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   1.15x   - 

 

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

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