Earnings release
Page 1
2Q 2026 EARNINGS RELEASE 1 • Same-Store Sales (SSS): 2Q26 Vs. 2025 2.6% • Total Sales* decreased 0.9% in the second quarter, excluding exchange rate effects, sales grew 3.8% • Digital sales (E-Commerce, Aggregators & Loyalty) accounted for 40.7% of Alsea's total sales in the second quarter, reaching $8.0 billion pesos, with a solid growth of 9.2% • 8.4 million active** users in loyalty programs • EBITDA* fell by 6.2% during the second quarter, with a margin of 13.5%, a 70-basis point contraction • Net income decreased 48.5% due to a non-cash gain generated by the revaluation of U.S. dollar-denominated debt in the same period last year • 30 new units were opened in the second quarter of 2026 • The Net Debt / EBITDA* leverage ratio reached 2.5x at the end of the second quarter of 2026 *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: “During the second quarter of 2026, we continued to navigate a challenging consumer environment in Mexico. Despite these conditions, the strength of our diversified portfolio, the appeal of our brands, and operational discipline enabled us to deliver solid results and outperform the market as the quarter progressed. These results reaffirm the resilience of our business model and Alsea's ability to successfully manage different consumer cycles. Within the Coffee Shops segment, Starbucks faced a particularly challenging environment in Mexico. Rather than prioritizing short-term results, we remained focused on enhancing the customer experience through our store remodeling and refurbishment program, as well as new store openings to bring our brand closer to a greater number of consumers, while strengthening our value proposition, improving store profitability, and reinforcing the long- Second Quarter 2026 Results and Highlights Message from the Management
Page 2
2Q 2026 EARNINGS RELEASE 2 term health of the brand. We are confident that these actions will further strengthen Starbucks’ competitive position and allow us to capitalize on an accelerated recovery as consumer demand improves. In the Quick Service Restaurant (QSR) segment, Domino's Pizza continued to demonstrate the effectiveness of its operating model and value proposition, delivering solid performance and reinforcing its leadership position within the category through product differentiation and innovation. Our Full-Service Restaurant (FSR) segment was once again one of the highlights of the quarter. Vips Mexico continued to deliver outstanding results, extending its track record of sustained growth, while Chili's was the top-performing brand in our portfolio, driven by strong execution and successful commercial initiatives, particularly those related to the FIFA World Cup. These results underscore our brands’ ability to grow even with a difficult consumer backdrop. From a geographic perspective, Spain continued to deliver solid and consistent results. France showed meaningful improvement as our commercial initiatives gained traction, while South America continued to perform well, supported by improving trends in Argentina and consistently strong execution in Colombia. Our geographic diversification and focus on our core business pillars remain key competitive advantages for Alsea. During the quarter, we continued to make progress in productivity, operating efficiency, and portfolio optimization. The divestiture of Archie's in Colombia marked another important step in our disciplined capital allocation strategy and our focus on assets with the greatest value creation potential. At the same time, we continue to evaluate the divestiture of other brands within Alsea’s portfolio to enhance profitability and simplify our business model. We also continued to generate strong operating cash flow while maintaining a healthy financial position, providing us with the flexibility to invest in growth, strengthen our capabilities, and capitalize on strategic opportunities across the markets where we operate. Consumer cycles are temporary, sucessful brands and disciplined execution are permanent. At Alsea, we remain committed to strengthening both. The actions we are taking today not only position us to successfully navigate the current environment but also to capture an accelerated recovery as demand normalizes. We are confident that the combination of our leading portfolio, our brands offering value, innovation, strong financial position, greater operational discipline, and rigorous capital allocation will continue to drive profitable growth, strong cash flow generation, and sustained value creation for our shareholders in the years ahead.”
Page 3
2Q 2026 EARNINGS RELEASE 3 Mexico City, July 20, 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 second quarter 2026. 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. In 2025, Chili's and PF Chang's in Chile, as well as TGI Friday's in Spain, were divested. Subsequently, in May 2026, the divestiture of Archie's in Colombia was completed. As a result, these businesses are presented as discontinued operations, and the 2025 figures are presented on a pro forma basis. Sales and Adjusted EBITDA by Geography Figures in millions of pesos, except EPS PRE-IFRS16 POST-IFRS16+RESTATEMENT ARGENTINA 2Q26 2Q25 % Var. 2Q26 2Q25 % Var. Same-Store Sales 2.6% 4.9% N.A 2.6% 4.9% N.A Net Sales $20,990 $21,184 (0.9%) $21,092 $21,307 (1.0%) Gross Profit $14,080 $14,135 (0.4%) $14,151 $14,245 (0.7%) EBITDA (1) $2,825 $3,012 (6.2%) $4,326 $4,601 (6.0%) EBITDA Margin 13.5% 14.2% (70) bps 20.5% 21.6% (110) bps Operating Income $1,764 $1,937 (8.9%) $2,101 $2,148 (2.2%) Net Income $528 $1,025 (48.5%) $532 $1,111 (52.1%) Net Income Margin 2.5% 4.8% (230) bps 2.5% 5.2% (270) bps Net Debt/EBITDA 2.5x 2.5x N.A 2.5x 2.7x N.A EPS $0.66 $1.28 (48.4%) $0.66 $1.39 (52.1%) Financial Highlights for the Second Quarter 2026 1 EBITDA is defined as operating income before depreciation and amortization. 57.9%28.1% 13.9% MexicoEuropeSouth America 71.9% 20.3%7.8%
Page 4
2Q 2026 EARNINGS RELEASE 4 Net sales in the second quarter of 2026 decreased 0.9%, reaching $20,990 million pesos, mainly due to weaker consumer demand in Mexico and a negative exchange rate effect during the quarter. Excluding exchange rate effects, net sales increased 3.8%. At a regional level, sales in Mexico grew 4.2%. In Europe, sales increased 4.0% in local currency, with a 7.4% decline in Mexican pesos. Meanwhile, sales in South America fell by 6.9%. In same-store sales, the Quick Service Restaurants segment posted a solid growth of 4.4%, Coffee Shops increased 3.6%, and the Full-Service Restaurant segment rose 0.6%. RESULTS BY SEGMENT FOR THE SECOND QUARTER OF 2026 MEXICO * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea Mexico sales represented 57.9% of Alsea’s consolidated sales in the second quarter of 2026. Sales increased 4.2% year on year to $12,160 million pesos, driven by the Full-Service Restaurant segment, particularly Chili’s, which benefited from the FIFA World Cup, and Vips, supported by its strong value proposition and recent menu innovations. Same-store sales growth by segment was 5.4% and 2.1% for Full-Service Restaurants and Quick Service Restaurants, respectively, offsetting the 2.0% decline in Coffee Shops. Figures in millon pesos Pre-IFRS 16 Post-IFRS 16 Alsea Mexico 2Q26 2Q25 Var. % Var. 2Q26 2Q25 Var. % Var. Number of Units 2,534 2,472 62 2.5% 2,534 2,472 62 2.5% Same-store sales 1.1% 4.5% N.A. N.A. 1.1% 4.5% N.A. N.A. Sales $12,160 $11,665 $496 4.2% $12,160 $11,665 $496 4.2% Costs $4,305 $4,196 $110 2.6% $4,305 $4,196 $110 2.6% Operating Expenses $5,056 $4,706 $351 7.4% $4,321 $3,973 $349 8.8% Adjusted EBITDA* $2,799 $2,763 $35 1.3% $3,534 $3,497 $37 1.1% Adjusted EBITDA Margin* 23.0% 23.7% (70) bps N.A. 29.1% 30.0% (90) bps N.A. Depreciation and Amortization $612 $610 $3 0.4% $1,126 $836 $290 34.7% Operating Income $1,544 $1,700 ($156) (9.2%) $1,766 $2,207 ($441) (20.0%)
Page 5
2Q 2026 EARNINGS RELEASE 5 Adjusted EBITDA PRE-IFRS 16 Mexico Alsea Mexico’s Adjusted EBITDA pre-IFRS16 accounted for 71.9% of consolidated Adjusted EBITDA in the second quarter and increased 1.3%. This performance was primarily driven by the positive impact of the Mexican peso appreciation on certain dollar-denominated input costs, which supported gross margin. This benefit was partially offset by upward pressure on operating costs, and lower operating leverage resulting from slower same-store sales growth. Combining these effects, the EBITDA margin declined by 70 basis points. EUROPE * Adjusted EBITDA does not consider administrative and preoperative expenses; this represents the "Store EBITDA" Sales Alsea Europe sales represented 28.1% of the company's consolidated sales, reaching $5,906 million pesos in the second quarter, representing a 7.4% decrease compared to the same period in 2025. Excluding the impact of exchange rate fluctuations, sales increased by 4.0%, driven by solid performance in Spain, particularly in the Coffee Shops and Full-Service Restaurants segments, as well as the sequential recovery in Benelux and France. Same-store sales grew 2.2% in the Coffee Shops segment, 1.6% in Quick Service Restaurants, and 1.3% in the Full-Service Restaurants segment compared to the same period last year. Adjusted EBITDA PRE-IFRS 16 Europe Alsea Europe's pre-IFRS16 Adjusted EBITDA in the second quarter of 2026 accounted for 20.3% of the consolidated Adjusted EBITDA, decreasing by 10.5% year over year. Excluding the effect of foreign exchange movements, Adjusted EBITDA grew by 8.0%, reflecting lower cost of certain raw materials and efficient control in operating expenses. Figures in millon pesos Pre-IFRS 16 Post-IFRS 16 Alsea Europe 2Q26 2Q25 Var. % Var. 2Q26 2Q25 Var. % Var. Number of Units 1,498 1,510 (12) (0.8%) 1,498 1,510 (12) (0.8%) Same-store sales 1.7% 3.9% N.A N.A 1.7% 3.9% N.A N.A. Sales $5,906 $6,379 ($472) (7.4%) $5,906 $6,379 ($472) (7.4%) Costs $1,591 $1,792 ($201) (11.2%) $1,591 $1,792 ($201) (11.2%) Operating Expenses $3,525 $3,704 ($179) (4.8%) $3,010 $3,132 ($122) (3.9%) Adjusted EBITDA* $790 $883 ($93) (10.5%) $1,305 $1,454 ($150) (10.3%) Adjusted EBITDA Margin 13.4% 13.8% (40) bps N.A. 22.1% 22.8% (70) bps N.A. Depreciation and Amortization $340 $332 $8 2.3% $770 $1,252 ($482) (38.5%) Operating Income $211 $181 $30 16.8% $295 ($165) $461 (278.5%)
Page 6
2Q 2026 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 13.9% of the company’s consolidated sales in the second quarter of 2026, decreasing by 6.9% to reach $2,923 million pesos. This result was mainly due to a foreign exchange loss, partially offset by a continued positive trend in Colombia and the sequential improvement in Argentina. Same-store sales grew 11.4% in the Quick-Service segment and 10.5% in Coffee Shops. Excluding Argentina, Coffee Shops increased 3.0%, while Quick-Service fell 1.2%. Adjusted EBITDA PRE-IFRS 16 South America Alsea South America's pre-IFRS16 Adjusted EBITDA accounted for 7.8% of consolidated Adjusted EBITDA in the second quarter, decreasing by 15.1% compared to the same period last year. This decrease is mainly explained by the previously mentioned foreign exchange effect, as well as cost pressure on certain inputs. Figures in millons pesos Pre-IFRS 16 Post-IFRS 16 + Restatement Argentina Alsea South America 2Q26 2Q25 Var. % Var. 2Q26 2Q25 Var. % Var. Number of units 769 763 6 0.8% 769 763 6 0.8% Same-store sales 11.0% 8.9% N.A. N.A. 11.0% 8.9% N.A. N.A. Sales $2,923 $3,140 ($217) (6.9%) $3,025 $3,264 ($238) (7.3%) Costs $1,014 $1,061 ($47) (4.5%) $1,045 $1,075 ($30) (2.8%) Operating expenses $1,605 $1,721 ($116) (6.7%) $1,423 $1,550 ($127) (8.2%) Adjusted EBITDA* $305 $359 ($54) (15.1%) $558 $639 ($81) (12.7%) Adjusted EBITDA Margin* 10.4% 11.4% (100) bps N.A. 18.4% 19.6% (110) bps N.A. Depreciation and Amortization $109 $132 ($24) (18.0%) $329 $366 ($37) (10.0%) Operating Income $9 $56 ($47) (84.0%) $40 $106 ($67) (62.8%)
Page 7
2Q 2026 EARNINGS RELEASE 7 Non-Operating Results ALL-IN COST OF FINANCING The comprehensive financing result in the second quarter of 2026 closed at $929 million pesos, an increase of $430 million pesos compared to $498 million pesos in the previous year. The variance was mainly due to a non-cash foreign exchange loss of $81 million pesos, compared to a non-cash foreign exchange gain of $608 million pesos recorded in the same period of 2025. CAPEX In the first six months of the year, Alsea made capital investments of approximately $1,840 million pesos, of which $1,432 million pesos, equivalent to 77.8% of total investments, were allocated to: • The opening of 20 corporate units during the second quarter and 40 accumulated openings • The renovation and remodeling of existing units of the different brands operated by the Company • Equipment replacement (maintenance CAPEX) The remaining $408 million pesos were mainly allocated to: • Strategic technology projects and improvements to internal processes • Digitalization projects, among others BALANCE SHEET As of June 30, 2026, the "other accounts payable" balance totaled $9,155 million pesos, compared to $10,319 million pesos in the same period of the previous year. This decrease primarily reflects the liquidation of financial instruments we held for bond hedging. CASH FLOW As of June 30, 2026, free cash flow was positive at $45 million pesos. This result was mainly driven by more efficient working capital management, lower CAPEX, and reduced interest payments following the debt refinancing completed at the beginning of 2026.
Page 8
2Q 2026 EARNINGS RELEASE 8 DEBT As of June 30, 2026, Alsea's total debt, including IFRS16 leases, decreased by $2,351 million pesos to close at $50,418 million pesos compared to $52,769 million pesos in the same period of the previous year. Excluding the effect of IFRS16, Alsea's total interest-paying debt increased by $194 million pesos to close at $34,955 million pesos, compared to $34,761 million pesos on the same date of the previous year. The slight increase in debt, excluding the effect of IFRS16, reflects the discipline in Free Cash Flow through a more efficient CAPEX, a reduction in the cost of financing aligned with the refinancing of the different facilities and a more predictable working capital. The company's consolidated net debt, including IFRS16 leases, fell by $3,046 million pesos to close at $44,931 million pesos as of June 30, 2026, compared to $47,977 million pesos at the end of the second quarter of 2025. Excluding the effect of IFRS16, Alsea's net debt decreased $501 million pesos, to close at $29,468 million pesos, compared to $29,969 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, 2026: *Figures in millions of pesos.
Page 9
2Q 2026 EARNINGS RELEASE 9 Adjustment of 2026 guidance CAPEX Approximately 5.5 billion pesos (no change) Total openings Between 180 and 220 (no change) Growth in Pre IFRS 16 sales Low single digit increase (vs mid digit) Growth in SSS Low single digit increase (vs mid digit) 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 revisions to our guidance reflect the following factors: - Negative impact from weaker consumer demand during the second quarter, particularly in April. - The continued impact of the exchange rate appreciation compared to the forecasted 19.3 MXN/USD and 22.7MXN/EUR, affecting the top line. FINANCIAL RATIOS Below is a summary of key financial indicators calculated as of June 30, 2026. 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 2Q26, the company reported $5.5 billion pesos in cash and cash equivalents • The consolidated equity (pre-IFRS16) closed at $8.3 billion pesos S REFERRED TO IN CREDIT f Financial Ratios 2Q26 2Q25 Var. Total Debt / EBITDA(1) 2.8 x 3.0 x N.A. Net Debt / EBITDA(1) 2.5 x 2.7 x N.A. Stock Market Indicators 2Q26 2Q25 Var. Book value per share $10.42 $10.45 (0.3%) EPS (12 months)(2) $2.45 $2.64 (7.0%) Shares in circulation at end of period (millions) 801.3 803.4 (0.3%) Price per share at Market Close $45.80 $50.98 (10.2%)
Page 10
2Q 2026 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 and the restatement due to hyperinflation in Argentina. Leverage ratios excluding IFRS 16 and restatement for hyperinflation in Argentina 2Q26 Total Debt / EBITDA(1) 3.0 x Net Debt / EBITDA(1) 2.5 x
Page 11
2Q 2026 EARNINGS RELEASE 11 UNITS BY BRAND BRAND CORPORATE 3,686 SUBFRANCHISES 1,115 TOTAL 4,801 Domino’s Pizza 950 611 1,561 Mexico 517 475 992 Spain 322 84 406 Uruguay 5 - 5 Colombia 106 52 158 Burger King 368 - 368 Mexico 169 - 169 Argentina 108 - 108 Chile 91 - 91 Quick Service 1,318 611 1,929 Starbucks 1,692 272 1,964 Mexico 951 - 951 France 114 131 245 Spain 168 30 198 Argentina 134 - 134 Chile 177 - 177 Netherlands 21 72 93 Colombia 72 - 72 Belgium 2 31 33 Portugal 29 4 33 Uruguay 19 - 19 Paraguay 5 - 5 Luxembourg 0 4 4 Coffee Shops 1,692 272 1,964 Foster’s Hollywood 101 97 198 Ginos Spain 81 34 115 Italianni’s 60 16 76 Chili’s Grill & Bar 75 - 75 P.F. Chang’s Mexico 27 - 27 The Cheesecake Factory 11 - 11 Vips 321 85 406 Mexico 202 31 233 Spain 119 54 173 Full-Service Restaurants 676 232 908
Page 12
2Q 2026 EARNINGS RELEASE 12 UNITS PER COUNTRY MEXICO 2,534 SPAIN 1,090 ARGENTINA 242 CHILE 268 FRANCE 245 COLOMBIA 230 NETHERLANDS 93 BELGIUM 33 PORTUGAL 33 URUGUAY 24 LUXEMBOURG 4 PARAGUAY 5 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-looking statements 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 BARCLAYS BENJAMIN M. THEURER BUY 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 HOLD MORGAN STANLEY JULIA RIZZO HOLD PUNTO CASA DE BOLSA CRISTINA MORALES BUY SANTANDER ULISES ARGOTE BUY SCOTIABANK HECTOR MAYA BUY UBS VINICIUS STRANO BUY
Page 13
2Q 2026 EARNINGS RELEASE 13 RELEVANT EVENTS • During the month of May 2026, Alsea successfully concluded Archie’s divestment in Colombia as part of its portfolio optimization strategy. • On May 19, 2026, Alsea announced the successful execution of new licensing agreements with Starbucks Corporation, under which the Company secured the right to develop and operate Starbucks coffee shops in all of its current markets through 2046. • On April 24, 2026, Alsea announced the successful issuance of $4.0 billion pesos in local notes. The transaction consisted of four unsecured tranches of $1.0 billion pesos each, with maturities of approximately 7, 8, 9, and 10 years. The notes carry fixed rates equivalent to Mexican government bond (Mbono) yield plus spreads of 1.65%, 1.75%, 1.85%, and 1.95%, respectively. VIDEOCONFERENCE The videoconference to discuss the Company's results will be held on Tuesday, July 21, 2026, 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.net
Page 14
2Q 2026 EARNINGS RELEASE 14 THE FOLLOWING ARE THE FINANCIAL STATEMENTS FOR THE SECOND QUARTER 2025 AND 2026, WHERE IN 2026 THE TRANSACTIONS OF P.F. CHANG'S AND CHILI'S IN CHILE, FRIDAY'S IN SPAIN, AND ARCHIE'S IN COLOMBIA, ARE PRESENTED AS DISCONTINUED OPERATIONS. ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET STATEMENTS POST IFRS-16 AS OF JUNE 30, 2026, AND 2025 In thousands of nominal pesos June 30, June 30, 2026 2025 ASSETS Current Assets: Cash and short-term investments $ 5,487,261 7.0% $ 4,791,641 5.8% Clients 1,494,342 1.9% 2,027,746 2.5% Other accounts and documents receivable 591,926 0.8% 804,163 1.0% Inventory 3,274,444 4.2% 3,046,108 3.7% Tax recoverable 2,056,429 2.6% 1,739,595 2.1% Other current assets 626,146 0.8% 721,085 0.9% Affiliates and related parties - 0.0% - 0.0% Current Assets 13,530,547 17.3% 13,130,337 16.0% Investments in shares of associated companies 189,911 0.2% 14,296 0.0% Store equipment, improvements to leased property, and furniture, net 19,265,787 24.6% 19,871,540 24.2% Brand use rights, capital gains and pre-operations, net 38,546,558 49.2% 42,473,066 51.6% Deferred IRS 5,980,017 7.6% 6,088,978 7.4% Other assets 832,872 1.1% 700,979 0.9% Discontinued Operations - 0.0% - 0.0% Total assets $ 78,345,691 100.0% $ 82,279,196 100.0% LIABILITIES Short-term: Providers $ 5,392,913 6.9% $ 5,618,097 6.8% Tax payable 834,023 1.1% 846,121 1.0% Other accounts payable 9,155,043 11.7% 10,319,327 12.5% Non-executable short-term lease liabilities 3,092,695 3.9% 3,601,556 4.4% Other short-term liabilities - 0.0% - 0.0% Bank loans 497,940 0.6% 5,626,644 6.8% Debt Instruments - 0.0% 2,650,000 3.2% Short-term liabilities 18,972,614 24.2% 28,661,745 34.8% Long term: Bank loans 28,475,621 36.3% 8,560,705 10.4% Debt instruments 5,981,399 7.6% 17,923,454 21.8% Deferred tax, net 3,435,569 4.4% 3,599,526 4.4% Non-executable lease liabilities 12,370,780 15.8% 14,406,223 17.5% Other long-term liabilities 760,986 1.0% 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: 51,024,354 65.1% 45,219,273 55.0% Total liabilities 69,996,968 89.3% 73,881,018 89.8% SHAREHOLDERS’ EQUITY Minority interest 18,935 0.0% 30,353 0.0% Majority interest: Capital stock 459,459 0.6% 461,146 0.6% Net premium in share placement 4,277,892 5.5% 4,489,074 5.5% Retained earnings 2,971,588 3.8% 2,078,263 2.5% Earnings for the period 620,850 0.8% 1,339,343 1.6% Majority interest 8,329,790 10.6% 8,367,825 10.2% Total Shareholders’ Equity 8,348,725 10.7% 8,398,179 10.2% Total Liabilities and Shareholders’ $ 78,345,691 100.0% $ 82,279,196 100.0%
Page 15
2Q 2026 EARNINGS RELEASE 15 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS POST IFRS-16 ENDED JUNE 30, 2026, AND 2025 In thousands of nominal pesos Three months ended June 30, 2026 Three months ended June 30, 2025 Net Sales $ 21,092,180 100.0% $ 21,307,019 100.0% Cost of sales (6,941,428) (32.9%) (7,062,470) (33.1%) Gross Income 14,150,752 67.1% 14,244,549 66.9% *Rent (354,850) (284,545) Operating expenses (9,825,232) (46.6%) (9,643,365) (45.3%) *Depreciation and amortization (2,224,898) (10.5%) (2,453,389) (11.5%) Operating Income 2,100,622 10.0% 2,147,794 10.1% All-in cost of financing: Interest expense (1,049,551) (5.0%) (1,020,158) (4.8%) Banking and derivative instrument fees (190,667) (0.9%) (485,340) (2.3%) **Interest paid - net 51,997 0.2% 45,628 0.2% Changes in reasonable value Financial liabilities - - - - Exchange rate loss/(gain) (52,186) (0.2%) 859,721 4.0% (1,240,407) (5.9%) (600,149) (2.8%) Participation in associates companies’ results - - 24,020 0.1% Pre-Tax Income 860,215 4.1% 1,571,665 7.4% Tax on earnings (328,671) (1.6%) (451,754) (2.1%) Discontinued operations - - (9,286) (0.0%) Consolidated Net Income 531,544 2.5% 1,110,625 5.2% Non-controlling stake - - 2,443 0.0% Controlling Stake 531,544 2.5% 1,108,182 5.2% * 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.
Page 16
2Q 2026 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 JUNE 30, 2026, AND 2025 In thousands of nominal pesos MEXICO Three months ended Three months ended June 30, June 30, 2026 2025 Net sales $ 12,160,421 100.0% 11,664,818 100.0% *Rent (259,863) (2.1%) (225,029) (1.9%) Operating expenses (4,963,501) (40.8%) (4,426,054) (37.9%) Depreciation and amortization (1,125,767) (9.3%) (835,987) (7.2%) Operating Income 1,765,756 14.5% 2,207,083 18.9% All-in cost of financing (896,601) (7.4%) (391,196) (3.4%) Pre-Tax Income 869,155 7.1% 1,815,887 15.6% EUROPE Three months ended Three months ended June 30, June 30, 2026 2025 Net sales $ 5,906,332 100.0% 6,378,507 100.0% *Rent (13,278) (0.2%) 18,479 0.3% Operating expenses (3,249,532) (55.0%) (3,500,216) (54.9%) Depreciation and amortization (770,133) (13.0%) (1,251,828) (19.6%) Operating Income 295,353 5.0% (165,473) (2.6%) All-in cost of financing (191,146) (3.2%) (291,667) (4.6%) Pre-Tax Income 104,207 1.8% (433,120) (6.8%) SOUTH AMERICA Three months ended Three months ended June 30, June 30, 2026 2025 Net sales $ 3,025,427 100.0% 3,263,694 100.0% *Rent (81,709) (2.7%) (77,995) (2.4%) Operating expenses (1,612,199) (53.3%) (1,717,095) (52.6%) Depreciation and amortization (328,998) (10.9%) (365,574) (11.2%) Operating Income 39,513 1.3% 106,184 3.3% All-in cost of financing (152,660) (5.0%) 82,714 2.5% Pre-Tax Income (113,147) (3.7%) 188,898 5.8% * Rent is included in Operating Expenses
Page 17
2Q 2026 EARNINGS RELEASE 17 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED CASH FLOW FOR THE SIX MONTHS ENDED JUNE 30, 2026, AND 2025 In thousands of nominal pesos June 30, June 30, Var. 2026 2025 EBITDA Post IFRS16 $ 8,199,924 $ 8,424,568 -224,645 Lease liabilities (3,012,570) (3,088,141) 75,571 Restatement 4,799 15 4,784 EBITDA Pre IFRS16 5,192,152 5,336,442 (144,290) CAPEX (1,831,451) (2,481,946) 650,495 Interest paid (1,725,093) (2,204,040) 478,947 Taxes (727,053) (896,219) 169,166 Working capital (863,199) (2,430,832) 1,567,632 Free Cash Flow 45,357 (2,676,595) 2,721,951 Bank credits, net 1,134,768 2,261,126 (1,126,358) Dividends (803,000) - (803,000) Buy-back shares program (294,747) (250,851) (43,896) Acquisition of non-controlling stake (94,218) (879,348) 785,130 Acquisition or sale of related parties - (101,700) 101,700 Cash Flow after financing activities (11,840) (1,647,368) 1,635,527 Cash at the beginning of the period 5,696,451 6,467,932 (771,481) Foreign exchange effect (197,347) (28,921) (168,426) Cash at the end of the period 5,487,263 4,791,643 695,620
Page 18
2Q 2026 EARNINGS RELEASE 18 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2026 In thousands of nominal pesos June 30, June 30, 2026 Argentinian Restatement IFRS 16 2026 ASSETS Current assets: Cash and short-term 5,487,261 8.7% - - 5,487,261 7.0% Clients 1,494,342 2.4% - - 1,494,342 1.9% Other accounts and documents 591,926 0.9% - - 591,926 0.8% Inventory 3,262,100 5.2% 12,344 - 3,274,444 4.2% Tax recoverable 2,056,429 3.3% - - 2,056,429 2.6% Other current assets 626,146 1.0% - - 626,146 0.8% Affiliates and related parties - 0.0% - - - 0.0% Current Assets 13,518,203 21.5% 12,344 - 13,530,547 17.3% Investments in shares of associated companies 189,911 0.3% - - 189,911 0.2% Store equipment, improvements to leased property, and furniture, net 18,375,724 29.2% 890,063 - 19,265,787 24.6% Brand use rights, capital gains and pre-operations, net 24,419,263 38.9% 173,418 13,953,877 38,546,558 49.2% Deferred IRS 5,519,071 8.8% 39,563 421,383 5,980,017 7.6% Other assets 832,872 1.3% - - 832,872 1.1% Discontinued Operations - 0.0% - - - 0.0% Total assets 62,855,044 100.0% 1,115,388 14,375,260 78,345,691 100.0% LIABILITIES Short-term: Providers 5,392,913 8.6% - - 5,392,913 6.9% Tax payable 834,023 1.3% - - 834,023 1.1% Other accounts payable 9,155,043 14.6% - - 9,155,043 11.7% Non-executable short-term lease liabilities - 0.0% - 3,092,695 3,092,695 3.9% Other short-term liabilities - 0.0% - - - 0.0% Bank loans 497,940 0.8% - - 497,940 0.6% Debt Instruments - 0.0% - - - 0.0% Short-term liabilities 15,879,919 25.3% - 3,092,695 18,972,614 24.2% Long-term: Bank Credits 28,475,621 45.3% - - 28,475,621 36.3% Securities Credits 5,981,399 9.5% - - 5,981,399 7.6% Deferred tax, net 3,435,569 5.5% - - 3,435,569 4.4% Non-executable leasing liabilities 1 0.0% - 12,370,779 12,370,780 15.8% Other long-term liabilities 760,986 1.2% - - 760,986 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 38,653,576 61.5% - 12,370,779 51,024,354 65.1% Total liabilities 54,533,495 86.8% - 15,463,473 69,996,968 89.3% SHAREHOLDERS’ EQUITY Minority interest 18,935 0.0% - - 18,935 0.0% Majority interest: Capital stock 459,459 0.7% - - 459,459 0.6% Net premium in share placement 4,277,892 6.8% - - 4,277,892 5.5% Retained earnings 2,922,262 4.6% 1,200,540 (1,151,214) 2,971,588 3.8% Earnings for the period 643,002 1.0% (85,152) 63,000 620,850 0.8% Majority interest 8,302,616 13.2% 1,115,388 (1,088,214) 8,329,790 10.6% Total shareholders’ equity 8,321,550 13.2% 1,115,388 (1,088,214) 8,348,725 10.7% Total liabilities and shareholders’ equity 62,855,044 100.0% 1,115,388 14,375,259 78,345,691 100.0%
Page 19
2Q 2026 EARNINGS RELEASE 19 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS AS OF JUNE 30, 2026 In thousands of nominal pesos Three months ended IFRS Three months ended June 30, Argentinian Restatement 16 June 30, 2026 2026 Net sales $ 20,990,181 100.0% $ 101,999 - 21,092,180 100.0% Cost of sales (6,910,419) (32.9%) (31,009) - (6,941,428) (32.9%) Gross Income 14,079,762 67.1% 70,990 - 14,150,752 67.1% *Rent (1,856,377) - - 1,501,527 (354,850) - Operating expenses (11,254,726) (53.6%) (72,033) 1,501,527 (9,825,232) (46.6%) *Depreciation and amortization (1,060,719) (5.1%) (60,194) (1,103,985) (2,224,898) (10.5%) Operating income 1,764,317 8.4% (61,237) 397,542 2,100,622 10.0% All-in cost of financing: Interest expense (708,772) (3.4%) (1,543) (339,236) (1,049,551) (5.0%) Banking and derivative instrument fees (190,667) (0.9%) - - (190,667) (0.9%) **Interest paid - net 51,997 0.2% - - 51,997 0.2% Changes in reasonable value Financial Liabilities - - - - - - Exchange rate loss/(gain) (81,212) (0.4%) 7,828 21,198 (52,186) (0.2%) (928,654) (4.4%) 6,285 (318,038) (1,240,407) (5.9%) Participation in associated companies’ results - - - - - - Pre-Tax income 835,663 4.0% (54,952) 79,504 860,215 4.1% Tax on earnings (307,523) (1.5%) 1,876 (23,024) (328,671) (1.6%) Discontinued operations - - - - - - Consolidated Net Income 528,140 2.5% (53,076) 56,480 531,544 2.5% Non-controlling stake - - - - - - Controlling Stake $ 528,140 2.5% (53,076) 56,480 531,544 2.5% * 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.
Page 20
2Q 2026 EARNINGS RELEASE 20 ALSEA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS BY SEGMENT FOR THE THREE MONTHS AS OF JUNE 30, 2026 In thousands of nominal pesos MEXICO Three months ended IFRS Three months ended June 30, 16 June 30, 2026 2026 Net sales $ 12,160,421 100.0% - $ 12,160,421 100.0% *Rent (994,919) (8.2%) 735,056 (259,863) (2.1%) Operating expense (5,698,557) (46.9%) 735,056 (4,963,501) (40.8%) *Depreciation and amortization (612,230) (5.0%) (513,537) (1,125,767) (9.3%) Operating income 1,544,237 12.7% 221,519 1,765,756 14.5% All-in cost of financing (727,248) (6.0%) (169,353) (896,601) (7.4%) Pre-Tax income 816,989 6.7% 52,166 869,155 7.1% EUROPE Three months ended IFRS Three months ended June 30, 16 June 30, 2026 2026 Net sales $ 5,906,332 100.0% - $ 5,906,332 100.0% *Rent (527,706) (8.9%) 514,428 (13,278) (0.2%) Operating expense (3,763,960) (63.7%) 514,428 (3,249,532) (55.0%) *Depreciation and amortization (339,935) (5.8%) (430,198) (770,133) (13.0%) Operating income 211,123 3.6% 84,230 295,353 5.0% All-in cost of financing (128,766) (2.2%) (62,380) (191,146) (3.2%) Pre-Tax income 82,357 1.4% 21,850 104,207 1.8% SOUTH AMERICA Three months ended IFRS Three months ended June 30, Argentinian Restatement 16 June 30, 2026 2026 Net sales $ 2,923,428 100.0% 101,999 - $ 3,025,427 100.0% *Rent (333,752) (11.4%) - 252,043 (81,709) (2.7%) Operating expense (1,792,209) (61.3%) (72,033) 252,043 (1,612,199) (53.3%) *Depreciation and amortization (108,554) (3.7%) (60,194) (160,250) (328,998) (10.9%) Operating income 8,957 0.3% (61,237) 91,793 39,513 1.3% All-in cost of financing (72,640) (2.5%) 6,285 (86,305) (152,660) (5.0%) Pre-Tax income (63,683) (2.2%) (54,952) 5,488 (113,147) (3.7%) * Rent, Depreciation and Amortization are included in Operating Expenses