Earnings release
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Investor Relations Monterrey Ulises Fernández De Lara ulises.fernandezdelara@arcacontal.com Tel.: +52 (81) 8151.1525 Emma Rebeca Pinto emmarebeca.pinto@arcacontal.com Tel.: +52 (81) 8151.1814 New York Melanie Carpenter Ideal Advisors melanie@ideal-advisors.com Public Affairs, Communications, and Sustainability Guillermo Garza guillermo.garza@arcacontal.com Tel.: +52 (81) 8151.1441 Vicente Chávez vicente.chavezc@arcacontal.com Tel.: +52 (81) 8151.1400 THIRD QUARTER 202 5 EARNINGS RELEASE 3Q25
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2 QUARTERLY REPORT 3Q25 ARCA CONTINENTAL REPORTS INCREASE IN EBITDA AND MARGIN EXPANSION FOR 3Q25 Monterrey, Mexico, October 23, 2025 – Arca Continental, S.A.B. de C.V. (BMV: AC*) (“Arca Continental” or “AC”), the third-largest Coca-Cola bottler in Latin America, announced its results for the third quarter and first nine months of 2025 (“3Q25” and “9M25”). Table 1: Financial Highlights THIRD QUARTER 2025 HIGHLIGHTS • Net Sales increased 0.5% when compared to 3Q24, reaching Ps. 62,920 million. • EBITDA rose 1.2% to Ps. 12,831 million, the highest reported for a third quarter, and a margin of 20.4%. • Net Income totaled Ps. 5,311 million, up 3.5% and reaching a margin of 8.4%. FIRST NINE MONTHS 2025 HIGHLIGHTS • Net Sales increased 6.6% when compared to 9M24, reaching Ps. 183,386 million. • EBITDA rose 6.1% to Ps. 36,632 million, with a margin of 20.0%. • Net Income totaled Ps. 14,923 million, up 4.4% and reaching a margin of 8.1%. COMMENTS FROM THE CHIEF EXECUTIVE OFFICER “In the face of a challenging landscape marked by adverse weather and weak er consumer dynamics, we were able to maintain a solid and disciplined performance. In the third quarter of 2025, we achieved EBITDA growth of 1.2%, the highest level for a third quarter in our history, and expanded our consolidated margin by 10 bps, reaching 20.4%. This result reflects the commitment and excellence of our team in point -of-sale execution, supported by our price -pack strategies and operating efficiency”, stated Arturo Gutiérrez, Chief Executive Officer of Arca Continental. “We are proud to share that our U.S. operation celebrated its 30 th consecutive quarter of EBITDA growth, solidifying our leadership and reflecting the fruits of our investments implemented in the region. Towards the end of the year, we will continue strengthen ing our presence across all channels, driving value creation for our stakeholders and innovating sustainably to ensure our long-term growth”, he added. CONSOLIDATED DATA IN MILLIONS OF MEXICAN PESOS 3Q25 3Q24 Variation % Jan-Sep25 Jan-Sep24 Variation % Total Beverage Volume (MUC) 623.1 634.4 -1.8 1,789.9 1,836.4 -2.5 Net Sales 62,920 62,613 0.5 183,386 172,057 6.6 EBITDA 12,831 12,684 1.2 36,632 34,514 6.1 Net Income 5,311 5,132 3.5 14,923 14,298 4.4 Total Beverage Volume includes jug water. Net sales not including Revenues outside the territory (OT) in USA. EBITDA = Operating income + Depreciation + Amortization + Non-Recurring Expenses
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3 QUARTERLY REPORT 3Q25 Consolidated Results Arca Continental reports its information in three regions: Mexico, U.S. and South America (which includes Peru, Argentina and Ecuador). Each of these includes the results for the beverage and complementary businesses. Figures presented in this report were prepared in accordance with International Financial Reporting Standards or IFRS. Table 2: Consolidated Figures 3Q25 3Q24 Variation % Jan-Sep25 Jan-Sep24 Variation % Volume by category (MUC) 325.4 334.2 -2.6 926.9 948.5 -2.3 104.1 106.4 -2.1 310.8 317.5 -2.1 Sparkling Total Volume 429.5 440.6 -2.5 1,237.7 1,266.0 -2.2 74.3 75.6 -1.7 200.1 219.5 -8.8 61.2 60.2 1.7 178.6 174.1 2.6 Volume excluding Jug 565.0 576.3 -2.0 1,616.5 1,659.6 -2.6 58.1 58.1 0.1 173.4 176.8 -2.0 Total Volume 623.1 634.4 -1.8 1,789.9 1,836.4 -2.5 Income Statement (MM MXP) Net Sales (3) 62,920 62,613 0.5 183,386 172,057 6.6 12,831 12,684 1.2 36,632 34,514 6.1 20.4% 20.3% 10 bp 20.0% 20.1% -10 bp (1)Includes purified, flavored, and mineral water, excluding jug water. (2)Includes teas, isotonics, energy drinks, juices, nectars, fruit, and alcoholic ready to drink beverages. EBITDA Jug Still Beverages (2) Water (1) Colas Flavors EBITDA Margin (3)Net Sales not including revenues outside the territory (OT) in USA. -2.5% +6.1% -10bp EBITDA MM MXP EBITDA Margin % Total Volume MUC 34,514 36,632 Jan-Sep 24 Jan-Sep 25 1,836 1,790 Jan-Sep 24 Jan-Sep 25 20.1% 20.0% Jan-Sep 24 Jan-Sep 25
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4 QUARTERLY REPORT 3Q25 Financial Analysis INCOME STATEMENT • Consolidated Net Sales for 3Q25 increased 0.5% (3.8% on a currency-neutral basis), reaching Ps. 62,920 million, compared to the same period of the previous year. For the first nine months of 2025, net sales were Ps. 183,386 million, an increase of 6.6% (3.0% on a currency-neutral basis) compared to 9M24. • Consolidated Sales Volume decreased 2.0% in 3Q25 to 565.0 MUC, excluding jug water. Most notably, the still beverage category grew 1.7% during the quarter. In the first nine months of 2025, Sales Volume, excluding jug water, declined 2.6% to 1,616.5 MUC. • In 3Q25, Cost of Sales declined 0.2%. In 9M25, Cost of Sales increased 6.6% when compared to 9M24. • Consolidated Gross Profit rose 1.2 % to Ps. 29,528 million, reflecting a gross margin of 46.9%. In the first nine months of 2025, Gross Margin reached Ps. 85,668 million, an increase of 6.5%, representing a margin of 46.7%. • Selling and Administrative Expenses increased 1.0 % to Ps. 19,392 million in 3Q25, a ratio of expenses to revenues of 30.8%. For the first nine months of 2025, this line item increased 7.1% to Ps. 57,295 million, representing a ratio of expenses to revenues of 31.2%. • In 3Q25, Consolidated Operating Income reached Ps. 10,280 million, 0.1% higher than in 3Q24, representing an operating margin of 16.3 % for a contraction of 10 basis points . In 9M25, Operating Income increased 4.7% to Ps. 29,015 million for a margin of 15.8%, contraction of 30 basis points when compared to 9M24. • Consolidated EBITDA for the quarter grew 1.2% (2.6% on a currency-neutral basis) to Ps. 12,831 million, for an EBITDA margin of 20.4 %, representing an expansion of 1 0 basis points when compared to 3Q24. In 9M25, EBITDA totaled Ps. 36,632 million, an increase of 6.1% (2.2% on a currency-neutral basis) and a margin of 20.0%, representing a dilution of 10 basis points versus 9M24. • In 3Q25, Comprehensive Cost of Financing was Ps. 722 million due to a higher benefit from exchange rate fluctuations. In 9M25 this figure reached Ps. 2,478 million. • Income Tax for 3Q25 totaled Ps. 3,075 million, a reduction of 0.5% versus 3Q24, and reflecting an effective rate of 32.3%. In the first nine months of 2025, Income Tax increased 5.7% to Ps. 8,551 million, for an effective rate of 32%. • Net Income reached Ps. 5,311 million, an increase of 3.5% and a net margin of 8.4%. Net Income for 9M25 was Ps. 14,923 million, an increase of 4.4% compared to 9M24 and a net margin of 8.1%. BALANCE SHEET AND CASH FLOW STATEMENT • Cash Balance at the end of September 2025 was Ps. 32,348 million and total debt was Ps. 63,915 million, for a net debt position of Ps. 31,567 million. The Net Debt/EBITDA ratio was 0.6x. • Net Operating Cash Flow was Ps. 28,505 million as of September 30, 2025. • CAPEX for the period totaled Ps. 11,761 million, focused on strengthening market execution through cooler expansion and returnable packaging.
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5 QUARTERLY REPORT 3Q25 Mexico The Mexico region includes the results of the beverages and snacks businesses, as well as service companies. Table 3: Mexico Data 3Q25 3Q24 Variation % Jan-Sep25 Jan-Sep24 Variation % Volume by Category (MUC) Colas 211.7 217.0 -2.5 588.3 603.9 -2.6 Flavors 32.0 33.9 -5.8 91.0 96.5 -5.7 Sparkling Total Volume 243.6 251.0 -2.9 679.3 700.4 -3.0 39.8 42.1 -5.5 100.0 118.2 -15.4 25.9 25.4 2.2 75.4 72.8 3.5 Volume excluding jug 309.4 318.5 -2.9 854.7 891.4 -4.1 Jug 56.6 56.5 0.1 168.1 171.1 -1.8 Total Volume 365.9 374.9 -2.4 1,022.8 1,062.5 -3.7 Mix (%) Returnable 26.7% 27.6% -0.9 26.9% 27.6% -0.7 Non Returnable 73.3% 72.4% 0.9 73.1% 72.4% 0.7 Multi-serve 59.2% 59.0% 0.2 58.9% 58.0% 0.9 Single-serve 40.8% 41.0% -0.2 41.1% 42.0% -0.9 Income Statement (MM MXP) Net Sales 30,164 29,355 2.8 82,915 82,178 0.9 EBITDA 7,197 7,421 -3.0 19,303 20,069 -3.8 EBITDA Margin 23.9% 25.3% -140 bp 23.3% 24.4% -110 bp (2)Includes teas, isotonics, energy drinks, juices, nectars, fruit, and alcoholic ready to drink beverages. (1)Includes purified, flavored, and mineral water, excluding jug water. Water (1) Still Beverages (2) EBITDA MM MXP EBITDA Margin % Total Volume MUC -3.8% -110bp -100pb 1,062 1,023 Jan-Sep 24 Jan-Sep 25 24.4% 23.3% Jan-Sep 24 Jan-Sep 25 20,069 19,303 Jan-Sep 24 Jan-Sep 25 -3.7%
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6 QUARTERLY REPORT 3Q25 OPERATING RESULTS FOR MEXICO • Net Sales in Mexico increased 2.8% during the third quarter and 0.9% in the first nine months of 2025, totaling Ps. 30,164 million and Ps. 82,915 million, respectively. • Sales Volume reached 309.4 MUC in 3Q25 and 854.7 MUC in 9M25, both excluding jug water, d ecreasing 2.9% and 4.1%, respectively. • The average price per unit case, excluding jug water, rose 6.4% to Ps. 91.34, driven by growth in the still beverage category and from selective price increases in the portfolio. • EBITDA in the third quarter decreased 3.0 %, reaching Ps. 7,197 million. This represented a margin of 23.9% and a contraction of 140 basis points. In 9M25, EBITDA declined 3.8% to Ps. 19,303 million, for a margin of 23.3% and a contraction of 110 basis points when compared to 9M24. • During 3Q25, the still beverage category grew by 2.2%, driven mainly by the iced tea, energy drinks and juice segments posting growth rates of 21.7%, 12.3% and 6.4%, respectively. • Coca-Cola Zero continued posting solid growth of 23.3% due to its coverage expansion, together with constant innovation initiatives. • During the third quarter, we reinforced our affordability strategy with the launch of the new 1L returnable glass package while continuing to expand our portfolio with affordable price options like the 235ml returnable glass and 250 mL PET non-returnable formats. In addition, we continued with the expansion of coverage of the 450 mL package of Coca-Cola Original and Coca-Cola Zero. • Our snacks business in Mexico, Bokados, reported steady sales and reached its 32nd consecutive second quarter of revenue growth.
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7 QUARTERLY REPORT 3Q25 United States The U.S. region includes the beverage business of Arca Continental -Coca-Cola Southwest Beverages (AC - CCSWB), snacks businesses, as well as the vending business. Table 4: United States Data 3Q25 3Q24 Variation % Jan-Sep25 Jan-Sep24 Variation % Volume by Category (MUC) 50.3 52.6 -4.3 145.1 151.9 -4.5 30.1 30.1 0.0 86.7 86.6 0.1 Sparkling Total Volume 80.5 82.7 -2.7 231.9 238.5 -2.8 15.0 14.4 4.6 38.5 40.5 -4.9 21.0 20.9 0.3 57.6 56.9 1.2 Total Volume 116.5 118.0 -1.3 328.0 335.9 -2.4 Mix (%) 65.4% 64.8% 0.6 65.3% 65.6% -0.3 34.6% 35.2% -0.6 34.7% 34.4% 0.3 Income Statement (MM MXP) Net Sales (3) 23,566 22,621 4.2 69,140 60,602 14.1 3,977 3,589 10.8 11,535 9,662 19.4 16.9% 15.9% 100 bp 16.7% 15.9% 80 bp (1)Includes all single-serve presentations of purified, flavored, and mineral water up to 1.5 liters. (2)Includes teas, isotonics, energy drinks, juices, nectars, and fruit beverages. (3)Net Sales not including revenues outside the territory (OT) in USA. EBITDA Margin Colas Multi-serve Single-serve EBITDA Flavors Water (1) Still Beverages (2) -2.4% EBITDA MM MXP EBITDA Margin % Total Volume MUC +80bp 15.9% 16.7% Jan-Sep 24 Jan-Sep 25 335.9 328.0 Jan-Sep 24 Ene-Sep 25 +19.4% 9,662 11,535 Jan-Sep 24 Jan-Sep 25
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8 QUARTERLY REPORT 3Q25 OPERATING RESULTS FOR THE UNITED STATES • In 3Q25, Net Sales for the U.S. region increased 4.2% (3.5% in local currency terms) to Ps. 23,566 million. In 9M25, net sales rose 14.1% (2.7% in local currency terms) to Ps. 69,140 million. • Sales Volume decreased 1.3% in the quarter and 2.4% in the first nine months of the year, totaling 116.5 and 328.0 MUC, respectively. • EBITDA for the U.S. rose 10.8% (9.7% in local currency terms) to Ps. 3,977 million. This represents a margin of 16.9%, for an expansion of 100 basis points when compared to 3Q24. For the first nine months of 2025, EBITDA was Ps. 11,535 million, an increase of 19.4% (7.7% in local currency terms) for a margin of 16.7% and an expansion of 80 basis points. • This marks the 30 th consecutive quarter of EBITDA growth and the most profitable third quarter since we initiated operations in the U.S. • For the second time, our beverage operation in the U.S. was recognized as the best bottler in the world and winning the Candler Cup, the highest award given by The Coca-Cola Company in the bottling system. • Average price per unit case rose 4.8% to reach US$9.96, reflected by a real rate increase of 4.3%, explained by the focus on high margin packages and the optimization of promotional spending. • During the quarter, our p ortfolio of low -calorie beverages increase d 5.9%, explained by the performance s of Sprite Zero, Coca-Cola Zero and Diet Coke, which rose 13.5%, 6.4% and 2.2%. • In our still beverage portfolio , there were solid performances in 3Q25 for the F airlife, Monster and Gold Peak brands with growth rates of 9.3%, 7.8% and 4.7%, respectively. • We continued to focus on high -margin formats: 10 -pack mini cans, which grew 14.3%, Vitaminwater and Smartwater, which increased 12.7% and 3.0%, respectively. • During the third quarter, we continued to deploy our Suggested Order functionality, reaching 9.0% coverage of CCSWB’s total volume. • In 3Q25, Wise Snacks introduced new product launches and continued improving execution at the point of sale with the goal of enhancing the overall experience of the consumer.
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9 QUARTERLY REPORT 3Q25 Total Volume MUC South America The South America region includes the beverage businesses of Peru, Argentina and Ecuador, and the Inalecsa snacks business in Ecuador. Table 5: South America Data 3Q25 3Q24 Variation % Jan-Sep25 Jan-Sep24 Variation % Volume by Category (MUC) 63.4 64.6 -1.9 193.5 192.8 0.4 42.0 42.3 -0.7 133.1 134.4 -0.9 Sparkling Total Volume 105.4 106.9 -1.4 326.6 327.1 -0.2 19.5 19.1 2.0 61.7 60.8 1.3 14.2 13.8 3.0 45.6 44.3 2.8 Volume excluding jug 139.1 139.9 -0.5 433.8 432.3 0.4 1.6 1.6 -2.4 5.3 5.7 -8.0 Total Volume 140.7 141.5 -0.6 439.1 438.0 0.2 Mix (%) 29.8% 30.6% -0.8 30.1% 31.1% -1.0 70.2% 69.4% 0.8 69.9% 68.9% 1.0 65.4% 66.4% -1.0 65.9% 66.0% -0.1 34.6% 33.6% 1.0 34.1% 34.0% 0.1 Income Statement (MM MXP) Net Sales 9,190 10,636 -13.6 31,331 29,277 7.0 EBITDA 1,657 1,674 -1.0 5,795 4,784 21.1 18.0% 15.7% 230 bp 18.5% 16.3% 220 bp (1)Includes purified, flavored, and mineral water, excluding jug water. (2)Includes teas, isotonics, energy drinks, juices, nectars, fruit, and alcoholic ready to drink beverages. EBITDA Margin Single-serve Returnable Non Returnable Multi-serve Jug Still Beverages (2) Colas Flavors Water (1) EBITDA MM MXP EBITDA Margin % +0.2% +21.1% 14.1% +220pb 16.3% 18.5% Jan-Sep 24 Jan-Sep 25 4,784 5,795 Jan-Sep 24 Jan-Sep 25 438.0 439.1 Jan-Sep 24 Jan-Sep 25
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10 QUARTERLY REPORT 3Q25 OPERATING RESULTS FOR SOUTH AMERICA • During the quarter, Net Sales for the South America region reached Ps. 9,190 million, a decrease of 13.6%, mainly due to a depreciation of the Argentine peso against the Mexican peso. In 9M25, Net Sales increased 7.0% to Ps. 31,331 million. • Sales Volume in South America, excluding jug water, was 0.5% lower, 139.1 MUC in 3Q25 and increased 0.4% to 433.8 MUC in 9M25. Demonstrating a gradual recovery in the region, with signs of stabilization that prepare the path for more balanced and sustainable growth. Peru • Sales Volume in Peru, excluding jug water, increased 2.1 % in 3Q25 and were stable in 9M25. This quarterly performance was driven mainly by the proximity and supermarkets channels, which reported growth rates of 16.6% and 6.5%, respectively. • During the third quarter, the colas segment increased 2.6%, reflected by a 4.4% growth in Coca-Cola Original. • The water category rose 4.8% in the quarter due to the positive performance of San Luis brand with improvements across all packages. • The still beverage category continued its positive trend with 1.9% growth driven by Monster, Fury and flavored San Luis, up 23.8%, 6.3% and 3.4%, respectively. • We installed more than 16 thousand coolers during the third quarter, reaching an all-time high coverage of 55% on the traditional channel. Ecuador • Sales Volume decreased 1.2% in 3Q25 and 4.0% in 9M25. Despite the decline in consumption during the quarter, we continued to foster our affordability strategy with the introduction of 300ml, 1L and 2L returnable formats. • In the first nine months of 2025, and as part of our coverage strategy in the country , we implemented over 17 thousand coolers in the market to strengthen our competitive position at the point of sale. • In 3Q25, Coca-Cola Zero grew 2.2% continuing with its solid performance in the traditional and modern channels, up 2.2% and 2.3%, respectively. • Inalecsa, our snacks business in Ecuador, registered margin expansions. During the quarter, we continued our strategy of capturing new customers, placing more than 10 thousand new display cases and carrying out selective price increases. Argentina • Sales Volume in Argentina decreased 5.6% in 3Q25 and 8.1% in 9M25. • In 3Q25, the stills category grew 5.0% driven by energy drinks and juices with solid performances, up 33.8% and 11.7%, respectively.
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11 QUARTERLY REPORT 3Q25 Sustainability • Arca Continental held the Volunteer Month in September, mobilizing more than 7,000 associates and their families in 5 countries, dedicating over 14,000 hours to sort 132 tons of food and deliver 128,000 aid packages, reaffirming our commitment to social responsibility and the sustainable creation of value for our interest groups in the communities where we operate. Recent Events • The distribution of an additional dividend of $1 peso per share was approved, to be paid on November 5th. Combined with the ordinary dividend of $4.12 pesos distributed in April and the extraordinary dividend of $3.50 pesos paid in June, it will reach a total dividend of $8.62 pesos per share. This reflects a payout ratio of 75% of retained earnings and a dividend yield of 4.3%. • The Lower House of Congress approved a proposal by the Mexican Government to raise the IEPS tax applicable to sugar -sweetened beverages to 3.0818 pesos per liter and establish a new tax of 1.5 pesos per liter for beverages sweetened with non -caloric sweeteners. Currently, this initiative is under discussion in the Senate and is expected to be voted on before October 31, 2025. • In this context, the Mexican Coca -Cola Industry, of which Arca Continental is part, has strengthened its collaboration with the Government of Mexico and the Ministry of Health to promote healthier habits. • The industry has made strong commitments aimed at promoting calorie reduction, expanding the offering of low and no-calorie products, and strengthening responsible marketing practices, maintaining ongoing dialogue with authorities to encourage healthy lifestyles. Furthermore, a consumer-centric approach will be maintained, offering a wide variety of beverages and packaging options.
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12 QUARTERLY REPORT 3Q25 CONFERENCE CALL INFORMATION Arca Continental will host a conference call to discuss these results on October 23 , 2025 at 9:00 am Mexico/Monterrey time, 11:00 am New York time. A live webcast of this event will be available at www.arcacontal.com or via telephone using the following numbers: To participate, please dial: +1-800-245-3047 (U.S. participants) +1-203-518-9765 (International participants) Passcode: 36151 About Arca Continental Arca Continental produces, distributes, and markets beverages under The Coca -Cola Company brand, as well as snacks under the Bokados brand in Mexico, Inalecsa in Ecuador, and Wise and Deep River in the United States. With an outstanding history spanning more than 99 years, Arca Continental is the third-largest Coca-Cola bottler in Latin America, and one of the largest in the world. Through its Coca-Cola franchise, the company serves more than 1 30 million people in the Northern and Western regions in Mexico, as well as in Ecuador, Peru, in the Northern region of Argentina, and in the Southwestern United States. Arca Continental is listed on the Mexican Stock Exchange under the ticker “AC”. For more information about Arca Continental, please visit www.arcacontal.com. This material may contain forward -looking statements regarding Arca Continental and its subsidiaries based on management’s expectations. This information as well as statements regarding future events and expectations is subject to risks and uncertainties, as well as factors that could cause the results, performance and achievements of the Company to differ at any time. Such factors include changes in the general economic, political, governmental and commercial conditions both domestically and globally, as well as variations in interest rates, inflation rates, exchange rate volatility, tax rates, the demand for and the price of carbonated beverages, water, and the price of sugar and other raw materials used in the production of sparkling beverages, weather conditions and various others. As a result of these risks and factors, actual results could be materially different from the estimates provided; therefore, Arca Continental does not a ccept responsibility for any variations or for the information provided by official sources.
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13 QUARTERLY REPORT 3Q25 Consolidated Income Statement (Millions of Mexican pesos) MM MXP % MM MXP % Net Sales 62,920 62,613 308 0.5 183,386 172,057 11,328 6.6 Cost of Sales 33,392 33,446 -54 -0.2 97,717 91,632 6,085 6.6 Gross Profit 29,528 29,166 362 1.2 85,668 80,425 5,243 6.5 46.9% 46.6% 46.7% 46.7% Selling Expenses 16,537 16,338 199 1.2 48,593 45,335 3,258 7.2 Administrative Expenses 2,855 2,858 -3 -0.1 8,702 8,143 560 6.9 Total Costs 19,392 19,196 197 1.0 57,295 53,477 3,818 7.1 30.8% 30.7% 31.2% 31.1% Non Recurring Expenses 44 21 23 112.9 152 83 68 81.8 Operating Income before other income 10,092 9,950 142 1.4 28,222 26,864 1,357 5.1 Other Income (Expenses)(1) 188 315 -128 -40.4 793 847 -54 -6.4 Operating Income 10,280 10,266 14 0.1 29,015 27,711 1,303 4.7 16.3% 16.4% 15.8% 16.1% Interest Expense Net -1,033 -724 -309 -42.7 -2,700 -2,106 -594 -28.2 Exchange Gain (Loss) 304 -210 514 245.1 400 172 228 132.8 Monetary position result 7 -124 131 105.7 -178 -503 325 64.6 Comprehensive Financial Results -722 -1,058 336 31.8 -2,478 -2,437 -41 -1.7 Share of net income of associates(2) -48 118 -166 -140.7 146 93 53 57.2 Earnings Before Taxes 9,510 9,326 185 2.0 26,683 25,367 1,316 5.2 Profit Taxes -3,075 -3,092 16 -0.5 -8,551 -8,093 -457 5.7 Non-controlling interest -1,124 -1,102 -22 2.0 -3,210 -2,976 -233 7.8 Net Profit 5,311 5,132 178 3.5 14,923 14,298 625 4.4 8.4% 8.2% 8.1% 8.3% Depreciation and amortization 2,507 2,397 110 4.6 7,466 6,719 747 11.1 EBITDA 12,831 12,684 147 1.2 36,632 34,514 2,118 6.1 EBITDA / Net Sales 20.4% 20.3% 20.0% 20.1% EBITDA = Operating Income + Depreciation and Amortization + Non-Recurring Expenses (1) Includes equity method from our participation in operational companies like Jugos del Valle, IEQSA and Bebidas Refrescantes de Nogales. 3Q25 3Q24 Variation VariationJan-Sep25 Jan-Sep24 (2) Includes equity method from our participation in non-operational companies like PIASA, PetStar, Beta San Miguel, among others.
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14 QUARTERLY REPORT 3Q25 Consolidated Balance Sheet (Millions of Mexican pesos) September 30 December 31 25 24 MM MXP % ASSETS Cash and cash equivalents 32,348 29,545 2,804 9.5 Accounts receivable; Net 19,909 23,552 -3,642 -15.5 Inventories 14,567 13,182 1,385 10.5 Prepayments 1,814 1,385 429 31.0 Total Current Assets 68,639 67,663 976 1.4 Investments in shares and other investments 14,130 13,518 612 4.5 Property, plant and other equipment 84,222 83,097 1,125 1.4 Assets right of use 1,319 1,567 -248 -15.8 Other non current assets 123,511 126,792 -3,281 -2.6 Total Assets 291,821 292,636 -816 -0.3 LIABILITIES Short term bank loans 23,812 3,365 20,448 607.7 Suppliers 12,385 15,485 -3,100 -20.0 Short term lease 597 649 -52 -8.0 Accounts payable and taxes 26,277 25,969 309 1.2 Total Current Liabilities 63,072 45,467 17,605 38.7 Bank Loans and long term liabilities 40,103 45,149 -5,047 -11.2 Long term lease 732 917 -185 -20.1 Deferred income tax and others 26,482 27,199 -717 -2.6 Total Liabilities 130,388 118,732 11,656 9.8 SHAREHOLDER´S EQUITY Non controlled participation 32,987 36,109 -3,122 -8.6 Capital Stock 945 945 0 0.0 Retained Earnings 112,578 117,287 -4,710 -4.0 Net Profit 14,923 19,563 -4,640 -23.7 Total Shareholders' Equity 161,432 173,904 -12,472 -7.2 Total Liabilities and Shareholders' Equity 291,821 292,636 -816 -0.3 Variation
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15 QUARTERLY REPORT 3Q25 Cash Flow Statement (Millions of Mexican pesos) 2025 2024 Earnings Before Taxes 26,683 25,367 Depreciation and amortization 7,466 6,719 Foreign exchange / Monetary position result -222 331 Accrued interests 2,700 2,106 Gain on sale and fixed assets impairment 392 503 Operating cash flow before taxes 37,019 35,027 Cashflow generated/used in the operation -8,514 -5,347 Operating cashflow after working capital 28,505 29,679 Investment Activities: Capital Expenditures and Investments (Net) -18,989 -9,649 Financing Activities: Dividends paid -16,574 -13,019 Share repurchase program -59 234 Debt financing (amortization) 17,748 60 Paid interests -4,151 -3,850 Other -666 -545 Net cash flow from financing activities -3,702 -17,119 Net increase of cash and equivalents 5,815 2,911 Change in Cash -3,011 3,019 Initial cash and equivalents balance 29,545 22,128 Final cash and equivalents balance 32,348 28,058 September 30
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16 QUARTERLY REPORT 3Q25 Additional Financial Information Information by Segments 3Q25 Information by Segments Jan-Sep'25 Mexico USA Peru Argentina Ecuador Eliminations Total Volume by Segment 365.9 116.5 74.0 30.4 36.3 623.1 Sales by Segment 28,396 21,691 4,534 1,242 2,876 4,880 -698 62,920 Intersegment Sales -402 0 -48 0 -5 -243 698 0 Net Sales from intersegments 27,993 21,691 4,487 1,242 2,871 4,637 0 62,920 Operating Income 5,941 3,212 612 32 181 302 0 10,280 EBITDA 6,924 3,726 921 156 479 626 0 12,831 EBITDA / Net Sales 24.7% 17.2% 20.5% 12.5% 16.7% 13.5% 0.0% 20.4% Non Recurring Expenses 0 0 0 2 10 32 0 44 Depreciation and amortization 983 514 309 121 288 293 0 2,507 Financial Income and Expenses -732 76 22 -19 -46 -24 0 -722 Share of net income of associates -48 0 0 0 0 0 0 -48 Earnings Before Taxes 5,161 3,288 634 14 135 277 0 9,510 Total Assets 109,456 107,161 40,091 10,602 22,212 17,284 -14,986 291,821 Investment in associates companies 13,202 818 0 110 0 0 0 14,130 Total Liabilities 150,161 35,595 10,196 1,780 6,725 8,836 -82,904 130,388 CAPEX 5,565 2,771 1,073 896 814 606 0 11,725 (1) Others includes Food & Snacks Division, Vending and other subsidiares not related to Beverage segments. Beverage Segments Other Business(1) Mexico USA Peru Argentina Ecuador Eliminations Total Volume by Segment 1,022.8 328.0 234.3 94.4 110.4 1,789.9 Sales by Segment 77,955 64,547 14,645 5,983 9,061 13,032 -1,836 183,386 Intersegment Sales -1,089 0 -146 0 -13 -588 1,836 0 Net Sales from intersegments 76,866 64,547 14,498 5,983 9,048 12,444 0 183,386 Operating Income 15,727 9,475 2,211 223 621 758 0 29,015 EBITDA 18,542 11,020 3,183 738 1,568 1,581 0 36,632 EBITDA / Net Sales 24.1% 17.1% 22.0% 12.3% 17.3% 12.7% 0.0% 20.0% Non Recurring Expenses 12 0 11 5 64 60 0 152 Depreciation and amortization 2,804 1,545 962 510 882 764 0 7,466 Financial Income and Expenses -2,391 202 109 -192 -148 -58 0 -2,478 Share of net income of associates 146 0 0 0 0 0 0 146 Earnings Before Taxes 13,482 9,676 2,320 31 473 699 0 26,683 Total Assets 109,456 107,161 40,091 10,602 22,212 17,284 -14,986 291,821 Investment in associates companies 13,202 818 0 110 0 0 0 14,130 Total Liabilities 150,161 35,595 10,196 1,780 6,725 8,836 -82,904 130,388 CAPEX 5,565 2,771 1,073 896 814 606 0 11,725 (1) Others includes Food & Snacks Division, Vending and other subsidiares not related to Beverage segments. Beverage Segments Other Business(1)
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17 QUARTERLY REPORT 3Q25 Total Debt AC Average exchange rate End of period exchange rate 2025 2026 2027 2028 2029 2030 … 2032 … 2034 Total Debt Maturity Profile 1,346 23,019 10,146 3,080 9,556 3,047 13,720 0 63,915 % of Total 2.1% 36.0% 15.9% 4.8% 15.0% 4.8% 21.5% 0.0% 100.0% 3Q25 2Q25 3Q24 USD 18.35 18.85 19.67 PEN 5.29 5.31 5.29 ARS 0.01 0.02 0.02 Credit Rating Local Global Outlook Fitch AAA(mex) A Stable Moody's Aaa.mx A3 Stable S&P mxAAA - Stable 3Q25 3Q24 YoY Jan-Sep25 Jan-Sep24 YoY USD 18.68 19.21 -2.7% 19.43 17.95 8.2% PEN 5.28 5.13 2.8% 5.38 4.78 12.5% ARS 0.01 0.02 -31.8% 0.02 0.02 -18.4%