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FMX 6-K

Mexican Economic Development Inc (FMX)

6-K 2024-04-26 For: 2024-04-26
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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 April 2024

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

(Exact name of Registrant as specified in its charter)

Mexican Economic Development, Inc.

(Translation of Registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

General Anaya No. 601 Pte.

Colonia Bella Vista

Monterrey, Nuevo León 64410

México

(Address of principal executive offices)

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

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

Form 20-F x Form 40-F ¨

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

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

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

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

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

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

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

Yes ¨ No x

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

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

SIGNATURES

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

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

undersigned, thereunto duly authorized.

FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.
By: /s/ Eugenio Garza y Garza
Eugenio Garza y Garza
Director of Finance and Corporate Development

Date: April, 26, 2024

Exhibit 99.1

1Q 2024

Results

April 26, 2024

Investor Contact

(52) 818-328-6167

[email protected]

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

[email protected]

femsa.com

April 26, 2024  |  Page 1

HIGHLIGHTS

Monterrey, Mexico,April 26, 2024 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the first quarter of 2024.

• FEMSA: Total Consolidated Revenues grew 11.3% compared to 1Q23.
• FEMSA Retail^1^: Proximity Americas total Revenues increased 15.1% versus 1Q23.
--- ---
• DIGITAL: Spin by OXXO had 7.4 million active users^2^ while Spin Premia had 21.7 million active loyalty users^3^ and an average tender^3^ of 35.1%.
--- ---
• COCA-COLA FEMSA: Total volume and revenues grew 7.3% and 11.2%, respectively against 1Q23.
--- ---

Financial Summaryfor the First Quarter 2024

Change vs. comparable period

Total Revenues Gross Profit Income from<br><br> Operations Same-Store Sales
1Q24 1Q24 1Q24 1Q24
FEMSA Consolidated 11.3 % 10.9 % 14.4 %
Proximity Americas 15.1 % 19.9 % 11.5 % 9.7 %
Proximity Europe 8.2 % 11.0 % 175.0 % N.A.
Health (2.3 )% (8.6 )% (40.0 )% (0.1 )%
Fuel 13.9 % 6.4 % 1.4 % 6.9 %
Coca-Cola FEMSA 11.2 % 11.7 % 11.6 %

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

“Our first quarter results showed we are carrying the positive momentum from last year, into 2024. The majority of our operations, including the two that contribute most to our results, delivered excellent numbers across the board. Proximity achieved double-digit growth in top-line and operating income, driven by strong and balanced same-store sales growth, healthy new-store expansion, and good expense control. For its part, Coca-Cola FEMSA delivered a potent set of numbers across its own income statement, driven by strong volume and revenue growth in its major markets.

Digital@FEMSA continued to add users and advance towards its ecosystem objectives, and we also saw good progress at Valora and OXXO Gas. The one operation that is facing strong headwinds is Health, where we continue to navigate a tough competitive environment in Mexico, and a rapidly evolving institutional environment in Colombia. Our team is well advanced in adjusting the strategy to overcome those challenges, and we are confident the trends will improve and eventually converge with the positive dynamics we see elsewhere in our Company.

On the capital allocation front, during the quarter our shareholders approved several measures linked to our capital allocation framework, such as raising our ordinary dividend, approving a special dividend for this year, and doubling our buyback capacity. We made progress on the execution of this capital return strategy, and we began to move toward our stated leverage objective.

In short, we hit the ground running in 2024 and we are hard at work advancing on every element of our strategy, as we continue to pursue and capture the significant opportunities before us. I am grateful to the entire FEMSA team for their extraordinary dedication.”

^1^  FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.

^2^  Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.

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

^3^ Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

April 26, 2024  |  Page 2

QUARTERLY RESULTS

Results are comparedto the same period of previous year

FEMSA CONSOLIDATED

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

1Q24 1Q23 Var.
Total Revenues 178,204 160,107 11.3 %
Income from Operations 14,767 12,912 14.4 %
Operating Margin (%) 8.3 8.1 20 bps
Adjusted EBITDA^3^ 25,049 21,712 15.4 %
EBITDA Margin (%) 14.1 13.6 50 bps
Net Income 5,884 50,329 N.S.

Net Debt ex-KOF^4^

Amounts expressed in millions of Mexican Pesos (Ps.)

As of March 31, 2024 Ps. US$^3^
Cash and Investments 144,660 8,737
Long-Term Debt 66,836 4,037
Lease Liabilities 92,687 5,598
Net debt 14,863 898
ND / Adjusted EBITDA 0.24 x -

Total revenuesincreased 11.3% in 1Q24 compared to 1Q23, driven by growth across most of our business units.

Gross profitincreased 10.9%. Gross margin decreased 20 basis points, mainly reflecting margin contractions in FEMSA’s Health and Fuel operations. This was partially offset by margin expansions in the Proximity Americas, Coca-Cola Femsa, and Proximity Europe divisions.

Income fromoperations increased 14.4%. The consolidated operating margin was 8.3% as a percentage of total sales, mainly explained by a margin expansion in the Proximity Europe division and stable margins of Coca-Cola FEMSA.

Our effectiveincome tax rate was 36.0% in 1Q24 compared to 28.7% in 1Q23. Our income tax provision was Ps. 3,267 million in 1Q24.

Net consolidatedincome was Ps. 5,884 million, reflecting: i) a challenging comparative base from the first quarter of 2023, which included a gain of Ps. 40,606 million from the reclassification of FEMSA’s investment in Heineken to discontinued operations, ii) lower interest income of Ps. 2,845 million compared to Ps. 8,500 million in 1Q23 attributable to a gain from the purchase of debt in 1Q23 of US$1.7 billion, which was not repeated in 1Q24; and iii) a higher interest expense amounting to Ps. 4,716 million stemming from the acquisition of financial derivatives, partially compensated by a reduction in interest rates associated with debt prepayment. This was partially offset by a lower non-cash foreign exchange loss of Ps. 1,104 million resulting from a decrease in our cash position in dollars compared to the period ended in 2023.

Net majorityincome was Ps. 0.82 per FEMSA Unit^1^ and US$0.49 per FEMSA ADS^2^.

Capital expendituresamounted to Ps. 7,371 million, driven by ongoing investment initiatives across our business units aimed at improving our productivity, efficiency, and competitiveness.

^1^ FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of March 31, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

^2^ The exchange rate published by the Federal Reserve Bank of New York for March 31, 2024 was 16.5574 MXN per USD.

^3^ Adjusted EBITDA: Operating Income

  • Depreciation + Amortizations + other non-cash charges.

^4^ ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information.

EBITDA ex-KOF: FEMSA Consolidated EBITDA as described above – Coca-Cola FEMSA’s Consolidated EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments. All Net Debt calculations are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 16 of this document.

April 26, 2024  |  Page 3
PROXIMITY AMERICAS<br><br> <br>OXXO (Mexico & Latam^2^)

1Q24 Financial Summary

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

1Q24 1Q23 Var.
Same-store sales (thousands of Ps.) 960.0 875.4 9.7 %
Total Revenues 70,085 60,871 15.1 %
Income from Operations 4,978 4,463 11.5 %
Income from Operations Margin (%) 7.1 7.3 (20 )bps
Adjusted EBITDA 8,627 7,660 12.6 %
Adjusted EBITDA Margin (%) 12.3 12.6 (30 )bps
Net Additions<br><br> <br>Vs. comparable<br> quarter Store Base<br><br> <br>As of 1Q24 LTM Same-Store Sales<br><br> <br>In thousands<br> of Ps. Adjusted EBITDA<br><br> <br>In millions<br> of Ps.
--- --- --- ---

Total revenuesincreased 15.1% in 1Q24 compared to 1Q23, reflecting 9.7% average same-store sales for the Proximity Americas Division, driven by 7.3% growth in average customer ticket and an increase of 2.2% in store traffic. These figures reflect a strong performance across all OXXO’s categories, mainly supported by thirst and gathering occasions, such as beer, soft drinks, and snacks. During the quarter, the OXXO store base in Mexico & Latam expanded by 424 units to reach 1,675 total net store additions for the last twelve months. As of March 31, 2024, Proximity Americas had a total of 23,290 OXXO stores.

Gross profitreached 42.0% of total revenues, reflecting a 170-basis points expansion resulting from higher contribution of financial services and revenue growth management initiatives which contributed to better pricing dynamics and an increase in commercial income.

Income fromoperations represented 7.1% of total revenues, 20 basis points below 1Q23. Operating expenses increased 21.7% to Ps. 24,444 million, reflecting the addition of new stores and higher labor expenses, particularly in Mexico.

^2^ OXXO Latam: OXXO Colombia, Chile and Peru.

April 26, 2024  |  Page 4
PROXIMITY AMERICAS<br><br> <br>Other formats

Bara^1^

Total revenues increased by 40.5% in 1Q24 compared to 1Q23, driven by an average same-store sales increase of 18.8%, reflecting strong performance in groceries, home hygiene and convenience categories, notably supported by soft drinks. During the quarter, the Bara store base expanded by 15 units reaching a total of 374 Bara stores as of March 31, 2024.

Grupo Nós^2^

Total revenues of OXXO Brazil in 1Q24 grew 117% year-over-year. This figure reflects the successful evolution and expansion of the OXXO value proposition in the region which resulted in same-store sales growth of 18.4%, as well as the addition of 197 net new OXXO stores for the last twelve months. During the quarter, the store base expanded by 71 units. As of March 31, 2024, we had a total of 511 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.

April 26, 2024  |  Page 5
PROXIMITY EUROPE<br><br> <br>Valora

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

1Q24 1Q23 Var.
Total Revenues 10,939 10,111 8.2 %
Income from Operations 388 141 175.0 %
Income from Operations Margin (%) 3.5 1.4 210 bps
Adjusted EBITDA 1,670 1,328 25.8 %
Adjusted EBITDA Margin (%) 15.3 13.1 220 bps

Total revenuesincreased 8.2% in 1Q24 compared to 1Q23, reflecting robust performance in both the B2B business and retail sales across all countries. This was primarily driven by strong promotional income and the addition of new B2B customers, partially offset by an impact in traffic caused by labor strikes in Germany during the quarter. By the end of the period, Proximity Europe had 2,789 points of sale.

Gross profitreached 43.2% of total revenues, reflecting a 100 basis-point expansion driven by a sustained positive performance in the B2B business, a positive price-mix effect, and higher promotional income.

Income fromoperations represented 3.5% of total revenues, driven by contributions from the B2B business, and proportional increase of operating expenses to sales. Operating expenses rose by 5.3% to Ps. 4,342 million, primarily due to higher costs of rent and labor.

April 26, 2024  |  Page 6
HEALTH

1Q24 Financial Summary

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

1Q24 1Q23 Var.
Same-store sales (thousands of Ps.) 1,017.8 1,018.7 (0.1 )%
Total Revenues 18,154 18,574 (2.3 )%
Income from Operations 601 1,002 (40.0 )%
Income from Operations Margin (%) 3.3 5.4 (210 )bps
Adjusted EBITDA 1,679 2,028 (17.2 )%
Adjusted EBITDA Margin (%) 9.2 10.9 (170 )bps
Net Additions<br><br> <br>Vs. comparable<br> quarter Locations<br><br> <br>As of 1Q24 LTM Same-Store Sales<br><br> <br>In thousands<br> of Ps. Adjusted EBITDA<br><br> <br>In millions<br> of Ps.
--- --- --- ---

Total revenuesdecreased 2.3% in 1Q24 compared to 1Q23, impacted by several factors, driven mainly by ongoing challenges in institutional sales in Colombia, a complex macroeconomic environment in Ecuador, persistent competition in Mexico, and a reduced number of stores during the quarter compared to the same quarter of last year. During the quarter, the store base was reduced by 34 units reaching a total of 4,440 locations across our territories, as of March 31, 2024. This figure reflects the addition of 254 net new locations in the last twelve months. Same-store sales decreased by an average of 0.1%, reflecting the trends described above.

Gross profitwas 28.8% of total revenues, reflecting a tough comparison base from higher commercial income in 1Q23, as well as a negative price-mix effect, and lower sales resulting from the decrease in the number of stores compared to 1Q23.

Income fromoperations amounted to 3.3% of total revenues. Operating expenses decreased 1.9% to Ps. 4,625 million, reflecting tight expense control.

April 26, 2024  |  Page 7
FUEL

1Q24 Financial Summary

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

1Q24 1Q23 Var.
Same-station sales (thousands of Ps.) 7,601.7 7,109.5 6.9 %
Total Revenues 14,963 13,141 13.9 %
Income from Operations 530 523 1.4 %
Income from Operations Margin (%) 3.5 4.0 (50 )bps
Adjusted EBITDA 897 819 9.5 %
Adjusted EBITDA Margin (%) 6.0 6.2 (20 )bps
Net Additions<br><br> <br>Vs. comparable<br> quarter Service Station Base<br><br> <br>As of 1Q24 LTM Same-Station Sales<br><br> <br>In thousands<br> of Ps. Adjusted EBITDA<br><br> <br>In millions<br> of Ps.
--- --- --- ---

Total revenuesincreased 13.9% in 1Q24 compared to 1Q23, reflecting a 6.9% average same-station sales increase, driven by 3.4% growth in average volume and 3.4% increase in the average price per liter. These results were driven by higher volume in our institutional sales and wholesale channel, coupled with pricing strategies implemented during the quarter. The OXXO Gas retail network had 570 points of sale as of March 31, 2024.

Gross profitwas 11.6% of total revenues compared to 12.4% in 1Q23, mainly reflecting higher revenues from our institutional sales.

Income fromoperations accounted for 3.5% of total revenues, reflecting operational expenses efficiencies, which were offset by a lower gross margin. Operating expenses increased 8.8% to Ps. 1,209 million, reflecting higher labor expenses.

April 26, 2024  |  Page 8

FEMSARetail Operations Summary

Currency-neutralterms where applicable

Total Revenue Growth (% vs year ago)

1Q24
Proximity<br> Americas
OXXO^1^ 15.1 %
Mexico 14.8 %
OXXO<br> Latam^2^ 30.7 %
Other Proximity Americas<br> formats
Bara 40.5 %
OXXO<br> Brazil^3^ 117.0 %
Proximity Europe^4^ 12.6 %
OXXO<br> Gas 13.9 %
FEMSA Health^5^ (2.1 )%
Chile (4.8 )%
Colombia 0.0 %
Ecuador (19.5 )%
Mexico 4.4 %
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)

1Q24
Proximity<br> Americas
OXXO 7.7 %
Mexico 6.3 %
OXXO<br> Latam^1^ 58.6 %
Other Proximity Americas<br> formats
Bara 32.2 %
OXXO<br> Brazil^2^ 67.2 %
Proximity Europe^3^ 1.5 %
OXXO<br> Gas 0.0 %
FEMSA<br> Health 6.1 %
Chile 3.5 %
Colombia 13.1 %
Ecuador 1.3 %
Mexico 7.0 %
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

1Q24
Proximity Americas
OXXO^1^ 9.7 %
Mexico 9.7 %
OXXO Latam^2^ 6.2 %
Other Proximity Americas formats
Bara 18.8 %
OXXO Brazil^3^ 18.4 %
Proximity Europe^4^ N.A.
OXXO Gas 6.9 %
FEMSA Health^5^ 0.0 %
Chile 1.2 %
Colombia 18.2 %
Ecuador (1.0 )%
Mexico (3.8 )%
1 OXXO Consolidated figures shown in MXN including currency effects.
--- ---
2 Includes OXXO Colombia, Chile and Peru.
3 Operated through Grupo Nós, our joint-venture with Raízen.
4 Local currency (CHF).
5 Only includes retail sales. FEMSA Health Include franchised stores in Ecuador. 
April 26, 2024  |  Page 9
DIGITAL@FEMSA^1^

Spin by OXXO

Spin by OXXO acquired 1.0 million users during the quarter to reach 10.9 million total users in 1Q24, compared to 6.4 million users in 1Q23. This represents an increase of 70.1% YoY and a 4.5% compound monthly growth rate. Active users^2^ represented 68.2% of the total acquired user base representing 77.9% growth and reaching 7.4 million. Total transactions per month increased 7.7%^3^ during the quarter to reach an average of 50.7 million per month in 1Q24, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.8 million users during the quarter to reach 44.0 million total users in 1Q24, compared to 28.9 million users in 1Q23. This represents an increase of 52.3% YoY and a 3.6% compound monthly growth rate. Active users^4^ represented 49.4% of the total acquired user base representing 71.3% growth and reaching 21.7 million. The average tender^5^ during the quarter was 35.1%.

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 within the last 90 days.

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

April 26, 2024  |  Page 10

RECENTDEVELOPMENTS

· On<br> March 15, 2024, FEMSA announced that, consistent with its capital allocation framework<br> and commitment to enhance capital returns to shareholders, it has entered into a derivative<br> instrument known as an accelerated share repurchase (“ASR”) agreement with a<br> financial institution in the United States of America, to repurchase the Company’s<br> shares through the acquisition of American Depositary Shares (“ADS”). Under the<br> terms of the ASR agreement, FEMSA has agreed to repurchase from such financial institution<br> an aggregate amount of USD $400 million of its ADS. The ASR contemplates an initial delivery<br> of approximately 20% of the ADS on or about March 19, 2024.

The total number of ADS ultimately repurchased under the ASR agreement will be based on the daily volume-weighted average price of the Company’s ADS during the term of the agreement, subject to certain limitations. The final settlement of the ASR agreement is expected to be completed no later than the third quarter of 2024.

· On<br> March 25, 2024, FEMSA announced that it held its Annual Shareholders’ Meeting<br> today (“the Shareholders’ Meeting”), during which the shareholders approved<br> the consolidated financial statements for the year ended December 31, 2023, the 2023<br> CEO’s annual report and the opinion of the Board of Directors for the year 2023.

The Annual Shareholders’ Meeting elected the members of the board of directors and the members of each of the Audit Committee, the Corporate Practices and Nominations Committee and the Operations and Strategy Committee of the Board for 2024. In line with our goal of setting the standard for corporate governance best practices, the shareholders’ meeting elected Elane Stock and Olga Gonzalez Aponte as new independent directors. With these additions, our board of directors has 46% representation of independent directors, and 40% participation of women on the board.

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

The Annual Shareholders’ Meeting declared and approved the payment of an ordinary cash dividend of Ps. 0.9161 per each Series "D" share and Ps. 0.7329 per each Series "B" share, which amounts to Ps. 4.3973 per "BD" Unit (BMV: FEMSAUBD) or Ps. 43.973 per ADS (NYSE: FMX), and Ps. 3.6645 per "B" Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on April 18, July 18, October 17 of 2024 and January 16 of 2025.

Additionally, the Annual Shareholders’ Meeting declared and approved the payment of an extraordinary cash dividend of Ps. 0.6417 per each Series "D" share and Ps. 0.5134 per each Series "B" share, which amounts to Ps. 3.0802 per "BD" Unit (BMV: FEMSAUBD) or Ps. 30.8020 per ADS (NYSE: FMX), and Ps. 2.5670 per "B" Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on April 18, July 18, October 17 of 2024 and January 16 of 2025.

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

· On<br> April 23, 2024, FEMSA announced that it had filed its annual report on Form 20-F<br> for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission<br> (SEC) and its annual report, for the same period, with the Comisión Nacional Bancaria<br> y de Valores (Mexican Banking and Securities Commission) and the Bolsa Mexicana de Valores<br> (Mexican Stock Exchange). These reports are available on FEMSA's investor relations website<br> at http://ir.femsa.com. 
April 26, 2024  |  Page 11

CONFERENCE CALL INFORMATION

Our First Quarter 2024 Conference Call will be held on: Friday, April 26, 2024, 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/k3krqeec/
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. 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<br>translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican<br>pesos as published by the Federal Reserve Bank of New York on March 31, 2024, which was 16.5574 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

April 26, 2024  |  Page 12

FEMSA – Consolidated IncomeStatement

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 178,204 100.0 160,107 100.0 11.3
Cost of sales 107,980 60.6 96,781 60.4 11.6
Gross profit 70,224 39.4 63,326 39.6 10.9
Administrative expenses 8,419 4.7 6,636 4.1 26.9
Selling expenses 46,773 26.2 44,034 27.5 6.2
Other operating expenses (income), net ^(1)^ 265 0.1 (256 ) (0.2 ) N.S.
Income from operations ^(2)^ 14,767 8.3 12,912 8.1 14.4
Other non-operating expenses (income) 2,426 1.4 307 0.2 N.S.
Interest expense 4,716 3,574 31.9
Interest income 2,845 8,500 (66.5 )
Interest expense, net 1,871 (4,926 ) (138.0 )
Foreign exchange loss (gain) 1,104 2,547 (56.6 )
Other financial expenses (income), net 291 315 (7.6 )
Financing expenses, net 3,266 (2,066 ) N.S.
Income before income tax and participation in associates results 9,073 14,671 (38.2 )
Income tax 3,267 4,205 (22.3 )
Participation in associates results ^(3)^ (33 ) (211 ) (84.2 )
Continued Operations net income (Loss) 5,774 11,041 N.S.
Discontinued Operations net income (Loss) 110 39,288 N.S.
Consolidated net income (Loss) 5,884 50,329 N.S.
Net majority income 2,931 48,078 N.S.
Net minority income 2,953 2,251 31.2
Operative Cash Flow& CAPEX 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Inc.
Income from operations 14,767 8.3 12,912 8.1 % 14.4
Depreciation 7,868 4.4 7,757 4.8 % 1.4
Amortization& other non-cash charges 2,415 1.4 1,042 0.7 % 131.7
Adjusted EBITDA 25,049 14.1 21,712 13.6 % 15.4
CAPEX 7,371 5,080 86.0

^(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.

April 26, 2024  |  Page 13

FEMSA –Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

ASSETS Mar-24 Dec-23 % Inc.
Cash and cash equivalents 137,530 165,112 (16.7 )
Investments 42,176 26,728 57.8
Accounts receivable 38,683 38,863 (0.5 )
Inventories 54,571 58,222 (6.3 )
Other current assets 48,871 41,415 18.0
Current Assets Available for sale 25,596 25,819 (0.9 )
Total current assets 347,427 356,159 (2.5 )
Investments in shares 26,092 26,247 (0.6 )
Property, plant and equipment, net 142,785 141,530 0.9
Right of use 86,150 87,941 (2.0 )
Intangible<br> assets ^(1)^ 141,168 143,218 (1.4 )
Other assets 53,938 50,761 6.3
TOTAL ASSETS 797,560 805,856 (1.0 )
LIABILITIES & STOCKHOLDERS’<br> EQUITY Mar-24 Dec-23 % Inc.
--- --- --- --- --- --- --- ---
Bank loans 2,373 2,453 (3.3 )
Current maturities of long-term debt 2,704 8,955 (69.8 )
Interest payable 1,644 1,677 (2.0 )
Current maturities of long-term leases 12,233 12,236 (0.0 )
Operating liabilities 175,897 148,447 18.5
Short term liabilities available for sale 11,887 11,569 2.7
Total current liabilities 206,738 185,337 11.5
Long-term<br> debt ^(2)^ 126,303 125,417 0.7
Long-term leases 82,207 83,838 (1.9 )
Laboral obligations 7,174 6,920 3.7
Other liabilities 27,757 25,975 6.9
Total liabilities 450,180 427,487 5.3
Total stockholders’ equity 347,380 378,369 (8.2 )
TOTAL LIABILITIES AND STOCKHOLERS’<br> EQUITY 797,560 805,856 (1.0 )
March 31, 2024
--- --- --- --- --- --- ---
DEBT MIX ^(2)^ % of Total Average<br> <br><br>Rate
Denominated in:
Mexican pesos 54.6 % 9.1 %
U.S. Dollars 27.0 % 3.4 %
Euros 6.6 % 2.6 %
Swiss Francs 0.0 % 0.0 %
Colombian pesos 0.7 % 6.3 %
Argentine pesos 0.0 % 130.0 %
Brazilian reais 10.2 % 9.3 %
Chilean pesos 0.9 % 8.9 %
Total debt 100.0 % 7.2 %
Fixed<br> rate ^(2)^ 83.8 %
Variable<br> rate ^(2)^ 16.2 %
DEBT MATURITY PROFILE 2024 2025 2026 2027 2028 2029+
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Debt 3.6 % 1.7 % 9.2 % 8.0 % 11.3 % 66.3 %

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

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

April 26, 2024  |  Page 14

NetDebt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

Twelve months ended March 31, 2024
Reported Adj. EBITDA Adjustments Adj. EBITDA Ex-KOF^3^
Proximity Americas & Europe 2,853 - 2,853
Fuel 225 - 225
Health Division 466 - 466
Envoy Solutions 74 - 74
Coca-Cola FEMSA^1^ 2,921 (2,921 ) -
Other^2^ (261 ) - (261 )
FEMSA Consolidated 6,279 (2,921 ) 3,357
Dividends Received^3^ - 381 381
FEMSA Consolidated ex-KOF 6,279 (2,541 ) 3,738
As of March 31, 2024
--- --- --- --- --- --- --- ---
Reported Adjustments Ex-KOF
Cash & Equivalents 8,737 - 8,737
Coca-Cola FEMSA Cash & Equivalents 2,117 (2,117 ) -
Cash & Equivalents 10,854 (2,117 ) 8,737
Financial Debt^4^ 4,037 - 4,037
Coca-Cola FEMSA Financial Debt 3,898 (3,898 ) -
Lease Liabilities 5,598 - 5,598
Coca-Cola FEMSA Lease Liabilities 106 (106 ) -
Debt 13,639 (4,004 ) 9,635
FEMSA Net Debt 2,785 (1,887 ) 898

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for March 31, 2023 which was 16.5574 MXN per USD.

^1^Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

^2^Includes FEMSA Other Businesses (including Bara and Digital@FEMSA), FEMSA corporate expenses and the effects of consolidation adjustments

^3^Reflects cash dividends received from Coca-Cola FEMSA for approximately US$316 mm and EUR$57 mm during the last twelve months.

^4^ Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.

April 26, 2024  |  Page 15

Proximity Americas – Resultsof Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 70,085 100.0 60,871 100.0 15.1
Cost of sales 40,662 58.0 36,325 59.7 11.9
Gross profit 29,423 42.0 24,546 40.3 19.9
Administrative expenses 1,524 2.2 1,120 1.8 36.0
Selling expenses 22,830 32.6 18,945 31.1 20.5
Other operating expenses (income), net 90 0.1 18 0.0 N.S.
Income from operations 4,978 7.1 4,463 7.3 11.5
Depreciation 2,994 4.3 2,984 4.9 0.3
Amortization& other non-cash charges 655 0.9 213 0.3 N.S.
Adjusted EBITDA 8,627 12.3 7,660 12.6 12.6
CAPEX 3,351 2,349 42.7
Information of OXXO Stores
Total stores 23,290 21,615 7.7
Stores Mexico 22,326 21,007 6.3
Stores South America 964 608 58.6
Net new convenience stores:
vs. Last quarter 424 157 N.S.
Year-to-date 424 157 N.S.
Last-twelve-months 1,675 1,115 50.2
Same-store data: ^(1)^
Sales (thousands of pesos) 960.0 875.4 9.7
Traffic (thousands of transactions) 17.5 17.1 2.2
Ticket (pesos) 54.8 51.1 7.3

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

April 26, 2024  |  Page 16

Proximity Europe – Resultsof Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 10,939 100.0 10,111 100.0 8.2
Cost of sales 6,209 56.8 5,848 57.8 6.2
Gross profit 4,730 43.2 4,263 42.2 11.0
Administrative expenses 849 7.8 752 7.4 12.9
Selling expenses 3,520 32.2 3,394 33.6 3.7
Other operating expenses (income), net (26 ) (0.2 ) (24 ) (0.2 ) 8.8
Income from operations 388 3.5 141 1.4 175.0
Depreciation 1,120 10.2 1,111 11.0 0.8
Amortization & other non-cash charges 163 1.5 76 0.8 114.2
Adjusted EBITDA 1,670 15.3 1,328 13.1 25.8
CAPEX 381 195 N.S. 
April 26, 2024  |  Page 17

Health – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 18,154 100.0 18,574 100.0 (2.3 )
Cost of sales 12,928 71.2 12,856 69.2 0.6
Gross profit 5,226 28.8 5,718 30.8 (8.6 )
Administrative expenses 945 5.2 705 3.8 34.0
Selling expenses 3,669 20.2 4,020 21.6 (8.7 )
Other operating expenses (income), net 11 0.1 (9 ) (0.0 ) N.S.
Income from operations 601 3.3 1,002 5.4 (40.0 )
Depreciation 812 4.5 782 4.2 3.8
Amortization& other non-cash charges 266 1.5 244 1.3 9.1
Adjusted EBITDA 1,679 9.2 2,028 10.9 (17.2 )
CAPEX 168 233 (27.9 )
Information of Stores
Total Locations 4,440 4,186 6.1
Stores Mexico 1,723 1,610 7.0
Stores South America 2,717 2,576 5.5
Net new locations:
vs. Last quarter (34 ) 80 N.S.
Year-to-date (34 ) 80 N.S.
Last-twelve-months 254 453 (43.9 )
Same-store data: ^(1)^
Sales (thousands of pesos) 1,017.8 1,018.7 (0.1 )

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

April 26, 2024  |  Page 18

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %ofrev. 2023 %ofrev. % Var.
Total revenues 14,963 100.0 13,141 100.0 13.9
Cost of sales 13,224 88.4 11,506 87.6 14.9
Gross profit 1,740 11.6 1,635 12.4 6.4
Administrative expenses 76 0.5 61 0.5 23.8
Selling expenses 1,145 7.7 1,051 8.0 9.0
Other operating expenses (income), net (12 ) (0.1 ) - - N.S.
Income from operations 530 3.5 523 4.0 1.4
Depreciation 243 1.6 277 2.1 (12.4 )
Amortization& other non-cash charges 124 0.8 19 0.1 N.S.
Adjusted EBITDA 897 6.0 819 6.2 9.5
CAPEX 8 24 (67.4 )
Information of OXXO GAS Service Stations
Total service stations 570 570 -
Net new service stores:
vs. Last quarter (1 ) 2 (150.0 )
Year-to-date (1 ) 2 (150.0 )
Last-twelve-months (1 ) 1 N.S.
Volume (millions of liters) total stations 614 574 6.9
Same-station data: ^(1)^
Sales (thousands of pesos) 7,601.7 7,109.5 6.9
Volume (thousands of liters) 358.8 346.9 3.4
Average price per liter 21.2 20.5 3.4

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

April 26, 2024  |  Page 19

Coca-Cola FEMSA – Results ofOperations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 63,803 100.0 57,357 100.0 11.2
Cost of sales 35,375 55.4 31,899 55.6 10.9
Gross profit 28,428 44.6 25,458 44.4 11.7
Administrative expenses 3,150 4.9 3,078 5.4 2.3
Selling expenses 16,518 25.9 14,747 25.7 12.0
Other operating expenses (income), net 188 0.3 (90 ) (0.2 ) N.S.
Income from operations 8,617 13.5 7,724 13.5 11.6
Depreciation 2,541 4.0 2,326 4.1 9.2
Amortization & other non-cash charges 786 1.2 471 0.8 66.9
Adjusted EBITDA 11,944 18.7 10,522 18.3 13.5
CAPEX 3,272 2,506 30.6
Sales Volumes
(Millions of unit cases)
Mexico and Central America 579.8 57.5 537.4 57.2 7.9
South America 140.6 13.9 141.3 15.0 (0.5 )
Brazil 288.2 28.6 260.9 27.8 10.4
Total 1,008.6 100.0 939.6 100.0 7.3 
April 26, 2024  |  Page 20

FEMSA Macroeconomic Information

Inflation End-of-period Exchange Rates
1Q 2024 LTM ^(1)^ Mar-24 Mar-24 Mar-23
Per Per MXN Per Per MXN
Mexico 0.21 % 4.48 % 1.0000 1.0000
Colombia 1.80 % 2.41 % 0.0043 0.0039
Brazil 0.84 % 1.50 % 3.3381 3.5637
Argentina 28.77 % 55.99 % 0.0194 0.0866
Chile 1.26 % 4.29 % 0.0170 0.0229
Euro Zone 0.77 % 0.92 % 18.1081 19.6863

All values are in US Dollars.

^(1)^ LTM = Last twelve months.

April 26, 2024  |  Page 21

MexicoCity, April 24, 2024, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the first quarter of 2024.

FIRSTQUARTER HIGHLIGHTS

• Volume<br> growth 7.3%
• Revenue<br> growth 11.2%
--- ---
• Operating<br> income growth 11.6%
--- ---
• Majority<br> net income growth 27.8%
--- ---
• Earnings<br> per share^1^ were Ps. 0.30 (Earnings per unit were Ps. 2.38 and per ADS were Ps.<br> 23.83)
--- ---
• Successfully<br> launched version 4.0 of Juntos+ app in Mexico, reaching more than 214K active monthly users
--- ---

FINANCIAL SUMMARY FOR THE FIRST QUARTER RESULTS

Change vs. same period of last year

Total Revenues Gross Profit Operating Income Majority Net Income
1Q24 1Q24 1Q24 1Q24
Consolidated 11.2 % 11.7 % 11.6 % 27.8 %
As Reported Mexico & Central America 12.6 % 12.4 % 13.4 %
South America 9.3 % 10.5 % 8.2 %
Consolidated 17.7 % 18.5 % 18.9 %
Comparable ^(2)^ Mexico & Central America 14.1 % 13.9 % 15.1 %
South America 23.4 % 27.4 % 27.0 %

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

"As we reflect on a positive first quarter, I am encouraged by the progress we are making across our strategic priorities. We continue implementing a sustainable growth model, building on the positive momentum of our core business. To this end, we posted solid volumes in key markets such as Mexico, Brazil, Colombia, Guatemala, and our Central America South territories, supporting our top-line and operating income to achieve double-digit growth.

Additionally, we continue laying the foundation to take Juntos^+^ to the next level with advanced artificial intelligence capabilities. During the quarter, we successfully launched Juntos^+^ version 4.0 in Mexico, which includes new features and an improved user experience, enabling us to serve our customers more effectively. Moreover, we continue fostering a customer-centric culture within our organization with the deployment of our KOF Principles.

All this would not be possible without the dedication and talent of our teams across our operations, and our shared commitment to creating long-term sustainable value for all of our stakeholders. As we progress throughout the year, we will continue focusing on these three drivers: build on the growth momentum of our core business, take Juntos+ to the next level, and foster a customer-centric and psychologically safe culture."

^(1)^ Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.
^(2)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. 
| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 2 of 14** |

| --- | --- | | April 24, 2024 | |

RECENTDEVELOPMENTS

• On<br> March 19, 2024, Coca-Cola FEMSA held its Annual Ordinary General Shareholders’<br> Meeting, during which its shareholders approved among other things, the Company’s consolidated<br> financial statements for the year ended December 31, 2023, the annual report presented<br> by the Board of Directors, the declaration and payment of dividends corresponding to the<br> fiscal year 2023, and the appointment or reelection of the members of the Board of Directors,<br> the Planning and Finance, Audit and Corporate Practices Committees for 2024. The shareholders’<br> meeting approved the payment of a cash dividend in the amount of Ps. 6.08 per KOF UBL unit<br> (Ps. 0.76 per share) to be paid in four equal installments of Ps. 1.52 per KOF UBL unit (Ps.<br> 0.19 per share) on April 16, July 16, October 15, and December 9, 2024,<br> for all outstanding shares on the payment date.
• Coca-Cola<br> FEMSA released its 2023 integrated report entitled, “Future-Ready – Driving Growth,”<br> the annual report on Form 20-F filing to the U.S. Securities and Exchange Commission,<br> and the annual report filing to the Mexican National Banking and Securities Commission (Comisión<br> Nacional Bancaria y de Valores). These three reports are available on the Investor Relations<br> section of Coca-Cola FEMSA´s website at www.coca-colafemsa.com
--- ---
• On<br> April 16, 2024, Coca-Cola FEMSA paid the first installment of the ordinary dividend<br> approved for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million.
--- ---

CONFERENCECALL INFORMATION

| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 3 of 14** |

| --- | --- | | April 24, 2024 | |

CONSOLIDATEDFIRST QUARTER RESULTS

CONSOLIDATED FIRST QUARTER RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 1Q 2024 1Q 2023 Δ% Δ%
Total revenues 63,803 57,357 11.2 % 17.7 %
Gross profit 28,428 25,458 11.7 % 18.5 %
Operating income 8,617 7,724 11.6 % 18.9 %
Adj. EBITDA ^(2)^ 11,944 10,522 13.5 % 21.7 %

Volumeincreased 7.3% to 1,008.6 million unit cases, driven by volume growth in most of our territories, including a strong performance in Mexico, Brazil, Colombia, Guatemala, and our Central America South territories, partially offset by a decrease in Argentina, Panama, and Uruguay.

Totalrevenues increased 11.2% to Ps. 63,803 million. This increase was driven mainly by solid volume growth, partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 17.7%.

Grossprofit increased 11.7% to Ps. 28,428 million, and gross margin increased 20 basis points to 44.6%. This expansion was driven mainly by the operating leverage resulting from our top-line growth, and the appreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso as compared to the same period of the previous year. Excluding currency translation effects, gross profit increased 18.5%.

Operatingincome increased 11.6% to Ps. 8,617 million, and operating margin remained flat at 13.5%. Operating income was driven mainly by gross profit growth and expense efficiencies. These effects were partially offset by increases in operating expenses such as labor, freight, and maintenance. In addition, our comparison base included a larger non-cash operating foreign exchange gain in Mexico, as a result of the appreciation of the Mexican Peso in the same period of the previous year. Excluding currency translation effects, operating income increased 18.9%.

^(1)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ Adjusted EBITDA = operatingincome + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 4 of 14** |

| --- | --- | | April 24, 2024 | |

Comprehensivefinancing result recorded an expense of Ps. 1,188 million, compared to an expense of Ps. 1,399 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 26 million as compared to a loss of Ps. 640 million during the same period of the previous year. This loss was driven as our net cash exposure in U.S. dollars was negatively impacted by the quarterly appreciation of the Mexican Peso and the Brazilian Real.

In addition, we recognized a lower interest expense of Ps. 1,797 million as compared to an expense of Ps. 1,913 million in the same period of the previous year, mainly as a result of (i) a lower interest expense related to the maturity of a Mexican Peso denominated bond, and (ii) a decrease in interest rates in Brazil.

These effects were partially offset by a lower interest income of Ps. 623 million as compared to Ps. 1,042 million during the same period of the previous year, mainly as a result of a decrease in interest rates in Brazil and Mexico.

Additionally, we recorded a loss in financial instruments of Ps. 46 million as compared to a gain of Ps. 53 million in the same period of the previous year.

Finally, we recorded a lower gain in monetary positions in inflationary subsidiaries of Ps. 7 million, as compared to a gain of Ps. 60 million during the same period of the previous year.

Incometax as a percentage of income before taxes was 30.2% as compared to 32.4% during the same period of the previous year. The decrease was driven mainly by the recognition of certain non-taxable tax credits.

Netincome attributable to equity holders of the company was Ps. 5,006 million as compared to Ps. 3,916 million during the same period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. Earnings per share^1^ were Ps. 0.30 (Earnings per unit were Ps. 2.38 and per ADS were Ps. 23.83.).

^(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 1Q24 Results** | **Page 5 of 14** |

| --- | --- | | April 24, 2024 | |

MEXICO &CENTRAL AMERICA DIVISION FIRST QUARTER RESULTS

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

MEXICO & CENTRAL AMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 1Q 2024 1Q 2023 Δ% Δ%
Total revenues 37,844 33,617 12.6 % 14.1 %
Gross profit 17,888 15,919 12.4 % 13.9 %
Operating income 5,681 5,011 13.4 % 15.1 %
Adj. EBITDA (2) 7,744 6,706 15.5 % 17.3 %

Volumeincreased 7.9% driven by growth across most territories in the division. Mexico volumes grew 6.9%, volumes in Guatemala grew 17.0% and in Central America South 10.6% driven by growth in Costa Rica and Nicaragua.

Totalrevenues increased 12.6% to Ps. 37,844 million, driven mainly by volume growth. This increase was partially offset by unfavorable currency translation effects from all of our operating currencies in Central America into Mexican Pesos. Excluding currency translation effects, total revenues increased 14.1%.

Grossprofit increased 12.4% to Ps. 17,888 million, and gross margin contracted 10 basis points to 47.3%. This performance was driven mainly by our top-line growth, the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs, and favorable raw material hedging initiatives. These effects were offset by higher sweetener costs. Excluding currency translation effects, gross profit increased 13.9%.

Operatingincome increased 13.4% to Ps. 5,681 million, and operating margin increased 10 basis points to 15.0%, driven mainly by our top-line growth and variable expense efficiencies. These effects were offset by higher sweetener costs and higher expenses such as labor, marketing, and freight. Additionally, we recorded a lower operating foreign exchange gain in Mexico as compared to the previous year. Excluding currency translation effects, operating income increased 15.1%.

^(1)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ Adjusted EBITDA = operatingincome + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 6 of 14** |

| --- | --- | | April 24, 2024 | |

SOUTH AMERICADIVISION FIRST QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 1Q 2024 1Q 2023 Δ% Δ%
Total revenues 25,958 23,740 9.3 % 23.4 %
Gross profit 10,540 9,539 10.5 % 27.4 %
Operating income 2,935 2,713 8.2 % 27.0 %
Adj. EBITDA (2) 4,200 3,816 10.1 % 30.7 %

Volumeincreased 6.6%, driven mainly by a 10.4% growth in Brazil and 9.7% in Colombia, partially offset by a 16.9% decline in Argentina and 3.6% in Uruguay.

Totalrevenues increased 9.3% to Ps. 25,958 million, driven mainly by our volume growth. This increase was partially offset by unfavorable currency translation effects of most of our operating currencies in the division into Mexican Pesos. Excluding currency translation effects, total revenues increased 23.4%.

Grossprofit increased 10.5% to Ps. 10,540 million, and gross margin expanded 40 basis points to 40.6%. This increase was driven mainly by operating leverage due to our top-line growth and favorable raw material hedging strategies. This growth was partially offset by increases in raw material costs such as sweeteners and the depreciation of most of our operating currencies as applied to our U.S dollar denominated raw material costs. Excluding currency translation effects, gross profit increased 27.4%.

Operatingincome increased 8.2% to Ps. 2,935 million in the first quarter of 2024, resulting in an operating margin contraction of 10 basis points to 11.3%. This increase was driven mainly by operating leverage coupled with cost and expense efficiencies. These effects were offset by the top-line contraction resulting from the volatile macroeconomic situation in Argentina. Excluding currency translation effects, operating income increased 27.0%.

^(1)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(2)^ Adjusted EBITDA = operatingincome + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 7 of 14** |

| --- | --- | | April 24, 2024 | |

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.”

AdjustedEBITDA is 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; 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 1Q24 Results** | **Page 8 of 14** |

| --- | --- | | April 24, 2024 | |

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 to a population of more than 272 million. With over 104 thousand employees, the Company markets and sells approximately 4 billion unit cases through more than 2.1 million points of sale a year. Operating 56 manufacturing plants and 252 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 MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, 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.

(5 pages of tables to follow)

| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 9 of 14** |

| --- | --- | | April 24, 2024 | |

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ^(1)^

For<br> the First Quarter of:
2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ%<br> Comparable ^(7)^
Transactions (million transactions) 5,958.0 5,567.3 7.0 % 7.0 %
Volume (million unit cases)^^ 1,008.6 939.6 7.3 % 7.3 %
Average price per unit case 61.21 59.28 3.3 %
Net revenues 63,638 57,145 11.4 %
Other operating revenues 165 212 -22.4 %
Total revenues ^(2)^ 63,803 100.0 % 57,357 100.0 % 11.2 % 17.7 %
Cost of goods sold 35,374 55.4 % 31,899 55.6 % 10.9 %
Gross profit 28,428 44.6 % 25,458 44.4 % 11.7 % 18.5 %
Operating expenses 19,668 30.8 % 17,825 31.1 % 10.3 %
Other operative expenses, net 188 0.3 % (30 ) NA NA
Operative equity method<br> (gain) loss in associates^(3)^ (44 ) NA (61 ) NA -28.0 %
Operating income ^(5)^ 8,617 13.5 % 7,724 13.5 % 11.6 % 18.9 %
Other non operative expenses, net (90 ) NA 124 0.2 % NA
Non Operative equity method<br> (gain) loss in associates ^(4)^ 13 0.0 % 134 0.2 % -90.2 %
Interest expense 1,797 1,913 -6.1 %
Interest income 623 1,042 -40.2 %
Interest expense, net 1,174 871 34.8 %
Foreign exchange loss (gain) (26 ) 640 NA
Loss (gain) on monetary position in inflationary<br> subsidiaries (7 ) (60 ) -88.9 %
Market value (gain) loss on financial instruments 46 (53 ) NA
Comprehensive financing result 1,188 1,399 -15.1 %
Income before taxes 7,506 6,067 23.7 %
Income taxes 2,258 1,989 13.5 %
Result of discontinued operations - - NA
Consolidated net income 5,247 4,078 28.7 %
Net income attributable to equity holders of<br> the company 5,006 7.8 % 3,916 6.8 % 27.8 % 36.4 %
Non-controlling interest 241 0.4 % 162 0.3 % 48.8 %
Adj. EBITDA & CAPEX 2024 % of Rev. 2023 % of Rev. Δ%<br> Reported Δ%<br> Comparable ^(7)^
Operating income ^(5)^ 8,617 13.5 % 7,724 13.5 % 11.6 % 18.9 %
Depreciation 2,541 2,326 9.2 %
Amortization and other operative non-cash charges 786 471 66.9 %
Adj. EBITDA ^(5)(6)^ 11,944 18.7 % 10,522 18.3 % 13.5 % 21.7 %
CAPEX 3,181 2,506 26.9 %
^(1)^ Except volume and average price per unit case figures.
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^(2)^ Please refer to page 13 for revenue breakdown.
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^(3)^ Includes equity method in Jugos del Valle and Leão Alimentos, among others.
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^(4)^ Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.
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^(5)^ The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
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^(6)^ Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
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^(7)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
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^(8)^ As of March 31, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 3, 775 million.
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| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 10 of 14** |

| --- | --- | | April 24, 2024 | |

MEXICO & CENTRALAMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ^(1)^

For the First Quarter of:
2024 % of Rev. 2023 % of Rev. Δ% Reported Δ% Comparable ^(6)^
Transactions (million transactions) 3,019.1 2,826.8 6.8 % 6.8 %
Volume (million unit cases)^^ 579.8 537.4 7.9 % 7.9 %
Average price per unit case 64.92 62.55 3.8 %
Net revenues 37,844 33,612
Other operating revenues (0 ) 5
Total Revenues ^(2)^ 37,844 100.0 % 33,617 100.0 % 12.6 % 14.1 %
Cost of goods sold 19,956 52.7 % 17,699 52.6 %
Gross profit 17,888 47.3 % 15,919 47.4 % 12.4 % 13.9 %
Operating expenses 12,114 32.0 % 11,059 32.9 %
Other operative expenses, net 119 0.3 % (111 ) NA
Operative equity method (gain) loss in associates ^(3)^ (26 ) NA (40 ) NA
Operating income ^(4)^ 5,681 15.0 % 5,011 14.9 % 13.4 % 15.1 %
Depreciation, amortization & other operating non-cash charges 2,062 5.4 % 1,695 5.0 %
Adj. EBITDA ^(4)(5)^ 7,744 20.5 % 6,706 19.9 % 15.5 % 17.3 %
^(1)^ Except volume and averageprice per unit case figures.
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^(2)^ Please refer to page 13for revenue breakdown.
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^(3)^ Includes equity method inJugos del Valle, among others.
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^(4)^ The operating income andAdjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
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^(5)^ Adjusted EBITDA = operatingincome + depreciation, amortization & other operating non-cash charges.
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^(6)^ Please refer to page 8for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operatingperformance.
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SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ^(1)^

For the First Quarter of:
2024 % of Rev. 2023 % of Rev. Δ% Reported Δ% Comparable ^(6)^
Transactions (million transactions) 2,938.9 2,740.5 7.2 % 7.2 %
Volume (million unit cases)^^ 428.8 402.2 6.6 % 6.6 %
Average price per unit case 56.20 54.90 2.4 %
Net revenues 25,794 23,533
Other operating revenues 165 207
Total Revenues ^(2)^ 25,958 100.0 % 23,740 100.0 % 9.3 % 23.4 %
Cost of goods sold 15,418 59.4 % 14,200 59.8 %
Gross profit 10,540 40.6 % 9,539 40.2 % 10.5 % 27.4 %
Operating expenses 7,554 29.1 % 6,766 28.5 %
Other operative expenses, net 68 0.3 % 81 0.3 %
Operative equity method (gain) loss in associates ^(3)^ (18 ) NA (21 ) NA
Operating income ^(4)^ 2,935 11.3 % 2,713 11.4 % 8.2 % 27.0 %
Depreciation, amortization & other operating non-cash charges 1,265 4.9 % 1,102 4.6 %
Adj. EBITDA ^(4)(5)^ 4,200 16.2 % 3,816 16.1 % 10.1 % 30.7 %
^(1)^ Except volume and average price per unit case figures.
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^(2)^ Please refer to page 13 for revenue breakdown.
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^(3)^ Includes equity method in Leão Alimentos and Verde Campo, among others.
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^(4)^ The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
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^(5)^ Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
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^(6)^ Please refer to page 8 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
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| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 11 of 14** |

| --- | --- | | April 24, 2024 | |

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets Mar-24 Dec-23 % Var.
Current Assets
Cash, cash equivalents and marketable securities 35,046 31,060 13 %
Total accounts receivable 15,946 17,749 -10 %
Inventories 12,181 11,880 3 %
Other current assets 7,472 7,049 6 %
Total current assets 70,645 67,738 4 %
Non-Current Assets - -
Property, plant and equipment 136,132 133,406 2 %
Accumulated depreciation (56,621 ) (54,676 ) 4 %
Total property, plant and equipment, net 79,511 78,730 1 %
Right of use assets 2,325 2,388 -3 %
Investment in shares 9,345 9,246 1 %
Intangible assets and other assets 99,882 101,162 -1 %
Other non-current assets 16,396 14,256 15 %
Total Assets 278,104 273,520 2 %
Liabilities & Equity Mar-24 Dec-23 % Var.
--- --- --- --- --- --- --- ---
Current Liabilities
Short-term bank loans and notes payable 170 140 21 %
Suppliers 24,604 27,351 -10 %
Short-term leasing Liabilities 723 752 -4 %
Other current liabilities 41,759 26,673 57 %
Total current liabilities 67,256 54,916 22 %
Non-Current Liabilities - -
Long-term bank loans and notes payable 64,375 65,074 -1 %
Long Term Leasing Liabilities 1,753 1,769 -1 %
Other long-term liabilities 18,835 18,056 4 %
Total liabilities 152,218 139,815 9 %
Equity - -
Non-controlling interest 6,678 6,680 0 %
Total controlling interest 119,208 127,025 -6 %
Total equity 125,886 133,705 -6 %
Total Liabilities and Equity 278,104 273,520 2 %
March 31, 2024
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Debt Mix % Total Debt ^(1)^ % Interest Rate <br><br>Floating ^(1) (2)^ Average Rate
Currency
Mexican Pesos 62.1 % 6.9 % 8.8 %
U.S. Dollars 15.9 % 37.4 % 4.6 %
Colombian Pesos 1.3 % 0.0 % 6.3 %
Brazilian Reals 20.6 % 24.8 % 9.3 %
Argentine Pesos 0.1 % 0.0 % 130.0 %
Total Debt 100 % 21.8 % 8.3 %

^(1)^ After giving effect to cross- currency swaps.

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

Debt Maturity Profile

Financial Ratios 1Q 2024 FY 2023 Δ%
Net debt including effect of hedges ^(1)(3)^ 33,081 37,794 -12.5 %
Net debt including effect of hedges / Adj. EBITDA ^(1)(3)^ 0.69 0.81
Adj. EBITDA/ Interest expense, net ^(1)^ 10.17 11.86
Capitalization ^(2)^ 33.9 % 32.8 %

^(1)^ Net debt = total debt - cash

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

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

| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 12 of 14** |

| --- | --- | | April 24, 2024 | |

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

1Q<br> 2024 1Q<br> 2023 YoY
Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Δ<br> %
Mexico 332.5 31.3 89.9 36.7 490.4 309.5 26.4 87.6 35.2 458.8 6.9 %
Guatemala 41.3 2.4 - 2.2 45.9 35.3 1.6 - 2.3 39.2 17.0 %
CAM<br> South 35.6 1.6 1.0 5.4 43.6 31.6 1.8 0.4 5.6 39.4 10.6 %
Mexico and Central<br>America 409.4 35.2 90.9 44.4 579.8 376.4 29.8 88.0 43.1 537.4 7.9 %
Colombia 66.0 10.6 4.1 7.7 88.3 61.4 8.8 3.3 7.1 80.5 9.7 %
Brazil ^(4)^ 240.1 20.8 2.7 24.6 288.2 218.3 19.4 2.7 20.5 260.9 10.4 %
Argentina 29.4 5.2 2.0 3.0 39.6 35.9 5.5 1.4 4.9 47.7 -16.9 %
Uruguay 10.1 1.8 - 0.7 12.6 10.4 2.1 - 0.7 13.1 -3.6 %
South America 345.6 38.4 8.8 36.0 428.8 325.9 35.8 7.4 33.1 402.2 6.6 %
TOTAL 755.0 73.6 99.7 80.3 1,008.6 702.4 65.6 95.4 76.2 939.6 7.3 %

^(1)^ Excludes water presentationslarger than 5.0 Lt ; includes flavored water.

^(2)^ Bulk Water = Stillbottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

Transactions

1Q<br> 2024 1Q<br> 2023 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ<br> %
Mexico 1,867.5 219.0 260.6 2,347.0 1,765.2 191.3 254.7 2,211.2 6.1 %
Guatemala 307.7 15.7 22.9 346.3 267.2 13.3 22.7 303.2 14.2 %
CAM South 256.3 15.2 77.1 348.6 235.7 13.2 63.4 312.4 11.6 %
Mexico and Central America 2,431.4 249.9 337.7 3,019.1 2,268.1 217.9 340.8 2,826.8 6.8 %
Colombia 479.2 109.1 65.5 653.7 448.1 91.6 77.6 617.3 5.9 %
Brazil ^(3)^ 1,560.5 180.1 274.4 2,015.0 1,403.1 170.2 226.4 1,799.6 12.0 %
Argentina 148.7 32.3 26.7 207.7 183.4 34.8 41.4 259.6 -20.0 %
Uruguay 48.8 7.2 6.4 62.5 50.3 8.0 5.7 63.9 -2.3 %
South America 2,237.2 328.7 373.1 2,938.9 2,084.8 304.6 351.1 2,740.5 7.2 %
TOTAL 4,668.6 578.6 710.8 5,958.0 4,352.9 522.5 691.9 5,567.3 7.0 %

Revenues

Expressed in million<br> Mexican Pesos 1Q<br> 2024 1Q<br> 2023 Δ<br> %
Mexico 30,854 27,229 13.3 %
Guatemala 3,398 3,017 12.6 %
CAM<br> South 3,592 3,371 6.6 %
Mexico and Central<br> America 37,844 33,617 12.6 %
Colombia 4,884 3,744 30.5 %
Brazil ^(4)^ 17,837 15,969 11.7 %
Argentina 2,150 2,900 -25.9 %
Uruguay 1,089 1,127 -3.5 %
South America 25,958 23,740 9.3 %
TOTAL 63,803 57,357 11.2 %

^(3)^Volume and transactions in Brazil do not include beer

^(4)^Brazil includes beer revenues of Ps.1,496 million for the first quarter of 2024 and Ps.1,450 million for the same period of theprevious year.

^(1)^ Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required toproduce 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 theirsize or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactionsbased on a standard 12 oz. serving.
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| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 13 of 14** |

| --- | --- | | April 24, 2024 | |

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation ^(1)^

LTM 1Q24
Mexico 4.48 % 0.79 %
Colombia 7.38 % 2.41 %
Brasil 4.49 % 1.50 %
Argentina 300.53 % 55.99 %
Costa Rica -1.32 % 0.11 %
Panama 1.48 % 0.67 %
Guatemala 2.69 % 0.50 %
Nicaragua 4.96 % 0.87 %
Uruguay 4.67 % 2.65 %

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

Average Exchange Rates for each period ^(2)^

Quarterly Exchange Rate (Local Currency per )
1Q24 Δ%
México 17.00 -9.1 %
Colombia 3920.24 -17.6 %
Brasil 4.95 -4.7 %
Argentina 834.46 333.7 %
Costa Rica 517.00 -8.9 %
Panama 1.00 -80.7 %
Guatemala 7.81 -0.2 %
Nicaragua 36.62 0.9 %
Uruguay 38.89 -0.7 %

All values are in US Dollars.

End-of-period Exchange Rates

Closing Exchange Rate (Local Currency per ) Closing Exchange Rate (Local Currency per )
Mar-23 Δ% Ene-23 Δ%
México 16.68 -7.9 % 17.23 -8.3 %
Colombia 3,842.30 -17.0 % 3,925.60 -15.3 %
Brasil 5.00 -1.7 % 4.95 -2.9 %
Argentina 858.00 310.5 % 826.40 341.9 %
Costa Rica 506.60 -7.2 % 519.79 -6.7 %
Panama 1.00 0.0 % 1.00 0.0 %
Guatemala 7.79 -0.1 % 7.81 -0.4 %
Nicaragua 36.62 0.8 % 36.62 0.9 %
Uruguay 37.55 -2.8 % 39.16 1.2 %

All values are in US Dollars.

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

| **Coca-Cola FEMSA Reports 1Q24 Results** | **Page 14 of 14** |

| --- | --- | | April 24, 2024 | |