Earnings release
Page 1
THIRD QUARTER 2025 RESULTS INVESTOR RELATIONS Jorge Collazo | jorge.collazo@kof.com Lorena Martin | lorena.martinl@kof.com Bryan Silva | bryan.silva@kof.com Agustin Bolio | agustin.bolio@kof.com kofmxinves@kof.com
Page 2
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 2 of 17 Mexico City, October 24, 2025, 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 third quarter of 2025. • Volume declined 0.6%. • Revenue increased 3.3%, on a currency neutral basis revenue grew 4.7%. • Operating income increased 6.8%; on a currency neutral basis operating income increased 7.0%. • Majority net income increased 0.7%. • Earnings per share1 were Ps. 0.35 (Earnings per unit were Ps. 2.81 and per ADS were Ps. 28.07.). • Now more than 60% of our total client base are digital monthly active buyers. • Volume declined 2.8%. • Revenue increased 5.0%, on a currency neutral basis revenue grew 5.7%. • Operating income increased 4.3%, on a currency neutral basis operating income grew 2.9%. • Majority net income decreased 0.6%. • Earnings per share1 were Ps. 0.97 (Earnings per unit were Ps. 7.78 and per ADS were Ps. 77.80.). Ian Craig, Coca-Cola FEMSA’s CEO, commented: “During the third quarter, we delivered gradual sequential improvements in our results amid a challenging environment. Total volume declined slightly , driven mainly by Mexico as we navigated a softer macro environment that continues to weigh on consumption. On the other hand, South America delivered a resilient performance with volume growth across most of our territories, demonstrating the adaptability of our business across regions. In terms of profitability, we protected our margins mainly due to the implementation of mitigation actions to adapt to the environment, controlling expenses and generating efficiencies, recognizing a more difficult than expected 2025. As we look beyond this year, we will leverage Coca-Cola FEMSA’s ability to adapt to challenging operating conditions including the impact of the beverage excise tax increase in Mexico. We are confident that focusing on our sustainable growth model, combined with short-term revenue growth management and affordability initiatives, productivity and cost control measures and a revised CAPEX investment level, is the best way to navigate these conditions while generating value for our stakeholders.” (1) Quarterly earnings / outstanding shares. Earnings per shar e (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. 3Q25 YTD 2025 3Q25 YTD 2025 3Q25 YTD 2025 3Q25 YTD 2025 Consolidated 3.3% 5.0% 0.9% 4.3% 6.8% 4.3% 0.7% (0.6%) Mexico & Central America (0.2%) 1.6% (2.6%) (0.1%) 1.1% (3.4%) South America 8.7% 10.4% 7.2% 12.5% 19.7% 22.3% Consolidated 4.7% 5.7% 2.0% 4.6% 7.0% 2.9% Mexico & Central America (0.2%) (0.5%) (2.5%) (2.1%) 1.2% (5.5%) South America 12.5% 16.4% 10.4% 18.1% 20.4% 23.1% Comparable (2) Majority Net Income FINANCIAL SUMMARY FOR THE THIRD QUARTER RESULTS Total Revenues Gross Profit Operating Income As Reported Change vs. same period of last year THIRD QUARTER HIGHLIGHTS FIRST NINE MONTHS HIGHLIGHTS
Page 3
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 3 of 17 RECENT DEVELOPMENTS • The Company is saddened by the recent passing of Ricardo Guajardo Touché, a distinguished member of our Board of Directors and a valued part of the Coca -Cola FEMSA family. Mr. Guajardo served for years as a trusted voice on our Board. His leadership, wisdom, and unwavering commitment were instrumental in guiding Coca -Cola FEMSA through key moments of growth and transformation. • Coca-Cola FEMSA extends its condolences and support to our teams’, their families, and all the communities affected by the floods occurred during the month of October in central and Northeast Mexico. In line with our principles and protocols, the Company has mobilized efforts to support the communities , and aid in the recovery of the region . As part of this, the Company coordinated with local authorities to provide humanitarian relief, including donations of water, food, and essential supplies to the most i mpacted areas. These efforts underscore the Company’s dedication to supporting the broader community, including support to our own employees and their families. Coca-Cola FEMSA remains committed to long-term recovery and resilience in the region. • Coca-Cola FEMSA was assessed in S&P Global’s 2025 Corporate Sustainability Assessment (CSA), achieving a score of 79/100 — an increase of 9 points compared to the previous year. This progress reflects our resilience and commitment to continuous improvement , reaffirming our leadership in sustainability across Latin America and the beverage industry. • On October 15, 2025, Coca-Cola FEMSA paid the third installment of the ordinary dividend approved for Ps. 0.23 per share, for a total cash distribution of Ps. 3,865.5 million. • On October 16, the Mexican House of Representatives approved the Federal Revenue Law proposed by the Executive Branch, which includes an increase in the excise tax on sugar-sweetened beverages from Ps. 1.64 to Ps. 3.08 per liter, as well as the introductio n of a new excise tax of Ps. 1.5 per liter on beverages sweetened with non -caloric sweeteners. This legislation is currently pending approval by the Mexican Senate. In response, the Coca-Cola System in Mexico has proactively engaged with local authorities to discuss the proposed tax measures. We re affirm our commitment to promoting calorie reduction, encouraging the consumption of low - and non-caloric products, in line with our strategic priorities , and upholding responsible marketing practices, while maintaining an open and constructive dialogue with authorities on this important matter. CONFERENCE CALL INFORMATION Ian Craig, Chief Executive Officer Gerardo Cruz, Chief Financial Officer Jorge Collazo, Investor Relations Director Friday October 24, 2025 11:00 A.M. Eastern Time 09:00 A.M. Mexico City Time To participate in the conference call please register in the next link: https://shorturl.at/oDT5N
Page 4
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 4 of 17 CONSOLIDATED THIRD QUARTER RESULTS Volume decreased 0.6% to 1,035.0 million unit cases, driven mainly by volume declines in Mexico and Panama. These declines were partially offset by volume increases in Brazil, Colombia, Argentina, Guatemala, Costa Rica and Nicaragua. Total revenues increased 3.3% to Ps. 71,884 million. This increase was driven mainly by revenue management initiatives, partially offset by a slight volume decline, promotional activity and the unfavorable translation effect driven mainly by the depreciation of the Argentine peso and most of our operating currencies in Central America into Mexican Pesos. Excluding currency translation effects, total revenues increased 4.7%. Gross profit increased 0.9% to Ps. 32,391 million, and gross margin contracted 100 basis points to 45.1%. This contraction was driven mainly by unfavorable mix, promotional activity and fixed cost s such as labor and depreciation , coupled with lowe r operating leverage. These effects were partially offset by lower sweetener and PET costs coupled with 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 2.0%. Operating income increased 6.8% to Ps. 10,291 million, and operating margin expanded 50 basis points to 14.3%. This margin expansion was driven mainly by expense efficiencies such as freight and marketing across our operations , coupled with an operative foreign exchange gain of Ps. 158 million as compared to a loss of Ps. 348 million during the same period of the previous year. In addition, this quarter we recognized one-time income of Ps. 218 million, net of expenses, related to insurance claims from the floods that impacted Brazil, in May 2024. These effects were partially offset by higher expenses such as labor and IT, coupled with an increase in depreciation. Excluding currency translation effects, operating income increased 7.0%. (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. Comparable (1) Expressed in millions of Mexican pesos 3Q 2025 3Q 2024 Δ% Δ% Total revenues 71,884 69,601 3.3% 4.7% Gross profit 32,391 32,094 0.9% 2.0% Operating income 10,291 9,638 6.8% 7.0% Adj. EBITDA (2) 14,449 14,001 3.2% 4.0% CONSOLIDATED THIRD QUARTER RESULTS As Reported
Page 5
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 5 of 17 Comprehensive financing result recorded an expense of Ps. 1,290 million, compared to an expense of Ps. 823 million in the previous year. This increase was driven mainly by a higher interest expense, net, of Ps. 1,322 million as compared to Ps. 1, 059 million in the same period of the previous year driven by a reduction interest income due to lower cash position and interest rates in Mexico and Argentina. In addition, we recognized a foreign exchange loss of Ps. 65 million in the third quarter of 2025 as compared to a gain of Ps. 49 million in the same period of the previous year. The loss this year was driven mainly by the quarterly appreciation of the Mexican Peso and Brazilian Real as applied to our U.S. dollar-denominated net debt position. In addition, we recorded a loss in financial instruments of Ps. 39 million, as compared to a gain of Ps. 86 million recorded in the same period of the previous year, driven mainly higher interest rates in Brazil. These effects were partially offset by higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 136 million as compared to a gain of Ps. 100 million recorded in the same period of the previous year. Income tax as a percentage of income before taxes was 30.9% as compa red to 31.5% during the same period of 2024 . This decrease was driven mainly by deferred taxes recognized in the same period of the previous year, partially offset by non-creditable taxes in Mexico and non-recurring effects from previous fiscal years. Net income attributable to equity holders of the company increased 0.7% to reach Ps. 5,898 million. This increase was driven mainly by operating income growth , partially offset by an increase in our comprehensive financing result. Earnings per share 1 were Ps. 0.35 (Earnings per unit were Ps. 2.81 and per ADS were Ps. 28.07.). (1) Quarterly earnings / outstanding shares. Earnings per shar e (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.
Page 6
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 6 of 17 CONSOLIDATED FIRST NINE MONTHS RESULTS Volume decreased 2.8% to 3,056.8 million unit cases, driven mainly by volume declines in Mexico, Colombia and Panama. These declines were partially offset by increases in Brazil, Guatemala, Argentina, Uruguay, and Nicaragua. Total revenues increased 5.0% to Ps. 213,984 million. This increase was driven mainly by revenue management initiatives, partially offset by volume decline and the unfavorable translation effect from the Argentine Peso into Mexican pesos. Excluding currency translation effects, total revenues increased 5.7%. Gross profit increased 4.3% to Ps. 96,850 million, and gross margin contracted 30 basis points to 45.3%. This contraction was driven mainly by higher fixed costs, such as labor and maintance , coupled with the depreciation of most of our operating currencies as applied to our U.S. dollar -denominated raw material costs . These effects were partially offset by lower sweetener costs and top-line growth. Excluding currency translation effects, gross profit increased 4.6%. Operating income increased 4.3% to Ps. 29,234 million, and operating margin contracted 10 basis points to 13.7%. This margin contraction was driven mainly by lower operating leverage, driven by an increase in expenses such as labor, maintenance , and depreciation. In addition, we recognized insurance claims in Mexico and Brazil. These effects were partially offset by lower freight expenses and an operative foreign exchange gain of Ps. 515 million as compared to a loss of Ps. 740 million during the same period of the previous year. Excluding currency translation effects, operating income increased 2.9%. (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. Comparable (1) Expressed in millions of Mexican pesos YTD 2025 YTD 2024 Δ% Δ% Total revenues 213,984 203,873 5.0% 5.7% Gross profit 96,850 92,886 4.3% 4.6% Operating income 29,234 28,037 4.3% 2.9% Adj. EBITDA (2) 40,939 40,044 2.2% 2.6% CONSOLIDATED FIRST NINE MONTHS RESULTS As Reported
Page 7
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 7 of 17 Comprehensive financing result recorded an expense of Ps. 3,588 million, compared to an expense of Ps. 2,918 million in the same period of the previous year. This increase was driven mainly by a higher interest expense, net, of Ps. 4,049 million as compared to Ps. 3,415 million in the same period of the previous year as a result of higher interest expense mainly driven by our U.S. dollar-denominated bond due 2035 issued during the second quarter, coupled with an increase in interest rates in Brazil and new financing in Argentina and Colombia. Additionally, we recorded a reduction in our interest income driven by lower interest income due to lower notional and interest rates in Mexico and Argentina. Moreover, we recognized a foreign exchange loss of Ps. 62 million as compared to a gain of Ps. 249 million in the same period of the previous year, the gain in the previous year was driven mainly by the appreciation of the Brazilian Real as applied to our U.S. dollar-denominated cash position during the same period of the previous year. These effects were partially offset by a higher gain in financial instruments of Ps. 249 million as compared to a gain of Ps. 101 million in the same period of the previous year, resulting from the valuation of short-to-mature financial instruments in Brazil. Finally, we recognized a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 275 million as compared to a gain of Ps. 147 million in the same period of the previous year. Income tax as a percentage of income before taxes was 33.4% as compared to 32.5% during the same period of 2024. This increase was driven mainly by non-recurring effects from previous fiscal years coupled with non-creditable taxes. Net income attributable to equity holders of the company was Ps. 16,343 million as compared to Ps 16,445 million during the same period of the previous year. This decrease was driven mainly by a higher comprehensive financing result coupled with an increase in income taxes that were partially offset by a n increase in our operating income . Earnings per share 1 were Ps. 0.97 (Earnings per unit were Ps. 7.78 and per ADS were Ps. 77.80.). (1) Quarterly earnings / outstanding shares. Earnings per shar e (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.
Page 8
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 8 of 17 MEXICO & CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS (Mexico, Guatemala, Costa Rica, Panama, and Nicaragua) Volume declined 2.7%, driven by volume decreases in Mexico and Panama that were partially offset by volume growth in Guatemala, Nicaragua, and Costa Rica . This volume decline was driven mainly by unfavorable weather conditions and a softer macroeconomic environment. Total revenues decreased 0.2% to Ps. 42,467 million. This performance was driven mainly by volume decline, promotional activity and unfavorable mix effects which were partially offset by revenue management initiatives. Excluding currency translation effects, total revenues decreased 0.2%. Gross profit decreased 2.6% to Ps. 20,163 million, and gross margin contracted 110 basis points to 47.5%. This margin contraction was driven mainly by unfavorable mix effects and promotional activity, lower operating leverage, and higher fixed costs such as labor. These effects were partially offset by lower sweetener and PET costs, coupled with the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit decreased 2.5%. Operating income increased 1.1% to Ps. 6,787 million, and operating margin expanded 20 basis points to 16.0%. This margin expansion was driven mainly by a decrease in operating expenses such as freight coupled with an operative foreign exchange gain as compared to a loss during the same period of the previous year. These effects were partially offset by lower operating leverage, an increase in expenses such as labor and IT. Excluding currency translation effects, operating income increased 1.2%. (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. Comparable (1) Expressed in millions of Mexican pesos 3Q 2025 3Q 2024 Δ% Δ% Total revenues 42,467 42,546 (0.2%) (0.2%) Gross profit 20,163 20,691 (2.6%) (2.5%) Operating income 6,787 6,711 1.1% 1.2% Adj. EBITDA (2) 9,280 9,411 (1.4%) (1.4%) As Reported MEXICO & CENTRAL AMERICA DIVISION RESULTS
Page 9
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 9 of 17 SOUTH AMERICA DIVISION THIRD QUARTER RESULTS (Brazil, Argentina, Colombia, and Uruguay) Volume increased 2.6% to 423.0 million unit cases, driven mainly by volume growth in Brazil, Colombia, and Argentina, coupled with flattish performance in Uruguay. Total revenues increased 8.7% to Ps. 29,416 million. This increase was driven mainly by revenue management initiatives and favorable mix effects, offsetting unfavorable currency translation driven by the depreciation of the Argentine Peso into Mexican Pesos. Excluding currency translation effects, total revenues increased 12.5%. Gross profit increased 7.2% to Ps. 12,228 million, and gross margin contracted 50 basis points to 41.6%. This contraction was driven mainly by fixed costs such as labor, restructuring and maintenance. These effects were partially offset by top-line growth. Excluding currency translation effects, gross profit increased 10.4%. Operating income increased 19.7% to Ps. 3,505 million, resulting in an operating margin expansion of 110 basis points to 11.9%. This increase was driven mainly by gross profit growth, coupled with expense efficiencies such as freight , marketing and the recognition of a one-time income, net of expenses, of Ps. 218 million related to insurance claims from the floods that impacted Brazil in May 2024. These effects were partially offset by higher expenses such as IT, depreciation and maintenance . Excluding currency translation effects, operating income increased 20.4%. (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. Comparable (1) Expressed in millions of Mexican pesos 3Q 2025 3Q 2024 Δ% Δ% Total revenues 29,416 27,056 8.7% 12.5% Gross profit 12,228 11,403 7.2% 10.4% Operating income 3,505 2,927 19.7% 20.4% Adj. EBITDA (2) 5,169 4,590 12.6% 15.4% SOUTH AMERICA DIVISION RESULTS As Reported
Page 10
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 10 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 refers 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 / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 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 in Central America relative to the Mexican peso in the third quarter of 2025, as compared to the same period of 2024, we had a marginal unfavorable currency translation effect into Mexican pesos. Please see page 17 for exchange rate fluctuations.
Page 11
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 11 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 ar e 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 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 276 million consumers. With over 93,000 employees, the Company markets and sells approximately 4.2 -billion-unit cases through approximately 2.2 million points of sale a year. Operating 56 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 Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operation s 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 KOF Venezuela. 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 base d 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 St ates 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)
Page 12
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 12 of 17 (1) Except volume and average price per unit case figures. (2) Please refer to page 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 operatin g performance. (8) As of September 30, 2025, the investment in fixed assets effectively paid is equivalent to Ps. 15,662 million. 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (7) 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (7) Transactions (million transactions) 6,192.7 6,153.2 0.6% 0.6% 18,246.4 18,484.0 -1.3% -1.3% Volume (million unit cases) 1,035.0 1,041.1 -0.6% -0.6% 3,056.8 3,145.6 -2.8% -2.8% Average price per unit case 67.31 64.93 3.7% 67.99 63.00 7.9% Net revenues 71,685 69,399 3.3% 213,642 203,342 5.1% Other operating revenues 199 203 -1.7% 342 532 -35.7% Total revenues (2) 71,884 100.0% 69,601 100.0% 3.3% 4.7% 213,984 100.0% 203,873 100.0% 5.0% 5.7% Cost of goods sold 39,493 54.9% 37,507 53.9% 5.3% 117,134 54.7% 110,987 54.4% 5.5% Gross profit 32,391 45.1% 32,094 46.1% 0.9% 2.0% 96,850 45.3% 92,886 45.6% 4.3% 4.6% Operating expenses 22,356 31.1% 22,425 32.2% -0.3% 68,172 31.9% 64,076 31.4% 6.4% Other operative expenses, net (159) -0.2% 76 0.1% NA (269) -0.1% 940 0.5% NA Operative equity method (gain) loss in associates (3) (97) -0.1% (45) -0.1% 116.3% (287) -0.1% (166) -0.1% 72.3% Operating income (5) 10,291 14.3% 9,638 13.8% 6.8% 7.0% 29,234 13.7% 28,037 13.8% 4.3% 2.9% Other non operative expenses, net 180 0.3% 94 0.1% 92.8% 305 0.1% 67 0.0% 357.6% Non Operative equity method (gain) loss in associates (4) (13) 0.0% (133) -0.2% -90.1% (144) -0.1% (75) 0.0% 92.2% Interest expense 1,942 1,909 1.7% 5,879 5,580 5.4% Interest income 620 850 -27.1% 1,830 2,165 -15.5% Interest expense, net 1,322 1,059 24.9% 4,049 3,415 18.6% Foreign exchange loss (gain) 65 (49) NA 62 (249) NA Loss (gain) on monetary position in inflationary subsidiaries (136) (100) 36.1% (275) (147) 86.2% Market value (gain) loss on financial instruments 39 (86) NA (249) (101) 147.3% Comprehensive financing result 1,290 823 56.6% 3,588 2,918 23.0% Income before taxes 8,835 8,854 -0.2% 25,484 25,127 1.4% Income taxes 2,698 2,731 -1.2% 8,359 8,074 3.5% Result of discontinued operations - - NA - - NA Consolidated net income 6,137 6,123 0.2% 17,126 17,052 0.4% Net income attributable to equity holders of the company 5,898 8.2% 5,858 8.4% 0.7% 1.0% 16,343 7.6% 16,445 8.1% -0.6% -3.4% Non-controlling interest 239 0.3% 265 0.4% -9.5% 782 0.4% 607 0.3% 28.9% Adj. EBITDA & CAPEX 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (7) 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (7) Operating income (5) 10,291 14.3% 9,638 13.8% 6.8% 7.0% 29,234 13.7% 28,037 13.8% 4.3% 2.9% Depreciation 3,215 2,858 12.5% 9,445 8,110 16.5% Amortization and other operative non-cash charges 943 1,504 -37.3% 2,260 3,897 -42.0% Adj. EBITDA (5)(6) 14,449 20.1% 14,001 20.1% 3.2% 4.0% 40,939 19.1% 40,044 19.6% 2.2% 2.6% CAPEX(8) 7,669 6,945 10.4% 17,301 15,638 10.6% For the first Nine Months of: Millions of Pesos (1) COCA-COLA FEMSA CONSOLIDATED INCOME STATEMENT For the Third Quarter of:
Page 13
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 13 of 17 (1) Except volume and average price per unit case figures. (2) Please refer to page 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 operatin g performance. (1) Except volume and average price per unit case figures. (2) Please refer to page 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 pe rformance. 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (6) 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (6) Transactions (million transactions) 3,162.9 3,250.4 -2.7% -2.7% 9,345.7 9,834.9 -5.0% -5.0% Volume (million unit cases) 612.1 629.0 -2.7% -2.7% 1,802.2 1,904.5 -5.4% -5.4% Average price per unit case 68.63 67.16 2.2% 70.02 65.50 6.9% Net revenues 42,450 42,533 127,409 125,455 Other operating revenues 18 13 33 1 Total Revenues (2) 42,467 100.0% 42,546 100.0% -0.2% -0.2% 127,442 100.0% 125,456 100.0% 1.6% -0.5% Cost of goods sold 22,304 52.5% 21,855 51.4% 66,990 52.6% 64,930 51.8% Gross profit 20,163 47.5% 20,691 48.6% -2.6% -2.5% 60,452 47.4% 60,526 48.2% -0.1% -2.1% Operating expenses 13,378 31.5% 13,971 32.8% 41,711 32.7% 40,325 32.1% Other operative expenses, net 50 0.1% 36 0.1% (113) -0.1% 633 0.5% Operative equity method (gain) loss in associates (3) (52) -0.1% (27) -0.1% (162) -0.1% (115) -0.1% Operating income (4) 6,787 16.0% 6,711 15.8% 1.1% 1.2% 19,016 14.9% 19,683 15.7% -3.4% -5.5% Depreciation, amortization & other operating non-cash charges 2,493 5.9% 2,700 6.3% 7,098 5.6% 7,354 5.9% Adj. EBITDA (4)(5) 9,280 21.9% 9,411 22.1% -1.4% -1.4% 26,114 20.5% 27,037 21.6% -3.4% -5.5% For the First Nine Months of: MEXICO & CENTRAL AMERICA DIVISION RESULTS OF OPERATIONS Millions of Pesos (1) For the Third Quarter of: 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (6) 2025 % of Rev. 2024 % of Rev. Δ% Reported Δ% Comparable (6) Transactions (million transactions) 3,029.9 2,902.7 4.4% 4.4% 8,900.7 8,649.1 2.9% 2.9% Volume (million unit cases) 423.0 412.1 2.6% 2.6% 1,254.6 1,241.1 1.1% 1.1% Average price per unit case 65.39 61.52 6.3% 65.08 59.16 10.0% Net revenues 29,235 26,865 86,233 77,886 Other operating revenues 182 190 309 531 Total Revenues (2) 29,416 100.0% 27,056 100.0% 8.7% 12.5% 86,542 100.0% 78,417 100.0% 10.4% 16.4% Cost of goods sold 17,188 58.4% 15,652 57.9% 50,144 57.9% 46,057 58.7% Gross profit 12,228 41.6% 11,403 42.1% 7.2% 10.4% 36,398 42.1% 32,360 41.3% 12.5% 18.1% Operating expenses 8,978 30.5% 8,454 31.2% 26,460 30.6% 23,751 30.3% Other operative expenses, net (209) -0.7% 40 0.1% (156) -0.2% 307 0.4% Operative equity method (gain) loss in associates (3) (45) -0.2% (18) -0.1% (125) -0.1% (52) -0.1% Operating income (4) 3,505 11.9% 2,927 10.8% 19.7% 20.4% 10,218 11.8% 8,354 10.7% 22.3% 23.1% Depreciation, amortization & other operating non-cash charges 1,664 5.7% 1,663 6.1% 4,607 5.3% 4,653 5.9% Adj. EBITDA (4)(5) 5,169 17.6% 4,590 17.0% 12.6% 15.4% 14,825 17.1% 13,007 16.6% 14.0% 20.6% For the First Nine Months of: SOUTH AMERICA DIVISION RESULTS OF OPERATIONS Millions of Pesos (1) For the Third Quarter of:
Page 14
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 14 of 17 Assets Sep-25 Dec-24 % Var. Liabilities & Equity Sep-25 Dec-24 % Var. Current Assets Current Liabilities Short-term bank loans and notes payable 3,630 3,314 10% 34,893 32,779 6% Suppliers 31,216 33,773 -8% Total accounts receivable 17,330 18,620 -7% Short-term leasing Liabilities 857 889 -4% Inventories 13,909 14,059 -1% Other current liabilities 34,635 29,195 19% Other current assets 10,995 9,675 14% Total current liabilities 70,339 67,171 5% Total current assets 77,127 75,132 3% Non-Current Liabilities - - Non-Current Assets - - Long-term bank loans and notes payable 74,022 70,383 5% Property, plant and equipment 170,330 161,785 5% Long Term Leasing Liabilities 2,007 2,295 -13% Accumulated depreciation (64,645) (62,404) 4% Other long-term liabilities 19,492 17,595 11% Total property, plant and equipment, net 105,685 99,381 6% Total liabilities 165,861 157,445 5% Right of use assets 2,569 2,989 -14% Equity - - Investment in shares 10,812 10,233 6% Non-controlling interest 8,045 7,113 13% Intangible assets and other assets 103,231 101,876 1% Total controlling interest 141,368 143,428 -1% Other non-current assets 15,849 18,375 -14% Total equity 149,413 150,542 -1% Total Assets 315,274 307,986 2% Total Liabilities and Equity 315,274 307,986 2% Debt Mix % Total Debt (1) % Interest Rate Floating (1) (2) Average Rate Currency Mexican Pesos 53.8% 1.7% 8.5% U.S. Dollars 24.2% 23.2% 4.5% Colombian Pesos 3.0% 42.9% 8.6% Brazilian Reals 18.4% 13.1% 10.9% Argentine Pesos 0.6% 0.0% 37.4% Total Debt 100% 14.8% 8.0% (1) After giving effect to swaps. (2) Calculated based on the weighting of the outstanding debt mix for each year. Financial Ratios 3Q 2025 FY 2024 Δ% Net debt including effect of hedges (1)(3) 43,947 38,329 14.7% Net debt including effect of hedges / Adj. EBITDA (1)(3) 0.77 0.68 Adj. EBITDA/ Interest expense, net (1) 10.11 12.51 Capitalization (2) 34.8% 33.3% (1) Net debt = total debt - cash (2) Total debt / (total debt + shareholders' equity) (3) After giving effect to swaps. September 30, 2025 Debt Maturity Profile COCA-COLA FEMSA CONSOLIDATED BALANCE SHEET Millions of Pesos Cash, cash equivalents and marketable securities 2025 2026 2027 2028 2029+
Page 15
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 15 of 17 (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 refers 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 . YoY Sparkling Water (1) Bulk (2) Stills Total Sparkling Water (1) Bulk (2) Stills Total Δ % Mexico 352.3 31.7 92.8 40.4 517.2 373.1 31.7 92.3 39.9 537.0 -3.7% Guatemala 45.5 2.3 0.8 2.2 50.8 44.4 2.5 - 2.3 49.2 3.2% CAM South 36.1 2.2 0.2 5.7 44.1 35.0 1.3 0.9 5.5 42.8 2.9% Mexico and Central America 434.0 36.2 93.7 48.2 612.1 452.6 35.4 93.3 47.8 629.0 -2.7% Colombia 68.6 10.6 3.8 7.0 90.0 66.0 10.5 3.9 7.1 87.4 2.9% Brazil (3) 232.2 19.8 2.3 24.9 279.2 227.5 19.1 2.2 23.2 272.0 2.6% Argentina 30.7 5.7 1.6 4.2 42.1 31.1 5.0 1.5 3.3 40.9 2.9% Uruguay 9.3 1.6 - 0.8 11.7 9.4 1.5 - 0.7 11.7 0.2% South America 340.8 37.7 7.7 36.8 423.0 334.0 36.1 7.6 34.4 412.1 2.6% TOTAL 774.7 73.9 101.4 85.0 1,035.0 786.5 71.5 100.9 82.2 1,041.1 -0.6% (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 YoY Sparkling Stills Total Sparkling Stills Total Δ % Mexico 1,926.0 278.5 2,434.1 2,036.8 279.2 2,539.2 -4.1% Guatemala 345.6 23.0 390.6 339.1 24.9 380.3 2.7% CAM South 267.9 56.2 338.1 261.5 55.9 330.8 2.2% Mexico and Central America 2,539.5 357.7 3,162.9 2,637.4 360.0 3,250.4 -2.7% Colombia 510.2 53.6 670.5 485.7 55.2 647.7 3.5% Brazil (3) 1,615.8 286.6 2,074.9 1,547.5 266.1 1,982.0 4.7% Argentina 159.5 34.1 226.5 158.8 27.8 216.8 4.5% Uruguay 45.8 6.2 58.0 44.6 5.8 56.3 3.1% South America 2,331.3 380.4 3,029.9 2,236.6 355.0 2,902.7 4.4% TOTAL 4,870.9 738.2 6,192.8 4,874.0 715.0 6,153.2 0.6% Revenues Expressed in million Mexican Pesos 3Q 2025 3Q 2024 Δ % Mexico 34,429 34,500 -0.2% Guatemala 4,115 4,157 -1.0% CAM South 3,923 3,889 0.9% Mexico and Central America 42,467 42,546 -0.2% Colombia 5,798 5,181 11.9% Brazil (4) 19,792 17,747 11.5% Argentina 2,542 2,852 -10.9% Uruguay 1,283 1,275 0.6% South America 29,416 27,056 8.7% TOTAL 71,884 69,601 3.3% (3) Volume and transactions in Brazil do not include beer (4) Brazil includes beer revenues of Ps. 1,246.1 million for the third quarter of 2025 and Ps. 1,175.3 million for the same period of the previous year. 6.0 318.2 583.8 Water 223.2 16.3 13.4 253.0 106.8 168.4 30.1 5.9 311.2 564.1 3Q 2025 COCA-COLA FEMSA QUARTERLY- VOLUME, TRANSACTIONS & REVENUES Volume 3Q 20243Q 2025 3Q 2024 Water 229.6 22.1 14.0 265.6 106.7 172.5 32.9 Mexico 50% Guatemala 5% CAM South 4% Colombia 9% Brazil (3) 27% Argentina 4% Uruguay 1% VOLUME (1) Mexico 39% Guatemala 6% CAM South 5% Colombia 11% Brazil (3) 34% Argentina 4% Uruguay 1% TRANSACTIONS (2)
Page 16
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 16 of 17 (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 refers 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 . Mexico 50% Guatemala 5% CAM South 4% Colombia 9% Brazil (3) 27% Argentina 4% Uruguay 1% VOLUME (1) Mexico 39% Guatemala 6% CAM South 6% Colombia 10% Brazil (3) 34% Argentina 4% Uruguay 1% TRANSACTIONS (2) YoY Sparkling Water (1) Bulk (2) Stills Total Sparkling Water (1) Bulk (2) Stills Total Δ % Mexico 1,019.9 99.9 278.3 122.4 1,520.5 1,107.9 107.0 290.3 121.7 1,626.8 -6.5% Guatemala 133.6 6.4 2.3 6.5 148.8 130.8 7.6 - 7.1 145.5 2.3% CAM South 108.8 6.6 0.5 17.0 132.9 108.0 4.4 2.9 16.7 132.1 0.6% Mexico and Central America 1,262.3 112.9 281.1 145.8 1,802.2 1,346.8 119.0 293.2 145.5 1,904.5 -5.4% Colombia 193.7 30.0 10.8 19.1 253.7 196.5 30.4 12.0 21.8 260.7 -2.7% Brazil (3) 697.8 61.6 6.9 73.5 839.9 691.6 58.7 7.4 72.0 829.7 1.2% Argentina 91.2 16.9 4.3 12.3 124.7 87.3 14.3 5.2 8.9 115.7 7.8% Uruguay 28.4 5.4 - 2.4 36.3 28.1 4.8 - 2.0 35.0 3.7% South America 1,011.1 113.9 22.1 107.4 1,254.6 1,003.6 108.3 24.5 104.7 1,241.1 1.1% TOTAL 2,273.4 226.9 303.3 253.3 3,056.8 2,350.3 227.3 317.7 250.2 3,145.6 -2.8% (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 YoY Sparkling Stills Total Sparkling Stills Total Δ % Mexico 5,639.7 849.9 7,201.5 6,134.4 853.0 7,727.1 -6.8% Guatemala 1,004.3 70.7 1,136.4 981.2 74.8 1,107.0 2.7% CAM South 796.5 168.3 1,007.8 789.0 168.1 1,000.7 0.7% Mexico and Central America 7,440.5 1,088.9 9,345.7 7,904.6 1,095.9 9,834.8 -5.0% Colombia 1,426.9 147.2 1,875.8 1,440.1 179.5 1,931.1 -2.9% Brazil (3) 4,792.5 845.5 6,171.4 4,606.6 817.9 5,936.4 4.0% Argentina 471.6 102.4 672.6 445.5 76.4 610.4 10.2% Uruguay 140.5 19.8 180.9 135.6 17.0 171.2 5.7% South America 6,831.5 1,114.8 8,900.7 6,627.8 1,090.7 8,649.1 2.9% TOTAL 14,272.0 2,203.7 18,246.4 14,532.4 2,186.6 18,484.0 -1.3% Revenues Expressed in million Mexican Pesos YTD 2025 YTD 2024 Δ % Mexico 102,320 102,828 -0.5% Guatemala 12,746 11,401 11.8% CAM South 12,376 11,227 10.2% Mexico and Central America 127,442 125,456 1.6% Colombia 16,547 14,850 11.4% Brazil (4) 58,461 52,027 12.4% Argentina 7,656 8,169 -6.3% Uruguay 3,878 3,371 15.0% South America 86,542 78,417 10.4% TOTAL 213,984 203,873 5.0% (3) Volume and transactions in Brazil do not include beer (4) Brazil includes beer revenues of Ps. 3,614.5 million for the first nine months of 2025 and Ps. 3,704.4 million for the same period of the previous year. YTD 2025 YTD 2024 COCA-COLA FEMSA YTD- VOLUME, TRANSACTIONS & REVENUES Volume YTD 2025 YTD 2024 Water Water 712.0 739.7 61.3 51.1 43.1 43.6 816.4 834.4 301.6 311.5 533.4 511.9 98.7 88.5 20.7 18.6 954.3 930.6 1,770.7 1,764.9
Page 17
Coca-Cola FEMSA Reports 3Q25 Results October 24, 2025 Page 17 of 17 LTM 3Q25 YTD Mexico 3.74% 0.71% 2.39% Colombia 5.00% 0.56% 4.43% Bras il 5.16% 0.30% 3.28% Argentina 31.34% 5.32% 21.76% Cos ta Rica -1.02% -0.80% -1.49% Panama -0.37% -0.60% 0.18% Guatemala 0.42% -0.01% 1.00% Nicaragua 1.36% 0.19% 1.46% Uruguay 3.93% -0.37% 2.76% (1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country. 3Q25 3Q24 Δ % YTD 25 YTD 24 Δ % México 18.65 18.92 -1.5% 19.54 18.30 6.8% Colombia 4,007.71 4,097.21 -2.2% 4,131.21 4,074.44 1.4% Bras il 5.45 5.55 -1.8% 5.65 5.39 4.9% Argentina 1333.04 942.75 41.4% 1180.36 916.29 28.8% Cos ta Rica 507.49 525.66 -3.5% 507.98 518.22 -2.0% Panama 1.00 1.00 0.0% 1.00 1.00 0.0% Guatemala 7.66 7.74 -1.0% 7.69 7.76 -0.9% Nicaragua 36.62 36.62 0.0% 36.62 36.62 0.0% Uruguay 40.09 40.53 -1.1% 41.57 40.21 3.4% Sep-25 Sep-24 Δ % Jun-25 Jun-24 Δ % México 18.38 19.63 -6.4% 18.89 18.38 2.8% Colombia 3,901.29 4,164.21 -6.3% 4,069.67 4,148.04 -1.9% Bras il 5.32 5.45 -2.4% 5.46 5.56 -1.8% Argentina 1,380.00 970.50 42.2% 1,205.00 912.00 32.1% Cos ta Rica 506.00 522.87 -3.2% 508.28 528.80 -3.9% Panama 1.00 1.00 0.0% 1.00 1.00 0.0% Guatemala 7.66 7.72 -0.9% 7.68 7.77 -1.1% Nicaragua 36.62 36.62 0.0% 36.62 36.62 0.0% Uruguay 39.85 41.64 -4.3% 39.55 39.99 -1.1% (2) Average exchange rate for each period computed with the average exchange rate of each month. Closing Exchange Rate (Local Currency per USD) Closing Exchange Rate (Local Currency per USD) COCA-COLA FEMSA MACROECONOMIC INFORMATION Quarterly Exchange Rate (Local Currency per USD) Year to Date Exchange Rate (Local Currency per USD) Inflation (1) Average Exchange Rates for each period (2) End-of-period Exchange Rates