FEMSA Completes Accelerated Share Repurchase Agreement, and Announces New Agreement

Rhea-AI Summary

FEMSA (NYSE: FMX) completed its December 2025 accelerated share repurchase (ASR) with final settlement and delivery expected March 23–24, 2026. The Company repurchased approximately 2.5 million ADSs at an average price of $104.41 per ADS, totaling USD $260 million.

FEMSA also entered a new ASR with a different U.S. financial institution to repurchase up to USD $300 million of ADSs, with an initial delivery of 591,774 ADSs in March 2026 and final settlement expected in Q2 2026. Final ADS quantity will be based on VWAP less a discount.

Positive

• 2.5M ADSs repurchased completed in March 2026
• $260M deployed in completed ASR at $104.41 average
• New ASR authorizes up to $300M additional ADS repurchases
• 591,774 ADSs initial delivery under the new ASR

Negative

• New ASR commits up to $300M of capital (cash outflow)
• Final ADS quantity under new ASR remains uncertain (VWAP-based)

News Market Reaction – FMX

+1.49%

1 alert

+1.49% News Effect

On the day this news was published, FMX gained 1.49%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Completed ASR size: USD $260 million ADSs repurchased: approximately 2.5 million ADSs Average repurchase price: $104.41 per ADS +4 more

7 metrics

Completed ASR size USD $260 million Total amount repurchased under December 2025 ASR

ADSs repurchased approximately 2.5 million ADSs Total ADSs under completed ASR

Average repurchase price $104.41 per ADS Average price paid in completed ASR

New ASR maximum size up to USD $300 million Aggregate amount for new ASR agreement

Initial ADS delivery 591,774 ADSs Initial delivery for new ASR in March 2026

Final settlement window second quarter of 2026 Expected completion of new ASR

Settlement dates completed ASR March 23 and 24, 2026 Final settlement and delivery for completed ASR

Market Reality Check

Price: $108.51 Vol: Volume 318,307 is below t...

normal vol

$108.51 Last Close

Volume Volume 318,307 is below the 20-day average of 386,975, suggesting limited pre-news activity. normal

Technical Price at 101.39 is trading above the 200-day MA of 99.21 despite a -4.42% move.

Peers on Argus

FMX fell -4.42% while key beverage peers ABEV, STZ, BUD, TAP and CCEP also trade...

FMX fell -4.42% while key beverage peers ABEV, STZ, BUD, TAP and CCEP also traded lower (from about -1.45% to -3.49%), but no peers appeared in the momentum scanner.

Previous Buybacks Reports

3 past events · Latest: 2025-12-02 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
2025-12-02	ASR announcement	Positive	+5.7%	Announced USD $260M ADS accelerated share repurchase with VWAP-based final sizing.
2025-05-19	ASR announcement	Positive	+3.5%	Entered USD $250M ADS accelerated share repurchase with initial 483,559 ADS delivery.
2024-06-10	ASR completion/new	Positive	+0.8%	Completed $400M ASR and initiated new ASR of up to $600M in ADSs.

Pattern Detected

Past buyback/ASR announcements for FEMSA have consistently seen positive next-day price reactions.

Recent Company History

Recent FEMSA buyback activity shows repeated use of accelerated share repurchase (ASR) structures to return capital. In May 2025 and December 2025, FEMSA announced ASRs of $250M and $260M, both tied to ADS repurchases based on VWAP less a discount, with positive price reactions. A prior June 2024 release also combined completion of an ASR with initiation of a new, larger ASR. Today’s announcement follows the same pattern of sequential ASR programs.

Historical Comparison

+3.3% avg move · Past FEMSA buyback/ASR headlines produced an average move of about 3.31%, showing markets typically ...

buybacks

+3.3%

Average Historical Move buybacks

Past FEMSA buyback/ASR headlines produced an average move of about 3.31%, showing markets typically reacted positively to this type of capital return news.

FEMSA has repeatedly used accelerated share repurchase structures since 2024, completing prior ASRs and frequently pairing completions with new, similarly sized or larger ASR programs focused on ADS repurchases.

Market Pulse Summary

This announcement details FEMSA’s completion of a prior accelerated share repurchase totaling $260M ...

Analysis

This announcement details FEMSA’s completion of a prior accelerated share repurchase totaling $260M and the launch of a new ASR of up to $300M, both focused on ADS buybacks using VWAP-based pricing. Historically, FEMSA has used ASR structures repeatedly as part of its capital framework. Investors may track the actual ADS count ultimately repurchased, the timing of final settlement in the second quarter of 2026, and how these actions interact with future corporate developments.

Key Terms

accelerated share repurchase, american depositary shares, volume-weighted average price

3 terms

accelerated share repurchase financial

"the derivative instrument known as accelerated share repurchase (“ASR”)"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

american depositary shares financial

"repurchased a total of approximately 2.5 million American Depositary Shares (“ADSs”)"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

volume-weighted average price technical

"based on the daily volume-weighted average price of the Company’s ADSs"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

AI-generated analysis. Not financial advice.

MONTERREY, Mexico, March 23, 2026 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) today announces the completion of the derivative instrument known as accelerated share repurchase (“ASR”) that was first announced in December 2025. The Company repurchased a total of approximately 2.5 million American Depositary Shares (“ADSs”) ¹ of the Company at an average price of $104.41 per ADS, for a total amount of USD $260 million, with the final settlement and delivery expected on March 23 and 24, 2026.

Additionally, the Company today announces that it has entered a new ASR with a different financial institution in the United States of America to repurchase the Company’s shares through the acquisition of ADSs. Under the terms of this new ASR agreement. FEMSA has agreed to repurchase from such financial institution an aggregate amount of up to USD $300 million of its ADSs. The ASR contemplates an initial delivery of 591,774 ADSs on March 2026.

The total number of shares ultimately repurchased under the new ASR agreement will be based on the daily volume-weighted average price of the Company’s ADSs during the term of the agreement, less a discount. The final settlement of the new ASR agreement is expected to be completed in the second quarter of 2026.

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 Division 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 Bestin-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.

¹ ADS underlying units consist of FEMSA’s BD Units, each representing one Series B Share, two Series D-B Shares and two Series D-L Shares, without par value.

Investor Contact
(52) 818-328-6000
investor@femsa.com.mx
femsa.gcs-web.com

Media Contact
(52) 555-249-6843
comunicacion@femsa.com.mx
femsa.com

FAQ

How many shares did FEMSA (FMX) repurchase in the completed ASR on March 23, 2026?

FEMSA repurchased approximately 2.5 million ADSs in the completed ASR. According to the company, the buyback averaged $104.41 per ADS for a total consideration of USD $260 million with final settlement March 23–24, 2026.

What are the terms of FEMSA's new ASR agreement announced March 23, 2026 (FMX)?

The new ASR allows FEMSA to repurchase up to USD $300 million of ADSs with initial delivery of 591,774 ADSs in March 2026. According to the company, final shares repurchased will be VWAP‑based and settled by Q2 2026.

When will the final settlement of FEMSA's new ASR (FMX) be completed?

Final settlement of the new ASR is expected in second quarter 2026. According to the company, the ultimate ADS count will depend on the daily VWAP of ADSs during the agreement term, less a discount.

How much cash did FEMSA (FMX) spend on the completed ASR announced March 23, 2026?

FEMSA spent approximately USD $260 million on the completed ASR. According to the company, that amount reflects repurchase of about 2.5 million ADSs at an average price of $104.41 per ADS.

What does the initial delivery of 591,774 ADSs mean for FEMSA shareholders (FMX)?

The initial delivery of 591,774 ADSs represents the first tranche under the new ASR, reducing outstanding ADSs immediately. According to the company, the total repurchased will be finalized based on VWAP calculations during the ASR term.

Could FEMSA's new ASR (FMX) affect the company's liquidity or capital allocation?

Yes. The new ASR authorizes up to USD $300 million in repurchases, which could affect cash reserves and capital allocation. According to the company, this amount is the maximum aggregate purchase under the agreement.