Skip to main content
Equibles

6-K

Mexican Economic Development Inc (FMX)

6-K 2023-07-27 For: 2023-07-27
View Original
Added on April 11, 2026

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 July 2023

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,<br> S.A. DE C.V.
By: /s/ Eugenio Garza y Garza
Eugenio Garza y Garza
Director of Finance and Corporate<br> Development

Date: July, 27, 2023

Exhibit 99.1

2Q 2023

Results

July 27, 2023

Investor Contact

(52) 818-328-6167

[email protected]

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

[email protected]

femsa.com

HIGHLIGHTS

Monterrey, Mexico,July 27, 2023 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2023.

• FEMSA: Total Consolidated Revenues grew 18.3% against 2Q22.
• FEMSA Retail^1^: Proximity Americas total Revenues increased 19.9% against 2Q22.
--- ---
• DIGITAL: Spin by OXXO had 5.7 million active users^2^ while Spin Premia had 15.8 million active loyalty users^2^ and an average tender^3^ of 24.0%.
--- ---
• COCA-COLA FEMSA: Total revenues grew 7.2% against 2Q22.
--- ---

Financial Summaryfor the Second Quarter and First Six Months 2023

Change vs. comparable period

Total Revenues Gross Profit Income from Operations Same-Store Sales
2Q23 YTD23 2Q23 YTD23 2Q23 YTD23 2Q23 YTD23
FEMSA Consolidated 18.3 % 19.9 % 20.1 % 21.3 % 8.0 % 6.8 %
Proximity Americas 19.9 % 20.8 % 19.3 % 19.5 % 18.0 % 18.7 % 15.3 % 16.7 %
Health 0.6 % 0.1 % 6.5 % 5.7 % (0.5 )% (3.5 )% (3.7 )% (5.1 )%
Fuel 9.3 % 14.4 % 6.9 % 13.7 % (0.9 )% 15.0 % 3.2 % 9.3 %
Coca-Cola FEMSA 7.2 % 9.2 % 7.9 % 9.9 % 11.9 % 12.1 %
Envoy Solutions 23.1 % 23.4 % 31.1 % 27.1 % (7.1 )% (8.6 )%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“It is a great privilege to lead this amazing company again. It is also a challenge that I embrace, particularly as we find ourselves in the process of implementing our transformational FEMSA Forward strategy, and as we pursue our ambitious long-range growth plans for all our core business units, setting the course for sustained, long-term value creation.

The second quarter results announced today represent an example of the organic growth potential we have before us. Among the highlights, Proximity Americas increased revenues by 20 percent, again driven by strong same-store sales trends at OXXO and reflecting an accelerated store expansion. In Europe, Valora reported solid top line growth, while Health revenues were stable, reflecting a challenging comparison base in Chile as well as currency headwinds. For its part, Coca-Cola FEMSA again delivered a strong performance, while Envoy Solutions showed sustained revenue growth driven by recent acquisitions. On the Digital side, we continued to add users at a rapid pace, with active users growing more than one hundred percent year-over-year.

I want to extend my gratitude to our hardworking team who continue to find a way to post strong results, putting us on the right path to meet or exceed our long-term aspirations.”

^1^ FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA<br>Health.
^2^ Active User for Spin by OXXO: Any user with a balance or that<br>has transacted within the last 56 days. Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the<br>last 90 days.
^3^ Tender: OXXO Mexico MXN sales with OXXO Premia or Spin Premia<br>redemption or accrual divided by Total OXXO Mexico MXN Sales, during the period. 
July 27, 2023   |   Page 2

QUARTERLY RESULTS

Results are comparedto the same period of previous year

FEMSA CONSOLIDATED

2Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

2Q23 2Q22 Var. Org.
Total Revenues 198,220 167,504 18.3 % 9.5 %
Income from Operations 16,581 15,355 8.0 % 4.5 %
Operating Margin (%) 8.4 9.2 (80 )bps
EBITDA^5^ 27,134 23,370 16.1 % 8.5 %
EBITDA Margin (%) 13.7 14.0 (30 )bps
Net Income 8,926 7,640 16.8 %

NetDebt ex-KOF^6^

Amounts expressed in millions of Mexican Pesos (Ps.)

As of June 30, 2023 Ps. US4
Cash 133,846
Long-Term Debt 73,329
Lease Liabilities 91,633
Net debt 31,115
ND / EBITDA 0.54 x

All values are in US Dollars.

Total revenuesincreased 18.3% in 2Q23 compared to 2Q22, driven by growth across our business units. On an organic^1^ basis, total revenues increased 9.5%.

Gross profitincreased 20.1%. Gross margin expanded 50 basis points, reflecting the consolidation of Proximity Europe, as well as margin expansions at Coca-Cola FEMSA, Envoy Solutions, and FEMSA Health. This was partially offset by a margin contraction at Fuel and Proximity Americas.

Income fromoperations increased 8.0%. On an organic basis, income from operations increased 4.5%. Consolidated operating margin decreased 80 basis points to 8.4% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, offset by margin contractions at Proximity Americas, Health, Fuel, and Envoy Solutions, as well as the consolidation of Proximity Europe.

Our effectiveincome tax rate was 30.0% in 2Q23 compared to 38.0% in 2Q22. Our income tax provision was Ps. 5,618 million in 2Q23.

Net consolidatedincome was Ps. 8,926 million, reflecting: i) higher income from operations; ii) a Ps. 9,410 other non-operating income, mostly reflecting the divestment of FEMSA’s minority stake in Jetro Restaurant Depot; and iii) a decrease in net interest expenses during the quarter. This was offset by: i) a non-cash foreign exchange loss of Ps. 6,456, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso and, ii) a net loss of discontinued operations of Ps. 3,953 driven by the market value fluctuation of the Heineken shares underlying FEMSA’s outstanding exchangeable bond.^2^

Net majorityincome was Ps. 1.72 per FEMSA Unit^3^ and US$1.00 per FEMSA ADS.

Capital expendituresamounted to Ps. 8,375 million, driven by ongoing investment activities across our business units.

^1^ Excludes the effects of significant<br>mergers and acquisitions in the last twelve months, including the acquisition of Valora.
^2^ As of June 30, 2023, FEMSA maintained<br>5,228,758 Heineken shares, underlying FEMSA’s exchangeable bond into Heineken shares issued in connection with the divestment of<br>this stake in February 2023.
^3^ FEMSA Units consist of FEMSA BD<br>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<br>FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2023 was 3,578,226,270, equivalent<br>to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
^4^ The exchange rate published by<br>the Federal Reserve Bank of New York for June 30, 2023 was 17.1439 MXN per USD.
^5^ EBITDA: Operating Income + Depreciation<br>+ Amortizations.
^6^ ex-KOF: FEMSA Consolidated reported<br>information – Coca-Cola FEMSA Consolidated reported information. <br><br>EBITDA ex-KOF: FEMSA Consolidated EBITDA as described above –<br>Coca-Cola FEMSA’s Consolidated EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments. <br><br>All Net Debt calculations<br>are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 17 of this document. 
July 27, 2023   |   Page 3
PROXIMITY AMERICAS OXXO (Mexico & Latam^1^)

2Q23 Financial Summary

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

2Q23 2Q22 Var.
Same-store sales (thousands of Ps.) 1,042.5 903.9 15.3 %
Total Revenues 72,099 60,136 19.9 %
Income from Operations 7,211 6,110 18.0 %
Income from Operations Margin (%) 10.0 10.2 (20 )bps
EBITDA 10,473 9,172 14.2 %
EBITDA Margin (%) 14.5 15.3 (80 )bps
Net Additions <br><br>Vs. comparable quarter Store Base <br><br>As of 1Q23 Same-Store Sales <br><br>In thousands of Ps. EBITDA <br><br>In millions of Ps.
--- --- --- ---

Total revenuesincreased 19.9% in 2Q23 compared to 2Q22, reflecting a 15.3% average same-store sales increase, driven by 7.4% growth in average customer ticket and an increase of 7.4% in store traffic. These figures reflect a strong performance across most of OXXO’s categories supported by the strong performance of the thirst and gathering occasions, such as beer, snacks, and other beverages, as well as the continued recovery of mobility-driven occasions. During the quarter, the OXXO store base in Mexico & Latam expanded by 444 units to reach 1,391 total net store additions for the last twelve months. As of June 30, 2023, Proximity Americas had a total of 22,059 OXXO stores.

Gross profitreached 41.0% of total revenues, reflecting strong commercial activity and promotional programs from key suppliers, offset by a decrease in the contribution of financial services relative to 2Q22.

Income fromoperations amounted to 10.0% of total revenues. Operating expenses increased 19.7% to Ps. 22,332 million, slightly below revenues, as operating leverage and efficiencies offset an increase in labor expenses in connection with recent labor reforms in Mexico.

^1^ OXXO Latam: OXXO Colombia, Chile and Peru.

July 27, 2023   |   Page 4
PROXIMITY AMERICAS Other formats

Bara^1^

Total revenues increased 44.1% in 2Q23 compared to 2Q22, driven by a 22.7% average same-store sales increase, reflecting the strong performance of the groceries, home hygiene and convenience categories, mainly driven by beverages. During the quarter, the Bara store base expanded by 13 units to reach 296 total Bara stores as of June 30, 2023.

Grupo Nós^2^

Total revenues for the period grew 207.1% year-over-year, reaching R$176.4 million^3^. This figure reflects the successful evolution and expansion of the OXXO value proposition which resulted in same-store sales growth at OXXO of 20.5%^4^, as well as the addition of 218 net new OXXO stores for the last twelve months. During the quarter, the store base of Grupo Nós expanded by 35 units, including 32 net new OXXO stores. As of June 30, 2023, Grupo Nós had a total of 1,638 stores, which include 346 company owned and operated OXXO stores.

^1^ Bara store count and results are not consolidated within the Proximity Americas reported figures.

^2^ OXXO’s non-consolidated joint-venture with Raízen in Brazil.

^3^ The exchange rate published by the Federal Reserve Bank of New York for June 30, 2023 was 4.8102 BRL per USD.

^4^ Local currency, BRL.

^5^The Proximity Europe segment is comprised of Valora. The acquisition of Valora was concluded in October 2022.

July 27, 2023   |   Page 5
PROXIMITY EUROPE^5^ Valora

2Q23Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

2Q23
Total Revenues 10,833
Income from Operations 316
Income<br> from Operations Margin (%) 2.9
EBITDA 1,518
EBITDA<br> Margin (%) 14.0

Total revenuesincreased 8.4%^1^ in 2Q23 compared to 2Q22 to Ps. 10,833 million, reflecting traffic recovery as well as positive pricing initiatives, and the growth of Valora’s foodservice and B2B business. As of the end of the period, Proximity Europe had 2,784 points of sale.

Gross profitreached 42.1% of total revenues, reflecting the continued recovery of the foodservice category, which has a structurally higher margin.

Income fromoperations amounted to 2.9% of total revenues, reflecting the contribution of foodservice, as well as positive operating leverage.

^1^ Local currency, CHF.

July 27, 2023   |   Page 6
HEALTH

2Q23 Financial Summary

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

2Q23 2Q22 Var.
Same-store sales (thousands of Ps.) 1,167.4 1,212.4 (3.7 )%
Total Revenues 18,962 18,844 0.6 %
Income from Operations 910 915 (0.5 )%
Income from Operations Margin (%) 4.8 4.9 (10 )bps
EBITDA 1,934 1,834 5.5 %
EBITDA Margin (%) 10.2 9.7 50 bps
Net Additions<br><br> <br>Vs.<br> comparable quarter Locations<br><br> <br>As<br> of 2Q23 Same-Store Sales<br><br> <br>In<br> thousands of Ps. EBITDA<br><br> <br>In<br> millions of Ps.
--- --- --- ---

Total revenuesincreased 0.6% in 2Q23 compared to 2Q22, mainly reflecting positive local currency sales trends in Colombia and Ecuador, offset by a demanding comparison base in Chile and Mexico, and by a negative currency translation effect related to the depreciation of the Chilean and Colombian pesos relative to the Mexican peso. During the quarter, Health’s store base expanded by 81 units reaching a total of 4,267 locations across its territories as of June 30, 2023. This figure reflects the addition of 369 net new locations for the last twelve months. Same-store sales decreased an average of 3.7%, reflecting the trends described above. On a currency-neutral^1^basis, total revenues grew 14.1% while same-store sales increased by 7.9%.

Gross profitrepresented 30.2% of total revenues, reflecting improved efficiency and more effective collaboration and execution with key supplier partners, as well as a positive mix effect reflecting a decrease in the contribution of our institutional sales channel in Chile.

Income fromoperations amounted to 4.8% of total revenues. Operating expenses increased 8.0% to Ps. 4,818 million, reflecting an increase in labor expenses in Mexico, partially offset by tight expense control across our operations.

^1^ Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.

July 27, 2023   |   Page 7
FUEL

2Q23 Financial Summary

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

2Q23 2Q22 Var.
Same-station sales (thousands of Ps.) 7,457.6 7,227.0 3.2 %
Total Revenues 14,455 13,220 9.3 %
Income from Operations 567 572 (0.9 )%
Income from Operations Margin (%) 3.9 4.3 (40 )bps
EBITDA 861 842 2.3 %
EBITDA Margin (%) 6.0 6.4 (40 )bps
Net Additions<br><br> <br>Vs.<br> comparable quarter Service Station Base<br><br> <br>As<br> of 1Q23 Same-Station Sales<br><br> <br>In<br> thousands of Ps. EBITDA<br><br> <br>In<br> millions of Ps.
--- --- --- ---

Total revenuesincreased 9.3% in 2Q23 compared to 2Q22, reflecting a 3.2% average same-station sales increase, driven by 0.6% growth in average volume and 2.6% increase in the average price per liter, as well as volume growth in our institutional and wholesale customer network. The OXXO Gas retail network had 570 points of sale as of June 30, 2023. This figure reflects the addition of one net station for the last twelve months.

Gross profitwas 12.0% of total revenues.

Income fromoperations amounted to 3.9% of total revenues. Operating expenses increased 11.1% to Ps. 1,169 million, reflecting increased labor expenses.

July 27, 2023   |   Page 8

FEMSA Retail Operations Summary

Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago)

2Q23
Proximity Americas
OXXO^1^ 19.9 %
Mexico 19.9 %
OXXO Latam^1^ 36.6 %
Other Proximity Americas formats
Bara 44.1 %
OXXO Brazil^2^ 207.1 %
Proximity Europe^4^ 8.4 %
OXXO Gas 9.3 %
FEMSA Health^5^ 14.1 %
Chile 10.6 %
Colombia 13.6 %
Ecuador 7.3 %
Mexico 7.6 %
1 OXXO<br> Consolidated figures shown in MXN including currency effects.
--- ---
2 Includes<br> OXXO Colombia, Chile and Peru.
3 Operated<br> through Grupo Nós, our joint-venture with Raízen.
4 Local<br> currency (CHF).
5 FEMSA<br> Health Include franchised stores in Ecuador.

Total Unit Growth (% vs year ago)

2Q23
Proximity Americas
OXXO 6.7 %
Mexico 5.9 %
OXXO Latam^1^ 41.9 %
Other Proximity Americas formats
Bara 30.4 %
OXXO Brazil^2^ 170.3 %
Proximity Europe^3^ 2.2 %
OXXO Gas -
FEMSA Health 10.5 %
Chile 2.0 %
Colombia 16.0 %
Ecuador 8.0 %
Mexico 12.0 %
1 Includes<br> OXXO Colombia, Chile and Perú.
--- ---
2 Operated<br> through Grupo Nós, our joint-venture with Raízen.
3 Includes<br> company owned and franchised units.

Same-Store Sales

2Q23
Proximity Americas
OXXO^1^ 15.3 %
Mexico 15.6 %
OXXO Latam^1^ 12.6 %
Other Proximity Americas formats
Bara 22.7 %
OXXO Brazil^2^ 20.5 %
Proximity Europe^3^ N.A.
OXXO Gas^4^ 3.2 %
FEMSA Health^5^ 7.9 %
Chile 4.0 %
Colombia 15.8 %
Ecuador 12.4 %
Mexico 1.0 %
1 OXXO Consolidated figures shown in MXN including currency effects.
--- ---
2 Includes<br> OXXO Colombia, Chile and Peru.
3 Operated through Grupo Nós, our joint-venture with Raízen.
4 Local<br> currency (CHF).
5 Only includes retail sales. FEMSA Health Include franchised<br>stores in Ecuador. 
July 27, 2023   |   Page 9
DIGITAL@FEMSA^1^

Spin by OXXO

Spin by OXXO acquired 1.2 million users during the quarter to reach 7.6 million total users in 2Q23, compared to 3.1 million users in 2Q22. This represents an increase of 142.1% YoY and a 7.6% compound monthly growth rate. Active users^2^ represented 75.8% of the total acquired user base. Total transactions per month increased 23.5%^3^ during the quarter to reach an average of 36.2 million per month in 2Q23, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.8 million users during the quarter to reach 32.7 million total users in 2Q23, compared to 15.2 million users in 2Q22. This represents an increase of 115.1% YoY and a 6.6% compound monthly growth rate. Active users^4^ represented 48.3% of the total acquired user base. The average tender^5^ during the quarter was 24.0%.

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.

^1^ Digital@FEMSA’s 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 quarter-over-quarter growth of average monthly transactions.

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

^5^ Tender: OXXO Mexico MXN sales with OXXO Premia or Spin Premia redemption or accrual divided by Total OXXO Mexico MXN Sales, during the period.

July 27, 2023   |   Page 10
ENVOYSOLUTIONS^1^
2Q23 Financial Summary
--- --- --- --- --- --- --- ---
Amounts expressed in millions of Mexican Pesos (Ps.)
2Q23 2Q22 Var.
Total Revenues 13,482 10,949 23.1 %
Income from Operations 508 547 (7.1 )%
Income from Operations Margin (%) 3.8 5.0 (120 )bps
EBITDA 1,220 896 36.2 %
EBITDA Margin (%) 9.0 8.2 80 bps
Revenues<br><br> <br>In<br> millions of Ps. EBITDA<br><br> <br>In<br> millions of Ps.
--- ---

Total revenuesincreased 23.1% in 2Q23 compared to 2Q22, reflecting the acquisitions made by Envoy Solutions during the last twelve months.

Gross profitrepresented 29.2% of total revenues, reflecting strong trends in the janitorial and sanitation segment, as well as price optimization strategies.

Income fromoperations represented 3.8% of total revenues. Operating expenses increased 39.6% to Ps. 3,267 million, reflecting the strong inorganic expansion of this business as well as expenses related to synergy capture across Envoy Solutions. On a comparable basis^2^, income from operations increased 10.9% compared to 2Q22.

^1^ During 2021 and 2022, Envoy Solutions results were included within the Logistics & Distribution business segment.

^2^ Comparable basis: Excluding non-recurrent M&A expenses and on a currency-neutral basis.

July 27, 2023 | Page 11

RESULTS FOR THEFIRST SIX MONTHS OF 2023

Results are comparedto the same period of previous year

FEMSA CONSOLIDATED

Financial Summaryfor the First Six Months

Amounts expressed in millions of Mexican Pesos (Ps.)

2023 2022 Var. Org.
Total Revenues 378,086 315,269 19.9 % 10.8 %
Income from Operations 29,108 27,267 6.8 % 3.8 %
Operating Margin (%) 7.7 8.6 (90 )bps
EBITDA^1^ 49,260 43,095 14.3 % 6.8 %
EBITDA Margin (%) 13.0 13.7 (70 )bps
Net Income 59,252 13,504 N.S.

Total revenuesincreased 19.9%. On an organic basis^2^, total revenues increased 10.8% reflecting growth across most of our operations.

Gross profitincreased 21.3%. Gross margin increased 40 basis points to 37.4% of total revenues, reflecting gross margin expansion at Coca-Cola FEMSA, Health and Envoy Solutions as well as the consolidation of Proximity Europe, offset by margin contraction at Proximity Americas and Fuel.

Income fromoperations increased 6.8%. On an organic basis^2^, income from operations increased 3.8%. Our consolidated operating margin decreased 90 basis points to 7.7% of total revenues, reflecting margin expansions at Coca-Cola FEMSA, Fuel and Envoy Solutions, offset by margin contractions at Proximity Americas and Health, as well as by the consolidation of Proximity Europe.

Net consolidatedincome increased to Ps. 59,252 million, reflecting; i) a Ps. 36,653 million net income from discontinued operations, reflecting the accounting re-measurement from historical cost to fair value of FEMSA’s investment in Heineken, as well as the divestiture of this investment as part of the FEMSA Forward strategy announced on February 15, 2023, net of taxes; ii) a Ps. 10,275 million non-cash financial product that mostly reflects the repurchase of US$ 1.7 billion^3^ of FEMSA’s outstanding debt at favorable price levels during 1Q23, also in connection with FEMSA Forward; and iii) a Ps. 9,160 other non-operating income, mostly reflecting the divestment of FEMSA’s minority stake in Jetro Restaurant Depot. This was offset by a non-cash foreign exchange loss of Ps. 8,999, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso.

Net majorityincome per FEMSA Unit^4^ was Ps.15.16 (US$8.84 per ADS).

Capital expendituresamounted to Ps. 13,531 million, reflecting the reactivation of ongoing investment activities at most of our business units.

^1^ EBITDA: Operating Income

  • Depreciation + Amortizations.

^2^ Excludes the effects of significant mergers and acquisitions in the last twelve months.

^3^ Face value

^4^ 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 June 30, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

July 27, 2023 | Page 12

RECENT DEVELOPMENTS

· On<br> May 30, 2023, FEMSA announced the offering by the Company and its wholly-owned subsidiaries<br> Compañía Internacional de Bebidas, S.A. de C.V. and Grupo Industrial Emprex,<br> S. de R.L. de C.V. of existing issued ordinary shares of both Heineken N.V. and Heineken<br> Holding N.V. (together, the “Heineken Group”) in the total amount of approximately<br> EUR 3.3 billion (approximately 5.9% of the combined interest in the Heineken Group) (the<br> “Equity Offering”). The Company also announced a tap issuance of euro denominated<br> senior unsecured bonds in the aggregate principal amount of up to EUR 250 million (the “New<br> Bonds”), exchangeable into ordinary shares of Heineken Holding N.V. (the “Exchangeable<br> Offering” and together with the Equity Offering, the “Offering”). The New<br> Bonds will be consolidated and form a single series with the Company’s EUR 500 million<br> 2.625% senior unsecured Exchangeable Bonds due 2026, originally issued on 24 February 2023<br> (the “Original Bonds” and together with the New Bonds, the “Bonds”)<br> with effect from on or about 18 July 2023 (the “Consolidation Date”).
· On<br> May 31, 2023, FEMSA announced the pricing of the sale by the Company and its wholly-owned<br> subsidiaries Compañía Internacional de Bebidas, S.A. de C.V. and Grupo Industrial<br> Emprex, S. de R.L. de C.V. of its entire holding of existing issued ordinary shares of both<br> Heineken N.V. and Heineken Holding N.V. (together, the “Heineken Group”) by way<br> of an accelerated book build of shares in the total amount of EUR 3.3 billion (approximately<br> 6.0% of the combined interest in the Heineken Group) (the “Equity Offering”)<br> as well as a bilateral sale of additional shares to Heineken N.V., except for any shares<br> retained underlying FEMSA’s outstanding EUR 500 million 2.625% senior unsecured Exchangeable<br> Bonds due 2026 (the “Bonds”), exchangeable into ordinary shares of Heineken Holding<br> N.V. Given the strength of demand seen for the Equity Offering, the Company has decided not<br> to proceed with the concurrent tap issuance of its outstanding Bonds announced on May 30,<br> 2023.
--- ---
· On<br> May 31, 2023, FEMSA announced that consistent with its FEMSA Forward strategy as communicated<br> on February 15, 2023, it has entered into a definitive agreement to divest its minority<br> investment in Jetro Restaurant Depot and related entities (“JRD”). Subject to<br> customary closing conditions, FEMSA will receive total cash consideration of US$1,400 million,<br> with approximately US$467 million payable on closing in the second quarter of 2023, and the<br> remainder payable over two years.
--- ---
· On<br> July 10, 2023, FEMSA announced that Daniel Rodríguez Cofré, after consulting<br> with his family and doctors, would step down from his role as CEO, to focus on his health<br> and treatment of a previously announced colon cancer diagnosis. Until a replacement is appointed,<br> José Antonio Fernández Carbajal, Executive Chairman and former CEO of FEMSA,<br> will serve as acting Chief Executive Officer on an interim basis, with the continued support<br> of FEMSA’s senior leadership team and the CEOs of the business units.
--- --- 
July 27, 2023 | Page 13

CONFERENCE CALL INFORMATION

Our Second Quarter 2023 Conference Call will be held on: Thursday, July 27, 2023, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.

Telephone: Toll Free US: (866) 580 3963
International: +1 (786) 697 3501
Webcast: https://edge.media-server.com/mmc/p/chfb9z24
--- ---
Conference ID: FEMSA

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 the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

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 June 30, 2023, which was 17.1439 Mexican pesos per US dollar.

FORWARD-LOOKINGSTATEMENTS

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.

Nine pages of tables and Coca-Cola FEMSA’s press release to follow

July 27, 2023 | Page 14

FEMSA – Consolidated IncomeStatement

Amounts expressed in millions of Mexican Pesos (Ps.)

For the second<br> quarter of: For the six<br> months of:
2023 %<br> <br>of rev. 2022 %<br> <br>of rev. %<br> Var. % Org.^(A)^ 2023 %<br><br> of rev. 2022 %<br> <br>of rev. %<br> Var. % Org.^(A)^
Total revenues 198,220 100.0 167,504 100.0 18.3 9.5 378,086 100.0 315,269 100.0 19.9 10.8
Cost of sales 123,650 62.4 105,408 62.9 17.3 236,570 62.6 198,645 63.0 19.1
Gross profit 74,570 37.6 62,096 37.1 20.1 141,516 37.4 116,624 37.0 21.3
Administrative expenses 11,101 5.6 7,699 4.6 44.2 19,722 5.2 14,998 4.8 31.5
Selling expenses 46,274 23.3 38,836 23.2 19.2 92,329 24.4 74,146 23.5 24.5
Other<br> operating expenses (income), net ^(1)^ 614 0.3 206 0.1 198.1 357 0.1 213 0.1 67.6
Income<br> from operations ^(2)^ 16,581 8.4 15,355 9.2 8.0 4.5 29,108 7.7 27,267 8.6 6.8 3.8
Other non-operating<br> expenses (income) (9,410 ) 234 N.S. (9,160 ) 104 N.S.
Interest<br> expense 2,874 4,197 (31.5 ) 6,570 8,144 (19.3 )
Interest<br> income 1,763 787 124.0 10,275 1,526 N.S.
Interest<br> expense, net 1,111 3,410 (67.4 ) (3,705 ) 6,618 N.S.
Foreign<br> exchange loss (gain) 6,456 (111 ) N.S. 8,999 1,422 N.S.
Other<br> financial expenses (income), net (303 ) (477 ) (36.5 ) 13 317 (95.9 )
Financing<br> expenses, net 7,264 2,822 157.4 5,307 8,357 (36.5 )
Income before income tax and<br> participation in associates results 18,727 12,299 52.3 32,961 18,806 75.3
Income tax 5,618 4,668 20.4 9,935 6,697 48.4
Participation<br> in associates results ^(3)^ (230 ) (54 ) N.S. (427 ) (102 ) N.S.
Continued<br> Operations net income (Loss) 12,879 7,577 70.0 22,599 12,007 88.2
Discontinued<br> Operations net income (Loss) (3,953 ) 63 (151.7 ) 36,653 1,497 171.4
Consolidated<br> net income (Loss) 8,926 7,640 16.8 59,252 13,504 N.S.
Net majority income 6,164 5,208 18.4 54,239 9,211 N.S.
Net minority<br> income 2,762 2,432 13.6 5,013 4,293 16.8
Operative<br> Cash Flow & CAPEX 2023 %<br> <br>of rev. 2022 %<br> <br>of rev. %<br> Var. % Org.^(A)^ 2023 %<br> <br>of rev. 2022 %<br> <br>of rev. %<br> Var. % Org.^(A)^
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Income<br> from operations 16,581 8.4 15,355 9.2 8.0 4.5 29,108 7.7 27,267 8.6 6.8 3.8
Depreciation 8,346 4.2 6,702 4.0 24.5 16,606 4.4 13,182 4.2 26.0
Amortization &<br> other non-cash charges 2,207 1.1 1,313 0.8 68.1 3,546 0.9 2,646 0.9 34.0
EBITDA 27,134 13.7 23,370 14.0 16.1 8.5 49,260 13.0 43,095 13.7 14.3 6.8
CAPEX 8,375 6,296 33.0 13,531 12,065 12.2

^^^(A)^ Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

^(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.

^(3)^ Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.

^(4)^ At the end of June, the CAPEX effectively paid is equivalent to Ps. 5,072 million.

July 27, 2023 | Page 15

FEMSA – Consolidated BalanceSheetAmounts expressed in millions of Mexican Pesos (Ps.)

ASSETS Jun-23 Dec-22 % Inc.
Cash and cash equivalents 153,999 83,439 84.6
Investments 10,796 51 N.S.
Accounts receivable 47,375 45,527 4.1
Inventories 58,557 62,224 (5.9 )
Assets Available for sale 26 - N.S.
Other current assets 43,341 35,208 23.1
Total current assets 314,094 226,449 38.7
Investments in shares 10,781 103,669 (89.6 )
Property, plant and equipment, net 133,476 134,001 (0.4 )
Right of use 187,551 83,966 123.4
Intangible assets ^(1)^ 83,864 190,772 (56.0 )
Other assets 51,236 59,958 (14.5 )
TOTAL ASSETS 781,002 798,815 (2.2 )
LIABILITIES & STOCKHOLDERS’ EQUITY Jun-23 Dec-22 % Inc.
--- --- --- --- --- --- --- ---
Bank loans 1,921 1,862 3.2
Current maturities of long-term debt 6,619 14,471 (54.3 )
Interest payable 1,564 2,075 (24.6 )
Current maturities of long-term leases 11,954 12,095 (1.2 )
Operating liabilities 155,990 144,411 8.0
Total current liabilities 178,048 174,914 1.8
Long-term debt ^(2)^ 130,547 170,989 (23.7 )
Long-term leases 81,496 81,222 0.3
Laboral obligations 7,273 7,048 3.2
Other liabilities 21,930 26,841 (18.3 )
Total liabilities 419,294 461,014 (9.0 )
Total stockholders’ equity 361,708 337,801 7.1
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY 781,002 798,815 (2.2 )
June 30, 2023
--- --- --- --- --- --- ---
DEBT MIX ^(2)^ % of Total Average<br><br> Rate
Denominated in:
Mexican pesos 45.9 % 8.3 %
U.S. Dollars 21.3 % 2.5 %
Euros 21.1 % 2.1 %
Swiss Francs 0.7 % 0.9 %
Colombian pesos 0.6 % 6.5 %
Argentine pesos 0.0 % 0.0 %
Brazilian reais 9.4 % 10.7 %
Chilean pesos 0.7 % 8.7 %
Uruguayan Pesos 0.2 % 6.3 %
Guatemalan Quetzal 0.0 % 0.0 %
Total debt 100.0 % 5.9 %
Fixed rate ^(2)^ 83.7 %
Variable rate ^(2)^ 16.3 %
DEBT MATURITY PROFILE 2024 2025 2026 2027 2028 2029+
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Debt 0.9 % 3.6 % 1.5 % 9.1 % 13.8 % 71.1 %

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

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

| July 27, 2023 | Page 16 |

| --- |

NetDebt & EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

Twelve months ended June 30, 2023
Reported EBITDA Adjustments EBITDA Ex-KOF^4^
Proximity Americas & Europe^1^ 2,256 - 2,256
Fuel 191 - 191
Health Division 417 - 417
Envoy Solutions 218 - 218
Coca-Cola FEMSA^2^ 2,392 (2,392 ) -
Other^3^ (147 ) - (147 )
FEMSA Consolidated 5,328 (2,392 ) 2,935
Dividends Received^4^ - 444 444
FEMSA Consolidated ex-KOF 5,328 (1,948 ) 3,379
As of June 30, 2023
--- --- --- --- --- --- --- ---
Reported Adjustments Ex-KOF
Cash & Equivalents 7,807 - 7,807
Coca-Cola FEMSA Cash & Equivalents 1,805 (1,805 ) -
Cash & Equivalents 9,612 (1,805 ) 7,807
Financial Debt^5^ 4,277 - 4,277
Coca-Cola FEMSA Financial Debt 3,836 (3,836 ) -
Lease Liabilities 5,345 - 5,345
Coca-Cola FEMSA Lease Liabilities 106 (106 ) -
Debt 13,564 (3,942 ) 9,622
FEMSA Net Debt 3,951 (2,136 ) 1,815

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2023 which was 17.1439 MXN per USD.

1 Includes Proximity Europe only for the consolidated period.

2 Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

3 Includes FEMSA Other Businesses (including Solistica and Digital@FEMSA), FEMSA corporate expenses and the effects of consolidation adjustments

4 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$295 mm, US$45 mm from JRD, and US$96 mm from Heineken during the last twelve months.

5 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.

| July 27, 2023 | Page 17 |

| --- |

Proximity Americas – Resultsof Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the second quarter of: For<br> the six months of:
**** 2023 % of rev. 2022 % of rev. % Var. **** 2023 % of rev. 2022 % of rev. % Var. ****
Total revenues 72,099 100.0 60,136 100.0 19.9 132,970 100.0 110,054 100.0 20.8
Cost of sales 42,556 59.0 35,373 58.8 20.3 78,881 59.3 64,800 58.9 21.7
Gross profit 29,543 41.0 24,763 41.2 19.3 54,089 40.7 45,254 41.1 19.5
Administrative expenses 1,650 2.3 1,570 2.6 5.1 2,770 2.1 2,876 2.6 (3.7 )
Selling expenses 20,632 28.6 17,010 28.3 21.3 39,577 29.7 32,422 29.5 22.1
Other operating<br> expenses (income), net 50 0.1 73 0.1 (31.5 ) 70 0.1 119 0.1 (41.2 )
Income<br> from operations 7,211 10.0 6,110 10.2 18.0 11,672 8.8 9,837 8.9 18.7
Depreciation 3,033 4.2 2,734 4.5 10.9 6,055 4.6 5,400 4.9 12.1
Amortization & other non-cash<br> charges 229 0.3 328 0.6 (30.2 ) 443 0.3 565 0.6 (21.6 )
EBITDA 10,473 14.5 9,172 15.3 14.2 18,170 13.7 15,802 14.4 15.0
CAPEX 3,258 2,038 59.9 5,606 3,790 47.9
Information of OXXO Stores
Total stores 22,059 20,668 6.7
Stores Mexico 21,389 20,196 5.9
Stores South America 670 472 41.9
Net new convenience stores:
vs. Last quarter 444 168 164.3
Year-to-date 601 237 153.6
Last-twelve-months 1,391 834 66.8
Same-store data: ^(1)^
Sales (thousands of pesos) 1,042.5 903.9 15.3 968.5 830.2 16.7
Traffic (thousands of transactions) 19.4 18.1 7.4 18.3 17.1 6.6
Ticket (pesos) 53.7 50.0 7.4 53.0 48.4 9.5

^(1)^ Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.

| July 27, 2023 | Page 18 |

| --- |

Proximity Europe – Resultsof Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the second quarter of: For the six months of:
2023 %ofrev. 2023 %ofrev.
Total revenues 10,833 100.0 20,944 100.0
Cost of sales 6,272 57.9 12,120 57.9
Gross profit 4,561 42.1 8,824 42.1
Administrative expenses 768 7.1 1,520 7.3
Selling expenses 3,503 32.3 6,897 32.8
Other operating expenses (income), net (26 ) (0.2 ) (50 ) (0.2 )
Income from operations 316 2.9 457 2.2
Depreciation 1,071 9.9 2,182 10.4
Amortization & other non-cash charges 131 1.2 207 1.0
EBITDA 1,518 14.0 2,846 13.6
CAPEX 80 275 
| July 27, 2023 | Page 19 |

| --- |

Health Division – Results ofOperations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the second quarter of: For the six months of:
2023 %<br> <br>of rev. 2022 %<br> <br>of rev. % Var. 2023 %<br> <br>of rev. 2022 %<br> <br>of rev. % Var.
Total revenues 18,962 100.0 18,844 100.0 0.6 37,536 100.0 37,500 100.0 0.1
Cost of sales 13,234 69.8 13,466 71.5 (1.7 ) 26,090 69.5 26,671 71.1 (2.2 )
Gross profit 5,728 30.2 5,378 28.5 6.5 11,446 30.5 10,829 28.9 5.7
Administrative expenses 765 4.0 420 2.2 82.1 1,469 3.9 1,182 3.2 24.3
Selling expenses 4,011 21.2 4,040 21.4 (0.7 ) 8,032 21.4 7,656 20.4 4.9
Other operating expenses (income), net 42 0.2 3 - N.S. 33 0.1 9 - N.S.
Income from operations 910 4.8 915 4.9 (0.5 ) 1,912 5.1 1,982 5.3 (3.5 )
Depreciation 767 4.0 747 4.0 2.7 1,550 4.1 1,476 3.9 5.0
Amortization & other non-cash charges 257 1.4 172 0.8 49.4 500 1.4 376 1.0 33.0
EBITDA 1,934 10.2 1,834 9.7 5.5 3,962 10.6 3,834 10.2 3.3
CAPEX 385 245 57.5 618 245 152.6
Information of Stores
Total stores 4,267 3,862 10.5
Stores Mexico 1,659 1,481 12.0
Stores South America 2,608 2,381 9.5
Net new stores:
vs. Last quarter 81 144 (43.8 )
Year-to-date 161 210 (23.3 )
Last-twelve-months 369 403 (8.4 )
Same-store data: ^(1)^
Sales (thousands of pesos) 1,167.4 1,212.4 (3.7 ) 1,177.2 1,239.6 (5.0 )

^(1)^ Monthly average information per store, considering same stores with more than twelve months of all the retail operations of the Health Division.

July 27, 2023 | Page 20

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the second quarter of: For the six months of:
2023 % of rev. 2022 % of rev. % Var. 2023 % of rev. 2022 % of rev. % Var.
Total revenues 14,455 100.0 13,220 100.0 9.3 27,595 100.0 24,115 100.0 14.4
Cost of sales 12,719 88.0 11,596 87.7 9.7 24,224 87.8 21,151 87.7 14.5
Gross profit 1,736 12.0 1,624 12.3 6.9 3,371 12.2 2,964 12.3 13.7
Administrative expenses 68 0.5 57 0.4 19.3 129 0.5 90 0.4 43.3
Selling expenses 1,101 7.6 1,002 7.7 9.9 2,151 7.7 1,933 8.0 11.3
Other operating expenses (income), net - - (7 ) (0.1 ) (100.0 ) - - (8 ) - (100.0 )
Income from operations 567 3.9 572 4.3 (0.9 ) 1,091 4.0 949 3.9 15.0
Depreciation 281 1.9 256 1.9 9.8 559 2.0 518 2.1 7.9
Amortization & other non-cash charges 13 0.2 14 0.2 (7.1 ) 30 0.1 24 0.2 25.0
EBITDA 861 6.0 842 6.4 2.3 1,680 6.1 1,491 6.2 12.7
CAPEX 44 (0 ) N.S. 68 36 88.2
Information of OXXO GAS Service Stations
Total stores 570 569 0.2
Net new convenience stores:
vs. Last quarter 0 0 -
Year-to-date 2 2 -
Last-twelve-months 1 6 (83.3 )
Volume (millions of liters) total stations 616 613 0.6 1,190 1,129 5.4
Same-store data: ^(1)^
Sales (thousands of pesos) 7,457.6 7,227.0 3.2 7,169.2 6,558.3 9.3
Traffic (thousands of transactions) 360.4 358.2 0.6 348.1 330.2 5.4
Ticket (pesos) 20.7 20.2 2.6 20.6 19.9 3.7

^(A)^ Unaudited consolidated financial information.

^(1)^ Monthly average information per station, considering same stations with more than twelve months of operations.

July 27, 2023 | Page 21

Coca-Cola FEMSA – Results ofOperations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the second quarter of: For the six months of:
2023 % of rev. 2022 % of rev. % Var. 2023 % of rev. 2022 % of rev. % Var.
Total revenues 61,428 100.0 57,311 100.0 7.2 118,641 100.0 108,635 100.0 9.2
Cost of sales 34,161 55.6 32,039 55.9 6.6 65,985 55.6 60,702 55.9 8.7
Gross profit 27,267 44.4 25,271 44.1 7.9 52,657 44.4 47,933 44.1 9.9
Administrative expenses 3,521 5.7 2,868 5.0 22.8 6,591 5.6 5,330 4.9 23.7
Selling expenses 15,274 24.9 14,580 25.4 4.8 29,979 25.3 27,919 25.6 7.4
Other operating expenses (income), net (90 ) (0.1 ) 171 0.3 (152.6 ) (182 ) (0.2 ) 173 0.2 N.S.
Income from operations 8,562 13.9 7,652 13.4 11.9 16,269 13.7 14,512 13.4 12.1
Depreciation 2,403 3.9 2,399 4.2 0.2 4,717 4.0 4,755 4.4 (0.8 )
Amortization & other non-cash charges 473 0.8 556 0.9 (14.9 ) 944 0.8 1,195 1.0 (21.0 )
EBITDA 11,439 18.6 10,607 18.5 7.8 21,930 18.5 20,461 18.8 7.2
CAPEX 4,243 4,052 4.7 6,749 7,157 (5.7 )
Sales Volumes
(Millions of unit cases)
Mexico and Central America 643.3 63.1 590.7 62.0 8.9 1,180.7 60.3 1,084.7 59.1 8.8
South America 135.3 13.3 131.1 13.8 3.2 276.6 14.1 267.8 14.6 3.3
Brazil 240.4 23.6 230.7 24.2 4.2 501.3 25.6 481.5 26.3 4.1
Total 1,018.9 100.0 952.4 100.0 7.0 1,958.5 100.0 1,834.1 100.0 6.8

^(1)^ Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

July 27, 2023 | Page 22

Envoy Solutions – Results ofOperations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br>the second quarter of: For<br>the six months of:
2023 %of rev. 2022 % of rev. %<br>Var. 2023 %of rev. 2022 %of rev. %<br>Var.
Total revenues 13,482 100.0 10,949 100.0 23.1 26,949 100.0 21,836 100.0 23.4
Cost of sales 9,540 70.8 7,942 72.5 20.1 19,252 71.4 15,780 72.3 22.0
Gross profit 3,942 29.2 3,008 27.5 31.1 7,696 28.6 6,056 27.7 27.1
Administrative expenses 1,694 12.6 900 8.2 88.2 3,202 11.9 1,847 8.5 73.4
Selling expenses 1,732 12.7 1,552 14.2 11.6 3,484 12.9 3,110 14.2 12.0
Other operating expenses (income),<br>net 7 0.1 8 0.1 (12.5 ) 15 0.1 10 0.0 50.0
Income from operations 508 3.8 547 5.0 (7.1 ) 996 3.7 1,090 5.0 (8.6 )
Depreciation 260 1.9 204 1.9 27.5 506 1.9 335 1.5 51.0
Amortization & other non-cash<br>charges 452 3.3 145 1.3 N.S. 649 2.4 295 1.4 120.0
EBITDA 1,220 9.0 896 8.2 36.2 2,151 8.0 1,720 7.9 25.1
CAPEX 57 47 19.9 114 181 (37.2 ) 
July 27, 2023 | Page 23

FEMSA Macroeconomic Information

Inflation End-of-period Exchange Rates
2Q 2023 LTM ^(1)^ Jun-23 Jun-23 Jun-22
Per Per MXN Per Per MXN
Mexico 0.92 % 7.44 % 1.0000 1.0000
Colombia 5.57 % 15.86 % 0.0041 0.0048
Brazil 2.26 % 7.37 % 3.5425 3.8153
Argentina 41.51 % 157.82 % 0.0665 0.1596
Chile 2.26 % 13.53 % 0.0213 0.0214
Euro Zone 2.55 % 9.32 % 18.7056 21.1948

All values are in US Dollars.

^(1)^ LTM = Last twelve month

July 27, 2023 | Page 24

Mexico City,July 25, 2023, 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 second quarter of 2023.

SECOND QUARTERHIGHLIGHTS

· Volume<br> growth 7.0% — achieved<br> a record of one billion unit cases for the first time during a quarter
· Revenue<br> growth 7.2%
--- ---
· Operating<br> income growth 11.9%
--- ---
· Majority<br> net income growth 6.5%
--- ---
· Earnings<br> per share^1^ were Ps. 0.29. (Earnings per unit were Ps. 2.34 and per ADS were Ps.<br> 23.45.)
--- ---
· Achieved<br> more than 910 thousand monthly active buyers on Juntos+, our omnichannel B2B platform
--- ---

FIRST SIX MONTHSHIGHLIGHTS

· Volume<br> growth 6.8%
· Revenue<br> growth 9.2%
--- ---
· Operating<br> income growth 12.1%
--- ---
· Majority<br> net income growth 17.3%
--- ---
· Earnings<br> per share^1^ were Ps. 0.53. (Earnings per unit were Ps. 4.21 and per ADS were Ps.<br> 42.07.)
--- ---
· Achieved<br> more than US$ 1 billion in digital revenues through Juntos+
--- ---

FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS

Change vs. same period of last year

Total Revenues Gross Profit Operating Income Majority Net Income
2Q23 YTD 2023 2Q23 YTD 2023 2Q23 YTD 2023 2Q23 YTD 2023
Consolidated 7.2 % 9.2 % 7.9 % 9.9 % 11.9 % 12.1 % 6.5 % 17.3 %
As Reported Mexico & Central America 13.4 % 14.7 % 13.0 % 13.3 % 13.7 % 7.9 %
South America (2.2 )% 1.6 % (1.6 )% 3.9 % 6.6 % 23.8 %
Consolidated 16.9 % 19.2 % 16.9 % 19.2 % 18.7 % 19.4 %
Comparable ^(2)^ Mexico & Central America 15.1 % 16.4 % 14.6 % 14.9 % 15.1 % 9.2 %
South America 20.3 % 23.9 % 22.1 % 28.5 % 31.5 % 54.5 %

IanCraig, Coca-Cola FEMSA’s CEO, commented:

“We are pleased to report another set of positive results. During the quarter, our volume grew across all territories, and surpassed a billion unit cases for the first time during a quarter. Notably, our efforts to optimize costs and generate efficiencies, resulted in sequential margin improvements. On the digital front, the rollout of Juntos+, our B2B omnichannel platform, enabled us to reach more than US$ 1 billion in digital sales during the first six months of year. All this, as we continue bolstering our customer centricity to deepen our connection with our customers and improve their overall experience. As we enter the second half of the year, we are confident in our ability to maintain our growth momentum.

Finally, I want to congratulate our team at Coca-Cola FEMSA Argentina, which was recognized by The Coca-Cola Company with the Candler Cup 2022 due to its excellence in execution, talent, and culture. Working together as one single team with our colleagues from The Coca-Cola Company, our team in Argentina have made this recognition possible.”

^(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 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 26** **of 41** |

| --- | --- | | July 25, 2023 | |

RECENTDEVELOPMENTS

· On<br> May 3, 2023, Coca-Cola FEMSA paid the first installment of the dividend declared in<br> the Annual Ordinary General Shareholders’ Meeting in the amount of Ps. 0.3625 per share,<br> for a total cash distribution of Ps. 6,092 million.
· On<br> June 12, 2023, Coca-Cola FEMSA provided an update on the previously disclosed cybersecurity<br> incident. In this update, the Company announced that its investigation determined that the<br> party responsible for the incident extracted and published certain Company data. Importantly,<br> the Company also announced that this cybersecurity incident did not materially adversely<br> impact Coca-Cola FEMSA’s business operations or related functions, and our service<br> to customers continues uninterrupted. Data security is extremely important to us. Our team,<br> including third party experts, has been working to enhance our cybersecurity risk management<br> program and security posture.
--- ---
· On<br> July 12, 2023, Coca-Cola FEMSA, The Coca-Cola Company, and other leading bottling partners<br> announced the creation of a sustainability-focused venture capital fund in partnership with<br> Greycroft. The creation of the US$137.7 million fund will focus on key investments in packaging,<br> decarbonization, and other initiatives with the potential to reduce the Coca-Cola system’s<br> carbon footprint. The fund’s US$137.7 million in capital comes primarily from US$15<br> million of committed capital from each of the participating companies.
--- ---
· On<br> July 18, 2023, Coca-Cola FEMSA Argentina was awarded by The Coca-Cola Company with the<br> Candler Cup 2022. The Candler cup, named after Asa Candler, founder of The Coca-Cola Company<br> and who granted the first Coca-Cola franchise, is an award given to a bottler in recognition<br> for its excellence in execution, coupled with its investments behind its people’s development,<br> training, and culture.
--- ---

CONFERENCECALL INFORMATION

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 27** **of 41** |

| --- | --- | | July 25, 2023 | |

CONSOLIDATEDSECOND QUARTER RESULTS

CONSOLIDATED SECOND QUARTER RESULTS
As Reported Comparable ^(1)^
--- --- --- --- --- --- --- --- --- --- ---
Expressed in millions of Mexican pesos 2Q 2023 2Q 2022 Δ% Δ%
Total revenues 61,428 57,311 7.2 % 16.9 %
Gross profit 27,267 25,271 7.9 % 16.9 %
Operating income 8,562 7,652 11.9 % 18.7 %
EBITDA ^(2)^ 11,439 10,607 7.8 % 16.0 %

Volumeincreased 7.0% to 1,018.9 million unit cases, driven by volume growth in all of our territories, including strong performances in Mexico, Brazil, Guatemala, and Uruguay. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume would have increased 5.2%.

Totalrevenues increased 7.2% to Ps. 61,428 million. Volume growth, revenue management initiatives, and favorable mix effects drove this increase. These factors were partially offset by an unfavorable currency translation into Mexican Pesos. On a comparable basis, excluding currency translations, total revenues increased 16.9%.

Grossprofit increased 7.9% to Ps. 27,267 million, and gross margin increased 30 basis points to 44.4%. This gross profit increase was driven mainly by our top-line growth and favorable raw material hedging initiatives, partially offset by higher sweetener costs across our territories. On a comparable basis, gross profit increased 16.9%

Operatingincome increased 11.9% to Ps. 8,562 million, and operating margin increased 50 basis points to 13.9%. This expansion was driven mainly by a solid top-line performance and an operating foreign exchange gain in Mexico as a result of the appreciation of the Mexican Peso. These effects were partially offset by an increase in raw material costs, mainly sweeteners, coupled with an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 18.7%.

^(1)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ EBITDA = operating income +depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 28** **of 41** |

| --- | --- | | July 25, 2023 | |

Comprehensivefinancing result recorded an expense of Ps. 1,377 million, compared to an expense of Ps. 574 million in the previous year. This increase was driven mainly by a foreign exchange loss of Ps. 437 million as compared to a gain of Ps. 80 million, as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso and the Brazilian Real.

Additionally, we recorded a loss of Ps. 68 million in financial instruments as compared to a gain of Ps. 355 million due to a one-off market value gain recognized during the same period of 2022. In accordance with IFRS 9, as of the second quarter 2022, we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives.

These effects were partially offset by a decrease in our interest expense, net, mainly as a result of a higher gain in our interest income that was driven by an increase in interest rates.

Finally, we recognized a lower gain in monetary position in inflationary subsidiaries during the second quarter of 2023 as compared to the same period of the previous year.

Incometax as a percentage of income before taxes was 27.2% as compared to 35.5% during the same period of 2022. This decrease was driven mainly by favorable inflationary effects in Mexico and deferred taxes.

Netincome attributable to equity holders of the company was Ps. 4,926 million as compared to Ps. 4,627 million during the same period of the previous year. This increase was driven mainly by operating income growth, partially offset by an increase in our comprehensive financing result. Earnings per share^1^ were Ps. 0.29 (Earnings per unit were Ps. 2.34 and per ADS were Ps. 23.45.).

^(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 2Q23 Results** | **Page 29** **of 41** |

| --- | --- | | July 25, 2023 | |

CONSOLIDATEDFIRST six months RESULTS

CONSOLIDATEDFIRST SIX MONTHS RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos YTD 2023 YTD 2022 Δ% Δ%
Total revenues 118,641 108,635 9.2 % 19.2 %
Gross profit 52,657 47,933 9.9 % 19.2 %
Operating income 16,269 14,512 12.1 % 19.4 %
EBITDA<br> ^(2)^ 21,930 20,461 7.2 % 15.6 %

Volumeincreased 6.8% to 1,958.5 million unit cases, driven by volume growth in all of our territories, including strong performances in Mexico, Brazil, and Guatemala. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume increased 5.0%.

Totalrevenues increased 9.2% to Ps. 118,641 million. Volume growth, revenue management initiatives, and favorable mix effects drove this increase. These factors were partially offset by an unfavorable currency translation into Mexican Pesos. On a comparable basis, total revenues increased 19.2%.

Grossprofit increased 9.9% to Ps. 52,657 million, and gross margin expanded 30 basis points to 44.4%. This gross profit increase was driven mainly by our top-line growth and favorable raw material hedging initiatives. These effects were partially offset by higher sweetener costs across our territories. On a comparable basis, gross profit increased 19.2%.

Operatingincome increased 12.1% to Ps. 16,269 million, and operating margin expanded 30 basis points to 13.7%. This was driven mainly by a solid top-line performance and an operating foreign exchange gain in Mexico as a result of the appreciation of the Mexican Peso. These effects were partially offset by an increase in raw material costs, mainly sweeteners, coupled with an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 19.4%.

^(1)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 30** **of 41** |

| --- | --- | | July 25, 2023 | |

Comprehensivefinancing result recorded an expense of Ps. 2,774 million, compared to an expense of Ps. 2,765 million in the previous year. This is explained mainly by a higher foreign exchange loss of Ps. 1,066 million as compared to a loss of Ps. 85 million during the first six months of the previous year, as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso and the Brazilian Real. In addition, we recorded a lower gain in monetary position in inflationary subsidiaries of Ps. 120 million as compared to a gain of Ps. 292 million during the same period of the previous year.

These effects were partially offset by a decrease in our interest expense, net, mainly as a result of a gain in our interest income of Ps. 1,866 million as compared to a gain of Ps. 948 million that was driven by an increase in interest rates.

Finally, we recorded a lower loss in financial instruments of Ps. 15 million as compared to a loss of Ps. 581 million during the same period of the previous year. This was driven mainly by a market value loss recorded during the first quarter of 2022, partially offset by a market value gain recognized during the second quarter of 2022. In accordance with IFRS 9, as of the second quarter of 2022, we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives.

Incometax as a percentage of income before taxes was 29.6% as compared to 33.2% during the same period of 2022. This decrease was driven mainly by favorable inflationary effects in Mexico and deferred taxes.

Netincome attributable to equity holders of the company increased 17.3% to reach Ps. 8,837 million during the first six months of 2023, as compared to Ps. 7,532 million during the same period of the previous year. This increase was driven mainly by operating income growth. Earnings per share^1^ were Ps. 0.53 (Earnings per unit were Ps. 4.21 and per ADS were Ps. 42.07.).

^(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 2Q23 Results** | **Page 31** **of 41** |

| --- | --- | | July 25, 2023 | |

MEXICO &CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS

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

MEXICO &CENTRAL AMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 2Q 2023 2Q 2022 Δ% Δ%
Total revenues 39,088 34,475 13.4 % 15.1 %
Gross profit 18,635 16,495 13.0 % 14.6 %
Operating income 6,509 5,727 13.7 % 15.1 %
EBITDA<br> ^(2)^ 8,229 7,533 9.2 % 10.8 %

Volumeincreased 8.9% driven by growth across all of our territories in the division, including solid performance from Mexico and Guatemala. These volumes include the integration of the Cristal bulk water business, excluding these volumes, volume increased 6.0% in the division and 4.5% in Mexico.

Totalrevenues increased 13.4% to Ps. 39,088 million, driven by volume growth and revenue management initiatives. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. On a comparable basis, excluding currency translation effects, total revenues increased 15.1%.

Grossprofit increased 13.0% to Ps. 18,635 million, and gross margin contracted 10 basis points to 47.7%. This margin decrease was driven mainly by an increase in raw material costs such as sweeteners and concentrate in Mexico. These effects were partially offset by our top-line growth, favorable raw material hedging initiatives, and the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit increased 14.6%.

Operatingincome increased 13.7% to Ps. 6,509 million, and operating margin expanded 10 basis points to 16.7%, driven mainly by our top-line growth and an operating foreign exchange gain in Mexico. These effects were partially offset by an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 15.1%.

^(1)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 32** **of 41** |

| --- | --- | | July 25, 2023 | |

SOUTHAMERICA DIVISION SECOND QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTHAMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 2Q<br> 2023 2Q<br> 2022 Δ% Δ%
Total revenues 22,341 22,835 (2.2 )% 20.3 %
Gross profit 8,632 8,776 (1.6 )% 22.1 %
Operating income 2,053 1,926 6.6 % 31.5 %
EBITDA<br> ^(2)^ 3,209 3,074 4.4 % 32.0 %

Volumeincreased 3.8% driven by growth across all of our territories in the division.

Totalrevenues decreased 2.2% to Ps. 22,341 million. This decline was driven mainly by unfavorable currency translation effects of all of our operating currencies in the division into Mexican Pesos. These effects were partially offset by a positive underlying operating performance that includes volume growth, revenue management, and favorable mix effects. On a comparable basis, total revenues increased 20.3%.

Grossprofit decreased 1.6% to Ps. 8,632 million, and gross margin expanded 20 basis points to 38.6%. This decrease was driven mainly by increases in raw material costs such as sweeteners that were partially offset by our top-line growth, favorable mix effects, and raw material hedging strategies. On a comparable basis, gross profit increased 22.1%.

Operatingincome increased 6.6% to Ps. 2,053 million in the second quarter of 2023, resulting in an operating margin expansion of 80 basis points to 9.2%. This increase was driven mainly by operating expense efficiencies and an increase in operating leverage resulting from volume growth. These effects were partially offset by higher labor and marketing expenses. On a comparable basis, operating income increased 31.5%.

^(1)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 33** **of 41** |

| --- | --- | | July 25, 2023 | |

DEFINITIONS

Volumeis 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.

Transactionsrefers 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.

Operatingincome is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”

EBITDAis a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”

Earningsper 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 the effects of: (i) mergers, acquisitions, and divestitures, in this case the acquisition of CVI in Brazil, integrated as of February 2022; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to maintain comparability.

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 34** **of 41** |

| --- | --- | | July 25, 2023 | |

ABOUTTHE 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 Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio of 131 brands to a population of more than 266 million. With over 80 thousand employees, the Company markets and sells approximately 3.5 billion unit cases through 2 million points of sale a year. Operating 49 manufacturing plants and 260 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock Exchange’s IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com.

ADDITIONALINFORMATION

All of 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 actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6pages of tables to follow)

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 35** **of 41** |

| --- | --- | | July 25, 2023 | |

COCA-COLAFEMSA

CONSOLIDATEDINCOME STATEMENT

Millionsof Pesos ^(1)^

For<br> the Second Quarter of: For<br> the First six months of:
2023 %<br> of Rev. 2022 %<br> of Rev. Δ%<br><br> Reported Δ% Comparable ^(7)^ 2023 %<br> of Rev. 2022 %<br> of Rev. Δ%<br><br> Reported Δ% Comparable ^(7)^
Transactions<br> (million transactions) 5,933.0 5,636.1 5.3 % 5.3 % 11,500.2 10,847.6 6.0 % 5.8 %
Volume (million unit cases) 1,018.9 952.4 7.0 % 7.0 % 1,958.5 1,834.1 6.8 % 6.6 %
Average price per unit case 58.31 60.05 -2.9 % 58.70 59.10 -0.7 %
Net revenues 61,283 57,190 7.2 % 118,285 108,395 9.1 %
Other operating<br> revenues 145 121 20.5 % 356 239 48.7 %
Total revenues ^(2)^ 61,428 100.0 % 57,311 100.0 % 7.2 % 16.9 % 118,641 100.0 % 108,635 100.0 % 9.2 % 19.2 %
Cost of goods<br> sold 34,161 55.6 % 32,039 55.9 % 6.6 % 65,984 55.6 % 60,702 55.9 % 8.7 %
Gross<br> profit 27,267 44.4 % 25,271 44.1 % 7.9 % 16.9 % 52,657 44.4 % 47,933 44.1 % 9.9 % 19.2 %
Operating expenses 18,796 30.6 % 17,448 30.4 % 7.7 % 36,571 30.8 % 33,249 30.6 % 10.0 %
Other operative expenses, net (46 ) -0.1 % 260 0.5 % NA (78 ) -0.1 % 282 0.3 % NA
Operative<br> equity method (gain) loss in associates^(3)^ (44 ) -0.1 % (89 ) -0.2 % -50.6 % (105 ) -0.1 % (109 ) -0.1 % -4.4 %
Operating income ^(5)^ 8,562 13.9 % 7,652 13.4 % 11.9 % 18.7 % 16,269 13.7 % 14,512 13.4 % 12.1 % 19.4 %
Other non operative expenses,<br> net 228 0.4 % 70 0.1 % 227.1 % 351 0.3 % 249 0.2 % 41.0 %
Non<br> Operative equity method (gain) loss in associates ^(4)^ 31 0.1 % (25 ) 0.0 % NA 165 0.1 % (29 ) 0.0 % NA
Interest expense 1,769 1,688 4.8 % 3,678 3,339 10.2 %
Interest<br> income 834 541 54.3 % 1,866 948 96.8 %
Interest expense, net 935 1,147 -18.5 % 1,812 2,391 -24.2 %
Foreign exchange loss (gain) 437 (80 ) NA 1,066 85 1151.4 %
Loss (gain) on monetary position<br> in inflationary subsidiaries (63 ) (138 ) -54.3 % (120 ) (292 ) -59.0 %
Market value<br> (gain) loss on financial instruments 68 (355 ) NA 15 581 NA
Comprehensive<br> financing result 1,377 574 139.9 % 2,774 2,765 0.3 %
Income before taxes 6,926 7,034 -1.5 % 12,978 11,526 12.6 %
Income taxes 1,881 2,458 -23.5 % 3,860 3,787 1.9 %
Result of<br> discontinued operations - - NA - - NA
Consolidated<br> net income 5,045 4,576 10.3 % 9,118 7,740 17.8 %
Net<br> income attributable to equity holders of the company 4,926 8.0 % 4,627 8.1 % 6.5 % 12.0 % 8,837 7.4 % 7,532 6.9 % 17.3 % 27.8 %
Non-controlling<br> interest 119 0.2 % (51 ) -0.1 % NA 281 0.2 % 208 0.2 % 35.1 %
EBITDA &<br> CAPEX 2023 %<br> of Rev. 2022 %<br> of Rev. Δ%<br><br> Reported Δ% Comparable ^(7)^ 2023 %<br> of Rev. 2022 %<br> of Rev. Δ%<br><br> Reported Δ% Comparable ^(7)^
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Operating<br> income ^(5)^ 8,562 13.9 % 7,652 13.4 % 11.9 % 18.7 % 16,269 13.7 % 14,512 13.4 % 12.1 % 19.4 %
Depreciation 2,397 2,399 -0.1 % 4,717 4,755 -0.8 %
Amortization and other operative non-cash<br> charges 480 556 -13.7 % 945 1,195 -20.9 %
EBITDA ^(5)(6)^ 11,439 18.6 % 10,607 18.5 % 7.8 % 16.0 % 21,930 18.5 % 20,461 18.8 % 7.2 % 15.6 %
CAPEX^(8)^ 4,252 4,052 4.9 % 6,749 7,157 -5.7 %

^(1)^ Except volume and average price per unit case figures.

^(2)^ Please refer to page 15 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 EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

^(6)^ EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

^(7)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

^(8)^ As of June 30, 2023, the investment in fixed assets effectively paid is equivalent to Ps. 6,503 million.

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 36** **of 41** |

| --- | --- | | July 25, 2023 | |

MEXICO &CENTRAL AMERICA DIVISION

RESULTSOF OPERATIONS

Millionsof Pesos ^(1)^

For<br> the Second Quarter of: For<br> the First Six Months of:
2023 %<br> of<br> Rev. 2022 %<br> of<br> Rev. Δ%<br><br> Reported Δ% Comparable ^(6)^ 2023 %<br> of<br> Rev. 2022 %<br> of<br> Rev. Δ%<br><br> Reported Δ% Comparable ^(6)^
Transactions<br> (million transactions) 3,303.6 3,126.6 5.7 % 5.7 % 6,130.4 5,774.9 6.2 % 6.2 %
Volume (million unit cases) 643.3 590.7 8.9 % 8.9 % 1,180.7 1,084.7 8.8 % 8.8 %
Average price per unit case 60.44 58.35 3.6 % 61.40 58.44 5.1 %
Net revenues 39,081 34,466 72,693 63,393
Other operating<br> revenues 6 9 12 17
Total Revenues ^(2)^ 39,088 100.0 % 34,475 100.0 % 13.4 % 15.1 % 72,705 100.0 % 63,410 100.0 % 14.7 % 16.4 %
Cost of goods<br> sold 20,452 52.3 % 17,980 52.2 % 38,151 52.5 % 32,908 51.9 %
Gross<br> profit 18,635.4 47.7 % 16,495.0 47.8 % 13.0 % 14.6 % 34,554.2 47.5 % 30,501.8 48.1 % 13.3 % 14.9 %
Operating expenses 12,251.8 31.3 % 10,562.0 30.6 % 23,310.5 0.3 19,667.5 0.3
Other operative expenses, net (101 ) -0.3 % 236 0.7 % (212 ) -0.3 % 234 0.4 %
Operative<br> equity method (gain) loss in associates ^(3)^ (24 ) -0.1 % (30 ) -0.1 % (64 ) -0.1 % (76 ) -0.1 %
Operating income ^(4)^ 6,509 16.7 % 5,727 16.6 % 13.7 % 15.1 % 11,520 15.8 % 10,677 16.8 % 7.9 % 7.9 %
Depreciation,<br> amortization & other operating non-cash charges 1,720 4.4 % 1,806 5.2 % 3,415 4.7 % 3,579 5.6 %
EBITDA ^(4)(5)^ 8,229 21.1 % 7,533 21.9 % 9.2 % 10.8 % 14,935 20.5 % 14,256 22.5 % 4.8 % 4.8 %

^(1)^ Except volume and average price per unit case figures.

^(2)^ Please refer to page 15 for revenue breakdown.

^(3)^ Includes equity method in Jugos del Valle, among others.

^(4)^ The operating income and EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

^(5)^EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

^(6)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

SOUTHAMERICA DIVISION

RESULTSOF OPERATIONS

Millionsof Pesos ^(1)^

For the Second Quarter of: For the First Six Months of:
2023 % of <br><br>Rev. 2022 % of <br><br>Rev. Δ%<br> <br><br>Reported Δ% Comparable ^(6)^ 2023 % of<br><br> Rev. 2022 % of <br><br>Rev. Δ%<br> <br><br>Reported Δ% Comparable ^(6)^
Transactions (million transactions) 2,629.4 2,509.5 4.8 % 4.8 % 5,369.8 5,072.6 5.9 % 5.4 %
Volume (million unit cases) 375.7 361.7 3.8 % 3.8 % 777.9 749.4 3.8 % 3.3 %
Average price per unit case 54.66 59.27 -7.8 % 54.60 56.68 -3.7 %
Net revenues 22,202 22,724 45,592 45,003
Other operating revenues 139 111 344 222
Total Revenues ^(2)^ 22,341 100.0 % 22,835 100.0 % -2.2 % 20.3 % 45,936 100.0 % 45,225 100.0 % 1.6 % 23.9 %
Cost of goods sold 13,709 61.4 % 14,059 61.6 % 27,833 60.6 % 27,793 61.5 %
Gross profit 8,632 38.6 % 8,776 38.4 % -1.6 % 22.1 % 18,103 39.4 % 17,431 38.5 % 3.9 % 28.5 %
Operating expenses 6,544 29.3 % 6,886 30.2 % 13,261 28.9 % 13,581 30.0 %
Other operative expenses, net 55 0.2 % 23 0.1 % 134 0.3 % 48 0.1 %
Operative<br> equity method (gain) loss in associates ^(3)^ (20 ) -0.1 % (59 ) -0.3 % (41 ) -0.1 % (33 ) -0.1 %
Operating income ^(4)^ 2,053.2 9.2 % 1,925.7 8.4 % 6.6 % 31.5 % 4,748.7 10.3 % 3,835.3 8.5 % 23.8 % 54.5 %
Depreciation, amortization &<br> other operating non-cash charges 1,156 5.2 % 1,148 5.0 % 2,246 4.9 % 2,370 5.2 %
EBITDA ^(4)(5)^ 3,209 14.4 % 3,074 13.5 % 4.4 % 32.0 % 6,995 15.2 % 6,206 13.7 % 12.7 % 42.6 %

^(1)^ Except volume and average price per unit case figures.

^(2)^Please refer to page 15 for revenue breakdown.

^(3)^ Includes equity method in Leão Alimentos, among others.

^(4)^ The operating incomeand EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

^(5)^EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

^(6)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 37** **of 41** |

| --- | --- | | July 25, 2023 | |

COCA-COLAFEMSA

CONSOLIDATEDBALANCE SHEET

Millionsof Pesos

Assets Jun-23 Dec-22 % Var.
Current Assets
Cash, cash equivalents and marketable securities 30,949 40,277 -23 %
Total accounts receivable 13,779 16,318 -16 %
Inventories 12,067 11,888 2 %
Other current assets 8,902 10,729 -17 %
Total current assets 65,697 79,211 -17 %
Non-Current Assets - -
Property, plant and equipment 125,650 125,293 0 %
Accumulated depreciation (54,627 ) (54,088 ) 1 %
Total property, plant and equipment, net 71,023 71,205 0 %
Right of use assets 2,325 2,069 12 %
Investment in shares 8,442 8,452 0 %
Intangible assets and other assets 101,043 103,122 -2 %
Other non-current assets 14,784 13,936 6 %
Total Assets 263,315 277,995 -5 %
Liabilities & Equity Jun-23 Dec-22 % Var.
--- --- --- --- --- --- --- ---
Current Liabilities
Short-term bank loans and notes payable 387 8,524 -95 %
Suppliers 22,949 26,834 -14 %
Short-term leasing Liabilities 609 472 29 %
Other current liabilities 31,061 22,129 40 %
Total current liabilities 55,006 57,959 -5 %
Non-Current Liabilities - -
Long-term bank loans and notes payable 65,371 70,146 -7 %
Long Term Leasing Liabilities 1,817 1,663 9 %
Other long-term liabilities 17,436 16,351 7 %
Total liabilities 139,630 146,119 -4 %
Equity - -
Non-controlling interest 6,465 6,491 0 %
Total controlling interest 117,221 125,384 -7 %
Total equity 123,685 131,876 -6 %
Total Liabilities and Equity 263,315 277,995 -5 %
June 30,<br> 2023
--- --- --- --- --- --- --- --- --- ---
Debt Mix %<br> Total <br><br> Debt ^(1)^ %<br> Interest Rate<br><br> Floating ^(1) (2)^ Average Rate
Currency
Mexican Pesos 62.4 % 7.2 % 8.7 %
U.S. Dollars 16.2 % 37.4 % 4.7 %
Colombian Pesos 1.2 % 0.0 % 6.3 %
Brazilian Reals 19.7 % 67.3 % 10.7 %
Uruguayan Pesos 0.5 % 0.0 % 6.3 %
Total Debt 100 % 25.0 % 8.4 %

^(1)^ Aftergiving effect to cross- currency swaps.

^(2)^ Calculatedby weighting each year´s outstanding debt balance mix.

DebtMaturity Profile

Financial Ratios 2Q 2023 FY 2022 Δ%
Net<br> debt including effect of hedges ^(1)(3)^ 37,209 38,104 -2.3 %
Net<br> debt including effect of hedges / EBITDA ^(1)(3)^ 0.84 0.89
EBITDA/<br> Interest expense, net ^(1)^ 12.10 10.34
Capitalization<br> ^(2)^ 34.8 % 38.9 %

^(1)^ Netdebt = total debt - cash

^(2)^ Totaldebt / (total debt + shareholders' equity)

^(3)^ After giving effect to cross-currency swaps.

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 38** **of 41** |

| --- | --- | | July 25, 2023 | |

COCA-COLAFEMSA QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

2Q 2023 2Q 2022 YoY
Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Δ %
Mexico ^(3)^ 375.9 37.0 104.4 38.1 555.5 366.8 31.3 81.9 34.9 514.8 7.9 %
Guatemala 40.5 2.0 - 2.3 44.8 33.9 1.1 - 2.4 37.3 20.1 %
CAM South 34.9 1.7 0.6 5.7 43.0 31.2 1.9 0.2 5.3 38.6 11.4 %
Mexico and Central America 451.3 40.7 105.1 46.2 643.3 431.8 34.3 82.1 42.5 590.7 8.9 %
Colombia 63.9 9.3 3.5 7.5 84.2 64.6 8.4 2.9 7.6 83.4 0.9 %
Brazil ^(4)^ 203.5 15.2 2.0 19.7 240.4 193.8 14.5 3.4 18.9 230.7 4.2 %
Argentina 30.0 4.3 1.1 3.6 39.0 30.2 3.3 0.8 3.2 37.5 3.8 %
Uruguay 8.8 2.9 - 0.5 12.2 8.6 1.1 - 0.4 10.1 20.3 %
South America 306.1 31.8 6.5 31.2 375.7 297.3 27.4 7.1 30.1 361.7 3.8 %
TOTAL 757.5 72.5 111.6 77.4 1,018.9 729.1 61.6 89.1 72.6 952.4 7.0 %
^(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
^(3)^ Includes 17.4 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa

Transactions

2Q 2023 2Q 2022 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ %
Mexico ^(3)^ 2,102.2 258.6 268.0 2,628.9 2,061.6 216.9 250.5 2,528.9 4.0 %
Guatemala 305.7 15.6 23.6 344.9 261.0 11.0 23.4 295.5 16.7 %
CAM South 255.5 14.2 60.1 329.8 230.5 12.3 59.4 302.2 9.1 %
Mexico and Central America 2,663.5 288.4 351.7 3,303.6 2,553.0 240.2 333.3 3,126.6 5.7 %
Colombia 472.7 98.3 79.4 650.4 464.7 90.9 80.1 635.8 2.3 %
Brazil ^(4)^ 1,346.4 135.2 223.3 1,704.9 1,279.2 127.5 205.7 1,612.5 5.7 %
Argentina 158.4 28.6 31.6 218.5 161.6 22.5 27.5 211.5 3.3 %
Uruguay 41.4 10.4 3.9 55.6 42.0 4.4 3.4 49.7 11.8 %
South America 2,018.8 272.4 338.2 2,629.4 1,947.5 245.3 316.7 2,509.5 4.8 %
TOTAL 4,682.3 560.8 689.9 5,933.0 4,500.5 485.5 650.1 5,636.1 5.3 %

Revenues

Expressed in million Mexican Pesos 2Q 2023 2Q 2022 Δ %
Mexico 32,299 28,505 13.3 %
Guatemala 3,316 3,071 8.0 %
CAM South 3,473 2,899 19.8 %
Mexico and Central America 39,088 34,475 13.4 %
Colombia 4,041 4,584 -11.9 %
Brazil ^(5)^ 15,109 14,982 0.8 %
Argentina 2,220 2,349 -5.5 %
Uruguay 971 920 5.5 %
South America 22,341 22,835 -2.2 %
TOTAL 61,428 57,311 7.2 %

^(4)^ Volume and transactionsin Brazil do not include beer

^(5)^ Brazil includesbeer revenues of Ps. 1,511.3 million for the second quarter of 2023 and Ps.1,282.1 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 refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.
--- --- 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 39** **of 41** |

| --- | --- | | July 25, 2023 | |

COCA-COLA FEMSA YTD- VOLUME, TRANSACTIONS &REVENUES

Volume

YTD 2023 YTD 2022 YoY
Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Δ %
Mexico ^(3)^ 685.4 63.4 192.0 73.4 1,014.2 668.7 52.6 149.4 67.6 938.3 8.1 %
Guatemala 75.8 3.6 - 4.6 84.0 64.5 2.3 - 4.3 71.0 18.3 %
CAM South 66.5 3.5 1.0 11.3 82.4 61.0 3.8 0.4 10.2 75.4 9.2 %
Mexico and Central America 827.8 70.5 193.1 89.3 1,180.7 794.2 58.7 149.8 82.1 1,084.7 8.8 %
Colombia 125.2 18.1 6.8 14.5 164.6 126.8 16.1 5.9 15.0 163.8 0.5 %
Brazil ^(4)^ 421.8 34.6 4.7 40.2 501.3 400.5 31.6 5.8 43.6 481.6 4.1 %
Argentina 65.9 9.8 2.5 8.5 86.7 66.0 7.4 2.0 7.0 82.4 5.1 %
Uruguay 19.1 5.0 - 1.1 25.3 18.1 2.8 - 0.7 21.5 17.4 %
South America 632.1 67.5 13.9 64.3 777.9 611.3 57.9 13.7 66.4 749.4 3.8 %
TOTAL 1,459.8 138.1 207.0 153.6 1,958.5 1,405.5 116.6 163.5 148.4 1,834.1 6.8 %
^(1)^ Excludes water presentations larger than 5.0 Lt ; includes flavored water.
---
^(2)^ Bulk Water  = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water
^(3)^ Includes 32.6 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa

Transactions

YTD 2023 YTD 2022 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ %
Mexico ^(3)^ 3,867.4 449.9 522.7 4,840.0 3,760.2 371.1 488.1 4,619.4 4.8 %
Guatemala 573.0 28.9 46.3 648.2 499.5 22.7 42.9 565.2 14.7 %
CAM South 491.2 27.5 123.5 642.2 450.8 25.0 114.5 590.4 8.8 %
Mexico and Central America 4,931.6 506.3 692.5 6,130.4 4,710.5 418.9 645.5 5,774.9 6.2 %
Colombia 920.8 189.8 157.0 1,267.7 894.5 173.5 161.7 1,229.7 3.1 %
Brazil ^(4)^ 2,749.5 305.4 449.5 3,504.4 2,586.1 275.8 430.1 3,292.0 6.5 %
Argentina 341.7 63.4 73.0 478.1 340.2 47.5 57.3 445.0 7.4 %
Uruguay 91.6 18.3 9.6 119.5 89.1 10.7 6.1 105.9 12.9 %
South America 4,103.7 577.0 689.1 5,369.8 3,909.8 507.6 655.2 5,072.6 5.9 %
TOTAL 9,035.2 1,083.3 1,381.6 11,500.2 8,620.4 926.5 1,300.7 10,847.6 6.0 %

Revenues

Expressed in million Mexican Pesos YTD 2023 YTD 2022 Δ %
Mexico 59,528 51,727 15.1 %
Guatemala 6,333 5,847 8.3 %
CAM South 6,844 5,837 17.3 %
Mexico and Central America 72,705 63,410 14.7 %
Colombia 7,784 8,860 -12.1 %
Brazil ^(5)^ 31,078 29,370 5.8 %
Argentina 4,975 5,150 -3.4 %
Uruguay 2,098 1,845 13.7 %
South America 45,936 45,225 1.6 %
TOTAL 118,641 108,635 9.2 %
^(4)^ Volume and transactions in Brazil do not include beer
---
^(5)^ Brazil includes beer revenues of Ps.2,961.0 million for the first six months of 2023 and Ps.2,532.3 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 refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.
--- --- 
| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 40** **of 41** |

| --- | --- | | July 25, 2023 | |

COCA-COLA FEMSA MACROECONOMIC INFORMATION

Inflation ^(1)^

LTM 2Q23 YTD
Mexico 5.18 % 0.30 % 1.27 %
Colombia 12.56 % 1.95 % 6.26 %
Brasil 4.30 % 1.72 % 3.38 %
Argentina 117.97 % 23.76 % 50.10 %
Costa Rica 1.31 % -0.79 % -1.14 %
Panama 0.14 % 0.70 % 1.82 %
Guatemala 7.02 % 0.14 % 2.10 %
Nicaragua 9.92 % 1.69 % 3.21 %
Uruguay 7.10 % 1.49 % 4.63 %

^(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 Year to Date Exchange Rate
(Local Currency per ) (Local Currency per )
2Q23 2Q22 Δ % YTD 23 YTD 22 Δ %
México 20.04 -11.6 % 20.28 -10.2 %
Colombia 3,915.49 13.0 % 3,915.18 17.3 %
Brasil 4.92 0.6 % 5.08 -0.1 %
Argentina 117.95 96.8 % 112.27 89.1 %
Costa Rica 677.15 -19.6 % 662.13 -16.0 %
Panama 1.00 0.0 % 1.00 0.0 %
Guatemala 7.69 1.6 % 7.69 1.7 %
Nicaragua 35.78 1.7 % 35.70 1.8 %
Uruguay 40.56 -4.8 % 41.94 -7.3 %

All values are in US Dollars.

End-of-period Exchange Rates

Closing Exchange Rate Closing Exchange Rate
(Local Currency per ) (Local Currency per )
Jun-23 Jun-22 Δ % Mar-23 Mar-22 Δ %
México 19.98 -14.6 % 19.99 -9.4 %
Colombia 4,127.47 1.5 % 3,748.15 23.5 %
Brasil 5.24 -8.0 % 4.74 7.2 %
Argentina 125.23 105.0 % 111.01 88.3 %
Costa Rica 692.25 -20.6 % 667.10 -18.2 %
Panama 1.00 0.0 % 1.00 0.0 %
Guatemala 7.76 1.2 % 7.68 1.6 %
Nicaragua 35.87 1.6 % 35.69 1.8 %
Uruguay 39.86 -6.2 % 41.12 -6.0 %

All values are in US Dollars.

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

| **Coca-Cola FEMSA Reports 2Q23 Results** | **Page 41** **of 41** |

| --- | --- | | July 25, 2023 | |

Report a Problem

Category
Description
Email (optional, for follow-up)