Earnings release
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April 28, 2025 | Page 1 2Q 2025 Results July 28, 2025 Investor Contact (52) 818-328-6167 investor@femsa.com.mx femsa.gcs-web.com Media Contact (52) 555-249-6843 comunicacion@femsa.com.mx femsa.com
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July 28, 2025 | Page 2 Monterrey, Mexico, July 28, 2025 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2025. • FEMSA: Total Consolidated Revenues grew 6.3% and Income from Operations increased 1.2% compared to 2Q24. • FEMSA Retail1: Proximity Americas total Revenues grew 6.9% and Income from operations decreased 2.8% versus 2Q24. • SPIN: Spin by OXXO had 9.4 million active users2 representing 18.8% growth compared to 2Q24 while Spin Premia had 26.6 million active loyalty users2 representing 16.9% growth compared to 2Q24, and an average tender3 at OXXO Mexico of 45.8% which increased from 36.1% tender in 2Q24. • COCA-COLA FEMSA: Total Revenues and Income from Operations grew 5.0% and 0.2%, respectively against 2Q24. Financial Summary for the Second Quarter 2025 Change vs. comparable period Total Revenues Gross Profit Income from Operations Same-Store Sales As Reported 2Q25 YTD25 2Q25 YTD25 2Q25 YTD25 2Q25 YTD25 FEMSA Consolidated 6.3% 8.3% 4.2% 9.2% 1.2% 2.6% Proximity Americas 6.9% 6.9% 6.9% 8.3% (2.8%) (6.3%) (0.4%) (1.1) Proximity Europe 31.4% 24.9% 25.6% 20.3% 54.4% 22.3% N.A. N.A. Health 15.6% 18.3% 13.6% 18.3% 5.7% 15.2% 13.1% 14.3% Fuel 0.6% 1.2% 6.6% 5.6% 13.6% 1.8% 4.9% 5.2% Coca-Cola FEMSA 5.0% 6.7% 3.4% 6.9% 0.2% 3.3% Comparable(A) FEMSA Consolidated 2.2% 2.7% 0.0% 4.5% (1.5%) (3.9%) Proximity Americas 2.0% 1.7% 4.3% 5.7% (3.1%) (10.8%) (0.6%) N.A. Proximity Europe 5.9% 3.5% 1.2% (0.3%) 24.0% 0.6% N.A. N.A. Health 6.7% 6.8% 4.5% 6.5% (5.2%) 2.2% 4.8% N.A. Fuel 0.6% 1.2% 6.6% 5.6% 13.6% 1.8% 4.9% N.A. Coca-Cola FEMSA 2.4% 3.3% 0.9% 3.5% (2.6%) 0.3% José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented: “During the second quarter, we delivered a mixed set of results. In our core operations in Mexico, we faced a challenging combination of a soft consumer environment and very adverse weather that put pressure on retail operations and beverage volumes. On the positive side, several of our proximity and beverage operations outside of Mexico delivered strong results, which combined with currency tailwinds, helped to mitigate the impact. The retail operations outside of Mexico provided encouraging signs that they are firing on all cylinders as they fine-tune their value propositions and increase their scale. At Proximity Americas Mexico, weak traffic numbers stood out against an otherwise largely positive set of trends outside of Mexico, reflecting an environment in which convenience categories such as soft drinks, beer and tobacco underperformed other categories across channels. We are working hard together with our supplier partners to ensure we can adjust our assortment and price-package architecture to remain competitive in addressing our customers’ needs as we advance through the summer and approach the key selling season in the fourth quarter. For its part, Valora delivered a solid result, as did our Health operations outside of Mexico. Finally, Coca-Cola FEMSA navigated the same challenging environment in Mexico which it is aggressively addressing with highly targeted and segmented packaging strategies, promotional activity, and expense control. Outside of Mexico, KOF continued to improve its competitive position and delivered strong results, particularly le d by certain markets in South America, further reinforced by currency tailwinds. We remain confident of the initiatives being implemented across businesses, and we are focused on reversing the traffic and volume trends and on managing costs and expenses in the second half of the year. Our businesses have repeatedly proven their resilience, and we believe we have the right strategy and team for the task.” (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 FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health. 2 Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days. Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days. 3 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period. HIGHLIGHTS
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July 28, 2025 | Page 3 FEMSA CONSOLIDATED 2Q25 Financial Summary Net Debt2 ex-KOF3 Amounts expressed in millions of Mexican Pesos (Ps.) Amounts expressed in millions of Mexican Pesos (Ps.) 2Q25 2Q24 Var. Comp.(A) As of June 30, 2025 Ps. US$4 Total Revenues 211,364 198,744 6.3% 2.2% Cash and Investments 125,171 6,648 Gross Profit 85,922 82,440 4.2% 0.0% Financial Debt 74,040 3,932 Gross Profit Margin (%) 40.7 41.5 (80 bps) Lease Liabilities 106,940 5,679 Income from Operations 17,832 17,626 1.2% (1.5%) Net debt 55,809 2,964 Operating Margin (%) 8.4 8.9 (50 bps) ND / Adjusted EBITDA 0.93x - Adjusted EBITDA1 29,589 28,614 3.4% (0.3%) EBITDA Margin (%) 14.0 14.4 (40 bps) Consolidated Net Income 5,593 15,669 (64.3%) Total revenues increased 6.3% in 2Q25 compared to 2Q24, driven by growth across our business units outside of Mexico and reflecting the benefit from favorable exchange rate effects due to the depreciation of the Mexican peso against most of our foreign operating currencies. After accounting for currency effects and M&A, revenues grew 2.2%. Gross profit increased 4.2%. Gross margin decreased 80 basis points, mainly reflecting margin contractions in Proximity Europe, Coca-Cola FEMSA and Health, as well as a greater mix of operations outside of Mexico in Proximity Americas including acquisitions, partially offset by a margin expansion in Fuel and Oxxo Mexico. After accounting for currency effects and M&A, gross profit remained flat. Income from operations increased 1.2%, mainly explained by favorable exchange rate effects. The consolidated operating margin was 8.4% as a percentage of total sales, representing a contraction of 50 basis points, reflecting margin contractions in Proximity Americas, Health and Coca-Cola FEMSA, particularly in our higher margin businesses in Mexico. This was partially offset by margin expansion in our Proximity Europe and Fuel Divisions. After accounting for currency effects and M&A, income from operations decreased 1.5%. The effective income tax rate was higher at 40.0% in 2Q25 vs. 2Q24. Our income tax provision was Ps. 4,339 million in 2Q25, impacted by currently non-deductible tax losses from Spin and non-deductible labor related expenses in Mexico , both of which weighed more heavily given the lower pre-tax profits caused by FX losses relating to our US dollar cash balances. As we have expanded our labor force in Mexico retail and beverages, and labor expenses have increased generally, the non-deductible portion of such expenses has grown relatively faster as a percentage of the total. These factors contributed to a higher tax rate during the period. Net consolidated income was Ps. 5,593 million, compared to Ps. 15,669 million in 2Q24, reflecting: i) a non-cash foreign exchange loss of Ps. 4,102 million, compared to a gain of Ps. 6,131 million in 2Q24 , related to our U.S. dollar -denominated cash position negatively impacted by the appreciation of the Mexican peso during the quarter and reflecting a Ps.10 billion shift; and a ii) lower interest income of Ps. 2,051 million compared to a Ps. 4,136 million in 2Q24, impacted by lower interest rates. Net majority income was Ps. 0.78 per FEMSA Unit3 5 and US$0.42 per FEMSA ADS4. Net Debt / EBITDA. As of June 30, 2025, cash and investments were Ps. 125,171 million and total debt was Ps. 180,980 million, resulting in net debt of Ps. 55,809 million. Our Net Debt / EBITDA ratio ex-KOF was 0.93x up from 0.64x in 2Q24. Capital expenditures amounted to Ps. 9,203 million, 4.4% as a percentage of total sales, and a decrease of 13.8% compared to 2Q24, reflecting lower CAPEX at Proximity Americas, mainly reflecting lower investments given the pause in the expansion strategy in OXXO Chile and Peru, as well as in Health Mexico. This was partially offset by stable CAPEX at Coca-Cola FEMSA, mainly deployed to increase our production and distribution capacity. While Proximity Americas had lower CAPEX, our efforts remain in more targeted new store openings, including less capex-intensive OXXO Nicho Stores, and the remodeling and optimization of existing stores going forward. (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 + 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 16 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, 2025 was 18.8292 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, 2025 was 3,469,469,527, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5. QUARTERLY RESULTS Results are compared to the same period of previous year
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July 28, 2025 | Page 4 PROXIMITY AMERICAS OXXO (Mexico, USA & Latam1) 2Q25 Financial Summary – Proximity Americas Amounts expressed in millions of Mexican Pesos (Ps.) 2Q25 2Q24 Var. Comp.(A) Same-store sales (thousands of Ps.) 2 1,023.5 1,028.0 (0.4%) (0.6%) Total Revenues 83,958 78,526 6.9% 2.0% Gross Profit 37,014 34,627 6.9% 4.3% Gross Profit Margin (%) 44.1 44.1 0 bps Income from Operations 7,540 7,757 (2.8%) (3.1%) Income from Operations Margin (%) 9.0 9.9 (90 bps) Adjusted EBITDA 11,809 11,746 0.5% (0.4%) Adjusted EBITDA Margin (%) 14.1 15.0 (90 bps) Net Additions Vs. comparable quarter OXXO Store Base Vs. comparable date Same-Store Sales In thousands of Ps. Adjusted EBITDA In millions of Ps. Total revenues increased 6.9% in 2Q25 compared to 2Q24 reflecting 0.4% decline in same -store sales, offset by a 6.3% store expansion and currency tailwinds relative to the US and South American currencies, as well as the consolidation of the US operation into the results. The decline in same-store sales was driven by an increase of 6.6% in average ticket, and a decrease of 6.6% in store traffic. On a comparable bas is, total revenues increased 2.0%. These figures reflect a challenging quarter In Mexico, which was marked b y adverse weather conditions and a persistently soft consumer environment, partially offset by a higher average ticket driven partly by higher ticket size relat ed to the calendar shift of the Holy Week into this quarter. Furthermore, Proximity Americas, pa rticularly in Mexico, again saw lackluster results from the Thirst and Gathering consumption occasions, two of the most important categories for OXXO, with decreases in the beer and soft drinks categories, as well as tobacco. During the quarter, the OXXO s tore base in Mexico, USA and Latam expanded by 334 stores. This division had 1,500 total net store additions for the last twelve months, which includes 249 stores from our acquisition of Delek’s retail operations in the USA. As of June 30, 2025, Proximity Americas had a total of 25,180 stores. Despite the challenging environment in Mexico, OXXO Latam showed very strong results with same-store sales growth in the high teens on a currency neutral basis. Gross profit reached 44.1% of total revenues, reflecting a stable margin for the Proximity Americas Division. This performance was supported by continued growth in commercial income and financial services at OXXO Mexico, partially offset by the lower margin of the US operation, which carries a lower margin structure due in part to gasoline, and the Latam region, which remains in a development phase. Income from operations declined by 2.8% compared to 2Q24 and represented 9.0% of total revenues, which is a 90-basis point contraction. The decline and margin contraction are mainly explained by an increase in selling expenses at a higher rate than revenues due to higher labor costs and administrative expenses relat ed to our continued investment in commercial capabilities such as segmentation, revenue management, and data analytics. Notwithstanding, the growth in selling expenses , the most important expense line item, was lower than prior quarters, reflecting continued efforts to make more efficient use of labor through technology and variable shift policies. (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 OXXO Latam: OXXO Colombia, Chile and Peru. 2 Same-store Sales including OXXO Mexico and Latam, this does not include our USA operations. 390 334 2Q24 2Q25 23,680 25,180 2Q24 2Q25 1,028.0 1,023.5 2Q24 2Q25 11,746 11,809 2Q24 2Q25 +6.3% (0.4%) +0.5% (14.4%)
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July 28, 2025 | Page 5 PROXIMITY AMERICAS Other formats Bara1 Total revenues increased by 28.0% in 2Q25 compared to 2Q24, reflecting an average same -store sales increase of 8.9%, with a strong performance in the grocery, dairy and frozen food categories, and the addition of 144 net new Bara stores during the last twelve months. Growth was negatively impacted by the convenience categories, which are being affected by tougher weather conditions and a slow consumer environment. Without the effect on convenience categories, the same-store sales growth would have been in the low double digits. During the quarter, the Bara store base expanded by 23 units reaching a total of 533 Bara stores as of June 30, 2025. Grupo Nós2 Total revenues of OXXO Brazil in 2Q25 grew 33.8%3 year-over-year. This figure reflects the successful evolution and expansion of the OXXO value proposition in the country, which resulted in same-store sales growth of 12.8%3, as well as the addition of 78 net new OXXO stores for the last twelve months. During the quarter, the store base contracted by 12 units. As of June 30, 2025, Grupo Nós had a total of 603 OXXO stores. 1 Bara store count and results are not consolidated within the Proximity Americas reported figures. 2 OXXO’s non-consolidated joint-venture with Raízen in Brazil. 3 In local currency, BRL
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July 28, 2025 | Page 6 PROXIMITY EUROPE Valora 2Q25 Financial Summary – Proximity Europe Amounts expressed in millions of Mexican Pesos (Ps.) 2Q25 2Q24 Var. Comp.(A) Total Revenues 15,065 11,466 31.4% 5.9% Gross Profit 6,233 4,964 25.6% 1.2% Gross Profit Margin (%) 41.4 43.3 (190 bps) Income from Operations 688 445 54.4% 24.0% Income from Operations Margin (%) 4.6 3.9 70 bps Adjusted EBITDA 2,179 1,666 30.8% 5.2% Adjusted EBITDA Margin (%) 14.5 14.5 0 bps Total revenues increased 31.4% in 2Q25 compared to 2Q24, reflecting a relevant favorable effect from the appreciation of the Euro and the Swiss Franc against the Mexican peso . Excluding currency effects, total revenues grew 5.9%, reflecting increased retail sales, particularly in Switzerland, which were partially offset by lower sales in B2B and B2C foodservice, which faced continued consumer headwinds. Gross profit reached 41.4% of total revenues, reflecting a 190 basis-point margin contraction explained by lower B2C foodservice sales, which have a structurally higher margin, and to a lesser extent, a product -mix effect that relates to higher tobacco sales, as well as the impact of changes to the operating model within our retail operations. Gross profit grew 25.6% compared to 2Q24, but grew 1.2% on a currency-neutral basis. Income from operations increased 54.4% versus the 2Q24 and represented 4.6% of total revenues, a 70 basis-point increase year-on-year, reflecting growth in retail sales, coupled with effective cost management. On a comparable basis, income from operations increased 24.0%. Although operating expenses rose by 22.7% to Ps. 5, 546 million, on a currency -neutral basis the expense growth slowed down to around 1%, reflecting the effect of cost management initiatives and operational efficiencies. (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.
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July 28, 2025 | Page 7 HEALTH 2Q25 Financial Summary - Health Amounts expressed in millions of Mexican Pesos (Ps.) except same -store sales 2Q25 2Q24 Var. Comp.(A) Same-store sales (thousands of Ps.) 1,029.0 909.6 13.1% 4.8% Total Revenues 21,850 18,894 15.6% 6.7% Gross Profit 6,496 5,719 13.6% 4.5% Gross Profit Margin (%) 29.7 30.3 (60 bps) Income from Operations 819 775 5.7% (5.2%) Income from Operations Margin (%) 3.8 4.1 (30 bps) Adjusted EBITDA 1,981 1,696 16.9% 3.7% Adjusted EBITDA Margin (%) 9.1 9.0 10 bps Net Additions Vs. comparable quarter Locations Vs. comparable date Same-Store Sales In thousands of Ps. Adjusted EBITDA In millions of Ps. Total revenues increased 15.6% in 2Q25 compared to 2Q24, helped by the appreciation of currencies against the Mexican peso, but they grew 6.7% on a currency-neutral basis, reflecting a positive performance in Colombia and, Ecuador, more than offsetting the negative results in Mexico . During the quarter, the net store base decreased by 273 units, including the closing of 311 net locations in Mexico, reaching a total of 4,321 locations across our territories, as of June 30, 2025. During the last twelve months, there were 175 net closing. Same-store sales increased by an average of 13.1% in Mexican pesos and 4.8% on a currency-neutral basis despite the negative performance of the stores in Mexico, reflecting the strong results of Ecuador and Colombia in particular. Gross profit was 29.7% of total revenues, representing a 60-basis point contraction year on year, mainly reflecting the challenging environment in Mexico, including the closure of stores, resulting in lower sales, coupled with the result of a more disciplined procurement process. This was partially offset by higher retail sales in Colombia. Income from operations amounted to 3.8% of total revenues, a contraction of 30 basis points, resulting in an increase of 5.7%, reflecting tailwinds from a relatively weaker Mexican peso against other operating currencies . On a comparable basis, however, income from operations declined 5.2%, mainly explained by gross margin contraction and higher operating expenses which rose 14.8% to Ps. 5,677 million, or 6.1% on a comparable basis. This increase was related to the ongoing restructuring in Mexico, as well as expenses associated with the reduction of the division’s overhead. These effects were partially offset by positive performance in Colombia and Ecuador. (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. 56 -273 2Q24 2Q25 4,496 4,321 2Q24 2Q25 909.6 1,029.0 2Q24 2Q25 1,696 1,981 2Q24 2Q25 (3.9%) +16.9% +13.1% N.S.
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July 28, 2025 | Page 8 1,027 1,141 2Q24 2Q25 FUEL 2Q25 Financial Summary – Fuel Amounts expressed in millions of Mexican Pesos (Ps.) except same -station sales 2Q25 2Q24 Var. Same-station sales (thousands of Ps.) 9,209.5 8,778.5 4.9% Total Revenues 17,100 16,996 0.6% Gross Profit 2,147 2,014 6.6% Gross Profit Margin (%) 12.6 11.9 70 bps Income from Operations 800 704 13.6% Income from Operations Margin (%) 4.7 4.1 60 bps Adjusted EBITDA 1,141 1,027 11.1% Adjusted EBITDA Margin (%) 6.7 6.0 70 bps Net Additions Vs. comparable quarter Service Station Base As of 2Q25 LTM Same-Station Sales In thousands of Ps. Adjusted EBITDA In millions of Ps. Total revenues increased 0.6% in 2Q25 compared to 2Q24, reflecting a 4.9% average same-station sales increase, driven by 4.2% growth in average volume and 0.6% increase in the average price per liter, offset by a decline in volume in our wholesale business. The OXXO Gas retail network had 559 points of sale as of June 30, 2025. Gross profit was 12.6% of total revenues, representing a 70-basis point year-on-year expansion, reflecting a slight contraction in cost of sales and the decline in our lower margin wholesale business. Income from operations represented 4.7% of total revenues and a 13.6% increase, due to higher efficiencies and cost controls. Operating expenses increased 2.8% to Ps. 1,348 million, mainly reflecting lower expenses resulting from ongoing efforts to drive efficiencies and operate with a leaner organization to face the voluntary industry-wide price commitments. 0 -3 2Q24 2Q25 570 559 2Q24 2Q25 8,778.5 9,209.5 2Q24 2Q25 (1.9%) 11.1% +4.9% N.S.
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April 28, 2025 | Page 9 FEMSA Retail Operations Summary Total Revenue Growth (% vs year ago) Total Unit Growth (% vs year ago) Same-Store Sales 2Q25 2Q25 2Q25 Proximity Americas Proximity Americas Proximity Americas OXXO1 2.0% OXXO1 6.3% OXXO1 (0.6%) Mexico 1.4% Mexico 5.4% Mexico (1.2%) OXXO Latam2 36.8% OXXO Latam2 3.2% OXXO Latam2 19.3% Other Proximity Americas formats Other Proximity Americas formats Other Proximity Americas formats Bara 28.0% Bara 37.0% Bara 8.9% OXXO Brazil3 33.8% OXXO Brazil3 14.9% OXXO Brazil3 12.8% Proximity Europe4 5.9% Proximity Europe4 (0.3%) Proximity Europe4 N.A. OXXO Gas 0.6% OXXO Gas (1.9) OXXO Gas 4.9% FEMSA Health5 6.7% FEMSA Health (3.9%) FEMSA Health5 4.8% Chile6 6.3% Chile 5.6% Chile6 4.6% Colombia7 15.3% Colombia 15.7% Colombia7 24.4% Ecuador8 10.1% Ecuador 7.4% Ecuador8 4.2% Mexico (16.8%) Mexico (24.8%) Mexico (8.7%) 1 OXXO Consolidated figures shown in a local currency weighted average. Excludes OXXO US operations 1 Includes Mexico, Latam and US operations. 1 OXXO Consolidated figures shown in a local currency weighted average. Excludes OXXO US operations 2 Includes OXXO Colombia, Chile and Peru, figure shown in MXN 2 Includes OXXO Colombia, Chile and Perú. 2 Includes OXXO Colombia, Chile and Peru. 3 Local currency (BRL). Operated through Grupo Nós, our joint-venture with Raízen. 3 Operated through Grupo Nós, our joint-venture with Raízen. 3 Local currency (BRL). Operated through Grupo Nós, our joint-venture with Raízen. 4 Local currency (CHF). 4 Includes company owned and franchised units. 4 Local currency (CHF). 5 Local currency weighted average. 5 Local currency weighted average. Only includes retail sales. FEMSA Health Include franchised stores in Ecuador. 6 Local currency (CLP). 6 Local currency (CLP). Only Includes retail sales. 7 Local currency (COP). 7 Local currency (COP). Includes retail sales. 8 Local currency (USD). 8 Local currency (USD). Includes retail sales.
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April 28, 2025 | Page 10 SPIN1 Spin by OXXO Spin by OXXO acquired 0.7 million users during the quarter to reach 1 4.5 million total acquired users in 2Q25, compared to 1 1.8 million users in 2Q24. This represents an increase of 2 2.9% YoY and a 1.7% compound monthly growth rate. Active users 2 represented 64.7% of the total acquired user base representing 18.8% growth YoY and reaching 9.4 million. Total transactions per month increased 28.9%3 during the quarter to reach an average of 73.7 million per month in 2Q25, reflecting an increase in user engagement. Spin Premia Spin Premia acquired 2.6 million users during the quarter to reach 58.3 million total acquired users in 2Q25, compared to 47.2 million users in 2Q24. This represents an increase of 23.5% YoY and a 1.8% compound monthly growth rate. Active users 4 represented 45.7% of the total acquired user base representing 16.9% growth YoY and reaching 26.6 million. The average tender during the quarter was 45.8%. 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 Digital@FEMSA’s results are included within the Other business segment 2 Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days. 3 Represents the growth of average monthly transactions in 2Q25 compared to average monthly transactions in 2Q24. 4 Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
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July 28, 2025 | Page 11 FEMSA CONSOLIDATED Financial Summary for the First Six Months Amounts expressed in millions of Mexican Pesos (Ps.) 2025 2024 Var. Comp. (A) Total Revenues 406,812 375,507 8.3% 2.7% Gross Profit 164,686 150,779 9.2% 4.5% Gross Profit Margin (%) 40.5% 40.2% 30 bps Income from Operations 31,368 30,582 2.6% (3.9%) Operating Margin (%) 7.7 8.1 (40 bps) Adjusted EBITDA1 54,832 51,919 5.6% 1.5% Adjusted EBITDA Margin (%) 13.5 13.8 (30 bps) Consolidated Net Income 14,533 21,450 N.S. Total revenues increased 8.3%, reflecting growth across all our business units, currency tailwinds, and the consolidation of the results of our US operations. Gross profit rose by 9.2%. Gross margin increased by 30 basis points to 4 0.5% of total revenues, reflecting a gross margin expansion at the Proximity Americas and Fuel Divisions. This was partially offset by a margin contraction at the Proximity Europe Division and stable margins at Coca-Cola FEMSA and the Health Division. Income from operations increased 2.6%. Our consolidated operating margin decreased 40 basis points to 7.7% of total revenues, reflecting margin contractions at Coca-Cola FEMSA and Proximity Americas Division, while the Health, Fuel and Proximity Europe Divisions had stable margins. Our effective income tax rate was 41.1% for the first six months of 2025, compared to 31.9% in 2024. Our income tax provision was Ps. 9,100 million for the first six months of 2025, reflecting: i) non-deductible tax losses from Spin and non-deductible labor related expenses in Mexico, both of which weighed more heavily given the lower pre-tax profits caused by FX losses relating to our US dollar cash balances; and ii) a one-time non-recurrent payment related to a contingency from 2018. As we have expanded our labor force in Mexico retail and beverages and labor expenses have increased generally, the non -deductible portion of such expenses have grown relatively faster as a percentage of the total. These factors contributed to a higher tax rate during the period. Net consolidated income was Ps. 14,533 million reflecting a decline of 32.2% compared to 2024 explained by; i) a higher base from the first six months of 2024, which reflected: i ) a non-cash foreign exchange gain of Ps. 5,008 million compared to a loss in 2025 of Ps. 3,660 million, related to FEMSA’s U.S. dollar-denominated cash position negatively impacted by the appreciation of the Mexican peso, ii) a higher net interest expense of Ps. 6,281 million, compared to Ps. 3,434 million in 2024 due to lower interest income, and iii) an increase in income taxes as explained above. This result was despite a higher other financial income of Ps. 1,817 million compared to a 337 million expense in the first six months of 2024, reflecting a financial instrument gain of Ps. 1,107 million related to our remaining position in Heineken and a gain in net income from discontinued operations of Ps. 2,333 million from the divestment of our plastics solutions operations. Net majority income per FEMSA Unit2 was Ps. 2.45 (US$1.30 per ADS). Capital expenditures amounted to Ps. 17,987 million, a decrease of 1.4% compared to 202 4, reflecting lower CAPEX at Proximity Americas, mainly due to reduced investments following the pause in our expansion strategy in Chile and Peru. To a lesser exte nt, CAPEX was also lower in the Health and Fuel divisions, reflecting the current operating env ironment in those businesses. These effects were partially offset by higher investments at Coca -Cola FEMSA to expand production and distribution capacity, as well as sustained store expansion in Proximity Americas, particularly in Mexico and Colombia, alon g with continued investments in core capabilities across our business units. (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, 2025 was 3,469,469,527, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5. RESULTS FOR THE FIRST SIX MONTHS OF 2025 Results are compared to the same period of previous year
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July 28, 2025 | Page 12 • On May 19, 2025, FEMSA announced that, as part of its ongoing efforts and consistent with its capital allocation framework and commitment to enhance capital returns to shareholders, it had entered into a derivative instrument known as an accelerated share rep urchase (“ASR”) agreement with a financial institution in the United States of America to repurchase Company’s shares through the acquisition of American Depositary Shares (“ADS”). Under the terms of the ASR agreement, FEMSA agreed to repurchase from such financial institution an aggregate amount of USD $250 million of its ADS. The ASR contemplated an initial delivery of 483,559 FEMSA ADSs on May 20, 2025. The total number of shares ultimately repurchased under the ASR agreement was based on the daily volume -weighted average price of the Company’s ADS during the term of the agreement, less a discount. The ASR was completed with the final delivery of shares received on July 21 and 22. The Company repurchased a total of 2,439,936 ADSs at an average price of USD $102.46 per ADR, for a total amount of USD $250 million. • On July 1, 2025, FEMSA announced the closing of its divestiture, previously announced on October 10, 2024, of certain of its logistics operations doing business as Solistica, to Grupo Traxión, S.A.B. de C.V. (BMV: TRAXIONA), a transportation and logistics company based in Mexico. The transaction includes FEMSA’s transportation management o perations in Mexico, as well as its contract logistics operations in Mexico, Colombia , and Brazil. The transaction does not include FEMSA’s LTL (less - than-truckload) operations in Brazil. Total consideration for this transaction was $4,040 million Mexican pesos, on a cash-free, debt-free basis. RECENT DEVELOPMENTS
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July 28, 2025 | Page 13 CONFERENCE CALL INFORMATION Our Second quarter 2025 Conference Call will be held on: Monday, July 28, 2025, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio. Telephone: Toll Free US: (866) 580 3963 International: +1 (786) 697 3501 Webcast: https://edge.media-server.com/mmc/p/5pc7rawp/ Conference ID: FEMSA If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial- reports/quarterly-results ABOUT FEMSA FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Divisio n operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Spin, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca -Cola FEMSA, the largest franchise bottler of Coca -Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best- in-Class World Index & Dow Jones Best -in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes. The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buyin g rate for Mexican pesos as published by the Federal Reserve Bank of New York on June 30, 2025, which was 18.8292 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, 2025, 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 o f and for the year ended December 31, 202 5, 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 fi rm 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 ye ar ended December 31, 2025, or on our internal control over financial reporting as of December 31, 2025. 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
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July 28, 2025 | Page 14 FEMSA – Consolidated Income Statement Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 211,364 100.0 198,744 100.0 6.3 2.2 406,812 100.0 375,507 100.0 8.3 2.7 Cost of sales 125,442 59.3 116,305 58.5 7.9 242,126 59.5 224,728 59.8 7.7 Gross profit 85,922 40.7 82,440 41.5 4.2 0.0 164,686 40.5 150,779 40.2 9.2 4.5 Administrative expenses 10,262 4.9 9,476 4.8 8.3 20,214 5.0 17,840 4.8 13.3 Selling expenses 58,147 27.5 55,170 27.8 5.4 113,460 27.9 101,969 27.2 11.3 Other operating expenses (income), net (1) (318) (0.2) 168 0.1 N.S. (356) (0.1) 388 0.1 N.S. Income from operations (2) 17,832 8.4 17,626 8.9 1.2 (1.5) 31,368 7.7 30,582 8.1 2.6 (3.9) Other non-operating expenses (income) 269 137 96.4 1,100 624 76.3 Interest expense 5,301 5,599 (5.3) 10,464 10,271 1.9 Interest income 2,051 4,136 (50.4) 4,183 6,837 (38.8) Interest expense, net 3,250 1,463 N.S. 6,281 3,434 N.S. Foreign exchange loss (gain) 4,102 (6,131) N.S. 3,660 (5,008) N.S. Other financial expenses (income), net (633) 46 N.S. (1,817) 337 N.S. Financing expenses, net 6,719 (4,622) N.S. 8,124 (1,237) N.S. Income before income tax and participation in associates results 10,844 22,110 (51.0) 22,144 31,195 (29.0) Income tax 4,339 6,555 (33.8) 9,100 9,936 (8.4) Participation in associates results (3) (756) (300) N.S. (844) (334) N.S. Continued Operations net income (Loss) 5,749 15,255 (62.3) 12,200 20,925 (41.7) Discontinued Operations net income (Loss) (157) 414 N.S 2,333 525 N.S. Consolidated net income (Loss) 5,593 15,669 (64.3) 14,533 21,450 (32.2) Net majority income 2,712 10,283 (73.6) 8,516 15,457 (44.9) Net minority income 2,881 5,386 (46.5) 6,017 5,993 0.4 Operative Cash Flow & CAPEX 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Income from operations 17,832 8.4 17,626 8.9 1.2 (1.5) 31,368 7.7 30,582 8.1 2.6 (3.9) Depreciation 9,893 4.7 8,496 4.3 16.4 19,609 4.8 16,827 4.5 16.5 Amortization & other non-cash charges 1,864 0.9 2,492 1.3 (25.2) 3,855 0.9 4,509 1.2 (14.5) Adjusted EBITDA 29,589 14.0 28,614 14.4 3.4 (0.3) 54,832 13.5 51,919 13.8 5.6 1.5 CAPEX 9,203 10,672 (13.8) 17,987 18,242 (1.4) (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) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates. (2) Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net. (3) Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.
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FEMSA – Consolidated Balance Sheet Amounts expressed in millions of Mexican Pesos (Ps.) ASSETS Jun-25 Dec-24 % Inc. Cash and cash equivalents 129,825 139,834 (7.2) Investments 32,485 43,212 (24.8) Accounts receivable 42,083 43,192 (2.6) Inventories 66,606 67,464 (1.3) Other current assets 39,426 34,214 15.2 Current Assets Available for sale 12,834 14,395 (10.8) Total current assets 323,259 342,311 (5.6) Investments in shares 27,088 28,697 (5.6) Property, plant and equipment, net 182,186 177,511 2.6 Right of use 99,367 97,960 1.4 Intangible assets (1) 146,503 146,336 0.1 Other assets 52,639 58,721 (10.4) TOTAL ASSETS 831,042 851,536 (2.4%) LIABILITIES & STOCKHOLDERS’ EQUITY Jun-25 Dec-24 % Inc. Bank loans 5,885 3,775 55.9 Current maturities of long-term debt 13,464 2,947 N.S. Interest payable 1,606 1,802 (10.9) Current maturities of long-term leases 15,462 13,796 12.1 Operating liabilities 198,290 173,658 14.2 Short term liabilities available for sale 6,665 6,952 (4.1) Total current liabilities 241,372 202,930 18.9 Long-term debt (2) 136,215 141,482 (3.7) Long-term leases 94,455 94,299 0.2 Laboral obligations 9,121 8,968 1.7 Other liabilities 24,829 22,726 9.3 Total liabilities 505,992 470,405 7.6 Total stockholders’ equity 325,050 381,131 (14.7) TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY 831,042 851,536 (2.4) DEBT MATURITY PROFILE 2025 2026 2027 2028 2029 2030+ % of Total Debt 4.5% 10.7% 7.8% 10.7% 3.7% 62.6% (1) Includes mainly the intangible assets generated by acquisitions. (2) Includes the effect of derivative financial instruments on long-term debt. June 30, 2025 DEBT MIX (2) % of Total Average Rate Denominated in: Mexican pesos 49.0% 9.1% U.S. Dollars 30.9% 3.5% Euros 7.2% 2.6% Swiss Francs 0.0% 0.0% Colombian pesos 2.0% 9.2% Argentine pesos 0.3% 40.8% Brazilian reais 9.5% 10.9% Chilean pesos 1.1% 6.4% Total debt 100.0% 7.1% Fixed rate (2) 81.8% Variable rate (2) 18.2%
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July 28, 2025 | Page 16 Net Debt & Adjusted EBITDA ex-KOF Amounts expressed in millions of US Dollars (US.) Twelve months ended June 30, 2025 As of June 30, 2025 Reported Adj. EBITDA Adjustments Adj. EBITDA Ex-KOF Reported Adjustments Ex-KOF Proximity Americas & Europe 2,675 - 2,675 Cash & Equivalents 6,648 - 6,648 Fuel 211 - 211 Coca-Cola FEMSA Cash & Equivalents 1,972 (1,972) - Health Division 415 - 415 Cash & Equivalents 8,620 (1,972) 6,648 Envoy Solutions - - - Coca-Cola FEMSA1 2,830 (2,830) - Financial Debt4 3,932 - 3,932 Other2 (448) - (448) Coca-Cola FEMSA Financial Debt 4,330 (4,330) - FEMSA Consolidated 5,683 (2,830) 2,853 Lease Liabilities 5,679 - 5,679 Coca-Cola FEMSA Lease Liabilities 158 (158) - Dividends Received3 - 326 326 Debt 14,099 (4,488) 9,612 FEMSA Consolidated ex-KOF 5,683 (2,505) 3,179 FEMSA Net Debt 5,479 (2,515) 2,964 Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2025 which was 18.8292 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$322 mm and EUR$3 mm from Heineken during the last twelve months. 4 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.
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July 28, 2025 | Page 17 EPS with Repurchased Shares Amounts expressed in millions of Mexican Pesos (Ps.) As Reported Proforma Total Shares Outstanding(1) Total Shares Excluding Shares in Treasury FEMSA Units Outstanding(1) 3,469,469,527 FEMSA Units Outstanding(1) 3,469,469,527 Shares in Treasury FEMSA Units Outstanding(1) 10,184,748 YTD 2Q25 YTD 2Q25 Net majority income 8,516 2,712 Net majority income 8,516 2,712 # FEMSA Units Outstanding(1) 3,469,469,527 # FEMSA Units Outstanding 3,459,284,779 EPS (Mxn Ps. / Unit) 2.45 0.78 EPS (Mxn Ps. / Unit) 2.46 0.78 (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 April 11 of 2025, the cancellation of the shares acquired from the stock repurchase program during the period from November 2023 to March 2025 was approved. The total FEMSA Units Cancelled are for the amount of 108,756,743 units. This includes 102,201,323 from November 2023 to December 2024, as well as 6.555,420 units bought during the current year from January 2025 to March 2025.
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Proximity Americas – Results of Operations Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 83,958 100.0 78,526 100.0 6.9 2.0 158,844 100.0 148,611 100.0 6.9 1.7 Cost of sales 46,944 55.9 43,899 55.9 6.9 89,450 56.3 84,562 56.9 5.8 Gross profit 37,014 44.1 34,627 44.1 6.9 4.3 69,394 43.7 64,049 43.1 8.3 5.7 Administrative expenses 2,514 3.0 2,082 2.7 20.7 4,849 3.1 3,772 2.5 28.5 Selling expenses 26,867 32.0 24,691 31.4 8.8 52,396 33.0 47,355 31.9 10.6 Other operating expenses (income), net 94 0.1 96 0.1 (2.9) 221 0.1 186 0.1 18.3 Income from operations 7,540 9.0 7,757 9.9 (2.8) (3.1) 11,929 7.5 12,735 8.6 (6.3) (10.8) Depreciation 3,879 4.6 3,440 4.4 12.8 7,700 4.8 6,772 4.6 13.7 Amortization & other non-cash charges 389 0.5 549 0.7 (29.0) 803 0.5 936 0.6 (14.2) Adjusted EBITDA 11,809 14.1 11,746 15.0 0.5 (0.4) 20,432 12.9 20,443 13.8 (0.1) (4.0) CAPEX 3,722 4,749 (21.6) 6,681 8,020 (16.7) Information of OXXO Stores Total stores 25,180 23,680 6.3% Stores Mexico 23,876 22,658 5.4% Stores LATAM 1,055 1,022 3.2% Stores USA 249 - - Net new convenience stores: vs. Last quarter 334 390 (14.4) Year-to-date 718 814 (11.8) Last-twelve-months 1,500 1,621 (7.5) Same-store data: (1) Sales (thousands of pesos) 1,023.5 1,028.0 (0.4) 971.5 982.3 (1.1) Traffic (thousands of transactions) 17.1 18.3 (6.6) 16.6 17.7 (6.6) Ticket (pesos) 59.7 56.0 6.6 58.7 55.4 (5.9) (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) Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.
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July 28, 2025 | Page 19 Proximity Europe – Results of Operations Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 15,065 100.0 11,466 100.0 31.4 5.9 27,974 100.0 22,405 100.0 24.9 3.5 Cost of sales 8,832 58.6 6,502 56.7 35.8 16,310 58.3 12,711 56.7 28.3 Gross profit 6,233 41.4 4,964 43.3 25.6 1.2 11,664 41.7 9,694 43.3 20.3 (0.3) Administrative expenses 961 6.4 826 7.2 16.3 1,863 6.7 1,675 7.5 11.2 Selling expenses 4,628 30.7 3,700 32.3 25.1 8,832 31.6 7,220 32.2 22.3 Other operating expenses (income), net (43) (0.3) (8) (0.1) 475.6 (50) (0.2) (34) (0.2) 47.6 Income from operations 688 4.6 445 3.9 54.4 24.0 1,019 3.6 833 3.7 22.3 0.6 Depreciation 1,384 9.2 1,108 9.7 24.9 2,703 9.7 2,228 9.9 21.4 Amortization & other non-cash charges 107 0.7 112 1.0 (4.9) 207 0.7 275 1.2 (24.8) Adjusted EBITDA 2,179 14.5 1,666 14.5 30.8 5.2 3,929 14.0 3,336 14.9 17.8 (2.4) CAPEX 356 288 23.4 611 669 (8.7) . (A) refer to page 13 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
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July 28, 2025 | Page 20 Health – Results of Operations Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 21,850 100.0 18,894 100.0 15.6 6.7 43,822 100.0 37,048 100.0 18.3 6.8 Cost of sales 15,354 70.3 13,175 69.7 16.5 30,873 70.5 26,103 70.5 18.3 Gross profit 6,496 29.7 5,719 30.3 13.6 4.5 12,949 29.5 10,945 29.5 18.3 6.5 Administrative expenses 953 4.4 1,181 6.2 (19.3) 2,096 4.8 2,125 5.7 (1.4) Selling expenses 4,734 21.7 3,773 20.0 25.5 9,279 21.2 7,442 20.1 24.7 Other operating expenses (income), net (10) (0.0) (10) (0.1) (2.8) (13) (0.0) 1 0.0 N.S, Income from operations 819 3.8 775 4.1 5.7 (5.2) 1,585 3.6 1,376 3.7 15.2 2.2 Depreciation 895 4.1 686 3.6 30.6 1,834 4.2 1,532 4.1 19.7 Amortization & other non-cash charges 267 1.2 235 1.2 13.6 542 1.2 517 1.4 4.9 Adjusted EBITDA 1,981 9.1 1,696 9.0 16.9 3.7 3,962 9.0 3,425 9.2 15.7 2.8 CAPEX 356 391 (8.9) 613 559 9.6 Information of Stores Total stores 4,321 4,496 -3.9 Stores Mexico 1,311 1,743 -24.8 Stores South America 3,010 2,753 9.3 Net new stores: vs. Last quarter (273) 56 N.S. Year-to-date (340) 22 N.S. Last-twelve-months (175) 229 N.S. Same-store data: (1) Sales (thousands of pesos) 1,029.0 909.6 13.1 1,002.6 877.0 14.3 Same-store data(2) Sales (currency-neutral) 4.8 Mexico (8.7) Chile 4.6 Colombia 24.4 Ecuador 4.2 (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) Monthly average information per location, considering same locations with more than twelve months of all the operations of the Health Division. (2) Currency Neutral monthly average information per location, considering same locations with more than twelve months of all the operations of the Health Division.
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July 28, 2025 | Page 21 Fuel – Results of Operations Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 17,100 100.0 16,996 100.0 0.6 N.A. 32,338 100.0 31,959 100.0 1.2 N.A. Cost of sales 14,953 87.4 14,981 88.1 (0.2) 28,374 87.7 28,205 88.3 0.6 Gross profit 2,147 12.6 2,014 11.9 6.6 N.A. 3,964 12.3 3,754 11.7 5.6 N.A. Administrative expenses 57 0.3 82 0.5 (30.5) 169 0.5 187 0.6 (9.5) Selling expenses 1,283 7.5 1,234 7.3 4.0 2,525 7.8 2,349 7.4 7.5 Other operating expenses (income), net 8 0.0 (5) (0.0) (250.0) 13 0.0 (17) (0.1) (176.1) Income from operations 800 4.7 704 4.1 13.6 N.A. 1,256 3.9 1,234 3.9 1.8 N.A. Depreciation 259 1.5 249 1.5 4.2 519 1.6 492 1.5 5.7 Amortization & other non-cash charges 82 0.5 74 0.4 11.0 165 0.5 140 0.4 17.8 Adjusted EBITDA 1,141 6.7 1,027 6.0 11.1 1,941 6.0 1,866 5.8 4.0 CAPEX 10 86 (88.6) 56 94 (41.0) Information of OXXO GAS Service Stations Total service stations 559 570 (1.9) Net new service stores: vs. Last quarter (3) 0 N.S. Year-to-date (12) (1) N.S. Last-twelve-months (11) 0 N.S. Volume (millions of liters) total stations 689 662 3.9 Same-station data: (1) Sales (thousands of pesos) 9,209.5 8,778.5 4.9 8,740.0 8,308.3 5.2% Volume (thousands of liters) 419.3 402.3 4.2 393.8 386.0 2.0% Average price per liter 22.0 21.8 0.6 22.2 21.5 3.1% (1) Monthly average information per station, considering same stations with more than twelve months of operations.
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July 28, 2025 | Page 22 Coca-Cola FEMSA – Results of Operations Amounts expressed in millions of Mexican Pesos (Ps.) For the second quarter of: For the six months of: 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) 2025 % of rev. 2024 % of rev. % Var. % Comp.(A) Total revenues 72,917 100.0 69,456 100.0 5.0 2.4 142,703 100.0 133,685 100.0 6.7 3.3 Cost of sales 39,875 54.7 37,495 54.0 6.3 77,987 54.6 73,124 54.7 6.6 Gross profit 33,042 45.3 31,961 46.0 3.4 0.9 64,716 45.4 60,561 45.3 6.9 3.5 Administrative expenses 3,957 5.4 3,539 5.1 11.8 7,549 5.3 6,703 5.0 12.6 Selling expenses 19,722 27.0 18,081 26.0 9.1 38,480 27.0 34,735 26.0 10.8 Other operating expenses (income), net (404) (0.6) 595 0.9 (167.9) (299) (0.2) 742 0.6 (140.3) Income from operations 9,767 13.4 9,746 14.0 0.2 (2.6) 18,986 13.3 18,380 13.7 3.3 0.3 Depreciation 3,160 4.3 2,657 3.8 18.9 6,259 4.4 5,219 3.9 19.9 Amortization & other non-cash charges 461 0.6 1,519 2.2 (69.7) 1,339 0.9 2,349 1.8 (43.0) Adjusted EBITDA 13,388 18.4 13,922 20.0 (3.8) (6.3) 26,584 18.6 25,949 19.4 2.4 (0.5) CAPEX 5,419 5,410 0.2 9,640 8,733 10.4 3.3 Sales Volumes (Millions of unit cases) Mexico and Central America 636.9 61.5 695.6 63.5 (8.4) 1,190.2 58.9 1,275.4 60.6 (6.7) South America 133.1 12.9 130.8 11.9 1.8 271.0 13.4 271.4 12.9 (0.2) Brazil 265.3 25.6 269.4 24.6 (1.5) 560.6 27.7 557.6 26.5 0.5 Total 1,035.3 100.0 1,095.8 100.0 (5.5) 2,021.8 100.0 2,104.4 100.0 (3.9) (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.
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July 28, 2025 | Page 23 FEMSA Macroeconomic Information Inflation End-of-period Exchange Rates 2Q 2025 LTM (1) Jun-25 Jun-25 Jun-24 Per USD Per MXN Per USD Per MXN Mexico 0.99% 4.51% 18.89 1.0000 18.38 1.0000 Colombia 0.98% 5.08% 4,069.67 0.0046 4,148.04 0.0044 Brazil 0.43% 5.35% 5.46 3.4621 5.56 3.3059 Argentina 2.73% 39.63% 1,205.00 0.0157 912.00 0.0202 Chile 0.35% 4.43% 933.42 0.0202 944.34 0.0195 Euro Zone -0.14% 1.63% 0.86 22.0808 0.93 19.6711 (1) LTM = Last twelve months.