Earnings release
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EARNINGS RELEASE 1 4Q and Full Year 2025 • Same-Store Sales (SSS): 4Q25 2025 Vs. 2024 3.3% 4.3% • Total Sales* increased 9.1% for the full year and 0.5% for the fourth quarter. Excluding exchange rate effects, sales grew by 9.2% and 12.0%, respectively • Digital sales (E-Commerce, Aggregators & Loyalty) accounted for 38.6% of Alsea's total sales in 2025 and for 39.6% in the fourth quarter, reaching $30.5 and $8.2 billion pesos, with solid growth of 15.0% and 13.4%, respectively • 8.2 million active** users in loyalty programs • EBITDA* increased by 2.7% for the full year and 2.9% for the fourth quarter, with margins of 14.1% and 16.8%, reflecting a 90-basis point contraction and 40-basis point expansion, respectively • Net Income grew by 32.0% in the fourth quarter, reaching $812 million pesos • 169 new units were opened in 2025 • The Net Debt / EBITDA* leverage ratio reached 2.4x at the end of 2025 *Excluding the effect of IFRS16, 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: “The fourth quarter of 2025 confirmed a favorable operating evolution and clear progress in the execution of our strategic priorities. Even amid a challenging consumer environment in certain markets, the quarter’s performance reflects consistent execution, a strong focus on efficiency, and the strength of our brand portfolio. In Mexico, performance showed a clear sequential improvement toward the end of the year, with same-store sales growth in line with prior quarters and margin expansion. These results were driven by productivity initiatives, more efficient cost management, and a more stable input cost environment, reinforcing the positive trend observed throughout the year. Within our Coffee Shops Segment, Starbucks delivered stable results during the quarter. Meanwhile, within the Quick Service Restaurant (QSR) segment, Domino’s Pizza stood out for a significant recovery, supported by successful product innovations such as the ‘croissant’ pizza—and by the Fourth Quarter and Full Year 2025 Results and Highlights Message from the Management
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EARNINGS RELEASE 2 4Q and Full Year 2025 expansion of its delivery capabilities through new operational partnerships, strengthening execution during peak demand periods. The Full-Service Restaurant (FSR) segment maintained a positive performance, supported by consistently executed value propositions across our brands. Initiatives such as Menú del Día at Vips, Tres Para Mí at Chili’s, and Paradiso Italiano at Italianni’s continued to drive traffic and enhance consumers’ value perception. In South America, we observed clear signs of traffic recovery in Argentina and Chile, alongside solid and consistent performance in Colombia. In Europe, Spain remained resilient, supported by value propositions such as Plato Perfecto and the Holiday Pancakes at Vips, Menú del Día and Burger Gourmet at Foster’s Hollywood, as well as pasta innovation at Gino’s. This was partially offset by a weaker consumer environment in France, where traffic continues its recovery path. During the quarter and throughout the year, we advanced decisively in our portfolio simplification strategy, completing selective divestments—such as TGI Friday’s in Spain, and Chili’s and P.F. Chang’s in Chile—which allow us to focus resources on markets and brands with greater growth and profitability potential. At the same time, we are very excited about the addition of Raising Cane’s, which strengthens our exposure to concepts with attractive return profiles, high growth potential, and a differentiated value proposition. Our focus remains firm: investing in the right brands in a disciplined manner, strengthening cash flow generation, and continuing to improve the financial flexibility of our balance sheet. In January 2026, we completed the refinancing of our debt, improving both its cost and maturity profile, which provides significant strength to our capital structure. It is worth highlighting that this financing obtained a sustainability label, underscoring our commitment to our stakeholders and to ethical and transparent financial management. Looking ahead to 2026, we have clear priorities and a stronger operating base: disciplined growth, continued portfolio optimization, innovation focused on traffic, and enhanced profitability capture.”
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EARNINGS RELEASE 3 4Q and Full Year 2025 Mexico City, February 25, 2026. 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 fourth quarter and full year 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 November 2024, 54 Burger King Spain units were divested, and this business is presented as a discontinued operation in 2024. In December 2025, TGI Friday's in Spain, as well as Chili's and PF Chang's in Chile, were divested, and these businesses are presented as discontinued operations in 2025. Sales and Adjusted EBITDA by Geography Figures in millions of pesos, except EPS PRE-IFRS16 POST-IFRS16+RESTATEMENT ARGENTINA 4Q25 4Q24 Var % 4Q25 4Q24 Var % Same-Store Sales 3.3% 7.2% N.A. 3.3% 7.2% N.A. Net Sales $21,731 $21,624 0.5% $22,024 $21,980 0.2% Gross Profit $14,960 $14,604 2.4% $15,164 $14,853 2.1% EBITDA (1) $3,651 $3,549 2.9% $5,204 $3,177 63.8% EBITDA Margin 16.8% 16.4% 40 bps 23.6% 14.5% 910 bps Operating Income $2,479 $2,136 16.1% $2,689 $2,345 14.6% Net Income $812 $615 32.0% $650 $1,089 (40.3%) Net Income Margin 3.7% 2.8% 90 bps 3.0% 5.0% (200) bps Net Debt/EBITDA 2.4x 2.3x N.A. 2.5x 2.6x N.A. EPS $1.01 $0.71 42.4% $0.81 $0.26 211.3% Financial Highlights for the Fourth Quarter 2025 1 EBITDA is defined as operating income before depreciation and amortization. 57.5%29.5% 13.0% MexicoEuropeSouth America 67.6% 24.6% 7.7%
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EARNINGS RELEASE 4 4Q and Full Year 2025 Net sales in the fourth quarter of 2025 increased by 0.5% to reach $21,731 million pesos, driven by continued brand preference and effective commercial strategies, primarily in Mexico and to a lesser extent in Spain. This was partially offset by the continued market weakness in France. Excluding exchange rate effects, net sales increased by 12.0%. At a regional level, sales in Mexico grew 7.9%. In Europe, sales increased 5.0% in local currency, with a 1.2% decrease in Mexican pesos. Meanwhile, sales in South America decreased 20.5%. In Same-store sales, the Quick Service Restaurants segment grew by 4.2%, Full-Service Restaurants registered an increase of 3.0%, and Starbucks grew by 2.9%. RESULTS BY SEGMENT FOR THE FOURTH QUARTER OF 2025 * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA". Sales Alsea Mexico sales represented 57.5% of Alsea's consolidated sales in the fourth quarter of 2025, and increased 7.9% over the same period in 2024, reaching $12,495 million pesos, driven by strong consumer preference for the Company's brands and product innovations. Same-store sales growth by segment was 3.8%, 3.1%, and 2.6% for Full-Service Restaurants, Quick Services, and Starbucks, respectively. Adjusted EBITDA PRE-IFRS 16 Mexico Alsea Mexico's Adjusted EBITDA pre-IFRS16 represented 67.6% of the consolidated Adjusted EBITDA in the fourth quarter, an increase of 17.1% versus the fourth quarter of 2024. This increase was driven by a 7.9% growth in sales, as well as stable food costs and the implementation of various operating MEXICO Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Mexico 4Q25 4Q24 Var. % Var. 4Q25 4Q24 Var. % Var. Number of units 2,514 2,458 56 2.3% 2,514 2,458 56 2.3% Same-store sales 3.1% 3.8% N.A. N.A. 3.1% 3.8% N.A. N.A. Sales $12,495 $11,579 $916 7.9% $12,495 $11,579 $916 7.9% Costs $4,096 $4,040 $55 1.4% $4,096 $4,040 $55 1.4% Operating expenses $5,105 $4,726 $379 8.0% $4,365 $4,057 $308 7.6% Adjusted EBITDA* $3,294 $2,813 $481 17.1% $4,034 $3,482 $553 15.9% Adjusted EBITDA Margin* 26.4% 24.3% 210 bps N.A. 32.3% 30.1% 220 bps N.A Depreciation and Amortization $738 $640 $99 15.4% $963 $1,378 ($416) (30.1%) Operating Income $1,859 $1,749 $110 6.3% $2,374 $1,679 $696 41.4%
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EARNINGS RELEASE 5 4Q and Full Year 2025 strategies, such as labor management efficiencies, and an improvement in the portfolio mix. This generated greater operating leverage and mitigated ongoing wage increases, which translated into an EBITDA margin expansion of 210 basis points compared to the previous year. EUROPE *Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA". Sales Alsea Europe sales represented 29.5% of the Company's consolidated sales, reaching $6,412 million pesos in the fourth quarter, a 1.2% decrease compared to the same period in 2024. Excluding the impact of exchange rate fluctuations, sales increased by 5.0%, due to the resilient performance of Domino’s Pizza, Starbucks, and Full-Service Restaurants in Spain, which was partially offset by weakness in the French market. Same-store sales increased by 3.3% in the Quick Service segment, and 1.9% in the Full-Service Restaurants segment, while Starbucks same-store sales decreased by 0.3%, compared to the same period of the previous year. Adjusted EBITDA PRE-IFRS 16 Europe Alsea Europe's pre-IFRS16 Adjusted EBITDA in the fourth quarter of 2025 accounted for 24.6% of the consolidated Adjusted EBITDA, increasing by 18.7% year over year. The result was mainly due to lower operating expenses, including labor cost containment, as well as lower food costs. Excluding the exchange rate effect, adjusted EBITDA increased by 10.1%. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Europe 4Q25 4Q24 Var. % Var. 4Q25 4Q24 Var. % Var. Number of units 1,516 1,510 6 0.4% 1,516 1,510 6 0.4% Same-store sales 1.7% (0.1%) N.A. N.A. 1.7% (0.1%) N.A. N.A. Sales $6,412 $6,492 ($80) (1.2%) $6,412 $6,492 ($80) (1.2%) Costs $1,693 $1,796 ($103) (5.7%) $1,693 $1,796 ($103) (5.7%) Operating expenses $3,519 $3,684 ($165) (4.5%) $2,969 $3,164 ($195) (6.2%) Adjusted EBITDA* $1,200 $1,011 $189 18.7% $1,750 $1,531 $219 14.3% Adjusted EBITDA Margin* 18.7% 15.6% 310 bps N.A. 27.3% 23.6% 370 bps N.A. Depreciation and Amortization $343 $612 ($269) (44.0%) $1,236 $721 $515 71.3% Operating Income $528 $259 $268 103.4% $185 $671 ($486) (72.5%)
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EARNINGS RELEASE 6 4Q and Full Year 2025 SOUTH AMERICA * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA". Sales Alsea South America sales accounted for 13.0% of the Company’s consolidated sales in the fourth quarter of 2025 and decreased 20.5% to $2,824 million pesos. This was mainly the result of a negative exchange rate effect, which was partially offset by continued growth in Colombia and stabilization in Argentina and Chile. Same-store sales growth was 8.8% in Starbucks, while Quick Service and Full Service Restaurants grew 7.3% and 2.8%, respectively. Excluding Argentina, Quick Service and Starbucks same-store sales grew by 1.8% and 1.1%, respectively. Adjusted EBITDA PRE-IFRS 16 South America Alsea South America's pre-IFRS 16 Adjusted EBITDA decreased by 22.9% in the fourth quarter of 2025 to represent 7.7% of consolidated Adjusted EBITDA. The result was primarily impacted by the depreciation of the Argentine peso versus the Mexican peso, together with continued pressure from weak consumption in Argentina. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 + Restatement Argentina Alsea South America 4Q25 4Q24 Var. % Var. 4Q25 4Q24 Var. % Var. Number of units 790 793 (3) (0.4%) 790 793 (3) (0.4%) Same-store sales 7.7% 37.0% N.A. N.A. 7.7% 37.0% N.A. N.A. Sales $2,824 $3,553 ($729) (20.5%) $3,117 $3,909 ($792) (20.3%) Costs $982 $1,183 ($201) (17.0%) $1,071 $1,290 ($219) (17.0%) Operating expenses $1,466 $1,882 ($417) (22.1%) $1,399 $3,642 ($2,243) (61.6%) Adjusted EBITDA* $376 $488 ($112) (22.9%) $647 ($1,024) $1,671 163.2% Adjusted EBITDA Margin* 13.3% 13.7% (40) bps N.A. 20.8% (26.2%) 4,690 bps N.A. Depreciation and Amortization $90 $161 ($71) (44.1%) $317 ($1,268) $1,585 125.0% Operating Income $93 $128 ($35) (27.0%) $130 ($4) $134 3,440.4%
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EARNINGS RELEASE 7 4Q and Full Year 2025 Net sales during 2025 increased by 9.1% to reach $84,110 million pesos, driven by continued strength and consumer preference of the Company’s brands, as well as effective commercial strategies, mainly in Mexico. Excluding the exchange rate effect, net sales increased 9.2%. In 2025, at a regional level, sales in Mexico grew 7.6%. In Europe, sales increased 3.9% in local currency, with a 14.0% increase in Mexican pesos. Meanwhile, sales in South America increased by 5.0% in Mexican pesos. In the Quick Service segment, same-store sales grew by a solid 5.2%, while Full-Service Restaurants increased by 4.1%, and Starbucks grew by 3.9%. Sales and Adjusted EBITDA by Geography Figures in millions of pesos, except EPS PRE-IFRS16 POST-IFRS16+RESTATEMENT ARGENTINA 2025 2024 Var % 2025 2024 Var % Same-store Sales 4.3% 8.5% N.A. 4.3% 8.5% N.A. Net Sales $84,110 $77,129 9.1% $84,678 $78,274 8.2% Gross Profit $56,836 $52,337 8.6% $57,233 $53,141 7.7% EBITDA (1) $11,894 $11,585 2.7% $18,082 $15,224 18.8% EBITDA Margin 14.1% 15.0% (90) bps 21.4% 19.4% 200 bps Operating Income $7,494 $7,242 3.5% $8,405 $8,275 1.6% Net Income $2,564 $1,358 88.7% $2,236 $1,617 38.3% Net Income Margin 3.0% 1.8% 120 bps 2.6% 2.1% 50 bps Net Debt/EBITDA 2.4x 2.3x N.A. 2.5x 2.6x N.A. EPS (2) $3.19 $1.68 89.9% $2.78 $0.94 195.7% Financial Highlights for the Full Year 2025 55.1%30.1% 14.8% MexicoEuropeSouth America 67.5% 23.1% 9.4% 1 EBITDA is defined as operating income before depreciation and amortization. 2 EPS is earnings per share for the last 12 months.
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EARNINGS RELEASE 8 4Q and Full Year 2025 CONSOLIDATED RESULTS BY SEGMENT FOR 2025 MEXICO *Adjusted EBITDA does not consider administrative expenses; this represents the "Store EBITDA." Sales Alsea Mexico sales represented 55.1% of Alsea's consolidated sales during 2025, recording an increase of 7.6%, reaching $46,354 million pesos, driven by continued preference for the Company's brands, product innovations, and an increase in same-store sales for all our brands in the country. Same-store sales growth by segment was 4.9%, 3.3%, and 1.7% for Full-Service Restaurants, Starbucks, and Quick Service, respectively. Adjusted EBITDA PRE-IFRS 16 Mexico Alsea Mexico's pre-IFRS16 Adjusted EBITDA accounted for 67.5% of the consolidated Adjusted EBITDA and increased by 3.9%. This growth was driven by an increase in sales of 7.6%. During the year, there was a contraction of 0.8 percentage points in the EBITDA margin, mainly due to higher costs of some dollar-linked inputs from the Mexican peso’s depreciation and slight pressure on a lower operating leverage. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Mexico 2025 2024 Var. % Var. 2025 2024 Var. % Var. Number of units 2,514 2,458 56 2.3% 2,514 2,458 56 2.3% Same-store sales 3.4% 8.5% N.A. N.A. 3.4% 8.5% N.A. N.A. Sales $46,354 $43,075 $3,280 7.6% $46,354 $43,075 $3,280 7.6% Costs $16,085 $14,590 $1,496 10.3% $16,085 $14,590 $1,496 10.3% Operating expenses $19,376 $18,003 $1,373 7.6% $16,471 $15,371 $1,100 7.2% Adjusted EBITDA* $10,893 $10,482 $411 3.9% $13,798 $13,114 $684 5.2% Adjusted EBITDA Margin* 23.5% 24.3% (80) bps N.A 29.8% 30.4% (60) bps N.A. Depreciation and Amortization $2,545 $2,440 $104 4.3% $3,731 $5,370 ($1,638) (30.5%) Operating Income $6,313 $6,113 $200 3.3% $8,031 $5,815 $2,216 38.1%
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EARNINGS RELEASE 9 4Q and Full Year 2025 EUROPE * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA". Sales Alsea Europe sales represented 30.1% of the Company's consolidated sales, reaching $25,323 million pesos during the year, a 14.0% increase compared to 2024. Excluding the impact of exchange rate movements, sales grew by 3.9%, driven by the solid performance of Full-Service Restaurants, Domino's Pizza, and Starbucks in Spain, which was partially offset by weakness in the French and Dutch markets. Same-store sales increased by a solid 3.1% in the Full-Service Restaurants segment, while the Quick Service segment increased by 2.6% and Starbucks grew 0.5%. Adjusted EBITDA PRE-IFRS 16 Europe Alsea Europe's pre-IFRS16 Adjusted EBITDA in 2025 accounted for 23.1% of the consolidated Adjusted EBITDA, an increase of 14.8%. The result was primarily driven by a 2.2% increase in same-store sales. During the year, there was a 0.1 percentage point contraction in the EBITDA margin as a result of expense pressures, particularly higher labor costs. Excluding the exchange rate effect, adjusted EBITDA increased by 3.8%. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 Alsea Europe 2025 2024 Var. % Var. 2025 2024 Var. % Var. Number of units 1,516 1,510 6 0.4% 1,516 1,510 6 0.4% Same-store sales 2.2% (0.9%) N.A. N.A. 2.2% (0.9%) N.A. N.A. Sales $25,323 $22,211 $3,112 14.0% $25,323 $22,211 $3,112 14.0% Costs $6,959 $6,220 $739 11.9% $6,959 $6,220 $739 11.9% Operating expenses $14,629 $12,737 $1,892 14.9% $12,409 $10,854 $1,555 14.3% Adjusted EBITDA* $3,736 $3,255 $481 14.8% $5,956 $5,138 $818 15.9% Adjusted EBITDA Margin* 14.8% 14.7% 10 bps N.A. 23.5% 23.1% 40 bps N.A. Depreciation and Amortization $1,372 $1,440 ($69) (4.8%) $4,543 $1,699 $2,845 167.5% Operating Income $892 $662 $230 34.8% $59 $2,301 ($2,242) (97.4%)
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EARNINGS RELEASE 10 4Q and Full Year 2025 SOUTH AMERICA * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA". Sales Alsea South America sales increased by 5.0% in 2025 to reach $12,433 million pesos, accounting for 14.8% of the Company’s consolidated sales. This result was mainly due to a strong Colombian market. Same-store sales growth was 4.0% in Full-Service Restaurants, while Quick Service and Starbucks increased 14.0% and 11.2%, respectively. Excluding Argentina, Quick Service grew by 2.0%, while Starbucks contracted 3.4%. Adjusted EBITDA PRE-IFRS 16 South America Alsea South America's pre-IFRS 16 Adjusted EBITDA decreased by 9.9% in 2025 to represent 9.4% of consolidated Adjusted EBITDA. This was mainly due to weaker consumption in the region, except for Colombia, which put pressure on the operating leverage and slower recovery in the region. Figures in million pesos Pre-IFRS 16 Post-IFRS 16 + Restatement Argentina Alsea South America 2025 2024 Var. % Var. 2025 2024 Var. % Var. Number of units 790 793 (3) (0.4%) 790 793 (3) (0.4%) Same-store sales 12.4% 40.4% N.A. N.A. 12.4% 40.4% N.A. N.A. Sales $12,433 $11,843 $589 5.0% $13,001 $12,988 $13 0.1% Costs $4,230 $3,983 $247 6.2% $4,401 $4,324 $77 1.8% Operating expenses $6,689 $6,181 $508 8.2% $5,997 $7,804 ($1,807) (23.2%) Adjusted EBITDA* $1,514 $1,680 ($165) (9.9%) $2,603 $860 $1,743 202.8% Adjusted EBITDA Margin* 12.2% 14.2% (200) bps N.A. 20.0% 6.6% 1,340 bps N.A. Depreciation and Amortization $483 $463 $21 4.4% $1,403 $119 $1,284 1,078.9% Operating Income $289 $468 ($178) (38.2%) $434 $158 $275 173.6%
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EARNINGS RELEASE 11 4Q and Full Year 2025 Non-Operating Results ALL-IN COST OF FINANCING The comprehensive financing result in 2025 closed at $3,422 million pesos, a decrease of $1,685 million pesos compared to $5,107 million pesos in the previous year. The variation is mainly due to a non-cash foreign exchange gain of $2,463 million pesos, resulting from the appreciation of the Mexican peso against the U.S. dollar, which impacted foreign currency-denominated debt through a non-monetary effect. CAPEX During 2025, Alsea made capital investments of $5,138 million pesos, of which $3,879 million, equivalent to 75.5% of total investments, were allocated to: • Opening of 127 corporate units during 2025, of which 39 units corresponds to the fourth quarter • Renovation and remodeling of existing units of the different brands operated by the Company • Equipment replacement (maintenance CAPEX) The remaining $1,259 million pesos were mainly allocated to: • Strategic technology projects and internal processes improvement • Software licenses BALANCE SHEET As of December 31, 2025, the "other accounts payable" balance totaled $10,059 million pesos, compared to $11,290 million pesos in the same period of the previous year. This variation reflects the settlement of €40 million during the first quarter of 2025 to minority shareholders of the European entity acquired in early 2024. CASH FLOW During 2025, free cash flow was negative at $1,180 million pesos. This was due to higher interest expenses, primarily related to the payment of interest in the U.S. dollar-denominated international bond, and higher working capital.
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EARNINGS RELEASE 12 4Q and Full Year 2025 DEBT As of December 31, 2025, Alsea's total debt, including IFRS16 leases, increased $572 million pesos to $50,895 million pesos compared to $50,323 million pesos in the same period of the previous year. Excluding the effect of IFRS16, Alsea's total debt with cost increased $933 million pesos to close at $33,989 million pesos, compared to $33,056 million pesos on the same date of the previous year. The increase in debt, excluding the effect of IFRS16, 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, increased $1,343 million pesos to close at $45,198 million pesos as of December 31, 2025, compared to $43,855 million pesos at the end of 2024. Excluding the effect of IFRS16, Alsea's net debt increased $1,705 million pesos, to close at $28,293 million pesos, compared to $26,588 million pesos at the end of the previous year. The following chart presents the debt maturity profile and total debt balance (excluding IFRS16) as of December 31, 2025: 42% 6%3%3% 21% 2%12%12% 20262027202820292030203120322033
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EARNINGS RELEASE 13 4Q and Full Year 2025 FINANCIAL RATIOS Below is a summary of key financial indicators calculated as of December 31, 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 2025, the Company has $5.7 billion pesos in cash and cash equivalents. • The consolidated equity (pre-IFRS 16) closed at $8.9 billion pesos. 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 4Q25 4Q24 Var. Total Debt / EBITDA(1) 2.8 x 3.0 x N.A. Net Debt / EBITDA(1) 2.5 x 2.6 x N.A. Stock Market Indicators 4Q25 4Q24 Var. Book value per-share $10.92 $11.61 (5.9)% EPS (12 months)(2) $2.78 $0.94 195.7% Shares in circulation at end of period (millions) 803.4 809.1 (0.7)% Price per Share at Market Close $53.87 $43.49 23.9% Leverage ratios excluding IFRS16 and restatement for hyperinflation in Argentina 4Q25 Total Debt / EBITDA(1) 2.9 x Net Debt / EBITDA(1) 2.4 x
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EARNINGS RELEASE 14 4Q and Full Year 2025 UNITS BY BRAND UNITS PER COUNTRY BRAND CORPORATE 3,695 SUBFRANCHISE 1,125 TOTAL 4,820 Domino's Pizza 949 600 1,549 Mexico 517 466 983 Spain 322 81 403 Uruguay 5 - 5 Colombia 105 53 158 Burger King 370 - 370 Mexico 172 - 172 Argentina 107 - 107 Chile 91 - 91 Quick Service 1,319 600 1,919 Starbucks 1,672 289 1,961 Mexico 935 - 935 France 119 146 265 Spain 166 30 196 Argentina 133 - 133 Chile 173 - 173 Netherlands 21 74 95 Colombia 71 - 71 Belgium 2 31 33 Portugal 28 4 32 Uruguay 19 - 19 Paraguay 5 - 5 Luxembourg - 4 4 Coffee Shops 1,672 289 1,961 Foster's Hollywood 102 103 205 Ginos Spain 80 34 114 Italianni's 60 16 76 Chili's Grill & Bar 75 - 75 Mexico 75 - 75 Archie's 28 - 28 P.F. Chang's 29 - 29 Mexico 29 - 29 The Cheesecake Factory 10 - 10 Vips 320 83 403 Mexico 202 32 234 Spain 118 51 169 Full-Service Restaurants 704 236 940 MEXICO 2,514 SPAIN 1,087 ARGENTINA 240 CHILE 264 FRANCE 265 COLOMBIA 257 NETHERLANDS 95 BELGIUM 33 PORTUGAL 32 URUGUAY 24 LUXEMBOURG 4 PARAGUAY 5
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EARNINGS RELEASE 15 4Q and Full Year 2025 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* 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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EARNINGS RELEASE 16 4Q and Full Year 2025 RELEVANT EVENTS • On December 8, 2025, Alsea announced that it had signed a development agreement with Raising Cane's to open restaurants in Mexico. The first unit is expected to begin operations during the second half of 2026, with plans to explore additional expansion opportunities in the region. • On November 6, 2025, Alsea announced that it had finalized the sale of its Chili’s Grill & Bar and P.F. Chang’s restaurants in Chile, as well as its TGI Friday’s restaurants in Spain. ALSEA DAY 2026 We will hold our Investor and Analyst Day on March 18, 2026, at One Manhattan West, 10001, New York, at 9:00 a.m. EST (7:00 a.m. Mexico City time). The event will be held in English and will feature a question-and-answer session. Please confirm your attendance in person or virtually at the following link: www.alseaday2026.com After the event, the videoconference will be available on our website: www.alsea.net in the "Investors" section. VIDEOCONFERENCE The videoconference to discuss the Company's results will be held on Thursday, February 26, 2026, at 8:00 am Mexico City time (9:00 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.net
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EARNINGS RELEASE 17 4Q and Full Year 2025 THE FOLLOWING ARE THE FINANCIAL STATEMENTS FOR THE FOURTH QUARTER AND ACCUMULATED FOR 2024 AND 2025, WHERE IN BOTH YEARS THE TRANSACTIONS OF BURGER KING AND FRIDAY'S IN SPAIN, AS WELL AS CHILI'S AND P.F. CHANG'S IN CHILE, ARE PRESENTED AS DISCONTINUED OPERATIONS. ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET STATEMENTS POST IFRS-16 As of December 31, 2025, and 2024 In thousands of nominal pesos December 31, December 31, 2025 2024 ASSETS Current Assets: Cash and short-term investments $ 5,696,451 7.1% $ 6,467,932 7.7% Clients 1,723,856 2.1% 2,003,816 2.4% Other accounts and documents receivable 714,134 0.9% 609,468 0.7% Inventory 3,226,843 4.0% 3,197,273 3.8% Tax recoverable 756,355 0.9% 1,938,268 2.3% Other current assets 422,762 0.5% 986,687 1.2% Affiliates and related parties - 0.0% - 0.0% Current Assets 12,540,401 15.6% 15,203,444 18.1% Investments in shares of associated companies 204,207 0.3% 279,796 0.3% Store equipment, improvements to leased property, and furniture, net 19,819,780 24.6% 19,394,828 23.1% Non-executable right of use asset 40,876,517 50.7% 41,833,707 49.9% Brand use rights, capital gains and pre-operations, net 6,411,270 8.0% 6,213,129 7.4% Deferred IRS 788,653 1.0% 859,484 1.0% Other assets - 0.0% 29,336 0.0% Total assets $ 80,640,828 100.0% $ 83,813,724 100.0% LIABILITIES Short-term: Providers $ 6,062,891 7.5% $ 6,869,063 8.2% Tax payable 685,347 0.8% 2,035,806 2.4% Other accounts payable 10,059,153 12.5% 11,290,526 13.5% Non-executable short-term lease liabilities 3,381,032 4.2% 3,457,308 4.1% Other short-term liabilities 0.0% 0.0% Bank loans 604,654 0.7% 2,535,904 3.0% Debt Instruments 13,574,159 16.8% 1,000,000 1.2% Short-term liabilities $ 34,367,237 42.6% 27,188,607 32.4% Long term: Bank loans 17,810,637 22.1% 8,273,772 9.9% Debt instruments 2,000,000 2.5% 21,246,586 25.3% Deferred tax, net 3,388,888 4.2% 3,161,065 3.8% Non-executable lease liabilities 13,524,128 16.8% 13,809,768 16.5% Other long-term liabilities 771,171 1.0% 716,771 0.9% Non-controlling put option - 0.0% - 0.0% Affiliates and related parties - 0.0% - 0.0% Discontinued operations - 0.0% 19,462 0.0% Long-term liabilities: 37,494,824 46.5% 47,227,425 56.3% Total liabilities 71,862,061 89.1% 74,416,032 88.8% SHAREHOLDERS’ EQUITY Minority interest 30,270 0.0% 119,402 0.1% Majority interest: Capital stock 461,146 0.6% 466,996 0.6% Net premium in share placement 4,210,712 5.2% 3,329,131 4.0% Retained earnings 1,840,712 2.3% 4,714,584 5.6% Earnings for the period 2,235,927 2.8% 767,579 0.9% Majority interest 8,748,497 10.8% 9,278,291 11.1% Total Shareholders’ Equity 8,778,766 10.9% 9,397,692 11.2% Total Liabilities and Shareholders’ $ 80,640,828 100.0% $ 83,813,724 100.0%
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EARNINGS RELEASE 18 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS POST IFRS-16 As of December 31, 2025, and 2024 In thousands of nominal pesos December 31 December 31 2025 2024 Net Sales $ 84,678,054 100.0% $ 78,273,683 100.0% Cost of sales (27,444,714) (32.4%) (25,133,011) (32.1%) Gross Income 57,233,339 67.6% 53,140,672 67.9% *Rent (1,161,616) (3,056,868) Operating expenses (48,828,003) (57.7%) (44,865,856) (57.3%) *Depreciation and amortization (9,677,034) (11.4%) (6,949,196) (8.9%) Operating Income 8,405,336 9.9% 8,274,816 10.6% All-in cost of financing: Interest expense (2,446,779) (2.9%) (2,162,606) (2.8%) Banking and derivative instrument fees (1,876,211) (2.2%) (1,628,793) (2.1%) **Interest paid - net (1,260,125) (1.5%) (488,367) (0.6%) Changes in reasonable value Financial liabilities 16,715 0.0% - - Exchange rate loss/(gain) 953,122 1.1% (1,696,138) (2.2%) (4,613,278) (5.4%) (5,975,904) (7.6%) Participation in associated companies’ results 40,878 0.0% (36,622) (0.0%) Pre-Tax Income 3,832,937 4.5% 2,262,290 2.9% Tax on earnings (1,426,317) (1.7%) (503,188) (0.6%) Discontinued operations (170,693) (0.2%) (142,126) (0.2%) Consolidated Net Income 2,235,927 2.6% 1,616,975 2.1% Non-controlling stake 3,676 0.0% - - Controlling Stake 2,232,251 2.6% $ 1,616,975 2.1% *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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EARNINGS RELEASE 19 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS POST IFRS-16 Ended December 31, 2025, and 2024 In thousands of nominal pesos Three months ended Three months ended December 31 December 31 2025 2024 Net Sales $ 22,024,022 100.0% $ 21,979,780 100.0% Cost of sales (6,859,759) (31.1%) (7,126,926) (32.4%) Gross Income 15,164,262 68.9% 14,852,854 67.6% *Rent (304,089) (2,145,732) Operating expenses (9,959,763) (45.2%) (11,675,873) (53.1%) *Depreciation and amortization (2,515,923) (11.4%) (831,662) (3.8%) Operating Income 2,688,576 12.2% 2,345,320 10.7% All-in cost of financing: Interest expense (675,308) (3.1%) (1,057,577) (4.8%) Banking and derivative instrument fees (488,833) (2.2%) 208,267 1.0% **Interest paid - net (282,255) (1.3%) 505,140 2.3% Changes in reasonable value Financial liabilities 16,715 0.1% - - Exchange rate loss/(gain) (110,338) (0.5%) (346,744) (1.6%) (1,540,018) (7.0%) (690,914) (3.1%) Participation in associated companies’ results 40,911 0.2% (40,687) (0.2%) Pre-Tax Income 1,189,469 5.4% 1,613,718 7.3% Tax on earnings (482,588) (2.2%) (399,908) (1.8%) Discontinued operations (56,702) (0.3%) (124,837) (0.6%) Consolidated Net Income 650,178 3.0% 1,088,973 5.0% Non-controlling stake (46) (0.0%) (2,598) (0.0%) Controlling Stake 650,225 3.0% $ 1,091,571 5.0% *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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EARNINGS RELEASE 20 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS POST IFRS-16 Ended December 31, 2025, and 2024 In thousands of nominal pesos MEXICO Three months ended Three months ended December 31 December 31 2025 2024 Net sales $ 12,495,183 100.0% 11,579,321 100.0% *Rent (308,575) (2.5%) (217,673) (1.9%) Operating expenses (5,062,255) (40.5%) (4,481,851) (38.7%) *Depreciation and amortization (962,880) (7.7%) (1,378,472) (11.9%) Operating Income 2,374,259 19.0% 1,678,637 14.5% All-in cost of financing (1,088,482) (8.7%) (1,100,333) (9.5%) Pre-Tax Income 1,326,656 10.6% 548,009 4.7% EUROPE Three months ended Three months ended December 31 December 31 2025 2024 Net sales $ 6,412,093 100.0% 6,491,607 100.0% *Rent 56,540 0.9% (16,794) (0.3%) Operating expenses (3,298,389) (51.4%) (3,303,248) (50.9%) *Depreciation and amortization (1,235,914) (19.3%) (721,389) (11.1%) Operating Income 184,542 2.9% 670,568 10.3% All-in cost of financing (257,187) (4.0%) (281,515) (4.3%) Pre-Tax Income (72,645) (1.1%) 389,053 6.0% SOUTH AMERICA Three months ended Three months ended December 31 December 31 2025 2024 Net sales $ 3,116,746 100.0% 3,908,853 100.0% *Rent (52,054) (1.7%) (1,911,264) (48.9%) Operating expenses (1,599,119) (51.3%) (3,890,773) (99.5%) *Depreciation and amortization (317,129) (10.2%) 1,268,198 32.4% Operating Income 129,775 4.2% (3,885) (0.1%) All-in cost of financing (194,349) (6.2%) 690,933 17.7% Pre-Tax Income (64,542) (2.1%) 676,656 17.3% *Rent is included in Operating Expenses
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EARNINGS RELEASE 21 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED CASH FLOW FOR THE FULL YEAR Ended December 31, 2025, and 2024 In thousands of nominal pesos December 31, December 31, Var. 2025 2024 EBITDA Post IFRS16 $ 18,082,370 $ 15,167,206 2,915,164 Lease liabilities (6,189,501) (3,637,112) (2,552,389) Restatement 632 (1,573) 2,205 EBITDA Pre IFRS16 11,893,501 11,528,520 364,981 Capex (5,475,804) (6,474,042) 998,238 Interest (4,547,520) (2,751,679) (1,795,841) Tax (1,695,266) (1,439,729) (255,538) Working capital (1,355,266) (533,029) (822,236) Free cash flow (1,180,355) 330,041 (1,510,396) Bank credits, net 2,283,988 3,591,752 (1,307,764) Dividends (429,180) (978,017) 548,837 Buy-back share program (365,509) 62,398 (427,907) Acquisition of non-controlling interest (879,348) (3,653,990) 2,774,642 Acquisition or sale of related parties (101,700) - (101,700) Cash Flow after financing activities (672,104) (647,816) (24,288) Cash at the beginning of the period 6,467,932 6,409,798 58,134 Foreign exchange effect (99,377) 425,952 (525,329) Cash at the end of the period 5,696,451 6,187,934 (491,483)
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EARNINGS RELEASE 22 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2025 In thousands of nominal pesos December 31, December 31, 2025 Argentinian Restatement IFRS 16 2025 ASSETS Current assets: Cash and short-term $ 5,696,451 8.9% - - $ 5,696,451 7.1% Clients 1,723,856 2.7% - - 1,723,856 2.1% Other accounts and documents 714,134 1.1% - - 714,134 0.9% Inventory 3,218,613 5.0% 8,230 - 3,226,843 4.0% Tax recoverable 756,355 1.2% - - 756,355 0.9% Other current assets 422,762 0.7% - - 422,762 0.5% Affiliates and related parties - 0.0% - - - 0.0% Current assets 12,532,170 19.6% 8,230 - 12,540,401 15.6% Investments in shares of associated companies 204,207 0.3% - - 204,207 0.3% Store equipment, improvements to leased property, and furniture, net 18,980,927 29.7% 838,852 - 19,819,780 24.6% Non-executable right of use asset 25,383,358 39.8% 165,988 15,327,171 40,876,517 50.7% Brand use rights, capital gains and pre-operations, net 5,924,138 9.3% 41,616 445,516 6,411,270 8.0% Deferred IRS 788,653 1.2% - - 788,653 1.0% Other assets - 0.0% - - - 0.0% Total assets $ 63,813,453 100.0% 1,054,687 15,772,688 80,640,828 100.0% LIABILITIES Short-term: Providers $ 6,062,891 9.5% - - 6,062,891 7.5% Tax payable 685,347 1.1% - - 685,347 0.8% Other accounts payable 10,059,153 15.8% - - 10,059,153 12.5% Non-executable short-term lease liabilities - 0.0% - 3,381,032 3,381,032 4.2% Other short-term liabilities 0.0% 0.0% Bank loans 604,654 0.9% - - 604,654 0.7% Debt Instruments 13,574,159 21.3% - - 13,574,159 16.8% Short-term liabilities 30,986,205 48.6% - 3,381,032 34,367,237 42.6% Long-term: Bank Credits 17,810,637 27.9% - - 17,810,637 22.1% Securities Credits 2,000,000 3.1% - - 2,000,000 2.5% Deferred tax, net 3,324,170 5.2% 64,718 - 3,388,888 4.2% Non-executable leasing liabilities - 0.0% - 13,524,128 13,524,128 16.8% Other long-term liabilities 771,171 1.2% - - 771,171 1.0% 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 23,905,978 37.5% 64,718 13,524,128 37,494,824 46.5% Total liabilities 54,892,183 86.0% 64,718 16,905,160 71,862,061 89.1% SHAREHOLDERS’ EQUITY Minority interest 30,270 0.0% - - 30,270 0.0% Majority interest: Capital stock 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 1,655,528 2.6% 1,249,417 (1,064,233) 1,840,712 2.3% Earnings for the period 2,563,615 4.0% (259,448) (68,240) 2,235,927 2.8% Majority interest 8,891,001 13.9% 989,969 (1,132,473) 8,748,497 10.8% Total shareholders’ equity 8,921,271 14.0% 989,969 (1,132,473) 8,778,766 10.9% Total liabilities and shareholders’ equity $ 63,813,453 100.0% 1,054,687 15,772,687 $ 80,640,827 100.0%
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EARNINGS RELEASE 23 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS As of December 31, 2025 In thousands of nominal pesos Three months ended Restatement IFRS Three months ended December 31 Argentina 16 December 31 2025 2025 Net sales $ 21,731,333 100.0% 292,688 - 22,024,022 100.0% Cost of sales (6,771,256) (31.2%) (88,504) - (6,859,759) (31.1%) Gross Income 14,960,078 68.8% 204,185 - 15,164,262 68.9% *Rent (1,852,622) - 1,548,532 (304,089) Operating expenses (11,309,315) (52.0%) (198,981) 1,548,532 (9,959,763) (45.2%) *Depreciation and amortization (1,171,587) (5.4%) (143,238) (1,201,098) (2,515,923) (11.4%) Operating income 2,479,176 11.4% (138,034) 347,434 2,688,576 12.2% All-in cost of financing: Interest expense (661,123) (3.0%) (14,185) - (675,308) (3.1%) Banking and derivative instrument fees (488,833) (2.2%) - - (488,833) (2.2%) **Interest paid - net 40,548 0.2% - (322,803) (282,255) (1.3%) Changes in reasonable value Financial Liabilities 16,715 0.1% - - 16,715 0.1% Exchange rate loss/gain (99,713) (0.5%) (5,648) (4,977) (110,338) (0.5%) (1,192,405) (5.5%) (19,833) (327,780) (1,540,018) (7.0%) Participation in associated companies’ results 40,911 0.2% - - 40,911 0.2% Pre-Tax income 1,327,682 6.1% (157,867) 19,654 1,189,469 5.4% Tax on earnings (458,832) (2.1%) - (23,756) (482,588) (2.2%) Discontinued Operations (56,702) (0.3%) - - (56,702) (0.3%) Consolidated Net Income 812,148 3.7% (157,867) (4,102) 650,178 3.0% Non-controlling stake (46) (0.0%) - - (46) (0.0%) Controlling Stake $ 812,194 3.7% (157,867) (4,102) 650,225 3.0% * 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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EARNINGS RELEASE 24 4Q and Full Year 2025 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS As of December 31, 2025 In thousands of nominal pesos MEXICO Three months ended IFRS Three months ended December 31 16 December 31 2025 2025 Net sales $ 12,495,183 100.0% - $ 12,495,183 100.0% *Rent (1,048,846) (8.4%) 740,271 (308,575) (2.5%) Operating expenses (5,802,526) (46.4%) 740,271 (5,062,255) (40.5%) *Depreciation and amortization (738,309) (5.9%) (224,570) (962,880) (7.7%) Operating income 1,858,559 14.9% 515,701 2,374,259 19.0% All-in cost of financing (911,886) (7.3%) (176,595) (1,088,482) (8.7%) Pre-Tax income 987,550 7.9% 339,105 1,326,656 10.6% EUROPE Three months ended IFRS Three months ended December 31 16 December 31 2025 2025 Net sales $ 6,412,093 100.0% - $ 6,412,093 100.0% *Rent (493,425) (7.7%) 549,965 56,540 0.9% Operating expenses (3,848,354) (60.0%) 549,965 (3,298,389) (51.4%) *Depreciation and amortization (342,972) (5.3%) (892,942) (1,235,914) (19.3%) Operating income 527,519 8.2% (342,977) 184,542 2.9% All-in cost of financing (183,516) (2.9%) (73,671) (257,187) (4.0%) Pre-Tax income 344,003 5.4% (416,648) (72,645) (1.1%) SOUTH AMERICA Three months ended IFRS Three months ended December 31 Restatement 16 December 31 2025 2025 Net sales $ 2,824,057 100.0% 292,688 - $ 3,116,746 100.0% *Rent (310,350) (11.0%) - 258,296 (52,054) (1.7%) Operating expenses (1,658,434) (58.7%) (198,981) 258,296 (1,599,119) (51.3%) *Depreciation and amortization (90,306) (3.2%) (143,238) (83,586) (317,129) (10.2%) Operating income 93,098 3.3% (138,034) 174,710 129,775 4.2% All-in cost of financing (97,003) (3.4%) (19,833) (77,513) (194,349) (6.2%) Pre-Tax income (3,872) (0.1%) (157,867) 97,197 (64,542) (2.1%) * Rent is included in Operating Expenses