Earnings release
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3Q 2025 EARNINGS RELEASE 1 • Same-Store Sales (SSS): 3Q25 Vs. 2024 4.1% • Total Sales* increased 5.7% in the third quarter, excluding exchange rate effects, sales grew 6.7% • Digital sales (E-Commerce, Aggregators & Loyalty) accounted for 37.4% of Alsea's total sales in the third quarter, reaching $7.3 billion pesos, with a solid growth of 10.8% • 8.0 million active** users in loyalty programs • EBITDA* grew by 1.8% during the third quarter, with a margin of 1 3.7%, a 50-basis point contraction • Net income increased by 559.0% in the third quarter, reaching $512 million pesos. • 46 new units were opened in the third quarter of 2025 • The Net Debt / EBITDA* leverage ratio reached 2.5x at the end of the third 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 am deeply grateful for the opportunity to lead Alsea in this new chapter. Over my first 100 days, I have seen firsthand the strength of our portfolio and the unwavering commitment of our teams across all regions. Amid a more cautious consumer environment, Alsea’s resilience and adaptability have allowed us to stay on course and strengthen our leadership position. In the third quarter, steady sales growth was supported by operational efficiency, a highly adaptable team, and the strength of our brands. We remain confident in our strategic priorities, focusing on disciplined growth and profitability, reinforcing our optimism about the opportunities ahead. In the Quick Service Restaurants (QSR) segment, Domino’s Pizza continued to perform well overall, particularly in South America, driven by strong same -store sales growth in Colombia . In Mexico, sequential growth slowed following strong promotional activity in the previous year, as our focus shifted toward enhancing profitability. Starbucks stood out this quarter following the opening of a flagship store in the Santiago Bernabéu stadium, which we see as a significant moment for our brand’s strength in Spain. Spain’s strong Third Quarter 2025 Results and Highlights Message from the Management
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3Q 2025 EARNINGS RELEASE 2 results partially offset lower traffic in France. In Mexico, the segment delivered consistent results, while in South America, sales recovered across all geographies. Our Full-Service Restaurants (FSR) segment continued to show its operational strength achieving mid-single-digit same -store sales growth , making it the highest growing segment this quarter, supported by a strong value proposition and continued innovation both in Mexico and Spain. We maintain our strategic focus by prioritizing traffic in our stores, enhancing operational efficiency, and advancing portfolio optimization. Our talented, and high-performing operating team plays a key role in executing our strategies with discipline and agility as we adapt to a constantly evolving market and cost structure. I am deeply grateful to all our teams for their commitment, and to our investors for their continued trust in Alsea.”
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3Q 2025 EARNINGS RELEASE 3 Mexico City, October 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 third 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. T he 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 3Q25 3Q24 Var % 3Q25 3Q24 Var % Same-Stores Sales 4.1% 7.8% N.A 4.1% 7.8% N.A Net Sales $21,029 $19,897 5.7% $21,146 $20,337 4.0% Gross Profit $14,148 $13,512 4.7% $14,230 $13,825 2.9% EBITDA (1) $2,881 $2,831 1.8% $4,428 $4,252 4.1% EBITDA Margin 13.7% 14.2% (50) bps 20.9% 20.9% 0 bps Operating Income $1,778 $1,748 1.7% $1,996 $2,012 (0.8%) Net Income $512 $78 559.0% $367 ($125) (393.3%) Net Income Margin 2.4% 0.4% 200 bps 1.7% (0.6%) 240 bps Net Debt/EBITDA 2.5x 2.4x N.A. 2.6x 3.0x N.A. EPS $0.64 $0.23 177% $0.46 $0.02 2,138.9% Financial Highlights for the Third Quarter 2025 1 EBITDA is defined as operating income before depreciation and amortization. 54.6% 30.7% 14.7% Mexico Europe South America 66.7% 23.0% 10.3%
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3Q 2025 EARNINGS RELEASE 4 Net sales in the third quarter of 2025 increased 5.7% reaching $21,029 million pesos, driven by the resilience of our brands amid a challenging macroeconomic environment and the disciplined execution of our commercial strategies , primarily in Mexico , Spain, and Colombia. Excluding exchange rate effects, net sales increased 6.7%. At a regional level, sales in Mexico grew 7.5%. In Europe, sales increased 3.8% in local currency, with an 8.2% increase in Mexican pesos . Meanwhile, sales in South America fell by 4.7%. Quick Service same-store sales grew 4.6%, while Full-Service Restaurants increased by 4. 0%. The Coffee Shop segment registered a same-store sales growth of 3.9%. RESULTS BY SEGMENT FOR THE THIRD QUARTER OF 2025 * 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 third quarter of 2025, and with a 7.5% increase, reaching $11,476 million pesos, driven by brand leadership as well as product innovations and launches. Same-store sales growth by segment was 5.3%, 3.3% and 0.6% for Full -Service Restaurants, Coffee Shops and Quick-Service Restaurants, respectively. MEXICO Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Mexico 3Q25 3Q24 Var. % Var. 3Q25 3Q24 Var. % Var. Number of units 2,502 2,389 113 4.7% 2,502 2,389 113 4.7% Same-store sales 3.2% 4.9% N.A N.A 3.2% 4.9% N.A N.A Sales $11,476 $10,679 $797 7.5% $11,476 $10,679 $797 7.5% Costs $4,009 $3,612 $397 11.0% $4,009 $3,612 $397 11.0% Operating expenses $4,870 $4,472 $399 8.9% $4,142 $3,814 $328 8.6% Adjusted EBITDA* $2,597 $2,596 $1 0.0% $3,325 $3,254 $71 2.2% Adjusted EBITDA Margin* 22.6% 24.3% (170) bps - 29.0% 30.5% (150) bps - Depreciation and Amortization $620 $633 ($13) (2.0%) $830 $1,364 ($533) (39.1%) Operating Income $1,550 $1,454 $96 6.6% $2,064 $1,380 $684 49.6%
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3Q 2025 EARNINGS RELEASE 5 Adjusted EBITDA PRE-IFRS 16 Mexico Alsea Mexico’s Adjusted EBITDA pre-IFRS16 accounted for 66.7% of consolidated Adjusted EBITDA in the third quarter, remaining flat year over year . The EBITDA margin contracted by 1.7 percentage points, mainly due to higher costs of dollar-linked inputs from the Mexican peso’s depreciation and lower operating leverage. EUROPE * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea Europe sales accounted for 30.7% of the company's consolidated sales, reaching $6,457 million pesos in the third quarter, representing an 8.2% increase compared to the same period in 202 4. Excluding the impact of exchange rate fluctuations, sales increased by 3.8%, driven by a robust performance from Full-Service Restaurants and Starbucks in Spain. Same-store sales increased by 2.9% in the Quick-Service segment, 2.4% in Full-Service restaurants, and 1.6% in Coffee shops, compared to the same period of the previous year. Adjusted EBITDA PRE-IFRS 16 Europe Alsea Europe's pre-IFRS16 Adjusted EBITDA in the third quarter of 2025 accounted for 23.0% of the consolidated Adjusted EBITDA, recording an increase of 6.2% compared to the same period of the previous year. This result was mainly supported by a 2.3% increase in same-store sales, driven by the initiatives and product launches that led to improved performance across all brands, partially offsetting cost pressure primarily from higher labor expenses. Excluding the exchange rate effect, Adjusted EBITDA grew by 2.1%. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Europe 3Q25 3Q24 Var. % Var. 3Q25 3Q24 Var. % Var. Number of units 1,517 1,508 9 0.6% 1,517 1,508 9 0.6% Same-store sales 2.3% (2.5%) N.A N.A 2.3% (2.5%) N.A N.A Sales $6,457 $5,968 $490 8.2% $6,457 $5,968 $490 8.2% Costs $1,818 $1,659 $159 9.6% $1,818 $1,659 $159 9.6% Operating expenses $3,745 $3,468 $278 8.0% $3,183 $2,967 $216 7.3% Adjusted EBITDA* $894 $841 $52 6.2% $1,456 $1,342 $114 8.5% Adjusted EBITDA Margin* 13.8% 14.1% (30) bps - 22.6% 22.5% 10 bps - Depreciation and Amortization $362 $323 $39 12.1% $1,269 $414 $855 206.3% Operating Income $145 $139 $6 4.0% ($203) $563 ($766) (136.1%)
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3Q 2025 EARNINGS RELEASE 6 SOUTH AMERICA * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea South America sales accounted for 1 4.7% of the company’s consolidated sales in the third quarter of 2025, decreasing by 4.7% to reach $3,096 million pesos. This was primarily affected by a negative exchange rate and inflationary effect, as well as continued pressure in Argentina. This was partially mitigated by the positive trend in Colombia. Same-store sales grew 3.4% in Full -Service Restaurants, while Quick Service and Coffee Shops segments grew by 13.7% and 9.6% respectively. Excluding Argentina, Quick Service same-store sales grew by 2.5%, while Coffee Shops declined 1.3%. Adjusted EBITDA PRE-IFRS 16 South America Alsea South America's pre-IFRS16 Adjusted EBITDA accounted for 10.3% of consolidated Adjusted EBITDA in the third quarter, decreasing by 14.2%. This was mainly due to weaker consumer activity in the region, except for Colombia, which increased pressure on operating leverage and contributed to a slow recovery across the region. ALL-IN COST OF FINANCING The comprehensive financing result in the third quarter of 202 5 closed at $921 million pesos, a decrease of $561 million pesos compared to $1,482 million pesos in the previous year. The variation was mainly due to a non -cash foreign exchange gain o f $104 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. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 + Restatement Argentina Alsea South America 3Q25 3Q24 Var. % Var. 3Q25 3Q24 Var. % Var. Number of units 799 790 9 1.1% 799 790 9 1.1% Same-store sales 11.3% 43.7% N.A N.A 11.3% 43.7% N.A N.A Sales $3,096 $3,250 ($154) (4.7%) $3,213 $3,690 ($477) (12.9%) Costs $1,054 $1,114 ($60) (5.4%) $1,089 $1,241 ($152) (12.2%) Operating expenses $1,640 $1,668 ($28) (1.6%) $1,469 $1,719 ($250) (14.5%) Adjusted EBITDA* $402 $468 ($67) (14.2%) $681 $730 ($49) (6.8%) Adjusted EBITDA Margin* 13.0% 14.4% (140) bps - 21.2% 19.8% 140 bps - Depreciation and Amortization $122 $128 ($6) (4.9%) $332 $462 ($130) (28.2%) Operating Income $83 $155 ($71) (46.3%) $135 $69 $66 96.1%
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3Q 2025 EARNINGS RELEASE 7 CAPEX During the nine months ending September 30, 2025, Alsea made capital investments of approximately $3,789 million pesos, of which $ 2,913 million pesos, equivalent to 76.9% of total investments, were allocated to: • The opening of 35 corporate units during the third quarter, and 86 accumulated openings • The renovation and remodeling of existing units of the different brands operated by the Company • Equipment replacement (maintenance CAPEX) The remaining $876 million pesos were mainly allocated to: • Strategic technology projects and internal processes improvement. • Software licenses, among others. BALANCE SHEET As of September 30, 2025 , the "other accounts payable" balance totaled $10,783 million pesos, compared to $13,078 million pesos in the same period of the previous year. This decrease reflects €90 million total payment to the minority shareholders of the European entity acquired at the beginning of 2024. Additionally, more than 80% of this account is composed 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 September 30, 2025, free cash flow was negative at $2,937 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 the seasonality of the business, which typically results in cash consumption during the first nine months of the year.
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3Q 2025 EARNINGS RELEASE 8 DEBT As of September 30, 2025, Alsea's total debt, including IFRS16 leases, decreased by $1,815 million pesos to close at $51,763 million pesos compared to $53,578 million pesos in the same period of the previous year. Excluding the effect of IFRS16, Alsea's total debt with cost increased by $2,512 million pesos to close at $34,541 million pesos, compared to $32,029 million pesos on the same date of the previous year. The increase in debt, excluding the effect of IFRS 16, was mainly due to bank loans drawn to settle the minority stake in the European entity, short-term debt for CAPEX, and working capital purposes. The company's consolidated net debt, including IFRS16 leases, fell by $1,869 million pesos to close at $47,106 million pesos as of September 30, 2025, compared to $48,975 million pesos at the end of the third quarter of 2024. Excluding the effect of IFRS16, Alsea's net debt increased $2,458 million pesos, to close at $29,884 million pesos, compared to $27,426 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 September 30, 2025: *Figures in millions of pesos. $1,423 $16,644 $8,478 $4,000 $4,000 4% 48% 25% 12% 12% 2025 2026 2027 2028 2029 2030 2031 2032 2033
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3Q 2025 EARNINGS RELEASE 9 Adjustment of 2025 guidance CAPEX Approximately 6 billion pesos (no change) Total openings Between 180 y 220 (no change) Growth in sales High single digit increase (vs low double digit) Growth in SSS Mid-single digit increase (no change) Pre-IFRS 16 Post-IFRS 16 Growth in EBITDA Low single digit increase (vs mid digit) Total Debt/EBITDA Between 2.6-2.8x (no change) Between 3.0-3.2x (no change) The reasons why we consider these adjustments in our guidance are the following: - Negative impact from weaker consumer demand during September. - The continued impact of the exchange rate appreciation compared to the forecasted 20.8 MXN, affecting the top line. FINANCIAL RATIOS Below is a summary of key financial indicators calculated as of September 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 3Q25, the company has $4.7 billion pesos in cash and cash equivalents. • The consolidated equity (pre-IFRS16) closed at $8.7 billion pesos. FINANCIAL RATIO S REFERRED TO IN CREDIT AGREEMENTS WITH FINANCIALINSTITUTIONS Financial Ratios 3Q25 3Q24 Var. Total Debt / EBITDA(1) 2.9 x 3.3 x N.A. Net Debt / EBITDA(1) 2.6 x 3.0 x N.A. Stock Market Indicators 3Q25 3Q24 Var. Book value per-share $10.79 $9.92 33.0% EPS (12 months)(2) $2.39 $3.65 (34.5%) Shares in circulation at end of period (millions) 803.4 815.1 (1.4%) Price per Share at Market Close $60.87 $54.14 12.43%
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3Q 2025 EARNINGS RELEASE 10 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, excluding the effect of IFRS16 nor the restatemen t due to hyperinflation in Argentina. Leverage ratios excluding IFRS 16 and restatement for hyperinflation in Argentina 3Q25 Total Debt / EBITDA(1) 2.9 x Net Debt / EBITDA(1) 2.5 x
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3Q 2025 EARNINGS RELEASE 11 UNITS BY BRAND BRAND CORPORATE 3,694 SUBFRANCHISE 1,124 TOTAL 4,818 Domino's Pizza 947 593 1,540 Mexico 517 460 977 Spain 321 80 401 Uruguay 5 - 5 Colombia 104 53 157 Burger King 376 - 376 Mexico 175 - 175 Argentina 114 - 114 Chile 87 - 87 Quick Service 1,323 593 1,916 Starbucks 1,657 289 1,946 Mexico 924 - 924 France 119 147 266 Spain 164 27 191 Argentina 133 - 133 Chile 173 - 173 Netherlands 20 76 96 Colombia 72 - 72 Belgium 2 31 33 Portugal 28 4 32 Uruguay 18 - 18 Paraguay 4 - 4 Luxembourg 0 4 4 Coffee Shops 1,657 289 1,946 Foster's Hollywood 100 105 205 Ginos Spain 79 35 114 Italianni’s 60 16 76 Chili's Grill & Bar 80 - 80 Mexico 75 - 75 Chile 5 - 5 Archie's 28 - 28 P.F. Chang's 31 - 31 Mexico 28 - 28 Chile 3 - 3 TGI Fridays 9 - 9 The Cheesecake Factory 10 - 10 Vips 317 86 403 Mexico 202 35 237 Spain 115 51 166 Full-Service Restaurants 714 242 956
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3Q 2025 EARNINGS RELEASE 12 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 r isk 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 mad e 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 2,502 SPAIN 1,086 ARGENTINA 247 CHILE 268 FRANCE 266 COLOMBIA 257 NETHERLANDS 96 BELGIUM 33 PORTUGAL 32 URUGUAY 23 LUXEMBOURG 4 PARAGUAY 4 Institution Analyst Recommendation ACTINVER ANTONIO HERNANDEZ BUY BANK OF AMERICA ROBERT E. FORD AGUILAR BUY BANORTE-IXE CARLOS HERNANDEZ GARCIA BUY BARCLAYS BENJAMIN M. THEURER HOLD BBVA MIGUEL ULLOA SUAREZ BUY BRADESCO PEDRO PINTO HOLD BTG PACTUAL ALVARO GARCÍA BUY CITI RENATA CABRAL BUY GOLDMAN SACHS THIAGO BORTOLUCI SELL GRUPO BURSÁTIL MEXICANO EMILIANO HERNANDEZ BUY 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 HOLD SANTANDER ULISES ARGOTE BUY SCOTIABANK HECTOR MAYA HOLD UBS VINICIUS STRANO BUY
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3Q 2025 EARNINGS RELEASE 13 RELEVANT EVENTS • On August 26, 2025, Alsea announced that Fitch upgraded the Issuer Default Rating (IDR) in local and foreign currency for Alsea and its unsecured senior bonds from BB to BB+. Similarly, Fitch raised the ratings of the unsecured bonds of Food Service Project S.A., from BB to BB+, a subsidiary of Alsea. The agency also revised Alsea’s national long-term rating from A+(mex) to AA-(mex) and the short-term national rating from F1(mex) to F1+(mex). Fitch maintains a stable outlook on these ratings. VIDEOCONFERENCE The videoconference to discuss the Company's results will be held on Thursday, October 23, 2025, at 8: 00 am Mexico City time ( 10:00 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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3Q 2025 EARNINGS RELEASE 14 THE FOLLOWING ARE THE FINANCIAL STATEMENTS FOR THE THIRD QUARTER 202 4 AND 202 5, 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 SEPTEMBER 30, 2025, AND 2024 In thousands of nominal pesos September 30, September 30, 2025 2024 ASSETS Current Assets: Cash and short-term investments $ 4,657,369 5.7% $ 4,602,571 5.4% Clients 1,944,554 2.4% 1,445,575 1.7% Other accounts and documents receivable 976,871 1.2% 717,222 0.8% Inventory 3,201,873 3.9% 3,210,844 3.8% Tax recoverable 2,007,513 2.5% 1,943,583 2.3% Other current assets 695,927 0.9% 1,690,552 2.0% Affiliates and related parties - 0.0% - 0.0% Current Assets 13,484,105 16.5% 13,610,347 16.0% Investments in shares of associated companies 14,296 0.0% 164,003 0.2% Store equipment, improvements to leased property, and furniture, net 19,702,672 24.2% 18,462,899 21.7% Non-executable right of use asset 41,476,090 50.9% 46,331,060 54.6% Brand use rights, capital gains and pre- operations, net 6,016,871 7.4% 5,533,644 6.5% Deferred IRS 829,698 1.0% 825,134 1.0% Other assets - 0.0% - 0.0% Total assets $ 81,523,733 100.0% $ 84,927,087 100.0% LIABILITIES Short-term: Providers $ 5,361,747 6.6% $ 5,624,037 6.6% Tax payable 368,138 0.5% 511,707 0.6% Other accounts payable 10,783,215 13.2% 13,078,372 15.4% Non-executable short-term lease liabilities 3,444,364 4.2% 4,309,826 5.1% Other short-term liabilities 0.0% 0.0% Bank loans 6,284,107 7.7% 1,474,667 1.7% Debt Instruments 2,650,000 3.3% 1,000,000 1.2% Short-term liabilities $ 28,891,571 35.4% 25,998,608 30.6% Long term: Bank loans 7,999,998 9.8% 8,520,537 10.0% Debt instruments 17,606,628 21.6% 21,033,941 24.8% Deferred tax, net 3,838,019 4.7% 3,833,942 4.5% Non-executable lease liabilities 13,777,456 16.9% 17,239,303 20.3% Other long-term liabilities 742,164 0.9% 680,630 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: 43,964,265 53.9% 51,308,353 60.4% Total liabilities 72,855,836 89.4% 77,306,961 91.0% SHAREHOLDERS’ EQUITY Minority interest 30,293 0.0% 124,390 0.1% Majority interest: Capital stock 461,146 0.6% 466,996 0.5% Net premium in share placement 4,210,712 5.2% 4,181,544 4.9% Retained earnings 2,259,439 2.8% 2,295,112 2.7% Earnings for the period 1,706,308 2.1% 552,083 0.7% Majority interest 8,637,605 10.6% 7,495,735 8.8% Total Shareholders’ Equity 8,667,897 10.6% 7,620,125 9.0% Total Liabilities and Shareholders’ $ 81,523,733 100.0% $ 84,927,086 100.0%
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3Q 2025 EARNINGS RELEASE 15 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS POST IFRS-16 ENDED SEPTEMBER 30, 2025, AND 2024 In thousands of nominal pesos Three months ended Three months ended September 30 September 30 2025 2024 Net Sales $ 21,146,233 100.0% $ 20,336,834 100.0% Cost of sales (6,916,479) (32.7%) (6,511,516) (32.0%) Gross Income 14,229,754 67.3% 13,825,318 68.0% *Rent (282,482) (386,261) Operating expenses (9,801,596) (46.4%) (9,572,897) (47.1%) *Depreciation and amortization (2,432,025) (11.5%) (2,240,778) (11.0%) Operating Income 1,996,133 9.4% 2,011,643 9.9% All-in cost of financing: **Interest expense (564,987) (2.7%) (612,038) (3.0%) ** Banking and derivative instrument fees (472,757) (2.2%) (465,044) (2.2%) Interest paid - net (328,654) (1.6%) (375,611) (1.8%) Changes in reasonable value financial liabilities - - - - Exchange rate loss/(gain) 101,605 0.5% (581,213) (2.9%) (1,264,793) (6.0%) (2,033,906) (10.0%) Participation in associated companies’ results (33) (0.0%) - - Pre-Tax Income 731,307 3.5% (22,263) (0.1%) Tax on earnings (365,623) (1.7%) (133,320) (0.7%) Discontinued operations 1,283 0.0% 30,448 0.1% Consolidated Net Income 366,967 1.7% (125,135) (0.6%) Non-controlling stake (120) (0.0%) 120 0.0% Controlling Stake 367,087 1.7% $ (125,255) (0.6%) * Rent is 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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3Q 2025 EARNINGS RELEASE 16 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS POST IFRS-16 ENDED SEPTEMBER 3O, 2025, AND 2024 In thousands of nominal pesos MEXICO Three months ended Three months ended September 30th September 30th 2025 2024 Net sales $ 11,475,976 100.0% 10,679,375 100.0% *Rent (229,475) (2.0%) (266,994) (2.5%) Operating expenses (4,572,125) (39.8%) (4,323,608) (40.5%) Depreciation and amortization (830,461) (7.2%) (1,363,935) (12.8%) Operating Income 2,064,393 18.0% 1,380,264 12.9% All-in cost of financing (816,423) (7.1%) (1,428,598) (13.4%) Pre-Tax Income 1,247,970 10.9% (48,334) (0.5%) EUROPE Three months ended Three months ended September 30th September 30th 2025 2024 Net sales $ 6,457,355 100.0% 5,967,751 100.0% *Rent 9,874 0.2% (5,644) (0.1%) Operating expenses (3,572,644) (55.3%) (3,331,785) (55.8%) *Depreciation and amortization (1,269,354) (19.7%) (414,405) (6.9%) Operating Income (203,000) (3.1%) 562,655 9.4% All-in cost of financing (275,109) (4.3%) (291,788) (4.9%) Pre-Tax Income (478,109) (7.4%) 270,867 4.5% SOUTH AMERICA Three months ended Three months ended September 30th September 30th 2025 2024 Net sales $ 3,212,903 100.0% 3,689,709 100.0% *Rent (62,881) (2.0%) (113,624) (3.1%) Operating expenses (1,656,827) (51.6%) (1,917,504) (52.0%) *Depreciation and amortization (332,210) (10.3%) (462,437) (12.5%) Operating Income 134,740 4.2% 68,724 1.9% All-in cost of financing (173,261) (5.4%) (313,520) (8.5%) Pre-Tax Income (38,553) (1.2%) (244,795) (6.6%) * Rent is included in Operating Expenses
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3Q 2025 EARNINGS RELEASE 17 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED CASH FLOW FOR THE NINE MONTHS ENDED SEPTEMBER 3O, 2025, AND 2024 In thousands of nominal pesos September 30, September 30, Var. 2025 2024 EBITDA Post IFRS16 $ 12,877,872 $ 11,898,182 979,690 Lease liabilities (4,640,969) (3,694,109) (946,860) Restatement 5,836 (31,074) 36,910 EBITDA Pre IFRS16 8,242,739 8,172,999 69,740 CAPEX (3,788,856) (4,239,353) 450,497 Interest paid (2,972,063) (1,483,783) (1,488,280) Taxes (1,415,510) (1,605,368) 189,858 Working capital (3,003,568) (2,732,242) (271,326) Free Cash Flow (2,937,259) (1,887,747) (1,049,512) Bank credits, net 2,447,681 2,648,573 (200,892) Dividends - (978,017) 978,017 Buy-back shares program (250,851) 247,123 (497,974) Acquisition of non-controlling stake (879,348) (2,548,461) 1,669,113 Acquisition or sale of related parties (101,700) 0 (101,700) Cash Flow after financing activities (1,721,477) (2,518,529) 797,052 Cash at the beginning of the period 6,467,932 6,409,798 58,134 Foreign exchange effect (89,083) 711,302 (800,384) Cash at the end of the period $ 4,657,373 4,602,571 54,802
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3Q 2025 EARNINGS RELEASE 18 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2025 In thousands of nominal pesos September 30, September 30, 2025 Argentinian Restatement IFRS 16 2025 ASSETS Current assets: Cash and short-term $ 4,657,369 7.2% - - $ 4,657,369 5.7% Clients 1,944,554 3.0% - - 1,944,554 2.4% Other accounts and documents 976,871 1.5% - - 976,871 1.2% Inventory 3,166,910 4.9% 34,962 - 3,201,873 3.9% Tax recoverable 2,007,513 3.1% - - 2,007,513 2.5% Other current assets 695,927 1.1% - - 695,927 0.9% Affiliates and related parties - 0.0% - - - 0.0% Current assets 13,449,143 20.9% 34,962 - 13,484,105 Investments in shares of associated companies 14,296 0.0% - - 14,296 Store equipment, improvements to leased property, and furniture, net 18,761,376 29.2% 941,296 - 19,702,672 Right of use 25,684,551 40.0% 172,315 15,619,225 41,476,090 50.9% Brand use rights, capital gains and pre-operations, net 5,502,961 8.6% 44,637 469,273 6,016,871 7.4% Deferred ISR 829,698 1.3% - - 829,698 1.0% Other assets - 0.0% - - 0.0% Total assets $ 64,242,025 100.0% 1,193,209 16,088,498 $ 81,523,733 100.0% LIABILITIES Short-term: Providers $ 5,361,747 8.3% - - $ 5,361,747 6.6% Tax payable 368,138 0.6% - - 368,138 0.5% Other accounts payable 10,783,215 16.8% - - 10,783,215 13.2% Non-executable short-term lease liabilities - 0.0% - 3,444,364 3,444,364 4.2% Other short-term liabilities 0.0% 0.0% Bank loans 6,284,107 9.8% - - 6,284,107 7.7% Debt Instruments 2,650,000 4.1% - - 2,650,000 3.3% Short-term liabilities 25,447,206 39.6% - 3,444,364 28,891,571 35.4% Long-term: Bank Credits 7,999,998 12.5% - - 7,999,998 9.8% Securities Credits 17,606,628 27.4% - - 17,606,628 21.6% Deferred tax, net 3,774,209 5.9% 63,810 - 3,838,019 4.7% Non-executable leasing liabilities - 0.0% - 13,777,456 13,777,456 16.9% Other long-term liabilities 742,164 1.2% - - 742,164 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 30,122,999 46.9% 63,810 13,777,456 43,964,265 53.9% Total liabilities 55,570,206 86.5% 63,810 17,221,820 72,855,836 89.4% SHAREHOLDERS’ EQUITY Minority interes 30,293 0.0% - - 30,293 0.0% Majority interest: Capital social 461,146 0.7% 461,146 0.6% Net premium in share placement 4,210,712 6.6% - - 4,210,712 5.2% Retained earnings 2,097,643 3.3% 1,230,980 (1,069,184) 2,259,439 2.8% Earnings for the period 1,872,027 2.9% (101,581) (64,138) 1,706,308 2.1% Majority interest 8,641,527 13.5% 1,129,399 (1,133,322) 8,637,605 10.6% Total shareholders’ equity 8,671,821 13.5% 1,129,399 (1,133,322) 8,667,897 10.6% Total liabilities and shareholders’ equity $ 64,242,025 100.0% 1,193,209 16,088,498 $ 81,523,733 100.0%
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3Q 2025 EARNINGS RELEASE 19 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS AS OF SEPTEMBER 30, 2025 In thousands of nominal pesos Three months ended Restatement IFRS Three months ended September 30th Argentina 16 September 30th 2025 2025 Net sales $ 21,029,335 100.0% $ 116,898 - 21,146,233 100.0% Cost of sales (6,881,528) (32.7%) (34,951) - (6,916,479) (32.7%) Gross Income 14,147,807 67.3% 81,947 - 14,229,754 67.3% *Rent (1,846,070) - 1,563,587 (282,482) Operating expenses (11,266,655) (53.6%) (87,769) 1,552,828 (9,801,596) (46.4%) *Depreciation and amortization (1,103,392) (5.2%) (120,016) (1,208,617) (2,432,025) (11.5%) Operating income 1,777,760 8.5% (125,838) 344,210 1,996,133 9.4% All-in cost of financing: **Interest expense (559,708) (2.7%) (5,279) - (564,987) (2.7%) ** Banking and derivative instrument fees (472,757) (2.2%) - - (472,757) (2.2%) Interest paid - net 7,639 0.0% - (336,293) (328,654) (1.6%) Changes in reasonable value Financial Liabilities - - - - - - Exchange rate loss/gain 103,891 0.5% 2,141 (4,428) 101,605 0.5% (920,935) (4.4%) (3,138) (340,720) (1,264,793) (6.0%) Participation in associated companies’ results (33) (0.0%) - - (33) (0.0%) Pre-Tax income 856,793 4.1% (128,976) 3,490 731,307 3.5% Tax on earnings (346,316) (1.6%) - (19,307) (365,623) (1.7%) Discontinued Operations 1,283 0.0% - - 1,283 0.0% Consolidated Net Income 511,760 2.4% (128,976) (15,817) 366,967 1.7% Non-controlling stake (120) (0.0%) - - (120) (0.0%) Controlling Stake $ 511,880 2.4% (128,976) (15,817) 367,087 1.7% * Rent is 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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3Q 2025 EARNINGS RELEASE 20 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS AS OF SEPTEMBER 30, 2025 In thousands of nominal pesos MEXICO Three months ended IFRS Three months ended September 30th 16 September 30th 2025 2025 Net sales $ 11,475,976 100.0% - $ 11,475,976 100.0% *Rent (957,193) (8.3%) 727,718 (229,475) (2.0%) Operating expense (5,297,111) (46.2%) 724,987 (4,572,125) (39.8%) *Depreciation and amortization (620,170) (5.4%) (210,291) (830,461) (7.2%) Operating income 1,549,697 13.5% 514,696 2,064,393 18.0% All-in cost of financing (642,440) (5.6%) (173,984) (816,423) (7.1%) Pre-Tax income 907,258 7.9% 340,712 1,247,970 10.9% EUROPE Three months ended IFRS Three months ended September 30th 16 September 30th 2025 2025 Net sales $ 6,457,355 100.0% - $ 6,457,355 100.0% *Rent (552,736) (8.6%) 562,609 9,874 0.2% Operating expense (4,132,260) (64.0%) 559,615 (3,572,644) (55.3%) *Depreciation and amortization (361,691) (5.6%) (907,664) (1,269,354) (19.7%) Operating income 145,048 2.2% (348,049) (203,000) (3.1%) All-in cost of financing (196,320) (3.0%) (78,788) (275,109) (4.3%) Pre-Tax income (51,272) (0.8%) (426,837) (478,109) (7.4%) SOUTH AMERICA Three months ended IFRS Three months ended September 30th Restatement 16 September 30th 2025 2025 Net sales $ 3,096,005 100.0% 116,898 - $ 3,212,903 100.0% *Rent (336,141) (10.9%) - 273,260 (62,881) (2.0%) Operating expense (1,837,284) (59.3%) (87,769) 268,226 (1,656,827) (51.6%) *Depreciation and amortization (121,531) (3.9%) (120,016) (90,663) (332,210) (10.3%) Operating income 83,014 2.7% (125,838) 177,563 134,740 4.2% All-in cost of financing (82,175) (2.7%) (3,138) (87,948) (173,261) (5.4%) Pre-Tax income 807 0.0% (128,976) 89,615 (38,554) (1.2%) * Rent is included in Operating Expenses