Despite a soft consumer environment, with recent downgrades in the sector and a more cautious view ahead of 1Q26 results (vs. our previous estimates and vs. consensus), we remain positive on TBBB’s business and positioning in the low-end segment. We thus reiterate our Outperform rating and US$42 PT. Meanwhile, we remain more cautious on our other covered Supermarket companies, Chedraui, La Comer, and Walmex, with some of these companies reporting low-single-digit SSS during 1Q26. 2026 guidance and ANTAD YTD results remain soft. In recent weeks, ANTAD posted SSS growth of 1.7%, fairly in line with the quarterly average of 1.6%, while total sales increased 3.8% YoY. On a 2-year comp basis, SSS were back to positive territory, an improvement vs. February data, yet not back at January levels yet. Guidance, meanwhile, remains mostly cautious across our coverage. For FY26, we continue to forecast solid top-line growth, while margins remain overall flattish in coming years. We are also reflecting the guided SBP non-cash expense for the year of P$2,391mn.