Coca-Cola Femsa SEC Filings

Coca-Cola FEMSA (KOF) reported third-quarter 2025 results showing modest growth despite softer demand in Mexico and currency headwinds. Total revenues were Ps. 71,884 million (up 3.3%; 4.7% excluding translation). Gross profit reached Ps. 32,391 million (up 0.9%), while operating income rose to Ps. 10,291 million (up 6.8%), expanding operating margin to 14.3%. Net income attributable to equity holders was Ps. 5,898 million (up 0.7%). Volume declined 0.6% to 1,035.0 million unit cases, reflecting softer consumption in Mexico and Panama.

Performance varied by region. Mexico & Central America revenues were Ps. 42,467 million (down 0.2%) with operating income of Ps. 6,787 million (up 1.1%). South America delivered resilience with revenues of Ps. 29,416 million (up 8.7%) and operating income of Ps. 3,505 million (up 19.7%), aided by expense efficiencies and a Ps. 218 million insurance recovery in Brazil. Financing expense increased to Ps. 1,290 million on lower interest income and rate effects. Management noted ongoing mitigation actions and referenced the proposed beverage excise tax increase in Mexico.

BlackRock, Inc. filed an amended Schedule 13G reporting beneficial ownership in Coca‑Cola FEMSA (KOF). BlackRock reported 42,461,625 shares, representing 8.1% of the class as of 09/30/2025.

The filing lists sole voting power over 40,442,034 shares and sole dispositive power over 42,461,625 shares, with no shared voting or dispositive power. BlackRock states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing notes various persons may have rights to dividends or proceeds, and no single person exceeds five percent.

Coca-Cola FEMSA reported mixed operational performance for the six months ended June 30, 2025, with several product categories showing declines and pockets of growth in specific countries. Overall, sparkling beverage volumes mostly declined across the region (examples: -4.2% and -7.4% in different statements), while still beverages showed small increases in some comparisons (+0.1% to +0.5%) and notable country-level gains (Argentina: sparkling +7.6%, still +47.0%). Bottled water volumes were uneven: several metrics show declines (e.g., bottled water ex-bulk down 1.8% and down 8.2% in other lines) but some country contributions drove increases (bottled water ex-bulk +20.6% in one disclosure).

On cash flows and financing, operating cash flows decreased primarily from higher supplier payments. Capital expenditures and related outflows totaled Ps. 9,985 million in 2025 (Ps. 9,422 million in 2024). Borrowings proceeds were Ps. 11,461 million in 2025 versus Ps. 313 million in 2024; repayments were Ps. 421 million and Ps. 23 million, respectively. In 2025 the company issued senior notes with principal equivalent to Ps. 9,828 million. Dividends paid were Ps. 4,053 million in 2025 versus Ps. 3,194 million in 2024. An exchange rate of Ps. 18.8292 per US$1.00 is provided for convenience.

Coca-Cola FEMSA (KOF) 2Q25 snapshot: revenues rose 5.0% YoY to Ps.72.9 bn (+2.4% comparable) despite a 5.5% volume contraction. Gross profit grew 3.4%, but margin slipped 70 bps to 45.3%. Operating income was nearly flat at Ps.9.8 bn (-2.6% comparable), while adjusted EBITDA fell 3.8%. Majority net income declined 5.3% to Ps.5.3 bn; EPS Ps.0.32.

• Regional mix: Mexico & Central America volume -8.4%, op-income -6.3%; South America revenue +13.2%, op-income +19.6%.
• YTD 2025: revenue +6.7%, operating income +3.3%, net income -1.4%, volume -3.9%.
• Balance-sheet: US$500 m senior notes due 2035 issued at UST+93 bp; net debt/EBITDA 0.79×, interest-coverage 9.7×. CAPEX YTD Ps.9.6 bn (+10.8%).
• Cash returns & ESG: Ps.0.23 per share dividend (Ps.3.9 bn), tenth consecutive inclusion in FTSE4Good with score improving to 3.9/5.

Management cites soft Mexican macro and adverse weather but maintains long-term outlook, focusing on capacity investments and commercial initiatives with The Coca-Cola Company.