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6-K

Mexican Economic Development Inc (FMX)

6-K 2025-02-27 For: 2025-02-27
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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 February 2025

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: February, 27, 2025

Exhibit 99.1

4Q and Full Year 2024

Results

February 27, 2025

Investor Contact

(52) 818-328-6167

investor@femsa.com.mx

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

comunicacion@femsa.com.mx

femsa.com

| February 27, 2025   |  Page 1 |

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HIGHLIGHTS

Monterrey, Mexico,February 27, 2025 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter and full year of 2024.

· FEMSA: Total Consolidated Revenues grew 12.8% and Income from Operations increased 31.5% compared to 4Q23.
· FEMSA Retail^1^: Proximity Americas total Revenues grew 13.2% and Income from operations increased 18.7% versus 4Q23.
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· SPIN: Spin by OXXO had 8.6 million active users^2^ representing 24.9% growth compared to 4Q23 while Spin Premia had 24.6 million active loyalty users^2^<br> representing 27.5% growth compared to 4Q23, and an average tender^3^ of<br> 40.7%.
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· COCA-COLA FEMSA: Total Revenues and Income from Operations grew 14.3% and 25.0%, respectively against 4Q23.
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Financial Summaryfor the Fourth Quarter and Full Year 2024

Change vs. comparable period

Total Revenues Gross Profit Income from Operations Same-Store Sales
4Q24 YTD24 4Q24 YTD24 4Q24 YTD24 4Q24 YTD24
FEMSA Consolidated 12.8 % 11.2 % 16.7 % 15.0 % 31.5 % 19.8 %
Proximity Americas 13.2 % 10.3 % 19.0 % 17.0 % 18.7 % 11.2 % 3.8 % 4.2 %
Proximity Europe 21.5 % 14.2 % 17.5 % 14.6 % 9.9 % 45.3 % N.A. N.A.
Health 13.3 % 5.8 % 21.2 % 6.9 % 109.7 % 4.6 % 9.4 % (0.3 %)
Fuel 8.0 % 11.7 % 2.4 % 8.0 % 6.9 % 12.4 % 9.7 % 9.9 %
Coca-Cola FEMSA 14.3 % 14.2 % 16.8 % 16.0 % 25.0 % 17.4 %

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

“In the fourth quarter FEMSA delivered a strong close to a strong year, with double-digit growth in revenues, gross profit, and income from operations in most of our business units, driven by the strength of our platform and the effort of our teams, while also reflecting foreign exchange tailwinds from our international operations.

The solid trends in the fourth quarter’s top line were complemented by strong margin expansion at our two largest operations, Proximity Americas and Coca-Cola FEMSA, leveraging powerful execution in their core markets. Looking at the full year, margin expansion was achieved not only at Proximity Americas and Coca-Cola FEMSA, but also at Proximity Europe and Fuel.

Beyond our operations, during the year we continued to make progress with the remaining steps of FEMSA Forward, including in the execution of our capital allocation framework. In addition to high levels of capital expenditures as we continued to invest in our organic growth opportunities across business units, during 2024, we returned record amounts of capital through a combination of dividends and share repurchases, a process that we intend to accelerate in 2025 and 2026 as we move to maximize the efficiency of our balance sheet.

Finally, on the governance front, the Corporate Practices and Nominations Committee of FEMSA’s Board of Directors has formally launched the succession process for the CEO position. Please refer to the Recent Developments section of this release for further details.

We begin 2025 facing an increasingly challenging consumer environment in many of our markets, particularly Mexico, but we are confident we have a compelling opportunity set in front of us, a solid strategy to pursue those opportunities, and the best team in the business.”

^1^ FEMSA Retail: Proximity Americas<br> & Europe, Fuel and FEMSA Health.
^2^ Active User for Spin by OXXO:<br>Any user with a balance or that has transacted within the last 56 days.
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Active User for Spin Premia: User<br>that has transacted at least once with OXXO Premia within the last 90 days.
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^3^ Tender: OXXO MXN sales with Spin<br>Premia redemption or accrual / Total OXXO MXN Sales, during the period.
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| February 27, 2025   |  Page 2 |

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FEMSA ForwardUpdate

Advancing FEMSA Forward:

Update on our capital allocation framework

In line with our FEMSA Forward strategy, on February 15, 2024, we shared FEMSA’s capital allocation framework and plans as approved by our Board of Directors. One year later, we have made important progress executing on these plans and are poised to accelerate the pace during 2025 and 2026.

Investingin our core

In line with our long range plan we expect to continue to deploy capital in our core organic initiatives to reach our original commitment of around of Ps. 50,000 million per year for 2025 and 2026, with close to Ps. 32,000 million a year of that deployed in Mexico, where we are one of the largest employers (over 260,000 employees), and taxpayers, expecting to pay over Ps. 41,000 million in aggregate income taxes for the period between fiscal 2025 and 2026. We are beginning to see the fruits of these investments in the reported figures for 2024 in the form of continued high hit-rate new store growth, merchandising and segmentation initiatives driving margin expansion, investment in production and market assets at KOF, and investments in both analog and digital capabilities throughout our portfolio that have created attractive returns and quick paybacks.

Developingnew value capillaries

During 2024, we invested a relatively modest amount of approximately USD$385 million in inorganic initiatives, mostly related to the establishment of a beachhead for our proximity operations in the US. We continue to be on the lookout for opportunities that could generate value or add capabilities across our portfolio, maintaining high thresholds for both strategic fit and financial returns within our defined FEMSA Forward core business verticals, and our leverage objective of 2x Ex-KOF Net Leverage target, as we maximize the efficiency of our balance sheet.

Capital Returns

Having successfully executed the majority of the FEMSA Forward-related divestments, and after accounting for our expected organic and inorganic capital needs, we believe that returning capital to shareholders is a key component of the overall strategy, keeping in mind that all capital allocation actions are guided by the principle of driving intrinsic per share value through both operational and financial decisions.

Return ofcapital initiatives carried out during 2024

During 2024 we declared ordinary dividends of Ps. 3.6644 per FEMSAUB unit and Ps. 4.3972 per FEMSAUBD unit (Ps. 43.972 per ADS). We also announced extraordinary dividends of Ps. 2.5672 per FEMSAUB unit and Ps. 3.0804 per FEMSAUBD unit (Ps. 30.804 per ADS). Finally, we repurchased 102,201,323 FEMSAUBD units, representing approximately 2.86% of our total outstanding units as of December 31, 2024. These repurchased shares are currently held in our Treasury and will be proposed for cancellation at the Annual Shareholders’ Meeting on April 11^th^, 2025. On aggregate these actions returned an amount representing approximately 8.1% of FEMSA’s current market capitalization.

| February 27, 2025   |  Page 3 |

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Return ofcapital initiatives proposed for 2025

FEMSA’s Board of Directors has approved to submit to the 2025 Annual Shareholders Meeting the following proposals: i) Increase our ordinary dividends per unit by 4.2% compared to 2024, in line with Mexican inflation, or Ps. 3.8190 per FEMSAUB unit and Ps. 4.5826 per FEMSAUBD unit (Ps. 45.826 per ADS), to be paid in four quarterly installments beginning in April of 2025; ii) pay an additional extraordinary dividend of Ps. 8.4240 per FEMSAUB unit and Ps. 10.1084 per FEMSAUBD unit (Ps. 101.084 per ADS), over and above the approved ordinary dividends, to be disbursed in four quarterly installments on the same dates as the ordinary dividends; and iii) allocate to share repurchases an amount representing approximately 2.9% of FEMSA’s current market capitalization. These actions represent an aggregate amount of approximately 10.4% of FEMSA’s current market capitalization.

Considerationson capital initiatives for 2026

During 2026, assuming no extraordinary circumstances beyond our control, we plan to announce a minimum additional capital return representing approximately 4.2% of FEMSA’s current market capitalization, over and above the approved ordinary dividends for that year. Based on our cash flow generation and planned capital deployment during 2025 and 2026, we would expect to substantially advance towards our objective ex-KOF leverage ratio of 2x, maximizing the efficiency of our balance sheet.

| February 27, 2025   |  Page 4 |

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QUARTERLY RESULTS

Results are comparedto the same period of previous year

FEMSA CONSOLIDATED

4Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

4Q24 4Q23 Var. Org.
Total Revenues 208,311 184,732 12.8 % 10.8 %
Gross Profit 90,906 77,915 16.7 %
Gross Profit Margin (%) 43.6 42.2 140bps
Income from Operations 22,634 17,216 31.5 % 31.5 %
Operating Margin (%) 10.9 9.3 160bps
Adjusted EBITDA^2^ 34,567 27,462 25.9 % 25.4 %
EBITDA Margin (%) 16.6 14.9 170bps
Net Income 10,961 6,147 78.3 %

Net Debt ex-KOF^1^

Amounts expressed in millions of Mexican Pesos (Ps.)

As of December 31, 2024 Ps. US3
Cash and Investments 150,267
Financial Debt 74,507
Lease Liabilities 105,792
Net debt 30,031
ND / Adjusted EBITDA 0.45 x

All values are in US Dollars.

Total revenuesincreased 12.8% in 4Q24 compared to 4Q23, 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 many of our foreign operating currencies.

Gross profitincreased 16.7%. Gross margin increased 140 basis points, mainly reflecting margin expansions in Health, Proximity Americas and Coca-Cola FEMSA, offset by contraction in margins in Fuel and Proximity Europe.

Income fromoperations increased 31.5% driven by growth across all our business units. The consolidated operating margin was 10.9% as a percentage of total sales, representing an expansion of 160 basis points, driven by margin expansion at Proximity Americas, Coca-Cola FEMSA, and our Health Division. This was partially offset by a stable margin in Fuel and a margin contraction in Proximity Europe.

Our effectiveincome tax rate was 52.9% in 4Q24. Our income tax provision was Ps. 8,769 million in 4Q24, reflecting a combination of one-off factors, such as certain non-deductible non-cash impairment and restructuring charges which reduced pre-tax income, and a structurally higher effective tax rate driven by increased non-deductible expenses, including an increase in the tax-exempt portion of compensation and non-recoverable losses at Spin.

Net consolidatedincome was Ps. 10,961million, compared to Ps. 6,147 million in 4Q23, reflecting: i) a higher non-cash foreign exchange gain of Ps. 2,673 million compared to a loss of Ps. 6,302 million loss in 4Q23 related to our U.S. dollar-denominated cash position positively impacted by the depreciation of the Mexican peso; and ii) a gain in net income from discontinued operations of Ps. 3,339 million compared to a loss of Ps. 3,235 million in 4Q23, which includes a gain of Ps. 4,165 million related to the divestment of Imbera and Torrey.

Net majorityincome was Ps. 1.90 per FEMSA Unit^4^ and US$0.91 per FEMSA ADS^3^.

**Net Debt / EBITDA.**As of December 31, 2024, cash and investments were Ps. 150,267 million and total debt was Ps. 180,299 million, resulting in net debt of Ps. 30,480 million. Our Net Debt / EBITDA ratio ex-KOF was 0.45x.

Capital expendituresamounted to Ps. 20,694 million, 9.9% as a percentage of total sales, and an increase of 32.0% compared to 4Q23, mainly driven by higher CAPEX at Coca-Cola FEMSA, mainly deployed to increase our production and distribution capacity, and in Proximity Americas, mainly allocated towards new store growth, remodeling and optimization of existing stores, and the development of commercial capabilities to enhance the value proposition and customer experience.

^1^ ex-KOF: FEMSA Consolidated reported information – Coca-Cola<br>FEMSA Consolidated reported information.
^2^ Adjusted EBITDA: Operating Income + Depreciation + Amortizations<br>+ other non-cash charges. Adjusted EBITDA ex-KOF: FEMSA Consolidated Adjusted EBITDA as described above – Coca-Cola FEMSA’s<br>Consolidated Adjusted EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments.
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All Net Debt calculations are shown on an Ex-KOF basis. For<br>a detailed reconciliation of this metric please see table on page 16 of this document.
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^3^ The exchange rate published by the Federal Reserve Bank of New<br>York for December 31, 2024 was 20.8557 MXN per USD.
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^4^ FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each<br>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<br>five Series B Shares. The number of FEMSA Units outstanding as of December 31, 2024 was 3,578,226,270, equivalent to the total number<br>of FEMSA Shares outstanding as of the same date, divided by 5.
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| February 27, 2025   |  Page 5 |

| --- | | PROXIMITY AMERICAS<br><br> <br>OXXO (Mexico, USA & Latam^1^) | | --- |

4Q24Financial Summary

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

4Q24 4Q23 Var. Org.
Same-store sales (thousands of Ps.) 999.7 963.5 3.8 %
Total Revenues 80,992 71,530 13.2 % 8.1 %
Gross Profit 38,610 32,452 19.0 % 16.7 %
Gross Profit Margin (%) 47.7 45.4 230bps
Income from Operations 9,516 8,020 18.7 % 18.7 %
Income from Operations Margin (%) 11.7 11.2 50bps
Adjusted EBITDA 14,062 11,486 22.4 % 21.4 %
Adjusted EBITDA Margin (%) 17.4 16.1 130bps

Total revenuesincreased 13.2% in 4Q24 compared to 4Q23, reflecting an increase in same-store sales for the Proximity Americas Division, driven by 6.8% growth in average customer ticket and a decrease of 2.8% in store traffic; and the addition of the US operation to the division, which we began consolidating on October 1^st^, 2024, reflecting a full quarter of results from this operation. These figures reflect a solid performance in a challenging quarter, with mixed results from the Thirst and Gathering consumption occasions, two of the most important for OXXO, with decreases in the beer and groceries categories, which were offset by a positive performance in soft drinks and other hydration beverages. During this period, the OXXO store base in Mexico, USA and Latam expanded by 454 units to reach 1,596 total net store additions for the last twelve months. This includes 249 stores from our acquisition of Delek’s retail operations in the USA. As of December 31, 2024, Proximity Americas had a total of 24,462 OXXO stores.

Gross profitreached 47.7% of total revenues, reflecting a 230-basis point expansion driven again by the contribution of financial services and an increase in commercial income, as well as revenue growth management initiatives which contributed to better pricing dynamics.

Income fromoperations represented 11.7% of total revenues, and a 50-basis point expansion compared to 4Q23, mainly explained by a higher gross margin, a slower growth rate in South America compared to last year, and a moderate increase in selling expenses reflecting cost containment and efficiency initiatives, as well as more normalized labor expenses. However, this was partially offset by higher operating expenses related to continued investments in commercial capabilities, including segmentation, revenue management, and data analytics.

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

| February 27, 2025   |  Page 6 |

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

Bara^1^

Total revenues increased by 38.7% in 4Q24 compared to 4Q23, reflecting an average same-store sales increase of 17.4%, driven by strong performance in the grocery, dairy and frozen food categories, as well as the addition of 120 net new Bara stores for the last twelve months. During the quarter, the Bara store base expanded by 63 units reaching a total of 479 Bara stores as of December 31, 2024.

Grupo Nós^2^

Total revenues of OXXO Brazil in 4Q24 grew 54.7%^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 9.1%^3^, as well as the addition of 154 net new OXXO stores for the last twelve months. During the quarter, the store base expanded by 30 units. As of December 31, 2024, Grupo Nós had a total of 594 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

| February 27, 2025   |  Page 7 |

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

4Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

4Q24 4Q23 Var.
Total Revenues 13,870 11,415 21.5 %
Gross Profit 6,014 5,120 17.5 %
Gross Profit Margin (%) 43.4 44.9 (150bps )
Income from Operations 653 594 9.9 %
Income from Operations Margin (%) 4.7 5.2 (50bps )
Adjusted EBITDA 2,012 1,845 9.0 %
Adjusted EBITDA Margin (%) 14.5 16.2 (170bps )

Total revenuesincreased 21.5% in 4Q24 compared to 4Q23, reflecting growth in our retail revenue across all countries, supported by commercial capabilities and with a relevant impact from the appreciation of currencies against the Mexican peso. By the end of the period, Proximity Europe had 2,778 points of sale, a decrease of 30 points of sale in the last twelve months.

Gross profitreached 43.4% of total revenues, reflecting a 150 basis-point margin contraction explained by changes in mix compared to the same period last year, when foodservice grew ahead of retail sales, and a 17.5% increase compared to 4Q23, as higher sales and promotional income faced a tough comparison base from 4Q23.

Income fromoperations represented 4.7% of total revenues, a 50 basis-point decrease year-on-year, driven by higher operating expenses which rose by 18.4% to Ps. 5,361 million, mainly driven by higher administrative expenses reflecting a challenging comparison base from the results from B2B in 2023.

| February 27, 2025   |  Page 8 |

| --- | | HEALTH | | --- |

4Q24 Financial Summary

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

4Q24 4Q23 Var.
Same-store sales (thousands of Ps.) 982.6 898.3 9.4 %
Total Revenues 21,824 19,254 13.3 %
Gross Profit 6,814 5,622 21.2 %
Gross Profit Margin (%) 31.2 29.2 200bps
Income from Operations 1,202 573 109.7 %
Income from Operations Margin (%) 5.5 3.0 250bps
Adjusted EBITDA 2,352 2,262 4.0 %
Adjusted EBITDA Margin (%) 10.8 11.7 (90bps )

Total revenuesincreased 13.3% in 4Q24 compared to 4Q23, driven by revenue growth across Colombia, Chile and Ecuador and partially offset by a challenging competitive environment in Mexico. Revenues were aided by the appreciation of currencies against the Mexican peso. During the quarter, the store base increased by 125 units reaching a total of 4,661 locations across our territories, as of December 31, 2024. This figure reflects the addition of 187 net new locations in the last twelve months. Same-store sales increased by an average of 9.4%.

Gross profitwas 31.2% of total revenues, representing a 200-basis point expansion year on year, reflecting strategic commercial efforts, proactive cost management and higher retail sales in Colombia. Sustained efficiencies were leveraged through our centralized purchasing office, enabling the division to optimize procurement.

Income fromoperations amounted to 5.5% of total revenues, an expansion of 250 basis points, resulting in an increase of 109.7%, mainly explained by a favorable comparison base that included a Ps. 527 million charge for uncollectible accounts in Colombia in 4Q23. Excluding this effect, income from operations would have increased 9.3% year-over-year. This result was supported by growth in Colombia and Ecuador, and stable results in Chile, partially offset by underperformance in Mexico. Operating expenses increased 11.2% to Ps. 5,612 million, explained by higher labor costs, utilities, and store expansion.

| February 27, 2025   |  Page 9 |

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

4Q24 Financial Summary

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

4Q24 4Q23 Var.
Same-station sales (thousands of Ps.) 8,832.4 8,049.5 9.7 %
Total Revenues 16,331 15,121 8.0 %
Gross Profit 2,071 2,022 2.4 %
Gross Profit Margin (%) 12.7 13.4 (70bps )
Income from Operations 745 697 6.9 %
Income from Operations Margin (%) 4.6 4.6 -
Adjusted EBITDA 1,092 943 15.8 %
Adjusted EBITDA Margin (%) 6.7 6.2 50bps

Total revenuesincreased 8.0% in 4Q24 compared to 4Q23, reflecting a 9.7% average same-station sales increase, driven by 4.4% growth in average volume and 5.1% increase in the average price per liter. The OXXO Gas retail network had 571 points of sale as of December 31, 2024.

Gross profitwas 12.7% of total revenues, representing a 70-basis point contraction year on year, reflecting an increase in the cost of sales and an unfavorable mix due to higher institutional sales compared to retail sales during the quarter, partially offset by cost efficiencies and revenue management initiatives.

Income fromoperations accounted for 4.6% of total revenues. Operating expenses remained flat to Ps. 1,326 million, reflecting strict expense control and positive operating leverage.

| February 27, 2025   |  Page 10 |

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FEMSARetail Operations Summary

Total Revenue Growth (% vs year ago)

4Q24
Proximity Americas
OXXO^1^ 8.1 %
Mexico 7.8 %
OXXO<br> Latam^2^ 38.2 %
Other Proximity Americas formats
Bara 38.7 %
OXXO<br> Brazil^3^ 54.7 %
Proximity Europe^4^ 5.3 %
OXXO Gas 8.0 %
FEMSA Health^5^ 5.6 %
Chile^6^ 6.6 %
Colombia^7^ 10.1 %
Ecuador^8^ 2.3 %
Mexico (5.1 )%
1 OXXO<br> Consolidated figures shown in MXN including currency effects. <br><br> Excludes OXXO US operations
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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).

Total Unit Growth (% vs year ago)

4Q24
Proximity Americas
OXXO 7.0 %
Mexico 5.6 %
OXXO<br> Latam^1^ & USA 40.2 %
Other Proximity Americas formats
Bara 33.4 %
OXXO<br> Brazil^2^ 35.0 %
Proximity Europe^3^ (1.1 )%
OXXO Gas N.S.
FEMSA Health 4.2 %
Chile 4.9 %
Colombia 16.0 %
Ecuador 3.2 %
Mexico (1.1 )%
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-Store Sales

4Q24
Proximity Americas
OXXO^1^ 3.8 %
Mexico 3.5 %
OXXO<br> Latam^2^ 12.2 %
Other Proximity Americas formats
Bara 17.4 %
OXXO<br> Brazil^3^ 9.1 %
Proximity Europe^4^ N.A.
OXXO Gas 9.7 %
FEMSA Health^5^ 4.1 %
Chile^6^ 5.1 %
Colombia^7^ 31.2 %
Ecuador^8^ (1.4 )%
Mexico (8.3 )%
1 OXXO<br> Consolidated figures shown in MXN including currency effects. <br><br> Excludes OXXO US operations
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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). 
| February 27, 2025   |  Page 11 |

| --- | | SPIN^1^ | | --- |

Spin by OXXO

Spin by OXXO acquired 0.6 million users during the quarter to reach 13.1 million total users in 4Q24, compared to 9.8 million users in 4Q23. This represents an increase of 32.8% YoY and a 2.4% compound monthly growth rate.

Active users^2^represented 65.5% of the total acquired user base representing 24.9% growth and reaching 8.6 million. Total transactions per month increased 34.2%^3^ during the quarter to reach an average of 63.2 million per month in 4Q24, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 2.8 million users during the quarter to reach 52.8 million total users in 4Q24, compared to 40.2 million users in 4Q23. This represents an increase of 31.5% YoY and a 2.3% compound monthly growth rate. Active users^4^ represented 46.6% of the total acquired user base representing 27.5% growth and reaching 24.6 million. The average tender^5^ during the quarter was 40.7%.

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 growth of average monthly transactions in 4Q24 compared to average monthly transactions in 4Q23.

^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.

| February 27, 2025   |  Page 12 |

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RESULTS FOR THE FULL YEAR OF 2024

Results are compared to the same period ofprevious year

FEMSACONSOLIDATED

Financial Summary for the Full Year 2024

Amounts expressed in millions of Mexican Pesos (Ps.)

2024 2023 Var. Org.
Total Revenues 781,585 702,692 11.2 % 10.7 %
Gross Profit 321,416 279,507 15.0 %
Gross Profit Margin ()% 41.1 % 39.8 % 130 bps
Income from Operations 70,668 58,985 19.8 % 19.8 %
Operating Margin ()% 9.0 8.4 60 bps
Adjusted EBITDA^1^ 115,594 95,864 20.6 % 20.5 %
Adjusted EBITDA Margin ()% 14.8 13.6 120 bps
Consolidated Net Income 41,687 76,677 N.S.

Total revenues increased 11.2%, reflecting growth across all of our business units.

Gross profit increased 15.0%. Gross margin increased by 130 basis points to 41.1% of total revenues, reflecting a gross margin expansion at Proximity Americas, Coca-Cola FEMSA, Health and Proximity Europe Divisions. This was partially offset by a margin contraction at the Fuel Division.

Income from operations rose by 19.8%. Our consolidated operating margin increased 60 basis points to 9.0% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, Proximity Americas, and Proximity Europe. This was partially offset by stable margins at Health and Fuel Divisions.

Our effective income tax rate was 37.0% for the full year 2024, compared to 22.3% in 2023. Our income tax provision was Ps. 24,661 million for the full year 2024, reflecting a tough comparison base in 2023 when a deferred tax asset was booked, reducing tax expenses. Additionally, the increase was driven by a combination of one-offs such as a higher marginal rate at KOF, non-recoverable tax losses from our Spin business, and impairment charges in OXXO Chile and Health Mexico; as well as a structurally higher effective tax rate due to increased non-deductible expenses, 60% of which are primarily payroll related.

Net consolidated income was Ps. 41,687 million reflecting a decline of 45.6% compared to 2023 explained by; i) a challenging comparative base from full year 2023, which included the reclassification of FEMSA’s investment in Heineken to discontinued operations and subsequent sale; ii) a lower interest income of Ps. 11,910 million compared to Ps. 17,609 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. 20,002 million compared to Ps. 14,916 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. 11,929 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^2^was Ps. 7.88 (US$3.78 per ADS).

Capital expenditures amounted to Ps. 51,074 million, an increase of 31.1% compared to 2023, reflecting higher CAPEX in Coca-Cola FEMSA to increase our production and distribution capacity, our store expansion in Proximity Americas, and higher investments in core capabilities across our business units.

^1^ Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

^2^ 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 December 31, 2024 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

| February 27, 2025   |  Page 13 |

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RECENT DEVELOPMENTS

● As<br> previously anticipated, during this year of 2025 the Company plans to carry out the succession<br> of José Antonio Fernández Carbajal, who holds the position of acting CEO on<br> an interim basis.

Since late last year, the Corporate Practices and Nominations Committee of FEMSA’s Board of Directors (“CPNC”) has been diligently working on designing and developing the actions required for this important process.

During the Board meeting held yesterday, this Committee recommended the creation of a Special Committee of the Board to oversee this process throughout this year. The Board approved this recommendation:

● The<br> Special Committee will be chaired by Ricardo Saldívar, Chairman of the CPNC,
● The<br> Committee will include all the other members of the CPNC: Gibu Thomas, Ricardo Guajardo,<br> and Jaime El Koury.
--- ---
● In<br> addition, the following directors will also form part of the Special Committee: Michael Larson,<br> Elane Stock, and Olga González.
--- ---

Upon completion of their evaluation, the Special Committee will submit its recommendation to the Board of Directors. We will communicate the Board’s decision at the appropriate time.

In designing this process, as in prior CEO designations, we have adhered to the highest corporate standards. We have engaged a leading global firm with extensive experience in such processes, along with other advisors from various specialties.

● On<br> January 27, 2025, FEMSA announced that Daniel Belaúnde, CEO of the Health Division<br> for nearly a decade, decided to close his professional cycle at FEMSA. This was mutually<br> agreed, and we support his decision. Daniel was key in the growth and positioning of the<br> division, guiding the team to distinguish itself as innovative, resilient, high quality,<br> and with a diverse and inclusive approach.

Concurrently, Jacobo Caller, current CEO of the Multiformat Division, will assume the role of CEO of the Health Division and will continue to report to José Antonio Fernández Garza, CEO of FEMSA Proximity and Health. Jacobo has more than 35 years of experience in the retail industry globally, including the pharmacy sector. Since his arrival at FEMSA Proximity & Health, Jacobo has stood out for being a leader with a clear strategic vision, disciplined execution capabilities oriented towards results, and embracing a role as ambassador of our FEMSA culture.

In turn, Jaime Longoria, current CEO of OXXO Gas, will assume leadership of the Multiformat Division, reporting directly to José Antonio Fernández Garza, CEO of FEMSA Proximity and Health. Jaime has more than 25 years of experience at FEMSA, standing out for his extensive experience in multiple roles, most recently as CEO of OXXO Gas, where he distinguished himself for the excellent results of the business, and always living the cultural values of FEMSA.

For his part, David González, current OXXO GAS Network Director, has been appointed CEO of OXXO GAS and will report to Constantino Spas, CEO of the Americas and Mobility Division. David has more than 12 years of experience within FEMSA, Coca-Cola FEMSA and PTM (our recently divested plastics business).

● On<br> November 4, 2024, FEMSA announced the successful closing of its previously disclosed<br> divestiture on July 17, 2024, of its refrigeration and foodservice equipment operations,<br> Alpunto (including Imbera and Torrey), to Mill Point Capital LLC, for a total amount of $8,000<br> million pesos, on a cash-free, debt-free basis. 
| February 27, 2025   |  Page 14 |

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CONFERENCECALL INFORMATION

Our Fourth Quarter and Full Year 2024 Conference Call will be held on: Thursday, February 27, 2025, 10:00 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/qvjeojz7/
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 Spin, 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 Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.

The translations of<br>Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as<br>published by the Federal Reserve Bank of New York on December 31, 2024, which was 20.8557 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.

Nuestros Our consolidated financial statements as of and for the year ended December 31, 2024, are not yet available, and the independent audit of those financial statements is ongoing and has not yet been completed. The unaudited preliminary financial information as of and for the year ended December 31, 2024, presented herein, is preliminary and subject to change as we complete our financial closing procedures and prepare our consolidated financial statements, and as our independent registered public accounting firm completes its audit of such consolidated financial statements. As of the date of this release, our independent registered public accounting firm has not expressed an opinion or any other form of assurance on any financial information as of or for the year ended December 31, 2024, or on our internal control over financial reporting as of December 31, 2024. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notes providing additional disclosures.

Ten pages of tables to follow

| February 27, 2025   |  Page 15 |

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FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the fourth quarter of: For<br> the twelve months of:
2024 % of rev. 2023 % of rev. %<br> Var. % Org.^(A)^ 2024 % of rev. 2023 % of rev. %<br> Var. % Org. ^(A)^
Total revenues 208,311 100.0 184,732 100.0 12.8 10.8 781,585 100.0 702,692 100.0 11.2 10.7
Cost of sales 117,405 56.4 106,817 57.8 9.9 460,168 58.9 423,185 60.2 8.7
Gross profit 90,906 43.6 77,915 42.2 16.7 321,417 41.1 279,507 39.8 15.0
Administrative expenses 11,593 5.6 8,529 4.6 35.9 39,091 5.0 32,307 4.6 21.0
Selling expenses 57,039 27.4 52,741 28.6 8.1 211,864 27.1 188,732 26.9 12.3
Other<br> operating expenses (income), net ^(1)^ (361 ) (0.2 ) (571 ) 9.3 (36.8 ) (206 ) (0.0 ) (517 ) (0.1 ) (60.2 )
Income<br> from operations ^(2)^ 22,634 10.9 17,216 9.3 31.5 31.5 70,668 9.0 58,985 8.4 19.8 19.8
Other non-operating<br> expenses (income) 5,199 2,974 74.8 5,864 (6,568 ) (189.3 )
Interest expense 5,237 6,232 (16.0 ) 20,002 14,916 34.1
Interest income 2,813 4,535 (38.0 ) 11,910 17,609 (32.4 )
Interest expense, net 2,424 1,697 42.8 8,092 (2,693 ) N.S.
Foreign exchange loss (gain) (2,673 ) 6,302 (142.4 ) (11,929 ) 9,849 N.S.
Other financial expenses (income), net (1,576 ) 6,137 (125.7 ) (10,029 ) 10,195 (198.4 )
Financing<br> expenses, net 849 7,834 (89.2 ) (1,937 ) 7,502 (125.8 )
Income before income tax and participation<br> in associates results 16,586 6,408 158.8 66,741 58,051 15.0
Income tax 8,769 (3,077 ) N.S. 24,661 12,971 90.1
Participation<br> in associates results ^(3)^ (197 ) (103 ) 90.9 (508 ) (641 ) (20.7 )
Continued<br> Operations net income (Loss) 7,620 9,382 (18.8 ) 41,572 44,439 (6.5 )
Discontinued<br> Operations net income (Loss) 3,339 (3,235 ) N.S. 115 32,238 (99.6 )
Consolidated<br> net income (Loss) 10,961 6,147 78.3 41,687 76,677 (45.6 )
Net majority income 6,787 3,077 120.6 28,186 65,689 (57.1 )
Net minority<br> income 4,174 3,070 36.0 13,501 10,988 22.9
Operative<br> Cash Flow & CAPEX 2024 % of rev. 2023 % of rev. % Var. % Org.^(A)^ 2024 % of rev. 2023 % of rev. % Var. % Org.^(A)^
Income from<br> operations 22,634 10.9 17,216 9.3 31.5 31.5 70,668 9.0 58,985 8.4 19.8 19.8
Depreciation 9,421 4.5 8,583 4.6 9.8 35,199 4.5 31,378 4.5 12.2
Amortization &<br> other non-cash charges 2,511 1.2 1,663 0.9 51.0 9,728 1.2 5,501 0.8 76.8
Adjusted<br> EBITDA 34,567 16.6 27,462 14.9 25.9 25.4 115,594 14.8 95,864 13.6 20.6 20.5
CAPEX 20,694 9.9 15,679 8.5 32.0 51,074 6.5 38,958 5.5 31.1

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

^(1)^ Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.

^(2)^ Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net.

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

| February 27, 2025   |  Page 16 |

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FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

ASSETS Dec-24 Dec-23 % Inc.
Cash and cash equivalents 139,834 165,112 (15.3 )
Investments 43,212 26,728 61.7
Accounts receivable 43,192 38,863 11.1
Inventories 67,464 58,222 15.9
Other current assets 34,213 41,415 (17.4 )
Current Assets Available for sale 14,395 25,819 (44.2 )
Total current assets 342,311 356,159 (3.9 )
Investments in shares 29,376 26,247 11.9
Property, plant and equipment, net 177,397 141,530 25.3
Right of use 97,984 87,941 11.4
Intangible<br> assets ^(1)^ 146,418 143,218 2.2
Other assets 58,720 50,761 15.7
TOTAL ASSETS 852,207 805,856 5.8
LIABILITIES & STOCKHOLDERS’<br> EQUITY Dec-24 Dec-23 % Inc.
--- --- --- --- --- --- --- ---
Bank loans 3,775 2,453 53.9
Current maturities of long-term debt 5,278 5,998 (12.0 )
Interest payable 1,802 1,677 7.4
Current maturities of long-term leases 13,794 12,236 12.7
Operating liabilities 173,659 148,446 17.0
Short term liabilities available for sale 6,952 11,569 (39.9 )
Total current liabilities 205,260 182,381 12.5
Long-term<br> debt ^(2)^ 139,151 128,373 8.4
Long-term leases 94,293 83,837 12.5
Laboral obligations 8,968 6,920 29.6
Other liabilities 21,951 25,976 (15.5 )
Total liabilities 469,623 427,487 9.9
Total stockholders’ equity 382,584 378,369 1.1
TOTAL LIABILITIES AND STOCKHOLERS’<br> EQUITY 852,207 805,856 5.8
December 31,<br> 2024
--- --- --- --- --- --- ---
DEBT MIX ^(2)^ % of Total Average<br> Rate
Denominated in:
Mexican<br> pesos 52.2 % 9.1 %
U.S. Dollars 28.2 % 3.4 %
Euros 7.3 % 2.6 %
Swiss Francs 0.0 % 0.0 %
Colombian pesos 1.2 % 8.1 %
Argentine pesos 0.4 % 50.1 %
Brazilian reais 9.5 % 9.8 %
Chilean<br> pesos 1.2 % 6.4 %
Total debt 100.0 % 7.2 %
Fixed<br> rate ^(2)^ 82.3 %
Variable<br> rate ^(2)^ 17.7 %
DEBT MATURITY PROFILE 2025 2026 2027 2028 2029 2030+
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Debt 6.2 % 9.1 % 6.6 % 11.7 % 3.9 % 62.4 %

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

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

| February 27, 2025   |  Page 17 |

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NetDebt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

Twelve months ended December 31, 2024
Reported Adj. EBITDA Adjustments Adj. EBITDA Ex-KOF^3^
Proximity Americas &<br> Europe 2,536 - 2,536
Fuel 199 - 199
Health Division 373 - 373
Envoy Solutions - - -
Coca-Cola<br> FEMSA^1^ 2,695 (2,695 ) -
Other^2^ (260 ) - (260 )
FEMSA Consolidated 5,543 (2,695 ) 2,848
Dividends<br> Received^3^ - 327 327
FEMSA Consolidated ex-KOF 5,543 (2,368 ) 3,174
As<br> of December 31, 2024
--- --- --- --- --- --- --- ---
**** Reported Adjustments **** Ex-KOF
Cash & Equivalents 7.184 - 7,184
Coca-Cola FEMSA Cash & Equivalents 1,572 (1,572 ) -
Cash & Equivalents 8,777 (1,572 ) 7,205
Financial<br> Debt^4^ 3,572 - 3,572
Coca-Cola FEMSA Financial Debt 3,534 (3,534 ) -
Lease Liabilities 5,073 - 5,073
Coca-Cola FEMSA Lease Liabilities 110 (110 ) -
Debt 12,289 (3,644 ) 8,645
FEMSA Net Debt 3,512 (2,072 ) 1,440

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for December 31, 2024 which was 20.8557 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$317 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.

| February 27, 2025   |  Page 18 |

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EPSwith Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

As Reported

Total Shares Outstanding
FEMSA<br> Units Outstanding^(1)^ 3,578,226,270
YTD 4Q24
--- --- ---
Net majority income 28,186 6,787
#<br> FEMSA Units Outstanding^(1)^ 3,578,226,270
EPS<br> (Mxn Ps. / Unit) 7.88 1.90

Proforma

Total Shares Excluding Shares in Treasury
FEMSA<br> Units Outstanding^(1)^ 3,476,024,947
Shares<br> in Treasury
--- ---
FEMSA Units Outstanding^(1)^ 102,201,323
YTD 4Q24
--- --- ---
Net majority income 28,186 6,787
#<br> FEMSA Units Outstanding^(1)^ 3,476,024,947
EPS<br> (Mxn Ps. / Unit) 8.11 1.95

^(1)^ FEMSA Units Outstanding consist of FEMSA BD Units and FEMSA B Units. The number of FEMSA Units outstanding is equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

| February 27, 2025   |  Page 19 |

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Proximity Americas –Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the<br> fourth quarter of: For the<br> twelve months of:
2024 2024 Org.^(A)^ % of rev. 2023 % of rev. %<br> Var. % Org.^(A)^ 2024 2024 Org.^(A)^ % of rev. 2023 % of rev. %<br> Var. % Org.^(A)^
Total revenues 80,992 77,320 100.0 71,530 100.0 13.2 8.1 307,197 303,525 100.0 278,520 100.0 10.3 9.0
Cost of sales 42,381 39,457 52.3 39,078 54.6 8.5 170,204 167,279 55.4 161,458 58.0 5.4
Gross profit 38,610 37,863 47.7 32,452 45.4 19.0 16.7 136,993 136,245 44.6 117,062 42.0 17.0 16.4
Administrative expenses 2,756 2,670 3.4 2,006 2.8 37.4 8,642 8,556 2.8 6,514 2.3 32.7
Selling expenses 26,160 25,589 32.3 22,806 31.9 14.7 98,653 98,082 32.1 84,493 30.3 16.8
Other operating<br> expenses (income), net 178 84 0.2 (380 ) (0.5 ) (146.9 ) 481 386 0.2 (216 ) (0.1 ) N.S.
Income from<br> operations 9,516 9,521 11.7 8,020 11.2 18.7 18.7 29,216 29,221 9.5 26,271 9.4 11.2 11.2
Depreciation 2,765 2,639 3.4 3,229 4.5 (14.4 ) 13,952 13,826 4.5 12,437 4.5 12.2
Amortization &<br> other non-cash charges 1,780 1,780 2.2 237 0.3 N.S. 2,474 2,474 0.8 976 0.4 153.4
Adjusted<br> EBITDA 14,062 13,940 17.4 11,486 16.1 22.4 21.4 45,642 45,521 14.9 39,684 14.2 15.0 14.7
CAPEX 3,904 3,902 4.8 3,972 5.6 (1.7 ) 16,239 16,238 5.3 13,776 5.9 17.9
Information of OXXO Stores
Total stores 24,462 22,866 7.0
Stores Mexico 23,206 21,970 5.6
Stores<br> South America ^(1)^ 1,256 896 40.2
Net new convenience stores:
vs. Last quarter 454 514 (11.7 )
Year-to-date 1,596 1,408 13.4
Last-twelve-months 1,596 1,408 13.4
Same-store<br> data: ^(2)^
Sales (thousands of pesos) 999.7 963.5 3.8 1,010.1 969.7 4.2
Traffic (thousands of transactions) 17.2 17.7 (2.8 ) 17.9 18.1 (1.5 )
Ticket (pesos) 58.3 54.6 6.8 56.6 53.5 5.7

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

^(1)^ This includes 249 stores from our acquisition of Delek’s retail operations, in the USA.

^(2)^ Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.

| February 27, 2025   |  Page 20 |

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Proximity Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For the fourth quarter of: For the twelve 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 13,870 100.0 11,415 100.0 21.5 49,755 100.0 43,552 100.0 14.2
Cost of sales 7,856 56.6 6,295 55.1 24.8 28,412 57.1 24,930 57.2 14.0
Gross profit 6,014 43.4 5,120 44.9 17.5 21,344 42.9 18,622 42.8 14.6
Administrative expenses 1,198 8.6 896 7.8 33.7 3,793 7.6 3,231 7.4 17.4
Selling expenses 4,373 31.5 3,955 34.6 10.6 15,748 31.7 14,371 33.0 9.6
Other operating expenses (income), net (210 ) (1.5 ) (325 ) (2.8 ) (35.5 ) (231 ) (0.5 ) (379 ) (0.9 ) (39.2 )
Income from operations 653 4.7 594 5.2 9.9 2,033 4.1 1,399 3.2 45.3
Depreciation 1,312 9.5 1,145 10.0 14.6 4,761 9.6 4,406 10.1 8.0
Amortization & other non-cash charges 46 0.3 106 0.9 (56.1 ) 447 0.9 442 1.0 1.1
Adjusted EBITDA 2,012 14.5 1,845 16.2 9.0 7,240 14.6 6,247 14.3 15.9
CAPEX 987 912 8.3 2,270 1,654 37.2 
February 27, 2025 | Page 21

Health – Resultsof Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

**** For the fourth quarter of: **** For the twelve 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<br> revenues 21,824 100.0 19,254 100.0 13.3 79,755 100.0 75,358 100.0 5.8
Cost<br> of sales 15,010 68.8 13,632 70.8 10.1 55,714 69.9 52,859 70.1 5.4
Gross<br> profit 6,814 31.2 5,622 29.2 21.2 24,041 30.1 22,499 29.9 6.9
Administrative<br> expenses 1,124 5.1 550 2.9 104.3 4,348 5.5 2,788 3.7 56.0
Selling<br> expenses 4,436 20.3 4,535 23.6 (2.2 ) 16,144 20.2 16,402 21.8 (1.6 )
Other<br> operating expenses (income), net 53 0.2 (36 ) (0.2 ) N.S. 65 0.1 (20 ) (0.0 ) N.S.
Income<br> from operations 1,202 5.5 573 3.0 109.7 3,483 4.4 3,329 4.4 4.6
Depreciation 889 4.1 788 4.1 12.8 3,255 4.1 3,099 4.1 5.0
Amortization &<br> other non-cash charges 262 1.2 901 4.7 (71.0 ) 1,048 1.3 1,645 2.2 (36.3 )
Adjusted<br> EBITDA 2,352 10.8 2,262 11.7 4.0 7,786 9.8 8,073 10.7 (3.6 )
CAPEX 746 755 (1.2 ) 1,835 1,750 4.8
Information<br> of Stores
Total<br> stores 4,661 4,474 4.2
Stores<br> Mexico 1,739 1,759 (1.1 )
Stores<br> South America 2,922 2,715 7.6
Net<br> new stores:
vs.<br> Last quarter 125 127 (1.6 )
Year-to-date 187 379 (50.7 )
Last-twelve-months 187 379 (50.7 )
Same-store<br> data: ^(1)^
Sales<br> (thousands of pesos) 982.6 898.3 9.4 918.8 921.1 (0.3 )
^(1)^ Monthly average information per<br>location, considering same locations with more than twelve months of all the operations of the Health Division.
--- --- 
February 27, 2025 | Page 22

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the fourth quarter of: For<br> the twelve 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<br> revenues 16,331 100.0 15,121 100.0 8.0 65,365 100.0 58,499 100.0 11.7
Cost<br> of sales 14,260 87.3 13,099 86.6 8.9 57,430 87.9 51,155 87.4 12.3
Gross<br> profit 2,071 12.7 2,022 13.4 2.4 7,935 12.1 7,344 12.6 8.0
Administrative<br> expenses 109 0.7 100 0.7 8.7 343 0.5 299 0.5 14.8
Selling<br> expenses 1,202 7.4 1,245 8.2 (3.5 ) 4,792 7.3 4,548 7.8 5.4
Other<br> operating expenses (income), net 15 0.1 (20 ) (0.1 ) (174.9 ) (9 ) (0.0 ) (1 ) (0.0 ) N.S.
Income<br> from operations 745 4.6 697 4.6 6.9 2,809 4.3 2,498 4.3 12.4
Depreciation 257 1.6 286 1.9 (10.0 ) 1,003 1.5 1,130 1.9 (11.2 )
Amortization& other non-cash charges 90 0.5 (40 ) (0.3 ) N.S. 334 0.5 21 0.0 N.S.
Adjusted<br> EBITDA 1,092 6.7 943 6.2 15.8 4,146 6.3 3,649 6.2 13.6
CAPEX 185 70 163.0 398 186 113.5
Information<br> of OXXO GAS Service Stations
Total<br> stores 571 571 -
Net<br> new convenience stores:
vs. Last quarter 2 0 N.S.
Year-to-date 0 3 N.S.
Last-twelve-months 0 3 N.S.
Volume (millions of liters) total stations 666 638 4.4
Same-store data: (1)
Sales (thousands of pesos) 8,832.4 8,049.5 9.7 8,558.4 7,790.8 9.9
Traffic (thousands of liters) 401.6 384.7 4.4 392.2 374.9 4.6
Average price per liter 22.0 20.9 5.1 21.8 20.8 5.0
^(1)^ Monthly<br> average information per station, considering same stations with more than twelve months of<br> operations.
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February 27, 2025 | Page 23

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

For<br> the fourth quarter of: For<br> the twelve 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<br> revenues 75,528 100.0 66,078 100.0 14.3 279,793 100.0 245,088 100.0 14.2
Cost<br> of sales 39,936 52.9 35,603 53.9 12.2 151,154 54.0 134,229 54.8 12.6
Gross<br> profit 35,592 47.1 30,475 46.1 16.8 128,639 46.0 110,860 45.2 16.0
Administrative<br> expenses 3,620 4.8 3,131 4.7 15.6 13,684 4.9 12,820 5.2 6.7
Selling<br> expenses 20,161 26.7 17,282 26.2 16.7 74,321 26.6 63,278 25.8 17.5
Other<br> operating expenses (income), net (254 ) (0.3 ) 388 0.6 (165.4 ) 688 0.2 582 0.2 18.2
Income<br> from operations 12,092 16.0 9,674 14.6 25.0 40,141 14.3 34,180 13.9 17.4
Depreciation 3,012 4.0 2,632 4.0 14.4 11,140 4.0 9,695 4.0 14.9
Amortization &<br> other non-cash charges 1,000 1.3 843 1.3 18.7 4,924 1.8 2,543 1.0 93.6
Adjusted<br> EBITDA 16,104 21.3 13,149 19.9 22.5 56,205 20.1 46,418 18.9 21.1
CAPEX 13,839 9,683 42.9 29,553 21,396 38.1
Sales<br> Volumes
(Millions<br> of unit cases)
Mexico<br> and Central America 589.6 54.6 580.9 55.0 1.5 2,494.1 59.0 2,394.8 59.2 4.1
South<br> America 159.9 14.8 157.4 14.9 1.6 571.3 13.5 577.9 14.3 (1.1 )
Brazil 329.6 30.5 318.0 30.1 3.7 1,159.3 27.4 1,075.1 26.6 7.8
Total 1,079.1 100.0 1,056.2 100.0 2.2 4,224.6 100.0 4,047.8 100.0 4.4 
February 27, 2025 | Page 24

FEMSA Macroeconomic Information

Inflation End-of-period Exchange Rates
4Q 2024 LTM ^(1)^ Dec-24 Dec-24 Dec-23
Per Per MXN Per Per MXN
Mexico 1.00 % 4.21 % 1.0000 1.0000
Colombia 0.47 % 5.20 % 0.0046 0.0044
Brazil 1.26 % 4.83 % 3.2731 3.4895
Argentina 4.66 % 117.76 % 0.0196 0.0209
Chile 0.57 % 4.53 % 0.0203 0.0193
Euro Zone 0.47 % 2.45 % 21.2907 18.7611

All values are in US Dollars.

February 27, 2025 | Page 25

MexicoCity, February 21, 2025, 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 fourth quarter of 2024.

FOURTH QUARTERHIGHLIGHTS

· Volume<br> growth 2.2%
· Revenue<br> growth 14.3%
· Operating<br> income growth 25.0%
· Majority<br> net income growth 35.1%
· Earnings<br> per share^1^ were Ps. 0.43. (Earnings per unit were Ps. 3.47 and per ADS were Ps.<br> 34.68.)
· Reached<br> more than 1.3 million active users in Juntos^+^ B2B platform; and more than 1.1<br> million in Premia Juntos^+^loyalty program.

TWELVE MONTHSHIGHLIGHTS

· Volume<br> growth 4.4%
· Revenue<br> growth 14.2%
· Operating<br> income growth 17.4%
· Majority<br> net income growth 21.5%
· Earnings<br> per share^1^ were Ps. 1.41. (Earnings per unit were Ps. 11.30 and per ADS were Ps.<br> 112.95.)
FINANCIAL<br> SUMMARY FOR THE FOURTH QUARTER RESULTS
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Change vs. same<br> period of last year
Total Revenues Gross Profit Operating Income Majority Net Income
4Q24 FY 2024 4Q24 FY 2024 4Q24 FY 2024 4Q24 FY 2024
Consolidated 14.3 % 14.2 % 17.1 % 16.1 % 25.0 % 17.4 % 35.1 % 21.5 %
As Reported Mexico & Central America 10.4 % 11.8 % 10.0 % 12.7 % 23.7 % 14.9 %
South America 19.4 % 17.8 % 28.1 % 22.3 % 26.9 % 22.7 %
Consolidated 13.0 % 14.3 % 15.5 % 16.1 % 23.2 % 17.6 %
Comparable ^(2)^ Mexico & Central America 7.2 % 10.8 % 6.7 % 11.6 % 19.0 % 13.7 %
South America 21.0 % 20.1 % 29.5 % 24.4 % 29.3 % 26.0 %

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

“2024 marks the second chapter of our transformation. During the year, we continued to build on the growth momentum of our core business, strengthened our portfolio, and increased our customer base. On the digital front, we took Juntos+, our B2B omnichannel platform, to the next level with the deployment of advanced AI capabilities. Juntos^+^ now reaches 1.3 million active users across Latin America, with more than 1.1 million users engaged in our Juntos^+^Premia loyalty plan. Notably, we successfully developed and began the rollout in Brazil of a new salesforce tool, Juntos+ Advisor. This tool leverages advanced AI models to enhance our salesforce capabilities and improve customer engagement. All of this, as we reinforced our desired culture across our operations.

Looking ahead, we remain optimistic about the opportunities across our markets. We are transforming Coca-Cola FEMSA into a highly adaptive organization to successfully navigate ever-changing environments. Indeed, last year we deployed a record amount of CAPEX, mainly focused on expanding production and distribution capacity. We are participating in a vibrant beverage industry within a growing region, and our teams are well-positioned to capture these opportunities and continue generating value for all of our stakeholders.”

^(1)^ Quarterly earnings / outstandingshares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBLUnit 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 ADSrepresents 10 KOFUBL Units.
^(2)^ Please refer to page 10 forour definition of “comparable” and a description of the factors affecting the comparability of our financial and operatingperformance.
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| **Coca-Cola FEMSA Reports 4Q24 Results** | **Page 2 of 17** |

| --- | --- | | February 21, 2025 | |

RECENT DEVELOPMENTS

· On December 9, 2024, Coca-Cola FEMSA paid the fourth installment of the ordinary dividend approved<br>for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million.
· In<br> 2024, Coca-Cola FEMSA reaffirmed its commitment to sustainability by updating its Sustainability<br> Framework. Company-wide efforts led to significant improvements in sustainability assessments,<br> such as the S&P Global Corporate Sustainability Assessment (CSA), earning inclusion in<br> the Sustainability Yearbook 2025 and maintaining its position in the DJSI MILA Pacific Alliance<br> Index. The Company also significantly improved its ratings in the FTSE4Good index, ISS-ESG,<br> Sustainalytics, and CDP Climate Change and Water Stewardship. Last September, the Company<br> achieved a water efficiency rate of 1.36 liters of water per liter of beverage produced,<br> solidifying its position as a global leader in water efficiency.
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CONFERENCE CALL INFORMATION

| **Coca-Cola FEMSA Reports 4Q24 Results** | **Page 3 of 17** |

| --- | --- | | February 21, 2025 | |

CONSOLIDATED FOURTH QUARTER RESULTS

CONSOLIDATED FOURTH QUARTER RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023 Δ% Δ%
Total revenues 75,528 66,078 14.3 % 13.0 %
Gross profit 35,695 30,475 17.1 % 15.5 %
Operating income 12,092 9,674 25.0 % 23.2 %
Adj. EBITDA ^(2)^ 16,104 13,149 22.5 % 20.7 %

Volumeincreased 2.2% to 1,079.1 million unit cases, driven by volume growth across most of our territories. Volume growth was driven mainly by Brazil, Mexico, and Guatemala, partially offset by a slight volume decline in Colombia.

Totalrevenues increased 14.3% to Ps. 75,528 million. This increase was driven by volume growth, revenue management initiatives, and favorable mix effects. Excluding currency translation effects, total revenues increased 13.0%.

Grossprofit increased 17.1% to Ps. 35,695 million, and gross margin increased 120 basis points to 47.3%. This expansion was driven mainly by our top-line growth, favorable mix effects coupled with easing sweetener and PET costs and favorable hedging initiatives. These effects were partially offset by higher fixed costs, such as maintenance, and the depreciation of our main operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 15.5%.

Operatingincome increased 25.0% to Ps. 12,092 million, and operating margin increased 140 basis points to 16.0%. This margin expansion was driven mainly by top-line growth and operating expense efficiencies, that mitigated margin pressures related to higher operating expenses such as maintenance, freight, operative foreign exchange loss, and labor. Additionally, we incurred a one-time net expense of Ps. 730 million, primarily related to asset write-offs, site cleaning, and debris removal following the impact of hurricanes in Guerrero and the flooding in Rio Grande do Sul. This figure already reflects the recognition of insurance claims in both Mexico and Brazil. Excluding currency translation effects, operating income increased 23.2%.

^(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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| **Coca-Cola FEMSA Reports 4Q24 Results** | **Page 4 of 17** |

| --- | --- | | February 21, 2025 | |

Comprehensivefinancing result recorded an expense of Ps. 980 million, compared to an expense of Ps. 1,285 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 57 million in the fourth quarter of 2024 as compared to a loss of Ps. 317 million in the same period of the previous year, which was driven by the quarterly depreciation of the Mexican Peso and the Brazilian Real as applied to our U.S. dollar-denominated cash position. In addition, we recognized a higher gain in monetary positions in inflationary subsidiaries of Ps. 61 million as compared to a gain of Ps. 4 million in the same period of the previous year.

These effects were partially offset by a loss in financial instruments of Ps. 33 million as compared to a gain of Ps. 90 million in the same period of the previous year.

Finally, we recognized interest expense, net, of Ps. 1,065 million as compared to Ps. 1,062 million in the same period of the previous year as higher interest expense mainly driven by new financing in Argentina was offset by higher interest income related increases in notional and interest rates.

Incometax as a percentage of income before taxes was 33.1% as compared to 33.8% during the same period of 2023.

Netincome attributable to equity holders of the company was Ps. 7,286 million as compared to Ps. 5,392 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. 0.43 (Earnings per unit were Ps. 3.47 and per ADS were Ps. 34.68.).

^(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 4Q24 Results** | **Page 5 of 17** |

| --- | --- | | February 21, 2025 | |

CONSOLIDATEDTWELVE months RESULTS

CONSOLIDATEDFULL YEAR RESULTS

As Reported Comparable ^(1)^
Expressed in millions<br> of Mexican pesos FY 2024 FY 2023 Δ% Δ%
Total revenues 279,793 245,088 14.2 % 14.3 %
Gross profit 128,736 110,860 16.1 % 16.1 %
Operating income 40,141 34,180 17.4 % 17.6 %
Adj.<br> EBITDA ^(2)^ 56,205 46,418 21.1 % 21.1 %

Volumeincreased 4.4% to 4,224.6 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 14.2% to Ps. 279,793 million. This increase was driven by volume growth, revenue management initiatives, and favorable mix effects. Excluding currency translation effects, total revenues increased 14.3%.

Grossprofit increased 16.1% to Ps. 128,736 million, and gross margin expanded 80 basis points to 46.0%. This gross profit increase was driven mainly by our top-line growth, favorable packaging and sweetener costs, and hedging initiatives. These effects were partially offset by fixed costs 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 16.1%.

Operatingincome increased 17.4% to Ps. 40,141 million, and operating margin increased 40 basis points to 14.3%. This increase was driven mainly by top-line growth and operating expense efficiencies. These effects were partially offset by increases in operating expenses such as labor, freight, and maintenance and a non-cash operating foreign exchange loss. In addition, we recognized additional net expenses of Ps. 1,637 million related to asset write-offs and the removal of debris resulting from the impact of the hurricanes in Mexico and the floodings in Brazil. This figure includes the recognition of insurance claims in Mexico and Brazil. Excluding currency translation effects, operating income increased 17.6%.

^(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 4Q24 Results Page 6 of 17
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February 21, 2025

Comprehensivefinancing result recorded an expense of Ps. 3,906 million, compared to an expense of Ps. 4,697 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 304 million as compared to a loss of Ps. 1,046 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 2024. In addition, we recorded a higher gain on monetary position of inflationary subsidiaries of Ps. 216 million as compared to Ps. 93 million.

These effects were partially offset by an increase in our interest expense, net, of Ps. 4,492 million as compared to an expense of Ps. 3,914 million in the same period of the previous year. This increase was mainly driven by an increase in our debt in Argentina and a reduction in our interest income.

Incometax as a percentage of income before taxes was 32.7% as compared to 30.5% during 2023. This increase was driven mainly by adjustments in deferred taxes.

Netincome attributable to equity holders of the company increased 21.5% to reach Ps. 23,729 million during the year 2024, as compared to Ps. 19,536 million during 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 a higher income taxes rate. Earnings per share^1^ were Ps. 1.41 (Earnings per unit were Ps. 11.30 and per ADS were Ps. 112.95.).

^(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 4Q24 Results Page 7 of 17
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February 21, 2025

MEXICO & CENTRALAMERICA DIVISION FOURTH QUARTER RESULTS

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

MEXICO & CENTRALAMERICA DIVISION RESULTS

As Reported Comparable<br> ^(1)^
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023 Δ% Δ%
Total revenues 41,540 37,622 10.4 % 7.2 %
Gross profit 20,255 18,422 10.0 % 6.7 %
Operating income 6,947 5,618 23.7 % 19.0 %
Adj.<br> EBITDA ^(2)^ 9,531 7,704 23.7 % 19.2 %

Volumeincreased 1.5%, driven by volume growth in all our territories across the division.

Totalrevenues increased 10.4% to Ps. 41,540 million, driven mainly by revenue management initiatives and the favorable translation effect from most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 7.2%.

Grossprofit increased 10.0% to Ps. 20,255 million, and gross margin contracted 20 basis points to 48.8%. This margin decrease was driven mainly by higher fixed costs, such as maintenance and the depreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs, that offset our top-line growth and easing sweetener and packaging costs, coupled with favorable hedging initiatives. Excluding currency translation effects, gross profit increased 6.7%.

Operatingincome increased 23.7% to Ps. 6,947 million, and operating margin increased 180 basis points to 16.7%. This margin increase was driven mainly by our top-line growth, and operating expense efficiencies that mitigated margin pressures related to higher operating expenses such as labor, freight, and maintenance, coupled with an operating foreign exchange loss. In addition, this quarter we recognized one-time net expenses of Ps. 399 million related to asset write-offs and the removal of debris related to the impact of hurricanes in Mexico. This figure includes the recognition of insurance claims. Excluding currency translation effects, operating income increased 19.0%.

^(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 4Q24 Results Page 8 of 17
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February 21, 2025

SOUTHAMERICA DIVISION FOURTH QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

As Reported Comparable ^(1)^
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023 Δ% Δ%
Total revenues 33,988 28,456 19.4 % 21.0 %
Gross profit 15,439 12,054 28.1 % 29.5 %
Operating income 5,145 4,056 26.9 % 29.3 %
Adj. EBITDA ^(2)^ 6,572 5,444 20.7 % 22.8 %

Volumeincreased 3.0% to 489.5 million unit cases, driven mainly by 3.7% volume growth in Brazil, 8.9% volume growth in Uruguay, and a 2.9% increase in Argentina, partially offset by a 0.3% decrease in Colombia.

Totalrevenues increased 19.4% to Ps. 33,988 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 the Argentine Peso and the Brazilian Real into Mexican pesos. Excluding currency translation effects, total revenues increased 21.0%.

Grossprofit increased 28.1% to Ps. 15,439 million, and gross margin expanded 300 basis points to 45.4%. This expansion was driven mainly by top-line growth, coupled with a decrease in raw material costs, such as sweetener and PET, and fixed cost efficiencies, which were partially offset by purchases of finished products, and inventory write-offs in Brazil. Excluding currency translation effects, gross profit increased 29.5%.

Operatingincome increased 26.9% to Ps. 5,145 million, resulting in an operating margin expansion of 80 basis points to 15.1%. This increase was driven mainly by an increase in our gross profit, which was partially offset by higher operating expenses such as freight and marketing. In addition, this quarter we recognized one-time net expenses of Ps. 331 million related to asset write-offs and the removal of debris related to the impact of the floodings in Rio Grande do Sul. This figure includes the recognition of insurance claims. Excluding currency translation effects, operating income increased 29.3%.

^(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.
Coca-Cola FEMSA Reports 4Q24 Results Page 9 of 17
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February 21, 2025

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.

Coca-Cola FEMSA Reports 4Q24 Results Page 10 of 17
February 21, 2025

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.

(6 pages of tables to follow)

Coca-Cola FEMSA Reports 4Q24 Results Page 11 of 17
February 21, 2025

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ^(1)^

For<br> the Fourth Quarter of: For<br> Full Year:
2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(7)^ 2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(7)^
Transactions<br> (million transactions) 6,445.3 6,194.6 4.0 % 4.0 % 24,929.2 23,743.2 5.0 % 5.0 %
Volume (million unit cases) 1,079.1 1,056.2 2.2 % 2.2 % 4,224.6 4,047.8 4.4 % 4.4 %
Average price per unit case 67.45 60.24 12.0 % 64.23 58.54 9.7 %
Net revenues 75,302 65,830 14.4 % 279,030 244,264 14.2 %
Other operating revenues 226 248 -9.2 % 763 824 -7.4 %
Total revenues ^(2)^ 75,528 100.0 % 66,078 100.0 % 14.3 % 13.0 % 279,793 100.0 % 245,088 100.0 % 14.2 % 14.3 %
Cost of goods sold 39,833 52.7 % 35,603 53.9 % 11.9 % 151,057 54.0 % 134,228 54.8 % 12.5 %
Gross profit 35,695 47.3 % 30,475 46.1 % 17.1 % 15.5 % 128,736 46.0 % 110,860 45.2 % 16.1 % 16.1 %
Operating expenses 23,883 31.6 % 20,413 30.9 % 17.0 % 88,101 31.5 % 76,098 31.0 % 15.8 %
Other operative expenses, net (253 ) -0.3 % 433 0.7 % NA 688 0.2 % 813 0.3 % -15.4 %
Operative<br> equity method (gain) loss in associates^(3)^ (27 ) 0.0 % (45 ) -0.1 % -39.6 % (194 ) -0.1 % (232 ) -0.1 % -16.5 %
Operating income ^(5)^ 12,092 16.0 % 9,674 14.6 % 25.0 % 23.2 % 40,141 14.3 % 34,180 13.9 % 17.4 % 17.6 %
Other non operative expenses,<br> net (36 ) 0.0 % 50 0.1 % NA 31 0.0 % 459 0.2 % -93.3 %
Non<br> Operative equity method (gain) loss in associates ^(4)^ (37 ) 0.0 % (132 ) -0.2 % -71.7 % (112 ) 0.0 % 17 0.0 % NA
Interest<br> expense 1,935 1,791 8.0 % 7,532 7,102 6.1 %
Interest<br> income 870 730 19.2 % 3,039 3,188 -4.7 %
Interest<br> expense, net 1,065 1,062 0.3 % 4,492 3,914 14.8 %
Foreign<br> exchange loss (gain) (57 ) 317 NA (304 ) 1,046 -129.1 %
Loss (gain)<br> on monetary position in inflationary subsidiaries (61 ) (4 ) 1564.0 % (216 ) (93 ) 131.4 %
Market<br> value (gain) loss on financial instruments 33 (90 ) NA (67 ) (169 ) -60.2 %
Comprehensive financing result 980 1,285 -23.7 % 3,906 4,697 -16.9 %
Income before taxes 11,185 8,470 32.1 % 36,316 29,007 25.2 %
Income taxes 3,686 2,802 31.6 % 11,768 8,781 34.0 %
Result of discontinued operations - - NA - - NA
Consolidated net income 7,499 5,669 32.3 % 24,549 20,226 21.4 %
Net income attributable<br> to equity holders of the company 7,286 9.6 % 5,392 8.2 % 35.1 % 32.0 % 23,729 8.5 % 19,536 8.0 % 21.5 % 21.7 %
Non-controlling interest 213 0.3 % 277 0.4 % -22.9 % 820 0.3 % 690 0.3 % 18.8 %
Adj. EBITDA & CAPEX 2024 % of Rev. 2023 % of Rev. Δ% Reported Δ% Comparable ^(7)^ 2024 % of Rev. 2023 % of Rev. Δ% Reported Δ% Comparable ^(7)^
Operating<br> income ^(5)^ 12,092 16.0 % 9,674 14.6 % 25.0 % 23.2 % 40,141 14.3 % 34,180 13.9 % 17.4 % 17.6 %
Depreciation 3,012 2,632 14.4 % 11,142 9,695 14.9 %
Amortization and other operative<br> non-cash charges 1,000 843 18.6 % 4,922 2,542 93.6 %
Adj. EBITDA ^(5)(6)^ 16,104 21.3 % 13,149 19.9 % 22.5 % 20.7 % 56,205 20.1 % 46,418 18.9 % 21.1 % 21.1 %
CAPEX^(8)^ 13,778 9,837 40.1 % 29,416 21,396 37.5 %
^(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 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 December 31, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 25,316 million.
Coca-Cola FEMSA Reports 4Q24 Results Page 12 of 17
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February 21, 2025

MEXICO &CENTRAL AMERICA DIVISION

RESULTSOF OPERATIONS

Millions of Pesos ^(1)^

For<br> the Fourth Quarter of: For<br> the Full Year:
2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(6)^ 2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(6)^
Transactions<br> (million transactions) 3,091.7 2,981.7 3.7 % 3.7 % 12,926.6 12,344.9 4.7 % 4.7 %
Volume (million unit cases) 589.6 580.9 1.5 % 1.5 % 2,494.1 2,394.8 4.1 % 4.1 %
Average price per unit case 69.66 64.28 8.4 % 66.48 62.07 7.1 %
Net revenues 41,517 37,603 166,972 149,320
Other operating revenues 23 19 24 42
Total Revenues ^(2)^ 41,540 100.0 % 37,622 100.0 % 10.4 % 7.2 % 166,996 100.0 % 149,362 100.0 % 11.8 % 10.8 %
Cost of goods sold 21,284 51.2 % 19,200 51.0 % 86,214 51.6 % 77,698 52.0 %
Gross profit 20,255 48.8 % 18,422 49.0 % 10.0 % 6.7 % 80,782 48.4 % 71,665 48.0 % 12.7 % 11.6 %
Operating expenses 13,485 32.5 % 12,663 33.7 % 53,810 32.2 % 48,343 32.4 %
Other operative expenses, net (176 ) -0.4 % 150 0.0 % 457 0.3 % 281 0.2 %
Operative<br> equity method (gain) loss in associates ^(3)^ (1 ) 0.0 % (9 ) 0.0 % (115 ) -0.1 % (130 ) -0.1 %
Operating income ^(4)^ 6,947 16.7 % 5,618 14.9 % 23.7 % 19.0 % 26,630 15.9 % 23,170 15.5 % 14.9 % 13.7 %
Depreciation, amortization &<br> other operating non-cash charges 2,584 6.2 % 2,086 5.5 % 9,938 6.0 % 7,652 5.1 %
Adj. EBITDA ^(4)(5)^ 9,531 22.9 % 7,704 20.5 % 23.7 % 19.2 % 36,568 21.9 % 30,822 20.6 % 18.6 % 17.4 %
^(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 Jugos del Valle, 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.

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ^(1)^

For<br> the Fourth Quarter of: For<br> the Full Year:
2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(6)^ 2024 %<br> of Rev. 2023 %<br> of Rev. Δ%<br> Reported Δ% Comparable ^(6)^
Transactions<br> (million transactions) 3,353.5 3,212.9 4.4 % 4.4 % 12,002.6 11,398.3 5.3 % 5.3 %
Volume (million unit cases) 489.5 475.3 3.0 % 3.0 % 1,730.6 1,653.1 4.7 % 4.7 %
Average price per unit case 64.80 55.32 17.1 % 60.98 53.43 14.1 %
Net revenues 33,785 28,227 112,058 94,944
Other operating revenues 203 229 739 782
Total Revenues ^(2)^ 33,988 100.0 % 28,456 100.0 % 19.4 % 21.0 % 112,797 100.0 % 95,726 100.0 % 17.8 % 20.1 %
Cost of goods sold 18,549 54.6 % 16,403 57.6 % 64,843 57.5 % 56,531 59.1 %
Gross profit 15,439 45.4 % 12,054 42.4 % 28.1 % 29.5 % 47,954 42.5 % 39,195 40.9 % 22.3 % 24.4 %
Operating expenses 10,398 30.6 % 7,750 27.2 % 34,291 30.4 % 27,755 29.0 %
Other operative expenses, net (77 ) -0.2 % 284 1.0 % 231 0.2 % 531 0.6 %
Operative<br> equity method (gain) loss in associates ^(3)^ (27 ) -0.1 % (36 ) -0.1 % (78 ) -0.1 % (102 ) -0.1 %
Operating income ^(4)^ 5,145 15.1 % 4,056 14.3 % 26.9 % 29.3 % 13,511 12.0 % 11,011 11.5 % 22.7 % 26.0 %
Depreciation, amortization &<br> other operating non-cash charges 1,427 4.2 % 1,389 4.9 % 6,127 5.4 % 4,585 4.8 %
Adj. EBITDA ^(4)(5)^ 6,572 19.3 % 5,444 19.1 % 20.7 % 22.8 % 19,637 17.4 % 15,596 16.3 % 25.9 % 28.8 %
^(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 4Q24 Results Page 13 of 17
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February 21, 2025

CONSOLIDATEDBALANCE SHEET

Millionsof Pesos

Assets Dec-24 Dec-23 % Var.
Current Assets
Cash, cash equivalents and marketable securities 32,779 31,060 6 %
Total accounts receivable 18,620 17,749 5 %
Inventories 14,059 11,880 18 %
Other current assets 9,675 7,049 37 %
Total current assets 75,132 67,738 11 %
Non-Current Assets - -
Property, plant and equipment 161,785 133,406 21 %
Accumulated depreciation (62,404 ) (54,676 ) 14 %
Total property, plant and equipment, net 99,381 78,730 26 %
Right of use assets 2,989 2,388 25 %
Investment in shares 10,233 9,246 11 %
Intangible assets and other assets 101,876 101,162 1 %
Other non-current assets 18,375 14,256 29 %
Total Assets 307,986 273,520 13 %
Liabilities & Equity Dec-24 Dec-23 % Var.
--- --- --- --- --- --- --- ---
Current Liabilities
Short-term<br> bank loans and notes payable 3,314 140 2267 %
Suppliers 33,773 27,351 23 %
Short-term leasing<br> Liabilities 889 752 18 %
Other current liabilities 29,194 26,673 9 %
Total current<br> liabilities 67,171 54,916 22 %
Non-Current Liabilities - -
Long-term bank loans<br> and notes payable 70,383 65,074 8 %
Long Term Leasing<br> Liabilities 2,295 1,769 30 %
Other long-term<br> liabilities 17,595 18,056 -3 %
Total liabilities 157,445 139,815 13 %
Equity - -
Non-controlling<br> interest 7,113 6,680 6 %
Total controlling<br> interest 143,428 127,025 13 %
Total equity 150,542 133,705 13 %
Total Liabilities and Equity 307,986 273,520 13 %
Dec 30, 2024
--- --- --- --- --- --- --- --- --- ---
Debt Mix %<br> Total Debt ^(1)^ %<br> Interest Rate <br><br> Floating ^(1) (2)^ Average<br><br> Rate
Currency
Mexican Pesos 59.1 % 3.7 % 8.7 %
U.S. Dollars 18.3 % 53.2 % 4.2 %
Colombian Pesos 2.4 % 15.5 % 8.1 %
Brazilian Reals 19.2 % 18.8 % 9.8 %
Argentine Pesos 0.9 % 0.0 % 50.1 %
Total Debt 100 % 23.9 % 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 4Q 2024 FY 2024 Δ%
Net<br> debt including effect of hedges ^(1)(3)^ 38,329 37,794 1.4 %
Net<br> debt including effect of hedges / Adj. EBITDA ^(1)(3)^ 0.68 0.81
Adj.<br> EBITDA/ Interest expense, net ^(1)^ 12.51 11.86
Capitalization<br> ^(2)^ 33.3 % 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 4Q24 Results Page 14 of 17
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February 21, 2025

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume
4Q 2024 4Q 2023 YoY
Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Sparkling Water ^(1)^ Bulk ^(2)^ Stills Total Δ %
Mexico 346.9 29.1 84.9 36.6 497.4 346.1 26.4 85.8 35.1 493.4 0.8 %
Guatemala 44.4 2.5 - 2.3 49.2 41.3 2.1 - 2.3 45.7 7.5 %
CAM South 36.3 0.9 0.9 4.9 43.0 34.7 1.1 0.9 5.0 41.8 3.0 %
Mexico and Central America 427.6 32.5 85.8 43.8 589.6 422.1 29.7 86.7 42.5 580.9 1.5 %
Colombia 71.4 10.0 3.7 6.6 91.6 70.9 10.2 3.5 7.4 91.9 -0.3 %
Brazil ^(3)^ 274.5 24.6 2.8 27.7 329.6 266.4 22.4 3.2 26.0 318.0 3.7 %
Argentina 39.0 7.1 1.9 4.6 52.6 37.8 6.6 1.9 4.8 51.1 2.9 %
Uruguay 12.4 2.1 - 1.1 15.7 12.0 1.7 - 0.8 14.4 8.9 %
South America 397.4 43.8 8.4 40.0 489.5 387.0 40.8 8.5 39.0 475.3 3.0 %
TOTAL 824.9 76.3 94.2 83.7 1,079.1 809.1 70.5 95.2 81.5 1,056.2 2.2 %
*^(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q 2024 4Q 2023 YoY
Sparkling Water Stills Total Sparkling Water Stills Total Δ %
Mexico 1,937.0 208.6 259.2 2,404.7 1,900.7 190.7 243.8 2,335.2 3.0 %
Guatemala 339.1 16.3 24.9 380.3 313.4 14.8 24.0 352.2 8.0 %
CAM South 248.2 10.3 48.2 306.7 231.1 11.4 51.8 294.3 4.2 %
Mexico and Central America 2,524.3 235.2 332.2 3,091.7 2,445.2 216.9 319.7 2,981.7 3.7 %
Colombia 511.0 101.4 49.4 661.7 513.5 106.6 68.2 688.2 -3.9 %
Brazil ^(3)^ 1,821.5 213.9 314.3 2,349.8 1,705.0 191.3 292.1 2,188.3 7.4 %
Argentina 189.1 40.9 37.0 267.0 182.6 41.0 44.5 268.1 -0.4 %
Uruguay 57.7 8.3 9.1 75.1 55.0 6.6 6.5 68.2 10.1 %
South America 2,579.3 364.4 409.8 3,353.5 2,456.1 345.5 411.2 3,212.9 4.4 %
TOTAL 5,103.6 599.6 742.0 6,445.3 4,901.3 562.4 730.9 6,194.6 4.0 %
Revenues
--- --- --- --- --- --- --- ---
Expressed in million Mexican Pesos 4Q 2024 4Q 2023 Δ %
Mexico 33,078 30,709 7.7 %
Guatemala 4,123 3,353 23.0 %
CAM South 4,339 3,560 21.9 %
Mexico and Central America 41,540 37,622 10.4 %
Colombia 6,145 5,094 20.6 %
Brazil ^(4)^ 22,099 20,125 9.8 %
Argentina 3,996 1,932 106.8 %
Uruguay 1,748 1,305 33.9 %
South America 33,988 28,456 19.4 %
TOTAL 75,528 66,078 14.3 %
*^(3)^*Volume and transactions in Brazil do not include beer
---
*^(4)^*Brazil includes beer revenues of Ps. 1,571.7 million for the fourth quarter of 2024 and Ps. 1,734.2 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 4Q24 Results Page 15 of 17
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February 21, 2025

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<br> %
Mexico 1,454.8 136.1 375.2 158.2 2,124.3 1,408.7 121.7 376.6 145.9 2,052.9 3.5 %
Guatemala 174.0 9.8 - 9.0 192.8 157.6 7.7 - 8.9 174.2 10.7 %
CAM<br>South 145.6 5.6 3.8 22.0 177.0 136.4 6.1 2.7 22.5 167.7 5.5 %
Mexico<br>and Central America 1,774.3 151.5 379.0 189.3 2,494.1 1,702.7 135.4 379.3 177.3 2,394.8 4.1 %
Colombia 267.9 40.4 15.6 28.4 352.3 264.7 39.2 14.0 29.6 347.6 1.4 %
Brazil<br> ^(3)^ 966.1 83.3 10.2 99.7 1,159.3 902.4 75.2 10.2 87.4 1,075.1 7.8 %
Argentina 126.4 21.4 7.1 13.4 168.3 135.1 21.0 5.8 16.8 178.7 -5.8 %
Uruguay 40.6 6.9 - 3.2 50.7 40.6 8.7 - 2.4 51.7 -1.9 %
South<br>America 1,400.9 152.1 32.9 144.7 1,730.6 1,342.7 144.2 30.0 136.1 1,653.1 4.7 %
TOTAL 3,175.3 303.5 411.9 333.9 4,224.6 3,045.4 279.7 409.3 313.5 4,047.8 4.4 %
*^(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 8,071.4 948.3 1,112.2 10,131.9 7,835.7 866.4 1,026.9 9,729.0 4.1 %
Guatemala 1,299.1 65.2 95.3 1,459.6 1,179.8 56.9 91.9 1,328.5 9.9 %
CAM South 1,058.5 56.0 220.6 1,335.1 996.4 53.6 237.3 1,287.4 3.7 %
Mexico and Central America 10,428.9 1,069.6 1,428.1 12,926.6 10,011.8 976.9 1,356.2 12,344.9 4.7 %
Colombia 1,951.1 412.9 228.8 2,592.8 1,942.5 411.8 302.2 2,656.5 -2.4 %
Brazil<br> ^(3)^ 6,428.1 725.8 1,132.2 8,286.2 5,887.7 655.1 981.1 7,523.9 10.1 %
Argentina 634.6 129.4 113.4 877.4 689.8 135.2 149.3 974.4 -10.0 %
Uruguay 193.3 26.9 26.1 246.2 190.7 32.6 20.3 243.6 1.1 %
South America 9,207.1 1,295.0 1,500.5 12,002.6 8,710.7 1,234.7 1,452.9 11,398.3 5.3 %
TOTAL 19,636.0 2,364.6 2,928.6 24,929.2 18,722.5 2,211.6 2,809.1 23,743.2 5.0 %
Revenues
--- --- --- --- --- --- --- ---
Expressed<br> in million Mexican Pesos YTD<br> 2024 YTD<br> 2023 Δ<br> %
Mexico 135,906 122,615 10.8 %
Guatemala 15,524 13,016 19.3 %
CAM<br> South 15,566 13,731 13.4 %
Mexico<br> and Central America 166,996 149,362 11.8 %
Colombia 20,994 17,680 18.7 %
Brazil<br> ^(4)^ 74,126 66,963 10.7 %
Argentina 12,557 6,668 88.3 %
Uruguay 5,119 4,415 15.9 %
South<br> America 112,797 95,726 17.8 %
TOTAL 279,793 245,088 14.2 %
*^(3)^*Volume and transactions in Brazil do not include beer
---
*^(4)^*Brazil includes beer revenues of Ps. 5,276.1 million for the full year of 2024 and Ps. 6,116.7 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 4Q24 Results Page 16 of 17
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February 21, 2025

Inflation ^(1)^

LTM 4Q24 YTD
Mexico 4.21 % 1.32 % 4.21 %
Colombia 5.20 % 0.55 % 5.20 %
Brasil 4.83 % 1.81 % 4.83 %
Argentina 117.76 % 7.87 % 117.76 %
Costa Rica 0.84 % 0.47 % 0.84 %
Panama -0.19 % -0.55 % -0.19 %
Guatemala 1.70 % -0.57 % 1.70 %
Nicaragua 2.84 % -0.10 % 2.84 %
Uruguay 5.49 % 1.15 % 5.49 %

^(1)^ Source: inflation estimated by the company based on historicpublications from the Central Bank of each country.

Average Exchange Rates for each period ^(2)^
Quarterly Exchange Rate<br>(Local Currency per ) Year to Date Exchange Rate <br>(Local Currency per )
4Q23 Δ% YTD 23 Δ%
México 17.58 14.1 % 17.77 3.0 %
Colombia 4,071.19 6.9 % 4,325.96 -5.8 %
Brasil 4.95 18.0 % 4.99 7.9 %
Argentina 448.97 123.1 % 296.61 208.9 %
Costa Rica 534.44 -3.9 % 547.36 -5.3 %
Panama 1.00 0.0 % 1.00 0.0 %
Guatemala 7.83 -1.5 % 7.83 -0.9 %
Nicaragua 36.58 0.1 % 36.44 0.5 %
Uruguay 39.53 7.9 % 38.82 3.6 %

All values are in US Dollars.

End-of-period Exchange Rates
Closing Exchange Rate (Local Currency per ) Closing Exchange Rate<br>(Local Currency per )
Dec-23 Δ% Sep-23 Δ%
México 16.89 20.0 % 17.62 11.4 %
Colombia 3,822.05 15.4 % 4,053.76 2.7 %
Brasil 4.84 27.9 % 5.01 8.8 %
Argentina 808.45 27.7 % 349.95 177.3 %
Costa Rica 526.88 -2.7 % 542.35 -3.6 %
Panama 1.00 0.0 % 1.00 0.0 %
Guatemala 7.83 -1.5 % 7.86 -1.7 %
Nicaragua 36.62 0.0 % 36.53 0.3 %
Uruguay 39.02 12.9 % 38.56 8.0 %

All values are in US Dollars.

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

Coca-Cola FEMSA Reports 4Q24 Results Page 17 of 17
February 21, 2025

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