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Coca - Cola FEMSA KOF LISTED NYSE KOF Investor Relations Jorge Collazo | jorge.collazo@kof.com.mx Lorena Martin lorena.martinl@kof.com.mx Marene Aranzabal | marene.aranzabal@kof.com.mx • • • Coca - Cola FEMSA Announces Results for Third Quarter and First Nine Months of 2021 Mexico City , October 27 , 2021 , Coca - Cola FEMSA , S.A.B. de C.V. ( BMV : KOF UBL , 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 third quarter and the first nine months of 2021 . THIRD QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS Consolidated volumes increased 5.8 % as compared to the third quarter of 2020 and 1.5 % as compared to the same period of 2019. This increase was driven mainly by strong volume growth in our territories in South America and Central America , as most of our markets continued to show sequential recovery . These effects were partially offset by flat volume performance in Mexico , driven mainly by unfavorable weather conditions during the quarter . Total revenues increased 3.4 % , while comparable revenues increased 8.8 % , driven by volume growth , pricing initiatives , and favorable price - mix effects . These factors were partially offset by ( i ) unfavorable currency translation effects ; ( ii ) a tough comparison base due to an entitlement to reclaim tax payments in Brazil ; and ( iii ) a decline in beer revenues related to the partial transition of the beer portfolio in Brazil . Total revenues declined 0.8 % versus the same period of 2019 . Operating income decreased 9.0 % , while on a comparable basis decreased 7.0 % . This decline was driven mainly by a non- recurring tax income recognized during the third quarter of 2020 and by the normalization of certain operating expenses . These effects were partially offset by our favorable raw material hedging initiatives and the resumption of the recognition of tax credits in Brazil related to the Manaus Free Trade Zone . By normalizing the non - recurring tax effects , our operating income would have increased 6.3 % . As compared to the same period of 2019 , our operating income decreased 7.7 % . . Majority net income increased 38.8 % , as our third quarter 2020 included one - time non - operating expenses of Ps . 1,813 million , mainly related to the sale of our dairy joint venture Estrella Azul in Panama and an impairment recognized in Leão Alimentos , our non - carbonated beverage joint - venture in Brazil . Earnings per share¹ were Ps . 0.20 ( Earnings per unit were Ps . 1.63 and per ADS were Ps . 16.28 . ) . FINANCIAL SUMMARY FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2021 Change vs. same period of last year Total Revenues Gross Profit Operating Income Majority Net Income 3Q 2021 YTD 2021 3Q 2021 YTD 2021 Consolidated 3.4 % 4.5 % 2.1 % 5.5 % 3Q 2021 ( 9.0 % ) YTD 2021 9.2 % 3Q 2021 38.8 % YTD 2021 39.0 % As Reported Mexico & Central America South America 7.3 % 6.6 % 6.7 % 8.2 % ( 1.6 % ) 10.4 % ( 1.9 % ) 1.4 % ( 5.6 % ) 0.6 % ( 20.6 % ) 6.4 % Consolidated 8.8 % 11.1 % 6.8 % 11.3 % ( 7.0 % ) 13.3 % Comparable ( 2 ) Mexico & Central America South America 9.3 % 8.4 % 8.6 % 9.8 % ( 0.5 % ) 11.5 % 8.1 % 15.5 % 3.5 % 14.3 % ( 17.4 % ) 17.5 % John Santa Maria , Coca - Cola FEMSA's CEO , commented : " For the third quarter , our focus on affordability and execution enabled us to deliver 5.8 % year - on - year volume growth , 1.5 % ahead of the volume we achieved during 2019. This performance reflects double - digit volume growth in South America , driven by outstanding performance in Colombia , Brazil , and Argentina . Notably , our stable volume performance in Mexico , due mainly to unfavorable weather , was offset by double - digit growth across all of our territories in Central America . On the profitability front , excluding one - time tax effects in Brazil , our revenue management initiatives together with our favorable raw material hedging strategies enabled us to protect our gross margin in the face of the challenging supply chain and input cost environment that is affecting industries worldwide . This allowed a normalized operating income to increase 6.3 % . Moreover , we continue taking important steps across all of our strategic fronts - from portfolio management to sustainable development . In Brazil , we continue to complement our beer portfolio , while in other markets , we began pilot testing additional categories as distribution opportunities . Finally , we are very proud to have successfully issued the first sustainability - linked bonds in the Mexican market , enabling us to align our financial strategy with ambitious water efficiency targets that are now public commitments . We are convinced that we have the right strategy and talent to continue positioning Coca - Cola FEMSA for continuous growth and success 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 9 for our definition of " comparable " and a description of the factors affecting the comparability of our financial and operating performance . Page 1 of 16