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6-K

Mexican Economic Development Inc (FMX)

6-K 2024-10-28 For: 2024-10-28
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Added on July 07, 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 October 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/ Martin Felipe Arias Yaniz
Martin Felipe Arias Yaniz
Director of Finance and Corporate Development
Date: October, 28, 2024

Exhibit 99.1

3Q 2024

Results

October 28, 2024

Investor Contact

(52) 818-328-6167

[email protected]

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

[email protected]

femsa.com

| October 28, 2024   |  Page 1 |

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HIGHLIGHTS

Monterrey, Mexico, October 28, 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 third quarter of 2024.

· FEMSA: Total Consolidated Revenues grew 8.3% and Income from Operations increased 14.6%<br> compared to 3Q23.
· FEMSA Retail^1^: Proximity Americas total Revenues grew 4.8% and Income from operations increased 5.9% versus 3Q23.
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· DIGITAL: Spin by OXXO had 8.2 million active users^2^ representing 28.9% growth<br> compared to 3Q23 while Spin Premia had 23.8 million active loyalty users^2^<br> representing 34.6% growth compared to 3Q23, and an average tender^3^ of 38.5%.
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· COCA-COLA FEMSA: Total Revenues and Income from Operations grew 10.7% and 13.8%, respectively against 3Q23.
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Financial Summary for the Third Quarter 2024

Change vs. comparable period

Total Revenues Gross Profit Income<br> from Operations Same-Store<br> Sales
3Q24 YTD24 3Q24 YTD24 3Q24 YTD24 3Q24 YTD24
FEMSA Consolidated 8.3 % 10.2 % 12.1 % 14.0 % 14.6 % 14.1 %
Proximity Americas 4.8 % 9.3 % 12.5 % 16.3 % 5.9 % 7.9 % 0.0 % 4.3 %
Proximity Europe 20.4 % 11.7 % 20.5 % 13.5 % 57.2 % 71.7 % N.A. N.A.
Health 12.5 % 3.3 % 15.7 % 2.1 % 7.2 % (17.2 %) 7.4 % (3.5 %)
Fuel 8.2 % 13.0 % 8.2 % 10.2 % 17.0 % 14.6 % 7.6 % 9.9 %
Coca-Cola FEMSA 10.7 % 12.4 % 11.3 % 14.0 % 13.9 % 13.4 %

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

During the third quarter, most of our business units delivered encouraging results, with revenue growth and margin expansion across our income statement even as we continue to see a soft consumer environment in the second half of the year, particularly in our key Mexican market.

Proximity Americas had mixed trends in its same-store sales performance, with a growth in average ticket which offset a contraction in average traffic that reflected adverse weather in Mexico, a decline in volumes of our key beverage categories, and a demanding comparison base. However, stellar gross margin and continued solid store expansion once again set the division up for a good result. For its part, Coca-Cola FEMSA again delivered a notable set of numbers with double-digit growth in revenues and profits, reflecting positive dynamics in most markets which offset a softer performance in Mexico.

In similar fashion, Valora delivered strong results driven by a combination of solid execution and favorable currency effects, while OXXO Gas once again put together a robust set of numbers. Our Health division showed sequential improvement, reflecting better trends in certain markets as well as currency tailwinds, partially offset by the intense competitive environment in Mexico which the team is working hard to address. At Digital, the team made further progress growing our user base, with a focus on containing costs while generating more and better engagement, and recurring revenue.

During the quarter, we also continued to make progress with the remaining steps of FEMSA Forward, including the recent announcement that we signed a transaction to divest Solistica, and we closed the Delek transaction in the US, where we are already busy. We will keep you updated as we take on this exciting new challenge.

As we make a final push to achieve a strong close to the year, we are hard at work laying out the plans and objectives for an even better 2025. Once again, I want to thank our entire team for their unwavering effort and excellence.

^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.

| October 28, 2024   |  Page 2 |

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QUARTERLYRESULTS

Resultsare compared to the same period of previous year

FEMSA CONSOLIDATED

3Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

3Q24 3Q23 Var.
Total Revenues 196,771 181,681 8.3 %
Gross Profit 79,368 181,681 12.1 %
Gross Profit Margin (%) 40.3 39.0 130bps
Income from Operations 17,374 15,164 14.6 %
Operating Margin (%) 8.8 8.3 50bps
AdjustedEBITDA^2^ 28,909 24,164 19.6 %
EBITDA Margin (%) 14.7 13.3 140bps
Net Income 9,243 12,757 (27.5 )%

NetDebt ex-KOF^1^

Amounts expressed in millions of Mexican Pesos (Ps.)

As of September 30, 2024 Ps. US3
Cash and Investments 138,652 7,042
Financial Debt 74,191 3,768
Lease Liabilities 105,845 5,375
Net debt 41,384 2,102
ND / Adjusted EBITDA 0.68 x -

All values are in US Dollars.

Total revenues increased 8.3% in 3Q24 compared to 3Q23, driven by growth across all our business units, and reflecting the benefit from favorable exchange rate effects due to the depreciation of the Mexican peso against most of our operating currencies.

Gross profit increased 12.1%. Gross margin increased 130 basis points, mainly reflecting margin expansions in Health, Proximity Americas and Coca-Cola FEMSA, and stable margins in Fuel and Proximity Europe.

Income from operations increased 14.6% mainly driven by growth across all our business units. The consolidated operating margin was 8.8% as a percentage of total sales, representing an expansion of 50 basis points, driven by margin expansion in Proximity Americas, Proximity Europe, Coca-Cola FEMSA, and Fuel. This was partially offset by a margin contraction in the Health division.

Our effective income tax rate was 31.4% in 3Q24 compared to 32.4% in 3Q23. Our income tax provision was Ps. 5,936 million in 3Q24.

Net consolidated income was Ps. 9,243 million, compared to Ps. 12,757 million in 3Q23, reflecting: i) a higher interest expense of Ps. 2,206 million compared to Ps. 476 million in 3Q23, net of interest gains, reflecting a tough comparison base from gains on derivative instruments in 3Q23; ii) a lower non-cash foreign exchange gain of Ps. 4,253 million compared to Ps. 5,327 million in 3Q23 related to a higher U.S. dollar-denominated cash position positively impacted from the depreciation of the Mexican peso, that was more than offset by a foreign exchange loss due to our debt positions in all of our currencies, net of foreign investment hedges; and iii) a higher loss in net income from discontinued operations of Ps. 3,752 million compared to Ps. 514 million in 3Q23, which includes an impairment of Ps. 3,873 million related to the divestment of Solistica.

Net majority income was Ps. 1.65 per FEMSA Unit^4^ and US$0.84 per FEMSA ADS^3^.

Net Debt / EBITDA. As of September 30, 2024, cash and investments were Ps. 138,652 million and total debt was Ps. 180,036 million, resulting in net debt of Ps. 41,384 million. Our Net Debt / EBITDA ratio ex-KOF was 0.68x.

Capital expenditures amounted to Ps. 12,138 million, 6.2% as a percentage of total sales, and an increase of 26.4% compared to the 3Q23, mainly driven by higher CAPEX in Coca-Cola FEMSA to increase our production and distribution capacity, and in Proximity Americas mainly allocated towards store base expansion, remodeling and optimization of stores, and the development of commercial capabilities to enhance value proposition and customer experience.

^1^ ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information.

^2^Adjusted EBITDA: Operating Income

  • Depreciation + Amortizations + other non-cash charges.

Adjusted 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.

^3^The exchange rate published by the Federal Reserve Bank of New York for September 30, 2024 was 19.6903 MXN per USD.

^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 September 30, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

| October 28, 2024   |  Page 3 |

| --- | | PROXIMITY AMERICAS<br><br> <br>OXXO (Mexico & Latam^1^) | **** | | --- | --- | | 3Q24 Financial Summary<br> <br>Amounts<br> expressed in millions of Mexican Pesos (Ps.) except same-store sales | | | | | | --- | --- | --- | --- | --- | | | 3Q24 | 3Q23 | Var. | | | Same-store sales (thousands of Ps.) | 1,021.5 | 1,021.8 | 0.0 | % | | Total Revenues | 77,594 | 74,020 | 4.8 | % | | Gross Profit | 34,333 | 30,520 | 12.5 | % | | Gross Profit Margin (%) | 44.2 | 41.2 | 300 bps | | | Income from Operations | 6,966 | 6,577 | 5.9 | % | | Income from Operations Margin<br> (%) | 9.0 | 8.9 | 10 bps | | | Adjusted EBITDA | 11,175 | 9,963 | 12.2 | % | | Adjusted EBITDA Margin (%) | 14.4 | 13.5 | 90 bps | |

Total revenues increased 4.8% in 3Q24 compared to 3Q23, reflecting flat same-store sales for the Proximity Americas Division, driven by 6.1% growth in average customer ticket and a decrease of 5.7% in store traffic. This decrease in store traffic reflects a challenging quarter, characterized by adverse weather conditions in Mexico, a tough comparison base, and a softer consumer environment in Mexico since the end of the second quarter. In particular, the Thirst and Gathering consumption occasions, two of the most important for OXXO, were negatively impacted by the adverse weather, with beer, sparkling beverages, and water showing relevant underperformance during the quarter. During this period, the OXXO store base in Mexico and Latam expanded by 328 units to reach 1,656 total net store additions for the last twelve months. As of September 30, 2024, Proximity Americas had a total of 24,008 OXXO stores.

Gross profit reached 44.2% of total revenues, reflecting a 300-basis point expansion driven by the higher contribution of financial services and an increase in commercial income, as well as revenue growth management initiatives which contributed to better pricing dynamics.

Income from operations represented 9.0% of total revenues, and a 10-basis point expansion compared to 3Q23, mainly reflecting the higher gross margin, deceleration in the growth in South America compared to the first half of the year, and a slower rate of growth in selling expenses versus previous quarters as a result of cost containment and efficiency initiatives. This was partially offset by higher operating expenses related to ongoing investments in commercial capabilities, such as segmentation, revenue management, and data analytics.

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

| October 28, 2024   |  Page 4 |

| --- | | PROXIMITY AMERICAS<br><br> <br>Other formats | **** | | --- | --- |

Bara^1^

Total revenues increased by 37.1% in 3Q24 compared to 3Q23, reflecting an average same-store sales increase of 13.6%, driven by strong performance in the grocery, dairy and frozen food categories, as well as the addition of 107 net new Bara stores for the last twelve months. During the quarter, the Bara store base expanded by 27 units reaching a total of 416 Bara stores as of September 30, 2024.

Grupo Nós^2^

Total revenues of OXXO Brazil in 3Q24 grew 63.4%^3^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 10.1%^3^, as well as the addition of 184 net new OXXO stores for the last twelve months. During the quarter, the store base expanded by 39 units. As of September 30, 2024, Grupo Nós we had a total of 564 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^ In local currency, BRL

| October 28, 2024   |  Page 5 |

| --- | | PROXIMITY EUROPE<br><br> <br>Valora | | --- |

3Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

3Q24 3Q23 Var.
Total Revenues 13,480 11,194 20.4%
Gross Profit 5,635 4,678 20.5%
Gross Profit Margin (%) 41.8 41.8 0 bps
Income from Operations 547 348 57.2%
Income from Operations Margin (%) 4.1 3.1 100 bps
Adjusted EBITDA 1,893 1,555 21.7%
Adjusted EBITDA Margin (%) 14.0 13.9 10 bps

Total revenues increased 20.4% in 3Q24 compared to 3Q23, reflecting robust performance across all countries. This result was primarily driven by the strong results of the retail and B2B foodservice business, supported by solid commercial income, and with a relevant impact from the appreciation of currencies against the Mexican peso. By the end of the period, Proximity Europe had 2,777 points of sale, a decrease of 33 points of sale in the last twelve months.

Gross profit reached 41.8% of total revenues, a stable margin explained by a sustained performance in the B2B business and solid commercial income. Positive trends were partially offset by challenging store traffic dynamics and macro headwinds in Germany.

Income from operations represented 4.1% of total revenues, 100 basis points higher year-on-year, driven by contributions from the B2B foodservice and retail business, coupled with effective cost management. Operating expenses rose by 17.5% to Ps. 5,088 million, primarily due to higher lease costs and a relevant impact from the appreciation of currencies against the Mexican peso.

| October 28, 2024   |  Page 6 |

| --- | | HEALTH | | | --- | --- | | 3Q24 Financial Summary | | | | | | --- | --- | --- | --- | --- | | Amounts expressed in millions of Mexican Pesos<br> (Ps.) except same-store sales | | | | | | | 3Q24 | 3Q23 | Var. | | | Same-store sales (thousands of Ps.) | 947.0 | 881.7 | 7.4 | % | | Total Revenues | 20,883 | 18,569 | 12.5 | % | | Gross Profit | 6,282 | 5,431 | 15.7 | % | | Gross Profit Margin (%) | 30.1 | 29.2 | 90 bps | | | Income from Operations | 905 | 844 | 7.2 | % | | Income from Operations Margin<br> (%) | 4.3 | 4.5 | (20 | bps) | | Adjusted EBITDA | 2,009 | 1,848 | 8.7 | % | | Adjusted EBITDA Margin (%) | 9.6 | 10.0 | (40 | bps) |

Total revenues increased 12.5% in 3Q24 compared to 3Q23, driven by revenue growth across all countries, and benefitted by the appreciation of currencies against the Mexican peso. During the quarter, the store base increased by 36 units reaching a total of 4,532 locations across our territories, as of September 30, 2024. This figure reflects the addition of 185 net new locations in the last twelve months. Same-store sales increased by an average of 7.4%, reflecting the trends described above and partially offset by a decline in Mexico reflecting the persistent competitive environment

Gross profit was 30.1% of total revenues, representing a 90-basis point expansion year on year, reflecting higher retail sales in in Colombia driven by strong consumer demand, coupled with efficiencies leveraged through our centralized purchasing office, enabling the division to optimize procurement and reduce costs.

Income from operations amounted to 4.3% of total revenues, a decline of 20 basis points, resulting in an increase of 7.2%, mainly explained by income from operations growth in Colombia and Ecuador and stable results in Chile, which were offset by a decline in Mexico. Operating expenses increased 17.2% to Ps. 5,377 million, explained by expenses incurred from strategic adjustments to our value proposition in Mexico and the expansion of stores in Colombia.

| October 28, 2024   |  Page 7 |

| --- | | FUEL | | | --- | --- |

3Q24Financial Summary

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

3Q24 3Q23 Var.
Same-station sales (thousands of Ps.) 8,832.3 8,606.5 7.6 %
Total Revenues 17,076 15,782 8.2 %
Gross Profit 2,111 1,951 8.2 %
Gross Profit Margin (%) 12.4 12.4 0 bps
Income from Operations 831 710 17.0 %
Income from Operations<br> Margin (%) 4.9 4.5 40 bps
Adjusted EBITDA 1,189 1,026 15.8 %
Adjusted EBITDA Margin<br> (%) 7.0 6.5 60 bps
Net Additions<br><br> <br>Vs. comparable quarter Service Station Base<br><br> <br>Vs. comparable date Same-Station Sales<br><br> <br>In thousands of Ps. Adjusted EBITDA<br><br> <br>In millions of Ps.
--- --- --- ---

Total revenues increased 8.2% in 3Q24 compared to 3Q23, reflecting a 7.6% average same-station sales increase, driven by 1.3% growth in average volume and 6.2% increase in the average price per liter. The OXXO Gas retail network had 569 points of sale as of September 30, 2024.

Gross profit was 12.4% of total revenues, replicating the profitability of 3Q23, mainly reflecting volume growth in the retail business, cost efficiencies and revenue management initiatives.

Income from operations accounted for 4.9% of total revenues. Operating expenses increased 3.1% to Ps. 1,280 million, below revenues, reflecting strict expense control and positive operating leverage.

| October 28, 2024   |  Page 8 |

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FEMSARetail Operations Summary

TotalRevenue Growth (% vs year ago)

3Q24
Proximity Americas
OXXO^1^ 4.8 %
Mexico 3.9 %
OXXO<br> Latam^2^ 46.6 %
Other Proximity Americas formats
Bara 37.1 %
OXXO<br> Brazil^3^ 63.4 %
Proximity Europe^4^ 6.4 %
OXXO Gas 8.2 %
FEMSA Health^5^ 6.2 %
Chile^6^ 7.2 %
Colombia^7^ 7.4 %
Ecuador^8^ 4.2 %
Mexico 2.4 %
1 OXXO<br> Consolidated figures shown in MXN including currency effects.
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2 Includes<br> OXXO Colombia, Chile and Peru, figure shown in MXN.
3 Local<br> currency (BRL). <br><br> Operated through Grupo Nós, our joint-venture with Raízen.
4 Local<br> currency (CHF).
5 Local<br> currency weighted average.
6 Local<br> currency (CLP).
7 Local<br> currency (COP).
8 Local<br> currency (USD).

TotalUnit Growth (% vs year ago)

3Q24
Proximity Americas
OXXO 7.4 %
Mexico 6.2 %
OXXO<br> Latam^1^ 40.1 %
Other Proximity Americas formats
Bara 37.1 %
OXXO<br> Brazil^2^ 63.4 %
Proximity Europe^3^ 6.4 %
OXXO Gas N.S.
FEMSA Health
Chile 4.4 %
Colombia 11.1 %
Ecuador 3.3 %
Mexico 1.4 %
1 Includes<br> OXXO Colombia, Chile and Perú.
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2 Operated<br> through Grupo Nós, our joint-venture with Raízen.
3 Includes<br> company owned and franchised units.

Same-StoreSales

3Q24
Proximity Americas
OXXO^1^ 0.0 %
Mexico (0.2 %)
OXXO<br> Latam^2^ 7.1 %
Other Proximity Americas formats
Bara 13.6 %
OXXO<br> Brazil^3^ 10.1 %
Proximity Europe^4^ N.A.
OXXO Gas 7.6 %
FEMSA Health^5^ 4.2 %
Chile^6^ 5.3 %
Colombia^7^ 23.1 %
Ecuador^8^ 0.5 %
Mexico (4.0 %)
1 OXXO<br> Consolidated figures shown in MXN including currency effects.
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2 Includes<br> OXXO Colombia, Chile and Peru, figure shown in MXN.
3 Local<br> currency (BRL). <br><br> Operated through Grupo Nós, our joint-venture with Raízen.
4 Local<br> currency (CHF).
5 Local<br> currency weighted average. <br><br> Only includes retail sales. FEMSA Health Include franchised stores in Ecuador.
6 Local<br> currency (CLP).
7 Local<br> currency (COP).
8 Local<br> currency (USD). 
| October 28, 2024   |  Page 9 |

| --- | | DIGITAL@FEMSA^1^ | **** | | --- | --- |

Spin by OXXO

Spin by OXXO acquired 0.7 million users during the quarter to reach 12.5 million total users in 3Q24, compared to 8.8 million users in 3Q23. This represents an increase of 42.2% YoY and a 3.0% compound monthly growth rate.

Active users^2^represented 65.8% of the total acquired user base representing 28.9% growth and reaching 8.2 million. Total transactions per month increased 4.9%^3^ during the quarter to reach an average of 60.3 million per month in 3Q24, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 2.9 million users during the quarter to reach 50.1 million total users in 3Q24, compared to 36.6 million users in 3Q23. This represents an increase of 36.9% YoY and a 2.7% compound monthly growth rate. Active users^4^ represented 47.5% of the total acquired user base representing 34.6% growth and reaching 23.8 million. The average tender^5^ during the quarter was 38.5%.

COCA-COLA FEMSA

Coca-Cola FEMSA’s financial results and discussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release, which 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.

| October 28, 2024   |  Page 10 |

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RESULTS FOR THE FIRST NINE MONTHS OF 2024

Results are compared to the same period ofprevious year

FEMSACONSOLIDATED

Financial Summary for the First Nine Months

Amounts expressed in millions of Mexican Pesos (Ps.)

2024 2023 Var.
Total Revenues 572,866 519,811 10.2 %
Gross Profit 230,365 202,163 14.0 %
Gross Profit Margin (%) 40.2 % 38.9 % 130 bps
Income from Operations 47,990 42,071 14.1 %
Operating Margin (%) 8.4 8.1 30 bps
Adjusted EBITDA^6^ 80,939 69,276 16.8 %
Adjusted EBITDA Margin<br> (%) 14.1 13.3 80 bps
Consolidated Net Income 30,697 71,994 N.S.

Total revenues increased 10.2% reflecting growth across all of our business units.

Gross profit increased 14.0%. Gross margin increased 130 basis points to 40.2% of total revenues, reflecting a gross margin expansion at Proximity Americas, Coca-Cola FEMSA and Proximity Europe Divisions. This was partially offset by margin contractions at the Fuel and Health Divisions.

Income from operations rose by 14.1%. Our consolidated operating margin increased 30 basis points to 8.4% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, Proximity Europe and Fuel. This was partially offset by margin contractions at Health and Proximity Americas.

Our effective income tax rate was 31.7% for the nine months of 2024, compared to 31.1% in 2023. Our income tax provision was Ps. 15,886 million for the nine months of 2024.

Net consolidated income was Ps. 30,697 million reflecting a decline of 57.4% compared to 3Q23 explained by; i) a challenging comparative base from the first nine months of 2023, which included a gain from the reclassification of FEMSA’s investment in Heineken to discontinued operations; ii) a lower interest income of Ps. 9,092 million compared to Ps. 12,664 million in of 2023 attributable a gain from the purchase of US$1.7 billion of debt during 2023; and iii) a higher interest expense amounting to Ps. 14,747 million compared to Ps. 8,633 million, net of interest gains, reflecting a tough comparison base from gains on derivative instruments in 2023. This was partially offset by a non-cash foreign exchange gain of Ps. 9,258 million related to FEMSA’s U.S. dollar-denominated cash position positive impacted by the depreciation of the Mexican peso.

Net majority income per FEMSA Unit^7^was Ps. 5.97 (US$3.03 per ADS).

Capital expenditures amounted to Ps. 30,380 million, an increase of 33.7% compared to 2023, reflecting our store expansion in Proximity Americas, higher CAPEX in Coca-Cola FEMSA to increase our production and distribution capacity, and higher investments in core capabilities across our business units.

^6^ Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

^7^ 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 September 30, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

| October 28, 2024   |  Page 11 |

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RECENT DEVELOPMENTS

● On<br> October 10, 2024, FEMSA announced it has reached a definitive agreement with Grupo Traxión,<br> S.A.B. de C.V (BMV: TRAXIONA), a leading transportation and logistics company based in Mexico,<br> to divest certain of FEMSA’s logistics operations doing business as Solistica. The<br> transaction includes FEMSA’s transportation management operations in Mexico, as well<br> as its contract logistics operations in Mexico, Colombia and Brazil. The transaction does<br> not include FEMSA’s LTL (less-than-truckload) operations in Brazil. Total consideration<br> for this transaction will be of approximately $4,060 million Mexican pesos, on a cash-free,<br> debt-free basis.
● On<br> October 1, 2024, FEMSA announced that it has successfully closed the transaction previously<br> announced on August 1, 2024, with Delek US Holdings, Inc. (“Delek”)<br> (NYSE: DK), to acquire Delek’s retail operations, consisting of 249 convenience stores<br> located mainly in Texas.
--- ---

This acquisition represents an important milestone for FEMSA as it strategically expands its retail footprint into the U.S. market. Over time, and with a permanent focus on the consumer, FEMSA has developed robust capabilities such as store operation, segmentation, procurement, and supply chain management, which will be essential in the integration of the Delek stores.

● On<br> August 1, 2024, FEMSA announced that it has entered into definitive agreements with<br> Delek US Holdings, Inc. (“Delek”) (NYSE: DK), to acquire Delek’s retail<br> operations, consisting of 249 convenience stores located mainly in Texas, for a total amount<br> of US$385 million dollars on a cash-free, debt-free basis, including the purchase of inventories.
● On<br> September 26, 2024, FEMSA announced that, after a remarkable 40-year career with the<br> Company during which he played a pivotal role in shaping its growth and transformation, Carlos<br> Arenas Cadena is stepping down and retiring from his position as CEO of OXXO Mexico.
--- ---

Concurrently, FEMSA welcomes Carlos Arroyo Rico, who will become CEO of OXXO Mexico effective November 19th. From this date and until March 31st, 2025, both executives will work together implementing a smooth transition, and ensuring a seamless handover of responsibilities and continuity in strategic initiatives. Carlos Arroyo will report to José Antonio Fernández Garza, CEO of FEMSA Proximity and Health.

Carlos brings more than 25 years of leadership experience in Retail, including holding key roles with Walmart and The Coca-Cola Company in Mexico and Central America. Most recently, he served as CEO of Grupo Diagnóstico Proa.

● On<br> September 4, 2024, we received the equivalent of 54,072,460 FEMSA UBD shares from the<br> second ASR program launched in May, for a total amount of USD 600 million. These shares are<br> currently held in treasury. 
| October 28, 2024   |  Page 12 |

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CONFERENCECALL INFORMATION

Our Third Quarter 2024 Conference Call will be held on: Monday, October 28, 2024, 10:30 AM Eastern Time (8:30 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/bbomq2ga/<br> ****
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. Across its business units, FEMSA has more than 392,000 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 September 30, 2024, which was 19.6903 Mexican pesos per US dollar.

FORWARD-LOOKING STATEMENTS

This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

Ten pages of tables to follow

| October 28, 2024   |  Page 13 |

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FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

For the<br> third quarter of: For the<br> nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. % Var.
Total revenues 196,771 100.0 181,681 100.0 8.3 572,866 100.0 519,811 100.0 10.2
Cost of sales 117,403 59.7 110,877 61.0 5.9 342,500 59.8 317,648 61.1 7.8
Gross profit 79,368 40.3 70,804 39.0 12.1 230,365 40.2 202,163 38.9 14.0
Administrative expenses 9,667 4.9 8,088 4.5 19.5 27,514 4.8 23,874 4.6 15.2
Selling expenses 52,561 26.7 47,822 26.3 9.9 154,707 27.0 136,114 26.2 13.7
Other<br> operating expenses (income), net ^(1)^ (234 ) (0.1 ) (270 ) 8.3 (13.4 ) 154 0.0 104 0.0 48.2
Income<br> from operations ^(2)^ 17,374 8.8 15,164 8.3 14.6 47,990 8.4 42,071 8.1 14.1
Other non-operating expenses (income) 40 (272 ) N.S. 664 (9,583 ) N.S.
Interest expense 4,453 3,065 45.3 14,747 8,633 70.8
Interest income 2,247 2,589 (13.2 ) 9,092 12,664 (28.2 )
Interest expense,<br> net 2,206 476 N.S. 5,656 (4,031 ) N.S.
Foreign exchange<br> loss (gain) (4,253 ) (5,327 ) (20.2 ) (9,258 ) 3,542 N.S.
Other<br> financial expenses (income), net (3,779 ) (4,820 ) (21.6 ) (8,450 ) 4,071 N.S.
Financing expenses, net (1,573 ) (4,344 ) (63.8 ) (2,794 ) 40 N.S.
Income before income tax and participation in associates results 18,906 19,781 (4.4 ) 50,120 51,619 (2.9 )
Income tax 5,936 6,400 (7.3 ) 15,886 15,997 (0.7 )
Participation<br> in associates results ^(3)^ 24 (110 ) N.S. (311 ) (538 ) (42.3 )
Continued Operations net income (Loss) 12,994 13,271 (2.1 ) 33,924 35,083 (3.3 )
Discontinued Operations net income (Loss) (3,752 ) (514 ) N.S. (3,227 ) 36,911 N.S.
Consolidated net income (Loss) 9,243 12,757 (27.5 ) 30,697 71,994 (57.4 )
Net majority income 5,897 9,742 (39.5 ) 21,366 63,964 (66.6 )
Net minority income 3,345 3,016 10.9 9,331 8,030 16.2
Operative<br> Cash Flow & CAPEX 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Income<br> from operations 17,374 8.8 15,164 8.3 14.6 47,990 8.4 42,071 8.1 14.1
Depreciation 9,854 5.0 8,028 4.4 22.8 25,757 4.5 23,763 4.6 8.4
Amortization &<br> other non-cash charges 1,681 0.9 972 0.5 72.9 7,191 1.3 3,443 0.7 108.9
Adjusted<br> EBITDA 28,909 14.7 24,164 13.3 19.6 80,939 14.1 69,276 13.3 16.8
CAPEX 12,138 6.2 9,606 5.3 26.4 30,380 5.3 22,715 4.4 33.7

^(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.

| October 28, 2024   |  Page 14 |

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FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)             ****

ASSETS Sep-24 Dec-23 % Inc.
Cash and cash equivalents 155,770 165,112 (5.7 )
Investments 24,374 26,728 (8.8 )
Accounts receivable 41,491 38,863 6.8
Inventories 63,171 58,222 8.5
Other current assets 29,369 41,415 (29.1 )
Current Assets Available for sale 25,494 25,819 (1.3 )
Total current assets 339,669 356,159 (4.6 )
Investments in shares 36,704 26,247 39.8
Property, plant and equipment, net 162,387 141,530 14.7
Right of use 97,812 87,941 11.2
Intangible<br> assets ^(1)^ 147,063 143,218 2.7
Other assets 66,264 50,761 30.5
TOTAL ASSETS 849,899 805,856 5.5
LIABILITIES & STOCKHOLDERS’<br> EQUITY Sep-24 Dec-23 % Inc.
--- --- --- --- --- --- --- ---
Bank loans 3,072 2,453 25.2
Current maturities of long-term debt 5,207 8,955 (41.9 )
Interest payable 1,841 1,677 9.8
Current maturities of long-term leases 14,364 12,236 17.4
Operating liabilities 171,753 148,447 15.7
Short term liabilities available for sale 13,164 11,569 13.8
Total current liabilities 209,401 185,337 13.0
Long-term<br> debt ^(2)^ 137,794 125,417 9.9
Long-term leases 93,468 83,838 11.5
Laboral obligations 7,815 6,920 12.9
Other liabilities 24,161 25,975 (7.0 )
Total liabilities 472,639 427,487 10.6
Total stockholders’ equity 377,260 378,369 (0.3 )
TOTAL LIABILITIES AND STOCKHOLERS’<br> EQUITY 849,899 805,856 5.5
September 30,<br> 2024
--- --- --- --- --- --- ---
DEBT MIX ^(2)^ % of Total Average<br> <br><br> Rate
Denominated in:
Mexican<br> pesos 52.2 % 9.1 %
U.S. Dollars 27.5 % 3.3 %
Euros 7.6 % 2.6 %
Swiss Francs 0.0 % 0.0 %
Colombian pesos 0.7 % 6.3 %
Argentine pesos 0.5 % 50.1 %
Brazilian reais 10.4 % 9.3 %
Chilean<br> pesos 1.2 % 6.9 %
Total debt 100.0 % 7.2 %
Fixed<br> rate ^(2)^ 82.5 %
Variable<br> rate ^(2)^ 17.5 %
DEBT MATURITY PROFILE 2024 2025 2026 2027 2028 2029+
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Debt 3.2 % 2.6 % 9.8 % 6.9 % 11.5 % 66.0 %

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

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

| October 28, 2024   |  Page 15 |

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NetDebt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

Twelve<br> months ended September 30, 2024
Reported<br> Adj. EBITDA Adjustments Adj. EBITDA Ex-KOF^3^
Proximity Americas &<br> Europe 2,547 - 2,547
Fuel 206 - 206
Health Division 392 - 392
Envoy Solutions - - -
Coca-Cola<br> FEMSA^1^ 2,692 (2,692 ) -
Other^2^ (395 ) - (395 )
FEMSA Consolidated 5,442 (2,692 ) 2,749
Dividends<br> Received^3^ - 343 343
FEMSA Consolidated ex-KOF 5,442 (2,349 ) 3,093
As<br> of September 30, 2024
--- --- --- --- --- ---
Reported Adjustments Ex-KOF
Cash & Equivalents 7,042 - 7,042
Coca-Cola FEMSA Cash & Equivalents 2,107 (2,107 ) -
Cash & Equivalents 9,149 (2,107 ) 7,042
Financial<br> Debt^4^ 3,768 - 3,768
Coca-Cola FEMSA Financial Debt 3,651 (3,651 ) -
Lease Liabilities 5,364 - 5,364
Coca-Cola FEMSA Lease Liabilities 112 (112 ) -
Debt 12,895 (3,763 ) 9,132
FEMSA Net Debt 3,746 (1,655 ) 2,091

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for September 30, 2024 which was 19.6903 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$333 mm and EUR$8 mm from Heineken during the last twelve months.

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

| October 28, 2024   |  Page 16 |

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EPSwith Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

AsReported

Total Shares<br> Outstanding
FEMSAUBD 3,578,226,270
YTD 3Q24
--- --- --- --- ---
Net majority income 21,366 5,897
# FEMSAUBD 3,578,226,270
EPS (Mxn<br> Ps. / Unit) 5.97 1.65

Proforma

Total Shares<br> Excluding Shares in Treasury
FEMSAUBD 3,476,024,947
Shares in Treasury
--- ---
FEMSAUBD 102,201,323
YTD 3Q24
--- --- --- --- ---
Net majority income 21,366 5,897
# FEMSAUBD 3,476,024,947
EPS (Mxn<br> Ps. / Unit) 6.15 1.70 
| October 28, 2024   |  Page 17 |

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Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the third quarter of: For<br> the nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
Total revenues 77,594 100.0 74,020 100.0 4.8 226,205 100.0 206,990 100.0 9.3
Cost of sales 43,261 55.8 43,500 58.8 (0.6 ) 127,822 56.5 122,381 59.1 4.4
Gross profit 34,333 44.2 30,520 41.2 12.5 98,383 43.5 84,609 40.9 16.3
Administrative expenses 2,447 3.2 1,737 2.3 40.9 5,886 2.6 4,507 2.2 30.6
Selling expenses 24,806 32.0 22,110 29.9 12.2 72,494 32.0 61,687 29.8 17.5
Other operating<br> expenses (income), net 114 0.1 96 0.1 18.8 302 0.1 164 0.1 83.9
Income from<br> operations 6,966 9.0 6,577 8.9 5.9 19,701 8.7 18,251 8.8 7.9
Depreciation 3,499 4.5 3,140 4.2 11.4 10,243 4.5 9,157 4.4 11.9
Amortization<br> & other non-cash charges 710 0.9 246 0.3 N.S. 1,740 0.8 688 0.3 N.S.
Adjusted<br> EBITDA 11,175 14.4 9,963 13.5 12.2 31,685 14.0 28,096 13.6 12.8
CAPEX 4,128 4,198 (1.7 ) 12,336 9,804 25.8
Information of OXXO Stores
Total stores 24,008 22,059 7.4
Stores Mexico 22,931 21,389 6.2
Stores South America 1,077 769 40.1
Net new convenience stores:
vs.<br> Last quarter 328 293 11.9
Year-to-date 1,142 894 27.7
Last-twelve-months 1,656 1,453 14.0
Same-store<br> data: ^(1)^
Sales<br> (thousands of pesos) 1,021.5 1,021.8 0.0 1,013.4 971.9 4.3
Traffic<br> (thousands of transactions) 17.9 19.0 (5.7 ) 18.1 18.4 (1.5 )
Ticket<br> (pesos) 57.0 53.7 6.1 56.0 52.9 5.9

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

| October 28, 2024   |  Page 18 |

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Proximity Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the third quarter of: For<br> the nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
Total revenues 13,480 100.0 11,194 100.0 20.4 35,885 100.0 32,137 100.0 11.7
Cost of sales 7,845 58.2 6,516 58.2 20.4 20,556 57.3 18,635 58.0 10.3
Gross profit 5,635 41.8 4,678 41.8 20.5 15,330 42.7 13,502 42.0 13.5
Administrative expenses 920 6.8 815 7.3 12.9 2,595 7.2 2,335 7.3 11.1
Selling expenses 4,156 30.8 3,518 31.4 18.1 11,375 31.7 10,416 32.4 9.2
Other operating<br> expenses (income), net 13 0.1 (3 ) (0.0 ) N.S. (21 ) (0.1 ) (53 ) (0.2 ) (60.7 )
Income from<br> operations 547 4.1 348 3.1 57.2 1,380 3.8 804 2.5 71.7
Depreciation 1,221 9.1 1,079 9.6 13.1 3,448 9.6 3,261 10.1 5.7
Amortization<br> & other non-cash charges 125 0.9 128 1.1 (2.3 ) 400 1.1 337 1.0 18.8
Adjusted<br> EBITDA 1,893 14.0 1,555 13.9 21.7 5,229 14.6 4,402 13.7 18.8
CAPEX 614 468 31.3 1,283 742 72.8 
| October 28, 2024   |  Page 19 |

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Health – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the third quarter of: For<br> the nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
Total revenues 20,883 100.0 18,569 100.0 12.5 57,931 100.0 56,105 100.0 3.3
Cost of sales 14,601 69.9 13,138 70.8 11.1 40,704 70.3 39,228 69.9 3.8
Gross profit 6,282 30.1 5,431 29.2 15.7 17,227 29.7 16,877 30.1 2.1
Administrative expenses 1,099 5.3 768 4.1 43.2 3,225 5.6 2,238 4.0 44.1
Selling expenses 4,266 20.4 3,836 20.7 11.2 11,709 20.2 11,867 21.2 (1.3 )
Other operating<br> expenses (income), net 11 0.1 (17 ) (0.1 ) N.S. 12 0.0 16 0.0 (25.1 )
Income from<br> operations 905 4.3 844 4.5 7.2 2,282 3.9 2,756 4.9 (17.2 )
Depreciation 834 4.0 762 4.1 9.5 2,366 4.1 2,311 4.1 2.4
Amortization<br> & other non-cash charges 270 1.3 242 1.3 11.4 786 1.4 744 1.3 5.7
Adjusted<br> EBITDA 2,009 9.6 1,848 10.0 8.7 5,434 9.4 5,811 10.4 (6.5 )
CAPEX 530 378 40.4 1,089 996 9.4
Information of Stores
Total stores 4,532 4,347 4.3
Stores Mexico 1,737 1,710 1.6
Stores South America 2,795 2,637 6.0
Net new stores:
vs.<br> Last quarter 36 80 (55.0 )
Year-to-date 58 241 (75.9 )
Last-twelve-months 185 365 (49.3 )
Same-store<br> data: ^(1)^
Sales<br> (thousands of pesos) 947.0 881.7 7.4 % 896.5 928.9 (3.5 %)

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

| October 28, 2024   |  Page 20 |

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Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the third quarter of: For<br> the nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
Total revenues 17,076 100.0 15,782 100.0 8.2 49,034 100.0 43,378 100.0 13.0
Cost of sales 14,965 87.6 13,831 87.6 8.2 43,170 88.0 38,056 87.7 13.4
Gross profit 2,111 12.4 1,951 12.4 8.2 5,864 12.0 5,322 12.3 10.2
Administrative expenses 47 0.3 70 0.4 (32.8 ) 235 0.5 199 0.5 17.8
Selling expenses 1,241 7.3 1,152 7.3 7.7 3,590 7.3 3,303 7.6 8.7
Other operating<br> expenses (income), net (8 ) (0.0 ) 19 0.1 N.S. (24 ) (0.0 ) 19 0.0 N.S.
Income from<br> operations 831 4.9 710 4.5 17.0 2,064 4.2 1,801 4.2 14.6
Depreciation 254 1.5 285 1.8 (10.8 ) 653 1.3 844 1.9 (22.6 )
Amortization<br> & other non-cash charges 104 0.6 31 0.2 N.S. 337 0.7 60 0.1 N.S.
Adjusted<br> EBITDA 1,189 7.0 1,026 6.5 15.8 3,054 6.2 2,705 6.2 12.9
CAPEX 119 48 146.4 213 116 83.6
Information of OXXO GAS<br> Service Stations
Total stores 569 571 (0.4 )
Net new convenience stores:
vs.<br> Last quarter (1 ) 1 N.S.
Year-to-date (2 ) 3 N.S.
Last-twelve-months (2 ) 3 N.S.
Volume (millions of liters)<br> total stations 662 653 1.3
Same-store<br> data: ^(1)^
Sales<br> (thousands of pesos) 8,832.3 8,206.5 7.6 8,423.1 7,664.6 9.9
Traffic<br> (thousands of liters) 396.7 391.6 1.3 387.0 369.8 4.7
Average<br> price per liter 22.3 21.0 6.2 21.8 20.7 5.0

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

| October 28, 2024   |  Page 21 |

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Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the third quarter of: For<br> the nine months of:
2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var. 2024 %<br> <br>of rev. 2023 %<br> <br>of rev. %<br> Var.
Total revenues 69,601 100.0 62,853 100.0 10.7 203,873 100.0 181,376 100.0 12.4
Cost of sales 37,507 53.9 34,005 54.1 10.3 110,987 54.4 99,926 55.1 11.1
Gross profit 32,094 46.1 28,848 45.9 11.3 92,886 45.6 81,451 44.9 14.0
Administrative expenses 3,338 4.8 3,239 5.2 3.1 10,080 4.9 9,824 5.4 2.6
Selling expenses 19,085 27.4 16,731 26.6 14.1 53,996 26.5 46,676 25.7 15.7
Other operating<br> expenses (income), net 31 0.0 419 0.7 N.S. 774 0.4 235 0.1 N.S.
Income from<br> operations 9,638 13.8 8,460 13.5 13.9 28,037 13.8 24,716 13.6 13.4
Depreciation 2,858 4.1 2,468 3.9 15.8 8,110 4.0 7,179 4.0 13.0
Amortization<br> & other non-cash charges 1,504 2.2 902 1.4 66.7 3,897 1.9 1,842 1.0 111.6
Adjusted EBITDA 14,001 20.1 11,830 18.8 18.3 40,044 19.6 33,737 18.6 18.7
CAPEX 6,981 4,964 40.6 15,714 11,713 34.1
Sales<br> Volumes
(Millions<br> of unit cases)
Mexico and<br> Central America 629.0 60.4 633.2 61.3 (0.7 ) 1,904.5 60.5 1,813.9 60.6 5.0
South America 140.1 13.5 144.0 13.9 (2.7 ) 411.4 13.1 420.5 14.1 (2.2 )
Brazil 272.0 26.1 255.9 24.8 6.3 829.7 26.4 757.2 25.3 9.6
Total 1,041.1 100.0 1,033.1 100.0 0.8 3,145.6 100.0 2,991.6 100.0 5.1 
| October 28, 2024   |  Page 22 |

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FEMSA Macroeconomic Information

Inflation End-of-period<br> Exchange Rates
3Q 2024 LTM ^(1)^ Sep-24 Sep-24 Sep-23
Per Per MXN Per Per MXN
Mexico 0.10 % 4.66 % 19.63 1.0000 17.62 1.0000
Colombia 0.26 % 6.04 % 4,164.21 0.0047 4,053.76 0.0043
Brazil 0.51 % 3.93 % 5.45 3.6029 5.01 3.5186
Argentina 7.43 % 224.74 % 970.50 0.0202 349.95 0.0503
Chile 0.85 % 4.71 % 897.68 0.0219 895.60 0.0197
Euro Zone 0.04 % 1.76 % 0.89 21.9593 0.95 18.5710

All values are in US Dollars.

| October 28, 2024   |  Page 23 |

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MexicoCity, October 25, 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 third quarter of 2024.

THIRDQUARTER HIGHLIGHTS

· Volume<br> growth 0.8%
· Revenue<br> growth 10.7%
· Operating<br> income growth 13.9%
· Majority<br> net income growth 8.9%
· Earnings<br> per share^1^ were Ps. 0.35. (Earnings per unit were Ps. 2.79 and per ADS were Ps.<br> 27.89.)
· Initiated<br> pilot of a new salesforce automation tool, Juntos+ Advisor, with encouraging results in Brazil

FIRSTNINE MONTHS HIGHLIGHTS

· Volume<br> growth 5.1%
· Revenue<br> growth 12.4%
· Operating<br> income growth 13.4%
· Majority<br> net income growth 15.7%
· Earnings<br> per share^1^ were Ps. 0.98. (Earnings per unit were Ps. 7.83 and per ADS were Ps.<br> 78.28.)x

FINANCIAL SUMMARY FOR THE THIRD QUARTER RESULTS

Change vs. same period of last year

Total<br> Revenues Gross<br> Profit Operating<br> Income Majority<br> Net Income
3Q24 YTD<br> 2024 3Q24 YTD<br> 2024 3Q24 YTD<br> 2024 3Q24 YTD<br> 2024
Consolidated 10.7 % 12.4 % 11.3 % 14.0 % 13.9 % 13.4 % 8.9 % 15.7 %
As Reported Mexico & Central America 9.0 % 12.3 % 10.7 % 13.7 % 11.3 % 12.1 %
South America 13.6 % 12.6 % 12.2 % 14.7 % 20.6 % 16.6 %
Consolidated 11.3 % 15.7 % 11.5 % 17.2 % 13.6 % 16.3 %
Comparable ^(2)^ Mexico & Central America 6.7 % 12.0 % 8.4 % 13.4 % 9.1 % 12.0 %
South America 19.5 % 22.0 % 17.4 % 24.9 % 25.7 % 28.1 %

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

“Our third-quarter results underscore the resilience of our business and the strategic execution that drives Coca-Cola FEMSA forward. Despite unfavorable weather conditions in Mexico, our consolidated volumes remained resilient, driven mainly by the solid growth achieved in Brazil and Guatemala. At the same time, our team’s focus on growing the core business and driving cost and expense efficiencies enabled our revenues and operating income to grow by double digits.

On the B2B front, we continued deploying Juntos+, which now reaches 1.2 million monthly active buyers across Latin America. Additionally, we initiated the pilot of our new salesforce automation tool, Juntos+ Advisor, with encouraging results. Juntos

  • Advisor leverages advanced AI models, empowering our salesforce to help our clients reach their full potential and significantly improving our customer’s omnichannel experience. Finally, we are progressively adding the necessary production and distribution capacity across key markets to enable future growth and deliver long-term value for all our stakeholders.

Moreover, we express our sincere support to all the people impacted by Hurricane John in the state of Guerrero during the quarter. Our team has worked tirelessly in providing support to our employees, their families, and the affected communities. We are also encouraged that the reopening of our plant in Porto Alegre is progressing according to plan; we resumed operations in our distribution center, while bottling operations will gradually begin as of the fourth quarter.”

^(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.^^
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| **Coca-Cola FEMSA Reports 3Q24 Results** | **Page 2 of 17** | ![](tm2426942d1_footerimg.jpg) |

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RECENTDEVELOPMENTS

· On<br> September 5, the Company announced that it achieved the sustainability performance target<br> contemplated in its sustainability-linked bonds by achieving a water use efficiency ratio<br> of 1.36 liters per liter of beverage produced, and that such compliance has been confirmed<br> by an external and independent verifier. As a result, Coca-Cola FEMSA confirms that the calculation<br> of the interest rate applicable to the sustainability-linked bonds as of the interest period<br> beginning on September 19, 2024, will not incur any modifications.
· Coca-Cola<br> FEMSA mobilized efforts to support the communities affected by Hurricane John in the state<br> of Guerrero, Mexico. As part of its commitment to aid in the recovery of the region, the<br> Company coordinated with local authorities to provide humanitarian relief, including donations<br> of water, food, and essential supplies to the most impacted areas. Coca-Cola FEMSA also deployed<br> two water purification trucks, which have delivered almost 50 thousand liters of drinkable<br> water, equivalent to 2.4 thousand water jugs, ensuring access to clean water for those in<br> need. These efforts underscore the Company’s dedication to supporting both its employees<br> and the broader community in this challenging time.
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· After<br> the announcement of the temporary closure of its facility in Porto Alegre due to the flooding<br> that affected Rio Grande do Sul, Brazil last May, Coca-Cola FEMSA announced that plans to<br> reopen the facility continue progressing according to expectations. The distribution center<br> resumed operations as of October, initially at partial capacity. Production facilities are<br> expected to gradually restart during the fourth quarter. Furthermore, the Company continues<br> to offer support to its employees, their families, its customers, and the community.
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· On<br> October 15, 2024, Coca-Cola FEMSA paid the third installment of the ordinary dividend approved<br> for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million. On December<br> 9, 2024, Coca-Cola FEMSA will pay the fourth and final installment of this dividend.
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CONFERENCECALL INFORMATION

****

| **Coca-Cola FEMSA Reports 3Q24 Results** | **Page 3 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

CONSOLIDATEDTHIRD QUARTER RESULTS

CONSOLIDATEDTHIRD QUARTER RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican<br> pesos 3Q 2024 3Q 2023 Δ% Δ%
Total revenues 69,601 62,853 10.7 % 11.3 %
Gross profit 32,094 28,848 11.3 % 11.5 %
Operating income 9,638 8,460 13.9 % 13.6 %
Adj. EBITDA ^(2)^ 14,001 11,830 18.4 % 19.3 %

Volumeincreased 0.8% to 1,041.1 million unit cases, driven by volume growth in our Brazil, Guatemala, and Central America South territories, coupled with stable volume performance in Argentina. This increase was partially offset by volume declines in Mexico, Colombia, and Uruguay.

Totalrevenues increased 10.7% to Ps. 69,601 million. This increase was driven mainly by our revenue management initiatives and favorable mix effects. Excluding currency translation effects, total revenues increased 11.3%.

Grossprofit increased 11.3% to Ps. 32,094 million, and gross margin increased 20 basis points to 46.1%. This expansion was driven mainly by our top-line growth, coupled with easing raw material costs and favorable hedging initiatives. These effects were partially offset by an increase in purchases of finished product in Brazil, higher fixed costs and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 11.5%.

Operatingincome increased 13.9% to Ps. 9,638 million, and operating margin increased 30 basis points to 13.8%. This margin expansion was driven mainly by operating expense efficiencies and favorable mix effects that mitigated margin pressures related to higher operating expenses such as labor, marketing, freight, and maintenance. In addition, we recognized one-time income of Ps. 339 million for the quarter related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023. Excluding currency translation effects, operating income increased 13.6%.

^(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)^ Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 3Q24 Results** | **Page 4 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

Comprehensivefinancing result recorded an expense of Ps. 823 million, compared to an expense of Ps. 552 million in the previous year. This increase was driven mainly by a lower foreign exchange gain of Ps. 49 million in the third quarter of 2024 as compared to a gain of Ps. 322 million in the same period of the previous year. In addition, we recognized higher interest expense, net, of Ps. 1,059 million as compared to Ps. 986 million in the same period of the previous year, mainly because of new debt in Argentina and an increase in interest rates in our floating debt.

These effects were partially offset by a higher gain in monetary positions in inflationary subsidiaries as compared to the same period of the previous year.

Incometax as a percentage of income before taxes was 31.5% as compared to 29.6% during the same period of 2023. This increase was driven mainly by deferred taxes.

Netincome attributable to equity holders of the company was Ps. 5,858 million as compared to Ps. 5,380 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 and in income taxes. Earnings per share^1^ were Ps. 0.35 (Earnings per unit were Ps. 2.79 and per ADS were Ps. 27.89.).

^(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 3Q24 Results** | **Page 5 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

CONSOLIDATEDFIRST NINE months RESULTS

CONSOLIDATEDFIRST NINE MONTHS RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican<br> pesos YTD 2024 YTD 2023 Δ% Δ%
Total revenues 203,873 181,376 12.4 % 15.7 %
Gross profit 92,886 81,451 14.0 % 17.2 %
Operating income 28,037 24,716 13.4 % 16.3 %
Adj. EBITDA ^(2)^ 40,044 33,737 18.7 % 22.6 %

Volumeincreased 5.1% to 3,145.6 million unit cases, driven by volume growth in most of our territories, including Mexico, Brazil, Guatemala, Colombia, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.

Totalrevenues increased 12.4% to Ps. 203,873 million. This increase was driven mainly by our solid volume growth and revenue management initiatives. These effects were partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 15.7%.

Grossprofit increased 14.0% to Ps. 92,886 million, and gross margin expanded 70 basis points to 45.6%. This gross profit increase was driven mainly by our top-line growth, coupled with favorable packaging costs and hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 17.2%.

Operatingincome increased 13.4% to Ps. 28,037 million, and operating margin increased 20 basis points to 13.8%. This increase was driven by top-line growth and operating expense efficiencies. These effects were partially offset by increases in operating expenses such as labor, freight, and maintenance, coupled with a tough comparison base that included a non-cash operating foreign exchange gain in Mexico, as compared to a loss this year. Excluding currency translation effects, operating income increased 16.3%.

^(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)^ Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.
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| --- | --- | --- | | October 25, 2024 | | |

Comprehensivefinancing result recorded an expense of Ps. 2,918 million, compared to an expense of Ps. 3,329 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 249 million as compared to a loss of Ps. 739 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real during the first nine months of 2024.

These effects were partially offset by an increase in our interest expense, net, of Ps. 3,415 million as compared to an expense of Ps. 2,804 million in the same period of the previous year, mainly because of an increase in our debt in Argentina partially offset by a reduction in our interest income and the maturity of a Mexican peso denominated bond.

Incometax as a percentage of income before taxes was 32.5% as compared to 29.6% during the same period of 2023. This increase was driven mainly by deferred taxes.

Netincome attributable to equity holders of the company increased 15.7% to reach Ps. 16,445 million during the first nine months of 2024, as compared to Ps. 14,213 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. These effects were partially offset by higher income taxes. Earnings per share^1^ were Ps. 0.98 (Earnings per unit were Ps. 7.83 and per ADS were Ps. 78.28.).

^(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 3Q24 Results** | **Page 7 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

MEXICO & CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS

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

MEXICO & CENTRAL AMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican<br> pesos 3Q<br> 2024 3Q<br> 2023 Δ% Δ%
Total revenues 42,546 39,035 9.0 % 6.7 %
Gross profit 20,691 18,689 10.7 % 8.4 %
Operating income 6,711 6,032 11.3 % 9.1 %
Adj. EBITDA ^(2)^ 9,411 8,182 15.0 % 12.7 %

Volumedecreased 0.7% driven by a 1.5% decline in Mexico mainly because of unfavorable weather conditions, partially offset by a 7.5% increase in Guatemala and a 1.5% increase in our Central America South territories.

Totalrevenues increased 9.0% to Ps. 42,546 million, driven mainly by revenue management initiatives and the favorable translation effect from most of our operating currencies into Mexican Pesos. These effects were partially offset by a slight volume decline. Excluding currency translation effects, total revenues increased 6.7%.

Grossprofit increased 10.7% to Ps. 20,691 million, and gross margin expanded 70 basis points to 48.6%. This margin expansion was driven mainly by our top-line growth, easing sweetener and packaging costs, coupled with favorable hedging initiatives. These effects were partially offset by higher fixed costs. Excluding currency translation effects, gross profit increased 8.4%.

Operatingincome increased 11.3% to Ps. 6,711 million, and operating margin increased 30 basis points to 15.8%. This increase was driven mainly by our top-line growth, favorable mix, and operating expense efficiencies that mitigated margin pressures related to higher operating expenses such as labor, marketing, freight, and maintenance, coupled with an operating foreign exchange loss. In addition, this quarter we recognized one-time income of Ps. 339 million related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023. Excluding currency translation effects, operating income increased 9.1%.

^(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)^ Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
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| --- | --- | --- | | October 25, 2024 | | |

SOUTHAMERICA DIVISION THIRD QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

As Reported Comparable<br> ^(1)^
Expressed in millions of Mexican pesos 3Q<br> 2024 3Q<br> 2023 Δ% Δ%
Total revenues 27,056 23,818 13.6 % 19.5 %
Gross profit 11,403 10,159 12.2 % 17.4 %
Operating income 2,927 2,428 20.6 % 25.7 %
Adj. EBITDA ^(2)^ 4,590 3,647 25.8 % 35.5 %

^^

Volumeincreased 3.1% to 412.1 million unit cases, driven mainly by a 6.3% volume growth in Brazil and stable performance in Argentina. These effects were partially offset by volume declines of 4.0% in Colombia and 2.6% in Uruguay.

Totalrevenues increased 13.6% to Ps. 27,056 million. This increase was driven mainly by volume growth, coupled with revenue management initiatives. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 19.5%.

Grossprofit increased 12.2% to Ps. 11,403 million, and gross margin contracted 60 basis points to 42.1%. This contraction was driven mainly by increases in sweetener costs, purchases of finished products, and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by our top-line growth, declining packaging costs, and favorable hedging strategies. Excluding currency translation effects, gross profit increased 17.4%.

Operatingincome increased 20.6% to Ps. 2,927 million, resulting in an operating margin expansion of 60 basis points to 10.8%. This increase was driven mainly by operating leverage resulting from top-line growth and cost and expense control initiatives. These effects were partially offset by higher fixed costs and expenses such as freight, labor, and the top-line contraction from Argentina. Excluding currency translation effects, operating income increased 25.7%.

^(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)^ Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. 
| **Coca-Cola FEMSA Reports 3Q24 Results** | **Page 9 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 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 to maintain comparability.

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| --- | --- | --- | | October 25, 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, S.A.B. de C.V. is the largest franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio to more than 272 million consumers. With over 104,000 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 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 certain territories in Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an 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 3Q24 Results** | **Page 11 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ^(1)^

For<br> the Third Quarter of: For<br> the First Nine Months of:
2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br><br> Reported Δ%<br><br> Comparable ^(7)^ 2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br><br> Reported Δ%<br><br> Comparable ^(7)^
Transactions<br> (million transactions) 6,153.2 6,048.6 1.7 % 1.7 % 18,484.0 17,548.7 5.3 % 5.3 %
Volume<br> (million unit cases)^^ 1,041.1 1,033.1 0.8 % 0.8 % 3,145.6 2,991.6 5.1 % 5.1 %
Average price per unit case 64.93 58.87 10.3 % 63.00 58.72 7.3 %
Net revenues 69,399 62,612 10.8 % 203,342 180,780 12.5 %
Other operating revenues 203 241 -15.9 % 532 596 -10.7 %
Total<br> revenues ^(2)^ 69,601 100.0 % 62,853 100.0 % 10.7 % 11.3 % 203,873 100.0 % 181,376 100.0 % 12.4 % 15.7 %
Cost of goods sold 37,507 53.9 % 34,005 54.1 % 10.3 % 110,987 54.4 % 99,925 55.1 % 11.1 %
Gross profit 32,094 46.1 % 28,848 45.9 % 11.3 % 11.5 % 92,886 45.6 % 81,451 44.9 % 14.0 % 17.2 %
Operating expenses 22,425 32.2 % 19,970 31.8 % 12.3 % 64,076 31.4 % 56,500 31.2 % 13.4 %
Other operative expenses, net 76 0.1 % 500 0.8 % -84.8 % 940 0.5 % 421 0.2 % 123.4 %
Operative<br> equity method (gain) loss in associates^(3)^ (45 ) -0.1 % (82 ) -0.1 % -45.3 % (166 ) -0.1 % (187 ) -0.1 % -10.8 %
Operating<br> income ^(5)^ 9,638 13.8 % 8,460 13.5 % 13.9 % 13.6 % 28,037 13.8 % 24,716 13.6 % 13.4 % 16.3 %
Other non operative expenses, net 94 0.1 % 138 0.2 % -32.0 % 67 0.0 % 484 0.3 % -86.2 %
Non<br> Operative equity method (gain) loss in associates ^(4)^ (133 ) -0.2 % (16 ) 0.0 % 718.7 % (75 ) 0.0 % 149 0.1 % NA
Interest expense 1,909 1,707 11.8 % 5,580 5,382 3.7 %
Interest income 850 721 17.9 % 2,165 2,578 -16.0 %
Interest expense,<br> net 1,059 986 7.3 % 3,415 2,804 21.8 %
Foreign exchange<br> loss (gain) (49 ) (322 ) -84.8 % (249 ) 739 -133.7 %
Loss (gain) on<br> monetary position in inflationary subsidiaries (100 ) (17 ) 486.5 % (147 ) (134 ) 10.0 %
Market value<br> (gain) loss on financial instruments (86 ) (95 ) -9.1 % (101 ) (80 ) 26.6 %
Comprehensive financing result 823 552 49.0 % 2,918 3,329 -12.4 %
Income before taxes 8,854 7,786 13.7 % 25,127 20,754 21.1 %
Income taxes 2,731 2,273 20.2 % 8,074 6,128 31.8 %
Result of discontinued operations - - NA - - NA
Consolidated net income 6,123 5,513 11.1 % 17,052 14,627 16.6 %
Net income attributable<br> to equity holders of the company 5,858 8.4 % 5,380 8.6 % 8.9 % 7.9 % 16,445 8.1 % 14,213 7.8 % 15.7 % 18.7 %
Non-controlling interest 265 0.4 % 133 0.2 % 99.4 % 607 0.3 % 414 0.2 % 46.7 %
Adj.<br> EBITDA & CAPEX 2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ%<br> Comparable ^(7)^ 2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ%<br> Comparable ^(7)^
Operating<br> income ^(5)^ 9,638 13.8 % 8,460 13.5 % 13.9 % 13.6 % 28,037 13.8 % 24,716 13.6 % 13.4 % 16.3 %
Depreciation 2,858 2,468 15.8 % 8,110 7,179 13.0 %
Amortization and other operative<br> non-cash charges 1,504 902 66.8 % 3,897 1,841 111.7 %
Adj.<br> EBITDA ^(5)(6)^ 14,001 20.1 % 11,830 18.8 % 18.4 % 19.3 % 40,044 19.6 % 33,737 18.6 % 18.7 % 22.6 %
CAPEX^(8)^ 6,945 4,976 39.6 % 15,638 11,713 33.5 %
^(1)^ Except volume and average price per unit case figures.
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^(2)^ Please refer to page 15 and 16 for revenue breakdown.
^(3)^ Includes equity method in Jugos del Valle and Leão Alimentos, among others.
^(4)^ Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.
^(5)^ The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
^(6)^ Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
^(7)^ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
^(8)^ As of September 30, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 15,717 million. 
| **Coca-Cola FEMSA Reports 3Q24 Results** | **Page 12 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ^(1)^

For<br> the Third Quarter of: For<br> the First Nine Months of:
2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br> Reported Δ%<br><br> Comparable (6) 2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br><br> Reported Δ%<br><br> Comparable (6)
Transactions<br> (million transactions) 3,250.4 3,232.8 0.5 % 0.5 % 9,834.9 9,363.2 5.0 % 5.0 %
Volume<br> (million unit cases)^^ 629.0 633.2 -0.7 % -0.7 % 1,904.5 1,813.9 5.0 % 5.0 %
Average price per unit case 67.16 61.28 9.6 % 65.50 61.36 6.7 %
Net revenues 42,533 39,024 125,455 111,717
Other operating revenues 13 11 1 23
Total<br> Revenues ^(2)^ 42,546 100.0 % 39,035 100.0 % 9.0 % 6.7 % 125,456 100.0 % 111,740 100.0 % 12.3 % 12.0 %
Cost of goods sold 21,855 51.4 % 20,346 52.1 % 64,930 51.8 % 58,497 52.4 %
Gross profit 20,690.8 48.6 % 18,688.8 47.9 % 10.7 % 8.4 % 60,526.4 48.2 % 53,243.0 47.6 % 13.7 % 13.4 %
Operating expenses 13,971.0 32.8 % 12,369.9 31.7 % 40,325.4 32.1 % 35,680.3 31.9 %
Other operative expenses, net 36 0.1 % 344 -0.1 % 633 0.5 % 132 0.1 %
Operative<br> equity method (gain) loss in associates ^(3)^ (27 ) -0.1 % (57 ) -0.1 % (115 ) -0.1 % (121 ) -0.1 %
Operating<br> income ^(4)^ 6,711 15.8 % 6,032 15.5 % 11.3 % 9.1 % 19,683 15.7 % 17,552 15.7 % 12.1 % 12.0 %
Depreciation, amortization & other<br> operating non-cash charges 2,700 6.3 % 2,151 5.5 % 7,354 5.9 % 5,566 5.0 %
Adj.<br> EBITDA ^(4)(5)^ 9,411 22.1 % 8,182 21.0 % 15.0 % 12.7 % 27,037 21.6 % 23,118 20.7 % 17.0 % 16.7 %
(1) Except volume and average price per unit case figures.
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(2) Please refer to page 15 and 16 for revenue breakdown.
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(3) Includes equity method in Jugos del Valle, 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.
--- ---
(5) Adjusted 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.
--- ---

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ^(1)^

For<br> the Third Quarter of: For<br> the First Nine Months of:
2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br><br> Reported Δ%<br><br> Comparable ^(6)^ 2024 %<br> of<br><br> Rev. 2023 %<br> of<br><br> Rev. Δ%<br><br> Reported Δ%<br><br> Comparable ^(6)^
Transactions<br> (million transactions) 2,902.7 2,815.8 3.1 % 3.1 % 8,649.1 8,185.6 5.7 % 5.7 %
Volume<br> (million unit cases)^^ 412.1 399.9 3.1 % 3.1 % 1,241.1 1,177.7 5.4 % 5.4 %
Average price per unit case 61.52 55.05 11.8 % 59.16 54.65 8.3 %
Net revenues 26,865 23,588 77,886 69,063
Other operating revenues 190 230 531 573
Total<br> Revenues ^(2)^ 27,056 100.0 % 23,818 100.0 % 13.6 % 19.5 % 78,417 100.0 % 69,636 100.0 % 12.6 % 22.0 %
Cost of goods sold 15,652 57.9 % 13,659 57.3 % 46,057 58.7 % 41,428 59.5 %
Gross profit 11,403 42.1 % 10,159 42.7 % 12.2 % 17.4 % 32,360 41.3 % 28,208 40.5 % 14.7 % 24.9 %
Operating expenses 8,454 31.2 % 7,600 31.9 % 23,751 30.3 % 20,820 29.9 %
Other operative expenses, net 40 0.1 % 156 0.7 % 307 0.4 % 289 0.4 %
Operative<br> equity method (gain) loss in associates ^(3)^ (18 ) -0.1 % (25 ) -0.1 % (52 ) -0.1 % (66 ) -0.1 %
Operating<br> income ^(4)^ 2,927.4 10.8 % 2,427.7 10.2 % 20.6 % 25.7 % 8,353.6 10.7 % 7,164.5 10.3 % 16.6 % 28.1 %
Depreciation, amortization & other<br> operating non-cash charges 1,663 6.1 % 1,220 5.1 % 4,653 5.9 % 3,454 5.0 %
Adj.<br> EBITDA ^(4)(5)^ 4,590 17.0 % 3,647 15.3 % 25.8 % 35.5 % 13,007 16.6 % 10,619 15.2 % 22.5 % 36.9 %
^(1)^ Except volume and average price per unit case figures.
--- ---
^(2)^ Please refer to page 15 and 16 for revenue breakdown.
^(3)^ Includes equity method in Leão Alimentos, among others.
^(4)^ The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
^(5)^ Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
^(6)^ Please refer to page 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 3Q24 Results** | **Page 13 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets Sep-24 Dec-23 % Var.
Current Assets
Cash, cash equivalents and<br> marketable securities 41,493 31,060 34 %
Total accounts receivable 16,600 17,749 -6 %
Inventories 13,973 11,880 18 %
Other current assets 8,674 7,049 23 %
Total current assets 80,740 67,738 19 %
Non-Current Assets - -
Property, plant and equipment 153,835 133,406 15 %
Accumulated depreciation (62,358 ) (54,676 ) 14 %
Total property, plant and equipment,<br> net 91,478 78,730 16 %
Right of use assets 2,815 2,388 18 %
Investment in shares 10,105 9,246 9 %
Intangible assets and other assets 103,904 101,162 3 %
Other non-current assets 18,882 14,256 32 %
Total Assets 307,924 273,520 13 %
Liabilities<br> & Equity Sep-24 Dec-23 %<br> Var.
--- --- --- --- --- --- --- --- --- --- --- --- ---
Current Liabilities
Short-term bank loans and<br> notes payable 2,557 140 1726 %
Suppliers 30,966 27,351 13 %
Short-term leasing Liabilities 818 752 9 %
Other current liabilities 36,533 26,673 37 %
Total current liabilities 70,873 54,916 29 %
Non-Current Liabilities - -
Long-term bank loans and notes payable 69,325 65,074 7 %
Long Term Leasing Liabilities 2,205 1,769 25 %
Other long-term liabilities 17,674 18,056 -2 %
Total liabilities 160,076 139,815 14 %
Equity - -
Non-controlling interest 7,545 6,680 13 %
Total controlling interest 140,303 127,025 10 %
Total equity 147,848 133,705 11 %
Total Liabilities and Equity 307,924 273,520 13 %
Sep<br> 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Debt Mix %<br> Total Debt ^(1)^ %<br> Interest Rate Floating ^(1) (2)^ Average<br> Rate
Currency
Mexican Pesos 58.9 % 3.7 % 8.7 %
U.S. Dollars 17.7 % 53.2 % 4.2 %
Colombian Pesos 1.4 % 0.0 % 6.3 %
Brazilian Reals 21.1 % 18.8 % 9.3 %
Argentine Pesos 0.9 % 0.0 % 50.1 %
Total Debt 100 % 23.4 % 8.4 %
^(1)^ After giving effect to cross- currency swaps.
--- ---
^(2)^ Calculated by weighting each year´s outstanding debt balance mix.
--- ---

Debt Maturity Profile

Financial Ratios 3Q 2024 FY 2024 Δ%
Net debt including<br> effect of hedges ^(1)(3)^ 30,307 37,794 -19.8 %
Net debt including effect<br> of hedges / Adj. EBITDA ^(1)(3)^ 0.57 0.81
Adj. EBITDA/ Interest expense,<br> net ^(1)^ 11.73 11.86
Capitalization ^(2)^ 33.1 % 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 3Q24 Results** | **Page 14 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume
3Q<br> 2024 3Q<br> 2023 YoY
**** **** Sparkling **** **** Water ^(1)^ **** **** Bulk ^(2)^ **** **** Stills **** **** Total **** **** Sparkling **** **** Water ^(1)^ **** **** Bulk ^(2)^ **** **** Stills **** **** Total **** **** Δ % ****
Mexico 373.1 31.7 92.3 39.9 537.0 377.2 31.8 98.7 37.5 545.3 -1.5 %
Guatemala 44.4 2.5 - 2.3 49.2 41.3 2.1 - 2.3 45.7 7.5 %
CAM South 35.0 1.3 0.9 5.5 42.8 34.3 1.3 0.8 5.7 42.2 1.5 %
Mexico and Central America 452.6 35.4 93.3 47.8 629.0 452.8 35.3 99.6 45.5 633.2 -0.7 %
Colombia 66.0 10.5 3.9 7.1 87.4 68.6 11.0 3.7 7.7 91.0 -4.0 %
Brazil<br> ^(3)^ 227.5 19.1 2.2 23.2 272.0 214.1 18.2 2.4 21.2 255.9 6.3 %
Argentina 31.1 5.0 1.5 3.3 40.9 31.5 4.7 1.4 3.4 41.0 0.0 %
Uruguay 9.4 1.5 - 0.7 11.7 9.4 2.1 - 0.5 12.0 -2.6 %
South America 334.0 36.1 7.6 34.4 412.1 323.6 35.9 7.5 32.8 399.9 3.1 %
TOTAL 786.5 71.5 100.9 82.2 1,041.1 776.5 71.2 107.1 78.4 1,033.1 0.8 %

(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

Transactions
3Q<br> 2024 3Q<br> 2023 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ<br> %
Mexico 2,036.8 223.2 279.2 2,539.2 2,067.6 225.8 260.4 2,553.7 -0.6 %
Guatemala 339.1 16.3 24.9 380.3 313.4 14.8 24.0 352.2 8.0 %
CAM South 261.5 13.4 55.9 330.8 254.1 13.1 59.7 326.9 1.2 %
Mexico and Central America 2,637.4 253.0 360.0 3,250.4 2,635.1 253.7 344.0 3,232.8 0.5 %
Colombia 485.7 106.8 55.2 647.7 508.2 115.4 77.1 700.7 -7.6 %
Brazil<br> ^(3)^ 1,547.5 168.4 266.1 1,982.0 1,433.2 158.4 239.5 1,831.1 8.2 %
Argentina 158.8 30.1 27.8 216.8 165.6 30.8 31.9 228.2 -5.0 %
Uruguay 44.6 5.9 5.8 56.3 44.0 7.6 4.2 55.8 0.7 %
South America 2,236.6 311.2 355.0 2,902.7 2,151.0 312.2 352.6 2,815.8 3.1 %
TOTAL 4,874.0 564.1 715.0 6,153.2 4,786.0 565.9 696.7 6,048.6 1.7 %
Revenues
--- --- --- --- --- --- --- --- --- --- --- --- ---
Expressed in million<br> Mexican Pesos 3Q<br> 2024 3Q<br> 2023 Δ<br> %
Mexico 34,500 32,378 6.6 %
Guatemala 4,157 3,331 24.8 %
CAM South 3,889 3,327 16.9 %
Mexico and Central America 42,546 39,035 9.0 %
Colombia 5,181 4,801 7.9 %
Brazil<br> ^(4)^ 17,747 15,760 12.6 %
Argentina 2,852 2,245 27.1 %
Uruguay 1,275 1,012 26.0 %
South America 27,056 23,818 13.6 %
TOTAL 69,601 62,853 10.7 %

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

(4) Brazil includes beer revenues of Ps. 1,175.3 million for the third quarter of 2024 and Ps. 1,421.6 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 3Q24 Results** | **Page 15 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

COCA-COLA FEMSA

YTD- VOLUME, TRANSACTIONS & REVENUES

Volume
YTD<br> 2024 YTD<br> 2023 YoY
**** **** Sparkling **** **** Water ^(1)^ **** **** Bulk ^(2)^ **** **** Stills **** **** Total **** **** Sparkling **** **** Water ^(1)^ **** **** Bulk ^(2)^ **** **** Stills **** **** Total **** **** Δ % ****
Mexico 1,107.9 107.0 290.3 121.7 1,626.8 1,062.7 95.3 290.7 110.8 1,559.5 4.3 %
Guatemala 130.8 7.6 - 7.1 145.5 117.1 5.7 - 6.9 129.8 12.1 %
CAM South 108.0 4.4 2.9 16.7 132.1 100.8 4.8 1.9 17.1 124.6 6.0 %
Mexico and Central<br> America 1,346.8 119.0 293.2 145.5 1,904.5 1,280.6 105.8 292.6 134.9 1,813.9 5.0 %
Colombia 196.5 30.4 12.0 21.8 260.7 193.9 29.1 10.5 22.3 255.7 2.0 %
Brazil<br> ^(3)^ 691.6 58.7 7.4 72.0 829.7 636.0 52.8 7.0 61.4 757.2 9.6 %
Argentina 87.3 14.3 5.2 8.9 115.7 97.3 14.5 3.9 11.9 127.6 -9.3 %
Uruguay 28.1 4.8 - 2.0 35.0 28.6 7.1 - 1.6 37.3 -6.1 %
South America 1,003.6 108.3 24.5 104.7 1,241.1 955.7 103.4 21.4 97.1 1,177.7 5.4 %
TOTAL 2,350.3 227.3 317.7 250.2 3,145.6 2,236.3 209.2 314.1 232.0 2,991.6 5.1 %

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

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

Transactions
YTD<br> 2024 YTD<br> 2023 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ<br> %
Mexico 6,134.4 739.7 853.0 7,727.1 5,935.0 675.7 783.1 7,393.8 4.5 %
Guatemala 981.2 51.1 74.8 1,107.0 886.3 43.7 70.3 1,000.3 10.7 %
CAM South 789.0 43.6 168.1 1,000.7 745.3 40.6 183.2 969.1 3.3 %
Mexico and Central<br> America 7,904.6 834.4 1,095.9 9,834.8 7,566.6 760.0 1,036.5 9,363.2 5.0 %
Colombia 1,440.1 311.5 179.5 1,931.1 1,429.1 305.2 234.1 1,968.4 -1.9 %
Brazil<br> ^(3)^ 4,606.6 511.9 817.9 5,936.4 4,182.7 463.8 689.0 5,335.5 11.3 %
Argentina 445.5 88.5 76.4 610.4 507.3 94.2 104.9 706.3 -13.6 %
Uruguay 135.6 18.6 17.0 171.2 135.7 26.0 13.8 175.4 -2.4 %
South America 6,627.8 930.6 1,090.7 8,649.1 6,254.6 889.2 1,041.8 8,185.6 5.7 %
TOTAL 14,532.4 1,764.9 2,186.6 18,484.0 13,821.3 1,649.2 2,078.3 17,548.8 5.3 %
Revenues
--- --- --- --- --- --- --- --- --- --- --- --- ---
Expressed in million<br> Mexican Pesos YTD<br> 2024 YTD<br> 2023 Δ<br> %
Mexico 102,828 91,906 11.9 %
Guatemala 11,401 9,664 18.0 %
CAM South 11,227 10,171 10.4 %
Mexico and Central America 125,456 111,740 12.3 %
Colombia 14,850 12,585 18.0 %
Brazil<br> ^(4)^ 52,027 46,838 11.1 %
Argentina 8,169 7,102 15.0 %
Uruguay 3,371 3,110 8.4 %
South America 78,417 69,636 12.6 %
TOTAL 203,873 181,376 12.4 %

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

(4) Brazil includes beer revenues of Ps. 3,704.4 million for the first nine months of 2024 and Ps. 4,382.5 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 3Q24 Results** | **Page 16 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation ^(1)^
LTM 3Q24 YTD
Mexico 4.66 % 1.46 % 2.86 %
Colombia 6.04 % 0.64 % 4.62 %
Brasil 3.93 % 0.49 % 2.96 %
Argentina 224.74 % 11.96 % 101.87 %
Costa Rica 0.63 % 0.25 % 0.37 %
Panama 0.36 % -0.72 % 0.36 %
Guatemala 3.38 % 1.08 % 2.28 %
Nicaragua 3.97 % -0.05 % 2.94 %
Uruguay 5.46 % 0.80 % 4.30 %

^(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<br> Exchange Rate (Local Currency per ) Year<br> to Date Exchange Rate  (Local Currency per )
3Q24 3Q23 Δ<br> % YTD<br> 24 YTD<br> 23 Δ<br> %
México 18.92 17.06 10.9 % 17.71 17.83 -0.7 %
Colombia 4,097.21 4,047.64 1.2 % 3,982.02 4,410.88 -9.7 %
Brasil 5.55 4.88 13.6 % 5.24 5.01 4.6 %
Argentina 942.75 312.85 201.3 % 887.89 245.82 261.2 %
Costa Rica 525.66 543.28 -3.2 % 519.70 551.67 -5.8 %
Panama 1.00 1.00 0.0 % 1.00 1.00 0.0 %
Guatemala 7.74 7.86 -1.5 % 7.77 7.83 -0.8 %
Nicaragua 36.62 36.49 0.4 % 36.62 36.40 0.6 %
Uruguay 40.53 37.96 6.8 % 39.39 38.58 2.1 %

All values are in US Dollars.

End-of-period Exchange<br> Rates
Closing<br> Exchange Rate<br> (Local Currency per ) Closing<br> Exchange Rate<br> (Local Currency per )
Sep-24 Sep-23 Δ<br> % Jun-24 Jun-23 Δ<br> %
México 19.63 17.62 11.4 % 18.38 17.07 7.6 %
Colombia 4,164.21 4,053.76 2.7 % 4,148.04 4,191.28 -1.0 %
Brasil 5.45 5.01 8.8 % 5.56 4.82 15.3 %
Argentina 970.50 349.95 177.3 % 912.00 256.70 255.3 %
Costa Rica 522.87 542.35 -3.6 % 528.80 549.48 -3.8 %
Panama 1.00 1.00 0.0 % 1.00 1.00 0.0 %
Guatemala 7.72 7.86 -1.7 % 7.77 7.85 -1.0 %
Nicaragua 36.62 36.53 0.3 % 36.62 36.44 0.5 %
Uruguay 41.64 38.56 8.0 % 39.99 37.41 6.9 %

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 3Q24 Results** | **Page 17 of 17** | ![](tm2426942d1_footerimg.jpg) |

| --- | --- | --- | | October 25, 2024 | | |

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