Bayani Mart · Beacon

last updated Aug'26@ 58.1

AOPVPprior yr

FY: Jan–Dec@ 58.1

As of

Stores

1,267

YoY▲15.2%

AOP1,305−2.9%

VP1,384−8.5%

Average monthly sales per store

71.3$ K

YoY▲1.8%

AOP75.4−5.4%

VP77.6−8.1%

Gross margin

11.4%

YoY▲0.9pp

AOP11.7%−0.3pp

VP16.6%−5.1pp

Store EBITDA margin

4.4%

YoY▲1.2pp

AOP4.7%−0.2pp

VP9.9%−5.5pp

EBITDA margin

(1.6%)

YoY▲1.5pp

AOP(1.1%)−0.5pp

VP4.7%−6.3pp

Working capital days

2.8days

YoY▼3.4%

AOP2.3+21.7%

VP2+40.0%

Cash & runway

Cash balance48.7$mn−2.8/mo · avg of 3Runway17.5monthsat the current burn

Net revenue

90.4$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	59.1	57.3	65.8	46.9
Oct ’24	63.5	60.4	69.5	48.8
Nov ’24	65.8	63.6	73.3	52.5
Dec ’24	75.6	72.6	83.8	57.3
Jan ’25	64.7	72.6	72.3	51.4
Feb ’25	65.7	72	71.7	49.9
Mar ’25	70	78.2	78	54.1
Apr ’25	72.6	79.9	79.8	55.4
May ’25	75.3	82.5	82.3	58
Jun ’25	72	80.8	80.8	56.1
Jul ’25	74.8	83.2	83.4	57.5
Aug ’25	77.1	84.8	85.1	59.7
Sep ’25	76.2	85.5	86	59.1
Oct ’25	79.2	89.6	90.5	63.5
Nov ’25	84.1	93.9	95.1	65.8
Dec ’25	94.6	106	108	75.6
Jan ’26	83	87.7	93.2	64.7
Feb ’26	80.9	86.3	92.1	65.7
Mar ’26	84.5	93.2	99.9	70
Apr ’26	88.5	94.6	102	72.6
May ’26	90.2	96.9	105	75.3
Jun ’26	89.9	94.5	102	72
Jul ’26	91.4	96.9	105	74.8
Aug ’26	90.4	98.4	107	77.1

Stores

1,267Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	910	901	970	743
Oct ’24	927	918	988	757
Nov ’24	944	935	1,006	771
Dec ’24	961	952	1,024	784
Jan ’25	979	1,038	1,042	797
Feb ’25	997	1,057	1,060	810
Mar ’25	1,015	1,076	1,078	823
Apr ’25	1,033	1,095	1,096	837
May ’25	1,051	1,114	1,114	850
Jun ’25	1,068	1,132	1,132	865
Jul ’25	1,084	1,149	1,150	879
Aug ’25	1,100	1,166	1,168	895
Sep ’25	1,116	1,183	1,186	910
Oct ’25	1,131	1,199	1,204	927
Nov ’25	1,145	1,214	1,222	944
Dec ’25	1,159	1,228	1,240	961
Jan ’26	1,172	1,207	1,258	979
Feb ’26	1,185	1,221	1,276	997
Mar ’26	1,198	1,234	1,294	1,015
Apr ’26	1,211	1,248	1,312	1,033
May ’26	1,225	1,261	1,330	1,051
Jun ’26	1,238	1,275	1,348	1,068
Jul ’26	1,252	1,290	1,366	1,084
Aug ’26	1,267	1,305	1,384	1,100

Average monthly sales per store

71.3$ K · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	65	63.6	67.9	63.2
Oct ’24	68.5	65.8	70.4	64.4
Nov ’24	69.7	68.1	72.9	68.1
Dec ’24	78.6	76.3	81.8	73.1
Jan ’25	66.1	70	69.4	64.5
Feb ’25	65.9	68.1	67.7	61.6
Mar ’25	68.9	72.7	72.4	65.7
Apr ’25	70.2	73	72.8	66.2
May ’25	71.6	74	73.9	68.2
Jun ’25	67.4	71.4	71.4	64.8
Jul ’25	69	72.4	72.5	65.4
Aug ’25	70	72.7	72.9	66.7
Sep ’25	68.3	72.2	72.5	65
Oct ’25	70	74.8	75.2	68.5
Nov ’25	73.5	77.3	77.8	69.7
Dec ’25	81.6	86.7	87.4	78.6
Jan ’26	70.8	72.7	74.1	66.1
Feb ’26	68.3	70.7	72.2	65.9
Mar ’26	70.5	75.5	77.2	68.9
Apr ’26	73.1	75.8	77.6	70.2
May ’26	73.6	76.9	78.7	71.6
Jun ’26	72.6	74.1	76	67.4
Jul ’26	73	75.1	77.2	69
Aug ’26	71.3	75.4	77.6	70

Gross profit

10.3$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	6.2	6.1	7.9	4.8
Oct ’24	6.7	6.3	8.5	5.2
Nov ’24	7	6.8	9.1	5.3
Dec ’24	7.9	7.8	10.5	6
Jan ’25	6.9	9	9.2	5.3
Feb ’25	7	9	9.3	5.2
Mar ’25	7.8	9.8	10.3	5.5
Apr ’25	7.7	10	10.7	5.5
May ’25	8	10.4	11.2	6.1
Jun ’25	7.9	10.2	11.1	5.9
Jul ’25	8	10.6	11.6	6.1
Aug ’25	8.1	10.7	12	6.4
Sep ’25	8.3	10.8	12.4	6.2
Oct ’25	8.8	11.3	13.2	6.7
Nov ’25	9.3	11.9	14	7
Dec ’25	10.2	13.6	16.1	7.9
Jan ’26	8.9	10	14.1	6.9
Feb ’26	9	9.9	14.2	7
Mar ’26	9.5	10.8	15.6	7.8
Apr ’26	9.9	10.9	16	7.7
May ’26	9.9	11.2	16.7	8
Jun ’26	10.2	11	16.5	7.9
Jul ’26	10.3	11.1	17.3	8
Aug ’26	10.3	11.6	17.8	8.1

Gross margin

11.4%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	10.4%	10.6%	11.9%	10.2%
Oct ’24	10.5%	10.5%	12.2%	10.7%
Nov ’24	10.7%	10.6%	12.4%	10.1%
Dec ’24	10.4%	10.7%	12.5%	10.5%
Jan ’25	10.7%	12.4%	12.7%	10.2%
Feb ’25	10.7%	12.5%	13.0%	10.4%
Mar ’25	11.1%	12.5%	13.1%	10.2%
Apr ’25	10.7%	12.5%	13.4%	9.9%
May ’25	10.7%	12.6%	13.6%	10.5%
Jun ’25	11.0%	12.6%	13.8%	10.5%
Jul ’25	10.7%	12.7%	13.9%	10.6%
Aug ’25	10.6%	12.7%	14.1%	10.8%
Sep ’25	10.9%	12.6%	14.4%	10.4%
Oct ’25	11.1%	12.6%	14.5%	10.5%
Nov ’25	11.0%	12.7%	14.7%	10.7%
Dec ’25	10.8%	12.8%	14.9%	10.4%
Jan ’26	10.7%	11.4%	15.1%	10.7%
Feb ’26	11.1%	11.5%	15.4%	10.7%
Mar ’26	11.2%	11.5%	15.6%	11.1%
Apr ’26	11.2%	11.5%	15.7%	10.7%
May ’26	10.9%	11.5%	15.9%	10.7%
Jun ’26	11.3%	11.6%	16.1%	11.0%
Jul ’26	11.3%	11.5%	16.4%	10.7%
Aug ’26	11.4%	11.7%	16.6%	10.6%

Shrinkage (% of sales)

0.6%Aug ’26

numbers

period	actual	AOP	prior yr
Sep ’24	0.8%	0.7%	0.9%
Oct ’24	0.8%	0.7%	0.9%
Nov ’24	0.8%	0.7%	0.9%
Dec ’24	0.8%	0.7%	0.9%
Jan ’25	0.8%	0.7%	0.8%
Feb ’25	0.7%	0.7%	0.8%
Mar ’25	0.7%	0.7%	0.8%
Apr ’25	0.7%	0.7%	0.8%
May ’25	0.8%	0.7%	0.8%
Jun ’25	0.7%	0.7%	0.8%
Jul ’25	0.7%	0.7%	0.8%
Aug ’25	0.7%	0.6%	0.8%
Sep ’25	0.8%	0.6%	0.8%
Oct ’25	0.7%	0.6%	0.8%
Nov ’25	0.7%	0.6%	0.8%
Dec ’25	0.7%	0.6%	0.8%
Jan ’26	0.7%	0.6%	0.8%
Feb ’26	0.7%	0.6%	0.7%
Mar ’26	0.7%	0.6%	0.7%
Apr ’26	0.7%	0.6%	0.7%
May ’26	0.6%	0.6%	0.8%
Jun ’26	0.6%	0.6%	0.7%
Jul ’26	0.6%	0.6%	0.7%
Aug ’26	0.6%	0.6%	0.7%

Store EBITDA

4$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	1.7	1.7	3	1.1
Oct ’24	2	1.8	3.3	1.4
Nov ’24	2.1	2	3.6	1.2
Dec ’24	2.2	2.3	4.4	1.6
Jan ’25	2.1	3.7	3.9	1.4
Feb ’25	2.1	3.7	4.1	1.3
Mar ’25	2.5	4.1	4.6	1.3
Apr ’25	2.3	4.2	4.9	1.2
May ’25	2.4	4.4	5.3	1.6
Jun ’25	2.7	4.3	5.4	1.6
Jul ’25	2.5	4.5	5.7	1.7
Aug ’25	2.5	4.6	6	1.8
Sep ’25	2.7	4.6	6.3	1.7
Oct ’25	3.1	4.9	6.8	2
Nov ’25	3.1	5.2	7.4	2.1
Dec ’25	3.3	6	8.6	2.2
Jan ’26	2.8	3.7	7.7	2.1
Feb ’26	3.1	3.7	7.8	2.1
Mar ’26	3.4	4.1	8.7	2.5
Apr ’26	3.6	4.1	9.1	2.3
May ’26	3.4	4.3	9.6	2.4
Jun ’26	3.7	4.2	9.6	2.7
Jul ’26	3.8	4.3	10.2	2.5
Aug ’26	4	4.6	10.6	2.5

Store EBITDA margin

4.4%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	2.9%	3.0%	4.5%	2.4%
Oct ’24	3.1%	2.9%	4.7%	2.8%
Nov ’24	3.1%	3.1%	5.0%	2.3%
Dec ’24	2.9%	3.2%	5.2%	2.7%
Jan ’25	3.3%	5.0%	5.4%	2.6%
Feb ’25	3.2%	5.2%	5.7%	2.6%
Mar ’25	3.6%	5.3%	5.9%	2.4%
Apr ’25	3.2%	5.2%	6.2%	2.2%
May ’25	3.3%	5.3%	6.4%	2.8%
Jun ’25	3.7%	5.4%	6.6%	2.9%
Jul ’25	3.4%	5.5%	6.8%	2.9%
Aug ’25	3.2%	5.4%	7.1%	3.1%
Sep ’25	3.6%	5.4%	7.4%	2.9%
Oct ’25	3.9%	5.4%	7.5%	3.1%
Nov ’25	3.7%	5.5%	7.8%	3.1%
Dec ’25	3.5%	5.6%	7.9%	2.9%
Jan ’26	3.4%	4.2%	8.2%	3.3%
Feb ’26	3.9%	4.3%	8.5%	3.2%
Mar ’26	4.0%	4.4%	8.8%	3.6%
Apr ’26	4.0%	4.3%	8.9%	3.2%
May ’26	3.8%	4.4%	9.2%	3.3%
Jun ’26	4.1%	4.5%	9.4%	3.7%
Jul ’26	4.2%	4.4%	9.7%	3.4%
Aug ’26	4.4%	4.7%	9.9%	3.2%

EBITDA

(1.4)$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	(2.4)	(2.4)	(1.2)	(2.5)
Oct ’24	(2.4)	(2.4)	(1)	(2.2)
Nov ’24	(2.3)	(2.4)	(0.8)	(2.6)
Dec ’24	(2.5)	(2.3)	(0.4)	(2.4)
Jan ’25	(2.2)	(0.9)	(0.5)	(2.5)
Feb ’25	(2.4)	(0.8)	(0.3)	(2.4)
Mar ’25	(2)	(0.6)	(0)	(2.6)
Apr ’25	(2.3)	(0.6)	0.3	(2.7)
May ’25	(2.3)	(0.5)	0.5	(2.4)
Jun ’25	(1.9)	(0.5)	0.6	(2.4)
Jul ’25	(2.2)	(0.4)	0.9	(2.4)
Aug ’25	(2.4)	(0.4)	1.1	(2.4)
Sep ’25	(2.1)	(0.4)	1.4	(2.4)
Oct ’25	(1.9)	(0.3)	1.8	(2.4)
Nov ’25	(2.1)	(0.1)	2.2	(2.3)
Dec ’25	(2.1)	0.3	3.1	(2.5)
Jan ’26	(2.3)	(1.5)	2.5	(2.2)
Feb ’26	(1.9)	(1.4)	2.7	(2.4)
Mar ’26	(1.8)	(1.3)	3.4	(2)
Apr ’26	(1.7)	(1.4)	3.7	(2.3)
May ’26	(2.1)	(1.3)	4.1	(2.3)
Jun ’26	(1.7)	(1.3)	4.2	(1.9)
Jul ’26	(1.7)	(1.3)	4.7	(2.2)
Aug ’26	(1.4)	(1.1)	5	(2.4)

EBITDA margin

-1.6%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	-4.1%	-4.1%	-1.9%	-5.3%
Oct ’24	-3.7%	-4.0%	-1.5%	-4.6%
Nov ’24	-3.5%	-3.7%	-1.1%	-4.9%
Dec ’24	-3.4%	-3.2%	-0.5%	-4.3%
Jan ’25	-3.4%	-1.2%	-0.7%	-4.8%
Feb ’25	-3.6%	-1.1%	-0.5%	-4.9%
Mar ’25	-2.8%	-0.8%	-0.0%	-4.8%
Apr ’25	-3.2%	-0.7%	0.3%	-4.9%
May ’25	-3.0%	-0.6%	0.6%	-4.2%
Jun ’25	-2.7%	-0.6%	0.8%	-4.2%
Jul ’25	-2.9%	-0.5%	1.0%	-4.2%
Aug ’25	-3.1%	-0.4%	1.3%	-4.0%
Sep ’25	-2.8%	-0.4%	1.7%	-4.1%
Oct ’25	-2.5%	-0.3%	2.0%	-3.7%
Nov ’25	-2.5%	-0.1%	2.3%	-3.5%
Dec ’25	-2.3%	0.3%	2.8%	-3.4%
Jan ’26	-2.7%	-1.8%	2.7%	-3.4%
Feb ’26	-2.4%	-1.7%	3.0%	-3.6%
Mar ’26	-2.2%	-1.4%	3.4%	-2.8%
Apr ’26	-1.9%	-1.5%	3.6%	-3.2%
May ’26	-2.3%	-1.3%	3.9%	-3.0%
Jun ’26	-1.9%	-1.4%	4.1%	-2.7%
Jul ’26	-1.8%	-1.3%	4.4%	-2.9%
Aug ’26	-1.6%	-1.1%	4.7%	-3.1%

Working capital days

2.8days · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	4.1	4.4	3.9	7.2
Oct ’24	4.6	4.3	3.8	6.9
Nov ’24	4.2	4.2	3.8	6.2
Dec ’24	3.6	4.1	3.7	6.4
Jan ’25	4.5	4	3.6	5.9
Feb ’25	5.1	3.9	3.5	5.6
Mar ’25	5	3.9	3.4	4.6
Apr ’25	3.6	3.8	3.3	5.3
May ’25	5	3.7	3.3	5.8
Jun ’25	4.6	3.6	3.2	4.9
Jul ’25	4.9	3.5	3.1	4.8
Aug ’25	2.9	3.4	3	4.7
Sep ’25	4.6	3.3	2.9	4.1
Oct ’25	3.3	3.2	2.8	4.6
Nov ’25	4.3	3.1	2.8	4.2
Dec ’25	2.8	3	2.7	3.6
Jan ’26	3.2	2.9	2.6	4.5
Feb ’26	3.4	2.8	2.5	5.1
Mar ’26	2	2.7	2.4	5
Apr ’26	2.7	2.6	2.3	3.6
May ’26	2.3	2.5	2.3	5
Jun ’26	2.9	2.4	2.2	4.6
Jul ’26	3.1	2.3	2.1	4.9
Aug ’26	2.8	2.3	2	2.9

Inventory days

18days · Aug ’26

numbers

period	actual	prior yr
Sep ’24	19.5	21.3
Oct ’24	19.5	21.5
Nov ’24	20.4	21.3
Dec ’24	19.6	21.7
Jan ’25	20.1	20.1
Feb ’25	19.7	20.2
Mar ’25	19.7	20.5
Apr ’25	18.8	20.2
May ’25	19.2	20.2
Jun ’25	19	20.1
Jul ’25	19.1	20.1
Aug ’25	18.9	19.7
Sep ’25	18.8	19.5
Oct ’25	19	19.5
Nov ’25	18.4	20.4
Dec ’25	18.4	19.6
Jan ’26	18.9	20.1
Feb ’26	18.5	19.7
Mar ’26	18.5	19.7
Apr ’26	18	18.8
May ’26	18.1	19.2
Jun ’26	18.4	19
Jul ’26	17.2	19.1
Aug ’26	18	18.9

Distribution centres

7Aug ’26

numbers

period	actual	VP	prior yr
Sep ’24	6	6	5
Oct ’24	6	6	5
Nov ’24	6	6	5
Dec ’24	6	6	5
Jan ’25	6	6	5
Feb ’25	6	7	5
Mar ’25	6	7	5
Apr ’25	6	7	5
May ’25	6	7	5
Jun ’25	6	7	5
Jul ’25	6	7	5
Aug ’25	6	7	6
Sep ’25	7	7	6
Oct ’25	7	7	6
Nov ’25	7	7	6
Dec ’25	7	7	6
Jan ’26	7	8	6
Feb ’26	7	8	6
Mar ’26	7	8	6
Apr ’26	7	8	6
May ’26	7	8	6
Jun ’26	7	8	6
Jul ’26	7	8	6
Aug ’26	7	8	6

Cash balance

48.7$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	33	35	37.5	16.9
Oct ’24	29.4	31.2	35.1	14
Nov ’24	26.2	27.5	32.8	10.7
Dec ’24	22.7	23.8	30.9	7.4
Jan ’25	18.4	20.3	28.9	63
Feb ’25	14.2	18.1	27.1	59.5
Mar ’25	10.4	15.9	25.6	55.5
Apr ’25	6.5	13.8	24.4	51.2
May ’25	57.6	66	23.4	47.9
Jun ’25	54.7	64	72	43.8
Jul ’25	51.2	62.2	71.4	40.3
Aug ’25	47.3	60.4	71	36.1
Sep ’25	43.7	58.6	70.9	33
Oct ’25	40.5	56.9	71.2	29.4
Nov ’25	36.6	55.5	71.9	26.2
Dec ’25	32.9	54.5	73.4	22.7
Jan ’26	28.7	30.2	74.4	18.4
Feb ’26	26.2	27.5	75.6	14.2
Mar ’26	23	25	77.5	10.4
Apr ’26	20.3	22.4	79.6	6.5
May ’26	57.1	59.4	82.2	57.6
Jun ’26	54.1	56.9	84.9	54.7
Jul ’26	52	54.3	88	51.2
Aug ’26	48.7	51.9	91.4	47.3

Net burn

(3.3)$ mn · Aug ’26

numbers

period	actual	prior yr
Sep ’24	(3.2)	(3.2)
Oct ’24	(3.6)	(2.9)
Nov ’24	(3.2)	(3.3)
Dec ’24	(3.5)	(3.3)
Jan ’25	(4.3)	55.6
Feb ’25	(4.2)	(3.5)
Mar ’25	(3.9)	(4)
Apr ’25	(3.8)	(4.3)
May ’25	51.1	(3.3)
Jun ’25	(3)	(4.1)
Jul ’25	(3.4)	(3.5)
Aug ’25	(3.9)	(4.2)
Sep ’25	(3.6)	(3.2)
Oct ’25	(3.2)	(3.6)
Nov ’25	(3.9)	(3.2)
Dec ’25	(3.7)	(3.5)
Jan ’26	(4.2)	(4.3)
Feb ’26	(2.5)	(4.2)
Mar ’26	(3.2)	(3.9)
Apr ’26	(2.7)	(3.8)
May ’26	36.8	51.1
Jun ’26	(2.9)	(3)
Jul ’26	(2.2)	(3.4)
Aug ’26	(3.3)	(3.9)