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    Robert Ford • Bank of America

    Robert Ford's questions to Bbb Foods Inc (TBBB) leadership

    Robert Ford's questions to Bbb Foods Inc (TBBB) leadership • Q1 2025

    Question

    Robert Ford from Bank of America Merrill Lynch inquired about the scale and capabilities of investments in talent, the strategy for new distribution centers regarding density versus new markets, and the expected functionalities from upcoming systems investments.

    Answer

    Executive Kamal Hatoum explained that all investments, including in talent and technology, are driven by return on investment and planning for future growth. He noted that new distribution centers are placed to maximize logistics efficiency by compacting distances to stores, which can increase density in existing regions. Regarding technology, Hatoum highlighted that new systems are more efficient, enable the use of big data and AI, and will create a competitive advantage despite a temporary overlap in expenses during the transition.

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    Robert Ford's questions to Bbb Foods Inc (TBBB) leadership • Q3 2024

    Question

    Robert Ford from Bank of America Corporation inquired about the drivers behind the sequential gross margin decline and the simultaneous step-up in operating leverage. He also asked about competitive dynamics, specifically the number of stores overlapping with Netto, Netto's recent performance, and whether 3B is seeing any signs of financial distress from them. Finally, he questioned the outlook for the pace of new store openings in 2025, given the current accelerated rate.

    Answer

    Executive Kamal Hatoum explained that gross margin fluctuates quarterly due to dynamic, product-level pricing decisions aimed at maximizing volume and peso profit, not as a change in strategy. He noted approximately 1,500 stores are near a Netto and expressed confidence in 3B's superior value proposition. Regarding store growth, he confirmed they will meet 2024 guidance and aim to increase the pace over time. CFO Eduardo Pizzuto attributed the strong operating leverage to ongoing efficiency efforts, particularly in reducing sales expenses as a percentage of revenue.

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    Robert Ford's questions to MercadoLibre Inc (MELI) leadership

    Robert Ford's questions to MercadoLibre Inc (MELI) leadership • Q1 2025

    Question

    Robert Ford inquired about the fast-moving consumer goods (FMCG) category, asking about the total addressable market (TAM) in the region, its halo effect on other categories, plans for features like 'subscribe and save,' and its potential as an unlock for advertising.

    Answer

    Ariel Szarfsztejn, EVP of Commerce, stated that e-commerce penetration in FMCG is very low, representing a huge long-term opportunity. He confirmed a measurable 'halo effect,' where CPG buyers increase their spending on general merchandise. While a 'subscribe and save' feature is on the product roadmap, the current focus is on building more basic features.

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    Robert Ford's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Robert Ford asked about expectations for quarterly net credit card investments, the maturation period for younger cohorts, and the penetration rate of MercadoLibre's own financial products for funding marketplace purchases.

    Answer

    Osvaldo Giménez (Executive) explained they are being more restrictive on new card issuance but are aggressively expanding limits for existing users, and confirmed that cohorts older than two years are profitable. Martin de Los Santos (CFO) estimated that 'blue money'—payments from MercadoPago's wallet, credit card, and consumer credit—now accounts for roughly 18% to 25% of marketplace TPV, varying by country.

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    Robert Ford's questions to MercadoLibre Inc (MELI) leadership • Q3 2024

    Question

    Robert Ford inquired about the adoption rate of the Melimise loyalty program in Brazil and Mexico. He asked how user behavior changes after subscribing, particularly regarding marketplace activity and signs of increased 'principality,' and how the program impacts funding.

    Answer

    Executive Martin de Los Santos noted positive adoption of the new two-tiered loyalty program but did not disclose specific numbers. He confirmed that enrolled users show higher engagement, conversion, and usage, consistent with past observations. Regarding the cashback feature paid in 'Meli dollars,' he mentioned it's still too early to report significant trends, though users are currently accumulating balances more than spending them.

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    Robert Ford's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

    Robert Ford's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q1 2025

    Question

    Robert Ford asked about the monetization strategy for Spin and Spin Premia over the intermediate term. He also inquired about the drivers behind weak same-store sales at FEMSA Health Mexico and the turnaround strategy.

    Answer

    CFO Martin Arias Yaniz explained the Spin strategy involves creating a broad payment ecosystem beyond OXXO, using loyalty points as a key differentiator, and cautiously moving towards a full banking license over time. Regarding FEMSA Health Mexico, Jose Antonio Fernández, CEO of the Proximity and Health Division, stated the division is in a 'full turnaround mode,' restructuring its business model and store base to combat rising labor costs and improve competitiveness, drawing on successful two-format strategies from other regions.

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    Robert Ford's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q2 2024

    Question

    Robert Ford from Bank of America inquired about OXXO Mexico's same-store sales performance in July, the company's strategy for proposed labor law changes like a reduced work week, and details on the evolving partnership with BBVA.

    Answer

    Executive Juan Fonseca described the relationship with banking partners like BBVA as dynamic, noting a recent increase in transaction limits for their customers at OXXO. For July sales, he suggested a potential slowdown consistent with historical post-election trends. CFO Martin Arias Yaniz stated that while a reduced work week is expected in the medium term, FEMSA is proactively managing labor costs through efficiencies like dynamic scheduling and sees rising minimum wages as a net positive for consumer spending.

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    Robert Ford's questions to Hypera SA (HYPMY) leadership

    Robert Ford's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Robert Ford of Bank of America asked about the expected evolution of gross sales and EBITDA in Q2 following the working capital adjustments. He also inquired about the drivers behind increased Q1 marketing and G&A expenses and the significance of the muscular Neosaldina launch.

    Answer

    Executive Breno Pires de Oliveira stated that Q2 results will be more normalized, with gross margins expected to return to above 60% and EBITDA margins around 35%. Executive Ramon Frutuoso Silva explained that Q1 expense increases were due to phasing compared to a lower base in the prior year. Breno Pires de Oliveira added that the company is adopting an 'always on' marketing strategy and is very excited about the potential of the muscular Neosaldina launch in a BRL 1 billion market.

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    Robert Ford's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Robert Ford inquired about the expected evolution of gross sales and EBITDA in Q2 following the normalization of accounts receivable, the drivers behind increased Q1 operating expenses, and the strategic importance of the new muscular Neosaldina launch.

    Answer

    Executive Breno Pires de Oliveira projected a more normalized Q2, with gross margins returning to over 60% and EBITDA margins around 35%. Executive Ramon Frutuoso Silva attributed higher Q1 expenses to phasing compared to a low Q1 2024, expecting more balanced spending ahead. Breno Pires de Oliveira added that the muscular Neosaldina launch is a key strategic initiative targeting a BRL 1 billion market.

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    Robert Ford's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Robert Ford asked about the expected evolution of gross sales and EBITDA in the second quarter following the achievement of accounts receivable goals, the drivers behind the Q1 increase in marketing and G&A expenses, and the strategic importance of the muscular Neosaldina launch.

    Answer

    Breno Pires de Oliveira, an executive, stated that Q2 will be more normalized with gross margins expected above 60% and EBITDA margins around 35%. He also highlighted the muscular Neosaldina launch as a very important entry into a BRL 1 billion market. Ramon Frutuoso Silva, an executive, explained that the Q1 expense increase was due to phasing compared to a lower base in Q1 2024 and that expenses should be more level going forward, supported by a new 'always on' marketing strategy.

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