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6-K 1 tm257792d1_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 February 2025

 

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: February, 27, 2025  

 

 

 

EX-99.1 2 tm257792d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

4Q and Full Year 2024

Results

February 27, 2025

 

 

 

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

 

 

 

  February 27, 2025   |  Page 1  

 

HIGHLIGHTS

 

Monterrey, Mexico, February 27, 2025 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter and full year of 2024.

 

· FEMSA: Total Consolidated Revenues grew 12.8% and Income from Operations increased 31.5% compared to 4Q23.

 

· FEMSA Retail1: Proximity Americas total Revenues grew 13.2% and Income from operations increased 18.7% versus 4Q23.

 

· SPIN: Spin by OXXO had 8.6 million active users2 representing 24.9% growth compared to 4Q23 while Spin Premia had 24.6 million active loyalty users2 representing 27.5% growth compared to 4Q23, and an average tender3 of 40.7%.

 

· COCA-COLA FEMSA: Total Revenues and Income from Operations grew 14.3% and 25.0%, respectively against 4Q23.

 

Financial Summary for the Fourth Quarter and Full Year 2024

Change vs. comparable period

 

    Total Revenues     Gross Profit     Income from Operations     Same-Store Sales  
    4Q24     YTD24     4Q24     YTD24     4Q24     YTD24     4Q24     YTD24  
FEMSA Consolidated   12.8 %   11.2 %   16.7 %   15.0 %   31.5 %   19.8 %            
Proximity Americas   13.2 %   10.3 %   19.0 %   17.0 %   18.7 %   11.2 %   3.8 %   4.2 %
Proximity Europe   21.5 %   14.2 %   17.5 %   14.6 %   9.9 %   45.3 %   N.A.     N.A.  
Health   13.3 %   5.8 %   21.2 %   6.9 %   109.7 %   4.6 %   9.4 %   (0.3 %)
Fuel   8.0 %   11.7 %   2.4 %   8.0 %   6.9 %   12.4 %   9.7 %   9.9 %
Coca-Cola FEMSA   14.3 %   14.2 %   16.8 %   16.0 %   25.0 %   17.4 %            

 

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

 

“In the fourth quarter FEMSA delivered a strong close to a strong year, with double-digit growth in revenues, gross profit, and income from operations in most of our business units, driven by the strength of our platform and the effort of our teams, while also reflecting foreign exchange tailwinds from our international operations.

 

The solid trends in the fourth quarter’s top line were complemented by strong margin expansion at our two largest operations, Proximity Americas and Coca-Cola FEMSA, leveraging powerful execution in their core markets. Looking at the full year, margin expansion was achieved not only at Proximity Americas and Coca-Cola FEMSA, but also at Proximity Europe and Fuel.

 

Beyond our operations, during the year we continued to make progress with the remaining steps of FEMSA Forward, including in the execution of our capital allocation framework. In addition to high levels of capital expenditures as we continued to invest in our organic growth opportunities across business units, during 2024, we returned record amounts of capital through a combination of dividends and share repurchases, a process that we intend to accelerate in 2025 and 2026 as we move to maximize the efficiency of our balance sheet.

 

Finally, on the governance front, the Corporate Practices and Nominations Committee of FEMSA’s Board of Directors has formally launched the succession process for the CEO position. Please refer to the Recent Developments section of this release for further details.

 

We begin 2025 facing an increasingly challenging consumer environment in many of our markets, particularly Mexico, but we are confident we have a compelling opportunity set in front of us, a solid strategy to pursue those opportunities, and the best team in the business.”

 

 

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.

 

  February 27, 2025   |  Page 2  

 

FEMSA Forward Update

 

Advancing FEMSA Forward:

Update on our capital allocation framework

 

In line with our FEMSA Forward strategy, on February 15, 2024, we shared FEMSA’s capital allocation framework and plans as approved by our Board of Directors. One year later, we have made important progress executing on these plans and are poised to accelerate the pace during 2025 and 2026.

 

Investing in our core

 

In line with our long range plan we expect to continue to deploy capital in our core organic initiatives to reach our original commitment of around of Ps. 50,000 million per year for 2025 and 2026, with close to Ps. 32,000 million a year of that deployed in Mexico, where we are one of the largest employers (over 260,000 employees), and taxpayers, expecting to pay over Ps. 41,000 million in aggregate income taxes for the period between fiscal 2025 and 2026. We are beginning to see the fruits of these investments in the reported figures for 2024 in the form of continued high hit-rate new store growth, merchandising and segmentation initiatives driving margin expansion, investment in production and market assets at KOF, and investments in both analog and digital capabilities throughout our portfolio that have created attractive returns and quick paybacks.

 

Developing new value capillaries

 

During 2024, we invested a relatively modest amount of approximately USD$385 million in inorganic initiatives, mostly related to the establishment of a beachhead for our proximity operations in the US. We continue to be on the lookout for opportunities that could generate value or add capabilities across our portfolio, maintaining high thresholds for both strategic fit and financial returns within our defined FEMSA Forward core business verticals, and our leverage objective of 2x Ex-KOF Net Leverage target, as we maximize the efficiency of our balance sheet.

 

Capital Returns

 

Having successfully executed the majority of the FEMSA Forward-related divestments, and after accounting for our expected organic and inorganic capital needs, we believe that returning capital to shareholders is a key component of the overall strategy, keeping in mind that all capital allocation actions are guided by the principle of driving intrinsic per share value through both operational and financial decisions.

 

Return of capital initiatives carried out during 2024

 

During 2024 we declared ordinary dividends of Ps. 3.6644 per FEMSAUB unit and Ps. 4.3972 per FEMSAUBD unit (Ps. 43.972 per ADS). We also announced extraordinary dividends of Ps. 2.5672 per FEMSAUB unit and Ps. 3.0804 per FEMSAUBD unit (Ps. 30.804 per ADS). Finally, we repurchased 102,201,323 FEMSAUBD units, representing approximately 2.86% of our total outstanding units as of December 31, 2024. These repurchased shares are currently held in our Treasury and will be proposed for cancellation at the Annual Shareholders’ Meeting on April 11th, 2025. On aggregate these actions returned an amount representing approximately 8.1% of FEMSA’s current market capitalization.

 

  February 27, 2025   |  Page 3  

 

Return of capital initiatives proposed for 2025

 

FEMSA’s Board of Directors has approved to submit to the 2025 Annual Shareholders Meeting the following proposals: i) Increase our ordinary dividends per unit by 4.2% compared to 2024, in line with Mexican inflation, or Ps. 3.8190 per FEMSAUB unit and Ps. 4.5826 per FEMSAUBD unit (Ps. 45.826 per ADS), to be paid in four quarterly installments beginning in April of 2025; ii) pay an additional extraordinary dividend of Ps. 8.4240 per FEMSAUB unit and Ps. 10.1084 per FEMSAUBD unit (Ps. 101.084 per ADS), over and above the approved ordinary dividends, to be disbursed in four quarterly installments on the same dates as the ordinary dividends; and iii) allocate to share repurchases an amount representing approximately 2.9% of FEMSA’s current market capitalization. These actions represent an aggregate amount of approximately 10.4% of FEMSA’s current market capitalization.

 

Considerations on capital initiatives for 2026

 

During 2026, assuming no extraordinary circumstances beyond our control, we plan to announce a minimum additional capital return representing approximately 4.2% of FEMSA’s current market capitalization, over and above the approved ordinary dividends for that year. Based on our cash flow generation and planned capital deployment during 2025 and 2026, we would expect to substantially advance towards our objective ex-KOF leverage ratio of 2x, maximizing the efficiency of our balance sheet.

 

  February 27, 2025   |  Page 4  

 

QUARTERLY RESULTS

Results are compared to the same period of previous year

 

FEMSA CONSOLIDATED  

 

4Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    4Q24     4Q23     Var.     Org.  
Total Revenues     208,311       184,732       12.8 %     10.8 %
Gross Profit     90,906       77,915       16.7 %        
Gross Profit Margin (%)     43.6       42.2       140bps        
Income from Operations     22,634       17,216       31.5 %     31.5 %
Operating Margin (%)     10.9       9.3       160bps        
Adjusted EBITDA2     34,567       27,462       25.9 %     25.4 %
EBITDA Margin (%)     16.6       14.9       170bps        
Net Income     10,961       6,147       78.3 %        

 

Net Debt ex-KOF1

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As of December 31, 2024   Ps.     US$3  
Cash and Investments     150,267       7,205  
Financial Debt     74,507       3,573  
Lease Liabilities     105,792       5,073  
Net debt     30,031       1,440  
ND / Adjusted EBITDA     0.45 x     -  

 

Total revenues increased 12.8% in 4Q24 compared to 4Q23, driven by growth across all our business units, and reflecting the benefit from favorable exchange rate effects due to the depreciation of the Mexican peso against many of our foreign operating currencies.

 

Gross profit increased 16.7%. Gross margin increased 140 basis points, mainly reflecting margin expansions in Health, Proximity Americas and Coca-Cola FEMSA, offset by contraction in margins in Fuel and Proximity Europe.

 

Income from operations increased 31.5% driven by growth across all our business units. The consolidated operating margin was 10.9% as a percentage of total sales, representing an expansion of 160 basis points, driven by margin expansion at Proximity Americas, Coca-Cola FEMSA, and our Health Division. This was partially offset by a stable margin in Fuel and a margin contraction in Proximity Europe.

 

Our effective income tax rate was 52.9% in 4Q24. Our income tax provision was Ps. 8,769 million in 4Q24, reflecting a combination of one-off factors, such as certain non-deductible non-cash impairment and restructuring charges which reduced pre-tax income, and a structurally higher effective tax rate driven by increased non-deductible expenses, including an increase in the tax-exempt portion of compensation and non-recoverable losses at Spin.

 

Net consolidated income was Ps. 10,961million, compared to Ps. 6,147 million in 4Q23, reflecting: i) a higher non-cash foreign exchange gain of Ps. 2,673 million compared to a loss of Ps. 6,302 million loss in 4Q23 related to our U.S. dollar-denominated cash position positively impacted by the depreciation of the Mexican peso; and ii) a gain in net income from discontinued operations of Ps. 3,339 million compared to a loss of Ps. 3,235 million in 4Q23, which includes a gain of Ps. 4,165 million related to the divestment of Imbera and Torrey.

 

Net majority income was Ps. 1.90 per FEMSA Unit4 and US$0.91 per FEMSA ADS3.

 

Net Debt / EBITDA. As of December 31, 2024, cash and investments were Ps. 150,267 million and total debt was Ps. 180,299 million, resulting in net debt of Ps. 30,480 million. Our Net Debt / EBITDA ratio ex-KOF was 0.45x.

 

Capital expenditures amounted to Ps. 20,694 million, 9.9% as a percentage of total sales, and an increase of 32.0% compared to 4Q23, mainly driven by higher CAPEX at Coca-Cola FEMSA, mainly deployed to increase our production and distribution capacity, and in Proximity Americas, mainly allocated towards new store growth, remodeling and optimization of existing stores, and the development of commercial capabilities to enhance the value proposition and customer experience.

 

 

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 Adjusted EBITDA as described above – Coca-Cola FEMSA’s Consolidated Adjusted 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 December 31, 2024 was 20.8557 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 December 31, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

 

  February 27, 2025   |  Page 5  

 

PROXIMITY AMERICAS

OXXO (Mexico, USA & Latam1)

 

 

4Q24 Financial Summary

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

 

    4Q24     4Q23     Var.     Org.  
Same-store sales (thousands of Ps.)     999.7       963.5       3.8 %        
Total Revenues     80,992       71,530       13.2 %     8.1 %
Gross Profit     38,610       32,452       19.0 %     16.7 %
Gross Profit Margin (%)     47.7       45.4       230bps        
Income from Operations     9,516       8,020       18.7 %     18.7 %
Income from Operations Margin (%)     11.7       11.2       50bps        
Adjusted EBITDA     14,062       11,486       22.4 %     21.4 %
Adjusted EBITDA Margin (%)     17.4       16.1       130bps        

 

 

Total revenues increased 13.2% in 4Q24 compared to 4Q23, reflecting an increase in same-store sales for the Proximity Americas Division, driven by 6.8% growth in average customer ticket and a decrease of 2.8% in store traffic; and the addition of the US operation to the division, which we began consolidating on October 1st, 2024, reflecting a full quarter of results from this operation. These figures reflect a solid performance in a challenging quarter, with mixed results from the Thirst and Gathering consumption occasions, two of the most important for OXXO, with decreases in the beer and groceries categories, which were offset by a positive performance in soft drinks and other hydration beverages. During this period, the OXXO store base in Mexico, USA and Latam expanded by 454 units to reach 1,596 total net store additions for the last twelve months. This includes 249 stores from our acquisition of Delek’s retail operations in the USA. As of December 31, 2024, Proximity Americas had a total of 24,462 OXXO stores.

 

Gross profit reached 47.7% of total revenues, reflecting a 230-basis point expansion driven again by the 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 11.7% of total revenues, and a 50-basis point expansion compared to 4Q23, mainly explained by a higher gross margin, a slower growth rate in South America compared to last year, and a moderate increase in selling expenses reflecting cost containment and efficiency initiatives, as well as more normalized labor expenses. However, this was partially offset by higher operating expenses related to continued investments in commercial capabilities, including segmentation, revenue management, and data analytics.

 

 

1 OXXO Latam: OXXO Colombia, Chile and Peru. 

 

  February 27, 2025   |  Page 6  

 

PROXIMITY AMERICAS

Other formats

 

 

Bara1

 

Total revenues increased by 38.7% in 4Q24 compared to 4Q23, reflecting an average same-store sales increase of 17.4%, driven by strong performance in the grocery, dairy and frozen food categories, as well as the addition of 120 net new Bara stores for the last twelve months. During the quarter, the Bara store base expanded by 63 units reaching a total of 479 Bara stores as of December 31, 2024.

 

Grupo Nós2

 

Total revenues of OXXO Brazil in 4Q24 grew 54.7%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 9.1%3, as well as the addition of 154 net new OXXO stores for the last twelve months. During the quarter, the store base expanded by 30 units. As of December 31, 2024, Grupo Nós had a total of 594 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

 

  February 27, 2025   |  Page 7  

 

PROXIMITY EUROPE

Valora

 

4Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    4Q24     4Q23     Var.  
Total Revenues     13,870       11,415       21.5 %
Gross Profit     6,014       5,120       17.5 %
Gross Profit Margin (%)     43.4       44.9       (150bps )
Income from Operations     653       594       9.9 %
Income from Operations Margin (%)     4.7       5.2       (50bps )
Adjusted EBITDA     2,012       1,845       9.0 %
Adjusted EBITDA Margin (%)     14.5       16.2       (170bps )

 

Total revenues increased 21.5% in 4Q24 compared to 4Q23, reflecting growth in our retail revenue across all countries, supported by commercial capabilities and with a relevant impact from the appreciation of currencies against the Mexican peso. By the end of the period, Proximity Europe had 2,778 points of sale, a decrease of 30 points of sale in the last twelve months.

 

Gross profit reached 43.4% of total revenues, reflecting a 150 basis-point margin contraction explained by changes in mix compared to the same period last year, when foodservice grew ahead of retail sales, and a 17.5% increase compared to 4Q23, as higher sales and promotional income faced a tough comparison base from 4Q23.

 

Income from operations represented 4.7% of total revenues, a 50 basis-point decrease year-on-year, driven by higher operating expenses which rose by 18.4% to Ps. 5,361 million, mainly driven by higher administrative expenses reflecting a challenging comparison base from the results from B2B in 2023.

 

  February 27, 2025   |  Page 8  

 

HEALTH

 

4Q24 Financial Summary

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

 

    4Q24     4Q23     Var.  
Same-store sales (thousands of Ps.)     982.6       898.3       9.4 %
Total Revenues     21,824       19,254       13.3 %
Gross Profit     6,814       5,622       21.2 %
Gross Profit Margin (%)     31.2       29.2       200bps
Income from Operations     1,202       573       109.7 %
Income from Operations Margin (%)     5.5       3.0       250bps
Adjusted EBITDA     2,352       2,262       4.0 %
Adjusted EBITDA Margin (%)     10.8       11.7       (90bps )

 

 

Total revenues increased 13.3% in 4Q24 compared to 4Q23, driven by revenue growth across Colombia, Chile and Ecuador and partially offset by a challenging competitive environment in Mexico. Revenues were aided by the appreciation of currencies against the Mexican peso. During the quarter, the store base increased by 125 units reaching a total of 4,661 locations across our territories, as of December 31, 2024. This figure reflects the addition of 187 net new locations in the last twelve months. Same-store sales increased by an average of 9.4%.

 

Gross profit was 31.2% of total revenues, representing a 200-basis point expansion year on year, reflecting strategic commercial efforts, proactive cost management and higher retail sales in Colombia. Sustained efficiencies were leveraged through our centralized purchasing office, enabling the division to optimize procurement.

 

Income from operations amounted to 5.5% of total revenues, an expansion of 250 basis points, resulting in an increase of 109.7%, mainly explained by a favorable comparison base that included a Ps. 527 million charge for uncollectible accounts in Colombia in 4Q23. Excluding this effect, income from operations would have increased 9.3% year-over-year. This result was supported by growth in Colombia and Ecuador, and stable results in Chile, partially offset by underperformance in Mexico. Operating expenses increased 11.2% to Ps. 5,612 million, explained by higher labor costs, utilities, and store expansion.

 

  February 27, 2025   |  Page 9  

 

FUEL

 

4Q24 Financial Summary

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

 

    4Q24     4Q23     Var.  
Same-station sales (thousands of Ps.)     8,832.4       8,049.5       9.7 %
Total Revenues     16,331       15,121       8.0 %
Gross Profit     2,071       2,022       2.4 %
Gross Profit Margin (%)     12.7       13.4       (70bps )
Income from Operations     745       697       6.9 %
Income from Operations Margin (%)     4.6       4.6       -  
Adjusted EBITDA     1,092       943       15.8 %
Adjusted EBITDA Margin (%)     6.7       6.2       50bps

 

 

Total revenues increased 8.0% in 4Q24 compared to 4Q23, reflecting a 9.7% average same-station sales increase, driven by 4.4% growth in average volume and 5.1% increase in the average price per liter. The OXXO Gas retail network had 571 points of sale as of December 31, 2024.

 

Gross profit was 12.7% of total revenues, representing a 70-basis point contraction year on year, reflecting an increase in the cost of sales and an unfavorable mix due to higher institutional sales compared to retail sales during the quarter, partially offset by cost efficiencies and revenue management initiatives.

 

Income from operations accounted for 4.6% of total revenues. Operating expenses remained flat to Ps. 1,326 million, reflecting strict expense control and positive operating leverage.

 

  February 27, 2025   |  Page 10  

 

 

FEMSA Retail Operations Summary

 

Total Revenue Growth (% vs year ago)

 

      4Q24  
Proximity Americas        
OXXO1     8.1 %
Mexico     7.8 %
OXXO Latam2     38.2 %
         
Other Proximity Americas formats        
Bara     38.7 %
OXXO Brazil3     54.7 %
         
Proximity Europe4     5.3 %
OXXO Gas     8.0 %
         
FEMSA Health5     5.6 %
Chile6     6.6 %
Colombia7     10.1 %
Ecuador8     2.3 %
Mexico     (5.1 )%

 

 

1 OXXO Consolidated figures shown in MXN including currency effects.
Excludes OXXO US operations
2 Includes OXXO Colombia, Chile and Peru, figure shown in MXN.
3 Local currency (BRL).
Operated through Grupo Nós, our joint-venture with Raízen.
4 Local currency (CHF).
5 Local currency weighted average.
6 Local currency (CLP).
7 Local currency (COP).
8 Local currency (USD).

 

Total Unit Growth (% vs year ago)

 

      4Q24  
Proximity Americas        
OXXO     7.0 %
Mexico     5.6 %
OXXO Latam1 & USA     40.2 %
         
Other Proximity Americas formats        
Bara     33.4 %
OXXO Brazil2     35.0 %
         
Proximity Europe3     (1.1 )%
OXXO Gas         N.S.  
         
FEMSA Health     4.2 %
Chile     4.9 %
Colombia     16.0 %
Ecuador     3.2 %
Mexico     (1.1 )%

 

 

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

 

      4Q24  
Proximity Americas        
OXXO1     3.8 %
Mexico     3.5 %
OXXO Latam2     12.2 %
         
Other Proximity Americas formats        
Bara     17.4 %
OXXO Brazil3     9.1 %
         
Proximity Europe4     N.A.  
OXXO Gas     9.7 %
         
FEMSA Health5     4.1 %
Chile6     5.1 %
Colombia7     31.2 %
Ecuador8     (1.4 )%
Mexico     (8.3 )%

 

 

1 OXXO Consolidated figures shown in MXN including currency effects.
Excludes OXXO US operations
2 Includes OXXO Colombia, Chile and Peru, figure shown in MXN.
3 Local currency (BRL).
Operated through Grupo Nós, our joint-venture with Raízen.
4 Local currency (CHF).
5 Local currency weighted average.
Only includes retail sales. FEMSA Health Include franchised stores in Ecuador.
6 Local currency (CLP).
7 Local currency (COP).
8 Local currency (USD).

 

  February 27, 2025   |  Page 11  

 

SPIN1  

 

Spin by OXXO

 

Spin by OXXO acquired 0.6 million users during the quarter to reach 13.1 million total users in 4Q24, compared to 9.8 million users in 4Q23. This represents an increase of 32.8% YoY and a 2.4% compound monthly growth rate.

 

Active users2 represented 65.5% of the total acquired user base representing 24.9% growth and reaching 8.6 million. Total transactions per month increased 34.2%3 during the quarter to reach an average of 63.2 million per month in 4Q24, reflecting an increase in user engagement.

 

Spin Premia

 

Spin Premia acquired 2.8 million users during the quarter to reach 52.8 million total users in 4Q24, compared to 40.2 million users in 4Q23. This represents an increase of 31.5% YoY and a 2.3% compound monthly growth rate. Active users4 represented 46.6% of the total acquired user base representing 27.5% growth and reaching 24.6 million. The average tender5 during the quarter was 40.7%.

 

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 growth of average monthly transactions in 4Q24 compared to average monthly transactions in 4Q23.

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.

 

  February 27, 2025   |  Page 12  

 

RESULTS FOR THE FULL YEAR OF 2024

Results are compared to the same period of previous year

 

FEMSA CONSOLIDATED

 

Financial Summary for the Full Year 2024

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    2024     2023     Var.     Org.  
Total Revenues     781,585       702,692       11.2 %     10.7 %
Gross Profit     321,416       279,507       15.0 %        
Gross Profit Margin ()%     41.1 %     39.8 %     130 bps          
Income from Operations     70,668       58,985       19.8 %     19.8 %
Operating Margin ()%     9.0       8.4       60 bps          
Adjusted EBITDA1     115,594       95,864       20.6 %     20.5 %
Adjusted EBITDA Margin ()%     14.8       13.6       120 bps          
Consolidated Net Income     41,687       76,677       N.S.          

 

Total revenues increased 11.2%, reflecting growth across all of our business units.

 

Gross profit increased 15.0%. Gross margin increased by 130 basis points to 41.1% of total revenues, reflecting a gross margin expansion at Proximity Americas, Coca-Cola FEMSA, Health and Proximity Europe Divisions. This was partially offset by a margin contraction at the Fuel Division.

 

Income from operations rose by 19.8%. Our consolidated operating margin increased 60 basis points to 9.0% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, Proximity Americas, and Proximity Europe. This was partially offset by stable margins at Health and Fuel Divisions.

 

Our effective income tax rate was 37.0% for the full year 2024, compared to 22.3% in 2023. Our income tax provision was Ps. 24,661 million for the full year 2024, reflecting a tough comparison base in 2023 when a deferred tax asset was booked, reducing tax expenses. Additionally, the increase was driven by a combination of one-offs such as a higher marginal rate at KOF, non-recoverable tax losses from our Spin business, and impairment charges in OXXO Chile and Health Mexico; as well as a structurally higher effective tax rate due to increased non-deductible expenses, 60% of which are primarily payroll related.

 

Net consolidated income was Ps. 41,687 million reflecting a decline of 45.6% compared to 2023 explained by; i) a challenging comparative base from full year 2023, which included the reclassification of FEMSA’s investment in Heineken to discontinued operations and subsequent sale; ii) a lower interest income of Ps. 11,910 million compared to Ps. 17,609 million in of 2023 attributable a gain from the purchase of US$1.7 billion of debt during 2023; and iii) a higher interest expense amounting to Ps. 20,002 million compared to Ps. 14,916 million, net of interest gains, reflecting a tough comparison base from gains on derivative instruments in 2023. This was partially offset by a non-cash foreign exchange gain of Ps. 11,929 million related to FEMSA’s U.S. dollar-denominated cash position positive impacted by the depreciation of the Mexican peso.

 

Net majority income per FEMSA Unit2 was Ps. 7.88 (US$3.78 per ADS).

 

Capital expenditures amounted to Ps. 51,074 million, an increase of 31.1% compared to 2023, reflecting higher CAPEX in Coca-Cola FEMSA to increase our production and distribution capacity, 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 December 31, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

 

  February 27, 2025   |  Page 13  

 

RECENT DEVELOPMENTS

 

As previously anticipated, during this year of 2025 the Company plans to carry out the succession of José Antonio Fernández Carbajal, who holds the position of acting CEO on an interim basis.

 

Since late last year, the Corporate Practices and Nominations Committee of FEMSA’s Board of Directors (“CPNC”) has been diligently working on designing and developing the actions required for this important process.

 

During the Board meeting held yesterday, this Committee recommended the creation of a Special Committee of the Board to oversee this process throughout this year. The Board approved this recommendation:

 

The Special Committee will be chaired by Ricardo Saldívar, Chairman of the CPNC,

 

The Committee will include all the other members of the CPNC: Gibu Thomas, Ricardo Guajardo, and Jaime El Koury.

 

In addition, the following directors will also form part of the Special Committee: Michael Larson, Elane Stock, and Olga González.

 

Upon completion of their evaluation, the Special Committee will submit its recommendation to the Board of Directors. We will communicate the Board’s decision at the appropriate time.

 

In designing this process, as in prior CEO designations, we have adhered to the highest corporate standards. We have engaged a leading global firm with extensive experience in such processes, along with other advisors from various specialties.

 

On January 27, 2025, FEMSA announced that Daniel Belaúnde, CEO of the Health Division for nearly a decade, decided to close his professional cycle at FEMSA. This was mutually agreed, and we support his decision. Daniel was key in the growth and positioning of the division, guiding the team to distinguish itself as innovative, resilient, high quality, and with a diverse and inclusive approach.

 

Concurrently, Jacobo Caller, current CEO of the Multiformat Division, will assume the role of CEO of the Health Division and will continue to report to José Antonio Fernández Garza, CEO of FEMSA Proximity and Health. Jacobo has more than 35 years of experience in the retail industry globally, including the pharmacy sector. Since his arrival at FEMSA Proximity & Health, Jacobo has stood out for being a leader with a clear strategic vision, disciplined execution capabilities oriented towards results, and embracing a role as ambassador of our FEMSA culture.

 

In turn, Jaime Longoria, current CEO of OXXO Gas, will assume leadership of the Multiformat Division, reporting directly to José Antonio Fernández Garza, CEO of FEMSA Proximity and Health. Jaime has more than 25 years of experience at FEMSA, standing out for his extensive experience in multiple roles, most recently as CEO of OXXO Gas, where he distinguished himself for the excellent results of the business, and always living the cultural values of FEMSA.

 

For his part, David González, current OXXO GAS Network Director, has been appointed CEO of OXXO GAS and will report to Constantino Spas, CEO of the Americas and Mobility Division. David has more than 12 years of experience within FEMSA, Coca-Cola FEMSA and PTM (our recently divested plastics business).

 

On November 4, 2024, FEMSA announced the successful closing of its previously disclosed divestiture on July 17, 2024, of its refrigeration and foodservice equipment operations, Alpunto (including Imbera and Torrey), to Mill Point Capital LLC, for a total amount of $8,000 million pesos, on a cash-free, debt-free basis.

 

  February 27, 2025   |  Page 14  

 

CONFERENCE CALL INFORMATION

 

Our Fourth Quarter and Full Year 2024 Conference Call will be held on: Thursday, February 27, 2025, 10:00 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/qvjeojz7/
     
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 Spin, 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 Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.

 

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 December 31, 2024, which was 20.8557 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.

 

Nuestros Our consolidated financial statements as of and for the year ended December 31, 2024, are not yet available, and the independent audit of those financial statements is ongoing and has not yet been completed. The unaudited preliminary financial information as of and for the year ended December 31, 2024, presented herein, is preliminary and subject to change as we complete our financial closing procedures and prepare our consolidated financial statements, and as our independent registered public accounting firm completes its audit of such consolidated financial statements. As of the date of this release, our independent registered public accounting firm has not expressed an opinion or any other form of assurance on any financial information as of or for the year ended December 31, 2024, or on our internal control over financial reporting as of December 31, 2024. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notes providing additional disclosures.

 

Ten pages of tables to follow

 

  February 27, 2025   |  Page 15  

 

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:     For the twelve months of:  
    2024     %
of rev.
    2023     %
of rev.
    % Var.     % Org.(A)     2024     %
of rev.
    2023     %
of rev.
    % Var.     % Org. (A)  
Total revenues     208,311     100.0     184,732     100.0     12.8     10.8     781,585     100.0     702,692     100.0     11.2     10.7  
Cost of sales     117,405     56.4     106,817     57.8     9.9           460,168     58.9     423,185     60.2     8.7        
Gross profit     90,906     43.6     77,915     42.2     16.7           321,417     41.1     279,507     39.8     15.0        
Administrative expenses     11,593     5.6     8,529     4.6     35.9           39,091     5.0     32,307     4.6     21.0        
Selling expenses     57,039     27.4     52,741     28.6     8.1           211,864     27.1     188,732     26.9     12.3        
Other operating expenses (income), net (1)     (361 )   (0.2 )   (571 )   9.3     (36.8 )         (206 )   (0.0 )   (517 )   (0.1 )   (60.2 )      
Income from operations (2)     22,634     10.9     17,216     9.3     31.5     31.5     70,668     9.0     58,985     8.4     19.8     19.8  
Other non-operating expenses (income)     5,199           2,974           74.8           5,864           (6,568 )         (189.3 )      
Interest expense     5,237           6,232           (16.0 )         20,002           14,916           34.1        
Interest income     2,813           4,535           (38.0 )         11,910           17,609           (32.4 )      
Interest expense, net     2,424           1,697           42.8           8,092           (2,693 )          N.S.        
Foreign exchange loss (gain)     (2,673 )         6,302           (142.4 )         (11,929 )         9,849            N.S.        
Other financial expenses (income), net     (1,576 )         6,137           (125.7 )         (10,029 )         10,195           (198.4 )      
Financing expenses, net     849           7,834           (89.2 )         (1,937 )         7,502           (125.8 )      
Income before income tax and participation in associates results     16,586           6,408           158.8           66,741           58,051           15.0        
Income tax     8,769           (3,077 )          N.S.           24,661           12,971           90.1        
Participation in associates results (3)     (197 )         (103 )         90.9           (508 )         (641 )         (20.7 )      
Continued Operations net income (Loss)     7,620           9,382           (18.8 )         41,572           44,439           (6.5 )      
Discontinued Operations net income (Loss)     3,339           (3,235 )          N.S.           115           32,238           (99.6 )      
Consolidated net income (Loss)     10,961           6,147           78.3           41,687           76,677           (45.6 )      
Net majority income     6,787           3,077           120.6           28,186           65,689           (57.1 )      
Net minority income     4,174           3,070           36.0           13,501           10,988           22.9        
                                                                           
Operative Cash Flow & CAPEX     2024     %
of rev.
    2023     %
of rev.
    % Var.     % Org.(A)     2024     %
of rev.
    2023     %
of rev.
    % Var.     % Org.(A)  
Income from operations     22,634     10.9     17,216     9.3     31.5     31.5     70,668     9.0     58,985     8.4     19.8     19.8  
Depreciation     9,421     4.5     8,583     4.6     9.8           35,199     4.5     31,378     4.5     12.2        
Amortization & other non-cash charges     2,511     1.2     1,663     0.9     51.0           9,728     1.2     5,501     0.8     76.8        
Adjusted EBITDA     34,567     16.6     27,462     14.9     25.9     25.4     115,594     14.8     95,864     13.6     20.6     20.5  
CAPEX     20,694     9.9     15,679     8.5     32.0           51,074     6.5     38,958     5.5     31.1        

 

 

(A) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

(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.

 

  February 27, 2025   |  Page 16  

 

FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

 

ASSETS   Dec-24     Dec-23     % Inc.  
Cash and cash equivalents     139,834       165,112       (15.3 )
Investments     43,212       26,728       61.7  
Accounts receivable     43,192       38,863       11.1  
Inventories     67,464       58,222       15.9  
Other current assets     34,213       41,415       (17.4 )
Current Assets Available for sale     14,395       25,819       (44.2 )
Total current assets     342,311       356,159       (3.9 )
Investments in shares     29,376       26,247       11.9  
Property, plant and equipment, net     177,397       141,530       25.3  
Right of use     97,984       87,941       11.4  
Intangible assets (1)     146,418       143,218       2.2  
Other assets     58,720       50,761       15.7  
TOTAL ASSETS     852,207       805,856       5.8  

 

LIABILITIES & STOCKHOLDERS’ EQUITY   Dec-24     Dec-23     % Inc.  
Bank loans     3,775       2,453       53.9  
Current maturities of long-term debt     5,278       5,998       (12.0 )
Interest payable     1,802       1,677       7.4  
Current maturities of long-term leases     13,794       12,236       12.7  
Operating liabilities     173,659       148,446       17.0  
Short term liabilities available for sale     6,952       11,569       (39.9 )
Total current liabilities     205,260       182,381       12.5  
Long-term debt (2)     139,151       128,373       8.4  
Long-term leases     94,293       83,837       12.5  
Laboral obligations     8,968       6,920       29.6  
Other liabilities     21,951       25,976       (15.5 )
Total liabilities     469,623       427,487       9.9  
Total stockholders’ equity     382,584       378,369       1.1  
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY     852,207       805,856       5.8  

 

    December 31, 2024  
DEBT MIX (2)   % of Total     Average Rate  
Denominated in:                
       Mexican pesos     52.2 %     9.1 %
       U.S. Dollars     28.2 %     3.4 %
       Euros     7.3 %     2.6 %
       Swiss Francs     0.0 %     0.0 %
       Colombian pesos     1.2 %     8.1 %
       Argentine pesos     0.4 %     50.1 %
       Brazilian reais     9.5 %     9.8 %
       Chilean pesos     1.2 %     6.4 %
Total debt     100.0 %     7.2 %
                 
Fixed rate (2)     82.3 %        
Variable rate (2)     17.7 %        

 

DEBT MATURITY PROFILE   2025     2026     2027     2028     2029     2030+  
% of Total Debt     6.2 %     9.1 %     6.6 %     11.7 %     3.9 %     62.4 %

 

 

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

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

 

  February 27, 2025   |  Page 17  

 

Net Debt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

 

    Twelve months ended December 31, 2024  
    Reported Adj. EBITDA     Adjustments     Adj. EBITDA Ex-KOF3  
Proximity Americas & Europe     2,536       -       2,536  
Fuel     199       -       199  
Health Division     373       -       373  
Envoy Solutions     -       -       -  
Coca-Cola FEMSA1     2,695       (2,695 )     -  
Other2     (260 )     -       (260 )
FEMSA Consolidated     5,543       (2,695 )     2,848  
                         
Dividends Received3     -       327       327  
                         
FEMSA Consolidated ex-KOF     5,543       (2,368 )     3,174  

 

    As of December 31, 2024  
    Reported     Adjustments     Ex-KOF  
Cash & Equivalents     7.184       -       7,184  
Coca-Cola FEMSA Cash & Equivalents     1,572       (1,572 )     -  
Cash & Equivalents     8,777       (1,572 )     7,205  
                         
Financial Debt4     3,572       -       3,572  
Coca-Cola FEMSA Financial Debt     3,534       (3,534 )     -  
Lease Liabilities     5,073       -       5,073  
Coca-Cola FEMSA Lease Liabilities     110       (110 )     -  
Debt     12,289       (3,644 )     8,645  
                         
FEMSA Net Debt     3,512       (2,072 )     1,440  

 

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for December 31, 2024 which was 20.8557 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$317 mm and EUR$8 mm from Heineken during the last twelve months.

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

 

  February 27, 2025   |  Page 18  

 

EPS with Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As Reported

 

Total Shares Outstanding
FEMSA Units Outstanding(1)     3,578,226,270  

 

      YTD       4Q24  
Net majority income     28,186       6,787  
                 
# FEMSA Units Outstanding(1)     3,578,226,270  
                 
EPS (Mxn Ps. / Unit)     7.88       1.90  

 

Proforma

 

Total Shares Excluding Shares in Treasury
FEMSA Units Outstanding(1)     3,476,024,947  

 

Shares in Treasury
FEMSA Units Outstanding(1)     102,201,323  

 

      YTD       4Q24  
Net majority income     28,186       6,787  
                 
# FEMSA Units Outstanding(1)     3,476,024,947  
                 
EPS (Mxn Ps. / Unit)     8.11       1.95  

 

 

(1) FEMSA Units Outstanding consist of FEMSA BD Units and FEMSA B Units. The number of FEMSA Units outstanding is equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

 

  February 27, 2025   |  Page 19  

 

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:     For the twelve months of:  
    2024   2024
Org.(A)
    %
of rev.
    2023     %
of rev.
    % Var.     % Org.(A)     2024     2024
Org.(A)
    %
of rev.
    2023     %
of rev.
    % Var.     % Org.(A)  
Total revenues     80,992     77,320     100.0     71,530     100.0     13.2     8.1     307,197     303,525     100.0     278,520     100.0     10.3     9.0  
Cost of sales     42,381     39,457     52.3     39,078     54.6     8.5           170,204     167,279     55.4     161,458     58.0     5.4        
Gross profit     38,610     37,863     47.7     32,452     45.4     19.0     16.7     136,993     136,245     44.6     117,062     42.0     17.0     16.4  
Administrative expenses     2,756     2,670     3.4     2,006     2.8     37.4           8,642     8,556     2.8     6,514     2.3     32.7        
Selling expenses     26,160     25,589     32.3     22,806     31.9     14.7           98,653     98,082     32.1     84,493     30.3     16.8        
Other operating expenses (income), net     178     84     0.2     (380 )   (0.5 )   (146.9 )         481     386     0.2     (216 )   (0.1 )    N.S.        
Income from operations     9,516     9,521     11.7     8,020     11.2     18.7     18.7     29,216     29,221     9.5     26,271     9.4     11.2     11.2  
Depreciation     2,765     2,639     3.4     3,229     4.5     (14.4 )         13,952     13,826     4.5     12,437     4.5     12.2        
Amortization & other non-cash charges     1,780     1,780     2.2     237     0.3      N.S.           2,474     2,474     0.8     976     0.4     153.4        
Adjusted EBITDA     14,062     13,940     17.4     11,486     16.1     22.4     21.4     45,642     45,521     14.9     39,684     14.2     15.0     14.7  
CAPEX     3,904     3,902     4.8     3,972     5.6     (1.7 )         16,239     16,238     5.3     13,776     5.9     17.9        
                                                                                       
Information of OXXO Stores                                                                                      
Total stores                                               24,462                 22,866           7.0        
Stores Mexico                                               23,206                 21,970           5.6        
Stores South America (1)                                               1,256                 896           40.2        
                                                                                       
Net new convenience stores:                                                                                      
vs. Last quarter     454                 514           (11.7 )                                                
Year-to-date     1,596                 1,408           13.4                                                  
Last-twelve-months     1,596                 1,408           13.4                                                  
                                                                                       
Same-store data: (2)                                                                                      
Sales (thousands of pesos)     999.7                 963.5           3.8           1,010.1                 969.7           4.2        
Traffic (thousands of transactions)     17.2                 17.7           (2.8 )         17.9                 18.1           (1.5 )      
Ticket (pesos)     58.3                 54.6           6.8           56.6                 53.5           5.7        

 

 

(A) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

(1) This includes 249 stores from our acquisition of Delek’s retail operations, in the USA.

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

 

  February 27, 2025   |  Page 20  

 

 

Proximity Europe – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:   For the twelve months of:  
    2024  

%

of rev.

  2023  

%

of rev.

  % Var.   2024  

%

of rev.

  2023  

%

of rev.

  % Var.  
Total revenues     13,870     100.0     11,415     100.0     21.5     49,755     100.0     43,552     100.0     14.2  
Cost of sales     7,856     56.6     6,295     55.1     24.8     28,412     57.1     24,930     57.2     14.0  
Gross profit     6,014     43.4     5,120     44.9     17.5     21,344     42.9     18,622     42.8     14.6  
Administrative expenses     1,198     8.6     896     7.8     33.7     3,793     7.6     3,231     7.4     17.4  
Selling expenses     4,373     31.5     3,955     34.6     10.6     15,748     31.7     14,371     33.0     9.6  
Other operating expenses (income), net     (210 )   (1.5 )   (325 )   (2.8 )   (35.5 )   (231 )   (0.5 )   (379 )   (0.9 )   (39.2 )
Income from operations     653     4.7     594     5.2     9.9     2,033     4.1     1,399     3.2     45.3  
Depreciation     1,312     9.5     1,145     10.0     14.6     4,761     9.6     4,406     10.1     8.0  
Amortization & other non-cash charges     46     0.3     106     0.9     (56.1 )   447     0.9     442     1.0     1.1  
Adjusted EBITDA     2,012     14.5     1,845     16.2     9.0     7,240     14.6     6,247     14.3     15.9  
CAPEX     987           912           8.3     2,270           1,654           37.2  

 

February 27, 2025 | Page 21


 

Health – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:     For the twelve months of:  
    2024    

%

of rev.

    2023    

%

of rev.

    % Var.     2024    

%

of rev.

    2023    

%

of rev.

    % Var.  
Total revenues     21,824       100.0       19,254       100.0       13.3       79,755       100.0       75,358       100.0       5.8  
Cost of sales     15,010       68.8       13,632       70.8       10.1       55,714       69.9       52,859       70.1       5.4  
Gross profit     6,814       31.2       5,622       29.2       21.2       24,041       30.1       22,499       29.9       6.9  
Administrative expenses     1,124       5.1       550       2.9       104.3       4,348       5.5       2,788       3.7       56.0  
Selling expenses     4,436       20.3       4,535       23.6       (2.2 )     16,144       20.2       16,402       21.8       (1.6 )
Other operating expenses (income), net     53       0.2       (36 )     (0.2 )      N.S.       65       0.1       (20 )     (0.0 )      N.S.  
Income from operations     1,202       5.5       573       3.0       109.7       3,483       4.4       3,329       4.4       4.6  
Depreciation     889       4.1       788       4.1       12.8       3,255       4.1       3,099       4.1       5.0  
Amortization & other non-cash charges     262       1.2       901       4.7       (71.0 )     1,048       1.3       1,645       2.2       (36.3 )
Adjusted EBITDA     2,352       10.8       2,262       11.7       4.0       7,786       9.8       8,073       10.7       (3.6 )
CAPEX     746               755               (1.2 )     1,835               1,750               4.8  
                                                                                 
Information of Stores                                                                                
Total stores                                             4,661               4,474               4.2  
Stores Mexico                                             1,739               1,759               (1.1 )
Stores South America                                             2,922               2,715               7.6  
                                                                                 
Net new stores:                                                                                
vs. Last quarter     125               127               (1.6 )                                        
Year-to-date     187               379               (50.7 )                                        
Last-twelve-months     187               379               (50.7 )                                        
                                                                                 
Same-store data: (1)                                                                                
Sales (thousands of pesos)     982.6               898.3               9.4       918.8               921.1               (0.3 )

 

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

 

February 27, 2025 | Page 22


 

Fuel – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:     For the twelve months of:  
    2024    

%

of rev.

    2023    

%

of rev.

    % Var.     2024    

%

of rev.

    2023    

%

of rev.

    % Var.  
Total revenues     16,331       100.0       15,121       100.0       8.0       65,365       100.0       58,499       100.0       11.7  
Cost of sales     14,260       87.3       13,099       86.6       8.9       57,430       87.9       51,155       87.4       12.3  
Gross profit     2,071       12.7       2,022       13.4       2.4       7,935       12.1       7,344       12.6       8.0  
Administrative expenses     109       0.7       100       0.7       8.7       343       0.5       299       0.5       14.8  
Selling expenses     1,202       7.4       1,245       8.2       (3.5 )     4,792       7.3       4,548       7.8       5.4  
Other operating expenses (income), net     15       0.1       (20 )     (0.1 )     (174.9 )     (9 )     (0.0 )     (1 )     (0.0 )      N.S.  
Income from operations     745       4.6       697       4.6       6.9       2,809       4.3       2,498       4.3       12.4  
Depreciation     257       1.6       286       1.9       (10.0 )     1,003       1.5       1,130       1.9       (11.2 )
Amortization& other non-cash charges     90       0.5       (40 )     (0.3 )      N.S.       334       0.5       21       0.0        N.S.  
Adjusted EBITDA     1,092       6.7       943       6.2       15.8       4,146       6.3       3,649       6.2       13.6  
CAPEX     185               70               163.0       398               186               113.5  
                                                                                 
Information of OXXO GAS Service Stations                                                                                
Total stores                                             571               571               -  
Net new convenience stores:                                                                                
vs. Last quarter     2               0                N.S.                                          
Year-to-date     0               3                N.S.                                          
Last-twelve-months     0               3                N.S.                                          
Volume (millions of liters) total stations     666               638               4.4                                          
                                                                                 
Same-store data: (1)                                                                                
Sales (thousands of pesos)     8,832.4               8,049.5               9.7       8,558.4               7,790.8               9.9  
Traffic (thousands of liters)     401.6               384.7               4.4       392.2               374.9               4.6  
Average price per liter     22.0               20.9               5.1       21.8               20.8               5.0  

 

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

 

February 27, 2025 | Page 23


 

Coca-Cola FEMSA – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the fourth quarter of:     For the twelve months of:  
    2024    

%

of rev.

    2023    

%

of rev.

    % Var.     2024    

%

of rev.

    2023    

%

of rev.

    % Var.  
Total revenues     75,528       100.0       66,078       100.0       14.3       279,793       100.0       245,088       100.0       14.2  
Cost of sales     39,936       52.9       35,603       53.9       12.2       151,154       54.0       134,229       54.8       12.6  
Gross profit     35,592       47.1       30,475       46.1       16.8       128,639       46.0       110,860       45.2       16.0  
Administrative expenses     3,620       4.8       3,131       4.7       15.6       13,684       4.9       12,820       5.2       6.7  
Selling expenses     20,161       26.7       17,282       26.2       16.7       74,321       26.6       63,278       25.8       17.5  
Other operating expenses (income), net     (254 )     (0.3 )     388       0.6       (165.4 )     688       0.2       582       0.2       18.2  
Income from operations     12,092       16.0       9,674       14.6       25.0       40,141       14.3       34,180       13.9       17.4  
Depreciation     3,012       4.0       2,632       4.0       14.4       11,140       4.0       9,695       4.0       14.9  
Amortization & other non-cash charges     1,000       1.3       843       1.3       18.7       4,924       1.8       2,543       1.0       93.6  
Adjusted EBITDA     16,104       21.3       13,149       19.9       22.5       56,205       20.1       46,418       18.9       21.1  
CAPEX     13,839               9,683               42.9       29,553               21,396               38.1  
                                                                                 
Sales Volumes                                                                                
(Millions of unit cases)                                                                                
Mexico and Central America     589.6       54.6       580.9       55.0       1.5       2,494.1       59.0       2,394.8       59.2       4.1  
South America     159.9       14.8       157.4       14.9       1.6       571.3       13.5       577.9       14.3       (1.1 )
Brazil     329.6       30.5       318.0       30.1       3.7       1,159.3       27.4       1,075.1       26.6       7.8  
Total     1,079.1       100.0       1,056.2       100.0       2.2       4,224.6       100.0       4,047.8       100.0       4.4  

 

February 27, 2025 | Page 24


 

FEMSA Macroeconomic Information

 

    Inflation     End-of-period Exchange Rates  
    4Q 2024     LTM (1) Dec-24     Dec-24   Dec-23  
                Per USD   Per MXN   Per USD   Per MXN  
Mexico     1.00 %     4.21 %     20.2683     1.0000     16.89     1.0000  
Colombia     0.47 %     5.20 %     4,409.15     0.0046     3,822.05     0.0044  
Brazil     1.26 %     4.83 %     6.19     3.2731     4.84     3.4895  
Argentina     4.66 %     117.76 %     1,032.00     0.0196     808.45     0.0209  
Chile     0.57 %     4.53 %     996.46     0.0203     877.12     0.0193  
Euro Zone     0.47 %     2.45 %     0.95     21.2907     0.90     18.7611  

 

February 27, 2025 | Page 25


 

 

 


 

Mexico City, February 21, 2025, 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 fourth quarter of 2024.

 

FOURTH QUARTER HIGHLIGHTS

 

· Volume growth 2.2%
· Revenue growth 14.3%
· Operating income growth 25.0%
· Majority net income growth 35.1%
· Earnings per share1 were Ps. 0.43. (Earnings per unit were Ps. 3.47 and per ADS were Ps. 34.68.)
· Reached more than 1.3 million active users in Juntos+ B2B platform; and more than 1.1 million in Premia Juntos+ loyalty program.

 

TWELVE MONTHS HIGHLIGHTS

 

· Volume growth 4.4%
· Revenue growth 14.2%
· Operating income growth 17.4%
· Majority net income growth 21.5%
· Earnings per share1 were Ps. 1.41. (Earnings per unit were Ps. 11.30 and per ADS were Ps. 112.95.)

 

FINANCIAL SUMMARY FOR THE FOURTH QUARTER RESULTS
 
Change vs. same period of last year
 
        Total Revenues     Gross Profit     Operating Income     Majority Net Income  
        4Q24   FY 2024     4Q24   FY 2024     4Q24   FY 2024     4Q24   FY 2024  
    Consolidated   14.3 %   14.2 %   17.1 %   16.1 %   25.0 %   17.4 %   35.1 %   21.5 %
As Reported   Mexico & Central America   10.4 %   11.8 %   10.0 %   12.7 %   23.7 %   14.9 %            
  South America   19.4 %   17.8 %   28.1 %   22.3 %   26.9 %   22.7 %            
                                                     
    Consolidated   13.0 %   14.3 %   15.5 %   16.1 %   23.2 %   17.6 %            
Comparable (2)   Mexico & Central America   7.2 %   10.8 %   6.7 %   11.6 %   19.0 %   13.7 %            
  South America   21.0 %   20.1 %   29.5 %   24.4 %   29.3 %   26.0 %            

 

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

 

“2024 marks the second chapter of our transformation. During the year, we continued to build on the growth momentum of our core business, strengthened our portfolio, and increased our customer base. On the digital front, we took Juntos+, our B2B omnichannel platform, to the next level with the deployment of advanced AI capabilities. Juntos+ now reaches 1.3 million active users across Latin America, with more than 1.1 million users engaged in our Juntos+ Premia loyalty plan. Notably, we successfully developed and began the rollout in Brazil of a new salesforce tool, Juntos+ Advisor. This tool leverages advanced AI models to enhance our salesforce capabilities and improve customer engagement. All of this, as we reinforced our desired culture across our operations.

 

Looking ahead, we remain optimistic about the opportunities across our markets. We are transforming Coca-Cola FEMSA into a highly adaptive organization to successfully navigate ever-changing environments. Indeed, last year we deployed a record amount of CAPEX, mainly focused on expanding production and distribution capacity. We are participating in a vibrant beverage industry within a growing region, and our teams are well-positioned to capture these opportunities and continue generating value for all of our stakeholders.”

 

 
(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 4Q24 Results Page 2 of 17  
February 21, 2025  

 

RECENT DEVELOPMENTS

 

· On December 9, 2024, Coca-Cola FEMSA paid the fourth installment of the ordinary dividend approved for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million.

 

· In 2024, Coca-Cola FEMSA reaffirmed its commitment to sustainability by updating its Sustainability Framework. Company-wide efforts led to significant improvements in sustainability assessments, such as the S&P Global Corporate Sustainability Assessment (CSA), earning inclusion in the Sustainability Yearbook 2025 and maintaining its position in the DJSI MILA Pacific Alliance Index. The Company also significantly improved its ratings in the FTSE4Good index, ISS-ESG, Sustainalytics, and CDP Climate Change and Water Stewardship. Last September, the Company achieved a water efficiency rate of 1.36 liters of water per liter of beverage produced, solidifying its position as a global leader in water efficiency.

 

CONFERENCE CALL INFORMATION

 

 

 

Coca-Cola FEMSA Reports 4Q24 Results Page 3 of 17  
February 21, 2025  

 

CONSOLIDATED FOURTH QUARTER RESULTS

 

 

 

CONSOLIDATED FOURTH QUARTER RESULTS

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   4Q 2024   4Q 2023   Δ%     Δ%  
Total revenues     75,528     66,078     14.3 %     13.0 %
Gross profit     35,695     30,475     17.1 %     15.5 %
Operating income     12,092     9,674     25.0 %     23.2 %
Adj. EBITDA (2)     16,104     13,149     22.5 %     20.7 %

 

Volume increased 2.2% to 1,079.1 million unit cases, driven by volume growth across most of our territories. Volume growth was driven mainly by Brazil, Mexico, and Guatemala, partially offset by a slight volume decline in Colombia.

 

Total revenues increased 14.3% to Ps. 75,528 million. This increase was driven by volume growth, revenue management initiatives, and favorable mix effects. Excluding currency translation effects, total revenues increased 13.0%.

 

Gross profit increased 17.1% to Ps. 35,695 million, and gross margin increased 120 basis points to 47.3%. This expansion was driven mainly by our top-line growth, favorable mix effects coupled with easing sweetener and PET costs and favorable hedging initiatives. These effects were partially offset by higher fixed costs, such as maintenance, and the depreciation of our main operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 15.5%.

 

Operating income increased 25.0% to Ps. 12,092 million, and operating margin increased 140 basis points to 16.0%. This margin expansion was driven mainly by top-line growth and operating expense efficiencies, that mitigated margin pressures related to higher operating expenses such as maintenance, freight, operative foreign exchange loss, and labor. Additionally, we incurred a one-time net expense of Ps. 730 million, primarily related to asset write-offs, site cleaning, and debris removal following the impact of hurricanes in Guerrero and the flooding in Rio Grande do Sul. This figure already reflects the recognition of insurance claims in both Mexico and Brazil. Excluding currency translation effects, operating income increased 23.2%.

 

 
(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 4Q24 Results Page 4 of 17  
February 21, 2025  

 

Comprehensive financing result recorded an expense of Ps. 980 million, compared to an expense of Ps. 1,285 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 57 million in the fourth quarter of 2024 as compared to a loss of Ps. 317 million in the same period of the previous year, which was driven by the quarterly depreciation of the Mexican Peso and the Brazilian Real as applied to our U.S. dollar-denominated cash position. In addition, we recognized a higher gain in monetary positions in inflationary subsidiaries of Ps. 61 million as compared to a gain of Ps. 4 million in the same period of the previous year.

 

These effects were partially offset by a loss in financial instruments of Ps. 33 million as compared to a gain of Ps. 90 million in the same period of the previous year.

 

Finally, we recognized interest expense, net, of Ps. 1,065 million as compared to Ps. 1,062 million in the same period of the previous year as higher interest expense mainly driven by new financing in Argentina was offset by higher interest income related increases in notional and interest rates.

 

Income tax as a percentage of income before taxes was 33.1% as compared to 33.8% during the same period of 2023.

 

Net income attributable to equity holders of the company was Ps. 7,286 million as compared to Ps. 5,392 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. 0.43 (Earnings per unit were Ps. 3.47 and per ADS were Ps. 34.68.).

 

 
(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 4Q24 Results Page 5 of 17  
February 21, 2025  

 

 

CONSOLIDATED TWELVE MONTHS RESULTS

 

 

CONSOLIDATED FULL YEAR RESULTS

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos     FY 2024       FY 2023       Δ%       Δ%  
Total revenues     279,793       245,088       14.2 %     14.3 %
Gross profit     128,736       110,860       16.1 %     16.1 %
Operating income     40,141       34,180       17.4 %     17.6 %
Adj. EBITDA (2)      56,205       46,418       21.1 %     21.1 %

 

Volume increased 4.4% to 4,224.6 million unit cases, driven by volume growth in most of our territories, including Mexico, Brazil, Guatemala, Colombia, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.

 

Total revenues increased 14.2% to Ps. 279,793 million. This increase was driven by volume growth, revenue management initiatives, and favorable mix effects. Excluding currency translation effects, total revenues increased 14.3%.

 

Gross profit increased 16.1% to Ps. 128,736 million, and gross margin expanded 80 basis points to 46.0%. This gross profit increase was driven mainly by our top-line growth, favorable packaging and sweetener costs, and hedging initiatives. These effects were partially offset by fixed 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 16.1%.

 

Operating income increased 17.4% to Ps. 40,141 million, and operating margin increased 40 basis points to 14.3%. This increase was driven mainly by top-line growth and operating expense efficiencies. These effects were partially offset by increases in operating expenses such as labor, freight, and maintenance and a non-cash operating foreign exchange loss. In addition, we recognized additional net expenses of Ps. 1,637 million related to asset write-offs and the removal of debris resulting from the impact of the hurricanes in Mexico and the floodings in Brazil. This figure includes the recognition of insurance claims in Mexico and Brazil. Excluding currency translation effects, operating income increased 17.6%.

 

 

(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 4Q24 Results Page 6 of 17
February 21, 2025  


 

 

Comprehensive financing result recorded an expense of Ps. 3,906 million, compared to an expense of Ps. 4,697 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 304 million as compared to a loss of Ps. 1,046 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 2024. In addition, we recorded a higher gain on monetary position of inflationary subsidiaries of Ps. 216 million as compared to Ps. 93 million.

 

These effects were partially offset by an increase in our interest expense, net, of Ps. 4,492 million as compared to an expense of Ps. 3,914 million in the same period of the previous year. This increase was mainly driven by an increase in our debt in Argentina and a reduction in our interest income.

 

Income tax as a percentage of income before taxes was 32.7% as compared to 30.5% during 2023. This increase was driven mainly by adjustments in deferred taxes.

 

Net income attributable to equity holders of the company increased 21.5% to reach Ps. 23,729 million during the year 2024, as compared to Ps. 19,536 million during the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. These effects were partially offset by a higher income taxes rate. Earnings per share1 were Ps. 1.41 (Earnings per unit were Ps. 11.30 and per ADS were Ps. 112.95.).

 

 

(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 4Q24 Results Page 7 of 17
February 21, 2025  


 

 

MEXICO & CENTRAL AMERICA DIVISION FOURTH QUARTER RESULTS

 

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

 

 

 

MEXICO & CENTRAL AMERICA DIVISION RESULTS

 

    As Reported     Comparable (1)   
Expressed in millions of Mexican pesos   4Q 2024     4Q 2023     Δ%     Δ%  
Total revenues     41,540       37,622       10.4 %     7.2 %
Gross profit     20,255       18,422       10.0 %     6.7 %
Operating income     6,947       5,618       23.7 %     19.0 %
Adj. EBITDA (2)      9,531       7,704       23.7 %     19.2 %

 

Volume increased 1.5%, driven by volume growth in all our territories across the division.

 

Total revenues increased 10.4% to Ps. 41,540 million, driven mainly by revenue management initiatives and the favorable translation effect from most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 7.2%.

 

Gross profit increased 10.0% to Ps. 20,255 million, and gross margin contracted 20 basis points to 48.8%. This margin decrease was driven mainly by higher fixed costs, such as maintenance and the depreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs, that offset our top-line growth and easing sweetener and packaging costs, coupled with favorable hedging initiatives. Excluding currency translation effects, gross profit increased 6.7%.

 

Operating income increased 23.7% to Ps. 6,947 million, and operating margin increased 180 basis points to 16.7%. This margin increase was driven mainly by our top-line growth, and operating expense efficiencies that mitigated margin pressures related to higher operating expenses such as labor, freight, and maintenance, coupled with an operating foreign exchange loss. In addition, this quarter we recognized one-time net expenses of Ps. 399 million related to asset write-offs and the removal of debris related to the impact of hurricanes in Mexico. This figure includes the recognition of insurance claims. Excluding currency translation effects, operating income increased 19.0%.

 

 

(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 4Q24 Results Page 8 of 17
February 21, 2025  


 

SOUTH AMERICA DIVISION FOURTH QUARTER RESULTS

 

(Brazil, Argentina, Colombia, and Uruguay)  

 

 

SOUTH AMERICA DIVISION RESULTS

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   4Q 2024     4Q 2023     Δ%     Δ%  
Total revenues     33,988       28,456       19.4 %     21.0 %
Gross profit     15,439       12,054       28.1 %     29.5 %
Operating income     5,145       4,056       26.9 %     29.3 %
Adj. EBITDA (2)      6,572       5,444       20.7 %     22.8 %

 

Volume increased 3.0% to 489.5 million unit cases, driven mainly by 3.7% volume growth in Brazil, 8.9% volume growth in Uruguay, and a 2.9% increase in Argentina, partially offset by a 0.3% decrease in Colombia.

 

Total revenues increased 19.4% to Ps. 33,988 million. This increase was driven mainly by volume growth, coupled with revenue management initiatives. These effects were partially offset by unfavorable currency translation effects from the Argentine Peso and the Brazilian Real into Mexican pesos. Excluding currency translation effects, total revenues increased 21.0%.

 

Gross profit increased 28.1% to Ps. 15,439 million, and gross margin expanded 300 basis points to 45.4%. This expansion was driven mainly by top-line growth, coupled with a decrease in raw material costs, such as sweetener and PET, and fixed cost efficiencies, which were partially offset by purchases of finished products, and inventory write-offs in Brazil. Excluding currency translation effects, gross profit increased 29.5%.

 

Operating income increased 26.9% to Ps. 5,145 million, resulting in an operating margin expansion of 80 basis points to 15.1%. This increase was driven mainly by an increase in our gross profit, which was partially offset by higher operating expenses such as freight and marketing. In addition, this quarter we recognized one-time net expenses of Ps. 331 million related to asset write-offs and the removal of debris related to the impact of the floodings in Rio Grande do Sul. This figure includes the recognition of insurance claims. Excluding currency translation effects, operating income increased 29.3%.

 

 

(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 4Q24 Results Page 9 of 17
February 21, 2025  


 

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 to maintain comparability.

 

Coca-Cola FEMSA Reports 4Q24 Results Page 10 of 17
February 21, 2025  


 

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 its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, 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 4Q24 Results Page 11 of 17
February 21, 2025  


 

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos (1)

 

    For the Fourth Quarter of:     For Full Year:  
    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)     6,445.3               6,194.6               4.0 %     4.0 %     24,929.2               23,743.2               5.0 %     5.0 %
Volume (million unit cases)     1,079.1               1,056.2               2.2 %     2.2 %     4,224.6               4,047.8               4.4 %     4.4 %
Average price per unit case     67.45               60.24               12.0 %             64.23               58.54               9.7 %        
Net revenues     75,302               65,830               14.4 %             279,030               244,264               14.2 %        
Other operating revenues     226               248               -9.2 %             763               824               -7.4 %        
Total revenues (2)     75,528       100.0 %     66,078       100.0 %     14.3 %     13.0 %     279,793       100.0 %     245,088       100.0 %     14.2 %     14.3 %
Cost of goods sold     39,833       52.7 %     35,603       53.9 %     11.9 %             151,057       54.0 %     134,228       54.8 %     12.5 %        
Gross profit     35,695       47.3 %     30,475       46.1 %     17.1 %     15.5 %     128,736       46.0 %     110,860       45.2 %     16.1 %     16.1 %
Operating expenses     23,883       31.6 %     20,413       30.9 %     17.0 %             88,101       31.5 %     76,098       31.0 %     15.8 %        
Other operative expenses, net     (253 )     -0.3 %     433       0.7 %     NA               688       0.2 %     813       0.3 %     -15.4 %        
Operative equity method (gain) loss in associates(3)      (27 )     0.0 %     (45 )     -0.1 %     -39.6 %             (194 )     -0.1 %     (232 )     -0.1 %     -16.5 %        
Operating income (5)     12,092       16.0 %     9,674       14.6 %     25.0 %     23.2 %     40,141       14.3 %     34,180       13.9 %     17.4 %     17.6 %
Other non operative expenses, net     (36 )     0.0 %     50       0.1 %     NA               31       0.0 %     459       0.2 %     -93.3 %        
Non Operative equity method (gain) loss in associates (4)      (37 )     0.0 %     (132 )     -0.2 %     -71.7 %             (112 )     0.0 %     17       0.0 %     NA          
Interest expense     1,935               1,791               8.0 %             7,532               7,102               6.1 %        
Interest income     870               730               19.2 %             3,039               3,188               -4.7 %        
Interest expense, net     1,065               1,062               0.3 %             4,492               3,914               14.8 %        
Foreign exchange loss (gain)     (57 )             317               NA               (304 )             1,046               -129.1 %        
Loss (gain) on monetary position in inflationary subsidiaries     (61 )             (4 )             1564.0 %             (216 )             (93 )             131.4 %        
Market value (gain) loss on financial instruments     33               (90 )             NA               (67 )             (169 )             -60.2 %        
Comprehensive financing result     980               1,285               -23.7 %             3,906               4,697               -16.9 %        
Income before taxes     11,185               8,470               32.1 %             36,316               29,007               25.2 %        
Income taxes     3,686               2,802               31.6 %             11,768               8,781               34.0 %        
Result of discontinued operations     -               -               NA               -               -               NA          
Consolidated net income     7,499               5,669               32.3 %             24,549               20,226               21.4 %        
Net income attributable to equity holders of the company     7,286       9.6 %     5,392       8.2 %     35.1 %     32.0 %     23,729       8.5 %     19,536       8.0 %     21.5 %     21.7 %
Non-controlling interest     213       0.3 %     277       0.4 %     -22.9 %             820       0.3 %     690       0.3 %     18.8 %        
                                                                                                 
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)      12,092       16.0 %     9,674       14.6 %     25.0 %     23.2 %     40,141       14.3 %     34,180       13.9 %     17.4 %     17.6 %
Depreciation     3,012               2,632               14.4 %             11,142               9,695               14.9 %        
Amortization and other operative non-cash charges     1,000               843               18.6 %             4,922               2,542               93.6 %        
Adj. EBITDA (5)(6)     16,104       21.3 %     13,149       19.9 %     22.5 %     20.7 %     56,205       20.1 %     46,418       18.9 %     21.1 %     21.1 %
CAPEX(8)      13,778               9,837               40.1 %             29,416               21,396               37.5 %        

 

(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 December 31, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 25,316 million.

 

Coca-Cola FEMSA Reports 4Q24 Results Page 12 of 17
February 21, 2025  


 

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

 

    For the Fourth Quarter of:     For the Full Year:  
    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)     3,091.7               2,981.7               3.7 %     3.7 %     12,926.6               12,344.9               4.7 %     4.7 %
Volume (million unit cases)     589.6               580.9               1.5 %     1.5 %     2,494.1               2,394.8               4.1 %     4.1 %
Average price per unit case     69.66               64.28               8.4 %             66.48               62.07               7.1 %        
Net revenues     41,517               37,603                               166,972               149,320                          
Other operating revenues     23               19                               24               42                          
Total Revenues (2)     41,540       100.0 %     37,622       100.0 %     10.4 %     7.2 %     166,996       100.0 %     149,362       100.0 %     11.8 %     10.8 %
Cost of goods sold     21,284       51.2 %     19,200       51.0 %                     86,214       51.6 %     77,698       52.0 %                
Gross profit     20,255       48.8 %     18,422       49.0 %     10.0 %     6.7 %     80,782       48.4 %     71,665       48.0 %     12.7 %     11.6 %
Operating expenses     13,485       32.5 %     12,663       33.7 %                     53,810       32.2 %     48,343       32.4 %                
Other operative expenses, net     (176 )     -0.4 %     150       0.0 %                     457       0.3 %     281       0.2 %                
Operative equity method (gain) loss in associates (3)      (1 )     0.0 %     (9 )     0.0 %                     (115 )     -0.1 %     (130 )     -0.1 %                
Operating income (4)     6,947       16.7 %     5,618       14.9 %     23.7 %     19.0 %     26,630       15.9 %     23,170       15.5 %     14.9 %     13.7 %
Depreciation, amortization & other operating non-cash charges     2,584       6.2 %     2,086       5.5 %                     9,938       6.0 %     7,652       5.1 %                
Adj. EBITDA (4)(5)     9,531       22.9 %     7,704       20.5 %     23.7 %     19.2 %     36,568       21.9 %     30,822       20.6 %     18.6 %     17.4 %

 

  (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 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 Fourth Quarter of:     For the Full Year:  
    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)     3,353.5               3,212.9               4.4 %     4.4 %     12,002.6               11,398.3               5.3 %     5.3 %
Volume (million unit cases)     489.5               475.3               3.0 %     3.0 %     1,730.6               1,653.1               4.7 %     4.7 %
Average price per unit case     64.80               55.32               17.1 %             60.98               53.43               14.1 %        
Net revenues     33,785               28,227                               112,058               94,944                          
Other operating revenues     203               229                               739               782                          
Total Revenues (2)     33,988       100.0 %     28,456       100.0 %     19.4 %     21.0 %     112,797       100.0 %     95,726       100.0 %     17.8 %     20.1 %
Cost of goods sold     18,549       54.6 %     16,403       57.6 %                     64,843       57.5 %     56,531       59.1 %                
Gross profit     15,439       45.4 %     12,054       42.4 %     28.1 %     29.5 %     47,954       42.5 %     39,195       40.9 %     22.3 %     24.4 %
Operating expenses     10,398       30.6 %     7,750       27.2 %                     34,291       30.4 %     27,755       29.0 %                
Other operative expenses, net     (77 )     -0.2 %     284       1.0 %                     231       0.2 %     531       0.6 %                
Operative equity method (gain) loss in associates (3)      (27 )     -0.1 %     (36 )     -0.1 %                     (78 )     -0.1 %     (102 )     -0.1 %                
Operating income (4)      5,145       15.1 %     4,056       14.3 %     26.9 %     29.3 %     13,511       12.0 %     11,011       11.5 %     22.7 %     26.0 %
Depreciation, amortization & other operating non-cash charges     1,427       4.2 %     1,389       4.9 %                     6,127       5.4 %     4,585       4.8 %                
Adj. EBITDA (4)(5)      6,572       19.3 %     5,444       19.1 %     20.7 %     22.8 %     19,637       17.4 %     15,596       16.3 %     25.9 %     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 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 4Q24 Results Page 13 of 17
February 21, 2025  


 

CONSOLIDATED BALANCE SHEET

Millions of Pesos

 

Assets   Dec-24     Dec-23     % Var.  
Current Assets                  
Cash, cash equivalents and marketable securities     32,779       31,060       6 %
Total accounts receivable     18,620       17,749       5 %
Inventories     14,059       11,880       18 %
Other current assets     9,675       7,049       37 %
Total current assets     75,132       67,738       11 %
Non-Current Assets     -       -          
Property, plant and equipment     161,785       133,406       21 %
Accumulated depreciation     (62,404 )     (54,676 )     14 %
Total property, plant and equipment, net     99,381       78,730       26 %
Right of use assets     2,989       2,388       25 %
Investment in shares     10,233       9,246       11 %
Intangible assets and other assets     101,876       101,162       1 %
Other non-current assets     18,375       14,256       29 %
Total Assets     307,986       273,520       13 %

  

Liabilities & Equity   Dec-24     Dec-23     % Var.  
Current Liabilities                  
Short-term bank loans and notes payable     3,314       140       2267 %
Suppliers     33,773       27,351       23 %
Short-term leasing Liabilities     889       752       18 %
Other current liabilities     29,194       26,673       9 %
Total current liabilities     67,171       54,916       22 %
Non-Current Liabilities     -       -          
Long-term bank loans and notes payable     70,383       65,074       8 %
Long Term Leasing Liabilities     2,295       1,769       30 %
Other long-term liabilities     17,595       18,056       -3 %
Total liabilities     157,445       139,815       13 %
Equity     -       -          
Non-controlling interest     7,113       6,680       6 %
Total controlling interest     143,428       127,025       13 %
Total equity     150,542       133,705       13 %
Total Liabilities and Equity     307,986       273,520       13 %

 

    Dec 30, 2024  
Debt Mix   % Total Debt (1)      % Interest Rate
Floating (1) (2)
    Average
Rate
 
Currency                        
Mexican Pesos     59.1 %     3.7 %     8.7 %
U.S. Dollars     18.3 %     53.2 %     4.2 %
Colombian Pesos     2.4 %     15.5 %     8.1 %
Brazilian Reals     19.2 %     18.8 %     9.8 %
Argentine Pesos     0.9 %     0.0 %     50.1 %
Total Debt     100 %     23.9 %     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   4Q 2024     FY 2024     Δ%  
Net debt including effect of hedges (1)(3)      38,329       37,794       1.4 %
Net debt including effect of hedges / Adj. EBITDA (1)(3)      0.68       0.81          
Adj. EBITDA/ Interest expense, net (1)      12.51       11.86          
Capitalization (2)      33.3 %     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 4Q24 Results Page 14 of 17
February 21, 2025  


 

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

 

Volume
    4Q 2024     4Q 2023     YoY  
    Sparkling     Water (1)      Bulk (2)      Stills     Total     Sparkling     Water (1)      Bulk (2)      Stills     Total     Δ %  
Mexico     346.9       29.1       84.9       36.6       497.4       346.1       26.4       85.8       35.1       493.4       0.8 %
Guatemala     44.4       2.5       -       2.3       49.2       41.3       2.1       -       2.3       45.7       7.5 %
CAM South     36.3       0.9       0.9       4.9       43.0       34.7       1.1       0.9       5.0       41.8       3.0 %
Mexico and Central America     427.6       32.5       85.8       43.8       589.6       422.1       29.7       86.7       42.5       580.9       1.5 %
Colombia     71.4       10.0       3.7       6.6       91.6       70.9       10.2       3.5       7.4       91.9       -0.3 %
Brazil (3)      274.5       24.6       2.8       27.7       329.6       266.4       22.4       3.2       26.0       318.0       3.7 %
Argentina     39.0       7.1       1.9       4.6       52.6       37.8       6.6       1.9       4.8       51.1       2.9 %
Uruguay     12.4       2.1       -       1.1       15.7       12.0       1.7       -       0.8       14.4       8.9 %
South America     397.4       43.8       8.4       40.0       489.5       387.0       40.8       8.5       39.0       475.3       3.0 %
TOTAL     824.9       76.3       94.2       83.7       1,079.1       809.1       70.5       95.2       81.5       1,056.2       2.2 %

 

(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                                                      
    4Q 2024     4Q 2023     YoY  
    Sparkling     Water     Stills     Total     Sparkling     Water     Stills     Total     Δ %  
Mexico     1,937.0       208.6       259.2       2,404.7       1,900.7       190.7       243.8       2,335.2       3.0 %
Guatemala     339.1       16.3       24.9       380.3       313.4       14.8       24.0       352.2       8.0 %
CAM South     248.2       10.3       48.2       306.7       231.1       11.4       51.8       294.3       4.2 %
Mexico and Central America     2,524.3       235.2       332.2       3,091.7       2,445.2       216.9       319.7       2,981.7       3.7 %
Colombia     511.0       101.4       49.4       661.7       513.5       106.6       68.2       688.2       -3.9 %
Brazil (3)      1,821.5       213.9       314.3       2,349.8       1,705.0       191.3       292.1       2,188.3       7.4 %
Argentina     189.1       40.9       37.0       267.0       182.6       41.0       44.5       268.1       -0.4 %
Uruguay     57.7       8.3       9.1       75.1       55.0       6.6       6.5       68.2       10.1 %
South America     2,579.3       364.4       409.8       3,353.5       2,456.1       345.5       411.2       3,212.9       4.4 %
TOTAL     5,103.6       599.6       742.0       6,445.3       4,901.3       562.4       730.9       6,194.6       4.0 %

 

Revenues                  
                   
Expressed in million Mexican Pesos   4Q 2024     4Q 2023     Δ %  
Mexico     33,078       30,709       7.7 %
Guatemala     4,123       3,353       23.0 %
CAM South     4,339       3,560       21.9 %
Mexico and Central America     41,540       37,622       10.4 %
Colombia     6,145       5,094       20.6 %
Brazil (4)      22,099       20,125       9.8 %
Argentina     3,996       1,932       106.8 %
Uruguay     1,748       1,305       33.9 %
South America     33,988       28,456       19.4 %
TOTAL     75,528       66,078       14.3 %

 

(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 1,571.7 million for the fourth quarter of 2024 and Ps. 1,734.2 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 4Q24 Results Page 15 of 17
February 21, 2025  


 

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     1,454.8       136.1       375.2       158.2       2,124.3       1,408.7       121.7       376.6       145.9       2,052.9       3.5 %
Guatemala     174.0       9.8       -       9.0       192.8       157.6       7.7       -       8.9       174.2       10.7 %
CAM South     145.6       5.6       3.8       22.0       177.0       136.4       6.1       2.7       22.5       167.7       5.5 %
Mexico and Central America     1,774.3       151.5       379.0       189.3       2,494.1       1,702.7       135.4       379.3       177.3       2,394.8       4.1 %
Colombia     267.9       40.4       15.6       28.4       352.3       264.7       39.2       14.0       29.6       347.6       1.4 %
Brazil (3)      966.1       83.3       10.2       99.7       1,159.3       902.4       75.2       10.2       87.4       1,075.1       7.8 %
Argentina     126.4       21.4       7.1       13.4       168.3       135.1       21.0       5.8       16.8       178.7       -5.8 %
Uruguay     40.6       6.9       -       3.2       50.7       40.6       8.7       -       2.4       51.7       -1.9 %
South America     1,400.9       152.1       32.9       144.7       1,730.6       1,342.7       144.2       30.0       136.1       1,653.1       4.7 %
TOTAL     3,175.3       303.5       411.9       333.9       4,224.6       3,045.4       279.7       409.3       313.5       4,047.8       4.4 %

 

(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     8,071.4       948.3       1,112.2       10,131.9       7,835.7       866.4       1,026.9       9,729.0       4.1 %
Guatemala     1,299.1       65.2       95.3       1,459.6       1,179.8       56.9       91.9       1,328.5       9.9 %
CAM South     1,058.5       56.0       220.6       1,335.1       996.4       53.6       237.3       1,287.4       3.7 %
Mexico and Central America     10,428.9       1,069.6       1,428.1       12,926.6       10,011.8       976.9       1,356.2       12,344.9       4.7 %
Colombia     1,951.1       412.9       228.8       2,592.8       1,942.5       411.8       302.2       2,656.5       -2.4 %
Brazil (3)      6,428.1       725.8       1,132.2       8,286.2       5,887.7       655.1       981.1       7,523.9       10.1 %
Argentina     634.6       129.4       113.4       877.4       689.8       135.2       149.3       974.4       -10.0 %
Uruguay     193.3       26.9       26.1       246.2       190.7       32.6       20.3       243.6       1.1 %
South America     9,207.1       1,295.0       1,500.5       12,002.6       8,710.7       1,234.7       1,452.9       11,398.3       5.3 %
TOTAL     19,636.0       2,364.6       2,928.6       24,929.2       18,722.5       2,211.6       2,809.1       23,743.2       5.0 %

 

Revenues                  
                   
Expressed in million Mexican Pesos   YTD 2024     YTD 2023     Δ %  
Mexico     135,906       122,615       10.8 %
Guatemala     15,524       13,016       19.3 %
CAM South     15,566       13,731       13.4 %
Mexico and Central America     166,996       149,362       11.8 %
Colombia     20,994       17,680       18.7 %
Brazil (4)      74,126       66,963       10.7 %
Argentina     12,557       6,668       88.3 %
Uruguay     5,119       4,415       15.9 %
South America     112,797       95,726       17.8 %
TOTAL     279,793       245,088       14.2 %

 

(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 5,276.1 million for the full year of 2024 and Ps. 6,116.7 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 4Q24 Results Page 16 of 17
February 21, 2025  


 

Inflation (1)  

 

      LTM       4Q24       YTD  
Mexico     4.21 %     1.32 %     4.21 %
Colombia     5.20 %     0.55 %     5.20 %
Brasil     4.83 %     1.81 %     4.83 %
Argentina     117.76 %     7.87 %     117.76 %
Costa Rica     0.84 %     0.47 %     0.84 %
Panama     -0.19 %     -0.55 %     -0.19 %
Guatemala     1.70 %     -0.57 %     1.70 %
Nicaragua     2.84 %     -0.10 %     2.84 %
Uruguay     5.49 %     1.15 %     5.49 %

 

(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)
 
      4Q24     4Q23       Δ%       YTD 24       YTD 23       Δ%  
México     20.07       17.58       14.1 %     18.30       17.77       3.0 %
Colombia     4,351.70       4,071.19       6.9 %     4,074.44       4,325.96       -5.8 %
Brasil     5.84       4.95       18.0 %     5.39       4.99       7.9 %
Argentina     1001.46       448.97       123.1 %     916.29       296.61       208.9 %
Costa Rica     513.80       534.44       -3.9 %     518.22       547.36       -5.3 %
Panama     1.00       1.00       0.0 %     1.00       1.00       0.0 %
Guatemala     7.72       7.83       -1.5 %     7.76       7.83       -0.9 %
Nicaragua     36.62       36.58       0.1 %     36.62       36.44       0.5 %
Uruguay     42.67       39.53       7.9 %     40.21       38.82       3.6 %
                                                 

 

End-of-period Exchange Rates
 
    Closing Exchange Rate
(Local Currency per USD)
    Closing Exchange Rate
(Local Currency per USD)
 
      Dec-24       Dec-23       Δ%       Sep-24       Sep-23       Δ%  
México     20.27       16.89       20.0 %     19.63       17.62       11.4 %
Colombia     4,409.15       3,822.05       15.4 %     4,164.21       4,053.76       2.7 %
Brasil     6.19       4.84       27.9 %     5.45       5.01       8.8 %
Argentina     1,032.00       808.45       27.7 %     970.50       349.95       177.3 %
Costa Rica     512.73       526.88       -2.7 %     522.87       542.35       -3.6 %
Panama     1.00       1.00       0.0 %     1.00       1.00       0.0 %
Guatemala     7.71       7.83       -1.5 %     7.72       7.86       -1.7 %
Nicaragua     36.62       36.62       0.0 %     36.62       36.53       0.3 %
Uruguay     44.07       39.02       12.9 %     41.64       38.56       8.0 %

 

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

 

Coca-Cola FEMSA Reports 4Q24 Results Page 17 of 17
February 21, 2025