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FEMSA (NYSE: FMX) grows sales in 1Q26 as underlying profit falls

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6-K

Rhea-AI Filing Summary

FEMSA reported solid top-line growth but weaker underlying earnings for the first quarter of 2026. Consolidated revenues reached Ps. 207,784 million, up 6.1% year over year, or 8.5% on a comparable basis, driven mainly by strong performances at OXXO Mexico and the Americas & Mobility division.

Gross profit rose 6.6% to Ps. 84,094 million, lifting gross margin to 40.5%, helped by margin expansion at OXXO Mexico, Americas & Mobility and Coca-Cola FEMSA. Income from operations increased 5.5% to Ps. 14,314 million, while adjusted EBITDA grew 11.2% to Ps. 28,127 million, showing healthy operating leverage despite currency headwinds.

Reported net income surged 97.3% to Ps. 17,639 million, but this was boosted by a one-time gain from the BradyPLUS–Imperial Dade merger. Excluding that gain, net income was Ps. 5,688 million, down 36.4%, reflecting higher net financing expenses and the absence of discontinued operations income. Net debt ex-Coca-Cola FEMSA rose to Ps. 93,609 million, with Net Debt/EBITDA at 1.24x following substantial dividends and share repurchases.

Positive

  • OXXO Mexico delivered strong growth and margin expansion. 1Q26 revenues rose 8.3% to Ps. 74,424 million, income from operations grew 20.9%, and adjusted EBITDA increased 24.2%, with operating margin improving 80 bps to 7.6% and EBITDA margin 180 bps to 14.2%.
  • Americas & Mobility showed improving profitability. Total revenues grew 12.9% to Ps. 24,988 million, income from operations increased 34.0%, and gross margin expanded 170 bps to 17.2%, supported by stronger fuel margins and better merchandise performance.
  • Consolidated operating performance strengthened. Adjusted EBITDA rose 11.2% to Ps. 28,127 million, with EBITDA margin up 60 bps to 13.5%, indicating improved operating efficiency despite currency headwinds.

Negative

  • Underlying net income declined sharply despite a strong reported figure. Excluding a one-time gain from the BradyPLUS and Imperial Dade merger, net income was Ps. 5,688 million, down 36.4% year over year, mainly from higher net financing expenses and the loss of discontinued operations income.
  • Leverage increased meaningfully due to capital returns. Net debt ex-Coca-Cola FEMSA reached Ps. 93,609 million and Net Debt/EBITDA rose to 1.24x from 0.69x in 1Q25, following Ps. 47,218 million of dividends and Ps. 16,055 million of share repurchases over twelve months.
  • Health division margins contracted. Gross profit fell 10.0% to Ps. 5,810 million and gross margin declined 320 bps to 26.2%, while income from operations decreased 14.2%, reflecting reclassified distribution costs and weaker performance in Mexico and Chile.

Insights

Strong operating trends at OXXO and fuel offset by sharply weaker underlying net income and higher leverage.

FEMSA delivered healthy operating growth in 1Q26. Revenues rose 6.1% to Ps. 207,784 million, and adjusted EBITDA increased 11.2% to Ps. 28,127 million, supported by margin gains at OXXO Mexico and the Americas & Mobility fuel and retail businesses.

However, underlying earnings deteriorated. While reported net income almost doubled to Ps. 17,639 million, management disclosed a one-time gain from the BradyPLUS and Imperial Dade merger. Excluding this, net income fell 36.4% to Ps. 5,688 million, mainly due to higher net financing expenses, foreign-exchange swings, lower financial-instrument gains and lower interest income.

Leverage increased but remains moderate. Net Debt/EBITDA ex-Coca-Cola FEMSA climbed to 1.24x, up from 0.69x, after Ps. 47,218 million of dividends and Ps. 16,055 million of share repurchases over twelve months. Subsequent quarterly disclosures will show whether strong OXXO and fuel trends can compensate for higher financing costs and support earnings recovery.

Total revenues Ps. 207,784 million Consolidated revenue, 1Q26, up 6.1% vs 1Q25
Adjusted EBITDA Ps. 28,127 million Consolidated, 1Q26, up 11.2% with 13.5% margin
Net income excluding one-time gain Ps. 5,688 million Underlying net income, 1Q26, down 36.4% year over year
Reported net income Ps. 17,639 million 1Q26 consolidated, up 97.3% including BradyPLUS–Imperial Dade gain
Net debt ex-Coca-Cola FEMSA Ps. 93,609 million As of March 31, 2026; Net Debt/EBITDA 1.24x
OXXO Mexico revenues Ps. 74,424 million 1Q26 segment revenue, up 8.3% vs 1Q25
Americas & Mobility income from operations Ps. 281 million 1Q26, up 34.0% year over year with margin at 1.1%
Capital expenditures Ps. 6,195 million Consolidated CAPEX in 1Q26, down 29.5% vs 1Q25
Adjusted EBITDA financial
"Adjusted EBITDA 1 | | | 28,127 | | | | 25,302"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
comparable basis financial
"revenues grew 8.5% on a comparable basis"
Net Debt / EBITDA financial
"Our Net Debt / EBITDA ratio ex-KOF was 1.24x"
Net debt/EBITDA is a financial ratio that compares a company’s total borrowings minus cash on hand (net debt) to its rough operating profit (EBITDA). It tells investors how many years of current operating earnings would be needed to pay off the company’s net debt, like comparing a household’s remaining mortgage to its annual take‑home pay; lower numbers suggest easier debt management and lower financial risk.
same-store sales financial
"Same-store sales (thousands of Ps.) 4 | | | 952.9"
Same-store sales measure the revenue generated by stores that have been open for a certain period, typically a year, comparing their sales over different time frames. It helps assess whether a business is growing due to increased customer activity at existing locations rather than new stores. For investors, this figure indicates the health and performance of a company's core operations, independent of expansion efforts.
extraordinary cash dividend financial
"declared and approved the payment of an extraordinary cash dividend of Ps. 0.41975"
Spin by OXXO financial
"Spin by OXXO acquired 0.8 million users during the quarter"

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2026

 

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

(Exact name of Registrant as specified in its charter)

 

Mexican Economic Development, Inc.

(Translation of Registrant’s name into English)

 

United Mexican States

(Jurisdiction of incorporation or organization)

 

General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, Nuevo León 64410
México

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

 

Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7): ¨

 

Indicate by check mark whether by furnishing the information contained in this

Form, the registrant is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ¨ No x

 

If "Yes" is marked, indicate below the file number assigned to the registrant in

connection with Rule 12g3-2(b): 82-_____________

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf of the

undersigned, thereunto duly authorized.

 

  FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.
   
  By: /s/ Martin Felipe Arias Yaniz
    Martin Felipe Arias Yaniz
    Director of Finance and Corporate Development

Date: April, 30, 2026

 

 

 

Exhibit 99.1

 

 

 

1Q 2026 

Results

 

April 30, 2026

 

 

 

Investor Contact 

(52) 818-328-6167 

investor@femsa.com 

femsa.gcs-web.com

 

Media Contact 

(52) 555-249-6843 

comunicacion@femsa.com 

femsa.com

 

HIGHLIGHTS

 

Monterrey, Mexico, April 30, 2026 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the first quarter of 2026.

 

Reporting Segments Update: In our continuous effort to improve our disclosure, we have updated FEMSA’s reporting segment structure to better reflect the scale, stage of development, and strategic differentiation of our various operations.  This updated structure should provide investors with greater visibility into the drivers of performance across our operations. Our updated reporting segments are as follows: i) OXXO Mexico; ii) Americas & Mobility which now includes all OXXO operations outside of Mexico (Brazil, Colombia, Chile, Peru and the U.S.), as well as the fuel operations in Mexico and the U.S; iii) Europe; iv) Health; and v) Coca-Cola FEMSA.  Only segments i) and ii) changed relative to our previous reporting structure.

 

 

 

April 30, 2026 | Page 1

 

 

·FEMSA: Total Consolidated Revenues grew 6.1% and Income from Operations increased 5.5% compared to 1Q25.

 

·OXXO Mexico: OXXO Mexico total Revenues grew 8.3% and Income from operations increased 20.9% versus 1Q25.

 

·SPIN: Spin by OXXO had 11.0 million active users1 representing 22.3% growth compared to 1Q25 while Spin Premia had 28.4 million active loyalty users2 representing 12.8% growth compared to 1Q25, and an average tender2 at OXXO Mexico of 50.6% which increased from 42.5% in 1Q25.

 

·COCA-COLA FEMSA: Total Revenues grew 1.1% and Income from Operations decreased 2.3% against 1Q25.

 

Financial Summary for the First Quarter 2026

Change vs. comparable period

 

   Total Revenues   Gross Profit   Income from
Operations
   Same-Store Sales 
As Reported   1Q26   1Q26   1Q26   1Q26
FEMSA Consolidated   6.1%   6.6%   5.5%     
OXXO Mexico   8.3%   11.5%   20.9%   6.0%
Americas & Mobility   12.9%   25.4%   34.0%   4.7%3
Europe   0.1%   (1.3)%   7.4%   (2.7)%
Health   0.9%   (10.0)%   (14.2)%   0.0%
Coca-Cola FEMSA   1.1%   4.5%   (2.3)%     
Comparable(A)                    
FEMSA Consolidated   8.5%   9.1%   12.1%     
OXXO Mexico   8.3%   11.5%   20.9%   6.0%
Americas & Mobility   10.5%   21.5%   120.7%   13.1%3
Europe   1.5%   0.1%   9.1%   (0.2)%
Health   6.5%   (3.8)%   (4.9)%   7.2%
Coca-Cola FEMSA   6.3%   9.7%   2.1%     

 

Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:

 

“FEMSA delivered a strong set of results for the first quarter. OXXO improved its operating income by double-digits in its key markets, handily outpacing revenues and expanding margins, while Coca-Cola FEMSA demonstrated its resilience and flexibility in the face of a challenging consumer environment in the core Mexican market, partially offset by a strong performance in South America.

 

We should highlight the sustained recovery at OXXO Mexico, building on the positive trends we first saw during the fourth quarter of last year, and delivering high-single-digit revenue growth on the back of continued expansion and strong same-store sales despite a volatile environment. During the quarter, we also began to see the benefits from a leaner overhead structure and increased efficiency. Beyond Mexico, our Americas and Mobility operations delivered a compelling set of numbers, particularly Chile, Peru and Colombia showing double-digit growth in same-store sales and a significant narrowing of losses as we steadily improve our footprint.

 

For its part, Coca-Cola FEMSA gained market share in most of its markets and categories and achieved record volumes for a first quarter in several markets, including Brazil, Colombia and Guatemala.

 

As we look ahead towards what we expect should be a strong summer season due in part to the World Cup, we continue to like our current momentum across most of our business units, and we are optimistic as we execute against our long-term strategy in pursuit of sustainable profitable growth and despite the complex international macro environment.”

 

QUARTERLY RESULTS 

Results are compared to the same period of previous year

 

FEMSA CONSOLIDATED  

 

1Q26 Financial Summary 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    1Q26   1Q25   Var.    Comp.(A) 
Total Revenues   207,784    195,819    6.1%   8.5%
Gross Profit   84,094    78,918    6.6%   9.1%
     Gross Profit Margin ()%   40.5    40.3    20 bps      
Income from Operations   14,314    13,564    5.5%   12.1%
     Operating Margin ()%   6.9    6.9    -      
Adjusted EBITDA1   28,127    25,302    11.2%   15.8%
     EBITDA Margin ()%   13.5    12.9    60 bps      
Consolidated Net Income   17,639    8,942    97.3%     

 

Net Debt2 ex-KOF

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As of March 31, 2026  Ps.   US$4 
Cash and Investments   73,231    4,061 
Financial Debt   56,915    3,156 
Lease Liabilities   109,925    6,096 
Net debt   93,609    5,191 
ND / Adjusted EBITDA   1.24x   - 

 

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 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.

2 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

3 Only includes retail. Same-store Sales includes a weighted average of OXXO Americas (USA, Brazil and Latam).

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

April 30, 2026 | Page 2

 

 

Total revenues increased 6.1% in 1Q26 compared to 1Q25, driven by growth in our OXXO Mexico and Americas & Mobility, while our Coca-Cola FEMSA, Europe and Health remained relatively flat. Revenues reflected a net negative foreign exchange effect as the Mexican peso appreciated relative to other currencies; as a result, revenues grew 8.5% on a comparable basis.

 

Gross profit increased 6.6%. Gross margin increased 20 basis points, reaching 40.5%. This reflects margin expansion in OXXO Mexico, Americas & Mobility and Coca-Cola FEMSA, offset by a contraction in Europe and Health. It is important to highlight that these contractions in Europe and Health are explained by the reclassification of distribution expenses from selling expenses to cost of goods sold, which do not impact income from operations; this effect is only reflected in the 1Q26 results. On a comparable basis, the gross margin for the first quarter of 2025 would have been 39.9%, an expansion of 60 basis points.

 

Income from operations increased 5.5% driven by growth in OXXO Mexico, Americas & Mobility and Europe. This was partially offset by a decrease at Coca-Cola FEMSA and Health. Similarly, the consolidated operating margin stood at 6.9% remaining stable year over year, reflecting margin contraction at Coca-Cola FEMSA and Health, which was offset by margin expansion in OXXO Mexico, Europe and Americas & Mobility. On a comparable basis, income from operations increased 12.1% showing the strength of the local currency results outside of Mexico.

 

The effective income tax rate was 17.1% in 1Q26. This is largely explained by a one-time gain related to the BradyPLUS and Imperial Dade merger, reflecting a non-cash gain on an accounting basis, which increased profitability with no current tax effect. Excluding this impact, the effective income tax rate would be 37.9%. The gap between our effective tax rate and the statutory rate of 30% is mainly explained by non-deductible items at OXXO Mexico, specifically labor costs and expenses, and non-creditable tax loss effects, mainly from Spin. Our income tax provision for 1Q26 was Ps. 3,664 million, a decline of 23.3% relative to 1Q25.

 

Net consolidated income amounted to Ps. 17,639 million pesos, representing an increase of 97.3% compared to the first quarter of 2025. This increase was driven by a one-time gain related to the BradyPLUS and Imperial Dade merger. Excluding this one-time gain, our net consolidated income amounted to Ps. 5,688, representing a decline of 36.4% compared to the first quarter of 2025. This decrease was caused primarily by higher net financing expenses, mainly reflecting: i) a foreign exchange loss compared to a gain in 2025, representing a swing of Ps. 883 million; ii) an expense of Ps. 189 million related to financial instruments, compared to a gain of Ps. 1,107 million last year from the favorable valuation of the convertible bond associated with Heineken shares; and iii) lower interest income as a result of a lower cash position and lower interest rates. Additional offsets included the absence of income from discontinued operations, which contributed Ps. 2,490 million in the first quarter of last year.

 

Net majority income was Ps. 4.34 per FEMSA Units5, representing 167.9% growth, and US$2.41 per FEMSA ADS4.

 

Net Debt / EBITDA. On an ex-KOF3 basis, as of March 31, 2026, cash and investments were Ps. 73,231 million and total debt was Ps. 166,840 million, resulting in net debt of Ps. 93,609 million. Our Net Debt / EBITDA ratio ex-KOF was 1.24x up from 0.69x in 1Q25. This increase reflects mainly the cash outflow related to our capital allocation strategy, which has resulted in Ps. 47,218 million of ordinary and extraordinary dividends, as well as Ps. 16,055 million of share repurchases6 during the last twelve months.

 

Capital expenditures amounted to Ps. 6,195 million, 3.0% as a percentage of total sales, and a decrease of 29.5% compared to 1Q25, reflecting lower CAPEX in OXXO Mexico, Coca-Cola FEMSA and Health, and primarily driven by a cautious approach to investments across the portfolio. The lower spending in the quarter in OXXO Mexico is partially explained by a demanding comparison base in 2025 where the number of openings in 1Q25 was particularly high. This was partially offset by a higher CAPEX in Americas & Mobility that includes a reactivation of growth in the expansion plans of our stores in Latam after a pause to reset certain operational matters, coupled by the reactivation of our expansion plans in Brazil after the end of our joint venture.

 

OXXO MEXICO  

 

1Q26 Financial Summary – OXXO Mexico

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    1Q26   1Q25   Var. 
Same-store sales (thousands of Ps.)4   952.9    898.6    6.0%
Total Revenues   74,424    68,744    8.3%
Gross Profit   34,350    30,819    11.5%
     Gross Profit Margin ()%   46.2    44.8    140 bps 
Income from Operations   5,629    4,655    20.9%
     Income from Operations Margin ()%   7.6    6.8    80 bps 
Adjusted EBITDA   10,545    8,492    24.2%
     Adjusted EBITDA Margin ()%   14.2    12.4    180 bps 

 

 

 

 

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 March 31, 2026 was 18.0327 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 March 31, 2026 was 3,412,732,415, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

6 Share repurchases considers the disbursed amount for the local market repurchases and the ASRs of the last twelve months, that include the first ASR of US$250 million, the second ASR of US$260 million and the third ASR of US$300, this is translated to Mexican pesos with the exchange rate for the end of the period of March 31, 2026, which was 18.0327 MXN per USD.

 

1 Same-store Sales OXXO Mexico.

 

April 30, 2026 | Page 3

 

 

Total revenues increased 8.3% in 1Q26 compared to 1Q25, reflecting a 6.0% increase in same-store sales, coupled with 3.8% store expansion. The growth in same-store sales was driven by an increase of 6.6% in the average ticket, and a decrease of 0.5% in store traffic. During the quarter, results were supported by (i) the continued execution of our affordability strategy, which has successfully increased competitiveness across our key categories through increased promotional activity and price-package architecture, (ii) coupled with increased pricing caused by new taxes on cigarettes, soft drinks and beer, and (iii) improved weather conditions relative to last year. These results at OXXO Mexico contrast with a soft consumer environment at a national level. During the quarter, the OXXO store base in Mexico expanded by 158 stores, and it added 888 total net stores during the last twelve months. As of March 31, 2026, OXXO Mexico had a total of 24,455 stores.

 

Gross profit reached 46.2% of total revenues, representing a 140-basis point expansion which reflects sustained income from key suppliers, as well as the contribution from financial services, coupled with revenue growth management initiatives which contributed to a net positive price-mix effect, led by a solid performance in certain key categories.

 

Income from operations increased by 20.9% compared to 1Q25 and reached 7.6% of total revenues, which represents an 80-basis point expansion. This performance was mainly explained by revenue growth and increased gross margin combined with cost containment and the operational efficiencies implemented during last year. Operating expenses increased 9.8%, slightly above revenue growth, reflecting higher labor expenses, partially offset by operating leverage, cost containment, and efficiency initiatives.

 

AMERICAS1 & MOBILITY2  

 

1Q26 Financial Summary – Americas & Mobility

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    1Q26   1Q25   Var.    Comp.(A) 
Same-store sales (thousands of Ps.)3   1,045.7    999.0    4.7%   13.1%
     Merchandise1 Sales   5,544    4,057    36.6%   16.5%
     Fuel2 Sales    19,444    18,085    7.5%   9.3%
Total Revenues   24,988    22,142    12.9%   10.5%
     Merchandise1 Gross Profit    1,762    1,293    36.3%   41.0%
     Fuel2 Gross Profit   2,535    2,133    18.8%   21.1%
Gross Profit   4,297    3,426    25.4%   21.5%
     Gross Profit Margin ()%   17.2    15.5    170 bps      
Income from Operations   281    210    34.0%   120.7%
     Income from Operations Margin ()%   1.1    0.9    20 bps      
Adjusted EBITDA   1,087    942    15.4%   33.1%
     Adjusted EBITDA Margin ()%   4.3    4.3    -      

 

AMERICAS1

 

 

 

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 Americas: OXXO Brazil, Chile, Colombia, Peru and USA.

2 Mobility: Fuel operations in Mexico and the USA, and Mecanica Tek.

3 Same-store Sales is a weighted average of OXXO USA, Brazil and Latam.

 

April 30, 2026 | Page 4

 

 

Total revenues increased 12.9% in 1Q26 compared to 1Q25, reflecting a 7.5% increase in our Fuel sales, coupled with 36.6% increase in our Merchandise sales. The growth in our Fuel sales mainly reflects an increase in volume and traffic across our Mexican service stations, coupled with growth in the wholesale business. In the US, Fuel revenues grew supported by a more disciplined commercial strategy and pricing discipline, that more than offset softer volumes. The solid results in our Merchandise sales mainly reflect the positive performance of our OXXO stores in Latam with consistent growth in same-store sales, reflecting our initiatives to drive traffic and new revenue opportunities, complemented by operational improvements across different countries. We also benefited from the integration of OXXO Brazil, that we began consolidating on February 1st, 2026. This was partially offset by negative translation effects from all our operating currencies outside of Mexico. On a comparable basis, which excludes the addition of OXXO Brazil as well as currency fluctuations, total revenues increased a solid 10.5%. During the quarter, the store base expanded by 45 stores. Americas & Mobility had 48 total net store additions for the last twelve months and a total of 1,942 stores as of March 31, 2026. This was a result of softer expansion during the year, in which we paused expansion in different countries to redefine the value proposition that will help for more sustainable growth going forward.

 

Gross profit reached 17.2% of total revenues, a 170-basis point increase driven by a solid margin expansion in our Fuel operations and stable margins in Merchandise. The growth reflects a favorable sales mix, with growth at our gas stations compared to our wholesale business, resulting in higher margin contribution, coupled with expansion in most of our Merchandise operations, reflecting the benefits of scale and a more proactive commercial negotiation with suppliers.

 

Income from operations increased by 34.0% compared to 1Q25 and represented 1.1% of total revenues, which represents a 20-basis point expansion. This performance was mainly explained by an operating margin expansion at our fuel operations, benefited by a higher gross margin, coupled with improved operating performance across our store operations. Operating expenses increased 24.9%, above total revenues, reflecting the incorporation of Brazil and higher labor costs across our operations, coupled with increased expenses in Latam as we build capabilities to support future growth. This was partially offset by efficiency initiatives and continued improvements in our US operations.

 

Bara1  

 

Bara

 

Total revenues increased by 31.5% in 1Q26 compared to 1Q25, reflecting an average same-store sales increase of 11.8%, with an ongoing strong performance in the grocery, homecare and convenience categories and the addition of 164 net new Bara stores during the last twelve months, a 32.2% year-over-year increase in the store base. During the quarter, the Bara store base expanded by 68 units reaching a total of 674 Bara stores as of March 31, 2026.

 

 

1 Bara store count and results are not consolidated within the Americas & Mobility reported figures.

 

April 30, 2026 | Page 5

 

 

EUROPE

 

1Q26 Financial Summary – Europe

Amounts expressed in millions of Mexican Pesos (Ps.)

 

    1Q26   1Q25   Var.    Comp.(A) 
Same-store sales (thousands of Ps.)1   1,721.0    1,769.3    (2.7)%   (0.2)%
Total Revenues   12,919    12,909    0.1%   1.5%
Gross Profit   5,363    5,431    (1.3)%   0.1%
     Gross Profit Margin ()%   41.5    42.1    (60bps)     
Income from Operations   356    331    7.4%   9.1%
     Income from Operations Margin ()%   2.8    2.6    20 bps      
Adjusted EBITDA   1,804    1,750    3.1%   4.5%
     Adjusted EBITDA Margin ()%   14.0    13.6    40 bps      

 

Total revenues increased 0.1% in 1Q26 compared to 1Q25. On a currency-neutral basis total revenues grew 1.5%, reflecting higher sales from our Swiss retail and consumer food service operations, which were partially offset by lower sales in B2B and soft traffic trends in our retail and consumer food service operations in Germany.

 

Gross profit represented 41.5% of total revenues, a 60 basis-point margin contraction, reflecting a reclassification of distribution expenses from selling expenses to cost of goods sold, which is not reflected in 1Q25. Gross profit decreased 1.3% compared to 1Q25 but was basically flat on a currency-neutral basis, reflecting the effects mentioned above. On a comparable basis excluding the effects of this reclassification, gross profit would have increased 2.4% in 1Q26, and the comparable gross profit margin would have expanded 90 basis points from a base of 40.6% in 1Q25, reflecting continued implementation of commercial income strategies and strong performance in Swiss retail and consumer food service.

 

Income from operations increased 7.4% versus 1Q25 and represented 2.8% of total revenues, a 20 basis-point increase year-on-year, reflecting a strong performance with higher retail sales in Switzerland and solid promotional income, coupled with effective expense control. On a comparable basis, income from operations increased 9.1%. Operating expenses decreased by 1.8% to Ps. 5,007 million, reflecting sustained cost discipline.

 

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

1 Same-store Sales reflects a weighted average from our foodservice and retail operations.

 

April 30, 2026 | Page 6

 

 

HEALTH  

 

1Q26 Financial Summary - Health

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales  

 

    1Q26   1Q25   Var.    Comp.(A) 
Same-store sales (thousands of Ps.)   1,035.0    1,035.1    -    7.2%
Total Revenues   22,175    21,972    0.9%   6.5%
Gross Profit   5,810    6,453    (10.0)%   (3.8)%
     Gross Profit Margin ()%   26.2    29.4    (320bps)     
Income from Operations   657    766    (14.2)%   (4.9)%
     Income from Operations Margin ()%   3.0    3.5    (50bps)     
Adjusted EBITDA   1,975    1,980    (0.3)%   6.7%
     Adjusted EBITDA Margin ()%   8.9    9.0    (10bps)     

 

 

 

Total revenues increased 0.9% in 1Q26 compared to 1Q25, impacted by currency translation effects, but grew 6.5% on a currency-neutral basis. This reflected positive performance in Colombia retail, Chile and Ecuador on a currency neutral basis, which was partially offset by challenging results in Mexico, primarily due to the closing of 335 stores for the last twelve months. During the quarter, the net store base increased by 24 units, reaching a total of 4,527 locations across our territories as of March 31, 2026. During the last twelve months, there were 67 net closings. Same-store sales remained flat in Mexican pesos and increased 7.2% on a currency-neutral basis despite the underperformance of stores in Mexico, reflecting the strong results of Colombia retail.

 

Gross profit was 26.2% of total revenues, representing a decrease of 320 basis points, reflecting a reclassification of distribution expenses from selling expenses to cost of goods sold; this effect is not reflected in 1Q25. The decrease is also driven by the underperformance of Mexico and an unfavorable product mix in Chile. Gross profit decreased 10.0% compared to 1Q25, reflecting the effects mentioned above. On a comparable basis excluding the effects of this reclassification, the comparable gross profit would have marginally increased by 0.4% in 1Q26 versus the previous year, and the comparable gross profit margin would have contracted 20 basis points from a base of 26.4%.

 

Income from operations represented 3.0% of total revenues, a reduction of 50 basis points from 3.5%. On a comparable basis, income from operations contracted by 4.9%, reflecting a negative performance in Chile driven by a stable gross margin and increased expenses relating primarily to labor, as well as ongoing pressure in Mexico. This was partially offset by improved results in Colombia, supported by the expansion of retail stores, and in Ecuador, driven by operating efficiencies.

 

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

April 30, 2026 | Page 7

 

 

SPIN1  

 

Spin by OXXO

 

Spin by OXXO acquired 0.8 million users during the quarter to reach 16.9 million total acquired users in 1Q26, compared to 13.8 million users in 1Q25. This represents an increase of 22.3% YoY and a 1.7% compound monthly growth rate. Active users2 represented 65.0% of the total acquired user base representing 22.3% growth YoY and reaching 11.0 million. Total transactions per month increased 60.9%3 YoY to reach an average of 103.0 million per month in 1Q26, reflecting an increase in user engagement.

 

Spin Premia

 

Spin Premia acquired 2.0 million users during the quarter to reach 65.1 million total acquired users in 1Q26, compared to 55.7 million users in 1Q25. This represents an increase of 16.9% YoY and a 1.3% compound monthly growth rate. Active users4 represented 43.6% of the total acquired user base representing 12.8% growth YoY and reaching 28.4 million. The average tender during the quarter was 50.6%.

 

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.

 

RECENT DEVELOPMENTS

 

·On April 24, 2026, FEMSA announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC) followed by its annual report, for the same period, with the Comisión Nacional Bancaria y de Valores (Mexican Banking and Securities Commission) and the Bolsa Mexicana de Valores (Mexican Stock Exchange).

 

 

1 Spin 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 1Q26 compared to average monthly transactions in 1Q25.

4 Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.

 

April 30, 2026 | Page 8

 

 

These reports are available on FEMSA's investor relations website at http://ir.femsa.com.

 

Shareholders may receive a hard copy of the report, which includes FEMSA’s audited financial statements, free of charge through the contact listed below.

 

·On April 12, 2026, Cruz Verde Colombia (CV), FEMSA’s health business in Colombia, notified EPS Sanitas its decision not to renew the medication dispensing agreement under the Mandatory Health Plan (Plan de Beneficios en Salud – PBS), which is scheduled to expire on September 30, 2026. The notification was made in accordance with the contractual terms and applicable regulations and provided advance notice to EPS Sanitas to facilitate an orderly transition. Until the expiration of the agreement, and subject to EPS Sanitas’s compliance with its contractual obligations, Cruz Verde Colombia expects to maintain continuity in the dispensing of medications under the PBS and to support the transition to any newly designated dispensing providers, in coordination with EPS Sanitas and the relevant authorities.

 

·On March 27, 2026, FEMSA announced that it held its Annual Ordinary and Extraordinary Shareholders’ Meeting today (the “Shareholders’ Meetings”), during which the shareholders approved the amendment to Article 6 of the Company's Bylaws, the consolidated financial statements for the year ended December 31, 2025, the 2025 CEO’s annual report and the opinion of the Board of Directors for the year 2025.

 

The Annual Ordinary Shareholders’ Meeting elected the members of the board of directors and the members of each of the Audit Committee, the Corporate Practices and Nominations Committee and the Operations and Strategy Committee of the Board for 2026.

 

The list of the elected directors can be found in the following link: https://femsa.gcs-web.com/corporate-governance/board-of-directors.

 

The Annual Ordinary Shareholders’ Meeting declared and approved the payment of an ordinary cash dividend of Ps. 0.2475 per each Series "D" share and Ps. 0.1980 per each Series "B" share, which amounts to Ps. 4.7520 per "BD" Unit (BMV: FEMSAUBD) or Ps. 47.520 per ADS (NYSE: FMX), and Ps. 3.9600 per "B" Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on April 23 of 2026, July 16 of 2026, October 15 of 2026 and January 14 of 2027.

 

Additionally, the Annual Ordinary Shareholders’ Meeting declared and approved the payment of an extraordinary cash dividend of Ps. 0.41975 per each Series "D" share and Ps. 0.335825 per each Series "B" share, which amounts to Ps. 8.0597 per "BD" Unit (BMV: FEMSAUBD) or Ps. 80.597 per ADS (NYSE: FMX), and Ps. 6.7165 per "B" Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on payable on April 23 of 2026, July 16 of 2026, October 15 of 2026 and January 14 of 2027.

 

For additional information, please refer to the Summary of Resolutions in the Shareholders Meeting section of our corporate website at: https://femsa.gcsweb.com/shareholder-meeting-information.

 

·On March 12, 2026, FEMSA announced the closing of the merger between BradyPLUS and Imperial Dade through an all-equity merger transaction. FEMSA remains invested in the combined company with approximately 19% ownership and representation on its board of managers.

 

CONFERENCE CALL INFORMATION
 

Our first quarter 2026 Conference Call will be held on: Thursday, April 30, 2026, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be live through our Zoom link. For registration, please visit:

 

Registration:                 https://bit.ly/FEMSA__1Q26

 

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 two core sectors, retail and beverages. In retail, FEMSA is present through four divisions: i) OXXO Mexico, operating the largest small-format store chain in Mexico; ii) Americas & Mobility, which includes its OXXO convenience store operations across Latin America and the United States, as well as its gas station business in Mexico and the United States; iii) Europe, operating convenience and foodvenience formats in five European countries; and iv) FEMSA Health, which includes drugstores and related activities in four Latin American countries. In Mexico, OXXO’s operations are enhanced by, and comprise a customer-focused ecosystem with Spin, a digital platform that leverages the OXXO store network to provide Mexican consumers with access to digital financial services, including Spin by OXXO and Spin Premia, among other initiatives. In the beverage sector, FEMSA 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 369,000 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.

 

April 30, 2026 | Page 9

 

 

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on March 31, 2026, which was 18.0327 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, 2026, 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 of and for the year ended December 31, 2026, 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 firm 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 year ended December 31, 2026, or on our internal control over financial reporting as of December 31, 2026. 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

 

April 30, 2026 | Page 10

 

 

FEMSA – Consolidated Income Statement 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026  

%

of rev.

   2025  

%

of rev.

   % Var.   % Comp.(A) 
Total revenues   207,784    100.0    195,819    100.0    6.1    8.5 
Cost of sales   123,690    59.5    116,901    59.7    5.8      
Gross profit   84,094    40.5    78,918    40.3    6.6    9.1 
Administrative expenses   10,195    4.9    9,967    5.1    2.3      
Selling expenses   59,433    28.6    55,423    28.3    7.2      
Other operating expenses (income), net (1)   152    0.1    (36)   (0.0)   (522.2)     
Income from operations (2)   14,314    6.9    13,564    6.9    5.5    12.1 
Other non-operating expenses (income)   (11,925)        830         (1,536.7)     
Interest expense   5,470         5,180         5.6      
Interest income   1,173         2,134         (45.0)     
Interest expense, net   4,296         3,046         41.0      
Foreign exchange loss (gain)   444         (439)        (201.1)     
Other financial expenses (income), net   96         (1,194)        (108.0)     
Financing expenses, net   4,837         1,412         242.6      
Income before income tax and participation in associates results   21,402         11,321         89.0      
Income tax   3,664         4,780         (23.3)     
Participation in associates results   (99)        (88)        12.5      
Continued Operations net income (Loss)   17,639         6,453         173.3      
Discontinued Operations net income (Loss)   -         2,490         (100.0)     
Consolidated net income (Loss)   17,639         8,942         97.3      
Net majority income   14,826         5,804         155.4      
Net minority income   2,813         3,136         (10.3)     
                               
Operative Cash Flow & CAPEX   2026    

%

of rev.

    2025    

%

of rev.

    % Var.    % Comp.(A) 
Income from operations   14,314    6.9    13,564    6.9    5.5    12.1 
Depreciation   10,455    5.0    9,732    5.0    7.4      
Amortization & other non-cash charges   3,358    1.6    2,006    1.0    67.4      
Adjusted EBITDA   28,127    13.5    25,302    12.9    11.2    15.8 
CAPEX   6,195         8,788         (29.5)     

 

 

(A) Please refer to page 11 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.

 

April 30, 2026 | Page 11

 

 

FEMSA – Consolidated Balance Sheet 

Amounts expressed in millions of Mexican Pesos (Ps.)              

 

ASSETS  Mar-26   Mar-25   % Inc. 
Cash and cash equivalents   106,905    107,980    (1.0)
Investments   7,672    20,042    (61.7)
Accounts receivable   43,863    48,319    (9.2)
Inventories   67,656    69,452    (2.6)
Other current assets   43,228    37,324    15.8 
Current Assets Available for sale   -    -    . 
Total current assets   269,324    283,117    (4.9)
Investments in shares   35,875    25,726    39.5 
Property, plant and equipment, net   193,232    189,674    1.9 
Right of use   102,556    99,543    3.0 
Intangible assets (1)   147,427    145,503    1.3 
Other assets   52,919    52,315    1.2 
TOTAL ASSETS   801,333    795,878    0.7 

 

LIABILITIES & STOCKHOLDERS’ EQUITY  Mar-26   Mar-25   % Inc. 
Bank loans   2,396    5,862    (59.1)
Current maturities of long-term debt   4,297    14,812    (71.0)
Interest payable   1,951    1,790    9.0 
Current maturities of long-term leases   15,920    15,188    4.8 
Operating liabilities   208,407    172,361    20.9 
Short term liabilities available for sale   -    -    . 
Total current liabilities   232,971    210,013    10.9 
Long-term debt (2)   137,330    126,992    8.1 
Long-term leases   97,814    94,703    3.3 
Laboral obligations   10,791    10,719    0.7 
Other liabilities   28,125    24,100    16.7 
Total liabilities   507,031    466,527    8.7 
Total stockholders’ equity   294,302    329,351    (10.6)
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY   801,333    795,878    0.7 

 

   March 31, 2026 
DEBT MIX (2)  % of Total   Average Rate 
Denominated in:          
       Mexican pesos   53.4%   8.7%
       U.S. Dollars   27.0%   3.5%
       Euros   7.2%   2.6%
       Swiss Francs   0.0%   0.0%
       Colombian pesos   1.6%   8.6%
       Argentine pesos   0.4%   36.2%
       Brazilian reais   9.3%   10.9%
       Chilean pesos   1.1%   6.0%
Total debt   100.0%   7.2%
           
Fixed rate (2)   83.5%     
Variable rate (2)   16.5%     

 

DEBT MATURITY PROFILE  2026   2027   2028   2029   2030   2031+ 
% of Total Debt   13.9%   7.9%   10.9%   3.8%   12.2%   51.3%

 

 

(1) Includes mainly the intangible assets generated by acquisitions. 

(2) Includes the effect of derivative financial instruments on long-term debt.

 

April 30, 2026 | Page 12

 

 

Net Debt & Adjusted EBITDA ex-KOF  

Amounts expressed in millions of US Dollars (US.)  

 

(In million of U.S. dollars)
Non IFRS Financial data (unaudited)
  Twelve months ended March 31, 2026 
    Reported Adj.
EBITDA 
    Adjustments    Adj. EBITDA
ex-KOF3
 
OXXO Mexico, Americas & Mobility   3,027    -    3,027 
Europe   470    -    470 
Health Division   491    -    491 
Envoy Solutions   -    -    - 
Coca-Cola FEMSA1   3,285    (3,285)   - 
Other2   (170)   -    (170)
FEMSA Consolidated   7,103    (3,285)   38,169 
                
Dividends Received3   -    378    378 
                
FEMSA Consolidated ex-KOF   7,103    (2,906)   4,197 

 

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for March 31, 2026 which was 18.0327 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$378 mm during the last twelve months.  

 

(In million of U.S. dollars)
Non IFRS Financial data (unaudited)
  As of March 31, 2026 
   Reported     Adjustments    exKOF 
Cash & Equivalents   4,061    -    4,061 
Coca-Cola FEMSA Cash & Equivalents   2,293    (2,293)   - 
Cash & Equivalents   6,354    (2,293)   4,061 
                
Financial Debt4   3,156    -    3,156 
Coca-Cola FEMSA Financial Debt   4,831    (4,831)   - 
Lease Liabilities   6,096    -    6,096 
Coca-Cola FEMSA Lease Liabilities   211    (211)   - 
Debt   14,294    (5,042)   9,252 
                
FEMSA Net Debt   7,940    (2,749)   5,191 

 

April 30, 2026 | Page 13

 

 

EPS with Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

 

As Reported

 

Total Shares Outstanding(1) (2)
FEMSA Units Outstanding(1)       3,412,732,415 
           
    YTD    1Q26
Net majority income   14,826    14,826 
           
# FEMSA Units Outstanding(1)   3,412,732,415 
           
EPS (Mxn Ps. / Unit)   4.34    4.34 

 

Proforma

 

Total Shares Excluding Shares in Treasury
FEMSA Units Outstanding(1)       3,412,732,415 
           
Shares in Treasury
FEMSA Units Outstanding(1)       5,917,740 
           
    YTD    1Q26
Net majority income   14,826    14,826 
           
# FEMSA Units Outstanding   3,406,814,675 
           
EPS (Mxn Ps. / Unit)   4.35    4.35 

 

(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 March 27 of 2026, the cancellation of the shares acquired from the stock repurchase program during the period from April 2025 to March 2026 was approved. The total FEMSA Units Cancelled are for the amount of 56,737,112 units.

 

April 30, 2026 | Page 14

 

 

OXXO Mexico – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026  

%

of rev.

   2025  

%

of rev.

   % Var. 
Total revenues   74,424    100.0    68,744    100.0    8.3 
Cost of sales   40,074    53.8    37,925    55.2    5.7 
Gross profit   34,350    46.2    30,819    44.8    11.5 
Administrative expenses   2,233    3.0    1,960    2.9    13.9 
Selling expenses   26,394    35.5    24,098    35.1    9.5 
Other operating expenses (income), net   94    0.1    107    0.2    (12.4)
Income from operations   5,629    7.6    4,655    6.8    20.9 
Depreciation   3,770    5.1    3,476    5.1    8.5 
Amortization & other non-cash charges   1,146    1.5    361    0.5    217.1 
Adjusted EBITDA   10,545    14.2    8,492    12.4    24.2 
CAPEX   2,202         2,948         (25.3)
                          
Information of OXXO Stores                         
Total stores   24,455         23,567         3.8 
                          
Net new convenience stores:                         
       vs. Last quarter   158         361         (56.2)
       Year-to-date   158         361         (56.2)
       Last-twelve-months   888         1,241         (28.4)
                          
Same-store data: (1)                         
       Sales (thousands of pesos)   952.9         898.6         6.0 
       Traffic (thousands of transactions)   15.6         15.7         (0.5)
       Ticket (pesos)   61.2         57.4         6.6 

 

 

(A) Please refer to page 11 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.

 

April 30, 2026 | Page 15

 

 

Americas & Mobility – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026  

%

of rev.

   2025  

%

of rev.

   % Var.   % Comp.(A) 
Total revenues   24,988    100.0    22,142    100.0    12.9    10.5 
Cost of sales   20,691    82.8    18,716    84.5    10.6      
Gross profit   4,297    17.2    3,426    15.5    25.4    21.5 
Administrative expenses   724    2.9    517    2.3    40.1      
Selling expenses   3,268    13.1    2,676    12.1    22.1      
Other operating expenses (income), net   24    0.1    24    0.1    3.2      
Income from operations   281    1.1    210    0.9    34.0    120.7 
Depreciation   676    2.7    607    2.7    11.4      
Amortization & other non-cash charges   130    0.5    125    0.6    3.5      
Adjusted EBITDA   1,087    4.3    942    4.3    15.4    33.1 
CAPEX   282         189         49.6      

 

Information of Stores                
                 
Total stores   1,942    1,894    2.5      
Stores Brazil   643    615    4.6      
Stores Colombia   607    600    1.2      
Stores Chile   238    232    2.6      
Stores Peru   214    198    8.1      
Stores USA   240    249    (3.6)     
Net new stores:                    
       vs. Last quarter   45    44    2.3      
       Year-to-date   45    44    2.3      
       Last-twelve-months   48    419    (88.5)     
Same-store data: (1)                    
       Sales (thousands of pesos)   1,045.7    999.0    4.7    13.1 

 

Currency Neutral

 

   Total Revenue
Growth
   Total Unit
Growth
   Same-Store
Sales Growth(2)
 
OXXO Americas   10.8%   (2.5)%   13.1%
Brazil(3)   NA    4.6%   6.9%
Latam(4)   24.0%   2.8%   21.4%
USA(5)   (0.3)%   (3.6)%   1.7%

 

April 30, 2026 | Page 16

 

 

Information of Gas Stations  2026   2025   % Var. 
Total stations   782    807    (3.1)
Mexico   544    562    (3.2)
USA   238    245    (2.9)
                
Net new service stores:               
       vs. Last quarter   (8)   (9)   (11.1)
       Year-to-date   (8)   (9)   (11.1)
       Last-twelve-months   (25)   237    (110.5)
                
Volume (millions of liters) total stations(6)   896.6    816.7    9.8 
                
Unit margin (pesos per liter)(6) (7)   2.55    2.53    0.8 

 

(A) Please refer to page 11 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.

(2) Same-store Sales includes a weighted average of OXXO USA, Brazil and Latam. 

(3) Local currency (BRL). 

(4) Includes a weighted average of OXXO Colombia, Chile and Peru. 

(5) Local currency (USD). 

(6) Includes fuel operations in Mexico and in the US, with U.S. volumes converted to Liters. 

(7) For readers’ convenience in calculating the equivalent price in U.S. cents per gallon, please refer to the exchange rate of 18.0327 MXN per USD, as published by the Federal Reserve Bank of New York for March 31, 2026, and a conversion factor of 3.785 liters per US gallon.

 

April 30, 2026 | Page 17

 

 

Europe – Results of Operations 

Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026   % of rev.   2025   % of rev.   % Var.   % Comp. (A) 
Total revenues   12,919    100.0    12,909    100.0    0.1    1.5 
Cost of sales   7,557    58.5    7,478    57.9    1.0      
Gross profit   5,363    41.5    5,431    42.1    (1.3)   0.1 
Administrative expenses   918    7.1    902    7.0    1.8      
Selling expenses   4,098    31.7    4,204    32.6    (2.5)     
Other operating expenses (income), net   (9)   -0.1    (6)   0.0    (46.3)     
Income from operations   356    2.8    331    2.6    7.4    9.1 
Depreciation   1,321    10.2    1,319    10.2    0.1      
Amortization & other non-cash charges   128    1.0    100    0.8    27.3      
Adjusted EBITDA   1,804    14.0    1,750    13.6    3.1    4.5 
CAPEX   325         255         27.5      

 

Information of Stores                
                 
Total stores   2,744    2,779    (1.3)     
                     
Same-store data: (2)                    
       Sales (thousands of pesos)   1,721.0    1,769.3    (2.7)   (0.2)

 

(A) Refer to page 11 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. Same-store Sales reflect a weighted average from our foodservice and retail operations.

 

April 30, 2026 | Page 18

 

 

Health – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026  

%

of rev.

   2025  

%

of rev.

   % Var.   % Comp.(A) 
Total revenues   22,175    100.0    21,972    100.0    0.9    6.5 
Cost of sales   16,365    73.8    15,519    70.6    5.4      
Gross profit   5,810    26.2    6,453    29.4    (10.0)   (3.8)
Administrative expenses   719    3.2    1,144    5.2    (37.1)     
Selling expenses   4,442    20.0    4,546    20.7    (2.3)     
Other operating expenses (income), net   (9)   (0.0)   (3)   (0.0)   (196.6)     
Income from operations   657    3.0    766    3.5    (14.2)   (4.9)
Depreciation   941    4.2    939    4.3    0.2      
Amortization & other non-cash charges   377    1.7    275    1.3    37.1      
Adjusted EBITDA   1,975    8.9    1,980    9.0    (0.3)   6.7 
CAPEX   178         256         (30.7)     
                               
Information of Stores                                 
                                  
Total stores   4,527            4,594             (1.5)     
Stores Mexico   1,287            1,622             (20.7)     
Stores South America   3,240            2,972             9.0      
Net new stores:                                     
       vs. Last quarter   24            (67)            N.S      
       Year-to-date   24            (67)            N.S      
       Last-twelve-months   (67)           154             N.S      
                                      
Same-store data: (1)                                     
       Sales (thousands of pesos)   1,035.0            1,035.1             -    7.2%

 

Currency Neutral

 

   Total Revenue
Growth
   Total Unit
Growth
   Same-Store
Sales Growth(6)
 
Health(2)   6.5%   (1.5)%   7.2%
Mexico   (17.7)%   (20.7)%   0.9%
Chile(3)   12.9%   5.6%   5.0%
Colombia(4)   15.8%   11.0%   24.1%
Ecuador(5)   9.5%   10.5%   3.0%

 

(A) Please refer to page 11 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) Local currency weighted average.

(3) Local currency (CLP).

(4) Local currency (COP).

(5) Local currency (USD).

(6) Only includes retail sales. In Ecuador, includes franchised stores

 

April 30, 2026 | Page 19

 

 

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

 

   For the first quarter of: 
   2026   % of rev.   2025   % of rev.   % Var.   % Comp. (A) 
Total revenues   70,925    100.0    70,157    100.0    1.1    6.0 
Cost of sales   37,670    53.1    38,324    54.6    (1.7)     
Gross profit   33,255    46.9    31,832    45.4    4.5    9.5 
Administrative expenses   3,968    5.6    3,611    5.1    9.9      
Selling expenses   20,177    28.4    18,868    26.9    6.9      
Other operating expenses (income), net   79    0.1    106    0.2    (25.7)     
Income from operations   9,032    12.7    9,248    13.2    (2.3)   2.6 
Depreciation   3,406    4.8    3,114    4.4    9.4      
Amortization & other non-cash charges   936    1.3    893    1.3    4.9      
Adjusted EBITDA   13,374    18.9    13,254    18.9    0.9    6.1 
CAPEX   3,161         4,279         (26.1)     
                             
Sales volumes                            
(Millions of unit cases)                            
Mexico and Central America   544.5    54.5    553.3    56.1    (1.6)        
South America   147.9    14.8    137.8    14.0    7.3         
Brazil   306.0    30.7    295.4    29.9    3.6         
Total   998.4    100.0    986.5    100.0    1.2         

 

(A) Please refer to page 11 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

April 30, 2026 | Page 20

 

 

FEMSA Macroeconomic Information

 

   Inflation 
   1Q 2026   LTM (1) Mar-26 
Mexico   0.71%   4.63%
Colombia   2.19%   5.74%
Brazil   0.72%   3.75%
Argentina   6.02%   32.80%
Chile   0.40%   2.50%
Euro Zone   0.61%   2.12%
Switzerland   0.57%   0.18%

 

   Average Exchange Rates for each Period 
   Mar-26   Mar-25 
   Per USD   Per MXN   Per USD   Per MXN 
Mexico   17.71    1.0000    20.25    1.0000 
Colombia   3,717.31    0.0048    4,133.48    0.0049 
Brazil   5.23    3.3843    5.75    3.5231 
Argentina   1,395.95    0.0127    1,068.97    0.0189 
Chile   909.89    0.0195    932.55    0.0217 
Euro Zone   0.86    20.5283    0.93    21.8291 
Switzerland   0.79    22.5034    0.88    22.9157 

 

   End-of-Period Exchange Rates 
   Mar-26   Mar-25 
   Per USD   Per MXN   Per USD   Per MXN 
Mexico   18.07    1.0000    20.32    1.0000 
Colombia   3,669.96    0.0049    4,192.57    0.0048 
Brazil   5.22    3.4615    5.74    3.5384 
Argentina   1,382.00    0.0131    1,074.00    0.0189 
Chile   927.46    0.0195    953.07    0.0213 
Euro Zone   0.87    20.7998    0.92    21.9752 
Switzerland   0.80    22.5834    0.88    23.0705 

 

(1) LTM = Last twelve months.

 

April 30, 2026 | Page 21

 

 

 

 

INVESTOR RELATIONS
Jorge Collazo | jorge.collazo@kof.com
Lorena Martin | lorena.martinl@kof.com
Bryan Silva | bryan.silva@kof.com
Emilio Díaz | emilio.diaz@kof.com
kofmxinves@kof.com
 

 

 

 

 

Mexico City, April 29, 2026, 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 2026.

 

FIRST QUARTER HIGHLIGHTS

 

·Volume increased 1.2%.

 

·Revenue increased 1.1%; on a currency neutral basis, revenue grew 6.0%.

 

·Operating income decreased 2.3%; on a currency neutral basis, operating income increased 2.6%.

 

·Majority net income decreased 15.5% driven mainly by an increase in our comprehensive financing result.

 

·Earnings per share1 were Ps. 0.26 (Earnings per unit were Ps. 2.07 and per ADS were Ps. 20.67.).

 

FINANCIAL SUMMARY FOR THE FIRST QUARTER RESULTS

Change vs. same period of last year

 

      Total Revenues   Gross Profit   Operating Income   Majority Net Income 
      1Q26   1Q26   1Q26   1Q26 
   Consolidated   1.1%   4.5%   (2.3)%   (15.5)%
As Reported  Mexico & Central America   (1.4)%   0.7%   (17.4)%     
   South America   4.3%   10.0%   18.8%     
                        
   Consolidated   6.0%   9.5%   2.6%     
Comparable (2)  Mexico & Central America   1.4%   3.7%   (14.2)%     
   South America   12.3%   18.3%   26.9%     

 

Ian Craig, Coca-Cola FEMSA’s CEO, commented:

 

“Our first quarter results reflected the resiliency of our business and the advantages that a diversified footprint affords. Consolidated volume growth was supported by positive contributions from most of our operations, including strong performances in Argentina, Brazil, Colombia, and Guatemala that helped offset a volume decline in Mexico. As expected, we faced a softer consumer backdrop in Mexico compounded by the excise tax increase. Despite these headwinds, we gained share across most of our markets and categories and achieved record volumes for a first quarter in key markets such as Brazil, Colombia, and Guatemala. Our consolidated margins remained stable, supported by a strong performance in South America that compensated for pressures in Mexico and Central America. Unfavorable volume and mix impacts from the excise tax increase, severance and IT expenses resulted in a 17.4% drop in operating income in Mexico and Central America which was partially compensated by a 18.8% operating income growth in South America driven by volume growth and fixed costs and expenses absorption, resulting in a consolidated operating income decline of 2.3% for the quarter.

 

Looking ahead, we remain focused on strengthening our competitive position through targeted revenue management initiatives that support sustainable volume growth over the long term. Throughout 2026, we will also leverage the FIFA World Cup platform across our markets, while continuing to capture efficiencies and savings to protect profitability and prioritize the sustainable long-term growth of our business.”

 

 

 

(1)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.

(2)Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 2 of 14

 

 

RECENT DEVELOPMENTS

 

·On March 24, 2026, Coca-Cola FEMSA held its Annual Ordinary General Shareholders’ Meeting, during which its shareholders approved, among other things, the Company’s consolidated financial statements for the year ended December 31, 2025, the annual report presented by the Board of Directors, the declaration and payment of dividends corresponding to the fiscal year 2025, and the appointment or reelection of the members of the Board of Directors, Planning and Finance, Audit, and Corporate Practices Committees for 2026. The shareholders’ meeting approved the payment of a cash dividend in the amount of Ps. 7.74 per KOF UBL unit (Ps. 0.9675 per share) to be paid in four equal installments of Ps. 1.935 per KOF UBL unit (Ps. 0.241875 per share) on April 21, July 14, October 13, and December 8, 2026, for all outstanding shares on the payment date.

 

·Coca-Cola FEMSA released its 2025 integrated annual report, the annual report on Form 20-F filing to the U.S. Securities and Exchange Commission, and the annual report filing to the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores). These three reports are available on the Investor Relations section of Coca-Cola FEMSA´s website at www.coca-colafemsa.com

 

·Coca-Cola FEMSA published its 2025 integrated annual report, now including IFRS S1/S2 sustainability disclosures alongside the financial statements with independent assurance—one year ahead of local requirements—improving its usefulness for investor decision-making. It also includes the Company’s first TNFD-aligned disclosure—becoming the first non-alcoholic beverage company in the Americas (fourth globally) to register as a TNFD Adopter—and highlights 2025 progress: 1.35 liters per liter water-use ratio, 123,842 tons of PET collected (27% rPET in primary packaging), 87% renewable electricity, 38% lower Lost-Time Incident Rate since 2023, and 32.3% women in leadership.

 

·On April 21, 2026, Coca-Cola FEMSA paid the first installment of the ordinary dividend approved for Ps. 0.241875 per share, for a total cash distribution of Ps. 4,065.1 million.

 

CONFERENCE CALL INFORMATION

 

 

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 3 of 14

 

 

CONSOLIDATED FIRST QUARTER RESULTS

 

 

 

CONSOLIDATED FIRST QUARTER RESULTS 

 

   As Reported   Comparable (1) 
Expressed in millions of Mexican pesos  1Q 2026   1Q 2025   Δ%   Δ% 
Total revenues   70,925    70,157    1.1%   6.0%
Gross profit   33,255    31,832    4.5%   9.5%
Operating income   9,032    9,248    (2.3)%   2.6%
Adj. EBITDA (2)   13,374    13,254    0.9%   6.1%

 

Volume increased 1.2% to 998.4 million-unit cases, driven by volume growth in most of our operations that was partially offset by a decline in Mexico.

 

Total revenues increased 1.1% to Ps. 70,925 million. This increase was driven mainly by revenue management initiatives and a volume increase in most of our countries, partially offset by the negative translation effect from all our operating currencies into Mexican pesos. Excluding currency translation effects, total revenues increased 6.0%.

 

Gross profit increased 4.5% to Ps. 33,255 million, and gross margin expanded 150 basis points to 46.9%. This expansion was driven mainly 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. These effects were partially offset by higher fixed costs such as labor and depreciation, coupled with unfavorable mix effects. Excluding currency translation effects, gross profit increased 9.5%.

 

Operating income decreased 2.3% to Ps. 9,032 million, and operating margin contracted 50 basis points to 12.7%. This margin contraction was driven mainly by rightsizing initiatives and IT expenses, related to the implementation of SAP4Hana, in addition we recorded higher operating expenses such as marketing and depreciation. These effects were partially offset by expense efficiencies such as freight and maintenance across our operations. In addition, this quarter we recognized an income of Ps. 95 million, net of expenses, related to insurance claims from Hurricane John that impacted Mexico in September 2024. Excluding currency translation effects, operating income increased 2.6%.

 

 

(1)Please refer to page 8 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.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 4 of 14

 

 

Comprehensive financing result recorded an expense of Ps. 1,752 million, compared to an expense of Ps. 1,126 million in the previous year. This increase was driven mainly by a loss in financial instruments of Ps. 167 million, as compared to a gain of Ps. 135 million recorded in the same period of the previous year, driven mainly by an increase in rates and the valuation of matured financial instruments in Brazil.

 

In addition, we recorded a higher interest expense, net, because of an increase in interest expenses driven mainly by new bond issuances in U.S. dollars and Mexican pesos. Moreover, we recorded a reduction in interest income because of a lower cash position in key markets.

 

Additionally, we recognized a foreign exchange loss of Ps. 117 million in the first quarter of 2026 as compared to a loss of Ps. 59 million in the same period of the previous year. The loss this year was driven mainly by the quarterly appreciation of the Brazilian Real and the Costa Rican Colon as applied to our U.S. dollar-denominated cash position, coupled with the quarterly depreciation of the Mexican peso as applied to our U.S. dollar-denominated net debt position.

 

These effects were partially offset by the recognition of a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 104 million as compared to a gain of Ps. 87 million recorded in the same period of the previous year.

 

Income tax as a percentage of income before taxes was 36.6% as compared to 33.4% during the same period of 2025. This increase was driven mainly by inflationary effects in Argentina and non-creditable taxes in Mexico.

 

Net income attributable to equity holders of the company decreased 15.5% to reach Ps. 4,342 million. This decrease was driven mainly by an increase in our comprehensive financing result, coupled with a decrease in our operating income. Earnings per share1 were Ps. 0.26 (Earnings per unit were Ps. 2.07 and per ADS were Ps. 20.67.).

 

 

(1)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.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 5 of 14

 

 

MEXICO & CENTRAL AMERICA DIVISION FIRST QUARTER RESULTS

 

(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)  

 

 

 

MEXICO & CENTRAL AMERICA DIVISION RESULTS 

 

   As Reported   Comparable (1) 
Expressed in millions of Mexican pesos  1Q 2026   1Q 2025   Δ%   Δ% 
Total revenues   39,117    39,669    (1.4)%   1.4%
Gross profit   19,020    18,886    0.7%   3.7%
Operating income   4,461    5,400    (17.4)%   (14.2)%
Adj. EBITDA (2)   7,128    7,908    (9.9)%   (6.6)%

 

Volume decreased 1.6% to 544.5 million-unit cases, driven by a volume decline in Mexico, partially offset by volume growth in the rest of our territories in the division.

 

Total revenues decreased 1.4% to Ps. 39,117 million. This performance was driven mainly by unfavorable mix and currency translation effects from all our operating currencies into Mexican pesos. These effects were partially offset by revenue management initiatives and volume increases in our territories in Central America. Excluding currency translation effects, total revenues increased 1.4%.

 

Gross profit increased 0.7% to Ps. 19,020 million, and gross margin expanded 100 basis points to 48.6%. This margin expansion was driven mainly 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. These effects were partially offset by unfavorable mix effects. Excluding currency translation effects, gross profit increased 3.7%.

 

Operating income decreased 17.4% to Ps. 4,461 million, and operating margin contracted 220 basis points to 11.4%. Our operating income includes the recognition of insurance claims in Mexico, net of expenses, for Ps. 95 million.

 

This operating margin contraction was driven mainly by an increase in operating expenses such as marketing, depreciation, restructuring and IT. These effects were partially offset by operating expense efficiencies such as maintenance and distribution. Excluding currency translation effects, operating income decreased 14.2%.

 

 

(1)Please refer to page 8 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.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 6 of 14

 

 

SOUTH AMERICA DIVISION FIRST QUARTER RESULTS

 

(Brazil, Argentina, Colombia, and Uruguay)  

 

 

 

SOUTH AMERICA DIVISION RESULTS 

 

   As Reported   Comparable (1) 
Expressed in millions of Mexican pesos  1Q 2026   1Q 2025   Δ%   Δ% 
Total revenues   31,809    30,488    4.3%   12.3%
Gross profit   14,235    12,947    10.0%   18.3%
Operating income   4,571    3,848    18.8%   26.9%
Adj. EBITDA (2)   6,246    5,346    16.8%   25.8%

 

Volume increased 4.8% to 453.9 million-unit cases, driven by volume growth across all the countries in the division.

 

Total revenues increased 4.3% to Ps. 31,809 million. This increase was driven mainly by volume growth and revenue management initiatives, offsetting an unfavorable currency translation from all our operating currencies into Mexican pesos. Excluding currency translation effects, total revenues increased 12.3%.

 

Gross profit increased 10.0% to Ps. 14,235 million, and gross margin expanded 230 basis points to 44.8%. This expansion was driven 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. These effects were partially offset by higher fixed costs such as depreciation. Excluding currency translation effects, gross profit increased 18.3%.

 

Operating income increased 18.8% to Ps. 4,571 million, resulting in an operating margin expansion of 180 basis points to 14.4%. This operating margin increase was driven mainly by operating leverage, coupled with expense efficiencies such as labor, partially offset by higher expenses such as marketing. Excluding currency translation effects, operating income increased 26.9%.

 

 

(1)Please refer to page 8 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.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 7 of 14

 

 

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 refer 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 relative to the Mexican peso in the first quarter of 2026, as compared to the same period of 2025, we had an unfavorable currency translation effect into Mexican pesos. Please see page 14 for exchange rate fluctuations.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 8 of 14

 

 

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 are 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 268 million consumers. With over 90,000 employees, the Company markets and sells approximately 4.2 billion-unit cases through more than 2.1 million points of sale a year. Operating 55 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, S&P/BMV Total Mexico ESG Index, and the MSCI ACWI Index. Its operations 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 Coca-Cola FEMSA de Venezuela, S.A. 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 based 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 States 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.

 

(5 pages of tables to follow)

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 9 of 14

 

 

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos (1)

 

   For the First Quarter of: 
   2026   % of Rev.   2025   % of Rev.   Δ% Reported   Δ% Comparable (7) 
Transactions (million transactions)   5,990.8         5,921.8         1.2%   1.2%
Volume (million unit cases)    998.4         986.5         1.2%   1.2%
Average price per unit case   68.64         68.99         -0.5%     
Net revenues   70,631         70,073         0.8%     
Other operating revenues   295         84         251.7%     
Total revenues (2)   70,925    100.0%   70,157    100.0%   1.1%   6.0%
Cost of goods sold   37,670    53.1%   38,324    54.6%   -1.7%     
Gross profit   33,255    46.9%   31,832    45.4%   4.5%   9.5%
Operating expenses   24,145    34.0%   22,478    32.0%   7.4%     
Other operative expenses, net   176    0.2%   184    0.3%   -4.4%     
Operative equity method (gain) loss in associates(3)   (97)   0.1%   (78)   0.1%   24.8%     
Operating income (5)   9,032    12.7%   9,248    13.2%   -2.3%   2.6%
Other non operative expenses, net   (162)   0.2%   26    0.0%   NA      
Non Operative equity method (gain) loss in associates (4)   18    0.0%   (76)   0.1%   NA      
Interest expense   2,087         1,879         11.1%     
Interest income   515         590         -12.8%     
Interest expense, net   1,572         1,288         22.1%     
Foreign exchange loss (gain)   117         59         97.1%     
Loss (gain) on monetary position in inflationary subsidiaries   (104)        (87)        19.6%     
Market value (gain) loss on financial instruments   167         (135)        NA      
Comprehensive financing result   1,752         1,126         55.7%     
Income before taxes   7,422         8,172         -9.2%     
Income taxes   2,688         2,681         0.3%     
Result of discontinued operations   -         -         NA      
Consolidated net income   4,735         5,492         -13.8%     
Net income attributable to equity holders of the company   4,342    6.1%   5,139    7.3%   -15.5%   -10.4%
Non-controlling interest   392    0.6%   352    0.5%   11.3%     

 

Adj. EBITDA & CAPEX  2026   % of Rev.   2025   % of Rev.   Δ% Reported   Δ% Comparable (7) 
Operating income (5)   9,032    12.7%   9,248    13.2%   -2.3%   2.6%
Depreciation   3,406         3,114         9.4%     
Amortization and other operative non-cash charges   936         893         4.9%     
Adj. EBITDA (5)(6)   13,374    18.9%   13,254    18.9%   0.9%   6.1%
CAPEX(8)   3,138         4,228         -25.8%     

 

(1)Except volume and average price per unit case figures.
(2)Please refer to page 13 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 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
(8)As of March 31, 2026, the investment in fixed assets effectively paid is equivalent to Ps. 4,183 million.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 10 of 14

 

 

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

 

   For the First Quarter of: 
   2026   % of Rev.   2025   % of Rev.   Δ%
Reported
   Δ%
Comparable (6)
 
Transactions (million transactions)   2,815.3         2,903.1         -3.0%   -3.0%
Volume (million unit cases)    544.5         553.3         -1.6%   -1.6%
Average price per unit case   70.86         71.08         -0.3%     
Net revenues   39,106         39,662                
Other operating revenues   11         7                
Total Revenues (2)   39,117    100.0%   39,669    100.0%   -1.4%   1.4%
Cost of goods sold   20,096    51.4%   20,783    52.4%          
Gross profit   19,020    48.6%   18,886    47.6%   0.7%   3.7%
Operating expenses   14,479    37.0%   13,360    33.7%          
Other operative expenses, net   132    0.3%   156    0.4%          
Operative equity method (gain) loss in associates (3)   (52)   0.1%   (31)   0.1%          
Operating income (4)   4,461    11.4%   5,400    13.6%   -17.4%   -14.2%
Depreciation, amortization & other operating non-cash charges   2,667    6.8%   2,508    6.3%          
Adj. EBITDA (4)(5)   7,128    18.2%   7,908    19.9%   -9.9%   -6.6%

 

(1)Except volume and average price per unit case figures.
(2)Please refer to page 13 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 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

 

   For the First Quarter of: 
   2026   % of Rev.   2025   % of Rev.   Δ%
Reported
   Δ%
Comparable (6)
 
Transactions (million transactions)   3,175.5         3,018.7         5.2%   5.2%
Volume (million unit cases)    453.9         433.2         4.8%   4.8%
Average price per unit case   65.97         66.32         -0.5%     
Net revenues   31,525         30,411                
Other operating revenues   284         77                
Total Revenues (2)   31,809    100.0%   30,488    100.0%   4.3%   12.3%
Cost of goods sold   17,574    55.2%   17,541    57.5%          
Gross profit   14,235    44.8%   12,947    42.5%   10.0%   18.3%
Operating expenses   9,666    30.4%   9,118    29.9%          
Other operative expenses, net   44    0.1%   28    0.1%          
Operative equity method (gain) loss in associates (3)   (45)   0.1%   (47)   0.2%          
Operating income (4)   4,571    14.4%   3,848    12.6%   18.8%   26.9%
Depreciation, amortization & other operating non-cash charges   1,676    5.3%   1,498    4.9%          
Adj. EBITDA (4)(5)   6,246    19.6%   5,346    17.5%   16.8%   25.8%

 

(1)Except volume and average price per unit case figures.
(2)Please refer to page 13 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 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 11 of 14

 

 

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

 

Assets  Mar-26   Dec-25   % Var. 
Current Assets               
Cash, cash equivalents and marketable securities   41,346    28,067    47%
Total accounts receivable   17,749    22,146    -20%
Inventories   14,814    14,014    6%
Other current assets   12,233    10,343    18%
Total current assets   86,141    74,570    16%
Non-Current Assets   -    -      
Property, plant and equipment   180,491    174,289    4%
Accumulated depreciation   (68,766)   (65,159)   6%
Total property, plant and equipment, net   111,725    109,130    2%
Right of use assets   3,461    2,617    32%
Investment in shares   10,587    10,588    0%
Intangible assets and other assets   104,318    102,356    2%
Other non-current assets   16,883    15,278    11%
Total Assets   333,116    314,539    6%

 

Liabilities & Equity  Mar-26   Dec-25   % Var. 
Current Liabilities               
Short-term bank loans and notes payable   4,875    7,944    -39%
Suppliers   29,385    31,898    -8%
Short-term leasing Liabilities   952    631    51%
Other current liabilities   43,133    26,284    64%
Total current liabilities   78,345    66,757    17%
Non-Current Liabilities   -    -      
Long-term bank loans and notes payable   82,233    71,834    14%
Long Term Leasing Liabilities   2,857    2,273    26%
Other long-term liabilities   22,811    19,647    16%
Total liabilities   186,246    160,511    16%
Equity   -    -      
Non-controlling interest   8,645    7,827    10%
Total controlling interest   138,225    146,201    -5%
Total equity   146,870    154,029    -5%
Total Liabilities and Equity   333,116    314,539    6%

 

   March 31, 2026 
Debt Mix  % Total Debt (1)    % Interest Rate
Floating (1) (2)
   Average
Rate
 
Currency            
Mexican Pesos   63.2%   3.8%   8.5%
U.S. Dollars   18.2%   37.7%   4.2%
Colombian Pesos   1.6%   57.3%   11.2%
Brazilian Reals   16.4%   36.3%   9.7%
Argentine Pesos   0.6%   0.0%   32.7%
Total Debt   100%   18.0%   8.0%

 

(1)After giving effect to swaps.
(2)Calculated  based on the  weighting of the outstanding debt mix for each year.

 

Debt Maturity Profile 

 

 

 

Financial Ratios  Mar 31, 2026   Dec 31, 2025   Δ% 
Net debt including effect of hedges (1)(3)   47,535    52,846    -10.0%
Net debt including effect of hedges / Adj. EBITDA (1)(3)   0.80    0.89      
Adj. EBITDA/ Interest expense, net (1)   8.51    10.29      
Capitalization (2)   38.0%   35.4%     

 

(1)Net debt = total debt - cash
(2)Total debt / (total debt + shareholders' equity)
(3)After giving effect to swaps.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 12 of 14

 

 

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

 

   1Q 2026   1Q 2025   YoY 
   Sparkling   Water (1)   Bulk (2)   Stills   Total   Sparkling   Water (1)   Bulk (2)   Stills   Total   Δ % 
Mexico   300.9    28.6    84.9    37.2    451.6    307.9    30.4    87.1    38.5    463.8    -2.6%
Guatemala   43.3    2.2    0.5    2.1    48.0    42.0    1.9    0.8    2.1    46.8    2.7%
CAM South   36.4    2.5    0.2    5.7    44.9    34.7    2.3    0.2    5.4    42.7    5.2%
Mexico and Central America   380.6    33.3    85.6    45.1    544.5    384.7    34.6    88.0    46.0    553.3    -1.6%
Colombia   67.4    10.6    3.6    6.7    88.4    61.7    9.8    3.5    6.2    81.2    8.9%
Brazil (3)   248.9    23.9    2.8    30.4    306.0    242.4    24.1    2.9    26.0    295.4    3.6%
Argentina   31.3    6.9    2.0    5.4    45.6    31.4    6.2    1.3    4.3    43.3    5.4%
Uruguay   10.4    2.4    -    1.0    13.8    10.1    2.3    -    1.0    13.4    3.3%
South America   358.0    43.9    8.4    43.6    453.9    345.6    42.4    7.8    37.5    433.2    4.8%
TOTAL   738.7    77.2    93.9    88.7    998.4   730.3    77.0    95.8    83.5    986.5    1.2%

 

(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

 

   1Q 2026   1Q 2025   YoY 
   Sparkling   Water   Stills   Total   Sparkling   Water   Stills   Total   Δ % 
Mexico   1,644.6    211.1    261.5    2,117.1    1,735.6    217.3    272.9    2,225.8    -4.9%
Guatemala   318.0    20.3    23.2    361.6    311.9    18.0    23.3    353.1    2.4%
CAM South   264.8    16.1    55.8    336.6    255.0    14.9    54.3    324.2    3.8%
Mexico and Central America   2,227.4    247.4    340.5    2,815.3    2,302.4    250.2    350.4    2,903.1    -3.0%
Colombia   492.3    105.7    50.2    648.2    446.0    98.0    47.8    591.8    9.5%
Brazil (3)   1,672.3    206.1    337.8    2,216.2    1,629.7    206.3    292.7    2,128.7    4.1%
Argentina   163.4    36.3    43.1    242.9    160.1    35.7    36.3    232.2    4.6%
Uruguay   50.8    9.0    8.4    68.2    49.4    8.7    8.0    66.1    3.2%
South America   2,378.8    357.2    439.5    3,175.5    2,285.2    348.7    384.8    3,018.7    5.2%
TOTAL   4,606.2    604.6    780.0    5,990.8    4,587.6    598.9    735.2    5,921.8    1.2%

 

Revenues      

 

Expressed in million Mexican Pesos  1Q 2026   1Q 2025   Δ % 
Mexico   31,127    31,262    -0.4%
Guatemala   3,909    4,173    -6.3%
CAM South   4,081    4,234    -3.6%
Mexico and Central America   39,117    39,669    -1.4%
Colombia   5,891    5,364    9.8%
Brazil (4)   21,319    20,310    5.0%
Argentina   3,195    3,434    -7.0%
Uruguay   1,404    1,380    1.8%
South America   31,809    30,488    4.3%
 TOTAL   70,925    70,157    1.1%

 

(3)Volume and transactions in Brazil do not include beer
(4)Brazil includes beer revenues of Ps. 1,313.0 million for the first quarter of 2026 and Ps. 1,343.1 million for the same period of the previous year.

 

 

 

(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 refer 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.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 13 of 14

 

 

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

 

Inflation (1)  

 

  LTM   1Q26   YTD 
Mexico   4.63%   1.17%   1.17%
Colombia   5.74%   2.92%   2.92%
Brazil   3.75%   1.30%   1.30%
Argentina   32.80%   8.42%   8.42%
Costa Rica   -2.88%   -1.14%   -1.14%
Panama   -0.22%   0.33%   0.33%
Guatemala   2.52%   0.39%   0.39%
Nicaragua   2.92%   1.49%   1.49%
Uruguay   3.06%   1.62%   1.62%

 

(1)Source: inflation estimated by the company based on historic publications from the Central Bank of each country.

 

Average Exchange Rates for each period (2)

 

   Quarterly Exchange Rate
(Local Currency per USD)
 
   1Q26   1Q25   Δ % 
Mexico   17.56    20.42    -14.0%
Colombia   3,695.49    4,188.58    -11.8%
Brazil   5.26    5.84    -10.1%
Argentina   1,417.76    1,057.00    34.1%
Costa Rica   485.77    507.67    -4.3%
Panama   1.00    1.00    0.0%
Guatemala   7.66    7.71    -0.6%
Nicaragua   36.62    36.62    0.0%
Uruguay   39.09    43.03    -9.2%

 

End-of-period Exchange Rates

 

   Closing Exchange Rate
(Local Currency per USD)
   Closing Exchange Rate
(Local Currency per USD)
 
   Mar-26   Mar-25   Δ %   Ene-26   Ene-25   Δ % 
Mexico   18.07    20.32    -11.1%   17.97    20.27    -11.4%
Colombia   3,695.92    4,192.57    -12.5%   3,757.08    4,409.15    -14.8%
Brazil   5.22    5.74    -9.1%   5.50    6.19    -11.1%
Argentina   1,382.00    1,074.00    28.7%   1,455.00    1,032.00    41.0%
Costa Rica   467.85    504.21    -7.2%   501.42    512.73    -2.2%
Panama   1.00    1.00    0.0%   1.00    1.00    0.0%
Guatemala   7.65    7.71    -0.8%   7.66    7.71    -0.5%
Nicaragua   36.62    36.62    0.0%   36.62    36.62    0.0%
Uruguay   40.48    42.13    -3.9%   39.04    44.07    -11.4%

 

(2)Average exchange rate for each period computed with the average exchange rate of each month.

 

Coca-Cola FEMSA Reports 1Q26 Results

 

April 29, 2026

Page 14 of 14

 

FAQ

How did FEMSA (FMX) perform financially in the first quarter of 2026?

FEMSA’s total revenues grew 6.1% year over year to Ps. 207,784 million, while gross profit rose 6.6% to Ps. 84,094 million. Income from operations increased 5.5% to Ps. 14,314 million and adjusted EBITDA climbed 11.2% to Ps. 28,127 million, improving EBITDA margin to 13.5%.

Why did FEMSA’s underlying net income fall in 1Q26?

Underlying net income declined because higher net financing expenses and lower financial-instrument gains outweighed operating growth. Excluding a one-time gain from the BradyPLUS–Imperial Dade merger, net income was Ps. 5,688 million, a 36.4% drop versus 1Q25, also reflecting lower interest income and no discontinued operations income.

How are FEMSA’s OXXO Mexico stores performing in early 2026?

OXXO Mexico posted solid growth, with 1Q26 revenues up 8.3% to Ps. 74,424 million. Same-store sales rose 6.0%, supported by a 6.6% higher average ticket, and the store base reached 24,455 locations. Operating income increased 20.9%, with notable margin expansion from efficiency and commercial initiatives.

What happened to FEMSA’s leverage and net debt ex-Coca-Cola FEMSA?

As of March 31, 2026, FEMSA’s net debt ex-Coca-Cola FEMSA totaled Ps. 93,609 million, with Net Debt/EBITDA at 1.24x. The increase from 0.69x a year earlier mainly reflects Ps. 47,218 million in ordinary and extraordinary dividends and Ps. 16,055 million of share repurchases over twelve months.

How did FEMSA’s Health division perform in 1Q26?

Health revenues grew 0.9% to Ps. 22,175 million, but profitability weakened. Gross profit fell 10.0% and gross margin declined 320 basis points to 26.2%, while income from operations dropped 14.2%. Results were pressured by store closures in Mexico and an unfavorable product mix in Chile.

What growth did FEMSA’s digital platforms Spin by OXXO and Spin Premia show?

Spin by OXXO reached 16.9 million acquired users in 1Q26, up 22.3% year over year, with active users at 11.0 million. Spin Premia grew to 65.1 million acquired users, an increase of 16.9%, with 28.4 million active users and an average tender of 50.6% during the quarter.

What dividends did FEMSA’s 2026 shareholders’ meeting approve?

The shareholders’ meeting approved an ordinary cash dividend of Ps. 4.7520 per BD Unit and Ps. 3.9600 per B Unit, plus an extraordinary dividend of Ps. 8.0597 per BD Unit and Ps. 6.7165 per B Unit. Both will be paid in four equal installments between April 2026 and January 2027.

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