UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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
Commission File Number 
1-12260

 

COCA-COLA FEMSA, S.A.B. de C.V.

(Translation of registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Calle Mario Pani No. 100,
Santa Fe Cuajimalpa,
Cuajimalpa de Morelos,
05348, Ciudad de México,

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)

Yes    No  X 

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)

Yes    No  X 

Indicate by check mark whether the registrant by furnishing the information contained in this Form 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-__.

 

 
 

 

SECOND QUARTER 2026 RESULTS

 

 

 

 

 

 

 

 

INVESTOR RELATIONS

Pamela Ortiz | pamela.ortiz@kof.com

Natalia Sariñana | natalia.sarinana@kof.com

Bryan Silva | bryan.silva@kof.com

Emilio Díaz | emilio.diaz@kof.com

kofmxinves@kof.com

 

 
 

  

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

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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

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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

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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

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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

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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

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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

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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

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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)

 

 

 

 

   

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July 27th, 2026

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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.   Liabilities & Equity   Jun-26  Dec-25 % Var.
Current Assets           Current Liabilities        
Cash, cash equivalents and marketable securities           Short-term bank loans and notes payable    13,527  7,944 70%
   43,032  28,067 53%   Suppliers    28,656  31,898 -10%
Total accounts receivable    18,179  22,146 -18%   Short-term leasing Liabilities    925  631 47%
Inventories    14,637  14,014 4%   Other current liabilities    43,274  26,284 65%
Other current assets    14,250  10,343 38%   Total current liabilities    86,382  66,757 29%
Total current assets    90,098  74,570 21%   Non-Current Liabilities    -     -     
Non-Current Assets    -     -        Long-term bank loans and notes payable    72,098  71,834 0%
Property, plant and equipment    181,049  174,289 4%   Long Term Leasing Liabilities    2,915  2,273 28%
Accumulated depreciation    (69,833)  (65,159) 7%   Other long-term liabilities    23,548  19,647 20%
Total property, plant and equipment, net    111,216  109,130 2%   Total liabilities    184,942  160,511 15%
Right of use assets    3,591  2,617 37%   Equity    -     -     
Investment in shares    10,685  10,588 1%   Non-controlling interest    8,737  7,827 12%
Intangible assets and other assets    103,546  102,356 1%   Total controlling interest    142,580  146,201 -2%
Other non-current assets    17,123  15,278 12%   Total equity           151,317         154,029 -2%
Total Assets               336,259                314,539 7%   Total Liabilities and Equity           336,259         314,539 7%
                     
                     
    June 30, 2026            
Debt Mix   % Total Debt (1)  % Interest Rate Floating (1) (2) Average Rate   Debt Maturity Profile
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.
                     
                     
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

 
 

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 by the undersigned, thereunto duly authorized.

   
  COCA-COLA FEMSA, S.A.B. DE C.V.
  By:  /s/ Gerardo Cruz Celaya              
 

Gerardo Cruz Celaya

Chief Financial Officer

   
 Date: July 24, 2026