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2025 PriceSmart,Inc. Overview Presentation Issued January 2025 1 NASDAQ : PSMT
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This presentation may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. The Company could also be affected by additional factors that apply to all companies operating globally and in the U.S., as well as other risks that are not presently known to the Company or that the Company considers to be immaterial. Forward Looking Statements In addition to relevant GAAP measures, we also provide non-GAAP measures including adjusted net income per diluted share, adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales – constant currency because management believes these metrics are useful to investors and analysts by excluding items that we do not believe are indicative of our core operating performance. These measures are customary for our industry and commonly used by competitors. These non-GAAP financial measures should not be reviewed in isolation or considered as an alternative to any other performance measure derived in accordance with GAAP. In addition, adjusted net income per diluted share, adjusted EBITDA, net merchandise sales – constant currency and comparable net merchandise sales – constant currency may not be comparable to similarly titled measures used by other companies in our industry or across different industries. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures are included in the Appendix to this presentation. Non-GAAP Financial Measures 2
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3 ® Business Overview
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FedMart FOUNDED 1954 Founded in San Diego, California in 1954 Founders: Sol Price and local investors Founding Principles: Duty to our Customers • Customers come first • Sell only quality merchandise • Keep prices consistently low • Price all merchandise fairly • Offer private label for additional value • Treat all customers the same with courtesy and attentiveness • Label and package merchandise honestly By 1971 FedMart had 43 stores with annual sales in excess of $350 million. PRICECLUB® FOUNDED 1976 Founded the wholesale club industry in 1976 in San Diego Founders: Sol Price and Robert Price Founding Principles: The Six Rights • The Right Merchandise: Basic, Seasonal and Exciting new items. • The Right Time: Merchandise must be “fresh” and in tune with current seasons and trends. • The Right Place: Position merchandise to maximize the sales of each item. • The Right Condition: Sell only 1st quality merchandise. • The Right Quantity: Purchase merchandise in quantities that allow for efficient handling and lower acquisition cost. • The Right Price: Price merchandise as low as possible. Constantly Every Day Low Prices. Price Club had 96 locations with $7.6 billion in sales when it merged operations with Costco Wholesale in 1993. Our Origins 4 FOUNDED 1993 Price Club and Costco Merger in 1993 • Merger created the second largest membership warehouse chain. • 195 Warehouses upon merger with revenue of approximately $16 Billion. FOUNDED 1996 Founded in San Diego in 1996 Founders: Sol Price and Robert Price Founding Principles: • Operating under the guiding principles established by FedMart and Price Club. • Provides a U.S. Style Membership shopping experience for Members providing U.S, international, regional and locally sourced merchandise primarily in emerging markets. PriceSmart currently operates warehouse clubs in 12 countries and one U.S. territory and has over 1.9 million Members.
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Our History Note: The years above are referring to the fiscal year calendar for PriceSmart. 5 1996 1997 1999 2008 2011 2012 2013 2017 2018 2019 2020 2021 2022 2023 2024 First location in Panama PriceSmart listed on NASDAQ: PSMT Expansion into Caribbean market PriceSmart $1 Billion in annual revenue PriceSmart enters Colombia Market PriceSmart $2 Billion in annual revenue 1 Million PriceSmart Membership Accounts & Launch of Platinum Membership PriceSmart opens new Miami distribution center Launch of Direct Farm for locally sourced produce Launch of PriceSmart Optical and initiation of wellbeing services •Launch of PriceSmart.com online catalogue, in club pickup, and delivery in all markets •Opening of our Costa Rica produce distribution center •Launch of the mobile app •Addition of PriceSmart Pharmacy & Audiology to wellbeing services •ESR Committee established •Healthcare for all employees •Opening of 50 th club in Portmore, Jamaica •PriceSmart $4 Billion in annual revenue •Opening of 51 st club in San Miguel, El Salvador •Release of FY2022 ESR Report •Creation of Chief Transformation Officer role •Achieved a 4.9% penetration rate of total net merchandise sales through digital platforms •Opening of 52 nd club in El Poblado (Medellín), Colombia •Opening of 53 rd club in Escuintla, Guatemala •Opening of 54 th club in Santa Ana, El Salvador •Opening of Panama Domestic Distribution center •Announced expected opening of 55 th club in Cartago, Costa Rica in the spring of 2025 •Announced expected opening of 56 th club in Quetzaltenango, Guatemala in the summer of 2025
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Values Community Support and improve the communities we serve. Continuous Improvement Try to make things better every day. 6 Our Culture Passion Operate great warehouse clubs while putting Members first. Accountability Deliver on commitments you make to your team and the Company. Respect Treat employees, suppliers and Members the way you want to be treated. Integrity Always do the right thing. 6
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PriceSmart exists to improve the lives and businesses of our Members, our employees and our communities through the responsible delivery of the best quality goods and services at the lowest possible prices. We aim to serve as a model company, which operates profitably and provides a good return to our investors, by providing Members in emerging and developing markets with exciting, high- quality merchandise sourced from around the world and valuable services at compelling prices in safe U.S.-style clubs and through PriceSmart.com. We prioritize the well-being and safety of our Members and employees. We provide good jobs, fair wages and benefits and opportunities for advancement. We strive to treat our suppliers right and empower them when we can, including both our regional suppliers and those from around the world. We try to conduct ourselves in a socially responsible manner as we endeavor to improve the quality of the lives of our Members and their businesses, while respecting the environment and the laws of all the countries in which we operate. We also believe in facilitating philanthropic contributions to communities in which we do business. We charge Members an annual membership fee that enables us to operate our business with lower margins than traditional retail stores. As we continue to invest in technological capabilities, we are increasing our tools to drive sales and operational efficiencies. We believe we are well positioned to blend the excitement and appeal of our brick-and-mortar business with the convenience and additional benefits of online shopping and services and, meanwhile, enhance Member experience and engagement. Our Mission 7
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Low Prices: Offering the lowest possible selling price is the foundation of our warehouse club. Limited SKUs (Stock Keeping Unit): Helping keep the guesswork out of item selection by only stocking the highest quality products. Private Label, National, and International Brands: We offer our Members low prices on a limited selection of national, international, and private label brands. Private label allows Clubs to offer Members higher quality products at a lower price per unit. Quality: Clubs choose to have high-quality products in inventory at the lowest possible price. This creates the value proposition that encourages a Member pay their Membership fee each year. Our Warehouse Club Membership Model Treasure Hunt: Clubs occasionally feature unique items categorized as “special purchases” due to their limited availability in inventory. These items are secured through exclusive savings, which are passed on to Members. Online Sales: Members can shop on PriceSmart.com or the mobile app from their phone or computer and enjoy home delivery or Club pickup without leaving their car. 8
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The Right Time The Right Place The Right Quantity The Right Condition The Right Price The Right Merchandise (1) For the trailing twelve-month period ended 11/30/2024 (2) As of 11/30/2024 Squeeze Out Inefficiencies Limited SKU Selection Efficient Distribution with Regional and Domestic Distribution Centers Low Margins to Pass Savings onto Members Leverage Volume Buying Reinvest in Membership Value Commitment to Quality Co-Branded Credit Card and Loyalty Rewards Enhance Services (omni-channel options, optical, pharmacy, audiology, etc.) No Charge Optical Exams Membership Loyalty 87.8% Renewal Rate(1) 1.91 Million Members(2) Our Six RightsValueProposition 9
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Our ClubLocations PriceSmart operates 54 warehouse clubs in emerging and developing markets that reach 12 countries and one U.S. territory. • 54 clubs open* • 2 clubs announced 56 Central America • Guatemala • Honduras • El Salvador • Nicaragua • Costa Rica • Panama Caribbean • Jamaica • Dominican Republic • U.S. Virgin Islands • Barbados • Aruba • Trinidad and Tobago South America • Colombia 10 Warehouse Club Count *As of 11/30/2024
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$5.0 Billion TTM Revenue (1) 1.91 Million Memberships(2) 87.8% Membership Renewal Rate(1) Over 2.6 Million sq ft of Sales Floor(2) Our ClubLocations Guatemala • Miraflores • Pradera • Fraijanes • San Cristobal • Guatemala City • Escuintla • Quetzaltenango (Expected to open in the summer of 2025) Honduras • Tegucigalpa • San Pedro Sula • El Sauce El Salvador • Santa Elena • Los Heroes • San Miguel • Santa Ana Nicaragua • Managua • Masaya Costa Rica • Zapote • Escazú • Heredia • Llorente • Alajuela • Tres Rios • Santa Ana • Liberia • Cartago (Expected to open in the spring of 2025) Panama • Via Brasil • El Dorado • David • Brisas • Costa Verde • Veraguas • Metro Park Colombia • Barranquilla • Cañasgordas • Menga • Pereira • Bogota • Medellín • Chia • Usaquen (Bogotá) • Bucaramanga • El Poblado (Medellín) Dominican Republic • Los Prados • Santiago • Arroyo Hondo • San Isidro • Bolívar Jamaica • Kingston • Portmore U.S. Virgin Islands • St. Thomas Barbados • St. Michael Trinidad & Tobago • Chaguanas • Port of Spain • Mausica • San Fernando Aruba • Oranjestad 11(1) For the trailing twelve-month period ended 11/30/2024 (2) As of 11/30/2024
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• In-country Distribution Center • Produce Distribution Center • 3PL Distribution Center * • Regional Distribution Center • Produce Distribution Center • 3PL Distribution Center * Costa Rica El Salvador Guatemala Panama Honduras Nicaragua Our DistributionNetwork • Produce Distribution Center • 3PL Distribution Center * • In-country Distribution Center • Global Distribution Center • In-country Distribution Center Jamaica Florida Dominican Republic Trinidad & Tobago Colombia During the first three months of fiscal year 2025: 80.0% of net merchandise sales were in currencies other than the U.S. dollar. Out of those sales, 50.2% consisted of imported merchandise that we purchased in U.S. dollars. * Distribution centers run by a third party 12 • 3PL Distribution Center * • 3PL Distribution Center * • 3PL Distribution Center * • In-country Distribution Center • Produce Distribution Center • 3PL Distribution Center *
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Our GrowthPlan • Invest in Remodeling Current PriceSmart Clubs, Adding New PriceSmart Locations and Opening Distribution Centers • Drive Incremental Sales via PriceSmart.com and Enhanced Online, Digital and Technological Capabilities • Increase Membership Value for both Retail and Business Members, which drives Membership Income and Merchandise Sales 13
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December 2020 Usaquén 8th Club in Colombia October 2021 Guatemala City 5th Club in Guatemala November 2021 Floridablanca 9th Club in Colombia April 2022 Portmore 2nd Club in Jamaica May 2023 San Miguel 3rd Club in El Salvador September 2023 El Poblado (Medellín) 10th Club in Colombia October 2023 Panama Domestic Distribution Center November 2023 Escuintla 6th Club in Guatemala February 2024 Santa Ana 4th Club in El Salvador Recent Openings 14
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Real EstateGrowth (Expected Openings) 15
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Continued growing of Member Wellness Offerings: Pharmacy, Optical, and Audiology. EnhancedMembershipValue Our popular Member’s Selection Product Line- up keeps expanding! 27.7% Private Label Penetration of Total Net Merchandise Sales* *For the three-month period ended 11/30/2024 16
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*Omni-channel Members are defined as Members who shop through our e-commerce platforms as well as in-club. Omni-ChannelPlatform Clubs Social Media Mobile Web Onboard/Renew Membership online. Omni-channel Members* spend approximately 2x more than in-club only Members. Order online, pick up at the Club! Home delivery! Ongoing enhancement of the PriceSmart.com website with new features and improved ease of use. Improved mobile experience through the PriceSmart app. PriceSmart App (easy access to product offers, digital membership card, order tracking). Growing multi-channel personalized communication and Member interaction. 17
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• Optical services in 53 of our clubs • Four free eye exams included with membership • Perform free eye exams for children in partnership with Price Philanthropies’ Aprender y Crecer Vision Program • Expect to open two additional optical locations during fiscal year 2025 Pharmacy Optical Audiology • Pharmacy services in 17 of our clubs • Medications for our Members at the lowest possible price • Patient plans and personalized attention for pharmaceutical and health advice • Expect to open nine additional pharmacy locations during fiscal year 2025 • Audiology services in 30 of our clubs • Four free evaluations with each membership • Personalized attention and modern technologies Wellness Offerings 18
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Our services include: • Specialized product consultations providing expert guidance to help our business Members make informed and strategic decisions • Personalized quotes for products and quantities based on each business’ individual requirements, ensuring price transparency and competitiveness • Specialized business delivery services designed to ensure the timeliness and integrity of products, optimizing our Members’ supply chains Business Services At our B2B (Business Service) department, our main goal is to understand the specific needs of our business Members so that we can provide comprehensive product and service solutions that drive their success in the market. We are dedicated to establishing solid, trustworthy relationships based on transparency and collaboration. We take pride in being recognized for our service to Members, which reflects our commitment to their satisfaction and growth. • Omni-channel services providing convenience for making purchases from different channels, catering to the preferences of our business Members and facilitating the purchasing process • Product seminars to help our Members better understand our products and maximize their benefits 19
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Our Social Impacts Driving principle and philosophy focusing on our employees: • Employee Healthcare • PriceSmart Foundation and other Philanthropic Partnerships • Diversified Employee Base • Developing the Next Generation of Female Business Leaders • Community Contributions and more… Check out our FY2023 ESR Report and the PriceSmart Foundation website for more details! Our Environmental Initiatives Sustainable facilities focused on reducing and minimizing PriceSmart’s environmental impact: • Solar Panels • Lighting Systems • Hot Water Reclamation Systems • Waste Management • Sustainable Fisheries • Food Bank Partnerships • Recycling Centers Environmental and Social 20
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Continued focus on Philanthropy and Environmentalism/Sustainability PhilanthropicActivities We partner with the PriceSmart foundation to seek to support and strengthen our communities by investing in youth development, economic opportunity, and community and environmental resilience. 21
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We are ranked: • PriceSmart in the Top 100 Global Most Loved Workplaces for 2023 by Newsweek's Magazine • 2nd Best Workplace in Colombia within the Retail Sector by job portal Computrabajo • The Most Attractive Companies to Work For 2024: #1 -Retail in Honduras, and Top 5-Retail in Guatemala & El Salvador by Tecoloco Workplace Rankings 22
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23 ® Financials
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7.8% Net Merchandise SalesGrowth $1.22 Billion Net MerchandiseSales $58.3 Million Operating Income 8.2% Net Merchandise Sales – Constant Currency Growth* $1.21 Earnings per Diluted Share As of and for the three months ended 11/30/2024 * Refer to the Appendix for a reconciliation of non-GAAP measures 7.8% Total Revenue Growth $1.26Billion Total Revenue 5.7% Omni-Channel Sales Penetration of Total Net Merchandise Sales 13.8% Membership Income Growth $20.2Million Membership Income Q1 FY25Financial Highlights $37.4 Million Net Income $79.1 Million Adjusted EBITDA* 24
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Comparable Club Sales Growth FY21 FY22 FY23 FY24 TTM 11/30/2024 $3,542 $4,023 $4,273 $4,669 $4,803 Net Merchandise Sales - Constant Currency * ($ in Millions ) FY21 FY22 FY23 FY24 TTM 11/30/2024 $3,465 $3,945 $4,301 $4,783 $4,872 0.0% 5.0% 10.0% 15.0% FY21 FY22 FY23 FY24 3 months YTD FY25 5.8% 10.4% 7.1% 7.7% 5.7% Changes in U.S. dollar Comparable Net Merchandise Sales 0.0% 5.0% 10.0% 15.0% FY21 FY22 FY23 FY24 3 months YTD FY25 8.1% 12.6% 6.3% 5.2% 6.1% Changes in U.S. dollar Comparable Net Merchandise Sales - Constant Currency* Net Merchandise Sales ($ in Millions ) CAGR 8.9% TTM = Trailing 12 months * Refer to the Appendix for a reconciliation of non-GAAP measures StrongSales 25 Average Comparable Club Sales Growth FY21 – FY24 - 7.7%
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FY21 FY22 FY23 FY24 TTM 11/30/2024 $35.28 $36.03 $36.28 $39.57 $40.36 $56 $61 $66 $75 $78 Average Fee Membership Income ($ in millions) Membership Renewal Rate & Membership Accounts Membership Fee Income & Average Fee Membership Income CAGR8.5% TTM = Trailing 12 months FY21 FY22 FY23 FY24 Q1 FY25 90% 89% 87% 88% 88% 1.67 1.76 1.81 1.89 1.91 TTM Renewal Rate Membership Accounts (in millions) Consistentand ReliableMembershipIncome 26
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Investingin MembershipExperience Benefits of PriceSmart membership. Our Diamond Members generally pay an annual membership fee of approximately $40 and our Platinum Members generally pay $80 per year, depending on the market in which the Member lives. *The Platinum Membership provides Members with a 2% rebate on most items, up to an annual maximum of $500 on purchase within the Club or PriceSmart.com. 27 Get more quality at the lowest cost possible Earn up to a 2% rebate Get delivery service Enjoy a 30-day guarantee on most products Order online, pick up at the Club Food to-go and ready- to-eat Pay less for top quality Renew Membership from anywhere Get lifetime tire balancing Fresh produce sourced directly from the farm Four free eye exams included with membership Special products available for a limited time only
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6.2% 7.4% 8.9% 12.3% 14.0% FY21 FY22 FY23 FY24 3 months YTD FY25 Platinum Penetration 103,231 131,316 160,913 233,148 266,636 FY21 FY22 FY23 FY24 3 months YTD FY25 Platinum Members PlatinumCAGR27% Investingin MembershipExperience 28
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Total Revenue Margin% (1) and Total Revenue Operating Income % and Total Revenue (1) Defined as net merchandise sales, 3rd party export sales, membership income, and other revenue less cost of goods sold divided by total revenue. (2) Increase primarily the result of pricing actions taken to offset foreign currency exchange costs on imported merchandise into our Trinidad market. (3) Operating income was impacted negatively by $9.2 million (0.2% of total revenue) for costs related to the reserve for a tax settlement and $5.7 million (0.1% of total revenue) of asset impairment and closure costs. 16.1% 16.1% 16.4% 16.7% 17.8% 16.8% 17.2% 17.2% 17.2% $3.6 $4.1 $4.4 $4.9 $5.0 FY21⁽²⁾ FY22 FY23 FY24 TTM 11/30/2024 Total Revenue Margin % Total Revenue ($ in billions) 4.4% 4.1% 4.2% 4.5% 4.4% $3.6 $4.1 $4.4 $4.9 $5.0 FY21⁽²⁾ FY22 FY23⁽³⁾ FY24 TTM 11/30/2024 Operating Income % Total Revenue ($ in billions) 29 Marginsand OperatingIncome
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FY21 FY22 FY23 FY24 Q1 FY25 $3.18 $3.38 $3.50 $4.57 $1.21 Earnings Per Diluted Share CAGR 12.8%* 30 FY21⁽¹⁾ FY22 FY23 FY24⁽¹⁾ Q1 FY25⁽¹⁾ $3.18 $3.33 $4.06 $4.57 $1.21 Adjusted Earnings Per Diluted Share** CAGR 12.8%* Earnings per diluted share (1) Adjusted Earnings per Diluted Share for FY21, FY24, and Q1 FY25 did not have any adjustments and are equivalent to GAAP earnings. * The CAGR calculation is calculated on a full fiscal year basis and does not include any interim periods. ** Refer to the Appendix for a reconciliation of non-GAAP measures.
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(1) Total growth expenditures for new clubs, purchases of previously leased clubs, investments to move existing clubs to better locations, supply chain improvements, major remodels and expansions. (2) Total maintenance expenditures for operational fixtures and equipment, building refurbishment, solar, technology spend and other capital expenditures. $96.2 $14.1 $72.3 $14.1 FY24 Q1 FY25 Maintenance and Growth CapEx ($ Millions) Total Growth CapEx⁽¹⁾ Total Maintenance CapEx⁽²⁾ Capital Expenditures 31
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Strong Financial Metrics 32 (1) The large decrease in cash held domestically during fiscal year 2024 was due to the completion of our share buyback program in which we repurchased a total of $75 million of our common stock. (2) Includes CapEx balances classified as unpaid. (3) Defined as: total debt divided by total equity. (Amount in thousands of dollars, YTD Q1 except Number of Warehouse Clubs) FY 2025 Amounts Held by Foreign Subsidiaries 160,808 203,952 139,050 121,580 132,606 Amounts Held Domestically 54,671 47,421 113,152 14,731⁽¹⁾ 3,855 Total Cash and Cash Equivalents, including Restricted Cash 215,479 251,373 252,202 136,311 136,461 Cash Flow From Operations 127,166 121,829 257,331 207,589 38,530 CapEx(2) 106,108 122,342 143,912 171,542 28,372 Dividends Paid 21,988 26,559 28,540 66,162 - Current Assets 697,204 773,579 877,107 832,347 892,524 Current Liabilities 533,552 579,456 634,477 680,148 707,570 Working Capital 163,652 194,123 242,630 152,199 184,954 Total Assets 1,705,790 1,808,400 2,005,608 2,022,694 2,087,682 Current Debt 19,395 33,715 20,193 35,917 22,055 Long Term Debt 110,110 103,556 119,487 94,443 93,567 Number of Warehouse Clubs 47 50 51 54 54 YTD Q1 FY 2025 Current Ratio 1.3 1.3 1.4 1.2 1.3 Debt to Equity(3) 14% 14% 13% 12% 10% FY 2021 FY 2022 FY 2023 FY 2024 FY 2021 FY 2022 FY 2023 FY 2024
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Appendix 33
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(1) Primarily consists of transaction costs of converting the local currencies into available tradable currencies in some of our co untries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily U. S. dollars) for the three months ended November 30, 2024 and 2023. GAAP to Non-GAAP Reconciliations 34 (Amounts in thousands) November 30, 2024 November 30, 2023 Net income as reported 37,428$ 38,047$ Adjustments: Interest expense 2,695 2,816 Provision for income taxes 13,496 18,153 Depreciation and amortization 20,862 19,494 Interest income (2,220) (2,866) Other expense, net(1) 6,856 2,126 Adjusted EBITDA 79,117$ 77,770$ Three Months Ended Adjusted EBITDA
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Adjusted Earnings Per Diluted Share (1) Reflects $7.7 million of separation costs associated with the departure of our former Chief Executive Officer in February 2023. (2) Reflects a gain of $2.7 million associated with the sale of our Aeropost subsidiary in October 2021. (3) Reflects $2.1 million of Aeropost-related write-offs in the first quarter of fiscal year 2023 and $660,000 of a receivable written-off in connection with the settlement in the third quarter of fiscal year 2023 of a claim for indemnification from the buyer of the Aeropost business. (4) Reflects $2.3 million of VAT receivables related to prior periods deemed not recoverable and written-off in the third quarter of fiscal year 2023 following unfavorable court rulings. (5) Reflects $5.7 million of impairment charges primarily related to the write down of assets in connection with our decision in the fourth quarter of fiscal year 2023 to seek to sell our Trinidad sustainable packaging plant. (6) Reflects a $950,000 gain related to a building we acquired upon the early termination of a lease in which we were the lessor of the land on which the building was constructed by and abandoned by one of our tenants. GAAP to Non-GAAP Reconciliations (Continued) 35 Three Months Ended August 31, 2021 August 31, 2022 August 31, 2023 August 31, 2024 November 30, 2025 Net income attributable to PriceSmart per diluted share 3.18$ 3.38$ 3.50$ 4.57$ 1.21$ Separation costs associated with Chief Executive Officer departure(1) - - 0.23 - - Gain on sale of Aeropost subsidiary(2) - (0.05) - - - Aeropost-related write-offs(3) - - 0.09 - - VAT receivable write-off(4) - - 0.08 - - Asset impairment and closure costs(5) - - 0.18 - - Gain on acquisition of building(6) - - (0.02) - - Adjusted net income attributable to PriceSmart per diluted share 3.18$ 3.33$ 4.06$ 4.57$ 1.21$ Adjusted Net Income Per Diluted Share Years Ended
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Constant Currency Reconciliations GAAP to Non-GAAP Reconciliations (Continued) 36 (Amounts in millions) Net Merchandise Sales Net Merchandise Sales - Constant Currency Impact of Foreign Currency Exchange FY21 $ 3,465 $ 3,542 (77)$ FY22 3,945 4,023 (78) FY23 4,301 4,273 28 FY24 4,783 4,669 114 TTM 11/30/2024 4,872 4,803 69 Comparable Net Merchandise Sales Growth Comparable Net Merchandise Sales - Constant Currency Growth % Impact of Foreign Currency Exchange FY21 5.8% 8.1% (2.3)% FY22 10.4 12.6 (2.2) FY23 7.1 6.3 0.8 FY24 7.7 5.2 2.5 3 months YTD FY25 5.7 6.1 (0.4) Net Merchandise Sales - Constant Currency Growth % Impact of Foreign Currency Exchange 8.2% (0.4)% Net Merchandise Sales and Net Merchandise Sales - Constant Currency Reconciliation Comparable Net Merchandise Sales - Constant Currency Reconciliation Three Months Ended November 30, 2024 Net Merchandise Sales Growth 7.8%
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Investor Relations Investor Relations Contact Michael McCleary Executive Vice President and Chief Financial Officer ir@pricesmart.com 858-404-8826 37