FMX (FMX) director Alfonso Garza Garza sells 209,264 BD Units while retaining large holdings

Rhea-AI Filing Summary

Mexican Economic Development Inc. director Alfonso Garza Garza reported a series of open-market sales of BD Units in March 2026. He sold 52,316 BD Units on each of four days from March 18–23, 2026 at prices between $10.26 and $10.60 per BD Unit, totaling 209,264 BD Units. After these sales, he directly holds 1,337,712 BD Units. Footnotes explain that BD Units each represent one Series B share and four Series D shares, and that additional B and BD Units are held indirectly through trusts, including a voting trust where his economic interest is limited to securities he contributed.

Insights

Equity ownership and governance analyst

Director executed moderate open-market sales while retaining substantial direct and trust-related holdings.

The filing shows director Alfonso Garza Garza conducted four open-market sales of BD Units in consecutive trading days, each for 52,316 units at prices just above $10. In total, 209,264 BD Units were sold, a straightforward net-sell pattern with no derivative exercises.

Following the sales, he still directly owns 1,337,712 BD Units and maintains significant indirect exposure through B and BD Units held in trusts. One large position is in a voting trust where he has shared voting power but disclaims most pecuniary interest. Overall, the activity appears routine and does not, by itself, indicate a major shift in his economic alignment with other shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

garza garza Alfonso

(Last) (First) (Middle)

AVENIDA GENERAL AYALA 601

BELLA VISTA

(Street)

MONTERREY NUEVO LEON 64410

(City) (State) (Zip)

MEXICO

(Country)

2. Issuer Name and Ticker or Trading Symbol
MEXICAN ECONOMIC DEVELOPMENT INC [ FMX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
BD Units	03/18/2026		S		52,316	D	$10.5978(1)	1,494,660(2)	D
BD Units	03/19/2026		S		52,316	D	$10.558(1)	1,442,344(2)	D
BD Units	03/20/2026		S		52,316	D	$10.2627(1)	1,390,028(2)	D
BD Units	03/23/2026		S		52,316	D	$10.3067(1)	1,337,712(2)	D
B Units								3,826,577(3)	I	By Trust(4)
B Units								4,840(3)	D
B Units								1,384,426,997(3)	I	By Voting Trust(5)
BD Units								2,470,657(2)	I	By Trust(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was carried out in Mexican pesos. For purposes of this Form 4, a conversion rate of MXN 17.7782 for each USD $1.00 was used.

2. The securities reported herein are held in the form of BD Units. Each BD Unit consists of one Series B Share, two Series D-B Shares and two Series D-L Shares, without par value ("Series D-B Shares" and "Series D-L Shares", respectively).

3. The securities reported herein are held in the form of B Units. Each B Unit consists of five Series B Shares, without par value ("Series B Shares").

4. These securities are held for the benefit of the reporting person by BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, Trust No. F/4112454, a trust in which the reporting person is participant, along with other family members.

5. These securities are held by Banco Invex, S.A. Institucion de Banca Multiple, Invex Grupo Financiero, Trust No. 463 (the "Voting Trust"), an irrevocable voting trust in which the reporting person is a trust participant. Each of the trust participants is deemed to have beneficial ownership with shared voting power over the securities deposited in the Voting Trust. The reporting person hereby disclaims having any pecuniary interests derived from the beneficial ownership of any securities (with shared voting power and with shared dispositive power) other than pecuniary interests derived by the reporting person's securities contributed directly or indirectly to the Voting Trust, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. For more information, see Item 7 of Fomento Economico Mexicano, S.A.B. de C.V.'s Annual Report on Form 20-F filed on April 24, 2025.

Remarks:

	Sergio Rodriguez Perez, Attorney in Fact	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did FMX director Alfonso Garza Garza report on this Form 4?

He reported four open-market sales of BD Units between March 18 and March 23, 2026. Each trade involved 52,316 BD Units, for a total of 209,264 units sold at prices slightly above $10 per BD Unit.

At what prices did Alfonso Garza Garza sell FMX BD Units in March 2026?

He sold BD Units at prices ranging from $10.2627 to $10.5978 per unit. Trades were executed on four days, with each day’s 52,316 BD Units sold at a specific price within that range.

How many FMX BD Units does Alfonso Garza Garza hold after the reported sales?

After the March 2026 sales, he directly holds 1,337,712 BD Units. The filing also lists additional BD and B Units held indirectly through trusts, which provide further exposure separate from his direct holdings.

What are FMX BD Units and B Units mentioned in this insider filing?

BD Units each consist of one Series B share plus four Series D shares without par value. B Units each consist of five Series B shares. The filing explains these structures to clarify what the reported BD and B Unit amounts economically represent.

Does Alfonso Garza Garza hold FMX securities through trusts or a voting trust?

Yes. Some B and BD Units are held for his benefit by a trust where he is a participant, and a large number of B Units are in a voting trust. He has shared voting power there but disclaims most pecuniary interest beyond his contributed securities.

In what currency were the FMX insider sales executed, according to the Form 4 footnotes?

The trades were carried out in Mexican pesos. For reporting purposes on the Form 4, the transactions use a conversion rate of MXN 17.7782 for each US$1.00, as disclosed in the footnotes.