1. Costco for Central America and the Caribbean.

2. Sam's Club primarily operating in Latin America.

• General Merchandise & Groceries: A wide array of brand name and private label consumer products, essential goods, fresh produce, prepared foods, and fresh-baked goods sold in warehouse clubs.
• Optical Services: Specialized services including eye exams and sales of prescription eyewear and contact lenses.
• Tire Center Services: Automotive services focused on tire sales, installation, and related maintenance.
• Ancillary Services: Various other complementary services offered within their warehouse clubs.
• Click & Go E-commerce Platform: An online platform facilitating convenient product ordering, curbside pickup, and delivery services for members.
• Membership Program: Provides customers with exclusive access to the company's warehouse clubs and their extensive product and service offerings.

PriceSmart, Inc. (PSMT) primarily sells its products and services to individual consumers and small businesses rather than to other large public companies. As a membership-based warehouse club operator, its major customers fall into the following categories:

1. Individual Consumers/Households: The largest customer segment, consisting of families and individuals who purchase groceries, household goods, electronics, apparel, and other consumer products for personal or family use through their membership.
2. Small Businesses and Entrepreneurs: Business owners, such as restaurant operators, office managers, or small retailers, who buy products in bulk for their operational needs, inventory, or resale.
3. High-Income Consumers and Expatriates: Particularly in its Central American, Caribbean, and Colombian markets, PriceSmart caters to customers seeking U.S.-style brands, products, and a shopping experience that might not be readily available in traditional local retail outlets. This segment often includes higher-income local populations and expatriates.

David Price, Chief Executive Officer

Mr. Price was promoted to Chief Executive Officer effective September 1, 2025. He has been with PriceSmart since July 2017. He previously served as Executive Vice President and Chief Transformation Officer from August 2023 to August 2025, where he was responsible for areas including Information Technology, PriceSmart.com, and Payment Solutions and Services. Prior to that, he was the Executive Vice President and Chief of Staff to the Chairman of the Board and the Company's Interim Chief Executive Officer, Robert Price, from December 2022 to July 2023. David Price is the son of Robert Price, a co-founder of PriceSmart.

Gualberto Hernandez, Executive Vice President and Chief Financial Officer

Mr. Hernandez has served as Executive Vice President and Chief Financial Officer since June 1, 2025. Before joining PriceSmart, he was Vice President Finance & Strategy for Latin America for The Estée Lauder Companies Inc. from January 2016 to June 2025. During his time at Estée Lauder, he also held positions as Vice President and General Manager for Latin America for La Mer (an Estée Lauder Companies' brand) from 2020 to 2023, and Vice President Finance for Emerging Markets from July 2024 to June 2025. Prior to Estée Lauder, Mr. Hernandez served as Chief Operating Officer (Finance and Operations) Latin America for Sephora from November 2013 to January 2016.

Robert E. Price, Executive Chairman of the Board of Directors

Mr. Price has served as Executive Chairman of the Board of Directors of PriceSmart since September 2025, and previously as Chairman since the company's spin-off from Price Enterprises, Inc. in 1997. He also served as Interim Chief Executive Officer from February 2023 to August 2025. Robert E. Price co-founded PriceSmart in 1994 with his father, Sol Price, and James Sinegal. He was a founder of The Price Company, which operated Price Club, and served as its Chief Executive Officer until its merger with Costco Wholesale Corp. in 1993. He was also Chairman of the Board of Price/Costco, Inc. and Price Enterprises.

John D. Hildebrandt, President - Chief Operating Officer

Mr. Hildebrandt has been President and Chief Operating Officer since December 2022. He previously held the role of Executive Vice President and Chief Operating Officer of the Company from May 2022 to December 2022, and served in various Executive Vice President and Chief Operating Officer capacities since February 2010.

Francisco Velasco, Executive Vice President, General Counsel, Chief Ethics & Compliance Office, and Secretary

Mr. Velasco has been Executive Vice President, General Counsel and Secretary at PriceSmart Inc. since July.

PriceSmart (PSMT) faces several key risks due to its business model and geographic footprint:

1. Economic Volatility and Currency Fluctuations in Operating Markets: A significant portion of PriceSmart's operations are in Central America, the Caribbean, and Colombia. These regions can be susceptible to economic downturns, high inflation, and significant currency devaluations, which can reduce consumer purchasing power and negatively impact the company's reported financial results when local currency earnings are converted to U.S. dollars. The company faces substantial exposure to foreign currency risk, with over 90% of its revenue generated in non-USD currencies. Economic uncertainty, including inflation and currency fluctuations, directly impacts consumer spending and, consequently, PriceSmart's sales and profitability.
2. Supply Chain Disruptions and Logistics Challenges: As an international retailer sourcing and distributing goods across multiple countries, PriceSmart is exposed to risks associated with global and regional supply chain disruptions. The company's business heavily relies on its supply chain for sourcing and distributing products. Disruptions in the supply chain and rising commodity costs threaten product availability and pricing, impacting operations.
3. Intense Retail Competition and Evolving Consumer Preferences: PriceSmart operates in a highly competitive retail environment, facing competition from traditional brick-and-mortar retailers, other wholesale clubs, and an increasing number of e-commerce platforms. Some competitors may possess greater resources, buying power, and brand recognition. Shifts in consumer spending habits and preferences toward online shopping may challenge PriceSmart's traditional business model.

The addressable markets for PriceSmart's main products and services across its operational regions are as follows:

Colombia

• The overall retail market in Colombia was valued at approximately $117.48 billion in 2025 and is projected to reach $235.46 billion by 2035.
• The food and grocery retail market in Colombia recorded revenues of $74.5 billion in 2024. The food segment alone constituted $63.3 billion of this market in 2024.
• The e-commerce market in Colombia reached $52 billion in 2024, with projections to grow to $81 billion by 2027. Another estimate places the e-commerce market at $14.4 billion in 2024, growing to $18.6 billion by 2028. Online sales in Colombia also reached $15.5 billion in 2023.
• The online grocery market in Colombia was valued at over $3.01 billion in 2025.

Caribbean

• The packaged food retail business in the Caribbean was valued at $10.2 billion in 2024 and is forecast to grow to $14.2 billion by 2029.
• Total food retail sales in the Caribbean were estimated at $10.48 billion in 2024.
• The Caribbean e-commerce market is valued at approximately $3.2 billion in 2026. Other estimates indicate the market could reach $4.8 billion by 2024 or potentially become a $22 billion industry, though a specific year for the latter figure is not provided.

Central America

• The retail sales value of packaged food in Central America is projected to reach $21.5 billion in 2024, with a forecast to increase to $28.9 billion by 2029.
• The retail sector in El Salvador, a Central American country, was valued at approximately $4.5 billion.
• The e-commerce market in Panama, another Central American country, is projected to grow from $2.64 billion in 2025 to $3.98 billion by 2031.

Expected Drivers of Future Revenue Growth for PriceSmart (PSMT)

• Physical Expansion with New Warehouse Clubs: PriceSmart continues its strategy of disciplined geographic expansion by opening new warehouse clubs in its existing markets. The company plans to increase its total club count from 56 to 60 by the end of 2026. This includes scheduled openings in La Romana, Dominican Republic (May 2026); Montego Bay and South Camp Road, Jamaica (fall and winter 2026); and Ciudad Quesada, Costa Rica (fall 2026), alongside a tenth location in Costa Rica by fall 2026. This physical growth expands PriceSmart's market presence and increases its potential for both merchandise sales and membership acquisition.
• Growth in Membership and Premium Platinum Memberships: A core component of PriceSmart's business model, membership income is a consistent revenue stream. The company has seen steady growth in its overall membership base, with membership accounts increasing by 6.7% to over 2 million in Q1 FY2026. Furthermore, there is a strong focus on "membership premiumization," particularly with the expansion of its Platinum membership tier. Platinum accounts represented 19.3% of the total membership base in Q1 FY2026, a significant increase from 9.3% in Q1 FY2025, contributing to membership fee revenue growth. The company has also implemented annual membership fee increases in most markets, further bolstering this revenue stream.
• Expansion of Omnichannel and Digital Sales: PriceSmart is actively investing in and growing its e-commerce platform, Click & Go, to enhance online ordering, curbside pickup, and delivery services. Total net merchandise sales through digital channels continue to grow, reaching a record high of $89.8 million in Q1 FY2026, representing 6.6% of total net merchandise sales, an increase of 29.4% year-over-year. These investments aim to improve the online platform's interface and support systems, maximizing digital sales and catering to evolving customer preferences.
• Growth of Private Label Offerings: PriceSmart sees significant opportunity in expanding its private label "Member Selection" brand. Private-label sales represented 27.7% of total merchandise sales in Q1 FY2025, an increase of 50 basis points from the prior year. This strategy helps maintain the company's value proposition by offering high-quality goods at competitive prices, which can attract and retain members, and contributes to gross margin improvements.
• Consistent Comparable Net Merchandise Sales Growth: PriceSmart has consistently reported positive comparable net merchandise sales growth, indicating strong performance and customer loyalty within its existing club locations. For example, comparable net merchandise sales increased by 8.0% (or 6.9% in constant currency) in Q1 FY2026. This sustained growth in established clubs reflects effective merchandising, inventory management, and a compelling value proposition that resonates with members.

Share Repurchases

• PriceSmart has had a 3-Year Average Share Buyback Ratio of 0.2.
• The company's buyback yield was reported as -0.45%, which indicates a net issuance if a positive value signifies repurchases.

Share Issuance

• Directors of PriceSmart were granted Restricted Stock Units (RSUs) in February 2026, which vest in full on January 30, 2027, or at the next annual meeting of stockholders.
• These RSU grants were acquired at a price of $0 per share and increased the directors' beneficial ownership.

Capital Expenditures

• PriceSmart's capital expenditures were approximately $113.17 million in fiscal year 2021, $120.66 million in fiscal year 2022, $142.51 million in fiscal year 2023, and $168.55 million in fiscal year 2024 (fiscal year ending August).
• The company had plans to open its tenth warehouse club in Costa Rica (Cartago) and a third in Jamaica (Montego Bay), with anticipated openings in Spring/Summer 2025.
• As of November 30, 2025, PriceSmart operated 56 warehouse clubs, an increase from 54 clubs in operation as of November 30, 2024, indicating ongoing investment in expanding its physical footprint.