to U.S.-dollar-denominated financial assets, primarily short-term bank deposits of our IPO proceeds, we recognize a loss upon translating the dollar value of those assets into Mexican pesos. See Notes 13 and 14 to our financial statements as of December 31, 2025 for further information. Financial Costs-Net For the reasons described above, financial costs – net increased 181.6% to Ps.1,720,590 thousand for the year ended December 31, 2025 from Ps.894,768 thousand for the year ended December 31, 2024. (Loss) Profit Before Income Tax For the reasons described above, loss before income tax was Ps. 2,395,820 thousand for the year ended December 31, 2025 as compared to a profit before income tax of Ps.717,546 thousand for the year ended December 31, 2024. Income Tax Expense Income tax expense increased 15.8% to Ps.443,751 thousand for the year ended December 31, 2025 from Ps.383,124 thousand for the year ended December 31, 2024. This change was due to an increase in taxable profits in our subsidiaries, which led to a higher annual effective tax rate that was partially offset by increased expenditures and tax benefits. Net (Loss) Profit for the Period 46 Table of Contents For the reasons described above, net loss was Ps.2,839,571 thousand for the year ended December 31, 2025 as compared to a net profit of Ps.334,422 thousand for the year ended December 31, 2024. For the Year Ended December 31, 2024 compared to the Year Ended December 31, 2023 For a discussion related to our financial condition, changes in financial condition, and the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to "Item 5. Operating and Financial Review and Prospects–A. Operating Results" in our annual report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on April 29, 2025. B.LIQUIDITY AND CAPITAL RESOURCES The following discussion of our liquidity and capital resources is based on the financial information derived from our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, included elsewhere in this annual report. Overview Liquidity represents our ability to generate sufficient cash flows from operating activities to meet our obligations as well as our ability to obtain appropriate financing. As a result of our inventory and account payables management strategy, we generally rely on our positive cash flow dynamics as a source of financing for our operations and expansion. We have historically benefited from our working capital dynamic driven from our favorable payable terms relative to the high rotation of our inventory and minimal receivable balances, as most of our sales from merchandise are received in cash at the time of sale. As a result, we can generate a significant amount of negative working capital from such timing differences. Our negative working capital for 2025 and 2024 was Ps.5,876,142 thousand and Ps.2,633,277 thousand, respectively. As of December 31, 2025 and 2024, our total current assets amounted to Ps.9,726,148 thousand and Ps.8,554,139 thousand, respectively. We have also used certain amounts of short-term and long-term debt with third parties to supplement our cash flows. As of December 31, 2025 and 2024, our long-term debt with third parties consisted of Ps.141,907 thousand and Ps.106,693 thousand, respectively. In addition, prior to our IPO, our indebtedness for borrowed money included promissory notes (the "Promissory Notes") and convertible notes (the "Convertible Notes") which we incurred to finance our expansion. Most of the Promissory Notes and Convertible Notes were held by related parties, including some of our shareholders. The aggregate amount outstanding under our Promissory Notes and Convertible Notes was repaid in full in 2024 with the proceeds of our IPO. We have entered into a reverse factoring arrangement with Banco Santander Mexico, S.A. (“Santander”) pursuant to which a participating supplier receives the original invoice amount discounted at an agreed rate, and we pay Santander the original amount of the invoice within 60 days after the supplier collects the invoice from Santander. The aggregate limit of amounts invoiced under this arrangement is Ps.800,000. Pursuant to the terms of this arrangement, we have created a trust that is meant to be an alternative source of payment in the case of a payment default. Cash flows from 419 stores are deposited in a bi-weekly minimum aggregate amount of Ps.300,000 thousand in the trust account as a pass-through and released to our treasury on a daily basis, as long as no payment default occurs. This trust also serves as an alternative source of payment for a revolving credit facility line we entered into with Santander for an aggregate principal amount of Ps.300,000 thousand. See Note 14 to our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this annual report, for more information about this arrangement. Similary, on June 2, 2023, we and HSBC Mexico, S.A. (“HSBC”) entered into a reverse factoring transaction (the “HSBC Supplier Finance Agreement”) and a credit facility (the “HSBC Credit Line” and, together with the HSBC Supplier Finance Agreement, the “HSBC Agreement”). The original aggregate principal amount financeable under the HSBC Agreement was Ps.450,000 thousand. This amount was increased to Ps.700,000 thousand on June 20, 2024. Effective September 17, 2025, the aggregate principal amount financeable under the 47 Table of Contents HSBC Agreement is Ps.1,100,000. Pursuant to the terms of the HSBC Supplier Finance Agreement, participating suppliers may discount their invoices with HSBC, and they will receive the original invoice amount discounted at an agreed rate and we will then pay HSBC the original amount by the earlier of: (x) the date HSBC pays the supplier plus the number of credit days originally agreed to with the supplier, and (y) 90 days after the supplier collects the invoice from HSBC. The supplier elects which invoices are entered into the factoring transaction. Once entered, such invoices are novated and the liability of the Company to cover such invoice is extinguished. Invoices that are not discounted with HSBC are payable to the supplier at the original maturity date. There are no commissions or interests payable to HSBC when invoices are discounted, and only an opening commission of Ps.2,250 thousand was paid for entering into the original agreement. In addition, under the terms of the HSBC Agreement, the Company must comply with certain covenants, including restrictions on dividends. Additionally, pursuant to the terms of the HSBC Agreement, we have created a trust that is meant to be an alternative source of payment in the case of a payment default, and into which Ps.880,000 thousand of cash flows have to be deposited (as a pass-through) on the trust each month. However, the deposits are released daily to Tiendas 3B so long as no payment default occurs. We also maintain a syndicated loan facility, into which we entered on September 10, 2025, with an aggregate principal amount of Ps.1,065,000 thousand, for potential long-term financing needs, with no amounts drawn as of the date of this annual report. We intend to increase our capital expenditures to support the growth in our business and operations. We believe that our existing cash and cash equivalents and the liquidity provided from other sources of funds will be sufficient to meet our anticipated cash needs for at least the next 12 months, considering our expected organic growth. Our future capital requirements and the adequacy of available funds will depend on many factors, including those described under “Item 3. Key Information–D. Risk Factors.” In addition, the impact of rising interest rates has adversely affected the cost of borrowing, hedging activities and access to capital in general, which could limit our ability to obtain financing or hedges in a timely manner, on acceptable terms or at all. Cash Flows The following table sets forth certain consolidated cash flow information for the periods indicated: For the Years Ended December 31, 2025 2024 2023 (thousands of Ps.) Net cash flows provided by operating activities Ps. 4,681,613 Ps. 3,748,537 Ps. 3,140,349 Net cash flows used in investing activities (3,408,882 ) (4,907,296 ) (1,778,789 ) Net cash flows (used in) obtained from financing activities (1,254,475 ) 1,288,113 (1,095,692 ) Increase in cash and cash equivalents 18,256 129,354 265,868 Net foreign exchange difference (38,174 ) 97,341 (30,373 ) Net increase (decrease) in cash and cash equivalents Ps. (19,918 ) Ps. 226,695 Ps. 235,495 Net Cash Provided by Operating Activities Net cash provided by operating activities was Ps.4,681,613 thousand, Ps.3,748,537 thousand and Ps.3,140,349 thousand for the years ended December 31, 2025, 2024 and 2023, respectively. Net cash from operating activities for the year ended December 31, 2025, increased by Ps.933,076 thousand compared to the year ended December 31, 2024. This increase was primarily driven by improved pre-tax profitability and higher non-cash adjustment items resulting from store expansion. For information regarding the cash flows provided by operating activities for the year ended December 31, 2024 compared to the year ended December 31, 2023, see “Item 5. Operating and Financial Review and Prospects–B. Liquidity and Capital Resources” in our annual report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on April 29, 2025. 48 Table of Contents Net Cash Used in Investing Activities Net cash used in investing activities generally consists of expenses and capital expenditures to expand our number of stores and distribution centers, investments in our supply chain, including purchase and sale of property and equipment, and maintenance of existing stores. We expect to continue to use cash to make expenditures to open new stores, renovate existing stores and distribution centers, acquire store equipment and transportation equipment and invest in software. Net cash used in investing activities was Ps.3,408,882 thousand, Ps.4,907,296 thousand and Ps.1,778,789 thousand for the years ended December 31, 2025, 2024 and 2023, respectively. Net cash used in investing activities increased by Ps.1,498,414 thousand for the year ended December 31, 2025 as compared to the year ended December 31, 2024, mainly as we increased our store count by 574 net new stores between January 1, 2025 and December 31, 2025 and added four new distribution centers, leading to increased purchases of property and equipment and of cold rooms. For information regarding the cash flows used in investing activities for the year ended December 31, 2024 compared to the year ended December 31, 2023, see “Item 5. Operating and Financial Review and Prospects–B. Liquidity and Capital Resources” in our annual report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on April 29, 2025. Net Cash (Used in) Obtained from Financing Activities Net cash used in financing activities generally consists of transactions related to our short-term and long-term debt and financing obligations. Transactions with non-controlling interest shareholders are also classified as cash flows from financing activities. Net cash used in financing activities was Ps.1,254,475 thousand for the year ended December 31, 2025, compared to net cash obtained from financing activities of Ps.1,288,113 thousand and used in financing activities of Ps.1,095,692 thousand for the years ended December 31, 2024 and 2023, respectively. Net cash used in financing activities varied negatively by Ps.2,542,588 thousand for the year ended December 31, 2025 as compared to net cash obtained from financing activities for the year ended December 31, 2024, mainly driven by non-recurring items associated with the 2024 IPO—including the payment of principal and accrued interest on promissory notes and capitalized IPO costs—which did not recur in the current year, and partially offset by higher lease payments resulting from our 574 net new store openings between January 1, 2025 and December 31, 2025 and the opening of four distribution centers. For information regarding the cash flows obtained from financing activities for the year ended December 31, 2024 compared to the year ended December 31, 2023, see “Item 5. Operating and Financial Review and Prospects–B. Liquidity and Capital Resources” in our annual report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on April 29, 2025. Capital Expenditures We make, and expect to continue to make, capital expenditures for store openings, renovation of existing stores and distribution centers, acquisitions of store equipment and transportation equipment, and investments in software. For the year ending December 31, 2026, we have budgeted capital expenditures of approximately Ps.5,250,000 thousand, including approximately Ps.3,555,000 thousand for opening new stores and approximately Ps.490,000 thousand for opening four new distribution centers, which will be funded through our operating activities. 49 Table of Contents Our capital expenditures represented 4.5%%, 4.2% and 4.1% of our total revenue in 2025, 2024 and 2023, respectively. Capital expenditures for the years ended December 31, 2025, 2024 and 2023 amounted to Ps.3,548,943 thousand, Ps.2,435,695 thousand and Ps.1,798,019 thousand, respectively. We expect to fund our capital expenditures program with a combination of cash flows from operations and additional financing. We cannot assure you that we will generate sufficient cash flow from operations, or that we will have access to external financing sources, to adequately fund such or any future capital expenditures. Indebtedness Our indebtedness for borrowed money has in the past consisted of the Promissory Notes and Convertible Notes, which were repaid in full in February 2024 with the proceeds of our IPO. Additionally, we have historically incurred limited amounts of third-party financing for our operations, including supplier financing lines, financial leases of transportation, certain store equipment and a credit facility, which has not been drawn down as of the date hereof. The table below sets forth selected information regarding our indebtedness corresponding to the Promissory Notes and the Convertible Notes (which were repaid in full in February 2024 with the proceeds of our IPO) as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 (thousands of Ps.) Senior Promissory Notes Debt – Related parties Ps. — Ps. — Ps. 4,158,458 Debt – Third parties — — 20,454 Total Ps. — Ps. — Ps. 4,178,912 2017 Junior Promissory Notes Debt – Related parties Ps. — Ps. — Ps. 179,245 Debt – Third parties — — 34,142 Total Ps. — Ps. — Ps. 213,387 2020 Junior Promissory Notes Debt – Related parties Ps. — Ps. — Ps. 2,749 Debt – Third parties — — 15,118 Total Ps. — Ps. — Ps. 17,867 Convertible Notes Debt – Third parties Ps. — Ps. — Ps. 380,002 Total Ps. — Ps. — Ps. 380,002 C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. Given the nature of the business, the Company’s research and development expenses are not meaningful. Our most important brands, slogans and logos are protected by trademarks in Mexico through registration with the Mexican Industrial Property Institute (Instituto Mexicano de la Propiedad Industrial). Protection of a trademark in Mexico continues for as long as the brand is registered and used. As of December 31, 2025, we had approximately 1,780 owned brand files and registries in Mexico. In addition, within Mexico our licensors register their own brands granting us the right to use them within the territory. 50 Table of Contents D.TREND INFORMATION Principal Factors Affecting our Results of Operations and Material Trends Overall economic trends. The overall economic environment and related changes in consumer behavior have a significant impact on our business. Given we focus on consumer staples, shifts in economic conditions may increase or decrease customer spending at our stores. While improvements in economic conditions generally lead to increased spending, our business model naturally hedges against downturns as consumers seek affordability during economically challenging times. When economic conditions improve, we tend to retain these captured customers as they appreciate our focus not only on price but also on quality. Macroeconomic factors that can affect customer spending patterns, and thereby our results of operations, include employment rates, inflation, business conditions, the availability of credit, interest rates, flow of remittances from abroad, tax rates and fuel and energy costs. Product mix, consumer preferences and demand. Our ability to continue appealing to existing customers and attract new ones depends on our capacity to originate, develop, and offer a compelling product assortment of private labels and branded products that is aligned to customer preferences. Although most of our products are staples, misjudging the market for our products may result in excess inventories or lower sales, impacting our sales growth and profitability. Materialization of infrastructure investment to support growth. Our historical operating results reflect the impact of our ongoing investments to support our growth, including store expansion investments as well as in our proprietary warehouse and distribution network. We have made significant investments in our business that we believe have laid the foundation for continued profitable growth. We believe that strengthening our management team and enhancing our information systems, including our regional management, will enable us to support our continued growth and allow scaling our profitable business model. Effective sourcing and distribution of products. Our sales and gross profit are affected by our ability to purchase the products we sell in sufficient quantities at competitive prices. We believe our suppliers have adequate capacity to meet our current and anticipated demand, in part because we collaborate and coordinate closely with them on the development of new private label products. However, our suppliers’ ability to timely manufacture and deliver the products may be subject to various factors, including, among others, changes to the prices and flow of goods and ingredients, logistics disruptions, availability and cost of raw materials and labor disruptions. Any disruption in our supply chain could adversely affect our sales and profitability, including due to an inability to procure and stock sufficient quantities of merchandise to match market demand and our expansion plans resulting in lost sales. Inflation and deflation trends. Our financial results can be directly impacted by substantial increases in product costs due to commodity cost increases or general inflation, which could lead to a reduction in our sales as well as greater margin pressure if costs cannot be passed on to consumers. To date, changes in general inflation have not materially impacted our business. In response to increasing general inflation, we seek to minimize the impact of such events by sourcing our merchandise from different vendors, changing our product mix and increasing our pricing when necessary. Natural disasters and unusual weather conditions (whether or not caused by climate change). The occurrence of one or more natural disasters, such as hurricanes, fires, floods, tornadoes, earthquakes, unusual weather conditions. If any of these events result in the closure, or a limitation on operating hours, of one or more of our distribution centers, a significant number of stores, our sourcing offices, our corporate headquarters or impact one or more of our key suppliers, our operations and financial performance could be materially and adversely affected through an inability or reduced ability to make deliveries or provide other support functions to our stores and through lost sales. These events also could affect consumer shopping patterns or prevent customers from reaching our stores, which could lead to lost sales and higher markdowns, new store or distribution center opening delays, the temporary or long-term disruption of product availability in our stores, the temporary or long-term inability to obtain or access technology needed to effectively run our business and disruption of our utility services or information systems. These events may also increase the costs of insurance if they result in significant loss of property or other insurable damage by us or in the market more generally. In the past, hurricanes impacting the coast 51 Table of Contents of the state of Guerrero caused extensive damage and temporary store closures and a reassessment of our growth plan in that region. E.CRITICAL ACCOUNTING ESTIMATES Our financial statements are prepared in conformity with IFRS. In preparing our financial statements, we make assumptions, judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. We base our estimates, assumptions and significant judgements on historical experience and other factors that we considered relevant. Actual results may differ from said estimates. We reviewed our estimates, assumptions and significant judgments continuously. Our revisions to accounting estimates are recognized in the review period and future periods if the review affects both the current period and subsequent periods. We disclose our significant accounting policies in the notes accompanying our consolidated financial statements included elsewhere in this annual report. Information on the judgments made in applying accounting policies that have significant effect on the amounts recognized in our consolidated financial statements are included in Note 4 to our audited consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023.