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• • . • . KOF Coca - Cola FEMSA LISTED NYSE KOF Investor Relations Jorge Collazo | jorge.collazo@kof.com.mx Lorena Martin | lorena.martinl@kof.com.mx Bryan Carlson | bryan.carlson@kof.com.mx Marene Aranzabal | marene.aranzabal@kof.com.mx Coca - Cola FEMSA Announces First Quarter 2021 Results Mexico City , April 26 , 2021 , 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 first quarter of 2021 . FIRST QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS Consolidated volumes increased 0.9 % , driven mainly by volume increases in Brazil , Guatemala , Nicaragua , Costa Rica , Colombia , and Argentina , which were partially offset by volume declines in Mexico and Uruguay . Total revenues decreased 1.5 % , while comparable revenues grew 5.4 % . Our pricing initiatives were offset by unfavorable currency translation effects from our operating currencies in South America , driven mainly by a 16.6 % translation effect from the Brazilian Real , coupled with unfavorable price - mix effects . Operating income increased 3.0 % , while comparable operating income increased 10.6 % . Our favorable raw material hedging strategies , coupled with operating expense efficiencies , were partially offset by higher concentrate costs in Mexico , and the depreciation of our operating currencies as applied to our U.S. dollar - denominated raw material costs . Majority net income increased 23.7 % , driven mainly by the decrease in interest expenses during the quarter as compared to a one - time interest expense related to debt prepayment performed during the first quarter of 2020 . Earnings per share ¹ were Ps . 0.19 ( Earnings per unit were Ps . 1.50 and per ADS were Ps . 15.02 . ) . FINANCIAL SUMMARY FOR THE FIRST QUARTER RESULTS Change vs. same period of last year Total Revenues Gross Profit Operating Income Majority Net Income Consolidated 1Q21 ( 1.5 % ) 1Q21 1Q21 1Q21 ( 3.8 % ) 3.0 % 23.7 % As Reported Mexico & Central America South America 1.8 % 5.0 % 27.0 % ( 5.6 % ) ( 17.1 % ) ( 33.0 % ) Consolidated 5.4 % 2.2 % 10.6 % Comparable ( 2 ) Mexico & Central America South America 1.8 % 4.9 % 27.1 % 11.0 % ( 2.7 % ) ( 19.2 % ) John Santa Maria , Coca - Cola FEMSA's CEO , commented : " For the first quarter of 2021 , we were able to deliver volume and operating income growth despite navigating what is still a very dynamic environment . Notably , our ability to generate savings and efficiencies enabled us to expand our operating income margin by 60 basis points while increasing our majority net income by 23.7 % . In Mexico and Central America , we delivered top - line growth thanks to our revenue management initiatives , coupled with solid volumes from Guatemala and a volume recovery in Costa Rica and Nicaragua . Importantly , our savings and efficiency initiatives drove double - digit operating income growth for the division . In South America , we continued to face significant currency headwinds ; however , we are encouraged by the volume growth achieved in Brazil , despite substantial mobility restrictions during the quarter , as key Colombia and Argentina markets accelerated . For 2021 , we expect a year of recovery and important advances across all of our strategic fronts . Our COVID - 19 mitigation actions will continue to be guided by the successful framework we implemented during 2020 ; all while we redouble our effort to become a sustainable , agile , and digital interconnected commercial beverage platform that continues to create value for all of our stakeholders for many years to come . " ( 1 ) ( 2 ) 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 . Please refer to page 7 for our definition of " comparable " and a description of the factors affecting the comparability of our financial and operating performance . Page 1 of 14