NET MERCHANDISE SALES GREW 10.6**% **COMPARABLE NET MERCHANDISE SALES INCREASED 8.0% **** $1.29 EARNINGS PER DILUTED SHARE

, /PRNewswire/ – PriceSmart, Inc. ("PriceSmart" or the "Company") (NASDAQ: PSMT), operator of 56 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal first quarter of 2026, which ended on November 30, 2025.

First Quarter Financial Results

Total revenues for the first quarter of fiscal year 2026 increased 9.9% to $1.38 billion compared to $1.26 billion in the comparable period of the prior year. For the first quarter of fiscal year 2026, net merchandise sales increased 10.6% to $1.35 billion from $1.22 billion in the first quarter of fiscal year 2025. Net merchandise sales - constant currency increased 9.5% over the comparable prior-year period. Foreign currency exchange rate fluctuations impacted net merchandise sales positively by $13.8 million, or 1.1%, versus the same period in the prior year.

The Company had 56 warehouse clubs in operation as of November 30, 2025 compared to 54 warehouse clubs in operation as of November 30, 2024.

Comparable net merchandise sales for the 54 warehouse clubs that have been open for greater than 13 ½ calendar months increased 8.0% for the 13-week period ended November 30, 2025 compared to the comparable 13-week period of the prior year. Comparable net merchandise sales - constant currency for the 13 weeks ended November 30, 2025 increased 6.9%. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales positively by 1.1% versus the same period in the prior year.

The Company recorded operating income during the fiscal first quarter of $62.9 million compared to operating income of $58.3 million in the prior-year period. Net income increased 7.3% to $40.2 million, or $1.29 per diluted share, in the first quarter of fiscal year 2026 compared to $37.4 million, or $1.21 per diluted share, in the first quarter of fiscal year 2025.

Adjusted EBITDA for the first quarter of fiscal year 2026 was $86.9 million compared to $79.1 million in the same period last year.

**Plans for New Club **

The Company has purchased land and plans to open its tenth warehouse club in Costa Rica, located in Ciudad Quesada, approximately 47 miles northwest from the nearest club in the capital of San Jose. The club will be built on a six-acre property and is anticipated to open in the fall of 2026. Once this club and three other previously announced clubs are open, the Company will operate 60 warehouse clubs.

Note Regarding Non-GAAP (Generally Accepted Accounting Principles) Financial Measures

The foregoing discussion of the Company’s operating results includes references to adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, which are non-GAAP financial measures. We believe these supplemental measures are useful to investors and analysts because they exclude items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document.

Conference Call Information

PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Thursday, January 8, 2026, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free (800) 715-9871 for domestic callers or +1 (646) 307-1963 for international callers and asking to join the PriceSmart earnings call. A digital replay will be available shortly following the conclusion of the call through Thursday, January 15, 2026, by dialing +1 (800) 770-2030 for domestic callers or +1 (647) 362-9199 for international callers and entering replay passcode 5898084#.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and providing services at low prices to PriceSmart Members. PriceSmart operates 56 warehouse clubs in 12 countries and one U.S. territory (ten in Colombia; nine in Costa Rica; seven each in Panama and Guatemala; five in Dominican Republic; four each in Trinidad and El Salvador; three in Honduras; two each in Nicaragua and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands). In addition, the Company plans to open one new warehouse club in La Romana, Dominican Republic in the spring of 2026, one warehouse club in Montego Bay and South Camp Road (Kingston), Jamaica in the fall and winter of 2026, respectively, and one warehouse club in Ciudad Quesada, Costa Rica in the fall of 2026. Once these four new clubs are open, the Company will operate 60 warehouse clubs.

This press release 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, including the effects of tariffs and/or international trade wards and disruptions to remittances, 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, 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. In addition, these risks are not the only risks that the Company faces. 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.

For further information, please contact Investor Relations (858) 404-8826 or send an email to [email protected].

PRICESMART, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

Three Months Ended

November 30, 2025

November 30, 2024

Revenues:

Net merchandise sales

$ 1,353,796

$ 1,223,859

Export sales

127

9,618

Membership income

23,420

20,199

Other revenue and income

5,386

4,268

Total revenues

1,382,729

1,257,944

Operating expenses:

Cost of goods sold:

Net merchandise sales

1,138,182

1,029,877

Export sales

162

9,013

Selling, general and administrative:

Warehouse club and other operations

131,815

117,855

General and administrative

49,308

42,565

Pre-opening expenses

2

22

Loss on disposal of assets

333

352

Total operating expenses

1,319,802

1,199,684

Operating income

62,927

58,260

Other income (expense):

Interest income

2,949

2,220

Interest expense

(4,420)

(2,695)

Other expense, net

(5,761)

(6,856)

Total other expense

(7,232)

(7,331)

Income before provision for income taxes and loss of unconsolidated affiliates

55,695

50,929

Provision for income taxes

(15,529)

(13,496)

Loss of unconsolidated affiliates

—

(5)

Net income

$ 40,166

$ 37,428

Net income per share available for distribution:

Basic

$ 1.29

$ 1.21

Diluted

$ 1.29

$ 1.21

Shares used in per share computations:

Basic

30,173

30,019

Diluted

30,180

30,020

**PRICESMART, INC. **CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

November 30, 2025 (Unaudited)

August 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$ 206,419

$ 241,024

Short-term restricted cash

9,212

11,061

Short-term investments

114,160

73,186

Receivables, net of allowance for credit losses of $2 as of November 30, 2025 and August 31,

2025

20,791

17,400

Merchandise inventories

618,848

560,730

Prepaid expenses and other current assets

83,189

71,059

Total current assets

1,052,619

974,460

Long-term restricted cash

33,926

33,206

Property and equipment, net

1,035,967

996,281

Operating lease right-of-use assets, net

119,859

113,479

Goodwill

43,240

43,238

Deferred tax assets

42,008

41,229

Other non-current assets (includes $552 and $701 as of November 30, 2025 and August 31,

2025, respectively, for the fair value of derivative instruments)

66,279

60,375

Investment in unconsolidated affiliates

—

6,889

Total Assets

$ 2,393,898

$ 2,269,157

LIABILITIES AND EQUITY

Current Liabilities:

Short-term borrowings

$ 7,701

$ 12,286

Accounts payable

571,578

506,949

Accrued salaries and benefits

42,327

52,478

Deferred income

44,879

43,061

Income taxes payable

6,086

7,265

Other accrued expenses and other current liabilities (includes $3,340 and $551 as of

November 30, 2025 and August 31, 2025, respectively, for the fair value of

derivative instruments)

71,863

57,627

Operating lease liabilities, current portion

7,868

7,930

Long-term debt, current portion

36,598

38,675

Total current liabilities

788,900

726,271

Deferred tax liability

653

1,100

Long-term income taxes payable, net of current portion

5,079

4,424

Long-term operating lease liabilities

129,268

122,244

Long-term debt, net of current portion

143,735

147,922

Other long-term liabilities (includes $7,269 and $6,196 for the fair value of

derivative instruments and $14,203 and $13,628 for post-employment plans as of

November 30, 2025 and August 31, 2025, respectively)

21,473

19,824

Total Liabilities

1,089,108

1,021,785

Stockholders’ Equity:

Common stock $0.0001 par value, 45,000,000 shares authorized; 32,799,742 and

32,688,047 shares issued and 30,816,360 and 30,745,833 shares outstanding

(net of treasury shares) as of November 30, 2025 and August 31, 2025, respectively

3

3

Additional paid-in capital

535,032

529,354

Accumulated other comprehensive loss

(144,796)

(161,439)

Retained earnings

1,039,592

999,426

Less: treasury stock at cost, 1,983,382 shares as of November 30, 2025 and

1,942,214 shares as of August 31, 2025

(125,041)

(119,972)

Total Stockholders’ Equity

1,304,790

1,247,372

Total Liabilities and Equity

$ 2,393,898

$ 2,269,157

Non–GAAP (Generally Accepted Accounting Principles) Financial Measures

The accompanying Consolidated Financial Statements are presented in accordance with U.S. GAAP (Generally Accepted Accounting Principles). In addition to relevant GAAP measures, we also provide non-GAAP measures including 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. However, 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 and may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

Adjusted EBITDA

Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including interest income and other income (expense), net. The following is a reconciliation of our Net income to Adjusted EBITDA for the periods presented:

Three Months Ended

(Amounts in thousands)

November 30, 2025

November 30, 2024

Net income as reported

$ 40,166

$ 37,428

Adjustments:

Interest expense

4,420

2,695

Provision for income taxes

15,529

13,496

Depreciation and amortization

23,977

20,862

Interest income

(2,949)

(2,220)

Other expense, net (1)

5,761

6,856

Adjusted EBITDA

$ 86,904

$ 79,117

(1) Primarily consists of transaction costs of converting the local currencies into available tradable currencies in some of our countries 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, 2025 and 2024.

Net Merchandise Sales - Constant Currency and Comparable Net Merchandise Sales – Constant Currency

As a multinational enterprise, we are exposed to changes in foreign currency exchange rates. The translation of the operations of our foreign-based entities from their local currencies into U.S. dollars is sensitive to changes in foreign currency exchange rates and can have a significant impact on our reported financial results. We believe that constant currency is a useful measure, indicating the actual growth of our operations. When we use the term "net merchandise sales – constant currency," it means that we have translated current year net merchandise sales at prior year monthly average exchange rates. Net merchandise sales - constant currency results exclude the effects of foreign currency translation. Similarly, when we use the term "comparable net merchandise sales – constant currency," it means that we have translated current year comparable net merchandise sales at prior year monthly average exchange rates. Comparable net merchandise sales – constant currency results exclude the effects of foreign currency translation. Refer to "Management’s Discussion & Analysis – Net Merchandise Sales" and "Management’s Discussion & Analysis – Comparable Net Merchandise Sales" for our quantitative analysis and discussion. Reconciliations between net merchandise sales – constant currency and comparable net merchandise sales - constant currency and the most directly comparable GAAP measures are included below.

Net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:

November 30, 2025

Three Months Ended

(Amounts in thousands, except % growth)

Net merchandise sales

% Growth

Net merchandise sales

$ 1,353,796

10.6 %

Favorable impact of foreign currency exchange

13,816

1.1 %

Net merchandise sales on a constant-currency basis

$ 1,339,980

9.5 %

Comparable net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:

	November 30, 2025
	Thirteen Weeks Ended
	% Growth
Comparable net merchandise sales	8.0 %
Favorable impact of foreign currency exchange	1.1 %
Comparable net merchandise sales on a constant-currency basis	6.9 %

SOURCE PriceSmart, Inc.