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6-K 1 tm2621462d1_6k.htm FORM 6-K

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July 2026

 

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-_____________

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the

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

undersigned, thereunto duly authorized.

 

  FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.
   
  By: /s/ Martin Felipe Arias Yaniz
    Martin Felipe Arias Yaniz
    Director of Finance and Corporate Development

 

Date: July, 28, 2026

 

 

 

EX-99.1 2 tm2621462d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

2Q 2026

Results

July 28, 2026

 

 

 

Investor Contact

(52) 818-328-6167

investor@femsa.com

femsa.gcs-web.com

 

Media Contact

(52) 555-249-6843

comunicacion@femsa.com

femsa.com

 

HIGHLIGHTS

 

Monterrey, Mexico, July 28, 2026 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2026.

 

Reporting Segments Update: In our continuous effort to improve our disclosure, we have updated FEMSA’s reporting segment structure to better reflect the scale, stage of development, and strategic differentiation of our various operations.  This updated structure should provide investors with greater visibility into the drivers of performance across our operations. Our updated reporting segments are as follows: i) OXXO Mexico; ii) Americas & Mobility which now includes all OXXO operations outside of Mexico (Brazil, Colombia, Chile, Peru and the U.S.), as well as the fuel operations in Mexico and the U.S; iii) Europe; iv) Health; and v) Coca-Cola FEMSA.  Only segments i) and ii) changed relative to our previous reporting structure.

 

 

July 28, 2026 | Page 1

 

 

· FEMSA: Total consolidated revenues grew 9.3% and Income from operations increased 7.2% compared to 2Q25.

 

· OXXO Mexico: Total revenues grew 11.8% and Income from operations increased 12.3% versus 2Q25.

 

· SPIN: Spin by OXXO had 11.5 million active users1 representing 22.1% growth compared to 2Q25 while Spin Premia had 29.1 million active loyalty users2 representing 9.4% growth compared to 2Q25, and an average tender at OXXO Mexico of 50.4% which increased from 45.8% in 2Q25.

 

· COCA-COLA FEMSA: Total revenues grew 4.7% and Income from Operations increased 9.1% against 2Q25.

 

Financial Summary for the Second Quarter and First Six Months of 2026

Change vs. comparable period

 

    Total Revenues     Gross Profit     Income from Operations     Same-Store Sales  
As Reported   2Q26     YTD26     2Q26     YTD26     2Q26     YTD26     2Q26     YTD26  
FEMSA Consolidated   9.3 %   7.8 %   7.8 %   7.3 %   7.2 %   6.5 %            
OXXO Mexico   11.8 %   10.1 %   10.2 %   10.8 %   12.3 %   15.6 %   9.5 %   7.9 %
Americas & Mobility   17.4 %   15.3 %   16.9 %   21.2 %   (88.0 )%   (57.7 )%   11.4 %3   8.2 %3
Europe   (3.8 )%   (2.0 )%   (6.6 )%   (4.1 )%   (7.3 )%   (2.5 )%   (5.7 )%   (4.3 )%
Health   2.2 %   1.6 %   (8.7 )%   (9.3 )%   (57.7 )%   (36.7 )%   0.7 %   0.3 %
Coca-Cola FEMSA   4.7 %   3.1 %   8.8 %   6.9 %   9.1 %   3.6 %            
Comparable(A)                                                
FEMSA Consolidated   10.1 %   9.3 %   8.8 %   8.9 %   11.7 %   11.9 %            
OXXO Mexico   11.8 %   10.1 %   10.2 %   10.8 %   12.3 %   15.6 %   9.5 %   7.9 %
Americas & Mobility   11.6 %   11.1 %   5.5 %   12.9 %   (29.0 )%   8.1 %   17.6 %3   16.6 %3
Europe   3.2 %   2.4 %   0.2 %   0.1 %   (0.5 )%   2.7 %   1.9 %   0.9 %
Health   4.8 %   5.7 %   (5.1 )%   (4.8 )%   (54.1 )%   (30.6 )%   6.2 %   6.7 %
Coca-Cola FEMSA   6.6 %   8.1 %   10.7 %   11.9 %   11.1 %   8.2 %            

 

Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:

 

“During the second quarter, we delivered a strong set of results, led by an encouraging performance at OXXO Mexico and continued momentum across many of our retail platforms, while Coca-Cola FEMSA navigated a still-challenging environment due to weak consumer demand and tax increases in Mexico that was more than offset by robust performances in South America.

 

We should highlight the quarter at OXXO Mexico, which delivered double-digit revenue and profit growth and, importantly, a return to positive customer traffic after several quarters of decline. While the World Cup provided a positive contribution during the quarter, we believe there was additional improvement supported by stronger execution across regions, commercial initiatives focused on key traffic-driving categories, and the consumer-centric strategy we began implementing during the second half of last year as we refocus on the customer at the center of everything we do. Beyond OXXO Mexico, we continue to be encouraged by the momentum of our growth platforms, with Bara setting a record for store openings and our OXXO operations in Colombia and Brazil advancing steadily toward the unit economics that will allow us to accelerate expansion with confidence.

 

As we look ahead, and despite still facing a soft consumer environment in Mexico, and not enjoying the tailwind of the World Cup, we like our current momentum across most of our business units, and we are cautiously optimistic about the second half of the year even if it will be more subdued. While we recognize it will present its share of challenges, we are confident that the strength of our geographically diversified platform, together with the strategic and operating initiatives we have put in place and which are already bearing fruit, position us well to continue executing against our long-term strategy in pursuit of sustainable, profitable growth.”

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 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.

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

3 Currency-neutral. Only includes merchandise. Same-store sales includes a weighted average of OXXO Americas (Colombia, Chile, Peru and the U.S.A.).

 

July 28, 2026 | Page 2

 

 

QUARTERLY RESULTS

Results are compared to the same period of previous year

 

FEMSA CONSOLIDATED  

 

2Q26 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

 

      2Q26       2Q25       Var.       Comp (A)  
Total Revenues     231,002       211,364       9.3 %     10.1 %
Gross Profit     92,611       85,922       7.8 %     8.8 %
     Gross Profit Margin (%)     40.1       40.7       (60bps )        
Income from Operations     19,110       17,831       7.2 %     11.7 %
     Operating Margin (%)     8.3       8.4       (10bps )        
Adjusted EBITDA1     33,340       29,588       12.7 %     15.8 %
     EBITDA Margin (%)     14.4       14.0       40 bps          
Consolidated Net Income     9,221       5,591       64.9 %        

 

Net Debt2 ex-KOF3

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As of June 30, 2026   Ps.     US$4  
Cash and Investments     73,591       4,213  
Financial Debt     54,153       3,103  
Lease Liabilities     109,387       6,269  
Net debt (ND)     90,020       5,159  
ND / Adjusted LTM EBITDA     1.15 x     -  

 

Total revenues increased 9.3% in 2Q26 compared to 2Q25, driven by growth in Coca-Cola FEMSA, OXXO Mexico, Americas & Mobility and Health, partially offset by a decrease in Europe. Excluding the consolidation of OXXO Brazil and the net negative foreign exchange effect as the Mexican peso appreciated relative to other currencies, revenues grew 10.1% on a comparable basis.

 

Gross profit increased 7.8%. Gross margin contracted 60 basis points, reaching 40.1%. This reflects margin expansion in Coca-Cola FEMSA, offset by contractions in OXXO Mexico, Europe and Health, and stable margin at Americas & Mobility. It is important to highlight that the contractions in Europe and Health are explained by the reclassification of distribution expenses from selling expenses to cost of goods sold, which do not impact income from operations; this effect is reflected in the 2Q26 results, but not in the comparison base of 2Q25. Excluding the effects of this reclassification, the gross margin would have contracted by 20 basis points, from a base of 40.3% for the second quarter of 2025. On a comparable basis, which accounts for currency effects and the consolidation of OXXO Brazil, gross profit increased 8.8%.

 

Income from operations increased 7.2%, driven by growth in Coca-Cola FEMSA and OXXO Mexico, partially offset by declines in Americas & Mobility, Europe and Health. The consolidated operating margin stood at 8.3%, contracting 10 basis points year over year, reflecting margin expansion at Coca-Cola FEMSA and to a lesser extent OXXO Mexico, offset by margin contraction at Americas & Mobility, Europe, and Health. On a comparable basis, income from operations increased 11.7%.

 

The effective income tax rate was 34.8% in 2Q26. The gap between our effective tax rate and the statutory rate of 30% reflects non-deductible expenses, primarily at OXXO Mexico and Health, and non-creditable tax loss effects, mainly from Spin and, to a lesser extent, Health. Our income tax provision for 2Q26 was Ps. 4,905 million, an increase of 13.0% relative to 2Q25.

 

Net consolidated income amounted to Ps. 9,221 million, compared to Ps. 5,591 million in 2Q25, representing a 64.9% increase. This increase was supported by growth in income from operations as well as: i) a lower non-cash foreign exchange loss of Ps. 655 million, compared to a loss of Ps. 4,102 million in 2Q25, reflecting a favorable impact of Ps. 3,447 million, mainly due to a lower appreciation of the Mexican peso against the U.S. dollar generating lower losses on a lower U.S. dollar-denominated cash and investment position; and ii) a positive participation in associates’ results of Ps. 38 million, compared to a loss of Ps. 756 million in 2Q25, which reflected the results of our joint venture in Brazil and our participation in BradyPlus. These effects were partially offset by: i) higher net interest expense of Ps. 4,021 million, compared to Ps. 3,250 million in 2Q25, mainly reflecting lower interest income of Ps. 1,508 million compared to Ps. 2,051 million in 2Q25, driven by a lower cash and investment balance; ii) a lower gain from other financial income of Ps. 163 million compared to Ps. 633 million, mainly reflecting the absence of the gain recorded in 2Q25 from the valuation of HKN shares; and iii) a higher income tax provision of Ps. 4,905 million, compared to Ps. 4,339 million in 2Q25.

 

Net majority income was Ps. 1.62 per FEMSA Unit5, representing 107.7% growth, and US$0.93 per FEMSA ADS4.

 

Net Debt / Adjusted EBITDA. On an ex-KOF basis, as of June 30, 2026, cash and investments were Ps. 73,591 million and total debt was Ps. 163,539 million, resulting in net debt of Ps. 90,020 million. Our Net Debt / Adjusted EBITDA ratio ex-KOF was 1.15x up from 0.93x in 2Q25, although it declined sequentially, supported by operating performance and a lower financial debt balance offset by a lower balance of cash and investments. This year-on-year increase mainly reflects the cash outflow related to our capital allocation strategy, which has resulted in Ps. 45,498 million of ordinary and extraordinary dividends, as well as Ps. 10,354 million of share repurchases6 during the last twelve months.

 

Capital expenditures amounted to Ps. 8,872 million, 3.8% as a percentage of total sales, and a decrease of 3.6% compared to 2Q25, mainly reflecting lower CAPEX at Coca-Cola FEMSA, driven by a more selective approach to capital deployment, coupled with decreases in Health and Europe, consistent with a disciplined approach to investments across the portfolio. This was partially offset by an increase CAPEX in OXXO Mexico, reflecting the continued pace of store openings, and in Americas & Mobility, related to store expansion investments across the region.

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 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.

2 All Net Debt calculations are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 17 of this document.

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

4 The exchange rate published by the Federal Reserve Bank of New York for June 30, 2026 was 17.4490 MXN per USD.

5 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2026 was 3,412,732,415, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

6 Share repurchases considers the disbursed amount for the local market repurchases and the ASRs of the last twelve months, that include two ASR of US$260 million and US$300 respectively, this is translated to Mexican pesos with the exchange rate for the end of the period of June 30, 2026, which was 17.4490 MXN per USD.

 

July 28, 2026 | Page 3

 

 

OXXO MEXICO

 

2Q26 Financial Summary – OXXO Mexico

Amounts expressed in millions of Mexican Pesos (Ps.)

 

      2Q26     2Q25     Var.  
Same-store sales (thousands of Ps.)1     1,101.7       1,006.5       9.5 %
Total Revenues     86,708       77,539       11.8 %
Gross Profit     38,865       35,272       10.2 %
     Gross Profit Margin (%)     44.8       45.5       (70bps )
Income from Operations     8,649       7,701       12.3 %
     Income from Operations Margin (%)     10.0       9.9       10 bps  
Adjusted EBITDA     13,239       11,632       13.8 %
     Adjusted EBITDA Margin (%)     15.3       15.0       30 bps  

 

 

 

 

1 Same-store Sales OXXO Mexico

 

July 28, 2026 | Page 4

 

 

Total revenues increased 11.8% in 2Q26 compared to 2Q25, reflecting a 9.5% increase in same-store sales, coupled with 3.5% store expansion. The growth in same-store sales was driven by an increase of 7.4% in the average ticket, and an increase of 2.0% in store traffic. During the quarter, results were supported by (i) the continued execution of commercial initiatives, including assortment and price actions across key consumer and traffic-driving categories, which supported market share recovery in core categories such as soft drinks, cigarettes, beer and snacks, (ii) the favorable effect from the FIFA World Cup, including the sale of Panini collectible stickers, and (iii) continued growth in services. Importantly, the traffic improvement was broad-based across regions. These results were achieved despite a weak consumption environment, adverse weather, and a moderate Holy Week calendar effect. The increase in average ticket above inflation reflects changes in product mix and the effect of excise taxes on beverages and cigarettes. In most categories, we are focused on affordability strategies to maintain competitiveness relative to other channels. During the quarter, the OXXO store base in Mexico expanded by 253 stores, and it added 832 total net stores during the last twelve months. As of June 30, 2026, OXXO Mexico had a total of 24,708 stores.

 

Gross profit reached 44.8% of total revenues, representing a 70-basis point contraction compared to 2Q25. This contraction reflects the continued execution of commercial initiatives in key categories designed to strengthen traffic and market share, which included price rationalization in relevant traffic driving categories. This was partially offset by the continued growth in services and sustained income from key suppliers, including commercial and distribution income.

 

Income from operations increased by 12.3% compared to 2Q25 and reached 10.0% of total revenues, representing a 10-basis point margin expansion year over year. This performance was mainly explained by revenue growth, operating leverage, and cost containment and efficiency initiatives, which helped offset the gross margin contraction described above. Operating expenses increased 9.6%, below revenue growth, reflecting the cost containment and the operational efficiencies implemented during last year, particularly in administrative expenses, partially offset by higher labor and expansion-related costs.

 

AMERICAS1 & MOBILITY2

 

2Q26 Financial Summary – Americas & Mobility

Amounts expressed in millions of Mexican Pesos (Ps.)

 

      2Q26     2Q25     Var.       Comp.(A)  
Same-store sales (thousands of Ps.)     1,141.2       1,024.8       11.4 %     17.6 %3
     Merchandise1 Sales     6,673       4,290       55.6 %     16.5 %
     Fuel2 and Other Sales     21,894       20,035       9.3 %     10.7 %
Total Revenues     28,567       24,325       17.4 %     11.6 %
     Merchandise1 Gross Profit     2,174       1,405       54.8 %     21.0 %
     Fuel2 and Other Gross Profit     2,423       2,527       (4.1 )%     (1.9 )%
Gross Profit     4,597       3,932       16.9 %     5.5 %
     Gross Profit Margin ()%     16.1       16.2       (10bps )        
Income from Operations     80       664       (88.0 )%     (29.0 )%
     Income from Operations Margin ()%     0.3       2.7       (240bps )      
Adjusted EBITDA     1,296       1,354       (4.3 )%     5.7 %
     Adjusted EBITDA Margin ()%     4.5       5.6       (110bps )        

 

AMERICAS1

 

 

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 Americas: OXXO Brazil, Chile, Colombia, Peru and USA.

2 Mobility: Fuel operations in Mexico and the USA, and Mecanica Tek.

3 Same-store Sales is a weighted average of OXXO Colombia, Chile, Peru and the U.S.A.

 

July 28, 2026 | Page 5

 

 

Total revenues increased 17.4% in 2Q26 compared to 2Q25, reflecting a 9.3% increase in our Fuel sales, coupled with a 55.6% increase in our Merchandise sales. The growth in our Fuel sales mainly reflects an increase in volume and traffic across our service stations. The solid results in our Merchandise sales mainly reflect the positive performance of our OXXO stores in South America, with continued growth in same-store sales, reflecting our initiatives to drive traffic and new revenue opportunities, complemented by operational improvements across different countries. We also benefited from the integration of OXXO Brazil, which we began consolidating on February 1st, 2026. This was partially offset by negative translation effects from certain operating currencies outside of Mexico which depreciated against the peso. On a comparable basis, which excludes the addition of OXXO Brazil as well as currency headwinds, total revenues increased 11.6%. During the quarter, the store base expanded by 11 stores. Americas & Mobility had 46 total net store additions for the last twelve months and a total of 1,953 stores as of June 30, 2026, reflecting a moderation in the pace of expansion as we focus on strengthening four-wall economics and profitability.

 

Gross profit reached 16.1% of total revenues, in line with 2Q25. Gross profit increased 16.9%, reflecting strong growth in Merchandise gross profit, which increased 54.8%, supported by the performance of OXXO stores in Latam and the consolidation of OXXO Brazil. This was partially offset by a 4.1% decline in Fuel gross profit, mainly reflecting margin compression in our fuel business in Mexico, as diesel price commitments and higher fuel costs weighed on unit margins despite higher volumes. On a comparable basis, gross profit increased 5.5%, excluding the addition of OXXO Brazil and currency fluctuations.

 

Income from operations decreased by 88.0% compared to 2Q25 and represented 0.3% of total revenues, which represents a 240-basis point contraction. This performance was mainly explained by the incorporation of OXXO Brazil losses into the consolidated results, coupled with the fuel margin compression described above. This was partially offset by improved operating performance in OXXO Chile, Peru and Colombia, reflecting stronger revenue growth, operational improvements and a continued focus on profitability across the region. Operating expenses increased above total revenues, reflecting the incorporation of Brazil and increased expenses as we continue to build capabilities to support future growth. On a comparable basis, income from operations decreased 29.0%, mainly reflecting the pressure on Fuel margin in Mexico.

 

Bara1

 

Bara

 

Total revenues increased by 35.8% in 2Q26 compared to 2Q25, reflecting an average same-store sales increase of 11.3%, with an ongoing strong performance in the grocery, homecare and convenience categories and the addition of 253 net new Bara stores during the last twelve months, a 47.5% year over year increase in the store base. During the quarter, the Bara store base expanded by 112 units reaching a total of 786 Bara stores as of June 30, 2026.

 

 

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

 

July 28, 2026 | Page 6

 

 

EUROPE

 

2Q26 Financial Summary – Europe

Amounts expressed in millions of Mexican Pesos (Ps.)

 

      2Q26     2Q25     Var.       Comp.(A)  
Same-store sales (thousands of Ps.)1     1,930.0       2,046.7       (5.7 )%     1.9 %
Total Revenues     14,491       15,065       (3.8 )%     3.2 %
Gross Profit     5,821       6,233       (6.6 )%     0.2 %
     Gross Profit Margin (%)     40.2       41.4       (120bps )        
Income from Operations     638       688       (7.3 )%     (0.5 )%
     Income from Operations Margin (%)     4.4       4.6       (20bps )        
Adjusted EBITDA     2,150       2,179       (1.3 )%     5.9 %
     Adjusted EBITDA Margin (%)     14.8       14.5       30 bps          

 

Total revenues decreased 3.8% in 2Q26 compared to 2Q25, reflecting currency headwinds. On a currency-neutral basis total revenues grew 3.2%, reflecting higher sales from our Swiss retail operations, supported by a favorable sales mix, partially offset by lower B2B sales and a softer performance across formats in Germany, impacted by adverse weather and transport-related disruptions.

 

Gross profit represented 40.2% of total revenues, a 120 basis-point margin contraction, reflecting a reclassification of distribution expenses from selling expenses to cost of goods sold, which is not reflected in 2Q25. Gross profit decreased 6.6% compared to 2Q25 but increased 0.2% on a currency-neutral basis, reflecting the effects mentioned above. Excluding the effects of this reclassification, gross profit would have decreased 3.0% in 2Q26, and the gross profit margin would have expanded 40 basis points from a base of 39.8% in 2Q25, reflecting continued implementation of commercial income strategies and solid performance in Swiss retail, supported by higher tobacco and food margins, and higher promotional income.

 

Income from operations decreased 7.3% versus 2Q25 and represented 4.4% of total revenues, a 20 basis-point contraction year-on-year, impacted by currency headwinds and one-time expenses related to the reorganization of our operations. This was partially offset by the solid performance of our Swiss convenience business, supported by promotional income and a favorable sales mix, coupled with effective expense control. On a comparable basis, income from operations decreased 0.5%.

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 Same-store Sales reflects a weighted average from our foodservice and retail operations.

 

July 28, 2026 | Page 7

 

 

HEALTH

 

2Q26 Financial Summary - Health

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

 

      2Q26     2Q25     Var.       Comp.(A)  
Same-store sales (thousands of Ps.)     1,036.3       1,029.5       0.7 %     6.2 %
Total Revenues     22,328       21,850       2.2 %     4.8 %
Gross Profit     5,930       6,496       (8.7) %     (5.1 )%
     Gross Profit Margin (%)     26.6       29.7       (310bps )        
Income from Operations     346       819       (57.7) %     (54.1 )%
     Income from Operations Margin (%)     1.5       3.7       (220bps )        
Adjusted EBITDA     2,069       1,981       4.4 %     9.4 %
     Adjusted EBITDA Margin (%)     9.3       9.1       20 bps          

 

 

Total revenues increased 2.2% in 2Q26 compared to 2Q25, reflecting a positive performance in Colombia retail and Ecuador, offset by neutral performance in Chile, challenging results in Mexico and currency headwinds. On a currency-neutral basis total revenues grew 4.8%. During the quarter, the net store base increased by 57 units, reaching a total of 4,584 locations across our territories as of June 30, 2026, and it added 263 total net locations during the last twelve months. Same-store sales increased 0.7% in Mexican pesos and increased 6.2% on a currency-neutral basis.

 

Gross profit was 26.6% of total revenues, representing a decrease of 310 basis points, mainly reflecting a reclassification of distribution expenses from selling expenses to cost of goods sold in Chile; this effect is not reflected in 2Q25. The decrease is also driven by the underperformance of Mexico and aggressive promotional initiatives in Chile in response to a highly competitive environment, and an unfavorable product mix in Chile and Ecuador. Gross profit decreased 8.7% compared to 2Q25, reflecting the effects mentioned above. Excluding the effects of this reclassification, the gross profit would have marginally increased by 0.9% in 2Q26 versus the previous year, and the gross profit margin would have contracted 30 basis points from a base of 26.9%.

 

Income from operations decreased 57.7% and represented 1.5% of total revenues, a reduction of 220 basis points from 3.7%, mainly reflecting; i) a non-cash credit-risk provision of Ps. 408 million in connection with the unwinding process of Colombia’s institutional business; ii) higher labor expenses in Colombia, driven by labor reforms and increased minimum wages; and iii) lower income from operations in Chile, mainly driven by the gross margin contraction described above. This was partially offset by improved results in Ecuador, the continued solid performance of Colombia retail, and a lower operating loss in Mexico, supported by continued cost and expense control. On a comparable basis, income from operations contracted by 54.1%,

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

July 28, 2026 | Page 8

 

 

SPIN1

 

Spin by OXXO

 

Spin by OXXO acquired 0.7 million users during the quarter to reach 17.6 million total acquired users in 2Q26, compared to 14.5 million users in 2Q25. This represents an increase of 21.6% YoY and a 1.6% compound monthly growth rate. Active users2 were 65.0% of the total acquired user base, representing 22.1% growth YoY and reaching 11.5 million. Total transactions per month increased 61.5%3 YoY to reach an average of 119.1 million per month in 2Q26, reflecting an increase in user engagement.

 

Spin Premia

 

Spin Premia acquired 1.9 million users during the quarter to reach 67.1 million total acquired users in 2Q26, compared to 58.3 million users in 2Q25. This represents an increase of 15.1% YoY and a 1.2% compound monthly growth rate. Active users4 were 43.5% of the total acquired user base, representing 9.4% growth YoY and reaching 29.1 million. The average tender during the quarter was 50.4%.

 

COCA-COLA FEMSA

 

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

 

 

1 Spin 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 2Q26 compared to average monthly transactions in 2Q25.

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

 

July 28, 2026 | Page 9

 

 

RESULTS FOR THE FIRST SIX MONTHS OF 2026

Results are compared to the same period of previous year

 

FEMSA CONSOLIDATED

 

Financial Summary for the First Six Months of 2026

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    2026     2025     Var.     Comp. (A)  
Total Revenues     438,695       406,812       7.8 %     9.3 %
Gross Profit     176,666       164,686       7.3 %     8.9 %
     Gross Profit Margin (%)     40.3       40.5       (20bps )        
Income from Operations     33,421       31,368       6.5 %     11.9 %
     Operating Margin (%)     7.6       7.7       (10bps )        
Adjusted EBITDA1     61,455       54,832       12.1 %     15.8 %
     Adjusted EBITDA Margin (%)     14.0       13.5       50 bps          
Consolidated Net Income     26,874       14,533       84.9 %        

 

Total revenues increased 7.8% in the first six months of 2026 compared to the same period of 2025, driven by growth in Coca-Cola FEMSA, OXXO Mexico, Americas & Mobility and Health, partially offset by a decrease in Europe. Revenues reflected a net negative foreign exchange effect as the Mexican peso appreciated relative to other currencies; as a result, revenues grew 9.3% on a comparable basis.

 

Gross profit increased 7.3%, reflecting increases at OXXO Mexico, Coca-Cola FEMSA and Americas & Mobility, offset by Europe and Health. Gross margin contracted 20 basis points, reaching 40.3%. This reflects margin expansion in OXXO Mexico and Americas & Mobility, offset by contractions in Coca-Cola FEMSA, Europe and Health. It is important to highlight that the contractions in Europe and Health are explained by the reclassification of distribution expenses from selling expenses to cost of goods sold, which do not impact income from operations. Excluding the effects of this reclassification, the gross margin for the first six months of 2025 would have been 40.1%, an expansion of 20 basis points. On a comparable basis, which accounts for currency effects and M&A, gross profit increased 8.9%.

 

Income from operations increased 6.5%, driven by growth in Coca-Cola FEMSA and OXXO Mexico, partially offset by declines in Americas & Mobility, Europe and Health. The consolidated operating margin stood at 7.6%, contracting 10 basis points year over year, reflecting margin expansion in OXXO Mexico and Coca-Cola FEMSA, offset by margin contractions in Americas & Mobility, Europe and Health. On a comparable basis, income from operations increased 11.9%.

 

The effective income tax rate was 24.1% for the first six months of 2026. This is largely explained by a one-time gain related to the BradyPLUS and Imperial Dade merger recorded in the first quarter of 2026, reflecting a non-cash accounting gain which increased profitability with no current tax effect. Excluding this impact, the effective income tax rate would be 36.2%. The gap between our effective tax rate and the statutory rate of 30% is mainly explained by non-deductible expenses, primarily at OXXO Mexico, and non-creditable tax loss effects, mainly from Spin. Our income tax provision for the first six months of 2026 was Ps. 8,562 million, a decline of 5.9% relative to the same period of 2025.

 

Net consolidated income amounted to Ps. 26,874 million, representing an increase of 84.9% compared to the first six months of 2025. This increase primarily reflected a one-time gain related to the BradyPLUS and Imperial Dade merger recorded in the first quarter of 2026. Excluding this one-time gain, our net consolidated income amounted to Ps. 14,923 million, representing an increase of 2.7% compared to the first six months of 2025. This increase primarily reflected: i) a lower non-cash foreign exchange loss of Ps. 1,099 million, compared to a loss of Ps. 3,660 million, reflecting a favorable swing of Ps. 2,561 million, mainly due to lower appreciation of the Mexican peso against the U.S. dollar and lower U.S. dollar cash balances; ii) a reduction in other financial income of Ps. 76 million, compared to Ps. 1,817 million, which reflected the valuation effect recorded in 2025 related to HKN shares; and iii) a lower loss from participation in associates’ results of Ps. 62 million, compared to a loss of Ps. 844 million in 2025, which reflected the results of our joint venture in Brazil and our participation in BradyPlus. These effects were partially offset by: i) higher net interest expense of Ps. 8,315 million, compared to Ps. 6,281 million, mainly reflecting lower interest income of Ps. 2,680 million compared to Ps. 4,183 million, driven by a lower cash and investment balance; and ii) a reduction of Ps. 2,333 million in income from discontinued operations.

 

Net majority income per FEMSA Unit2 was Ps. 5.97 (US$3.42 per ADS).

 

Capital expenditures amounted to Ps. 15,067 million, 3.4% as a percentage of total sales, and a decrease of 16.2% compared to the first six months of 2025, mainly reflecting lower CAPEX at Coca-Cola FEMSA, driven by a more selective approach to capital deployment, and at OXXO Mexico, reflecting a more measured pace of store openings compared to the prior year, coupled with a decrease in Health, consistent with a disciplined approach to investments across the portfolio. This was partially offset by higher CAPEX in Americas & Mobility, reflecting continued investments related to the reactivation of expansion plans in most markets.

 

RECENT DEVELOPMENTS

 

· On June 24, 2026, FEMSA completed the accelerated share repurchase program first announced in March 23, 2026. The Company repurchased approximately 2.6 million American Depositary Shares (“ADSs”) at an average price of US$117.47 per ADS, for a total amount of US$300 million, with final settlement and delivery completed on this date. The ASR had an initial delivery of 591,774 ADSs in March 2026.

 

· On June 8, 2026, FEMSA announced that it entered into an agreement for a strategic equity investment by QED Investors (“QED”) into its lending business unit. QED is a global fintech-focused venture capital firm with more than 250 portfolio companies and US$4 billion in assets under management.

 

The lending business unit is an important component of FEMSA’s digital ecosystem, complementing the Company’s payments and loyalty offerings. The business is uniquely positioned to leverage FEMSA’s broad customer reach, high-frequency consumer engagement, extensive transaction data, and trusted brands, creating a strong foundation to develop relevant and accessible credit solutions for underserved consumers in Mexico.

 

 

(A) Please refer to page 13 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance

1 Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

2 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2026 was 3,412,732,415, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

 

July 28, 2026 | Page 10

 

 

FEMSA recognizes that building a successful lending business requires specialized expertise, disciplined execution, and prudent risk management. QED brings a proven track record of supporting the build and scale of fintech companies across multiple markets and is known for its highly engaged, operator-led approach. Beyond capital, QED will contribute hands-on experience in lending, risk management, product development, and organizational scaling, making it a highly complementary partner as FEMSA’s lending business enters its next stage of development.

 

The partnership establishes a framework for controlled and responsible growth, enabling the lending business to advance through clearly defined milestones while maintaining a measured approach to investment, portfolio growth and risk management. FEMSA believes that combining QED’s expertise with its unique customer access, proprietary data advantages, trusted consumer relationships, and omnichannel presence will support the disciplined development of a responsible and scalable credit offering that contributes to greater financial inclusion in Mexico. FEMSA will continue to hold a majority stake in the lending business and consolidate its results

 

July 28, 2026 | Page 11

 

 

CONFERENCE CALL INFORMATION

 

Our second quarter 2026 Conference Call will be held on: Tuesday, July 28, 2026, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be live through our Zoom link. For registration, please visit:

 

Registration:                https://bit.ly/FEMSA_2Q26

 

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 two core sectors, retail and beverages. In retail, FEMSA is present through four divisions: i) OXXO Mexico, operating the largest small-format store chain in Mexico; ii) Americas & Mobility, which includes its OXXO convenience store operations across Latin America and the United States, as well as its gas station business in Mexico and the United States; iii) Europe, operating convenience and foodvenience formats in five European countries; and iv) FEMSA Health, which includes drugstores and related activities in four Latin American countries. In Mexico, OXXO’s operations are enhanced by, and comprise a customer-focused ecosystem with Spin, a digital platform that leverages the OXXO store network to provide Mexican consumers with access to digital financial services, including Spin by OXXO and Spin Premia, among other initiatives. In the beverage sector, FEMSA 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 369,000 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.

 

July 28, 2026 | Page 12

 

 

 

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on June 30, 2026, which was 17.4490 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.

 

Our consolidated financial statements as of and for the year ended December 31, 2026, 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, 2026, 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, 2026, or on our internal control over financial reporting as of December 31, 2026. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notes providing additional disclosures.

 

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.

 

Ten pages of tables to follow

 

July 28, 2026 | Page 13

 

 

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:     For the six months of:  
    2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
    2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
 
Total revenues   231,002     100.0     211,364     100.0     9.3     10.1     438,695     100.0     406,812     100.0     7.8     9.3  
Cost of sales   138,391     59.9     125,442     59.3     10.3           262,029     59.7     242,126     59.5     8.2        
Gross profit   92,611     40.1     85,922     40.7     7.8     8.8     176,666     40.3     164,686     40.5     7.3     8.9  
       Administrative expenses   9,876     4.3     10,262     4.9     (3.8 )         20,063     4.6     20,214     5.0     (0.7 )      
       Selling expenses   64,047     27.7     58,147     27.5     10.1           123,452     28.1     113,460     27.9     8.8        
Other operating expenses (income), net (1)   (422 )   (0.2 )   (318 )   (0.2 )   32.7           (270 )   (0.1 )   (356 )   (0.1 )   (24.2 )      
Income from operations (2)   19,110     8.3     17,831     8.4     7.2     11.7     33,421     7.6     31,368     7.7     6.5     11.9  
Other non-operating expenses (income)   510           269           89.6           (11,415 )         1,100            N.S.         
       Interest expense   5,529           5,301           4.3           10,995           10,464           5.1        
       Interest income   1,508           2,051           (26.5 )         2,680           4,183           (35.9 )      
       Interest expense, net   4,021           3,250           23.7           8,315           6,281           32.4        
       Foreign exchange loss (gain)   655           4,102           (84.0 )         1,099           3,660           (70.0 )      
       Other financial expenses (income), net   (163 )         (633 )         (74.2 )         (76 )         (1,817 )         (95.8 )      
Financing expenses, net   4,513           6,719           (32.8 )         9,338           8,124           14.9        
Income before income tax and participation in associates results   14,087           10,843           29.9           35,498           22,144           60.3        
Income tax   4,905           4,339           13.0           8,562           9,100           (5.9 )      
Participation in associates results   38           (756 )         (105.0 )         (62 )         (844 )         (92.7 )      
Continued Operations net income (Loss)   9,221           5,748           60.4           26,874           12,200           120.3        
Discontinued Operations net income (Loss)   -           (157 )         (100.0 )         -           2,333           (100.0 )      
(Loss) Consolidated net income   9,221           5,591           64.9           26,874           14,533           84.9        
Net majority income   5,536           2,710           104.3           20,376           8,516           139.3        
Net minority income   3,685           2,881           27.9           6,498           6,017           8.0        
                                                                         
Operative Cash Flow & CAPEX   2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
    2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
 
Income from operations   19,110     8.3     17,831     8.4     7.2     11.7     33,421     7.6     31,368     7.7     6.5     11.9  
Depreciation   10,703     4.6     9,893     4.7     8.2           21,153     4.8     19,609     4.8     7.9        
Amortization & other non-cash charges   3,527     1.5     1,864     0.9     89.2           6,881     1.6     3,855     0.9     78.5        
Adjusted EBITDA   33,340     14.4     29,588     14.0     12.7     15.8     61,455     14.0     54,832     13.5     12.1     15.8  
CAPEX   8,872           9,203           (3.6 )         15,067           17,987           (16.2 )      

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

(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.

 

July 28, 2026 | Page 14

 

 

FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)              

 

ASSETS   Jun-26     Dec-25     % Inc.  
Cash and cash equivalents     104,960       107,980       (2.8 )
Investments     11,591       20,042       (42.2 )
Accounts receivable     45,281       48,319       (6.3 )
Inventories     67,552       69,452       (2.7 )
Other current assets     42,721       37,323       14.5  
Current Assets Available for sale     -       -       -  
Total current assets     272,105       283,116       (3.9 )
Investments in shares     10,860       25,726       (57.8 )
Property, plant and equipment, net     194,228       189,672       2.4  
Right of use     101,122       99,543       1.6  
Intangible assets (1)     146,079       145,506       0.4  
Other assets     78,188       52,314       49.5  
TOTAL ASSETS     802,582       795,877       0.8  

 

LIABILITIES & STOCKHOLDERS’ EQUITY   Jun-26     Dec-25     % Inc.  
Bank loans     2,860       5,862       (51.2 )
Current maturities of long-term debt     12,087       14,812       (18.4 )
Interest payable     1,725       1,790       (3.6 )
Current maturities of long-term leases     15,435       15,188       1.6  
Operating liabilities     207,367       172,362       20.3  
Short term liabilities available for sale     -       -       -  
Total current liabilities     239,474       210,014       14.0  
Long-term debt (2)     124,830       126,992       (1.7 )
Long-term leases     97,792       94,703       3.3  
Laboral obligations     10,933       10,719       2.0  
Other liabilities     28,618       24,097       18.8  
Total liabilities     501,647       466,525       7.5  
Total stockholders’ equity     300,935       329,352       (8.6 )
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY     802,582       795,877       0.8  

 

    June 30, 2026  
DEBT MIX (2)   % of Total     Average Rate  
Denominated in:                
       Mexican pesos     59.5 %     8.9 %
       U.S. Dollars     25.6 %     3.5 %
       Euros     0.0 %     0.0 %
       Swiss Francs     0.0 %     0.0 %
       Colombian pesos     1.0 %     12.7 %
       Argentine pesos     0.4 %     31.5 %
       Brazilian reais     12.5 %     9.0 %
       Chilean pesos     1.0 %     5.9 %
Total debt     100.0 %     7.6 %
                 
Fixed rate (2)     83.5 %        
Variable rate (2)     16.5 %        

 

DEBT MATURITY PROFILE   2026     2027     2028     2029     2030     2031+  
% of Total Debt     3.8 %     8.8 %     11.0 %     6.0 %     12.9 %     57.5 %

 

 

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

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

 

July 28, 2026 | Page 15

 

 

Net Debt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

 

    Twelve months ended June 30, 2026  
      Reported Adj.
EBITDA 
      Adjustments       Adj. EBITDA Ex-KOF  
OXXO Mexico, Americas & Mobility     3,219       -       3,219  
Europe     485       -       485  
Health Division     513       -       513  
Envoy Solutions     -       -       -  
Coca-Cola FEMSA1     3,487       (3,487 )     -  
Other2     (147 )     -       (147 )
FEMSA Consolidated     7,556       (3,487 )     4,069  
                         
Dividends Received3     -       407       407  
                         
FEMSA Consolidated ex-KOF     7,556       (3,081 )     4,475  

 

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2026 which was 17.4490 MXN per USD.

 

 

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

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

3 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$407 mm during the last twelve months.

  

    As of June 30, 2026  
    Reported        Adjustments       Ex-KOF  
Cash & Equivalents     4,213       -       4,213  
Coca-Cola FEMSA Cash & Equivalents     2,466       (2,466 )     -  
Cash & Equivalents     6,680       (2,466 )     4,213  
                         
Financial Debt     3,103       -       3,103  
Coca-Cola FEMSA Financial Debt     4,907       (4,907 )     -  
Lease Liabilities     6,269       -       6,269  
Coca-Cola FEMSA Lease Liabilities     220       (220 )     -  
Debt     14,500       (5,127 )     9,372  
                         
FEMSA Net Debt     7,820       (2,661 )     5,159  

 

July 28, 2026 | Page 16

 

 

EPS with Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As Reported

 

Total Shares Outstanding (1) (2)
FEMSA Units Outstanding(1)             3,412,732,415  
                 
      YTD       2Q26
Net majority income     20,376       5,536  
                 
# FEMSA Units Outstanding(1)     3,412,732,415  
                 
EPS (Mxn Ps. / Unit)     5.97       1.62  

 

Proforma

  

Total Shares Excluding Shares in Treasury
FEMSA Units Outstanding(1)             3,387,194,875  
                 
Shares in Treasury
FEMSA Units Outstanding(1)             25,537,540  
                 
      YTD       2Q26
Net majority income     20,376       5,536  
                 
# FEMSA Units Outstanding     3,387,194,875  
                 
EPS (Mxn Ps. / Unit)     6.02       1.63  

 

 

(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.

(2) At our Shareholders meeting held on March 27 of 2026, the cancellation of the shares acquired from the stock repurchase program during the period from April 2025 to March 2026 was approved. The total FEMSA Units Cancelled are for the amount of 56,737,112 units.

 

July 28, 2026 | Page 17

 

 

OXXO Mexico – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:     For the six months of:  
    2026     %
of rev.
    2025     %
of rev.
    % Var.     2026     %
of rev.
    2025     %
of rev.
    %
Var.
 
Total revenues     86,708     100.0     77,539     100.0     11.8     161,115     100.0     146,304     100.0     10.1  
Cost of sales     47,843     55.2     42,267     54.5     13.2     87,892     54.6     80,192     54.8     9.6  
Gross profit     38,865     44.8     35,272     45.5     10.2     73,223     45.4     66,112     45.2     10.8  
Administrative expenses     2,035     2.3     2,104     2.7     (3.3 )   4,263     2.6     4,053     2.8     5.2  
Selling expenses     28,110     32.4     25,408     32.8     10.6     54,468     33.8     49,505     33.8     10.0  
Other operating expenses (income), net     72     0.1     59     0.1     22.0     167     0.1     166     0.1     0.6  
Income from operations     8,649     10.0     7,701     9.9     12.3     14,324     8.9     12,387     8.5     15.6  
Depreciation     3,810     4.4     3,564     4.6     6.9     7,575     4.7     7,062     4.8     7.3  
Amortization & other non-cash charges     780     0.9     367     0.5     112.5     1,923     1.2     727     0.5     164.5  
Adjusted EBITDA     13,239     15.3     11,632     15.0     13.8     23,823     14.8     20,177     13.8     18.1  
CAPEX     3,801           3,636           4.5     6,002           6,565           (8.6 )
                                                               
Information of OXXO Stores                                                              
Total stores                                   24,708           23,876           3.5  
                                                               
Net new convenience stores:                                                              
       vs. Last quarter     253           309           (18.1 )                              
       Year-to-date     411           670           (38.7 )                              
       Last-twelve-months     832           1,218           (31.7 )                              
                                                               
Same-store data: (1)                                                              
       Sales (thousands of pesos)     1,101.7           1,006.5           9.5     1,027.7           952.8           7.9  
       Traffic (thousands of transactions)     17.2           16.9           2.0     16.4           16.3           0.8  
       Ticket (pesos)     64.1           59.7           7.4     62.7           58.6           7.0  

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

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

 

July 28, 2026 | Page 18

 

 

Americas & Mobility – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:     For the six months of:  
    2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
    2026     %
of rev.
    2025     %
of rev.
    % Var.     %
Comp. (A)
 
Total revenues   28,567     100.0     24,325     100.0     17.4     11.6     53,555     100.0     46,446     100.0     15.3     11.1  
Cost of sales   23,970     83.9     20,393     83.8     17.5           44,661     83.4     39,108     84.2     14.2        
Gross profit   4,597     16.1     3,932     16.2     16.9     5.5     8,894     16.6     7,338     15.8     21.2     12.9  
Administrative expenses   620     2.2     488     2.0     27.0           1,344     2.5     1,006     2.2     33.6        
Selling expenses   3,807     13.3     2,737     11.3     39.1           7,075     13.2     5,414     11.7     30.7        
Other operating expenses (income), net   90     0.3     42     0.2     114.3           115     0.2     65     0.1     76.9        
Income from operations   80     0.3     664     2.7     (88.0 )   (29.0 )   361     0.7     853     1.8     (57.7 )   8.1  
Depreciation   840     2.9     583     2.4     44.1           1,516     2.8     1,174     2.5     29.1        
Amortization & other non-cash charges   376     1.3     107     0.4     251.4           506     0.9     225     0.5     124.9        
Adjusted EBITDA   1,296     4.5     1,354     5.6     (4.3 )   5.7     2,382     4.4     2,252     4.8     5.8     16.8  
CAPEX   344           222           55.0           629           425           48.0        
                                                                         
Information of Stores                                                                        
Total stores                                       1,953           1,907           2.4        
Stores Brazil                                       634           603           5.1        
Stores Colombia                                       622           622           0.0        
Stores Chile                                       242           234           3.4        
Stores Peru                                       215           199           8.0        
Stores USA                                       240           249           (3.6 )      
                                                                         
Net new stores:                                                                        
vs. Last quarter   11           13           (15.4 )                                          
Year-to-date   56           57           (1.8 )                                          
Last-twelve-months   46           360           (87.2 )                                          
                                                                         
Same-store data: (1)                                                                        
Sales (thousands of pesos)   1,141.2           1,024.8           11.4     17.6     1,094.6           1,011.7           8.2     16.6  

 

Currency Neutral

  

    Total Revenue
Growth
    Total Unit
Growth
    Same-Store
Sales Growth(2)
 
OXXO Americas     19.8       2.4 %     17.6  
Brazil(3)     NA       5.1 %     11.6  
Latam(4)     25.3       2.3 %     24.9  
USA(5)     15.2       (3.6 )%     0.4  

 

Information of Gas Stations   2026     2025     % Var.  
Total stations     781       804       (2.9 )
Mexico     544       559       (2.7 )
USA     237       245       (3.3 )
                         
Net new service stores:                        
       vs. Last quarter     (1 )     (3 )     (66.7 )
       Year-to-date     (9 )     (12 )     (25.0 )
       Last-twelve-months     (23 )     234.0       (109.8 )
                         
Volume (millions of liters) total stations(6)     956.6       922.3       3.7  
                         
Unit margin (pesos per liter)(6) (7)     2.27       2.65       (14.5 )

 

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

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

(2) Same-store Sales OXXO Americas (Colombia, Chile, Peru and the U.S.A.).

(3) Local currency (BRL).

(4) Includes a weighted average of OXXO Colombia, Chile and Peru.

(5) Local currency (USD).

(6) Includes fuel operations in Mexico and in the US, with U.S. volumes converted to Liters.

(7) For readers’ convenience in calculating the equivalent price in U.S. cents per gallon, please refer to the exchange rate of 17.4490 MXN per USD, as published by the Federal Reserve Bank of New York for June 30, 2026, and a conversion factor of 3.785 liters per US gallon.

 

July 28, 2026 | Page 19

 

 

 

Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:   For the six months of:  
    2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
  2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
 
Total revenues     14,491     100.0     15,065     100.0     (3.8 )   3.2     27,411     100.0     27,974     100.0     (2.0 )   2.4  
Cost of sales     8,670     59.8     8,832     58.6     (1.8 )         16,227     59.2     16,310     58.3     (0.5 )      
Gross profit     5,821     40.2     6,233     41.4     (6.6 )   0.2     11,184     40.8     11,664     41.7     (4.1 )   0.1  
Administrative expenses     926     6.4     961     6.4     (3.6 )         1,845     6.7     1,863     6.7     (1.0 )      
Selling expenses     4,273     29.5     4,628     30.7     (7.7 )         8,371     30.5     8,832     31.6     (5.2 )      
Other operating expenses (income), net     (16 )   (0.1 )   (43 )   (0.3 )   (62.8 )         (25 )   (0.1 )   (50 )   (0.2 )   (50.0 )      
Income from operations     638     4.4     688     4.6     (7.3 )   (0.5 )   993     3.6     1,019     3.6     (2.5 )   2.7  
Depreciation     1,322     9.1     1,384     9.2     (4.5 )         2,643     9.6     2,703     9.7     (2.2 )      
Amortization & other non-cash charges     190     1.3     107     0.7     77.6           317     1.2     207     0.7     53.1        
Adjusted EBITDA     2,150     14.8     2,179     14.5     (1.3 )   5.9     3,953     14.4     3,929     14.0     0.6     5.2  
CAPEX     345           356           (3.1 )         670           611           9.7        

 

Information of Stores                     2026     2025     % Var.     %
Comp.(A)
 
Total stores                                     2,749       2,780       (1.1 )        
                                                                 
Same-store data: (1)                                                                
Sales (thousands of pesos)     1,930.0       2,046.7       (5.7 )     1.9       1,826.1       1,908.9       (4.3 )     0.9  

 

(A) Refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

(1) Monthly average information per store. Same-store Sales reflect a weighted average from our foodservice and retail operations.

 

July 28, 2026 | Page 20

 

 

Health – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:   For the six months of:   
    2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
  2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
 
Total revenues     22,328     100.0     21,850     100.0     2.2     4.8     44,502     100.0     43,822     100.0     1.6     5.7  
Cost of sales     16,398     73.4     15,354     70.3     6.8           32,763     73.6     30,873     70.5     6.1        
Gross profit     5,930     26.6     6,496     29.7     (8.7 )   (5.1 )   11,739     26.4     12,949     29.5     (9.3 )   (4.8 )
Administrative expenses     753     3.4     953     4.4     (21.0 )         1,473     3.3     2,096     4.8     (29.7 )      
Selling expenses     4,798     21.5     4,734     21.7     1.4           9,240     20.8     9,279     21.2     (0.4 )      
Other operating expenses (income), net     32     0.1     (10 )   (0.0 )   (420.0 )         24     0.1     (13 )   (0.0 )   (284.6 )      
Income from operations     346     1.5     819     3.7     (57.7 )   (54.1 )   1,003     2.3     1,585     3.6     (36.7 )   (30.6 )
Depreciation     939     4.2     895     4.1     4.9           1,880     4.2     1,834     4.2     2.5        
Amortization & other non-cash charges     783     3.5     267     1.2     193.3           1,161     2.6     542     1.2     114.2        
Adjusted EBITDA     2,069     9.3     1,981     9.1     4.4     9.4     4,044     9.1     3,962     9.0     2.1     8.1  
CAPEX     262           356           (26.4 )         440           613           (28.2 )      

 

Information of Stores                                              
Total stores                                     4,584       4,321       6.1          
Stores Mexico                                     1,284       1,311       (2.1 )        
Stores South America                                     3,300       3,010       9.6          
Net new stores:                                                                
vs. Last quarter     57       (273 )     N.S                                          
Year-to-date     81       (340 )     N.S                                          
Last-twelve-months     263       (175 )     N.S                                          
                                                                 
Same-store data: (1)                                                                
Sales (thousands of pesos)     1,036.3       1,029.5       0.7       6.2       1,035.6       1,032.3       0.3       6.7  

 

Currency Neutral                        
       Total Revenue Growth         Total Unit Growth       Same-Store Sales Growth(6)  
Health(2)     4.8 %     6.1       6.2  
Mexico     (7.8 )%     (2.1 )     (0.2 )
Chile(3)     9.3 %     5.7       1.6  
Colombia(4)     8.6 %     9.9       24.3  
Ecuador(5)     11.6 %     13.3       5.5  

 

(A) Please refer to page 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

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

(3) Local currency (CLP).

(4) Local currency (COP).

(5) Local currency (USD).

(6) Only includes retail sales. In Ecuador, includes franchised stores                

 

July 28, 2026 | Page 21

 

 

Coca-Cola FEMSA – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

 

    For the second quarter of:   For the six months of:  
    2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
  2026   % of
rev.
  2025   % of
rev.
  % Var.   %
Comp.(A)
 
Total revenues     76,318     100.0     72,917     100.0     4.7     6.6     147,153     100.0     142,703     100.0     3.1     8.1  
Cost of sales     40,380     52.9     39,875     54.7     1.3           78,000     53.0     77,987     54.6     0.0        
Gross profit     35,938     47.1     33,042     45.3     8.8     10.7     69,153     47.0     64,716     45.4     6.9     11.9  
Administrative expenses     3,957     5.2     3,957     5.4     -           7,917     5.4     7,549     5.3     4.9        
Selling expenses     21,901     28.7     19,722     27.0     11.0           42,054     28.6     38,480     27.0     9.3        
Other operating expenses (income), net     (575 )   (0.8 )   (404 )   (0.6 )   42.3           (496 )   (0.3 )   (299 )   (0.2 )   65.9        
Income from operations     10,654     14.0     9,767     13.4     9.1     11.1     19,678     13.4     18,986     13.3     3.6     8.2  
Depreciation     3,432     4.5     3,160     4.3     8.6           6,834     4.6     6,259     4.4     9.2        
Amortization & other non-cash charges     923     1.2     461     0.6     100.2           1,856     1.3     1,339     0.9     38.6        
Adjusted EBITDA     15,009     19.7     13,388     18.4     12.1     14.4     28,367     19.3     26,584     18.6     6.7     12.0  
CAPEX     4,057           5,419           (25.1 )         7,218           9,640           (25.1 )      

 

                                           
Sales Volumes                                
(Millions of unit cases)                                
Mexico and Central America     645.9     60.3     636.9     61.5     1.4     1,190.4     57.5     1,190.2     58.9     0.0  
South America     146.7     13.7     133.1     12.9     10.2     294.6     14.2     271.0     13.4     8.7  
Brazil     279.2     26.0     265.3     25.6     5.2     585.2     28.3     560.6     27.7     4.4  
Total     1,071.8     100.0     1,035.3     100.0     3.5     2,070.2     100.0     2,021.8     100.0     2.4  

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

July 28, 2026 | Page 22

 

 

FEMSA Macroeconomic Information

 

    Inflation  
    2Q 2026     LTM (1) Jun-26  
             
Mexico     0.04 %     3.55 %
Colombia     0.59 %     5.76 %
Brazil     1.04 %     4.68 %
Argentina     4.49 %     32.92 %
Chile     1.31 %     4.33 %
Euro Zone     -0.09 %     3.28 %
Switzerland     0.32 %     0.71 %

 

    Average Exchange Rates for each Period  
      Jun-26               Jun-25          
      Per USD       Per MXN       Per USD       Per MXN  
Mexico     17.37       1.0000       19.07       1.0000  
Colombia     3,504.64       0.0050       4,115.88       0.0046  
Brazil     5.13       3.3884       5.55       3.4379  
Argentina     1,450.88       0.0120       1,180.74       0.0162  
Chile     903.38       0.0192       938.04       0.0203  
Euro Zone     0.87       20.0350       0.87       21.9121  
Switzerland     0.80       21.7399       0.81       23.4345  

 

    End-of-Period Exchange Rates  
      Jun-26               Jun-25          
      Per USD       Per MXN       Per USD       Per MXN  
Mexico     17.47       1.0000       18.89       1.0000  
Colombia     3,443.59       0.0051       4,069.67       0.0046  
Brazil     5.18       3.3748       5.46       3.4621  
Argentina     1,482.00       0.0118       1,205.00       0.0157  
Chile     922.21       0.0189       933.42       0.0202  
Euro Zone     0.88       19.9648       0.86       22.0808  
Switzerland     0.81       21.5812       0.80       23.6841  

 

(1) LTM = Last twelve months.

 

July 28, 2026 | Page 23

 

 

 

 

 

 

Mexico City, July 27, 2026, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the second quarter of 2026.

 

SECOND QUARTER HIGHLIGHTS   

 

· Volume increased 3.5%.
· Revenue increased 4.7%; on a currency neutral basis, revenue grew 6.6%.
· Operating income increased 9.1%; on a currency neutral basis, operating income increased 11.1%.

· Majority net income increased 16.9%, driven mainly by an increase in our operating income.

· Earnings per share1 were Ps. 0.37 (Earnings per unit were Ps. 2.96 and per ADS were Ps. 29.57.).

 

FIRST SIX MONTHS HIGHLIGHTS

 

· Volume increased 2.4%.
· Revenue increased 3.1%; on a currency neutral basis, revenue grew 8.1%.
· Operating income increased 3.6%; on a currency neutral basis, operating income grew 8.2%.

· Majority net income increased 1.0%.

· Earnings per share1 were Ps. 0.63 (Earnings per unit were Ps. 5.02 and per ADS were Ps. 50.23.).

 

FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS

 

Change vs. same period of last year

 

              Total Revenues     Gross Profit      Operating Income     Majority Net Income
              2Q26       YTD 2026       2Q26       YTD 2026       2Q26       YTD 2026       2Q26       YTD 2026  
As Reported     Consolidated       4.7 %     3.1 %     8.8 %     6.9 %     9.1 %     3.6 %     16.9 %     1.0 %
      Mexico & Central America        0.3 %     (0.5 )%     3.9 %     2.4 %     (7.0 )%     (11.6 )%                
      South America        11.8 %     8.4 %     17.7 %     14.2 %     46.5 %     31.2 %                
                                                                         
Comparable (2)     Consolidated       6.6 %     8.1 %     10.7 %     11.9 %     11.1 %     8.2 %                
      Mexico & Central America        2.0 %     1.7 %     5.6 %     4.7 %     (5.4 )%     (9.2 )%                
      South America        14.1 %     18.1 %     20.1 %     24.4 %     49.4 %     41.4 %                

 

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

 

“Before commenting on our quarterly results, I would like to express our deepest condolences to everyone affected by the earthquakes in Venezuela. Our thoughts are with the impacted communities, as we provide support to people in need and first responders including Coca-Cola FEMSA de Venezuela employees and their families.

 

During the second quarter, we delivered a sequential recovery that highlights the strength of Coca-Cola FEMSA’s diversified market presence. Across our territories, we continued to grow the beverage industry, gain market share, and advance our digital agenda. We also leveraged the FIFA World Cup, strengthening brand equity and reinforcing our connection with consumers.

 

While Mexico continued to navigate a challenging consumer environment and the effects of the excise tax increase, our affordability strategy, segmentation, and disciplined commercial execution enabled us to further strengthen our competitive position. At the same time, South America delivered a solid quarter, with Colombia, Guatemala, and Brazil achieving record second-quarter volumes that ultimately resulted in double digit operating income growth in the business unit.

 

As we look to the second half of the year, we remain focused on adapting to the evolving consumer environment, accelerating our digital transformation, and leveraging our revenue growth management capabilities. We are confident that these initiatives, together with our disciplined execution and diversified footprint, will enable us to navigate near-term challenges while continuing to generate sustainable long-term growth.”

 

 

(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 2Q26 Results

 

July 27th, 2026

Page 2 of 17

 

 

RECENT DEVELOPMENTS

 

· On July 16, 2026, Coca-Cola FEMSA paid the second installment of the ordinary dividend approved for Ps. 0.241875 per share, for a total cash distribution of Ps. 4,065.1 million.

 

 

· Coca-Cola FEMSA announces the appointment of Pamela Ortiz as Investor Relations Director, effective August 1, 2026. She previously served as Investor Relations Manager at FEMSA and has extensive experience in capital markets and stakeholder engagement. For his part, Jorge Collazo, who has served as Investor Relations Director since 2022 and has been part of the Investor Relations team since 2016, is assuming a new role as Strategic Planning Director for Coca-Cola FEMSA Brazil.

 

· The Mexican Stock Exchange (BMV) awarded Coca-Cola FEMSA the prestigious “Best Total Score in Mexico CSA 2025” award, reaffirming our position as the leading sustainability performer among all listed companies evaluated. The Company also received the “Best Total Environmental CSA Score” and the “Best Total Governance & Economic CSA Score” distinctions, based on our strong performance in S&P Global’s Corporate Sustainability Assessment (CSA), one of the world’s most rigorous sustainability evaluations. These recognitions reflect the consistent execution of our sustainability strategy and its integration across our operations, governance, and growth agenda, as well as our commitment to creating long-term value through disciplined management, transparency, and sustainable business practices.

 

CONFERENCE CALL INFORMATION

 

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 3 of 17

 

 

CONSOLIDATED SECOND QUARTER RESULTS

 

 

 

CONSOLIDATED SECOND QUARTER RESULTS

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   2Q 2026     2Q 2025     Δ%     Δ%  
Total revenues     76,318       72,917       4.7 %     6.6 %
Gross profit     35,938       33,042       8.8 %     10.7 %
Operating income     10,654       9,767       9.1 %     11.1 %
Adj. EBITDA (2)     15,008       13,388       12.1 %     14.4 %

 

Volume increased 3.5% to 1,071.8 million-unit cases, driven by volume growth in most of our operations that was partially offset by a decline in Argentina.

 

Total revenues increased 4.7% to Ps. 76,318 million. This increase was driven mainly by volume growth, coupled with revenue management initiatives, which were partially offset by unfavorable mix and negative translation effects from most our operating currencies into Mexican pesos. Excluding currency translation effects, total revenues increased 6.6%.

 

Gross profit increased 8.8% to Ps. 35,938 million, and gross margin expanded 180 basis points to 47.1%. This expansion was driven mainly by lower sweetener and PET costs supported our raw material hedging initiatives, coupled with the appreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by higher aluminum costs, coupled with unfavorable mix effects. Excluding currency translation effects, gross profit increased 10.7%.

 

Operating income increased 9.1% to Ps. 10,654 million, and operating margin expanded 60 basis points to 14.0%. This margin expansion was driven mainly by operating leverage and expense efficiencies such as labor and rent. These effects were partially offset by an increase in freight, marketing, and depreciation. Moreover, we registered a lower operative foreign exchange gain in the quarter as compared to the same period of the previous year. In addition, this quarter we recognized an income of Ps. 265 million, net of expenses, related to insurance claims in Brazil. Excluding currency translation effects, operating income increased 11.1%.

 

 

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

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 4 of 17

 

 

Comprehensive financing result recorded an expense of Ps. 1,331 million, compared to an expense of Ps. 1,189 million in the previous year. This increase was driven mainly by a higher interest expense, net, resulting from the issuance of a new debt during the first quarter of 2026 in Mexican pesos. Moreover, we recorded an increase in interest income because of a higher cash position in key markets.

 

In addition, we recorded a lower gain in financial instruments of Ps. 88 million, as compared to a gain of Ps. 154 million recorded in the same period of the previous year. This lower gain was driven mainly by the valuation of matured financial instruments and lower rates in Brazil.

 

Additionally, we recognized a gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 74 million as compared to a gain of Ps. 77 million recorded in the same period of the previous year.

 

These effects were partially offset by a foreign exchange gain of Ps. 96 million in the second quarter of 2026 as compared to a gain of Ps. 55 million in the same period of the previous year. The gain this year was driven mainly by the quarterly appreciation of the Mexican peso as applied to our U.S. dollar-denominated net debt position.

 

Income tax as a percentage of income before taxes was 30.2% as compared to 36.2% during the same period of 2025. This decrease was driven mainly by non-recurring effects that resulted in higher income tax in the previous year, coupled with higher tax recovery.

 

Net income attributable to equity holders of the company increased 16.9% to reach Ps. 6,211 million. This increase was driven mainly by an increase in our operating income and a lower income tax, partially offset by an increase in our comprehensive financing result. Earnings per share1 were Ps. 0.37 (Earnings per unit were Ps. 2.96 and per ADS were Ps. 29.57.).

 

 

(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 2Q26 Results

 

July 27th, 2026

Page 5 of 17

 

 

CONSOLIDATED FIRST SIX MONTHS RESULTS

 

 

CONSOLIDATED FIRST SIX MONTHS RESULTS 

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   YTD 2026     YTD 2025     Δ%     Δ%  
Total revenues     147,153       142,703       3.1 %     8.1 %
Gross profit     69,153       64,716       6.9 %     11.9 %
Operating income     19,678       18,986       3.6 %     8.2 %
Adj. EBITDA (2)     28,367       26,584       6.7 %     12.0 %

 

Volume increased 2.4% to 2,070.2 million-unit cases, driven mainly by volume increases in most of our operations, partially offset by a slight volume decline in Mexico.

 

Total revenues increased 3.1% to Ps. 147,153 million. This increase was driven mainly by volume growth, partially offset by unfavorable currency translation effects from most of our operating currencies into Mexican pesos and mix effects. Excluding currency translation effects, total revenues increased 8.1%.

 

Gross profit increased 6.9% to Ps. 69,153 million, and gross margin expanded 160 basis points to 47.0%. This performance was driven mainly by lower sweetener costs, top-line growth, raw material hedging initiatives, and the appreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 11.9%.

 

Operating income increased 3.6% to Ps. 19,678 million, and operating margin expanded 10 basis points to 13.4%. This margin expansion was driven mainly by higher operating leverage; in addition, we recognized an income related to insurance claims in Brazil and Mexico for a total of Ps. 360 million. These effects were offset by higher marketing, depreciation, freight, and maintenance expenses. Moreover, we registered a lower operative foreign exchange gain in the period as compared to the same period of the previous year. Excluding currency translation effects, operating income increased 8.2%.

 

 

(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 2Q26 Results

 

July 27th, 2026

Page 6 of 17

 

 

Comprehensive financing result recorded an expense of Ps. 3,083 million, compared to an expense of Ps. 2,308 million in the same period of the previous year. This increase was driven mainly by a higher interest expense, net, of Ps. 3,159 million as compared to Ps. 2,749 million in the same period of the previous year resulting from higher interest expense, driven mainly by new debt issued during the second quarter of 2025 and the first quarter of 2026.

 

Additionally, we recorded a loss in financial instruments of Ps. 79 million as compared to a gain of Ps. 288 million in the same period of the previous year, resulting from the market value of financial instruments.

 

These effects were partially offset by a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 175 million as compared to a gain of Ps. 154 million in the same period of the previous year.

 

Income tax as a percentage of income before taxes was 33.1% as compared to 34.8% during the same period of 2025. This decrease was driven mainly by non-recurring effects that resulted in higher income tax in the previous year, coupled with higher tax recovery.

 

Net income attributable to equity holders of the company was Ps. 10,553 million as compared to Ps 10,450 million during the same period of the previous year. This increase was driven mainly by an increase in our operating income, partially offset by a higher comprehensive financing result. Earnings per share1 were Ps. 0.63 (Earnings per unit were Ps. 5.02 and per ADS were Ps. 50.23.).

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 7 of 17

 

 

MEXICO & CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS

 

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

 

 

MEXICO & CENTRAL AMERICA DIVISION RESULTS

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   2Q 2026     2Q 2025     Δ%     Δ%  
Total revenues     45,450       45,306       0.3 %     2.0 %
Gross profit     22,241       21,404       3.9 %     5.6 %
Operating income     6,351       6,829       (7.0 )%     (5.4 )%
Adj. EBITDA (2)     8,956       8,926       0.3 %     2.2 %

 

Volume increased 1.4% to 645.9 million-unit cases, driven by volume growth in all our territories in the division.

 

Total revenues increased 0.3% to Ps. 45,450 million. This performance was driven mainly by volume increases, partially offset by unfavorable mix and currency translation effects from all our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 2.0%.

 

Gross profit increased 3.9% to Ps. 22,241 million, and gross margin expanded 170 basis points to 48.9%. This margin expansion was driven mainly by lower sweetener and PET costs as compared to the previous year, coupled with the appreciation of all the currencies in the division as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by unfavorable mix effects. Excluding currency translation, gross profit increased 5.6%.

 

Operating income decreased 7.0% to Ps. 6,351 million, and operating margin contracted 110 basis points to 14.0%. This operating margin contraction was driven mainly by a lower operating leverage as total operating expenses increased 9.1%, outpacing revenue growth. The increase in operating expenses was driven mainly by marketing and freight expenses. In addition, this year we reported a lower operating foreign exchange gain as compared with the same period of the previous year. These effects were partially offset by labor expense efficiencies. Excluding currency translation effects, operating income decreased 5.4%.

 

 

(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 2Q26 Results

 

July 27th, 2026

Page 8 of 17

 

 

SOUTH AMERICA DIVISION SECOND QUARTER RESULTS

 

(Brazil, Argentina, Colombia, and Uruguay)  

 

 

SOUTH AMERICA DIVISION RESULTS

 

 

    As Reported     Comparable (1)  
Expressed in millions of Mexican pesos   2Q 2026     2Q 2025     Δ%     Δ%  
Total revenues     30,868       27,611       11.8 %     14.1 %
Gross profit     13,697       11,639       17.7 %     20.1 %
Operating income     4,303       2,937       46.5 %     49.4 %
Adj. EBITDA (2)     6,053       4,462       35.6 %     38.9 %

 

Volume increased 6.9% to 425.9 million-unit cases, driven by volume growth of 17.7% in Colombia and 5.2% in Brazil, partially offset by a volume decline in Argentina.

 

Total revenues increased 11.8% to Ps. 30,868 million. This increase was driven mainly by volume growth, revenue management initiatives, and favorable mix effects, partially offset by an unfavorable currency translation effect from most of our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 14.1%.

 

Gross profit increased 17.7% to Ps. 13,697 million, and gross margin expanded 220 basis points to 44.4%. This expansion was driven mainly by lower sweetener and PET costs as compared to the previous year, coupled with the appreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by higher aluminum and secondary packaging costs. Excluding currency translation effects, gross profit increased 20.1%.

 

Operating income increased 46.5% to Ps. 4,303 million, resulting in an operating margin expansion of 330 basis points to 13.9%. Our operating income includes the recognition of insurance claims in Brazil, net of expenses, for Ps. 265 million. This operating margin increase was driven mainly by operating leverage and operating expense efficiencies such as labor and rentals. These effects were partially offset by higher expenses such as marketing and freight. Excluding currency translation effects, operating income increased 49.4%.

 

 

(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 2Q26 Results

 

July 27th, 2026

Page 9 of 17

 

 

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 refer 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 / shares outstanding.” Earnings per share (EPS) calculated using 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 translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions to maintain comparability.

 

Due to the average depreciation of the Argentine peso and most of the operating currencies relative to the Mexican peso in the second quarter of 2026, as compared to the same period of 2025, we had an unfavorable currency translation effect into Mexican pesos. Please see page 17 for exchange rate fluctuations.

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 10 of 17

 

 

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 files reports, including annual reports and other information, with the U.S. Securities and Exchange Commission, or the “SEC”, and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.

 

Coca-Cola FEMSA, S.A.B. de C.V. is the largest Coca-Cola 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 268 million consumers. With over 90,000 employees, the Company markets and sells approximately 4.2-billion-unit cases through more than 2.1 million points of sale a year. Operating 55 manufacturing plants and 256 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 Best-In-Class World Index, Dow Jones Best-In-Class MILA Pacific Alliance Index, FTSE4Good Emerging Index, S&P/BMV Total Mexico ESG Index, and the MSCI ACWI Index. 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 Coca-Cola FEMSA de Venezuela, S.A. For further information, please visit www.coca-colafemsa.com

 

 

 

ADDITIONAL INFORMATION

 

All 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 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 2Q26 Results

 

July 27th, 2026

Page 11 of 17

 

 

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos (1)

 

    For the Second Quarter of:     For the first Six Months of:  
    2026     % of Rev.     2025     % of Rev.     Δ% Reported     Δ% Comparable (7)     2026     % of Rev.     2025     % of Rev.     Δ% Reported     Δ% Comparable (7)  
Transactions (million transactions)     6,383.1               6,131.9               4.1 %     4.1 %     12,373.9               12,053.7               2.7 %     2.7 %
Volume (million unit cases)      1,071.8               1,035.3               3.5 %     3.5 %     2,070.2               2,021.8               2.4 %     2.4 %
Average price per unit case     69.23               68.65               0.9 %             68.90               68.63               0.4 %        
Net revenues     76,290               72,852               4.7 %             146,830               142,556               3.0 %        
Other operating revenues     28               65               -56.9 %             322               147               120.0 %        
Total revenues (2)     76,318       100.0 %     72,917       100.0 %     4.7 %     6.6 %     147,153       100.0 %     142,703       100.0 %     3.1 %     8.1 %
Cost of goods sold     40,380       52.9 %     39,875       54.7 %     1.3 %             78,000       53.0 %     77,987       54.6 %     0.0 %        
Gross profit     35,938       47.1 %     33,042       45.3 %     8.8 %     10.7 %     69,153       47.0 %     64,716       45.4 %     6.9 %     11.9 %
Operating expenses     25,859       33.9 %     23,679       32.5 %     9.2 %             49,971       34.0 %     46,029       32.3 %     8.6 %        
Other operative expenses, net     (448 )     0.6 %     (291 )     0.4 %     53.9 %             (272 )     0.2 %     (109 )     0.1 %     149.2 %        
Operative equity method (gain) loss in associates(3)     (126 )     0.2 %     (112 )     0.2 %     12.9 %             (223 )     0.2 %     (190 )     0.1 %     17.8 %        
Operating income (5)     10,654       14.0 %     9,767       13.4 %     9.1 %     11.1 %     19,678       13.4 %     18,986       13.3 %     3.6 %     8.2 %
Other non operative expenses, net     132       0.2 %     99       0.1 %     32.9 %             (30 )     0.0 %     125       0.1 %     NA          
Non Operative equity method (gain) loss in associates (4)     (55 )     0.1 %     (54 )     0.1 %     1.3 %             (37 )     0.0 %     (130 )     0.1 %     -71.8 %        
Interest expense     2,273               2,101               8.2 %             4,356               3,963               9.9 %        
Interest income     684               626               9.2 %             1,198               1,214               -1.4 %        
Interest expense, net     1,589               1,475               7.7 %             3,159               2,749               14.9 %        
Foreign exchange loss (gain)     (96 )             (55 )             73.3 %             20               1               1673.4 %        
Loss (gain) on monetary position in inflationary subsidiaries     (74 )             (77 )             -3.2 %             (175 )             (154 )             13.6 %        
Market value (gain) loss on financial instruments     (88 )             (154 )             -42.5 %             79               (288 )             NA          
Comprehensive financing result     1,331               1,189               11.9 %             3,083               2,308               33.6 %        
Income before taxes     9,246               8,532               8.4 %             16,661               16,684               -0.1 %        
Income taxes     2,741               3,029               -9.5 %             5,422               5,691               -4.7 %        
Result of discontinued operations     -               -               NA               -               -               NA          
Consolidated net income     6,505               5,503               18.2 %             11,239               10,993               2.2 %        
Net income attributable to equity holders of the company     6,211       8.1 %     5,312       7.3 %     16.9 %     19.5 %     10,553       7.2 %     10,450       7.3 %     1.0 %     5.5 %
Non-controlling interest     293       0.4 %     191       0.3 %     53.8 %             686       0.5 %     543       0.4 %     26.3 %        

 

Adj. EBITDA & CAPEX   2026     % of Rev.     2025     % of Rev.     Δ% Reported     Δ% Comparable (7)     2026     % of Rev.     2025     % of Rev.     Δ% Reported     Δ% Comparable (7)  
Operating income (5)     10,654       14.0 %     9,767       13.4 %     9.1 %     11.1 %     19,678       13.4 %     18,986       13.3 %     3.6 %     8.2 %
Depreciation     3,432               3,160               8.6 %             6,834               6,259               9.2 %        
Amortization and other operative non-cash charges     923               461               100.0 %             1,856               1,339               38.6 %        
Adj. EBITDA (5)(6)     15,008       19.7 %     13,388       18.4 %     12.1 %     14.4 %     28,367       19.3 %     26,584       18.6 %     6.7 %     12.0 %
CAPEX(8)     4,035               5,404               -25.3 %             7,174               9,632               -25.5 %        

 

(1) Except volume and average price per unit case figures.
(2) Please refer to pages 15 and 16 for revenue breakdown.
(3) Includes equity method in Jugos del Valle and Leão Alimentos, among others.
(4) Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.
(5) The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
(6) Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
(7) Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
(8) As of June 30, 2026, the investment in fixed assets effectively paid is equivalent to Ps. 7,834 million.

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 12 of 17

 

 

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

 

    For the Second Quarter of:     For the first Six Months of:  
    2026     % of Rev.     2025     % of Rev.     Δ%
Reported
    Δ%
Comparable (6)
    2026     % of Rev.     2025     % of Rev.     Δ%
Reported
    Δ%
Comparable (6)
 
Transactions (million transactions)     3,311.8               3,279.8               1.0 %     1.0 %     6,127.2               6,182.9               -0.9 %     -0.9 %
Volume (million unit cases)      645.9               636.9               1.4 %     1.4 %     1,190.4               1,190.2               0.0 %     0.0 %
Average price per unit case     69.27               70.42               -1.6 %             70.00               70.73               -1.0 %        
Net revenues     45,435               45,297                               84,541               84,959                          
Other operating revenues     15               9                               26               16                          
Total Revenues (2)     45,450       100.0 %     45,306       100.0 %     0.3 %     2.0 %     84,567       100.0 %     84,975       100.0 %     -0.5 %     1.7 %
Cost of goods sold     23,209       51.1 %     23,902       52.8 %                     43,305       51.2 %     44,686       52.6 %                
Gross profit     22,241       48.9 %     21,404       47.2 %     3.9 %     5.6 %     41,262       48.8 %     40,289       47.4 %     2.4 %     4.7 %
Operating expenses     15,960       35.1 %     14,973       33.0 %                     30,439       36.0 %     28,334       33.3 %                
Other operative expenses, net     27       0.1 %     (320 )     0.7 %                     159       0.2 %     (163 )     0.2 %                
Operative equity method (gain) loss in associates (3)     (96 )     0.2 %     (79 )     0.2 %                     (148 )     0.2 %     (110 )     0.1 %                
Operating income (4)     6,351       14.0 %     6,829       15.1 %     -7.0 %     -5.4 %     10,812       12.8 %     12,229       14.4 %     -11.6 %     -9.2 %
Depreciation, amortization & other operating non-cash charges     2,605       5.7 %     2,096       4.6 %                     5,271       6.2 %     4,605       5.4 %                
Adj. EBITDA (4)(5)     8,956       19.7 %     8,926       19.7 %     0.3 %     2.2 %     16,083       19.0 %     16,834       19.8 %     -4.5 %     -1.9 %

 

(1) Except volume and average price per unit case figures.
(2) Please refer to pages 15 and 16 for revenue breakdown.
(3) Includes equity method in Jugos del Valle, among others.
(4) The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
(5) Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
(6) Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

 

    For the Second Quarter of:     For the first Six Months of:  
    2026     % of Rev.     2025     % of Rev.     Δ%
Reported
    Δ%
Comparable (6)
    2026     % of Rev.     2025     % of Rev.     Δ%
Reported
    Δ%
Comparable (6)
 
Transactions (million transactions)     3,071.3               2,852.1               7.7 %     7.7 %     6,246.8               5,870.8               6.4 %     6.4 %
Volume (million unit cases)      425.9               398.4               6.9 %     6.9 %     879.8               831.6               5.8 %     5.8 %
Average price per unit case     69.18               65.81               5.1 %             67.42               65.63               2.7 %        
Net revenues     30,855               27,554                               62,289               57,596                          
Other operating revenues     13               56                               297               131                          
Total Revenues (2)     30,868       100.0 %     27,611       100.0 %     11.8 %     14.1 %     62,586       100.0 %     57,727       100.0 %     8.4 %     18.1 %
Cost of goods sold     17,171       55.6 %     15,972       57.8 %                     34,694       55.4 %     33,301       57.7 %                
Gross profit     13,697       44.4 %     11,639       42.2 %     17.7 %     20.1 %     27,891       44.6 %     24,427       42.3 %     14.2 %     24.4 %
Operating expenses     9,899       32.1 %     8,705       31.5 %                     19,532       31.2 %     17,695       30.7 %                
Other operative expenses, net     (475 )     1.5 %     28       0.1 %                     (431 )     0.7 %     54       0.1 %                
Operative equity method (gain) loss in associates (3)     (30 )     0.1 %     (32 )     0.1 %                     (75 )     0.1 %     (80 )     0.1 %                
Operating income (4)     4,303       13.9 %     2,937       10.6 %     46.5 %     49.4 %     8,866       14.2 %     6,757       11.7 %     31.2 %     41.4 %
Depreciation, amortization & other operating non-cash charges     1,750       5.7 %     1,525       5.5 %                     3,418       5.5 %     2,993       5.2 %                
Adj. EBITDA (4)(5)     6,053       19.6 %     4,462       16.2 %     35.6 %     38.9 %     12,284       19.6 %     9,750       16.9 %     26.0 %     37.7 %

 

(1) Except volume and average price per unit case figures.
(2) Please refer to pages 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 2Q26 Results

 

July 27th, 2026

Page 13 of 17

 

 

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

 

Assets   Jun-26     Dec-25     % Var.  
Current Assets                  
Cash, cash equivalents and marketable securities     43,032       28,067       53 %
Total accounts receivable     18,179       22,146       -18 %
Inventories     14,637       14,014       4 %
Other current assets     14,250       10,343       38 %
Total current assets     90,098       74,570       21 %
Non-Current Assets     -       -          
Property, plant and equipment     181,049       174,289       4 %
Accumulated depreciation     (69,833 )     (65,159 )     7 %
Total property, plant and equipment, net     111,216       109,130       2 %
Right of use assets     3,591       2,617       37 %
Investment in shares     10,685       10,588       1 %
Intangible assets and other assets     103,546       102,356       1 %
Other non-current assets     17,123       15,278       12 %
Total Assets     336,259       314,539       7 %

 

Liabilities & Equity   Jun-26     Dec-25     % Var.  
Current Liabilities                  
Short-term bank loans and notes payable     13,527       7,944       70 %
Suppliers     28,656       31,898       -10 %
Short-term leasing Liabilities     925       631       47 %
Other current liabilities     43,274       26,284       65 %
Total current liabilities     86,382       66,757       29 %
Non-Current Liabilities     -       -          
Long-term bank loans and notes payable     72,098       71,834       0 %
Long Term Leasing Liabilities     2,915       2,273       28 %
Other long-term liabilities     23,548       19,647       20 %
Total liabilities     184,942       160,511       15 %
Equity     -       -          
Non-controlling interest     8,737       7,827       12 %
Total controlling interest     142,580       146,201       -2 %
Total equity     151,317       154,029       -2 %
Total Liabilities and Equity     336,259       314,539       7 %

 

    June 30, 2026  
Debt Mix   % Total Debt (1)      % Interest Rate
Floating (1) (2)
    Average Rate  
Currency                  
Mexican Pesos     63.7 %     4.1 %     8.8 %
U.S. Dollars     13.8 %     41.1 %     3.9 %
Colombian Pesos     1.7 %     81.3 %     12.5 %
Brazilian Reals     20.0 %     59.0 %     9.0 %
Argentine Pesos     0.7 %     0.0 %     31.5 %
Total Debt     100 %     24.3 %     8.0 %

 

(1) After giving effect to swaps.
(2) Calculated based on the weighting of the outstanding debt mix for each year.

 

Debt Maturity Profile 

 

 

 

Financial Ratios   Jun 30, 2026     Dec 31, 2025     Δ%  
Net debt including effect of hedges (1)(3)     45,030       52,846       -14.8 %
Net debt including effect of hedges / Adj. EBITDA (1)(3)     0.74       0.89          
Adj. EBITDA/ Interest expense, net (1)     8.98       10.26          
Capitalization (2)     38.3 %     35.4 %        

 

(1) Net debt = total debt - cash
(2) Total debt / (total debt + shareholders' equity)
(3) After giving effect to swaps.

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 14 of 17

 

 

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

 

Volume 

 

    2Q 2026     2Q 2025     YoY  
    Sparkling     Water (1)     Bulk (2)     Stills     Total     Sparkling     Water (1)     Bulk (2)     Stills     Total     Δ %  
Mexico     366.3       39.8       95.3       43.4       544.8       359.7       37.7       98.5       43.5       539.4       1.0 %
Guatemala     47.5       2.7       0.5       2.4       53.1       46.1       2.2       0.8       2.3       51.3       3.4 %
CAM South     39.2       2.4       0.2       6.2       48.0       38.0       2.2       0.2       5.9       46.2       4.0 %
Mexico and Central America     453.0       45.0       95.9       52.0       645.9       443.7       42.1       99.4       51.7       636.9       1.4 %
Colombia     74.7       11.6       3.7       7.3       97.2       63.5       9.6       3.5       5.9       82.6       17.7 %
Brazil (3)     230.6       18.6       2.0       27.9       279.2       223.2       17.7       1.8       22.7       265.3       5.2 %
Argentina     27.9       4.8       1.6       4.0       38.2       29.1       5.0       1.4       3.8       39.3       -2.8 %
Uruguay     9.0       1.6       -       0.7       11.3       9.0       1.5       -       0.7       11.2       0.6 %
South America     342.1       36.6       7.3       39.9       425.9       324.7       33.9       6.7       33.1       398.4       6.9 %
TOTAL     795.2       81.6       103.2       91.9       1,071.8       768.4       76.0       106.1       84.8       1,035.3       3.5 %

 

(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water.
(2) Bulk Water  = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

 

Transactions

 

    2Q 2026     2Q 2025     YoY  
    Sparkling     Water     Stills     Total     Sparkling     Water     Stills     Total     Δ %  
Mexico     1,965.9       285.0       306.5       2,557.5       1,978.1       265.1       298.5       2,541.7       0.6 %
Guatemala     345.4       25.5       25.7       396.7       346.8       21.3       24.5       392.6       1.0 %
CAM South     281.9       15.5       60.3       357.7       273.6       14.2       57.7       345.5       3.5 %
Mexico and Central America     2,593.3       326.0       392.5       3,311.8       2,598.5       300.6       380.7       3,279.8       1.0 %
Colombia     541.8       114.2       53.4       709.4       470.8       96.9       45.8       613.5       15.6 %
Brazil (3)     1,615.8       162.8       319.1       2,097.8       1,547.0       154.6       266.2       1,967.8       6.6 %
Argentina     149.1       27.0       32.0       208.1       152.0       30.1       32.0       214.0       -2.7 %
Uruguay     44.1       6.1       5.8       56.0       45.3       5.9       5.6       56.8       -1.4 %
South America     2,350.9       310.2       410.2       3,071.3       2,215.0       287.4       349.6       2,852.1       7.7 %
TOTAL     4,944.2       636.2       802.7       6,383.1       4,813.5       588.0       730.4       6,131.9       4.1 %

 

Revenues      

 

Expressed in million Mexican Pesos   2Q 2026     2Q 2025     Δ %  
Mexico     36,713       36,629       0.2 %
Guatemala     4,269       4,458       -4.3 %
CAM South     4,468       4,218       5.9 %
Mexico and Central America     45,450       45,306       0.3 %
Colombia     6,593       5,384       22.4 %
Brazil (4)     20,582       18,359       12.1 %
Argentina     2,498       2,653       -5.8 %
Uruguay     1,196       1,215       -1.6 %
South America     30,868       27,611       11.8 %
TOTAL     76,318       72,917       4.7 %

 

(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 1,140.1 million for the second quarter of 2026 and Ps. 1,025.2 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 refer 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 2Q26 Results

 

July 27th, 2026

Page 15 of 17

 

 

COCA-COLA FEMSA

YTD- VOLUME, TRANSACTIONS & REVENUES

 

Volume 

 

    YTD 2026     YTD 2025     YoY  
    Sparkling     Water (1)     Bulk (2)     Stills     Total     Sparkling     Water (1)     Bulk (2)     Stills     Total     Δ %  
Mexico     667.2       68.5       180.1       80.6       996.4       667.6       68.1       185.6       82.0       1,003.3       -0.7 %
Guatemala     90.8       4.9       0.9       4.5       101.1       88.1       4.1       1.5       4.3       98.1       3.1 %
CAM South     75.7       4.9       0.4       11.9       92.9       72.7       4.5       0.4       11.3       88.8       4.6 %
Mexico and Central America     833.7       78.3       181.5       97.0       1,190.4       828.4       76.7       187.4       97.6       1,190.2       0.0 %
Colombia     142.1       22.2       7.3       14.0       185.6       125.2       19.4       7.1       12.2       163.8       13.4 %
Brazil (3)     479.5       42.6       4.8       58.4       585.2       465.5       41.8       4.7       48.6       560.6       4.4 %
Argentina     59.2       11.7       3.5       9.4       83.8       60.5       11.2       2.7       8.1       82.6       1.5 %
Uruguay     19.3       4.0       -       1.7       25.1       19.1       3.8       -       1.7       24.6       2.1 %
South America     700.2       80.5       15.6       83.6       879.8       670.3       76.3       14.4       70.6       831.6       5.8 %
TOTAL     1,533.8       158.7       197.1       180.6       2,070.2       1,498.7       153.0       201.8       168.3       2,021.8       2.4 %

 

(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 2026     YTD 2025     YoY  
    Sparkling     Water     Stills     Total     Sparkling     Water     Stills     Total     Δ %  
Mexico     3,610.5       496.1       568.0       4,674.6       3,713.7       482.4       571.4       4,767.5       -1.9 %
Guatemala     663.4       45.8       49.0       758.3       658.7       39.3       47.8       745.7       1.7 %
CAM South     546.8       31.5       116.0       694.3       528.6       29.1       112.0       669.7       3.7 %
Mexico and Central America     4,820.7       573.5       733.0       6,127.2       4,901.0       550.8       731.1       6,182.9       -0.9 %
Colombia     1,034.1       219.9       103.6       1,357.6       916.8       194.9       93.6       1,205.3       12.6 %
Brazil (3)     3,288.1       369.0       656.8       4,313.9       3,176.7       360.8       558.9       4,096.5       5.3 %
Argentina     312.5       63.4       75.1       451.0       312.1       65.8       68.3       446.1       1.1 %
Uruguay     94.9       15.2       14.1       124.2       94.6       14.6       13.6       122.9       1.1 %
South America     4,729.7       667.4       849.7       6,246.8       4,500.2       636.1       734.4       5,870.8       6.4 %
TOTAL     9,550.4       1,240.8       1,582.7       12,373.9       9,401.2       1,186.9       1,465.6       12,053.7       2.7 %

 

Revenues        

 

Expressed in million Mexican Pesos   YTD 2026     YTD 2025     Δ %  
Mexico     67,840       67,892       -0.1 %
Guatemala     8,178       8,631       -5.3 %
CAM South     8,549       8,452       1.1 %
Mexico and Central America     84,567       84,975       -0.5 %
Colombia     12,484       10,748       16.1 %
Brazil (4)     41,900       38,668       8.4 %
Argentina     5,602       5,716       -2.0 %
Uruguay     2,600       2,595       0.2 %
South America     62,586       57,727       8.4 %
TOTAL     147,153       142,703       3.1 %

 

(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 2,453.1 million for the first six months of 2026 and Ps. 2,368.3 million for the same period of the previous year.

 

 

(1) Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.
(2) Transactions refer 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 2Q26 Results

 

July 27th, 2026

Page 16 of 17

 

 

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

 

Inflation (1)

 

      LTM       2Q26       YTD  
Mexico     3.55 %     0.36 %     1.53 %
Colombia     5.76 %     1.53 %     4.49 %
Brazil     4.68 %     2.05 %     3.38 %
Argentina     32.92 %     7.74 %     16.81 %
Costa Rica     -0.95 %     0.73 %     -0.41 %
Panama     2.30 %     2.62 %     2.95 %
Guatemala     3.27 %     2.21 %     2.61 %
Nicaragua     3.64 %     0.70 %     2.20 %
Uruguay     3.77 %     1.61 %     3.26 %

 

(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)
 
    2Q26     2Q25     Δ %     YTD 26     YTD 25     Δ %  
Mexico     17.41       19.55       -10.9 %     17.48       19.23       -9.1 %
Colombia     3,612.15       4,197.35       -13.9 %     3,649.47       4,053.13       -10.0 %
Brazil     5.05       5.67       -10.9 %     5.15       5.59       -7.8 %
Argentina     1,410.26       1,151.04       22.5 %     1,414.01       1,244.54       13.6 %
Costa Rica     459.28       508.77       -9.7 %     472.52       506.50       -6.7 %
Panama     1.00       1.00       0.0 %     1.00       1.00       0.0 %
Guatemala     7.63       7.69       -0.8 %     7.64       7.68       -0.5 %
Nicaragua     36.62       36.62       0.0 %     36.62       36.62       0.0 %
Uruguay     40.09       41.61       -3.7 %     39.59       41.08       -3.6 %

 

End-of-period Exchange Rates

 

    Closing Exchange Rate
(Local Currency per USD)
    Closing Exchange Rate
(Local Currency per USD)
 
    Jun-26     Jun-25     Δ %     Mar-26     Mar-25     Δ %  
Mexico     17.47       18.89       -7.5 %     18.07       20.32       -11.1 %
Colombia     3,443.59       4,069.67       -15.4 %     3,669.96       4,192.57       -12.5 %
Brazil     5.18       5.46       -5.1 %     5.22       5.74       -9.1 %
Argentina     1,482.00       1,205.00       23.0 %     1,382.00       1,074.00       28.7 %
Costa Rica     457.17       508.28       -10.1 %     467.85       504.21       -7.2 %
Panama     1.00       1.00       0.0 %     1.00       1.00       0.0 %
Guatemala     7.62       7.68       -0.9 %     7.65       7.71       -0.8 %
Nicaragua     36.62       36.62       0.0 %     36.62       36.62       0.0 %
Uruguay     40.12       39.55       1.4 %     40.48       42.13       -3.9 %

 

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

 

Coca-Cola FEMSA Reports 2Q26 Results

 

July 27th, 2026

Page 17 of 17