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6-K 1 tm2420082d1_6k.htm FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

(Exact name of Registrant as specified in its charter)

Mexican Economic Development, Inc.

(Translation of Registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, Nuevo León 64410
México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether by furnishing the information contained in this

Form, the registrant is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If "Yes" is marked, indicate below the file number assigned to the registrant in

connection with Rule 12g3-2(b): 82-_____________ Pursuant to the requirements of the Securities Exchange Act of 1934, the

SIGNATURES

registrant has duly caused this report to be signed on its behalf of the

undersigned, thereunto duly authorized.

	FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.

	By:	/s/ Martin Felipe Arias Yaniz
	Martin Felipe Arias Yaniz
	Director of Finance and Corporate Development

Date: July, 24, 2024

EX-99.1 2 tm2420082d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

2Q 2024

Results

July 24, 2024

Investor Contact

(52) 818-328-6167

investor@femsa.com.mx

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

comunicacion@femsa.com.mx

femsa.com

July 24, 2024 | Page 1

HIGHLIGHTS

Monterrey, Mexico, July 24, 2024 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2024.

	•	FEMSA: Total Consolidated Revenues grew 12.2% compared to 2Q23.
	•	FEMSA Retail1: Proximity Americas total Revenues increased 8.9% versus 2Q23.
	•	DIGITAL: Spin by OXXO had 7.9 million active users2 representing a 37.0% growth compared to 2Q23 while Spin Premia had 22.8 million active loyalty users2 representing a 44.3% growth compared to 2Q23 and an average tender3 of 36.1%.
	•	COCA-COLA FEMSA: Total volume and revenues grew 7.5% and 13.1%, respectively against 2Q23.

Financial Summary for the Second Quarter 2024

Change vs. comparable period

	Total Revenues						Gross Profit						Income from Operations						Same-Store Sales
	2Q24			YTD24			2Q24			YTD24			2Q24			YTD24			2Q24			YTD24
FEMSA Consolidated		12.2	%		11.6	%		19.1	%		14.9	%		15.8	%		14.9	%
Proximity Americas		8.9	%		11.8	%		17.2	%		18.4	%		7.6	%		9.1	%		4.1	%		6.6	%
Proximity Europe		5.8	%		7.0	%		8.8	%		9.9	%		41.0	%		82.3	%		N.A.			N.A.
Health		(0.4	)%		(1.3	)%		(0.2	)%		(4.4	)%		(14.8	)%		(28.0	)%		(1.1	)%		(0.3	)%
Fuel		16.2	%		14.7	%		12.5	%		7.8	%		24.1	%		13.1	%		15.9	%		14.6	%
Coca-Cola FEMSA		13.1	%		12.7	%		17.2	%		15.0	%		13.8	%		13.0	%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

During the second quarter, we continued to see good momentum and strong performance from our core business units. Once again, most of our operations, including the two that contribute most to our results, delivered solid numbers. Proximity Americas saw a deceleration in the pace of same-store sales growth in Mexico against a tough comparison base, due in part to a shift in the timing of Holy Week celebrations, volatile weather, and the restriction of alcohol sales ahead of the national election, but offset by stellar gross margin and solid store expansion. Despite a challenging expense environment, Proximity Americas generated solid growth in operating income. For its part, Coca-Cola FEMSA delivered a remarkable set of numbers showing double-digit increases across its own income statement, driven once again by strong volume and revenue growth in its major markets.

We continued to see good results at Valora and OXXO Gas, with both businesses delivering double-digit growth in operating income. However, at our Health division we again faced competitive headwinds in Mexico offset by a stable performance in Chile and continued solid results in Colombia retail, and we are laser-focused with our plans to change the trajectory in Mexico to bring it in line with the positive dynamics we see elsewhere at FEMSA. Finally, at Digital, we continued to add users and advance towards our ecosystem objectives.

During the quarter, we also made strides on the execution of our capital allocation framework, actively utilizing both the dividend and share buyback levers to return capital to shareholders. And in early July, we received the remaining payments for the divestiture of our stake in Jetro Restaurant Depot, and we signed agreements to divest our refrigeration and foodservice equipment operations, as we continue to act on our stated objectives.

I want to thank our entire team for yet another quarter of excellent effort and results. We are maintaining the push into the second half of the year, confident that we can further maintain our positive momentum.

1  FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.

2  Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.

    Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.

3 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

July 24, 2024 | Page 2

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

2Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	2Q24	2Q23	Var.
Total Revenues	198,745	177,169	12.2	%
Gross Profit	82,440	69,204	19.1	%
Gross Profit Margin (%)	41.5	39.1	240	bps
Income from Operations	17,626	15,216	15.8	%
Operating Margin (%)	8.9	8.6	30	bps
Adjusted EBITDA2	28,614	24,525	16.7	%
EBITDA Margin (%)	14.4	13.8	60	bps
Net Income	15,669	8,926	75.5	%

Net Debt ex-KOF1

Amounts expressed in millions of Mexican Pesos (Ps.)

As of June 30, 2024	Ps.			US$3
Cash and Investments		131,153			7,182
Financial Debt		68,946			3,776
Lease Liabilities		98,226			5,379
Net debt		36,020			1,972
ND / Adjusted EBITDA		0.64	x		-

Total revenues increased 12.2% in 2Q24 compared to 2Q23, driven by growth across most of our business units and despite Holy week holidays having occurred in 2Q23 vs. in 2Q24, and volatile weather conditions.

Gross profit increased 19.1%. Gross margin increased 240 basis points, mainly reflecting margin expansions in Proximity Americas, Proximity Europe and Coca-Cola Femsa; and stable margins in FEMSA’s Health and Fuel operations.

Income from operations increased 15.8% mainly driven by growth in most of our business units, which was partially offset by a decrease in the Health division. The consolidated operating margin was 8.9% as a percentage of total sales, an expansion of 30 basis points, mainly explained by an expansion in the Proximity Europe division and stable margins in Proximity Americas, Coca-Cola FEMSA, and Fuel operations.

Our effective income tax rate was 29.6% in 2Q24 compared to 28.9% in 2Q23. Our income tax provision was Ps. 6,555 million in 2Q24.

Net consolidated income was Ps. 15,669 million, compared to Ps. 8,926 million in 2Q23, increasing 75.5%, reflecting: i) a non-cash foreign exchange gain of Ps. 6,131 million related to FEMSA’s U.S. dollar-denominated cash position and derivative financial instruments positively impacted by the depreciation of the Mexican peso; ii) a non-operating expense of Ps. 137 million compared to an income of Ps. 9,511 million in the 2Q23, mostly reflecting the divestment of FEMSA’s minority stake in Jetro and dividends received from Heineken in 2023; iii) a higher interest income of Ps. 4,136 million related to an increase in our cash balance; and iv) a higher interest expense of Ps. 5,599 million, compared to Ps. 2,399 million in 2Q23, reflecting a benefit in the 2Q23 from a one-time gain related to the repurchase of debt.

Net majority income was Ps. 3.52 per FEMSA Unit4 and US$1.93 per FEMSA ADS3.

Net Debt / EBITDA. As of June 30, 2024, the cash and investments were Ps. 131,153 million and total debt was Ps. 167,172 million, resulting in a net debt of Ps. 36,019 million. Net Debt / EBITDA ratio ex-KOF was 0.6x.

Capital expenditures amounted Ps. 11,312 million, 5.7% as a percentage of total sales, and an increase of 35.1% compared to the 2Q23, mainly driven by higher investments in Coca-Cola FEMSA and Proximity Americas on ongoing investment initiatives aimed at organic growth and improving our productivity, efficiency, and competitiveness.

1 ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information.

2 Adjusted EBITDA: Operating Income + Depreciation + Amortizations + other non-cash charges.

Adjusted EBITDA ex-KOF: FEMSA Consolidated EBITDA as described above – Coca-Cola FEMSA’s Consolidated EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments.

All Net Debt calculations are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 16 of this document.

3 The exchange rate published by the Federal Reserve Bank of New York for June 30, 2024 was 18.2610 MXN per USD.

4 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

July 24, 2024 | Page 3

PROXIMITY AMERICAS

OXXO (Mexico & Latam1)

2Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

	2Q24	2Q23	Var.
Same-store sales (thousands of Ps.)	1,057.8	1,016.4	4.1	%
Total Revenues	78,526	72,099	8.9	%
Gross Profit	34,627	29,543	17.2	%
Gross Profit Margin (%)	44.1	41.0	310	bps
Income from Operations	7,757	7,211	7.6	%
Income from Operations Margin (%)	9.9	10.0	(10	)bps
Adjusted EBITDA	11,781	10,473	12.5	%
Adjusted EBITDA Margin (%)	14.7	14.5	20	bps

Net Additions

Vs. comparable quarter

Store Base

As of 2Q24 LTM

Same-Store Sales

In thousands of Ps.

Adjusted EBITDA

In millions of Ps.

Total revenues increased 8.9% in 2Q24 compared to 2Q23, reflecting 4.1% average same-store sales for the Proximity Americas Division, driven by 4.7% growth in average customer ticket and a decrease of 0.6% in store traffic. These figures reflect a solid performance given that the Holy Week occurred in the 1Q24 vs. 2Q24, a strong comparison base, volatile weather conditions, and the restriction of alcohol sales ahead of the national election. Categories such as water and candy posted positive results, which were partially offset by a negative mix effects with declines in beer and soft drinks. During the quarter, the OXXO store base in Mexico & Latam expanded by 390 units to reach 1,621 total net store additions for the last twelve months. As of June 30, 2024, Proximity Americas had a total of 23,680 OXXO stores. The decline in net additions in the 2Q24 vs. 2Q23 is mainly related to a stronger start of openings this year than usual and does not reflect a change in the total expected openings in Mexico this year.

Gross profit reached 44.1% of total revenues, reflecting a 310-basis points expansion resulting from higher contribution of financial services and an increase in commercial income, as well as revenue growth management initiatives which contributed to better pricing dynamics.

Income from operations represented 9.9% of total revenues, 10 basis points below 2Q23. Operating expenses increased 20.3% to Ps. 26,870 million, mainly reflecting higher operating expenses as we build our platform in South America, an increase in labor expenses across operations, and our ongoing investments to enhance our commercial capabilities such as market segmentation and product assortment.

1 OXXO Latam: OXXO Colombia, Chile and Peru.

July 24, 2024 | Page 4

PROXIMITY AMERICAS

Other formats

Bara1

Total revenues increased by 36.6% in 2Q24 compared to 2Q23, driven by an average same-store sales increase of 14.7%, driven by strong performance in groceries and home hygiene categories and the addition of 93 net new Bara stores for the last twelve months. During the quarter, the Bara store base expanded by 15 units reaching a total of 389 Bara stores as of June 30, 2024.

Grupo Nós2

Total revenues of OXXO Brazil in 2Q24 grew 88.9%3 year-over-year. This figure reflects the successful evolution and expansion of the OXXO value proposition in the region which resulted in same-store sales growth of 22.0%3, as well as the addition of 179 net new OXXO stores for the last twelve months. During the quarter, the store base expanded by 14 units. As of June 30, 2024, we had a total of 525 OXXO stores.

1 Bara store count and results are not consolidated within the Proximity Americas reported figures.

2 OXXO’s non-consolidated joint-venture with Raízen in Brazil.

3 In local currency, BRL

July 24, 2024 | Page 5

PROXIMITY EUROPE

Valora

2Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	2Q24	2Q23	Var.
Total Revenues	11,466	10,833	5.8	%
Gross Profit	4,964	4,561	8.8	%
Gross Profit Margin (%)	43.3	42.1	120	bps
Income from Operations	445	316	41.0	%
Income from Operations Margin (%)	3.9	2.9	100	bps
Adjusted EBITDA	1,666	1,518	9.7	%
Adjusted EBITDA Margin (%)	14.5	14.0	50	bps

Total revenues increased 5.8% in 2Q24 compared to 2Q23, reflecting robust performance across all countries. This was primarily driven by strong promotional income, and growth in both the retail sales and B2B business; this was partially offset by adverse weather conditions during the quarter. By the end of the period, Proximity Europe had 2,789 points of sale an increase of 17 points of sale in the last twelve months.

Gross profit reached 43.3% of total revenues, reflecting a 120 basis-point expansion driven by a sustained positive performance in the foodservice category and B2B business, a positive price-mix effect, and higher promotional income.

Income from operations represented 3.9% of total revenues, driven by contributions from the foodservice category and B2B business, and proportional increase of operating expenses to sales. Operating expenses rose by 6.4% to Ps. 4,519 million, primarily due to higher costs of rent and labor.

July 24, 2024 | Page 6

HEALTH

2Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

	2Q24	2Q23	Var.
Same-store sales (thousands of Ps.)	1,102.8	1,114.8	(1.1	)%
Total Revenues	18,894	18,962	(0.4	)%
Gross Profit	5,719	5,728	(0.2	)%
Gross Profit Margin (%)	30.3	30.2	10	bps
Income from Operations	775	910	(14.8	)%
Income from Operations Margin (%)	4.1	4.8	(70	)bps
Adjusted EBITDA	1,766	1,934	(8.7	)%
Adjusted EBITDA Margin (%)	9.3	10.2	(90	)bps

Net Additions

Vs. comparable quarter

Locations

As of 2Q24 LTM

Same-Store Sales

In thousands of Ps.

Adjusted EBITDA

In millions of Ps.

Total revenues decreased 0.4% in 2Q24 compared to 2Q23, impacted by several factors such a persistent negative competitive environment in Mexico coupled with a decline in Ecuador, these effects were partially offset by revenue growth in Chile and Colombia. During the quarter, the store base increased by 56 units reaching a total of 4,496 locations across our territories, as of June 30, 2024. This figure reflects the addition of 229 net new locations in the last twelve months. Same-store sales decreased by an average of 1.1%, reflecting the trends described above.

Gross profit was 30.3% of total revenues, stable year on year, reflecting higher retail sales in our operation in Colombia, and increased promotional activities in our operations in South America. These was partially offset by lower sales in Mexico and Ecuador.

Income from operations amounted to 4.1% of total revenues, resulting in a decline of 14.8%, which represents a sequential improvement compared to the 40% decline in the 1Q24, mainly explained by income from operations growth in Colombia and stable results in Chile, which were offset by declines in Mexico and Ecuador. Operating expenses increased 2.6% to Ps. 4,954 million, explained by expenses incurred from strategic adjustments to our value proposition in Mexico and the expansion of stores in Colombia, which were partially offset by tight expense control.

July 24, 2024 | Page 7

FUEL

2Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-station sales

	2Q24	2Q23	Var.
Same-station sales (thousands of Ps.)	8,643.9	7,457.6	15.9	%
Total Revenues	16,796	14,455	16.2	%
Gross Profit	1,954	1,736	12.5	%
Gross Profit Margin (%)	11.6	12.0	(40	)bps
Income from Operations	704	567	24.1	%
Income from Operations Margin (%)	4.2	3.9	30	bps
Adjusted EBITDA	1,026	861	19.2	%
Adjusted EBITDA Margin (%)	6.1	6.0	10	bps

Net Additions

Vs. comparable quarter

Service Station Base

As of 2Q24 LTM

Same-Station Sales

In thousands of Ps.

Adjusted EBITDA

In millions of Ps.

Total revenues increased 16.2% in 2Q24 compared to 2Q23, reflecting a 15.9% average same-station sales increase, driven by 10.0% growth in average volume and 5.4% increase in the average price per liter. These results were driven by a higher volume of retail and institutional sales, coupled with pricing strategies implemented during the quarter. The OXXO Gas retail network had 570 points of sale as of June 30, 2024.

Gross profit was 11.6% of total revenues compared to 12.0% in 2Q23, mainly reflecting our revenue growth management initiatives and higher revenues from our institutional sales.

Income from operations accounted for 4.2% of total revenues. Operating expenses increased 1.9% to Ps. 1,191 million driven by effective expense control and favorable operating leverage.

July 24, 2024 | Page 8

FEMSA Retail Operations Summary

Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago)

	2Q24
Proximity Americas
OXXO1	8.9	%
Mexico	8.5	%
OXXO Latam2	25.3	%

Other Proximity Americas formats
Bara	36.6	%
OXXO Brazil3	88.9	%

Proximity Europe4	12.6	%
OXXO Gas	17.6	%

FEMSA Health5
Chile	5.9	%
Colombia	(3.3	)%
Ecuador	(12.5	)%
Mexico	(5.0	)%

1	OXXO Consolidated figures shown in MXN including currency effects.
2	Includes OXXO Colombia, Chile and Peru.
3	Operated through Grupo Nós, our joint-venture with Raízen.
4	Local currency (CHF).
5	FEMSA Health Include franchised stores in Ecuador.

Total Unit Growth (% vs year ago)

	2Q24
Proximity Americas
OXXO	7.3	%
Mexico	5.9	%
OXXO Latam1	52.5	%

Other Proximity Americas formats
Bara	31.4	%
OXXO Brazil2	51.7	%

Proximity Europe3	0.6	%
OXXO Gas	0.0	%

FEMSA Health
Chile	3.9	%
Colombia	12.1	%
Ecuador	1.8	%
Mexico	5.1	%

1	Includes OXXO Colombia, Chile and Perú.
2	Operated through Grupo Nós, our joint-venture with Raízen.
3	Includes company owned and franchised units.

Same-Store Sales

	2Q24
Proximity Americas
OXXO1	4.1	%
Mexico	4.2	%
OXXO Latam2	0.1	%

Other Proximity Americas formats
Bara	14,7	%
OXXO Brazil3	22.0	%

Proximity Europe4	N.A.
OXXO Gas	15.9	%

FEMSA Health5
Chile	2.3	%
Colombia	18.3	%
Ecuador	(5.3	)%
Mexico	(4.8	)%

1	OXXO Consolidated figures shown in MXN including currency effects.
2	Includes OXXO Colombia, Chile and Peru.
3	Operated through Grupo Nós, our joint-venture with Raízen.
4	Local currency (CHF).
5	Only includes retail sales. FEMSA Health Include franchised stores in Ecuador.

July 24, 2024 | Page 9

DIGITAL@FEMSA1

Spin by OXXO

Spin by OXXO acquired 0.9 million users during the quarter to reach 11.8 million total users in 2Q24, compared to 7.6 million users in 2Q23. This represents an increase of 56.2% YoY and a 3.8% compound monthly growth rate. Active users2 represented 66.9% of the total acquired user base representing 37.0% growth and reaching 7.9 million. Total transactions per month increased 13.4%3 during the quarter to reach an average of 57.5 million per month in 2Q24, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.1 million users during the quarter to reach 47.2 million total users in 2Q24, compared to 32.7 million users in 2Q23. This represents an increase of 44.1% YoY and a 3.1% compound monthly growth rate. Active users4 represented 48.3% of the total acquired user base representing 44.3% growth and reaching 22.8 million. The average tender5 during the quarter was 36.1%.

COCA-COLA FEMSA

Coca-Cola FEMSA’s financial results and discussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release, which may be accessed by visiting coca-colafemsa.com.

1 Digital@FEMSA’s results are included within the Other business segment

2 Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.

3 Represents the quarter-over-quarter growth of average monthly transactions.

4 Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.

5 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

July 24, 2024 | Page 10

RESULTS FOR THE FIRST SIX MONTHS OF 2024

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

Financial Summary for the First Six Months

Amounts expressed in millions of Mexican Pesos (Ps.)

	2024			2023			Var.
Total Revenues		375,507			336,594			11.6	%
Gross Profit		150,779			131,258			14.9	%
Gross Profit Margin (%)		40.2	%		39.0	%		120	bps
Income from Operations		30,582			26,607			14.9	%
Operating Margin (%)		8.1			7.9			20	bps
Adjusted EBITDA1		51,919			45,320			14.6	%
Adjusted EBITDA Margin (%)		13.8			13.5			30	bps
Consolidated Net Income		21,450			59,252			N.S.

Total revenues increased 11.6% reflecting growth across most of our operations.

Gross profit increased 14.9%. Gross margin increased 120 basis points to 40.2% of total revenues, reflecting a gross margin expansion at Proximity Americas, Coca-Cola FEMSA and the Proximity Europe Division. This was partially offset by margin contractions at the Fuel, and Health Divisions.

Income from operations rose by 14.9%. Our consolidated operating margin increased 20 basis points to 8.1% of total revenues, reflecting margin expansion at Proximity Europe, flat margins in Coca-Cola FEMSA and Fuel, partially offset by margin contractions at Health and Proximity Americas.

Our effective income tax rate was 31.9% for the six months of 2024, compared to 29.6% in 2023. Our income tax provision was Ps. 9,936 million for the six months of 2024.

Net consolidated income was Ps. 21,450 million reflecting; i) a challenging comparative base from the first six months of 2023, which included a gain of Ps. 40,606 million from the reclassification of FEMSA’s investment in Heineken to discontinued operations; ii) a non-operating expense of Ps. 624 million compared to an income of Ps. 9,471 million in the 2Q23, mostly reflecting the divestment of FEMSA’s minority stake in Jetro and dividends received from Heineken in 2023; iii) lower interest income of Ps. 6,837 million compared to Ps. 9,862 million in of 2023 attributable to a gain from the purchase of debt of US$1.7 billion during 2023; and iv) a higher interest expense amounting to Ps. 10,271 million compared to Ps. 5,653 in million reflecting a benefit in the 2023 from a one-time gain related to debt repurchase. This was partially offset by a non-cash foreign exchange gain of Ps. 5,008 million related to FEMSA’s U.S. dollar-denominated cash position and financial derivatives positive impacted by the depreciation of the Mexican peso.

Net majority income per FEMSA Unit2 was Ps.4.32 (US$2.37 per ADS).

Capital expenditures amounted to Ps. 18,882 million, an increase of 39.5% compared to 2023, reflecting our store expansion in Proximity Americas and higher investments in core capabilities across our business units.

1 Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

2 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

July 24, 2024 | Page 11

RECENT DEVELOPMENTS

In preparing our consolidated financial statements for the second quarter and six months ended June 30, 2024, we identified that certain transactions related to our non-core discontinued operations (Solistica and AlPunto) were incorrectly classified for the first quarter ended March 31, 2024 and the comparable period in 2023. We have attached to this press release reclassified information for the quarter ended March 31, 2024, that shows the variations from the previously reported information and the 2023 reclassified comparable figures; this can be found on page 23-24. It is important to highlight that these corrections do not impact the consolidated net profit of the Company in either period or the results of the business units which are reported individually for those periods.

No reclassification is required in our audited financial statements for the year ended December 31, 2023, and the information included in this press release for the second quarter and the six months ended June 30, 2024 reflects the correct classification.

On June 10, 2024, FEMSA announced that it has entered into a new derivative instrument in the form of an accelerated share repurchase transaction (“ASR”) to repurchase the Company’s American Depositary Shares (“ADSs”). Under the terms of this new ASR, FEMSA has agreed to repurchase up to USD $600 million of its ADSs. The total number of ADSs ultimately repurchased under this ASR will be based on the daily volume-weighted average price of the Company’s ADSs during the term of the ASR and subject to certain limitations. The final settlement of the ASR is expected to be completed, at the latest, in the fourth quarter of 2024.

Additionally, the Company announces the completion of the ASR announced in March 2024, with the final delivery of the shares repurchased thereunder made on May 28, 2024. The Company repurchased a total of approximately 3.2 million ADSs at an average price of USD $123.27 per ADS, for a total amount of USD $400 million.

·	On July 1, 2024, FEMSA received all remaining amounts related to the divestment of our stake in Jetro Restaurant Depot corresponding to USD $945 million.

On July 8, 2024, FEMSA announced that on June 4, 2024, it made a partial buyback offer in international markets (the “Repurchase Offer”), with respect to debt securities denominated in United States dollars, issued previously by FEMSA, through which it agreed to repurchase debt securities due 2050 for a principal amount of US$ 206.7 million. The settlement of the buyback was carried out on June 20, 2024, and simultaneously FEMSA canceled the total amount of securities repurchase.

On July 17, 2024, FEMSA announced it has reached a definitive agreement with Mill Point Capital LLC, a US based private equity firm, to divest FEMSA’s refrigeration and foodservice equipment operations, Imbera and Torrey, for a total amount of $8,000 million pesos (approximately USD $450 million), on a cash-free, debt-free basis.

This transaction represents an additional step in the continued execution of the FEMSA Forward plan that was communicated in February of 2023. The transaction is subject to regulatory approvals and other customary conditions, and is expected to close by the end of the year.

July 24, 2024 | Page 12

CONFERENCE CALL INFORMATION

Our Second Quarter 2024 Conference Call will be held on: Wednesday, July 24, 2024, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.

Telephone:	Toll Free US:	(866) 580 3963
	International:	+1 (786) 697 3501

Webcast:	https://edge.media-server.com/mmc/p/u8qgeyf5/

Conference ID:	FEMSA

If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-reports/quarterly-results

ABOUT FEMSA

FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on June 30, 2024, which was 18.2610 Mexican pesos per US dollar.

FORWARD-LOOKING STATEMENTS

This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

Ten pages of tables to follow

July 24, 2024 | Page 13

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:													For the six months of:
	2024			% of rev.		2023			% of rev.		% Var.			2024			% of rev.		2023			% of rev.		% Var.
Total revenues		198,745			100.0		177,169			100.0		12.2			375,507			100.0		336,594			100.0		11.6
Cost of sales		116,305			58.5		107,965			60.9		7.7			224,728			59.8		205,336			61.0		9.4
Gross profit		82,440			41.5		69,204			39.1		19.1			150,779			40.2		131,258			39.0		14.9
Administrative expenses		9,476			4.8		9,104			5.1		4.1			17,840			4.8		15,770			4.7		13.1
Selling expenses		55,170			27.8		44,224			25.0		24.7			101,969			27.2		88,369			26.3		15.4
Other operating expenses (income), net (1)		168			0.1		660			0.4		(74.6	)		388			0.1		512			0.2		(24.1	)
Income from operations (2)		17,626			8.9		15,216			8.6		15.8			30,582			8.1		26,607			7.9		14.9
Other non-operating expenses (income)		137					(9,511	)				(101.4	)		624					(9,471	)				(106.6	)
Interest expense		5,599					2,399					133.4			10,271					5,653					81.7
Interest income		4,136					1,546					167.4			6,837					9,862					(30.7	)
Interest expense, net		1,463					852					71.7			3,434					(4,209	)				(181.6	)
Foreign exchange loss (gain)		(6,131	)				6,527					(193.9	)		(5,008	)				9,183					(154.5	)
Other financial expenses (income), net		47					(303	)				(115.4	)		337					8					N.S.
Financing expenses, net		(4,621	)				7,077					(165.3	)		(1,237	)				4,982					(124.8	)
Income before income tax and participation in associates results		22,109					17,649					25.3			31,195					31,096					0.3
Income tax		6,555					5,109					28.3			9,936					9,190					8.1
Participation in associates results (3)		(300	)				(228	)				31.7			(334	)				(424	)				(21.4	)
Continued Operations net income (Loss)		15,255					12,372					23.3			20,925					21,486					(2.6	)
Discontinued Operations net income (Loss)		414					(3,446	)				(112.0	)		525					37,766					(98.6	)
Consolidated net income (Loss)		15,669					8,926					75.5			21,450					59,252					(63.8	)
Net majority income		12,590					6,164					104.3			15,457					54,239					(71.5	)
Net minority income		3,078					2,762					11.5			293					5,013					(94.2	)

Operative Cash Flow & CAPEX	2024		% of rev.		2023		% of rev.		% Var.		2024		% of rev.		2023		% of rev.		% Var.
Income from operations		17,626		8.9		15,216		8.6		15.8		30,582		8.1		26,607		7.9		14.9
Depreciation		7,981		4.0		7,663		4.3		4.1		15,870		4.2		15,286		4.5		3.8
Amortization & other non-cash charges		3,008		1.5		1,646		0.9		82.7		5,466		1.5		3,427		1.0		59.5
Adjusted EBITDA		28,614		14.4		24,525		13.8		16.7		51,919		13.8		45,320		13.5		14.6
CAPEX		11,312		5.7		8,375				35.1		18,882				13,531				39.5

(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.

(2) Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net.

(3) Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.

July 24, 2024 | Page 14

FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

ASSETS	Jun-24		Dec-23		% Inc.
Cash and cash equivalents		121,429		165,112		(26.5	)
Investments		47,995		26,728		79.6
Accounts receivable		39,744		38,863		2.3
Inventories		57,769		58,222		(0.8	)
Other current assets		55,962		41,415		35.1
Current Assets Available for sale		28,373		25,819		9.9
Total current assets		351,272		356,159		(1.4	)
Investments in shares		27,449		26,247		4.6
Property, plant and equipment, net		150,440		141,530		6.3
Right of use		91,340		87,941		3.9
Intangible assets (1)		142,293		143,218		(0.6	)
Other assets		57,623		50,761		13.5
TOTAL ASSETS		820,417		805,856		1.8

LIABILITIES & STOCKHOLDERS’ EQUITY	Jun-24		Dec-23		% Inc.
Bank loans		2,898		2,453		18.1
Current maturities of long-term debt		3,058		8,955		(65.9	)
Interest payable		1,578		1,677		(5.9	)
Current maturities of long-term leases		12,784		12,236		4.5
Operating liabilities		171,260		148,447		15.4
Short term liabilities available for sale		12,848		11,569		11.1
Total current liabilities		204,425		185,337		10.3
Long-term debt (2)		131,542		125,417		4.9
Long-term leases		87,581		83,838		4.5
Laboral obligations		7,554		6,920		9.2
Other liabilities		24,054		25,975		(7.4	)
Total liabilities		455,156		427,487		6.5
Total stockholders’ equity		365,261		378,369		(3.5	)
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY		820,417		805,856		1.8

	June 30, 2024
DEBT MIX (2)	% of Total			Average Rate
Denominated in:
Mexican pesos		54.2	%		9.1	%
U.S. Dollars		26.8	%		3.4	%
Euros		7.1	%		2.6	%
Swiss Francs		0.0	%		0.0	%
Colombian pesos		0.7	%		6.3	%
Argentine pesos		0.3	%		50.8	%
Brazilian reais		10.0	%		9.2	%
Chilean pesos		1.0	%		7.0	%
Total debt		100.0	%		7.2	%

Fixed rate (2)		82.9	%
Variable rate (2)		17.1	%

DEBT MATURITY PROFILE		2024				2025				2026				2027				2028				2029+
% of Total Debt			3.7	%			2.0	%			9.3	%			7.0	%			11.7	%			66.4	%

(1) Includes mainly the intangible assets generated by acquisitions.

(2) Includes the effect of derivative financial instruments on long-term debt.

July 24, 2024 | Page 15

Net Debt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

	Twelve months ended June 30, 2024
	Reported Adj. EBITDA			Adjustments			Adj. EBITDA Ex-KOF3
Proximity Americas & Europe		2,667			-			2,667
Fuel		213			-			213
Health Division		414			-			414
Envoy Solutions		-			-			-
Coca-Cola FEMSA1		2,785			(2,785	)		-
Other2		(405	)		-			(405	)
FEMSA Consolidated		5,674			(2,785	)		2,889

Dividends Received3		-			174			174

FEMSA Consolidated ex-KOF		5,674			(2,611	)		3,063

	As of June 30, 2024
	Reported		Adjustments			Ex-KOF
Cash & Equivalents		7,182		-			7,182
Coca-Cola FEMSA Cash & Equivalents		2,096		(2,096	)		-
Cash & Equivalents		9,278		(2,096	)		7,182

Financial Debt4		3,776		-			3,776
Coca-Cola FEMSA Financial Debt		3,754		(3,754	)		-
Lease Liabilities		5,379		-			5,379
Coca-Cola FEMSA Lease Liabilities		117		(117	)		-
Debt		13,026		(3,871	)		9,155

FEMSA Net Debt		3,748		(1,775	)		1,972

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2024 which was 18.2610 MXN per USD.

1 Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

2 Includes FEMSA Other Businesses (including Bara and Digital@FEMSA), FEMSA corporate expenses and the effects of consolidation adjustments

3 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$164 mm and EUR$8 mm during the last twelve months.

4 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares. 

July 24, 2024 | Page 16

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:						For the six months of:
	2024	% of rev.	2023	% of rev.	% Var.		2024	% of rev.	2023	% of rev.	% Var.
Total revenues	78,526	100.0	72,099	100.0	8.9		148,611	100.0	132,970	100.0	11.8
Cost of sales	43,898	55.9	42,556	59.0	3.2		84,562	56.9	78,881	59.3	7.2
Gross profit	34,627	44.1	29,543	41.0	17.2		64,049	43.1	54,089	40.7	18.4
Administrative expenses	1,916	2.4	1,650	2.3	16.1		3,439	2.3	2,770	2.1	24.2
Selling expenses	24,857	31.7	20,632	28.6	20.5		47,687	32.1	39,577	29.8	20.5
Other operating expenses (income), net	97	0.1	50	0.1	94.6		188	0.1	70	0.1	167.9
Income from operations	7,757	9.9	7,211	10.0	7.6		12,735	8.6	11,672	8.8	9.1
Depreciation	2,989	4.1	3,033	4.2	(1.5	)	5,882	4.2	6,055	4.6	(2.9	)
Amortization & other non-cash charges	1,036	0.8	229	0.3	N.S.		1,893	0.8	443	0.3	N.S.
Adjusted EBITDA	11,781	14.7	10,473	14.5	12.5		20,510	13.6	18,170	13.7	12.9
CAPEX	4,749		3,258		45.8		8,020		5,606		43.0

Information of OXXO Stores
Total stores							23,680		22,059		7.3
Stores Mexico							22,658		21,389		5.9
Stores South America							1,022		670		52.5

Net new convenience stores:
vs. Last quarter	390		444		(12.2	)
Year-to-date	814		601		35.4
Last-twelve-months	1,621		1,391		16.5

Same-store data: (1)
Sales (thousands of pesos)	1,057.8		1,016.4		4.1		1,009.3		946.4		6.6
Traffic (thousands of transactions)	18.8		19.0		(0.6	)	18.2		18.1		0.7
Ticket (pesos)	56.1		53.6		4.7		55.5		52.4		5.9

(1) Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.

July 24, 2024 | Page 17

Proximity Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:										For the six months of:
	2024		% of rev.		2023		% of rev.		% Var.		2024		% of rev.		2023		% of rev.		% Var.
Total revenues	11,466		100.0		10,833		100.0		5.8		22,405		100.0		20,944		100.0		7.0
Cost of sales	6,502		56.7		6,272		57.9		3.7		12,711		56.7		12,120		57.9		4.9
Gross profit	4,964		43.3		4,561		42.1		8.8		9,694		43.3		8,824		42.1		9.9
Administrative expenses	826		7.2		768		7.1		7.6		1,675		7.5		1,520		7.3		10.2
Selling expenses	3,700		32.3		3,503		32.3		5.6		7,220		32.2		6,897		32.9		4.7
Other operating expenses (income), net	(8	)	(0.1	)	(26	)	(0.2	)	(70.9	)	(34	)	(0.2	)	(50	)	(0.2	)	(32.6	)
Income from operations	445		3.9		316		2.9		41.0		833		3.7		457		2.2		82.3
Depreciation	1,108		9.7		1,071		9.9		3.5		1,108		4.9		2,182		10.4		(49.2	)
Amortization & other non-cash charges	112		1.0		131		1.2		(14.2	)	1,395		6.2		207		1.0		N.S.
Adjusted EBITDA	1,666		14.5		1,518		14.0		9.7		3,336		14.9		2,846		13.6		17.2
CAPEX	288				80				N.S.		669				275				143.3

July 24, 2024 | Page 18

Health – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:								For the six months of:
	2024		% of rev.		2023	% of rev.	% Var.		2024	% of rev.	2023	% of rev.	% Var.
Total revenues	18,894		100.0		18,962	100.0	(0.4	)	37,048	100.0	37,536	100.0	(1.3	)
Cost of sales	13,175		69.7		13,234	69.8	(0.4	)	26,103	70.5	26,090	69.5	0.1
Gross profit	5,719		30.3		5,728	30.2	(0.2	)	10,945	29.5	11,446	30.5	(4.4	)
Administrative expenses	1,181		6.2		765	4.0	54.3		2,125	5.7	1,469	3.9	44.7
Selling expenses	3,773		20.0		4,011	21.2	(5.9	)	7,442	20.1	8,032	21.4	(7.3	)
Other operating expenses (income), net	(10	)	(0.1	)	42	0.2	(123.6	)	1	0.0	33	0.1	(96.2	)
Income from operations	775		4.1		910	4.8	(14.8	)	1,376	3.7	1,912	5.1	(28.0	)
Depreciation	720		3.8		767	4.0	(6.1	)	1,532	4.1	1,550	4.1	(1.2	)
Amortization & other non-cash charges	270		1.4		257	1.4	5.2		536	1.4	500	1.3	7.3
Adjusted EBITDA	1,766		9.3		1,934	10.2	(8.7	)	3,445	9.3	3,962	10.6	(13.1	)
CAPEX	391				385		1.5		559		618		(9.5	)

Information of Stores
Total stores									4,496		4,267		5.4
Stores Mexico									1,743		1,659		5.1
Stores South America									2,753		2,608		5.6

Net new stores:
vs. Last quarter	56				81		(30.9	)
Year-to-date	22				161		(86.3	)
Last-twelve-months	229				369		(37.9	)

Same-store data: (1)
Sales (thousands of pesos)	1,102.8				1,114.8		(1.1	)	1,099.8		1,103.1		(0.3	)

(1) Monthly average information per location, considering same locations with more than twelve months of all the operations of the Health Division.

July 24, 2024 | Page 19

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:													For the six months of:
	2024			% of rev.			2023		% of rev.		% Var.			2024			% of rev.			2023		% of rev.		% Var.
Total revenues		16,796			100.0			14,455		100.0		16.2			31,652			100.0			27,595		100.0		14.7
Cost of sales		14,842			88.4			12,719		88.0		16.7			28,018			88.5			24,224		87.8		15.7
Gross profit		1,954			11.6			1,736		12.0		12.5			3,634			11.5			3,371		12.2		7.8
Administrative expenses		53			0.3			68		0.5		(22.7	)		128			0.4			129		0.5		(0.7	)
Selling expenses		1,143			6.8			1,101		7.6		3.9			2,259			7.1			2,151		7.8		5.0
Other operating expenses (income), net		(5	)		(0.0	)		-		-		N.S.			(17	)		(0.1	)		-		-		N.S.
Income from operations		704			4.2			567		3.9		24.1			1,234			3.9			1,091		4.0		13.1
Depreciation		249			1.5			281		1.9		(11.5	)		194			0.6			559		2.0		(65.2	)
Amortization & other non-cash charges		74			0.4			13		0.1		N.S.			438			1.4			30		0.1		N.S.
Adjusted EBITDA		1,026			6.1			861		6.0		19.2			1,866			5.9			1,680		6.1		11.1
CAPEX		86			0.5			44				97.5			94			0.3			68				38.9

Information of OXXO GAS Service Stations
Total stores															570						570				-
Net new convenience stores:
vs. Last quarter		0						0				-
Year-to-date		(1	)					2				N.S
Last-twelve-months		0						1				N.S
Volume (millions of liters) total stations		661						616				7.3
Same-store data: (1)
Sales (thousands of pesos)		8,643.9						7,457.6				15.9			8,218.5						7,169.2				14.6
Traffic (thousands of liters)		396.5						360.4				10.0			382.2						348.1				9.8
Average price per liter		21.8						20.7				5.4			21.5						20.6				4.4

(1) Monthly average information per station, considering same stations with more than twelve months of operations.

July 24, 2024 | Page 20

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:													For the six months of:
	2024		% of rev.		2023			% of rev.			% Var.			2024		% of rev.		2023			% of rev.			% Var.
Total revenues		69,456		100.0		61,428			100.0			13.1			133,685		100.0		118,641			100.0			12.7
Cost of sales		37,495		54.0		34,161			55.6			9.8			73,124		54.7		65,985			55.6			10.8
Gross profit		31,961		46.0		27,267			44.4			17.2			60,561		45.3		52,657			44.4			15.0
Administrative expenses		3,538		5.1		3,521			5.7			0.5			6,703		5.0		6,591			5.6			1.7
Selling expenses		18,096		26.1		15,274			24.9			18.5			34,735		26.0		29,979			25.3			15.9
Other operating expenses (income), net		595		0.9		(89	)		(0.1	)		N.S.			742		0.6		(182	)		(0.2	)		N.S.
Income from operations		9,746		14.0		8,562			13.9			13.8			18,380		13.7		16,269			13.7			13.0
Depreciation		2,657		3.8		2,403			3.9			10.6			5,219		3.9		4,717			4.0			10.6
Amortization & other non-cash charges		1,519		2.2		473			0.8			N.S.			2,349		1.8		944			0.8			148.9
Adjusted EBITDA		13,922		20.0		11,439			18.6			21.7			25,949		19.4		21,930			18.5			18.3
CAPEX		5,410				4,243						27.5			8,733				6,749						29.4

Sales Volumes
(Millions of unit cases)
Mexico and Central America		695.6		63.5		643.3			63.1			8.1			1,275.4		60.6		1,180.7			60.3			8.0
South America		130.8		11.9		135.3			13.3			(3.3	)		271.4		12.9		276.6			14.1			(1.9	)
Brazil		269.4		24.6		240.4			23.6			12.1			557.6		26.5		501.3			25.6			11.2
Total		1,095.8		100.0		1,018.9			100.0			7.5			2,104.4		100.0		1,958.5			100.0			7.5

July 24, 2024 | Page 21

FEMSA Macroeconomic Information

	Inflation						End-of-period Exchange Rates
	2Q 2024			LTM (1) Jun-24			Jun-24				Jun-23
							Per USD		Per MXN		Per USD		Per MXN
Mexico		0.46	%		4.78	%		18.38		1.0000		17.07		1.0000
Colombia		0.65	%		3.96	%		4,148.04		0.0044		4,191.28		0.0041
Brazil		0.70	%		2.46	%		5.56		3.3059		4.82		3.5425
Argentina		6.29	%		80.30	%		912.00		0.0202		256.70		0.0665
Chile		0.74	%		3.88	%		944.34		0.0195		801.66		0.0213
Euro Zone		0.26	%		2.05	%		0.93		19.6711		0.91		18.7056

July 24, 2024 | Page 22

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

	As Reported														Adjusted
	2024			% of rev.		2023			% of rev.			% Var.			2024			% of rev.		2023			% of rev.			% Var.
Total revenues		178,204			100.0		160,107			100.0			11.3			176,334			100.0		159,630			100.0			10.5
Cost of sales		107,980			60.6		96,781			60.4			11.6			108,157			61.3		97,599			61.1			10.8
Gross profit		70,224			39.4		63,326			39.6			10.9			68,178			38.7		62,031			38.9			9.9
Administrative expenses		8,419			4.7		6,636			4.1			26.9			8,348			4.7		6,728			4.2			24.1
Selling expenses		46,773			26.2		44,034			27.5			6.2			46,678			26.5		44,033			27.7			6.0
Other operating expenses (income), net (1)		265			0.1		(256	)		(0.2	)		(203.5	)		216			0.1		(256	)		(0.2	)		(184.6	)
Income from operations (2)		14,767			8.3		12,912			8.1			14.4			12,935			7.3		11,526			7.2			12.2
Other non-operating expenses (income)		2,426					307						690.2			487					228						113.6
Interest expense		4,716					3,574						32.0			4,655					3,268						42.5
Interest income		2,845					8,500						(66.5	)		2,694					8,331						(67.7	)
Interest expense, net		1,871					(4,926	)					(138.0	)		1,961					(5,062	)					(138.7	)
Foreign exchange loss (gain)		1,104					2,547						(56.7	)		1,125					2,655						(57.6	)
Other financial expenses (income), net		291					315						(7.6	)		291					316						(7.9	)
Financing expenses, net		3,266					(2,066	)					(258.1	)		3,376					(2,095	)					(261.2	)
Income before income tax and participation in associates results		9,073					14,671						(38.2	)		9,072					13,393						(32.3	)
Income tax		3,267					4,205						(22.3	)		3,267					4,081						(20.0	)
Participation in associates results (3)		(33	)				(211	)					(84.4	)		(33	)				(195	)					(83.1	)
Continued Operations net income (Loss)		5,774					11,041						(47.7	)		5,774					9,117						(36.7	)
Discontinued Operations net income (Loss)		110					39,288						(99.7	)		110					41,212						(99.7	)
Consolidated net income (Loss)		5,884					50,329						(88.3	)		5,884					50,329						(88.3	)
Net majority income		2,931					48,078						(93.9	)		2,931					48,078						(93.9	)
Net minority income		2,953					2,251						31.2			2,953					2,251						31.2

Operative Cash Flow & CAPEX	2024			% of rev.		2023			% of rev.			% Var.			2024			% of rev.		2023			% of rev.			% Var.
Income from operations		14,767			8.3		12,912			8.1			14.4			12,935			7.3		11,526			7.2			12.2
Depreciation		7,868			4.4		7,757			4.8			1.4			7,868			4.5		7,757			4.9			1.4
Amortization & other non-cash charges		2,415			1.4		1,042			0.7			131.7			2,415			1.4		1,042			0.7			131.7
Adjusted EBITDA		25,049			14.1		21,712			13.6			15.4			23,217			13.2		20,326			12.7			14.2
CAPEX		7,371					5,080						45.1			7,371					5,080						45.1

(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.

(2) Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net.

(3) Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.

July 24, 2024 | Page 23

QUARTERLY RESULTS

Results are compared to the same period of previous year

Reported Financial Summary for the First Quarter 2024

Change vs. comparable period

	Total Revenues			Gross Profit			Income from Operations			Same-Store Sales
	1Q24			1Q24			1Q24			1Q24
FEMSA Consolidated		11.3	%		10.9	%		14.4	%
Proximity Americas		15.1	%		19.9	%		11.5	%		9.7	%
Proximity Europe		8.2	%		11.0	%		175.0	%		N.A.
Health		(2.3	)%		(8.6	)%		(40.0	)%		(0.1	)%
Fuel		13.9	%		6.4	%		1.4	%		6.9	%
Coca-Cola FEMSA		11.2	%		11.7	%		11.6	%

Adjusted Financial Summary for the First Quarter 2024

Change vs. comparable period

	Total Revenues			Gross Profit			Income from Operations			Same-Store Sales
	1Q24			1Q24			1Q24			1Q24
FEMSA Consolidated		10.5	%		9.9	%		12.2	%
Proximity Americas		15.1	%		19.9	%		11.5	%		9.7	%
Proximity Europe		8.2	%		11.0	%		175.0	%		N.A.
Health		(2.3	)%		(8.6	)%		(40.0	)%		(0.1	)%
Fuel		13.9	%		6.4	%		1.4	%		6.9	%
Coca-Cola FEMSA		11.2	%		11.7	%		11.6	%

Reported 1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	1Q24		1Q23		Var.
Total Revenues		178,204		160,107		11.3	%
Income from Operations		14,767		12,912		14.4	%
Operating Margin (%)		8.3		8.1		20	bps
Adjusted EBITDA3		25,049		21,712		15.4	%
EBITDA Margin (%)		14.1		13.6		50	bps
Net Income		5,884		50,329		N.S.

Adjusted 1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	1Q24		1Q23		Var.
Total Revenues		176,334		159,630		10.5	%
Income from Operations		12,935		11,526		12.2	%
Operating Margin (%)		7.3		7.2		10	bps
Adjusted EBITDA3		23,217		20,326		14.2	%
EBITDA Margin (%)		13.2		12.7		50	bps
Net Income		5,884		50,329		N.S.

July 24, 2024 | Page 24

Mexico City, July 19, 2024, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the second quarter of 2024.

SECOND QUARTER HIGHLIGHTS

•

Volume growth 7.5%

•

Revenue growth 13.1%

•

Operating income growth 13.8%

•

Majority net income growth 13.8%

•

Earnings per share1 were Ps. 0.33. (Earnings per unit were Ps. 2.67 and per ADS were Ps. 26.69.)

•

More than half of our customer base are now digital buyers. Completed rollout of Juntos+ v. 4.0 in Mexico and Brazil

FIRST SIX MONTHS HIGHLIGHTS

•

Volume growth 7.5%

•

Revenue growth 12.7%

•

Operating income growth 13.0%

•

Majority net income growth 19.9%

•

Earnings per share1 were Ps. 0.63. (Earnings per unit were Ps. 5.04 and per ADS were Ps. 50.45.)

FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS

Change vs. same period of last year

		Total Revenues				Gross Profit				Operating Income				Majority Net Income
		2Q24		YTD 2024		2Q24		YTD 2024		2Q24		YTD 2024		2Q24		YTD 2024
	Consolidated	13.1	%	12.7	%	17.2	%	15.0	%	13.8	%	13.0	%	13.8	%	19.9	%
As Reported	Mexico & Central America	15.3	%	14.0	%	17.8	%	15.3	%	12.0	%	12.6	%
	South America	9.2	%	10.5	%	16.0	%	14.5	%	19.6	%	13.9	%

	Consolidated	17.9	%	18.0	%	22.0	%	20.4	%	17.5	%	18.1	%
Comparable (2)	Mexico & Central America	15.6	%	14.9	%	18.1	%	16.1	%	12.3	%	13.5	%
	South America	22.3	%	23.3	%	31.4	%	29.7	%	36.3	%	30.7	%

Ian Craig, Coca-Cola FEMSA’s CEO, commented:

"As we close a positive first half of the year, I am encouraged by the progress we are making in implementing a long-term sustainable growth model. For the second quarter, we delivered solid volume growth in Mexico, Central America, and Brazil, achieving double-digit consolidated revenue and operating income growth. We also continued progressing towards becoming our customers’ preferred commercial platform, completing the rollout of Juntos+ version 4.0 in Mexico and Brazil, while beginning its implementation in Guatemala, Panama, and Colombia. This version features advanced analytics and a more user-friendly interface. Now more than half of our total customer base are digital buyers.

Last May, our resilience and ability to respond to challenges was put to the test by the severe flooding that impacted the south of Brazil. I want to take a moment to express our heartfelt support to all of the people affected by this flooding and to recognize the leadership and swift actions taken by our team to ensure the wellbeing of our Brazilian collaborators as well as their families and to provide effective community support while also mitigating operational disruptions.

Looking ahead, our priorities for the year remain clear: continue building on the growth momentum of our core business, take Juntos+ to the next level, continue developing our customer-centric culture, and implementing initiatives to foster a sustainable future.”

	(1)	Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.
	(2)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

Coca-Cola FEMSA Reports 2Q24 Results	Page 2 of 17
July 19, 2024

RECENT DEVELOPMENTS

•

On May 10, 2024, Coca-Cola FEMSA announced the suspension of operations at its Porto Alegre plant, resulting from the floods that impacted the southern state of Rio Grande do Sul in Brazil. The Company, working together with FEMSA, The Coca-Cola Company, and the rest of the Coca-Cola System in Brazil, focused its efforts on providing support and ensuring the safety and wellbeing of its employees and their families, as well as providing support to local communities as the top priority. In addition, the Company implemented initiatives to mitigate operating disruptions, such as sourcing finished product from surrounding territories and setting up alternative sales and distribution networks to serve its customers. The Company has now completed site cleaning and is working towards a gradual reopening of this facility.

•

On July 16, 2024, Coca-Cola FEMSA paid the second installment of the ordinary dividend approved for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million.

•

On July 19, 2024, Coca-Cola FEMSA and FEMSA announced their inclusion in the FTSE4Good Emerging Markets Latin America Index for the ninth consecutive year. This recognition underscores both companies’ sustainability performance.

CONFERENCE CALL INFORMATION

Coca-Cola FEMSA Reports 2Q24 Results	Page 3 of 17
July 19, 2024

CONSOLIDATED SECOND QUARTER RESULTS

	As Reported							Comparable (1)
Expressed in millions of Mexican pesos	2Q 2024		2Q 2023		Δ%			Δ%
Total revenues		69,456		61,428		13.1	%		17.9	%
Gross profit		31,961		27,267		17.2	%		22.0	%
Operating income		9,746		8,562		13.8	%		17.5	%
Adj. EBITDA (2)		13,922		11,439		21.7	%		27.0	%

Volume increased 7.5% to 1,095.8 million unit cases, driven by volume growth in most of our territories, including a strong performance in Mexico, Brazil, Guatemala, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.

Total revenues increased 13.1% to Ps. 69,456 million. This increase was driven mainly by solid volume growth, partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 17.9%.

Gross profit increased 17.2% to Ps. 31,961 million, and gross margin increased 160 basis points to 46.0%. This expansion was driven mainly by our top-line growth, coupled with favorable packaging costs and favorable hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 22.0%

Operating income increased 13.8% to Ps. 9,746 million, and operating margin increased 10 basis points to 14.0%. This resilient margin performance was driven mainly by operating leverage and operating expense efficiencies, offsetting a non-cash operating foreign exchange loss driven by the depreciation of the Mexican Peso, increases in operating expenses such as labor, freight, and maintenance, and non-recurring expenses related to the flooding in the South of Brazil. Excluding currency translation effects, operating income increased 17.5%.

	(1)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
	(2)	Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q24 Results	Page 4 of 17
July 19, 2024

Comprehensive financing result recorded an expense of Ps. 885 million, compared to an expense of Ps. 1,377 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 177 million as compared to a loss of Ps. 437 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real.

In addition, we recognized a gain of Ps. 61 million in financial instruments as compared to a loss of Ps. 68 million as compared to the same period of the previous year related to an increase in the long-term interest rates in Brazil.

These effects were partially offset by higher interest expenses, net, of Ps. 1,157 million as compared to Ps. 935 million in the same period of the previous year, mainly as a result of (i) lower interest income, and (ii) a slight increase in our interest expense.

Additionally, we recorded a lower gain in monetary positions in inflationary subsidiaries as compared to the same period of the previous year.

Income tax as a percentage of income before taxes was 34.9% as compared to 27.2% during the same period of 2023. This increase was driven mainly by inflationary effects, deferred taxes, and the recognition of a one-time effect related to previous acquisitions in Brazil.

Net income attributable to equity holders of the company was Ps. 5,608 million as compared to Ps. 4,926 million during the same period of the previous year. This increase was driven mainly by operating income growth and a decrease in our comprehensive financing result that was partially offset by an increase in our effective tax rate. Earnings per share1 were Ps. 0.33 (Earnings per unit were Ps. 2.67 and per ADS were Ps. 26.69.).

(1)

Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

Coca-Cola FEMSA Reports 2Q24 Results	Page 5 of 17
July 19, 2024

CONSOLIDATED FIRST SIX MONTHS RESULTS

	As Reported							Comparable (1)
Expressed in millions of Mexican pesos	YTD 2024		YTD 2023		Δ%			Δ%
Total revenues		133,685		118,641		12.7	%		18.0	%
Gross profit		60,561		52,657		15.0	%		20.4	%
Operating income		18,380		16,269		13.0	%		18.1	%
Adj. EBITDA (2)		25,949		21,930		18.3	%		24.6	%

Volume increased 7.5% to 2,104.4 million unit cases, driven by volume growth in most of our territories, including a strong performance in Mexico, Brazil, Colombia, Guatemala, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.

Total revenues increased 12.7% to Ps. 133,685 million. This increase was driven mainly by solid volume growth, partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 18.0%.

Gross profit increased 15.0% to Ps. 60,561 million, and gross margin expanded 90 basis points to 45.3%. This gross profit increase was driven mainly by our top-line growth, coupled with favorable packaging costs and hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 20.4%.

Operating income increased 13.0% to Ps. 18,380 million, and operating margin remained flat at 13.7%. This stable margin performance was driven by i) increases in operating expenses such as labor, freight, and maintenance, ii) a tough comparison base that included a non-cash operating foreign exchange gain in Mexico, as compared to a loss during the second quarter of this year, and iii) non-recurring expenses related to the flooding in the South of Brazil. These effects were offset by top-line growth and operating expense efficiencies. Excluding currency translation effects, operating income increased 18.1%.

	(1)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
	(2)	Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q24 Results	Page 6 of 17
July 19, 2024

Comprehensive financing result recorded an expense of Ps. 2,080 million, compared to an expense of Ps. 2,774 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 204 million as compared to a loss of Ps. 1,066 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real during the first six months of 2024.

Additionally, we recorded a gain of Ps. 15 million in financial instruments as compared to a loss of Ps. 15 million as compared to the same period of the previous year.

In addition, we recognized an interest expense of Ps. 3,648 million as compared to an expense of Ps. 3,678 million in the same period of the previous year, mainly as a result of a lower interest expense related to the maturity of a Mexican Peso denominated bond, partially offset by new financing in Mexico and Argentina.

These effects were partially offset by a lower interest income of Ps. 1,307 million as compared to Ps. 1,866 million during the same period of the previous year, mainly as a result of a decrease in interest rates in Brazil and Mexico. Additionally, we recorded a lower gain in monetary positions in inflationary subsidiaries of Ps. 42 million, as compared to a gain of Ps. 120 million during the same period of the previous year.

Income tax as a percentage of income before taxes was 32.9% as compared to 29.6% during the same period of 2023. This increase was driven mainly by inflationary effects and deferred taxes.

Net income attributable to equity holders of the company increased 19.8% to reach Ps. 10,598 million during the first six months of 2024, as compared to Ps. 8,837 million during the same period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. Earnings per share1 were Ps. 0.63 (Earnings per unit were Ps. 5.04 and per ADS were Ps. 50.45.).

(1)

Coca-Cola FEMSA Reports 2Q24 Results	Page 7 of 17
July 19, 2024

MEXICO & CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS

(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)

MEXICO & CENTRAL AMERICA DIVISION RESULTS

	As Reported							Comparable (1)
Expressed in millions of Mexican pesos	2Q 2024		2Q 2023		Δ%			Δ%
Total revenues		45,067		39,088		15.3	%		15.6	%
Gross profit		21,948		18,635		17.8	%		18.1	%
Operating income		7,291		6,509		12.0	%		12.3	%
Adj. EBITDA (2)		9,882		8,229		20.1	%		20.4	%

Volume increased 8.1% driven by growth across our territories in the division. Mexico volumes grew 7.9%, volumes in Guatemala grew 12.6%, and volumes in Central America South grew 6.2%.

Total revenues increased 15.3% to Ps. 45,067 million, driven mainly by volume growth. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. Excluding currency translation effects, total revenues increased 15.6%.

Gross profit increased 17.8% to Ps. 21,948 million, and gross margin expanded 100 basis points to 48.7%. This margin expansion was driven mainly by our top-line growth, favorable packaging costs, and hedging initiatives. These effects were partially offset by an increase in sweetener costs. Excluding currency translation effects, gross profit increased 18.1%.

Operating income increased 12.0% to Ps. 7,291 million, and operating margin contracted 50 basis points to 16.2%. This growth was driven mainly by our top-line growth and expense efficiencies. These effects were partially offset by a non-cash operating foreign exchange loss driven by the depreciation of the Mexican Peso, coupled with increases in operating expenses such as labor, freight, and maintenance. Excluding currency translation effects, operating income increased 12.3%.

	(1)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
	(2)	Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q24 Results	Page 8 of 17
July 19, 2024

SOUTH AMERICA DIVISION SECOND QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

	As Reported							Comparable (1)
Expressed in millions of Mexican pesos	2Q 2024		2Q 2023		Δ%			Δ%
Total revenues		24,389		22,341		9.2	%		22.3	%
Gross profit		10,014		8,632		16.0	%		31.4	%
Operating income		2,455		2,053		19.6	%		36.3	%
Adj. EBITDA (2)		4,040		3,209		25.9	%		46.5	%

Volume increased 6.5%, driven mainly by 12.1% growth in Brazil and 1.0% growth in Colombia. This growth was partially offset by a 9.9% decline in Argentina and a 12.1% decline in Uruguay.

Total revenues increased 9.2% to Ps. 24,389 million. This increase was driven mainly by volume growth, partially offset by unfavorable currency translation effects from most of our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 22.3%.

Gross profit increased 16.0% to Ps. 10,014 million, and gross margin expanded 250 basis points to 41.1%. This increase was driven mainly by our top-line growth, declining packaging costs, and favorable hedging strategies. This growth was partially offset by increases in sweeteners costs and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 31.4%.

Operating income increased 19.6% to Ps. 2,455 million in the second quarter of 2024, resulting in an operating margin expansion of 90 basis points to 10.1%. This increase was driven mainly by operating leverage resulting from top-line growth, partially offset by higher fixed costs and expenses; non-recurring expenses related to the flooding in the South of Brazil; and the top-line contraction from Argentina. Excluding currency translation effects, operating income increased 36.3%.

	(1)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
	(2)	Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q24 Results	Page 9 of 17
July 19, 2024

DEFINITIONS

Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Operating income is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”

Adjusted EBITDA is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”

Earnings per share are equal to “quarterly earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

COMPARABILITY

Our “comparable” term means, with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions, and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to maintain comparability.

Coca-Cola FEMSA Reports 2Q24 Results	Page 10 of 17
July 19, 2024

ABOUT THE COMPANY

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA, S.A.B. de C.V. is the largest franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio to more than 272 million consumers. With over 104,000 employees, the company markets and sells approximately 4 billion unit cases through more than 2.1 million points of sale a year. Operating 56 manufacturing plants and 252 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Index MILA Pacific Alliance, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations encompass certain territories in Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com

ADDITIONAL INFORMATION

All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6 pages of tables to follow)

Coca-Cola FEMSA Reports 2Q24 Results	Page 11 of 17
July 19, 2024

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos (1)

	For the Second Quarter of:																		For the First Six Months of:
	2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(7)			2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(7)
Transactions (million transactions)		6,372.8						5,933.0						7.4	%		7.4	%		12,330.8						11,500.2						7.2	%		7.2	%
Volume (million unit cases)		1,095.8						1,018.9						7.5	%		7.5	%		2,104.4						1,958.5						7.5	%		7.5	%
Average price per unit case		61.89						58.31						6.1	%					61.77						58.70						5.2	%
Net revenues		69,297						61,283						13.1	%					133,359						118,285						12.7	%
Other operating revenues		159						145						9.6	%					326						356						-8.4	%
Total revenues (2)		69,456			100.0	%		61,428			100.0	%		13.1	%		17.9	%		133,685			100.0	%		118,641			100.0	%		12.7	%		18.0	%
Cost of goods sold		37,495			54.0	%		34,161			55.6	%		9.8	%					73,124			54.7	%		65,984			55.6	%		10.8	%
Gross profit		31,961			46.0	%		27,267			44.4	%		17.2	%		22.0	%		60,561			45.3	%		52,657			44.4	%		15.0	%		20.4	%
Operating expenses		21,621			31.1	%		18,796			30.6	%		15.0	%					41,438			31.0	%		36,571			30.8	%		13.3	%
Other operative expenses, net		672			1.0	%		(46	)		NA			NA						864			0.6	%		(78	)		NA			NA
Operative equity method (gain) loss in associates(3)		(78	)		NA			(44	)		NA			77.2	%					(122	)		NA			(105	)		NA			16.1	%
Operating income (5)		9,746			14.0	%		8,562			13.9	%		13.8	%		17.5	%		18,380			13.7	%		16,269			13.7	%		13.0	%		18.1	%
Other non operative expenses, net		63			0.1	%		228			0.4	%		-72.2	%					(27	)		0.0	%		351			0.3	%		-107.6	%
Non Operative equity method (gain) loss in associates (4)		45			0.1	%		31			0.1	%		NA						58			0.0	%		165			0.1	%		NA
Interest expense		1,836						1,769						3.7	%					3,648						3,678						-0.8	%
Interest income		678						834						-18.7	%					1,307						1,866						-29.9	%
Interest expense, net		1,157						935						23.8	%					2,341						1,812						29.2	%
Foreign exchange loss (gain)		(177	)					437						NA						(204	)					1,066						-119.1	%
Loss (gain) on monetary position in inflationary subsidiaries		(34	)					(63	)					-46.0	%					(42	)					(120	)					-64.9	%
Market value (gain) loss on financial instruments		(61	)					68						NA						(15	)					15						NA
Comprehensive financing result		885						1,377						-35.7	%					2,080						2,774						-25.0	%
Income before taxes		8,752						6,926						26.4	%					16,269						12,978						25.4	%
Income taxes		3,044						1,881						61.8	%					5,329						3,860						38.1	%
Result of discontinued operations		-						-						NA						-						-						NA
Consolidated net income		5,709						5,045						13.2	%					10,941						9,118						20.0	%
Net income attributable to equity holders of the company		5,608			8.1	%		4,926			8.0	%		13.8	%		18.7	%		10,598			7.9	%		8,837			7.4	%		19.9	%		26.1	%
Non-controlling interest		101			0.1	%		119			0.2	%		NA						342			0.3	%		281			0.2	%		21.8	%

Adj. EBITDA & CAPEX	2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(7)			2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(7)
Operating income (5)		9,746			14.0	%		8,562			13.9	%		13.8	%		17.5	%		18,380			13.7	%		16,269			13.7	%		13.0	%		18.1	%
Depreciation		2,657						2,397						10.8	%					5,219						4,717						10.7	%
Amortization and other operative non-cash charges		1,519						480						216.7	%					2,349						945						148.7	%
Adj. EBITDA (5)(6)		13,922			20.0	%		11,439			18.6	%		21.7	%		27.0	%		25,949			19.4	%		21,930			18.5	%		18.3	%		24.6	%
CAPEX(8)		5,512						4,252						29.6	%					8,693						6,749						28.8	%

(1)	Except volume and average price per unit case figures.

(2)	Please refer to page 15 and 16 for revenue breakdown.

(3)	Includes equity method in Jugos del Valle and Leão Alimentos, among others.

(4)	Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.

(5)	The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

(6)	Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

(7)	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

(8)	As of June 30, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 9,422 million.

Coca-Cola FEMSA Reports 2Q24 Results
July 19, 2024

Page 12 of 17

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

	For the Second Quarter of:																		For the First Six Months of:
	2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(6)			2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(6)
Transactions (million transactions)		3,565.3						3,303.6						7.9	%		7.9	%		6,584.4						6,130.4						7.4	%		7.4	%
Volume (million unit cases)		695.6						643.3						8.1	%		8.1	%		1,275.4						1,180.7						8.0	%		8.0	%
Average price per unit case		64.48						60.44						6.7	%					64.68						61.40						5.3	%
Net revenues		45,078						39,081												82,922						72,693
Other operating revenues		(11	)					6												(11	)					12
Total Revenues (2)		45,067			100.0	%		39,088			100.0	%		15.3	%		15.6	%		82,911			100.0	%		72,705			100.0	%		14.0	%		14.9	%
Cost of goods sold		23,119			51.3	%		20,452			52.3	%								43,075			52.0	%		38,151			52.5	%
Gross profit		21,947.5			48.7	%		18,635.4			47.7	%		17.8	%		18.1	%		39,835.6			48.0	%		34,554.2			47.5	%		15.3	%		16.1	%
Operating expenses		14,240.6			31.6	%		12,251.8			31.3	%								26,354.4			31.8	%		23,310.5			32.1	%
Other operative expenses, net		478			1.1	%		(101	)		NA									597			0.7	%		(212	)		NA
Operative equity method (gain) loss in associates (3)		(62	)		NA			(24	)		NA									(88	)		NA			(64	)		NA
Operating income (4)		7,291			16.2	%		6,509			16.7	%		12.0	%		12.3	%		12,972			15.6	%		11,520			15.8	%		12.6	%		12.6	%
Depreciation, amortization & other operating non-cash charges		2,591			5.8	%		1,720			4.4	%								4,654			5.6	%		3,415			4.7	%
Adj. EBITDA (4)(5)		9,882			21.9	%		8,229			21.1	%		20.1	%		20.4	%		17,626			21.3	%		14,935			20.5	%		18.0	%		18.0	%

(1)

Except volume and average price per unit case figures.

(2)

Please refer to page 15 and 16 for revenue breakdown.

(3)

Includes equity method in Jugos del Valle, among others.

(4)

The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

(5)

Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

(6)

Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

	For the Second Quarter of:																		For the First Six Months of:
	2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(6)			2024			% of Rev.			2023			% of Rev.			Δ% Reported			Δ% Comparable(6)
Transactions (million transactions)		2,807.5						2,629.4						6.8	%		6.8	%		5,746.4						5,369.8						7.0	%		7.0	%
Volume (million unit cases)		400.2						375.7						6.5	%		6.5	%		829.0						777.9						6.6	%		6.6	%
Average price per unit case		57.39						54.66						5.0	%					57.29						54.60						4.9	%
Net revenues		24,219						22,202												50,437						45,592
Other operating revenues		171						139												337						344
Total Revenues (2)		24,389			100.0	%		22,341			100.0	%		9.2	%		22.3	%		50,774			100.0	%		45,936			100.0	%		10.5	%		23.3	%
Cost of goods sold		14,375			58.9	%		13,709			61.4	%								30,049			59.2	%		27,833			60.6	%
Gross profit		10,014			41.1	%		8,632			38.6	%		16.0	%		31.4	%		20,725			40.8	%		18,103			39.4	%		14.5	%		29.7	%
Operating expenses		7,380			30.3	%		6,544			29.3	%								15,083			29.7	%		13,261			28.9	%
Other operative expenses, net		195			0.8	%		55			0.2	%								267			0.5	%		134			0.3	%
Operative equity method (gain) loss in associates (3)		(16	)		NA			(20	)		NA									(34	)		NA			(41	)		NA
Operating income (4)		2,455.3			10.1	%		2,053.2			9.2	%		19.6	%		36.3	%		5,408.2			10.7	%		4,748.7			10.3	%		13.9	%		30.7	%
Depreciation, amortization & other operating non-cash charges		1,585			6.5	%		1,156			5.2	%								2,915			5.7	%		2,246			4.9	%
Adj. EBITDA (4)(5)		4,040			16.6	%		3,209			14.4	%		25.9	%		46.5	%		8,323			16.4	%		6,995			15.2	%		19.0	%		38.4	%

(1)

Except volume and average price per unit case figures.

(2)

Please refer to page 15 and 16 for revenue breakdown.

(3)

Includes equity method in Leão Alimentos, among others.

(4)

The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

(5)

Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

(6)

Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

Coca-Cola FEMSA Reports 2Q24 Results
July 19, 2024

Page 13 of 17

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets	Jun-24			Dec-23			% Var.
Current Assets
Cash, cash equivalents and marketable securities		38,271			31,060			23	%
Total accounts receivable		16,803			17,749			-5	%
Inventories		12,413			11,880			4	%
Other current assets		7,290			7,049			3	%
Total current assets		74,777			67,738			10	%
Non-Current Assets		-			-
Property, plant and equipment		142,619			133,406			7	%
Accumulated depreciation		(58,855	)		(54,676	)		8	%
Total property, plant and equipment, net		83,764			78,730			6	%
Right of use assets		2,738			2,388			15	%
Investment in shares		9,458			9,246			2	%
Intangible assets and other assets		100,283			101,162			-1	%
Other non-current assets		17,007			14,256			19	%
Total Assets		288,028			273,520			5	%

Liabilities & Equity	Jun-24		Dec-23		% Var.
Current Liabilities
Short-term bank loans and notes payable		622		140		345	%
Suppliers		25,653		27,351		-6	%
Short-term leasing Liabilities		756		752		1	%
Other current liabilities		38,782		26,673		45	%
Total current liabilities		65,813		54,916		20	%
Non-Current Liabilities		-		-
Long-term bank loans and notes payable		67,929		65,074		4	%
Long Term Leasing Liabilities		2,138		1,769		21	%
Other long-term liabilities		17,255		18,056		-4	%
Total liabilities		153,136		139,815		10	%
Equity		-		-
Non-controlling interest		6,751		6,680		1	%
Total controlling interest		128,141		127,025		1	%
Total equity		134,892		133,705		1	%
Total Liabilities and Equity		288,028		273,520		5	%

	June 30, 2024
Debt Mix	% Total Debt (1)			% Interest Rate Floating (1) (2)			Average Rate
Currency
Mexican Pesos		60.9	%		3.7	%		8.8	%
U.S. Dollars		17.1	%		53.2	%		4.6	%
Colombian Pesos		1.3	%		0.0	%		6.3	%
Brazilian Reals		20.0	%		18.8	%		9.2	%
Argentine Pesos		0.7	%		0.0	%		50.8	%
Total Debt		100	%		22.8	%		8.4	%

(1) After giving effect to cross- currency swaps.

(2) Calculated by weighting each year´s outstanding debt balance mix.

Debt Maturity Profile

Financial Ratios	2Q 2024			FY 2023			Δ%
Net debt including effect of hedges (1)(3)		31,218			37,794			-17.4	%
Net debt including effect of hedges / Adj. EBITDA (1)(3)		0.62			0.81
Adj. EBITDA/ Interest expense, net (1)		11.09			11.86
Capitalization (2)		33.8	%		32.8	%

(1) Net debt = total debt - cash

(2) Total debt / (total debt + shareholders' equity)

(3) After giving effect to cross-currency swaps.

Coca-Cola FEMSA Reports 2Q24 Results	Page 14 of 17
July 19, 2024

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

	2Q 2024										2Q 2023										YoY
	Sparkling		Water (1)		Bulk (2)		Stills		Total		Sparkling		Water (1)		Bulk (2)		Stills		Total		Δ %
Mexico		402.3		44.1		108.1		45.0		599.5		375.9		37.0		104.4		38.1		555.5		7.9	%
Guatemala		45.2		2.8		-		2.6		50.5		40.5		2.0		-		2.3		44.8		12.6	%
CAM South		37.4		1.5		1.0		5.7		45.6		34.9		1.7		0.6		5.7		43.0		6.2	%
Mexico and Central America		484.8		48.3		109.1		53.3		695.6		451.3		40.7		105.1		46.2		643.3		8.1	%
Colombia		64.5		9.4		4.0		7.1		85.0		63.9		9.3		3.5		7.5		84.2		1.0	%
Brazil (3)		224.0		18.9		2.4		24.2		269.4		203.5		15.2		2.0		19.7		240.4		12.1	%
Argentina		26.8		4.2		1.7		2.5		35.1		30.0		4.3		1.1		3.6		39.0		-9.9	%
Uruguay		8.7		1.4		-		0.6		10.7		8.8		2.9		-		0.5		12.2		-12.1	%
South America		324.0		33.8		8.1		34.3		400.2		306.1		31.8		6.5		31.2		375.7		6.5	%
TOTAL		808.8		82.2		117.2		87.7		1,095.8		757.5		72.5		111.6		77.4		1,018.9		7.5	%

(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water.

(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

Transactions

	2Q 2024								2Q 2023								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico		2,230.1		297.6		313.2		2,840.9		2,102.2		258.6		268.0		2,628.9		8.1	%
Guatemala		334.4		19.0		27.0		380.4		305.7		15.6		23.6		344.9		10.3	%
CAM South		271.2		15.0		57.9		344.1		255.5		14.2		60.1		329.8		4.3	%
Mexico and Central America		2,835.7		331.5		398.1		3,565.3		2,663.5		288.4		351.7		3,303.6		7.9	%
Colombia		475.2		95.7		58.7		629.6		472.7		98.3		79.4		650.4		-3.2	%
Brazil (3)		1,498.6		163.5		277.3		1,939.4		1,346.4		135.2		223.3		1,704.9		13.8	%
Argentina		138.0		26.1		21.9		185.9		158.4		28.6		31.6		218.5		-14.9	%
Uruguay		42.2		5.5		4.7		52.5		41.4		10.4		3.9		55.6		-5.7	%
South America		2,154.0		290.7		362.7		2,807.5		2,018.8		272.4		338.2		2,629.4		6.8	%
TOTAL		4,989.7		622.2		760.8		6,372.8		4,682.3		560.8		689.9		5,933.0		7.4	%

Revenues

Expressed in million Mexican Pesos	2Q 2024		2Q 2023		Δ %
Mexico		37,474		32,299		16.0	%
Guatemala		3,846		3,316		16.0	%
CAM South		3,746		3,473		7.9	%
Mexico and Central America		45,067		39,088		15.3	%
Colombia		4,785		4,041		18.4	%
Brazil (4)		16,443		15,109		8.8	%
Argentina		2,154		2,220		-3.0	%
Uruguay		1,007		971		3.8	%
South America		24,389		22,341		9.2	%
TOTAL		69,456		61,428		13.1	%

(3) Volume and transactions in Brazil do not include beer

(4) Brazil includes beer revenues of Ps. 1,033.1 million for the second quarter of 2024 and Ps. 1,511.3 million for the same period of the previous year.

(1)	Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

(2)	Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Coca-Cola FEMSA Reports 2Q24 Results	Page 15 of 17
July 19, 2024

COCA-COLA FEMSA

YTD- VOLUME, TRANSACTIONS & REVENUES

Volume

	YTD 2024										YTD 2023										YoY
	Sparkling		Water (1)		Bulk (2)		Stills		Total		Sparkling		Water (1)		Bulk (2)		Stills		Total		Δ %
Mexico		734.7		75.4		197.9		81.8		1,089.8		685.4		63.4		192.0		73.4		1,014.2		7.5	%
Guatemala		86.5		5.1		-		4.8		96.4		75.8		3.6		-		4.6		84.0		14.7	%
CAM South		73.0		3.1		2.0		11.2		89.2		66.5		3.5		1.0		11.3		82.4		8.3	%
Mexico and Central America		894.2		83.6		199.9		97.7		1,275.4		827.8		70.5		193.1		89.3		1,180.7		8.0	%
Colombia		130.5		19.9		8.1		14.7		173.3		125.2		18.1		6.8		14.5		164.6		5.2	%
Brazil (3)		464.1		39.6		5.1		48.7		557.6		421.8		34.6		4.7		40.2		501.3		11.2	%
Argentina		56.2		9.3		3.7		5.5		74.8		65.9		9.8		2.5		8.5		86.7		-13.7	%
Uruguay		18.8		3.3		-		1.3		23.3		19.1		5.0		-		1.1		25.3		-7.7	%
South America		669.6		72.2		16.9		70.3		829.0		632.1		67.5		13.9		64.3		777.9		6.6	%
TOTAL		1,563.8		155.7		216.9		168.0		2,104.4		1,459.8		138.1		207.0		153.6		1,958.5		7.5	%

(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water.

(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

Transactions

	YTD 2024								YTD 2023						YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico		4,097.6		516.5		573.8		5,187.9		3,867.4		449.9		522.7		4,840.0		7.2	%
Guatemala		642.1		34.7		49.9		726.7		573.0		28.9		46.3		648.2		12.1	%
CAM South		527.5		30.2		112.2		669.9		491.2		27.5		123.5		642.2		4.3	%
Mexico and Central America		5,267.2		581.4		735.9		6,584.4		4,931.6		506.3		692.5		6,130.4		7.4	%
Colombia		954.4		204.8		124.2		1,283.4		920.8		189.8		157.0		1,267.7		1.2	%
Brazil (3)		3,059.1		343.6		551.8		3,954.4		2,749.5		305.4		449.5		3,504.4		12.8	%
Argentina		286.6		58.4		48.6		393.6		341.7		63.4		73.0		478.1		-17.7	%
Uruguay		91.0		12.7		11.2		114.9		91.6		18.3		9.6		119.5		-3.9	%
South America		4,391.2		619.4		735.8		5,746.4		4,103.7		577.0		689.1		5,369.8		7.0	%
TOTAL		9,658.3		1,200.8		1,471.6		12,330.8		9,035.2		1,083.3		1,381.6		11,500.2		7.2	%

Revenues

Expressed in million Mexican Pesos	YTD 2024		YTD 2023		Δ %
Mexico		68,328		59,528		14.8	%
Guatemala		7,244		6,333		14.4	%
CAM South		7,338		6,844		7.2	%
Mexico and Central America		82,911		72,705		14.0	%
Colombia		9,668		7,784		24.2	%
Brazil (4)		34,279		31,078		10.3	%
Argentina		4,730		4,975		-4.9	%
Uruguay		2,096		2,098		-0.1	%
South America		50,774		45,936		10.5	%
TOTAL		133,685		118,641		12.7	%

(3) Volume and transactions in Brazil do not include beer

(4) Brazil includes beer revenues of Ps. 2,529.1 million for the first six months of 2024 and Ps. 2,961.0 million for the same period of the previous year.

(1)

(2)

Coca-Cola FEMSA Reports 2Q24 Results	Page 16 of 17
July 19, 2024

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation (1)

	LTM			2Q24			YTD
Mexico		4.78	%		0.59	%		1.38	%
Colombia		6.91	%		1.51	%		3.96	%
Brasil		3.69	%		0.94	%		2.46	%
Argentina		274.07	%		15.59	%		80.30	%
Costa Rica		-0.52	%		0.01	%		0.12	%
Panama		1.19	%		0.42	%		1.09	%
Guatemala		3.25	%		0.69	%		1.19	%
Nicaragua		5.38	%		2.10	%		2.99	%
Uruguay		3.95	%		0.79	%		3.47	%

(1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country.

Average Exchange Rates for each period (2)

	Quarterly Exchange Rate (Local Currency per USD)							Year to Date Exchange Rate (Local Currency per USD)
	2Q24		2Q32		Δ %			YTD 24		YTD 23		Δ %
México		17.21		17.72		-2.9	%		17.10		18.21		-6.1	%
Colombia		3,928.59		4,426.37		-11.2	%		3,924.42		4,592.50		-14.5	%
Brasil		5.22		4.95		5.4	%		5.09		5.07		0.2	%
Argentina		886.47		232.18		281.8	%		860.46		212.30		305.3	%
Costa Rica		516.43		544.44		-5.1	%		516.72		555.87		-7.0	%
Panama		1.00		1.00		-79.8	%		1.00		1.00		-80.3	%
Guatemala		7.77		7.82		-0.6	%		7.79		7.82		-0.4	%
Nicaragua		36.62		36.40		0.6	%		36.62		36.35		0.8	%
Uruguay		38.75		38.61		0.4	%		38.82		38.89		-0.2	%

End-of-period Exchange Rates

	Closing Exchange Rate (Local Currency per USD)							Closing Exchange Rate (Local Currency per USD)
	Jun-24		Jun-23		Δ %			Mar-24		Mar-23		Δ %
México		18.38		17.07		7.6	%		16.68		18.11		-7.9	%
Colombia		4,148.04		4,191.28		-1.0	%		3,842.30		4,627.27		-17.0	%
Brasil		5.56		4.82		15.3	%		5.00		5.08		-1.7	%
Argentina		912.00		256.70		255.3	%		858.00		209.01		310.5	%
Costa Rica		528.80		549.48		-3.8	%		506.60		545.95		-7.2	%
Panama		1.00		1.00		0.0	%		1.00		1.00		0.0	%
Guatemala		7.77		7.85		-1.0	%		7.79		7.80		-0.1	%
Nicaragua		36.62		36.44		0.5	%		36.62		36.35		0.8	%
Uruguay		39.99		37.41		6.9	%		37.55		38.65		-2.8	%

(2) Average exchange rate for each period computed with the average exchange rate of each month.

Coca-Cola FEMSA Reports 2Q24 Results	Page 17 of 17
July 19, 2024