Earnings release
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2Q 2025 EARNINGS RELEASE 1 • Same-Store Sales (SSS): 2Q25 Vs. 2024 4.9% • Total Sales* increased 14.2% in the second quarter, excluding exchange rate effects, sales grew 8.9% • Digital sales (E-Commerce, Aggregators & Loyalty) accounted for 38.6% of Alsea's total sales in the second quarter, reaching $7.7 billion pesos, with a robust growth of 14.7% • 8.0 million active** users in loyalty programs • EBITDA* grew by 10.5% during the second quarter, with a margin of 14.2%, a 40-basis point contraction • 32 new units were opened in the second quarter of 2025 • The Net Debt / EBITDA* leverage ratio reached 2.5x at the end of the second quarter of 2025 *Excluding the effect of IFRS 16, as well as the effect related to the restatement for hyperinflation in Argentina **Active users: last 90 days for Starbucks and 180 days for the other formats Christian Gurría, CEO of Alsea, said: “I’m honored to share our second-quarter results as Alsea’s CEO. After over twenty-five years growing within this organization, I step into this role with deep gratitude and commitment. I firmly believe that collaborative leadership, guided by a strategically aligned Board, is the best formula to drive long-term, sustainable growth. During the second quarter, we sustained solid momentum, with same-store sales up 4.9%, driven by healthy growth across most brands and regions. We continue to actively evaluate our portfolio, focusing on the most profitable brands, in line with our value-driven growth strategy. Our recent partnership with Chipotle in Mexico marks a major milestone—uniting with a brand that shares our commitment to quality, transparency, and innovation, which reinforces our long-term vision. In the Quick Service Restaurants segment, Domino’s Pizza continued to perform well in Mexico and Colombia with strong same-store sales growth, while Europe showed a gradual recovery in the delivery channel. Second Quarter 2025 Results and Highlights Message from the Management
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2Q 2025 EARNINGS RELEASE 2 Starbucks Mexico maintained solid performance, supported by a loyal customer base. In France, we saw a gradual recovery, with positive same-store sales and improving transaction volumes making progress to get to 2023 levels. Spain delivered strong sequential gains, driven by effective commercial strategies. Our Full-Service Restaurants (FSR) segment continues to post positive same-store sales growth across the portfolio. We’re boosting brand penetration, opening the door to greater white space expansion in the coming years. I’m grateful to our teams across all markets for their dedication, and to our investors for their continued trust. We begin this new chapter with a clear direction and strong commitment to making Alsea a more agile, innovative, and customer-centric company.”
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2Q 2025 EARNINGS RELEASE 3 Mexico City, July 22, 2025. Today, Alsea, S.A.B. de C.V. (BMV: ALSEA*), the leading Quick Service Restaurant (QSR), Coffee Shop and Full Service Restaurant operator in Latin America and Europe, released its results for the second quarter 2025. The information is presented in nominal terms pursuant to International Financial Reporting Standards (IFRS). The comments presented in this report do not include the effect of IFRS 16, as well as the effect regarding restatement due to hyperinflation in Argentina, unless otherwise mentioned. The metrics mentioned in the report are compared against the same period of the previous year unless otherwise indicated. The figures and percentages have been rounded and may not add up as a result. During the month of November 2024, 54 Burger King Spain units were divested, and this business is presented as a discontinued operation and pro-forma figures for 2024. Sales and adjusted EBITDA by Geography Figures in millions of pesos, except EPS PRE-IFRS16 POST-IFRS16+RESTATEMENT ARGENTINA 2Q25 2Q24 Var % 2Q25 2Q24 Var % Same-Stores Sales 4.9% 9.3% N.A 4.9% 9.3% N.A Net Sales $21,351 $18,702 14.2% $21,474 $18,905 13.6% Gross Profit $14,368 $12,750 12.7% $14,477 $12,890 12.3% EBITDA (1) $3,026 $2,739 10.5% $4,615 $4,047 14.0% EBITDA Margin 14.2% 14.6% (40) bps 21.5% 21.4% 10 bps Operating Income $1,928 $1,765 9.3% $2,139 $2,048 4.4% Net Income $1,025 $157 552.7% $1,111 $282 293.8% Net Income Margin 4.8% 0.8% 400 bps 5.2% 1.5% 370 bps Net Debt/EBITDA 2.5x 2.3x N.A. 2.7x 2.8x N.A. EPS $1.30 $0.19 575% $1.41 $0.35 307% Financial Highlights for the Second Quarter 2025 1 EBITDA is defined as operating income before depreciation and amortization. 54.6%30.3% 15.1% MexicoEuropeSouth America 68.6% 22.3% 9.2%
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2Q 2025 EARNINGS RELEASE 4 Net sales in the second quarter of 2025 increased by 14.2% to reach $21,351 million pesos, driven by preference for our brands and effective commercial strategies, primarily in Mexico, Spain and Colombia. Excluding exchange rate effects, net sales increased 8.9%. At a regional level, sales in Mexico grew by 9.1%. In Europe, sales increased 5.2% in local currency, with a 25.4% increase in Mexican pesos. Meanwhile, sales in South America increased by 12.8%. Quick Service same-store sales grew by 4.6%, while Coffee Shops same-store sales increased by 4.4%. The Full-Service Restaurants segment registered a same-store sales growth of 5.9%. RESULTS BY SEGMENT FOR THE SECOND QUARTER OF 2025 MEXICO * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea Mexico sales accounted for 54.6% of Alsea's consolidated sales in the second quarter of 2025, and with a 9.1% increase, reaching $11,665 million pesos, driven by a positive calendar effect, product innovations, and product launches. Same-store sales growth by segment was 6.1%, 4.0% and 3.8% for Full-Service Restaurants, Quick-Service, and Coffee Shops segments, respectively. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Mexico 2Q25 2Q24 Var. % Var. 2Q25 2Q24 Var. % Var. Number of units 2,476 2,358 118 5.0% 2,476 2,358 118 5.0% Same-store sales 4.5% 7.3% N.A N.A 4.5% 7.3% N.A N.A Sales $11,665 $10,694 $971 9.1% $11,665 $10,694 $971 9.1% Costs $4,089 $3,525 $564 16.0% $4,089 $3,525 $564 16.0% Operating expenses $4,812 $4,526 $286 6.3% $4,079 $3,871 $208 5.4% Adjusted EBITDA* $2,763 $2,643 $120 4.6% $3,497 $3,298 $199 6.0% Adjusted EBITDA Margin* 23.7% 24.7% (100) bps N.A 30.0% 30.8% (80) bps N.A Depreciation and Amortization $610 $597 $12 2.1% $836 $1,328 ($492) (37.0%) Operating Income $1,700 $1,524 $176 11.5% $2,207 $1,449 $758 52.3%
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2Q 2025 EARNINGS RELEASE 5 Adjusted EBITDA PRE-IFRS 16 Mexico Alsea Mexico’s Adjusted EBITDA pre-IFRS16 accounted for 68.6% of consolidated Adjusted EBITDA in the second quarter and increased by 4.6%. This growth was mainly driven by the positive calendar effect of Easter holiday, ongoing revenue management analysis, and the implementation of various levers to boost productivity and SG&A efficiency. Higher costs for certain dollar-linked inputs, driven by the depreciation of the Mexican peso, partially offset these gains. As a result, the EBITDA margin contracted by one percentage point. EUROPE * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea Europe sales represented 30.3% of the Company's consolidated sales, reaching $6,465 million pesos in the second quarter, a 25.4% increase compared to the same period in 2024. Excluding the impact of exchange rate fluctuations, sales increased by 5.2%, driven by a positive calendar effect, improved performance from Full-Service Restaurants and Coffee Shops in Spain, and a recovery in the French and Benelux markets. Same-store sales increased by 5.9% in the Full-Service Restaurants segment, 2.5% in Coffee Shops, and 1.9% in the Quick-Service segment, compared to the same period of the previous year. Adjusted EBITDA PRE-IFRS 16 Europe Alsea Europe's pre-IFRS16 Adjusted EBITDA in the second quarter of 2025 accounted for 22.3% of the consolidated Adjusted EBITDA, recording an increase of 26.4% compared to the same period of the previous year. This result was mainly supported by a 3.8% increase in same-store sales, driven by the positive Easter calendar effect, as well as initiatives and product launches that led to improved Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Europe 2Q25 2Q24 Var. % Var. 2Q25 2Q24 Var. % Var. Number of units 1,519 1,494 25 1.7% 1,519 1,494 25 1.7% Same-store sales 3.8% (2.6%) N.A N.A 3.8% (2.6%) N.A N.A Sales $6,465 $5,154 $1,311 25.4% $6,465 $5,154 $1,311 25.4% Costs $1,806 $1,450 $356 24.6% $1,806 $1,450 $356 24.6% Operating expenses $3,762 $2,994 $768 25.6% $3,191 $2,557 $634 24.8% Adjusted EBITDA* $897 $710 $187 26.4% $1,468 $1,147 $321 28.0% Adjusted EBITDA Margin* 13.9% 13.8% 10 bps N.A 22.7% 22.3% 40 bps N.A Depreciation and Amortization $348 $274 $74 27.0% $1,267 $309 $958 310.0% Operating Income $174 $119 $55 46.2% ($172) $523 ($695) (132.9%)
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2Q 2025 EARNINGS RELEASE 6 performance across all brands, partially offsetting cost pressures—primarily from higher labor expenses. Excluding the exchange rate effect, Adjusted EBITDA grew by 10.2%. SOUTH AMERICA * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea South America sales accounted for 15.1% of the Company’s consolidated sales in the second quarter of 2025, increasing by 12.8% to reach $3,221 million pesos. This was mainly driven by favorable foreign exchange and inflation effects, along with continued strong momentum in Colombia. Same-store sales grew by 3.1% in Full-Service Restaurants, while Quick Service and Coffee Shops segments grew by 8.1% and 9.7%, respectively. Excluding Argentina, Quick Service same-store sales grew by 0.3%, while Coffee Shops contracted by 6.0%. Adjusted EBITDA PRE-IFRS 16 South America Alsea South America's pre-IFRS16 Adjusted EBITDA accounted for 9.2% of consolidated Adjusted EBITDA in the second quarter, decreasing by 11.4%. This was mainly due to weaker consumer activity in the region, except for Colombia, resulting in pressure on operating leverage and a slow recovery across the region. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 + Restatement Argentina Alsea South America 2Q25 2Q24 Var. % Var. 2Q25 2Q24 Var. % Var. Number of units 800 780 20 2.6% 800 780 20 2.6% Same-store sales 8.4% 48.1% N.A N.A 8.4% 48.1% N.A N.A Sales $3,221 $2,854 $367 12.8% $3,344 $3,057 $287 9.4% Costs $1,088 $977 $111 11.3% $1,102 $1,040 $62 5.9% Operating expenses $1,766 $1,463 $303 20.7% $1,595 $1,383 $212 15.3% Adjusted EBITDA* $367 $414 ($47) (11.4%) $647 $634 $13 2.1% Adjusted EBITDA Margin* 11.4% 14.5% (310) bps N.A 19.4% 20.7% (130) bps N.A Depreciation and Amortization $140 $103 $37 35.9% $373 $363 $10 2.8% Operating Income $53 $121 ($68) (56.1%) $103 $76 $27 35.4%
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2Q 2025 EARNINGS RELEASE 7 ALL-IN COST OF FINANCING The comprehensive financing result in the second quarter of 2025 closed at $499 million pesos, a decrease of $1,028 million pesos compared to $1,527 million pesos in the previous year. The variation was mainly due to a non-cash foreign exchange gain of $608 million pesos, resulting from the appreciation of the Mexican peso against the US dollar, which impacted foreign currency-denominated debt through a non-monetary effect. CAPEX During the six months ended June 30, 2025, Alsea made capital investments of approximately $2,474 million pesos, of which $1,830 million, equivalent to 74.0% of total investments, were allocated to: • The opening of 24 corporate units during the second quarter, and 51 accumulated openings • The renovation and remodeling of existing units of the different brands operated by the Company • Equipment replacement (maintenance CAPEX) The remaining $644 million pesos were mainly allocated to: • Strategic technology and internal processes improvement projects • Software licenses, among others BALANCE SHEET As of June 30, 2025, the "other accounts payable" line totaled $10,319 million pesos, compared to $12,195 million pesos in the same period last year. This decrease mainly reflects €40 million payment to the minority shareholders of the European entity acquired at the beginning of 2024. Additionally, more than 80% of this account is explained by the following items: • Derivative instruments for hedging risk • Recurring and variable compensation (long-term bonuses, store manager bonuses, etc.) • Operational and supply provisions (water, electricity, internet, etc.) • Legal and labor reserves • Others CASH FLOW As of June 30, 2025, free cash flow was negative at $2,677 million pesos. This result was driven by higher interest expenses, primarily related to the payment of interest on the US dollar-denominated international bond, as well as to the seasonality of the business, which typically results in cash consumption during the first half of the year.
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2Q 2025 EARNINGS RELEASE 8 BANK DEBT, SECURITIES As of June 30, 2025, Alsea's total debt, including IFRS16 leases, increased $3,552 million pesos to close at $52,769 million pesos compared to $49,217 million pesos in the same period of the previous year. Excluding the effect of IFRS16, Alsea's total debt with cost increased $5,056 million pesos to close at $34,761 million pesos, compared to $29,705 million pesos on the same date of the previous year. The increase in debt, excluding the effect of IFRS 16, is mainly explained by bank loans drawn to settle the payment of the minority stake in the European entity, the revaluation of foreign currency-denominated debt, and, finally, short-term debt for working capital purposes. The company's consolidated net debt, including IFRS16 leases, increased $2,791 million pesos to close at $47,977 million pesos as of June 30, 2025, compared to $45,186 million pesos at the end of the second quarter of 2024. Excluding the effect of IFRS16, Alsea's net debt increased $4,294 million pesos, to close at $29,969 million pesos, compared to $25,675 million pesos on the same date of the previous year. The following chart presents the debt maturity profile and total debt balance (excluding IFRS16) as of June 30, 2025: *Figures in millions of pesos. $5,627 $16,577 $8,557 $4,000 16% 48% 25% 11% 2025 2026 2027 2028 2029 2030 2031 2032
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2Q 2025 EARNINGS RELEASE 9 FINANCIAL RATIOS Below is a summary of key financial indicators calculated as of June 30, 2025. KEY INFORMATION POST-IFRS16 (1) EBITDA last 12 months (2) EPS is earnings per share for the last 12 months. • Regarding liquidity, at the end of 2Q25, the company has $4.8 billion pesos in cash and cash equivalents. • The consolidated equity (pre-IFRS16) closed at $8.1 billion pesos. FINANCIAL RATIO S REFERRED TO IN CREDIT AGREEMENTS WITH FINANCIALINSTITUTIONS FINANCIAL RATIOS REFERRED TO IN CREDIT AGREEMENTS WITH FINANCIAL INSTITUTIONS (1) EBITDA last twelve months The financial ratios presented in the table above were calculated based on the Company’s consolidated results without considering the effect of IFRS16 nor the restatement due to hyperinflation in Argentina. Financial Ratios 2Q25 2Q24 Var. Total Debt / EBITDA(1) 3.0 x 3.0 x N.A. Net Debt / EBITDA(1) 2.7 x 2.8 x N.A. Stock Market Indicators 2Q25 2Q24 Var. Book value per-share $10.12 $8.56 18.3% EPS (12 months)(2) $1.94 $3.63 (46.6%) Shares in circulation at end of period (millions) 803.4 815.1 (1.4%) Price per Share at Market Close $50.98 $63.60 (19.8%) Leverage ratios excluding IFRS 16 and restatement for hyperinflation in Argentina 2Q25 Total Debt / EBITDA(1) 3.0 x Net Debt / EBITDA(1) 2.5 x
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2Q 2025 EARNINGS RELEASE 10 UNITS BY BRAND BRAND CORPORATE 3,674 SUBFRANCHISE 1,121 TOTAL 4,795 Domino's Pizza 941 590 1,531 Mexico 511 458 969 Spain 321 79 400 Uruguay 5 - 5 Colombia 104 53 157 Burger King 377 - 377 Mexico 175 - 175 Argentina 116 - 116 Chile 86 - 86 Quick Service 1,318 590 1,908 Starbucks 1,643 287 1,930 Mexico 909 - 909 France 120 146 266 Spain 163 26 189 Argentina 133 - 133 Chile 173 - 173 Netherlands 21 76 97 Colombia 72 - 72 Belgium 2 31 33 Portugal 28 4 32 Uruguay 18 - 18 Paraguay 4 - 4 Luxembourg - 4 4 Coffee Shops 1,643 287 1,930 Foster's Hollywood 101 106 207 Ginos Spain 79 36 115 Italianni’s 59 16 75 Chili's Grill & Bar 79 - 79 Mexico 74 - 74 Chile 5 - 5 Archie's 28 - 28 P.F. Chang's 31 - 31 Mexico 28 - 28 Chile 3 - 3 TGI Fridays 11 - 11 The Cheesecake Factory 8 - 8 Vips 317 86 403 Mexico 203 35 238 Spain 114 51 165 Full-Service Restaurants 713 244 957
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2Q 2025 EARNINGS RELEASE 11 UNITS PER COUNTRY ANALYST COVERAGE This press release contains forward-looking statements regarding the Company's results and outlook. However, actual results could vary materially from these estimates. The forward-on future events contained in this release should be read jointly with the risk summary included in the Annual Report. This information, as well as future reports made by the Company or any of its representatives, either verbally or in writing, may vary materially from actual results. These projections and estimates, which are made with reference to a determined date, should not be taken as a fact. The Company is in no way liable for updating or revising any of these projections and estimates, whether as a result of new information, future events or other associated events. Alsea's shares are traded on the Mexican Stock Exchange under the ticker ALSEA* MEXICO 2,476 SPAIN 1,087 ARGENTINA 249 CHILE 267 FRANCE 266 COLOMBIA 257 NETHERLANDS 97 BELGIUM 33 PORTUGAL 32 URUGUAY 23 LUXEMBURG 4 PARAGUAY 4 Institution Analyst Recommendation ACTINVER ANTONIO HERNANDEZ BUY BANK OF AMERICA ROBERT E. FORD AGUILAR BUY BANORTE-IXE CARLOS HERNANDEZ GARCIA HOLD BARCLAYS BENJAMIN M. THEURER HOLD BBVA MIGUEL ULLOA SUAREZ BUY BRADESCO PEDRO PINTO HOLD BTG PACTUAL ALVARO GARCÍA BUY CITI RENATA CABRAL BUY CI BANCO BENJAMIN ALVAREZ BUY GOLDMAN SACHS THIAGO BORTOLUCI SELL GRUPO BURSÁTIL MEXICANO EMILIANO HERNANDEZ BUY INTERCAM RICHARD HORBACH HOLD ITAU BBA ALEJANDRO FUCHS BUY JEFFERIES PEDRO BAPTISTA BUY J.P. MORGAN FROYLAN MENDEZ BUY MONEX JOSE ROBERTO SOLANO BUY MORGAN STANLEY JULIA RIZZO HOLD PUNTO CASA DE BOLSA CRISTINA MORALES BUY SANTANDER ULISES ARGOTE BUY SCOTIABANK HECTOR MAYA HOLD UBS VINICIUS STRANO BUY VECTOR MARCELA MUÑOZ HOLD
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2Q 2025 EARNINGS RELEASE 12 RELEVANT EVENTS • On April 21, 2025, Alsea announced a development agreement with Chipotle Mexican Grill (NYSE: CMG) to open restaurants in Mexico. The first location is expected to launch in early 2026, with plans to evaluate opportunities in additional markets in the region. This agreement aligns with Alsea’s long-term strategy of maintaining a portfolio of leading global brands and represents a meaningful growth opportunity. VIDEOCONFERENCE The videoconference to discuss the Company's results will be held on Wednesday, July 23, 2025, at 8:30 am Mexico City time (10:30 am EST), will be conducted in English, and will include a question and answer session. To participate, please register at the following link: https://alseareportederesultados.com/ After the event, the videoconference will be available on our website: www.alsea.net in the "Investors" section. Investor Relations Gerardo Lozoya Julia Torres +52 55 7583 2750 ri@alsea.com.mx
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2Q 2025 EARNINGS RELEASE 13 THE FOLLOWING ARE THE FINANCIAL STATEMENTS FOR THE SECOND QUARTER 2024 AND 2025, WHERE IN 2024 THE BURGER KING TRANSACTION IS PRESENTED AS A DISCONTINUED OPERATION. ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET STATEMENTS POST IFRS-16 AS OF JUNE 30, 2025, AND 2024 In thousands of nominal pesos June 30, June 30, 2025 2024 ASSETS Current Assets: Cash and short-term investments $ 4,791,641 5.8% $ 4,030,737 5.1% Clients 2,027,746 2.5% 1,296,704 1.7% Other accounts and documents Receivable 804,163 1.0% 691,278 0.9% Inventory 3,046,108 3.7% 2,937,414 3.7% Tax recoverable 1,739,595 2.1% 1,562,889 2.0% Other current assets 721,085 0.9% 936,197 1.2% Affiliates and related parties - 0.0% - 0.0% Current Assets 13,130,337 16.0% 11,455,218 14.6% Investments in shares of associated companies 14,296 0.0% 164,003 0.2% Store equipment, improvements to leased property, and furniture, net 19,871,540 24.2% 17,235,227 22.0% Non-executable right of use asset 42,473,065 51.6% 43,078,971 55.0% Brand use rights, capital gains and pre-operations, net 6,088,978 7.4% 5,603,647 7.1% Deferred IRS 700,979 0.9% 843,300 1.1% Other assets - 0.0% - 0.0% Total assets $ 82,279,195 100.0% $ 78,380,367 100.0% LIABILITIES Short-term: Providers $ 5,618,098 6.8% $ 5,129,639 6.5% Tax payable 846,121 1.0% 501,898 0.6% Other accounts payable 10,319,327 12.5% 12,194,984 15.6% Non-executable short-term lease liabilities 3,601,556 4.4% 3,512,044 4.5% Other short-term liabilities 0.0% 0.0% Bank loans 5,626,644 6.8% 2,420,377 3.1% Debt Instruments 2,650,000 3.2% 1,000,000 1.3% Short-term liabilities $ 28,661,746 34.8% 24,758,943 31.6% Long term: Bank loans 8,560,705 10.4% 6,787,177 8.7% Debt instruments 17,923,454 21.8% 19,497,778 24.9% Deferred tax, net 3,599,526 4.4% 3,650,951 4.7% Non-executable lease liabilities 14,406,223 17.5% 15,999,310 20.4% Other long-term liabilities 729,365 0.9% 592,936 0.8% Non-controlling put option - 0.0% - 0.0% Affiliates and related parties - 0.0% - 0.0% Discontinued operations - 0.0% - 0.0% Long-term liabilities: 45,219,273 55.0% 46,528,154 59.4% Total liabilities 73,881,019 89.8% 71,287,096 91.0% SHAREHOLDERS’ EQUITY Minority interest 30,353 0.0% 124,390 0.2% Majority interest: Capital stock 461,146 0.6% 466,996 0.6% Net premium in share placement 4,489,074 5.5% 7,725,728 9.9% Retained earnings 2,078,262 2.5% (1,768,045) -2.3% Earnings for the period 1,339,342 1.6% 544,203 0.7% Majority interest 8,367,823 10.2% 6,968,882 8.9% Total Shareholders’ Equity 8,398,176 10.2% 7,093,271 9.0% Total Liabilities and Shareholders’ $ 82,279,195 100.0% $ 78,380,367 100.0%
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2Q 2025 EARNINGS RELEASE 14 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS POST IFRS-16 ENDED JUNE 30, 2025, AND 2024 In thousands of nominal pesos Three months ended Three months ended June 30 June 30 2025 2024 Net Sales $ 21,474,436 100.0% $ 18,904,715 100.0% Cost of sales (6,997,510) (32.6%) (6,015,015) (31.8%) Gross Income 14,476,926 67.4% 12,889,700 68.2% *Rent (306,465) (320,931) Operating expenses (12,338,310) (57.5%) (10,841,569) (57.3%) *Depreciation and amortization (2,476,612) (11.5%) (1,998,932) (10.6%) Operating Income 2,138,616 10.0% 2,048,131 10.8% All-in cost of financing: **Interest expense (676,796) (3.2%) (330,401) (1.7%) ** Banking and derivative instrument fees (479,902) (2.2%) (695,906) (3.3%) Interest paid - net (307,211) (1.4%) (298,226) (1.4%) Changes in reasonable value financial liabilities - - - - Exchange rate loss/(gain) 859,605 4.0% (571,444) (3.0%) (604,304) (2.8%) (1,895,977) (10.0%) Participation in associated companies’ results 23,988 0.1% - - Pre-Tax Income 1,558,299 7.3% 152,154 0.8% Tax on earnings (451,134) (2.1%) 142,766 0.8% Discontinued operations 3,465 0.0% (12,888) (0.1%) Consolidated Net Income 1,110,630 5.2% 282,033 1.5% Non-controlling stake (20,445) (0.1%) - - Controlling Stake 1,131,075 5.3% $ 282,033 1.5% * Rent, Depreciation and Amortization are included in Operating Expenses ** Interest generated from finance leases is included in Interest Paid – net; in turn, Interest Paid also includes interest earned.
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2Q 2025 EARNINGS RELEASE 15 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS POST IFRS-16 ENDED JUNE 3O, 2025, AND 2024 In thousands of nominal pesos MEXICO Three months ended Three months ended June 30th June 30th 2025 2024 Net sales $ 11,664,818 100.0% 10,693,727 100.0% *Rent (225,029) (1.9%) (230,330) (2.2%) Operating expenses (4,532,330) (38.9%) (4,392,176) (41.1%) Depreciation and amortization (835,987) (7.2%) (1,327,662) (12.4%) Operating Income 2,207,086 18.9% 1,448,861 13.5% All-in cost of financing (391,196) (3.4%) (1,534,725) (14.4%) Pre-Tax Income 1,815,890 15.6% (85,864) (0.8%) EUROPE Three months ended Three months ended June 30th June 30th 2025 2024 Net sales $ 6,465,483 100.0% 5,154,173 100.0% *Rent 8,689 0.1% (1,450) (0.0%) Operating expenses (3,563,599) (55.1%) (2,872,427) (55.7%) *Depreciation and amortization (1,267,220) (19.6%) (308,627) (6.0%) Operating Income (171,818) (2.7%) 522,955 10.1% All-in cost of financing (292,151) (4.5%) (267,688) (5.2%) Pre-Tax Income (439,948) (6.8%) 255,267 5.0% SOUTH AMERICA Three months ended Three months ended June 30th June 30th 2025 2024 Net sales $ 3,344,134 100.0% 3,056,815 100.0% *Rent (90,125) (2.7%) (89,151) (2.9%) Operating expenses (1,765,769) (52.8%) (1,578,034) (51.6%) *Depreciation and amortization (373,405) (11.2%) (362,643) (11.9%) Operating Income 103,348 3.1% 76,316 2.5% All-in cost of financing 79,042 2.4% (93,564) (3.1%) Pre-Tax Income 182,358 5.5% (17,248) (0.6%) * Rent is included in Operating Expenses
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2Q 2025 EARNINGS RELEASE 16 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED CASH FLOW FOR THE SIX MONTHS ENDED JUNE 3O, 2025, AND 2024 In thousands of nominal pesos June 30, June 30, Var. 2025 2024 EBITDA Post IFRS16 $ 8,449,713 $ 7,898,468 551,245 Lease liabilities (3,088,141) (2,574,841) (513,300) Restatement 14 (15,010) 15,023 EBITDA Pre IFRS16 5,361,586 5,308,618 52,968 CAPEX (2,481,946) (2,399,791) (82,156) Interest paid (2,204,040) (1,686,204) (517,836) Taxes (896,219) (917,798) 21,578 Working capital (2,455,974) (1,626,199) (829,775) Free Cash Flow (2,676,594) (1,404,998) (877,464) Bank credits, net 2,261,126 2,424,840 (163,714) Dividends - (978,017) 978,017 Buy-back shares program (250,851) 356,356 (607,207) Acquisition of non-controlling stake (879,348) (2,548,461) (2,548,461) Acquisition or sale of related parties (101,700) 0 Cash Flow after financing activities (1,647,367) (2,066,655) 419,288 Cash at the beginning of the period 6,467,932 6,409,798 58,134 Foreign exchange effect (28,921) (312,406) 283,484 Cash at the end of the period $ 4,791,643 4,030,737 760,906
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2Q 2025 EARNINGS RELEASE 17 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2025 In thousands of nominal pesos June 30, June 30, 2025 Argentinian Restatement IFRS 16 2025 ASSETS Current assets: Cash and short-term $ 4,791,641 7.5% - - $ 4,791,641 5.8% Clients 2,027,746 3.2% - - 2,027,746 2.5% Other accounts and documents 804,163 1.3% - - 804,163 1.0% Inventory 3,001,881 4.7% 44,227 - 3,046,108 3.7% Tax recoverable 1,739,595 2.7% - - 1,739,595 2.1% Other current assets 721,085 1.1% - - 721,085 0.9% Affiliates and related parties - 0.0% - - - 0.0% Current assets 13,086,110 20.5% 44,227 - 13,130,337 16.0% Investments in shares of associated companies 14,296 0.0% - - 14,296 0.0% Store equipment, improvements to leased property, and furniture, net 18,694,933 29.2% 1,176,608 - 19,871,540 24.2% Right of use 25,913,683 40.5% 200,031 16,359,350 42,473,065 51.6% Brand use rights, capital gains and pre-operations, net 5,524,693 8.6% 52,692 511,594 6,088,978 7.4% Deferred ISR 700,979 1.1% - - 700,979 0.9% Other assets - 0.0% - - 0.0% Total assets $ 63,934,694 100.0% 1,473,557 16,870,944 $ 82,279,195 100.0% LIABILITIES Short-term: Providers $ 5,618,098 8.8% - - $ 5,618,098 6.8% Tax payable 846,121 1.3% - - 846,121 1.0% Other accounts payable 10,319,327 16.1% - - 10,319,327 12.5% Non-executable short-term lease liabilities (0) 0.0% - 3,601,556 3,601,556 4.4% Other short-term liabilities 0.0% 0.0% Bank loans 5,626,644 8.8% - - 5,626,644 6.8% Debt Instruments 2,650,000 4.1% - - 2,650,000 3.2% Short-term liabilities 25,060,190 39.2% - 3,601,556 28,661,746 34.8% Long-term: Bank Credits 8,560,705 13.4% - - 8,560,705 10.4% Securities Credits 17,923,454 28.0% - - 17,923,454 21.8% Deferred tax, net 3,527,997 5.5% 71,528 - 3,599,526 4.4% Non-executable leasing liabilities 0 0.0% - 14,406,223 14,406,223 17.5% Other long-term liabilities 729,365 1.1% - - 729,365 0.9% Non-controlling put option - 0.0% - - - 0.0% Affiliates and related parties - 0.0% - - - 0.0% Discontinued Operations - 0.0% - - - 0.0% Long-term liabilities 30,741,522 48.1% 71,528 14,406,223 45,219,273 55.0% Total liabilities 55,801,712 87.3% 71,528 18,007,779 73,881,019 89.8% SHAREHOLDERS’ EQUITY Minority interes 30,353 0.0% - - 30,353 0.0% Majority interest: Capital social 461,146 0.7% 461,146 0.6% Net premium in share placement 4,489,074 7.0% - - 4,489,074 5.5% Retained earnings 1,792,142 2.8% 1,374,634 (1,088,514) 2,078,262 2.5% Earnings for the period 1,360,268 2.1% 27,395 (48,321) 1,339,342 1.6% Majority interest 8,102,629 12.7% 1,402,029 (1,136,835) 8,367,823 10.2% Total shareholders’ equity 8,132,983 12.7% 1,402,029 (1,136,835) 8,398,176 10.2% Total liabilities and shareholders’ equity $ 63,934,694 100.0% 1,473,557 16,870,944 $ 82,279,195 100.0%
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2Q 2025 EARNINGS RELEASE 18 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS AS OF JUNE 30, 2025 In thousands of nominal pesos Three months ended Restatement IFRS Three months ended June 30th Argentina 16 June 30th 2025 2025 Net sales $ 21,351,177 100.0% $ 123,259 - 21,474,436 100.0% Cost of sales (6,983,614) (32.7%) (13,896) - (6,997,510) (32.6%) Gross Income 14,367,563 67.3% 109,363 - 14,476,926 67.4% *Rent (1,886,843) - 1,580,378 (306,465) Operating expenses (12,439,618) (58.3%) (244,173) 345,481 (12,338,310) (57.5%) *Depreciation and amortization (1,097,713) (5.1%) (137,308) (1,241,591) (2,476,612) (11.5%) Operating income 1,927,945 9.0% (134,810) 345,481 2,138,616 10.0% All-in cost of financing: **Interest expense (672,953) (3.2%) (3,844) - (676,796) (3.2%) ** Banking and derivative instrument fees (479,902) (2.2%) - - (479,902) (2.2%) Interest paid - net 45,659 0.2% - (352,870) (307,211) (1.4%) Changes in reasonable value Financial Liabilities - - - - - - Exchange rate loss/gain 608,268 2.8% 251,901 (564) 859,605 4.0% (498,928) (2.3%) 248,057 (353,433) (604,304) (2.8%) Participation in associated companies’ results 23,988 0.1% - - 23,988 0.1% Pre-Tax income 1,453,005 6.8% 113,247 (7,953) 1,558,299 7.3% Tax on earnings (431,289) (2.0%) (1,018) (18,826) (451,134) (2.1%) Discontinued Operations 3,465 0.0% - - 3,465 0.0% Consolidated Net Income 1,025,180 4.8% 112,229 (26,779) 1,110,630 5.2% Non-controlling stake (20,445) (0.1%) - - (20,445) (0.1%) Controlling Stake $ 1,045,625 4.9% 112,229 (26,779) 1,131,075 5.3% * Rent, Depreciation and Amortization are included in Operating Expenses ** Interest generated from finance leases is included in Interest Paid – net; in turn, Interest Paid also includes interest earned.
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2Q 2025 EARNINGS RELEASE 19 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS AS OF JUNE 30, 2025 In thousands of nominal pesos MEXICO Three months ended IFRS Three months ended June 30th 16 June 30th 2025 2025 Net sales $ 11,664,818 100.0% - $ 11,664,818 100.0% *Rent (958,230) (8.2%) 733,201 (225,029) (1.9%) Operating expense (5,875,109) (50.4%) 506,792 (5,368,317) (46.0%) *Depreciation and amortization (609,669) (5.2%) (226,318) (835,987) (7.2%) Operating income 1,700,294 14.6% 506,792 2,207,086 18.9% All-in cost of financing (213,823) (1.8%) (177,373) (391,196) (3.4%) Pre-Tax income 1,486,470 12.7% 329,419 1,815,890 15.6% EUROPE Three months ended IFRS Three months ended June 30th 16 June 30th 2025 2025 Net sales $ 6,465,483 100.0% - $ 6,465,483 100.0% *Rent (562,605) (8.7%) 571,293 8,689 0.1% Operating expense (4,484,545) (69.4%) (346,275) (4,830,820) (74.7%) *Depreciation and amortization (347,775) (5.4%) (919,445) (1,267,220) (19.6%) Operating income 174,457 2.7% (346,275) (171,818) (2.7%) All-in cost of financing (208,459) (3.2%) (83,691) (292,151) (4.5%) Pre-Tax income (9,982) (0.2%) (429,966) (439,948) (6.8%) SOUTH AMERICA Three months ended IFRS Three months ended June 30th Restatement 16 June 30th 2025 2025 Net sales $ 3,220,875 100.0% 123,259 - $ 3,344,134 100.0% *Rent (366,009) (11.4%) - 275,884 (90,125) (2.7%) Operating expense (2,079,965) (64.6%) (244,173) 184,963 (2,139,174) (64.0%) *Depreciation and amortization (140,269) (4.4%) (137,308) (95,828) (373,405) (11.2%) Operating income 53,194 1.7% (134,810) 184,963 103,348 3.1% All-in cost of financing (76,646) (2.4%) 248,057 (92,369) 79,042 2.4% Pre-Tax income (23,483) (0.7%) 113,247 92,594 182,358 5.5% * Rent, Depreciation and Amortization are included in Operating Expenses