# EDGAR Filing Document

**Accession Number:** 0000910631
**File Stem:** 0001292814-25-002725
**Filing Date:** 2025-7
**Character Count:** 89950
**Document Hash:** 220cbc3931145e60595cb90f98a687ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-002725.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001292814-25-002725

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COCA COLA FEMSA SAB DE CV
- **CENTRAL INDEX KEY:** 0000910631
- **STANDARD INDUSTRIAL CLASSIFICATION:** BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12260
- **FILM NUMBER:** 251141786

**BUSINESS ADDRESS:**
- **STREET 1:** MARIO PANI #100, PISO 7
- **STREET 2:** COL SANTA FE
- **CITY:** CUAJIMALPA
- **STATE:** O5
- **ZIP:** DF 05348
- **BUSINESS PHONE:** 525515195120

**MAIL ADDRESS:**
- **STREET 1:** MARIO PANI #100, PISO 7
- **STREET 2:** COL SANTA FE
- **CITY:** CUAJIMALPA
- **STATE:** O5
- **ZIP:** DF 05348

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COCA COLA FEMSA SA DE CV
- **DATE OF NAME CHANGE:** 19930814

****

<br> **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of July 2025<br> Commission File Number 1-12260

**COCA-COLA FEMSA, S.A.B. de C.V.**

(Translation of registrant's name into English)

**United Mexican States**

(Jurisdiction of incorporation or organization)

**Calle Mario Pani No. 100,<br> Santa Fe Cuajimalpa,<br> Cuajimalpa de Morelos,<br> 05348, Ciudad de México, 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 <u>X</u> Form 40-F<u> </u>

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)

Yes<u> </u>No <u>X</u> 

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)

Yes<u> </u>No <u>X</u> 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes<u> </u>No <u>X</u> 

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

Rule 12g3-2(b): 82-__.

![](image_043.jpg)

**SECOND QUARTER 2025 RESULTS**

---

| | |
|:---|:---|
| INVESTOR RELATIONS<br> Jorge Collazo \| <u>jorge.collazo@kof.com</u><br> Lorena Martin \| <u>lorena.martinl@kof.com</u><br> Bryan Silva \| <u>bryan.silva@kof.com</u><br> Agustin Bolio \| <u>agustin.bolio@kof.com</u><br> <u>kofmxinves@kof.com</u> | ![](image_044.jpg) |

---

Mexico City, July 23, 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 second quarter of 2025.

**SECOND QUARTER HIGHLIGHTS**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Volume declined 5.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue increased 5.0%, on a currency neutral basis revenue grew 2.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Operating income remained flat; on a currency neutral basis operating income
decreased 2.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Majority net income decreased 5.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings per share<sup>1</sup> were Ps. 0.32 (Earnings per unit were Ps.
2.53 and per ADS were Ps. 25.29.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reached 8 times more active users in the latest version of Juntos<sup>+</sup>
v 4.0, versus the previous year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company issued a successful transaction of senior notes for a total amount
of US$500 million due 2035. These notes were priced at attractive spreads and coupon reflecting strong international investment grade
dedicated investor demand, confirming Coca-Cola FEMSA's financial discipline and strong credit profile.

**FIRST SIX MONTHS HIGHLIGHTS**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Volume declined 3.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue increased 6.7%, on a currency neutral basis revenue grew 5.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Operating income increased 3.3%, on a currency neutral basis operating income
grew 0.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Majority net income decreased 1.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings per share<sup>1</sup> were Ps. 0.62 (Earnings per unit were Ps.
4.97 and per ADS were Ps. 49.74.).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** | **FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS** |
| Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year | Change vs. same period of last year |
|  |  | **Total Revenues** | **Total Revenues** | **Gross Profit** | **Gross Profit** | **Operating Income** | **Operating Income** | **Majority Net Income** | **Majority Net Income** |
|  |  | **2Q25** | **YTD 2025** | **2Q25** | **YTD 2025** | **2Q25** | **YTD 2025** | **2Q25** | **YTD 2025** |
| **As Reported** | Consolidated | 5.0% | 6.7% | 3.4% | 6.9% | 0.2% | 3.3% | (5.3%) | (1.4%) |
| **As Reported** | Mexico & Central America | 0.5% | 2.5% | (2.5%) | 1.1% | (6.3%) | (5.7%) |  |  |
| **As Reported** | South America | 13.2% | 13.7% | 16.2% | 17.9% | 19.6% | 24.9% |  |  |
| **Comparable <sup>(2)</sup>** | Consolidated | 2.4% | 5.4% | 0.9% | 5.3% | (2.6%) | 0.7% |  |  |
| **Comparable <sup>(2)</sup>** | Mexico & Central America | (1.9%) | (0.7%) | (4.8%) | (1.9%) | (8.6%) | (8.8%) |  |  |
| **Comparable <sup>(2)</sup>** | South America | 10.3% | 15.7% | 13.1% | 19.7% | 14.9% | 24.0% |  |  |

---

**Ian Craig, Coca-Cola FEMSA's CEO, commented:**

"During the second quarter, we navigated a challenging environment marked by a softer macroeconomic backdrop in Mexico and adverse weather conditions in Mexico and Brazil. However, despite a tougher than expected first half of the year, we are encouraged by our improved competitive position, and we maintain our long-term perspectives unchanged. As we look ahead to the second half of the year, we will make learnings and adjustments to our plans that will deliver long-term value. Importantly, we will continue investing in capacity and capabilities to support our future growth.

While the current operating environment remains complex, we are confident in our resilient profile and in the several initiatives we are implementing across our markets—from commercial, financial, and supply chain. We are leveraging our capabilities and our strong partnership with The Coca-Cola Company to deliver long-term sustainable growth for all our stakeholders."

*<sup>(1)</sup>* *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.*

*<sup>(2)</sup>* *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 2Q25 Results**<br>July 23, 2025 | **Page 2 of 17** |

---

 

**RECENT DEVELOPMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On May 1, 2025, Coca-Cola FEMSA issued senior notes for a total amount of
US$500 million principal amount of senior notes due 2035. The Company priced the notes at US 10 Year Treasury +93 basis points and a coupon
of 5.100%. The transaction was closed on May 6, 2025, and received broad participation from investment grade dedicated investors, confirming
Coca-Cola FEMSA's financial discipline and strong credit profile. KOF intends to use the net proceeds from the sale of the Notes
for general corporate purposes, which may include the funding of working capital and capital expenditures, and the repayment of indebtedness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On July 16, 2025, Coca-Cola FEMSA paid the second installment of the ordinary
dividend approved for Ps. 0.23 per share, for a total cash distribution of Ps. 3,865.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Coca-Cola FEMSA has been included in the FTSE4Good sustainability indices
for the tenth consecutive year, achieving a score of 3.9 out of 5.0—an improvement from last reported score of 2.9. This performance
demonstrates progress across all evaluated categories and enhanced transparency in our integrated report, positioning the company above
the consumer goods industry and beverage subsector averages.

**CONFERENCE CALL INFORMATION**

![](image_045.jpg)

---

| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 3 of 17** |

---

**CONSOLIDATED SECOND QUARTER RESULTS**

![](image_046.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED SECOND QUARTER RESULTS** | **CONSOLIDATED SECOND QUARTER RESULTS** | **CONSOLIDATED SECOND QUARTER RESULTS** | **CONSOLIDATED SECOND QUARTER RESULTS** | **CONSOLIDATED SECOND QUARTER RESULTS** |
|  | **As Reported** | **As Reported** | **As Reported** | **Comparable <sup>(1)</sup>** |
| *Expressed in millions of Mexican pesos* | **2Q 2025** | **2Q 2024** | **Δ%** | **Δ%** |
| Total revenues | 72917 | 69456 | 5.0% | 2.4% |
| Gross profit | 33042 | 31961 | 3.4% | 0.9% |
| Operating income | 9767 | 9746 | 0.2% | (2.6%) |
| Adj. EBITDA <sup>(2)</sup> | 13388 | 13922 | (3.8%) | (6.3%) |

---

 

**Volume** decreased 5.5% to 1,035.3 million unit cases, driven mainly by volume declines in Mexico, Brazil, Colombia, and Panama. These declines were partially offset by volume increases in Argentina, Uruguay, Guatemala, and Nicaragua.

**Total revenues** increased 5.0% to Ps. 72,917 million. This increase was driven mainly by revenue management initiatives and favorable currency translation effects from most of our operating currencies into Mexican pesos. Excluding currency translation effects, total revenues increased 2.4%.

**Gross profit** increased 3.4% to Ps. 33,042 million, and gross margin contracted 70 basis points to 45.3%. This contraction was driven mainly by lower operating leverage, unfavorable mix effects, and higher fixed costs such as labor, coupled with the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by lower sweetener costs and raw material hedging initiatives. Excluding currency translation effects, gross profit increased 0.9%.

**Operating income** increased 0.2% to Ps. 9,767 million, and operating margin contracted 60 basis points to 13.4%. This margin contraction was driven mainly by higher operating expenses such as labor and maintenance, coupled with an increase in marketing and depreciation. These effects were partially offset by cost and expense efficiencies, an operating foreign exchange gain, and lower freight expenses. Excluding currency translation effects, operating income decreased 2.6%.

*<sup>(1)</sup>* *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.* 

*<sup>(2)</sup>* *Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.*

<br> ---

| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 4 of 17** |

---

**Comprehensive financing result** recorded an expense of Ps. 1,189 million, compared to an expense of Ps. 885 million in the previous year. This increase was driven mainly by a higher interest expense, net, of Ps. 1,475 million as compared to Ps. 1,157 million in the same period of the previous year driven by higher interest expenses mainly related to the U.S. dollar-denominated bond due 2035 issued during the second quarter, coupled with an increase in interest rates in Brazil and new financing in Colombia.

In addition, we recognized a lower foreign exchange gain of Ps. 55 million in the second quarter of 2025 as compared to a gain of Ps. 177 million in the same period of the previous year. The gain this year was driven mainly by the quarterly appreciation of the Mexican Peso as applied to our U.S. dollar-denominated net debt position. This effect was partially offset by the quarterly appreciation of the Brazilian Real as applied to our U.S. dollar-denominated cash position in Brazil.

On the other hand, we recorded a higher gain in financial instruments of Ps. 154 million, as compared to Ps. 61 million recorded in the same period of the previous year, and a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 77 million as compared to a gain of Ps. 34 million recorded in the same period of the previous year.

**Income tax** as a percentage of income before taxes was 36.2% as compared to 34.9% during the same period of 2024. This increase was driven mainly by non-recurring effects from previous fiscal years coupled with non-creditable taxes.

**Net income attributable to equity holders of the company** was Ps. 5,312 million as compared to Ps. 5,608 million during the same period of the previous year. This decrease was driven mainly by the increase in the comprehensive financing results. Earnings per share<sup>1</sup> were Ps. 0.32 (Earnings per unit were Ps. 2.53 and per ADS were Ps. 25.29.).

*<sup>(1)</sup>* *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 2Q25 Results**<br>July 23, 2025 | **Page 5 of 17** |

---

 

**CONSOLIDATED FIRST SIX MONTHS RESULTS**

![](image_047.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED FIRST SIX MONTHS RESULTS** | **CONSOLIDATED FIRST SIX MONTHS RESULTS** | **CONSOLIDATED FIRST SIX MONTHS RESULTS** | **CONSOLIDATED FIRST SIX MONTHS RESULTS** | **CONSOLIDATED FIRST SIX MONTHS RESULTS** |
|  | **As Reported** | **As Reported** | **As Reported** | **Comparable <sup>(1)</sup>** |
| *Expressed in millions of Mexican pesos* | **YTD 2025** | **YTD 2024** | **Δ%** | **Δ%** |
| Total revenues | 142703 | 133685 | 6.7% | 5.4% |
| Gross profit | 64716 | 60561 | 6.9% | 5.3% |
| Operating income | 18986 | 18380 | 3.3% | 0.7% |
| Adj. EBITDA <sup>(2)</sup> | 26584 | 25949 | 2.4% | 1.3% |

---

 

 

**Volume** decreased 3.9% to 2,021.8 million unit cases, driven mainly by volume declines in Mexico and Colombia. These declines were partially offset by increases in Argentina, Uruguay, and Guatemala and a flattish performance in Brazil.

**Total revenues** increased 6.7% to Ps. 142,703 million. This increase was driven mainly by revenue management initiatives and favorable currency translation effects from most of our operating currencies into Mexican pesos. Excluding currency translation effects, total revenues increased 5.4%.

**Gross profit** increased 6.9% to Ps. 64,716 million, and gross margin expanded 10 basis points to 45.4%. This performance was driven mainly by lower sweetener costs, top-line growth, and raw material hedging initiatives. These effects were partially offset by higher fixed costs, such as labor, 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 5.3%.

**Operating income** increased 3.3% to Ps. 18,986 million, and operating margin contracted 40 basis points to 13.3%. This margin contraction was driven mainly by lower operating leverage, driven by an increase in expenses such as labor, maintenance, marketing, and depreciation. These effects were partially offset by lower freight expenses. Excluding currency translation effects, operating income increased 0.7%.

*<sup>(1)</sup>* *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.*

*<sup>(2)</sup>* *Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.* 

---

| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 6 of 17** |

---

**Comprehensive financing result** recorded an expense of Ps. 2,308 million, compared to an expense of Ps. 2,080 million in the same period of the previous year. This increase was driven mainly by a higher interest expense, net, of Ps. 2,749 million as compared to Ps. 2,341 million in the same period of the previous year as a result of higher interest expense mainly driven by our U.S. dollar-denominated bond due 2035 issued during the second quarter, coupled with an increase in interest rates in Brazil and new financing in Argentina and Colombia.

In addition, we recognized a foreign exchange loss of Ps. 1 million as compared to a gain of Ps. 204 million in the same period of the previous year, this gain in the previous year was driven mainly by the appreciation of the Brazilian Real and the Mexican Peso as applied to our U.S. dollar-denominated cash position during the same period of the previous year.

These effects were partially offset by a higher gain in financial instruments of Ps. 288 million as compared to a gain of Ps. 15 million in the same period of the previous year, resulting from a decrease in the floating interest rate as compared to the previous year.

Finally, we recognized a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 154 million as compared to a gain of Ps. 42 million in the same period of the previous year.

**Income tax** as a percentage of income before taxes was 34.8% as compared to 32.9% during the same period of 2024. This increase was driven mainly by non-recurring effects from previous fiscal years coupled with non-creditable taxes and inflationary effects.

**Net income attributable to equity holders of the company** was Ps. 10,450 million as compared to Ps 10,598 million during the same period of the previous year. This decrease was driven mainly by higher comprehensive financing result and higher income taxes that were partially offset by a slight increase in our operating income. Earnings per share<sup>1</sup> were Ps. 0.62 (Earnings per unit were Ps. 4.97 and per ADS were Ps. 49.74).

*<sup>(1)</sup>* *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 2Q25 Results**<br>July 23, 2025 | **Page 7 of 17** |

---

 

**MEXICO & CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS**

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

![](image_048.jpg)

![](image_049.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MEXICO & CENTRAL AMERICA DIVISION RESULTS** | **MEXICO & CENTRAL AMERICA DIVISION RESULTS** | **MEXICO & CENTRAL AMERICA DIVISION RESULTS** | **MEXICO & CENTRAL AMERICA DIVISION RESULTS** | **MEXICO & CENTRAL AMERICA DIVISION RESULTS** |
|  | **As Reported** | **As Reported** | **As Reported** | **Comparable <sup>(1)</sup>** |
| *Expressed in millions of Mexican pesos* | **2Q 2025** | **2Q 2024** | **Δ%** | **Δ%** |
| Total revenues | 45306 | 45067 | 0.5% | (1.9%) |
| Gross profit | 21404 | 21948 | (2.5%) | (4.8%) |
| Operating income | 6829 | 7291 | (6.3%) | (8.6%) |
| Adj. EBITDA <sup>(2)</sup> | 8926 | 9882 | (9.7%) | (11.8%) |

---

**Volume** declined 8.4%, driven by volume decreases in Mexico and Panama that were partially offset by volume growth in Guatemala, Nicaragua, and Costa Rica. This volume decline was driven mainly by unfavorable weather conditions and a challenging comparison base from the previous year.

**Total revenues** increased 0.5% to Ps. 45,306 million. This performance was driven mainly by revenue management initiatives and the favorable currency translation effect from all our operating currencies into Mexican pesos, which were offset by a volume decline. Excluding currency translation effects, total revenues decreased 1.9%.

**Gross profit** decreased 2.5% to Ps. 21,404 million, and gross margin contracted 150 basis points to 47.2%. This margin contraction was driven mainly by unfavorable mix effects and higher fixed costs such as labor, coupled with the depreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by lower sweetener costs and raw material hedging initiatives. Excluding currency translation effects, gross profit decreased 4.8%.

**Operating income** decreased 6.3% to Ps. 6,829 million, and operating margin contracted 110 basis points to 15.1%. This margin contraction was driven mainly by lower operating leverage, coupled with an increase in expenses such as labor, maintenance, marketing, and depreciation. These effects were partially offset by a decrease in freight expenses and operating foreign exchange gain. Excluding currency translation effects, operating income decreased 8.6%.

*<sup>(1)</sup>* *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.* 

*<sup>(2)</sup> Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.* 

---

| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 8 of 17** |

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**SOUTH AMERICA DIVISION Second QUARTER RESULTS** 

(Brazil, Argentina, Colombia, and Uruguay)

![](image_050.jpg)

![](image_051.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SOUTH AMERICA DIVISION RESULTS** | **SOUTH AMERICA DIVISION RESULTS** | **SOUTH AMERICA DIVISION RESULTS** | **SOUTH AMERICA DIVISION RESULTS** | **SOUTH AMERICA DIVISION RESULTS** |
|  | **As Reported** | **As Reported** | **As Reported** | **Comparable <sup>(1)</sup>** |
| *Expressed in millions of Mexican pesos* | **2Q 2025** | **2Q 2024** | **Δ%** | **Δ%** |
| Total revenues | 27611 | 24389 | 13.2% | 10.3% |
| Gross profit | 11639 | 10014 | 16.2% | 13.1% |
| Operating income | 2937 | 2455 | 19.6% | 14.9% |
| Adj. EBITDA <sup>(2)</sup> | 4462 | 4040 | 10.4% | 7.3% |

---

** 

** 

**Volume** declined 0.5% to 398.4 million unit cases, driven mainly by volume declines in Brazil and Colombia that were partially offset by volume growth in Argentina and Uruguay.

**Total revenues** increased 13.2% to Ps. 27,611 million. This increase was driven mainly by revenue management initiatives, a favorable mix, and a favorable currency translation effect into Mexican pesos. Excluding currency translation effects, total revenues increased 10.3%.

**Gross profit** increased 16.2% to Ps. 11,639 million, and gross margin expanded 110 basis points to 42.2%. This expansion was driven mainly by top-line growth, coupled with a decrease in raw material costs, such as sweeteners, and cost efficiencies, which were partially offset by the currency depreciation in all our operating currencies as compared to the U.S. dollar. Excluding currency translation effects, gross profit increased 13.1%.

**Operating income** increased 19.6% to Ps. 2,937 million, resulting in an operating margin expansion of 50 basis points to 10.6%. This increase was driven mainly by an increase in our gross profit, partially offset by higher expenses such as labor and marketing. Excluding currency translation effects, operating income increased 14.9%.

*<sup>(1)</sup>* *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.* 

*<sup>(2)</sup> Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.* 

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| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 9 of 17** |

---

**DEFINITIONS**

**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.

**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.

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

**Adjusted EBITDA** is a non-GAAP financial measure computed as "operating income + depreciation + amortization & other operating non-cash charges."

**Earnings per 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 translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions to maintain comparability.

Due to the average appreciation of most of the currencies used in our main operations relative to the Mexican peso in the second quarter of 2025, as compared to the same period of 2024, we had a favorable currency translation effect into Mexican pesos. Please see page 17 for exchange rate fluctuations.

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|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 10 of 17** |

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**ABOUT THE COMPANY**

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL \| NYSE (ADS), Ticker: KOF \| Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA files reports, including annual reports and other information, with the U.S. Securities and Exchange Commission, or the "SEC," and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the "BMV") pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC's website at www.sec.gov, the BMV's website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.

Coca-Cola FEMSA, S.A.B. de C.V. is the largest 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 276 million consumers. With over 93,000 employees, the Company markets and sells approximately 4.2-billion-unit cases through approximately 2.2 million points of sale a year. Operating 56 manufacturing plants and 256 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

![](image_052.jpg)

**ADDITIONAL INFORMATION**

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

*(6 pages of tables to follow)*

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| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 11 of 17** |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** |
| **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** |
| **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** |
|  | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the first Six Months of:** | **For the first Six Months of:** | **For the first Six Months of:** | **For the first Six Months of:** | **For the first Six Months of:** | **For the first Six Months of:** |
|  | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(7)</sup>** | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(7)</sup>** |
| **Transactions (million transactions)** | 6131.9 |  | 6372.8 |  | -3.8% | -3.8% | 12053.7 |  | 12330.8 |  | -2.2% | -2.2% |
| **Volume (million unit cases)** | 1035.3 |  | 1095.8 |  | -5.5% | -5.5% | 2021.8 |  | 2104.4 |  | -3.9% | -3.9% |
| Average price per unit case | 68.65 |  | 61.89 |  | 10.9% |  | 68.63 |  | 61.77 |  | 11.1% |  |
| Net revenues | 72852 |  | 69297 |  | 5.1% |  | 142556 |  | 133359 |  | 6.9% |  |
| Other operating revenues | 65 |  | 159 |  | -59.2% |  | 147 |  | 326 |  | -55.0% |  |
| **Total revenues <sup>(2)</sup>** | 72917 | 100.0% | 69456 | 100.0% | 5.0% | 2.4% | 142703 | 100.0% | 133685 | 100.0% | 6.7% | 5.4% |
| Cost of goods sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39875 | 54.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37495 | 54.0% | 6.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77987 | 54.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73124 | 54.7% | 6.6% |  |
| **Gross profit** | 33042 | 45.3% | 31961 | 46.0% | 3.4% | 0.9% | 64716 | 45.4% | 60561 | 45.3% | 6.9% | 5.3% |
| Operating expenses | 23679 | 32.5% | 21621 | 31.1% | 9.5% |  | 46029 | 32.3% | 41438 | 31.0% | 11.1% |  |
| Other operative expenses, net | (291) | -0.4% | 672 | 1.0% | NA |  | (109) | -0.1% | 864 | 0.6% | NA |  |
| Operative equity method (gain) loss in associates<sup>(3)</sup> | (112) | -0.2% | (78) | -0.1% | 43.8% |  | (190) | -0.1% | (122) | -0.1% | 56.1% |  |
| **Operating income <sup>(5)</sup>** | 9767 | 13.4% | 9746 | 14.0% | 0.2% | -2.6% | 18986 | 13.3% | 18380 | 13.7% | 3.3% | 0.7% |
| Other non operative expenses, net | 99 | 0.1% | 63 | 0.1% | 56.6% |  | 125 | 0.1% | (27) | 0.0% | NA |  |
| Non Operative equity method (gain) loss in associates <sup>(4)</sup> | (54) | -0.1% | 45 | 0.1% | NA |  | (130) | -0.1% | 58 | 0.0% | NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2101 |  | 1836 |  | 14.5% |  | 3963 |  | 3648 |  | 8.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 626 |  | 678 |  | -7.7% |  | 1214 |  | 1307 |  | -7.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 1475 |  | 1157 |  | 27.5% |  | 2749 |  | 2341 |  | 17.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) | (55) |  | (177) |  | -68.8% |  | 1 |  | (204) |  | NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on monetary position in inflationary subsidiaries | (77) |  | (34) |  | 125.6% |  | (154) |  | (42) |  | 267.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value (gain) loss on financial instruments | (154) |  | (61) |  | 151.3% |  | (288) |  | (15) |  | 1860.7% |  |
| Comprehensive financing result | 1189 |  | 885 |  | 34.4% |  | 2308 |  | 2080 |  | 11.0% |  |
| Income before taxes | 8532 |  | 8752 |  | -2.5% |  | 16684 |  | 16269 |  | 2.5% |  |
| Income taxes | 3029 |  | 3044 |  | -0.5% |  | 5691 |  | 5329 |  | 6.8% |  |
| Result of discontinued operations | - |  | - |  | NA |  | - |  | - |  | NA |  |
| Consolidated net income | 5503 |  | 5709 |  | -3.6% |  | 10993 |  | 10941 |  | 0.5% |  |
| **Net income attributable to equity holders of the company** | 5312 | 7.3% | 5608 | 8.1% | -5.3% | -8.1% | 10450 | 7.3% | 10598 | 7.9% | -1.4% | -5.9% |
| Non-controlling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 0.1% | 89.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | 0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | 0.3% | 58.7% |  |
| **Adj. EBITDA & CAPEX** | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(7)</sup>** | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(7)</sup>** |
| Operating income <sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767 | 13.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9746 | 14.0% | 0.2% | -2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18986 | 13.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18380 | 13.7% | 3.3% | 0.7% |
| Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 |  | 18.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 |  | 19.9% |  |
| Amortization and other operative non-cash charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 |  | -69.6% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 |  | -43.0% |  |
| **Adj. EBITDA <sup>(5)(6)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388 | 18.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13922 | 20.0% | -3.8% | -6.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26584 | 18.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25949 | 19.4% | 2.4% | 1.3% |
| CAPEX<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 |  | -2.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8693 |  | 10.8% |  |

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*<sup>(1)</sup> Except volume and average price per unit case figures.*

*<sup>(2)</sup> Please refer to page 15 and 16 for revenue breakdown.*

*<sup>(3)</sup> Includes equity method in Jugos del Valle and Leão Alimentos, among others.* 

*<sup>(4)</sup> Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.*

*<sup>(5)</sup> The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.*

*<sup>(6)</sup> Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.*

*<sup>(7)</sup> 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.*

*<sup>(8)</sup> As of June 30, 2025, the investment in fixed assets effectively paid is equivalent to Ps. 9,985 million.*

 

 

 

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|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 12 of 17** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** | **MEXICO & CENTRAL AMERICA DIVISION** |
| **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** |
| **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** |
|  | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** |
|  | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(6)</sup>** | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(6)</sup>** |
| **Transactions (million transactions)** | 3279.8 |  | 3565.3 |  | -8.0% | -8.0% | 6182.9 |  | 6584.4 |  | -6.1% | -6.1% |
| **Volume (million unit cases)** | 636.9 |  | 695.6 |  | -8.4% | -8.4% | 1190.2 |  | 1275.4 |  | -6.7% | -6.7% |
| Average price per unit case | 70.42 |  | 64.48 |  | 9.2% |  | 70.73 |  | 64.68 |  | 9.4% |  |
| Net revenues | 45297 |  | 45078 |  |  |  | 84959 |  | 82922 |  |  |  |
| Other operating revenues | 9 |  | (11) |  |  |  | 16 |  | (11) |  |  |  |
| **Total Revenues <sup>(2)</sup>** | 45306 | 100.0% | 45067 | 100.0% | 0.5% | -1.9% | 84975 | 100.0% | 82911 | 100.0% | 2.5% | -0.7% |
| Cost of goods sold | 23902 | 52.8% | 23119 | 51.3% |  |  | 44686 | 52.6% | 43075 | 52.0% |  |  |
| **Gross profit** | 21404 | 47.2% | 21948 | 48.7% | -2.5% | -4.8% | 40289 | 47.4% | 39836 | 48.0% | 1.1% | -1.9% |
| Operating expenses | 14973 | 33.0% | 14241 | 31.6% |  |  | 28334 | 33.3% | 26354 | 31.8% |  |  |
| Other operative expenses, net | (320) | -0.7% | 478 | -0.1% |  |  | (163) | -0.2% | 597 | 0.7% |  |  |
| Operative equity method (gain) loss in associates <sup>(3)</sup> | (79) | -0.2% | (62) | -0.1% |  |  | (110) | -0.1% | (88) | -0.1% |  |  |
| **Operating income <sup>(4)</sup>** | 6829 | 15.1% | 7291 | 16.2% | -6.3% | -8.6% | 12229 | 14.4% | 12972 | 15.6% | -5.7% | -8.8% |
| Depreciation, amortization & other operating non-cash charges | 2096 | 4.6% | 2591 | 5.8% |  |  | 4605 | 5.4% | 4654 | 5.6% |  |  |
| **Adj. EBITDA <sup>(4)(5)</sup>** | 8926 | 19.7% | 9882 | 21.9% | -9.7% | -11.8% | 16834 | 19.8% | 17626 | 21.3% | -4.5% | -7.6% |

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*<sup>(1)</sup> Except volume and average price per unit case figures.*

*<sup>(2)</sup> Please refer to page 15 and 16 for revenue breakdown.*

*<sup>(3)</sup> Includes equity method in Jugos del Valle, among others.* 

*<sup>(4)</sup> The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.*

*<sup>(5)</sup> Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.*

*<sup>(6)</sup> Please refer to page 10 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.*

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** | **SOUTH AMERICA DIVISION** |
| **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** | **RESULTS OF OPERATIONS** |
| **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** | **Millions of Pesos <sup>(1)</sup>** |
|  | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the Second Quarter of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** | **For the First Six Months of:** |
|  | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(6)</sup>** | **2025** | **% of Rev.** | **2024** | **% of Rev.** | **Δ% Reported** | **Δ% Comparable <sup>(6)</sup>** |
| **Transactions (million transactions)** | 2852.1 |  | 2807.5 |  | 1.6% | 1.6% | 5870.8 |  | 5746.4 |  | 2.2% | 2.2% |
| **Volume (million unit cases)** | 398.4 |  | 400.2 |  | -0.5% | -0.5% | 831.6 |  | 829.0 |  | 0.3% | 0.3% |
| Average price per unit case | 65.81 |  | 57.39 |  | 14.7% |  | 65.63 |  | 57.29 |  | 14.6% |  |
| Net revenues | 27554 |  | 24219 |  |  |  | 57596 |  | 50437 |  |  |  |
| Other operating revenues | 56 |  | 171 |  |  |  | 131 |  | 337 |  |  |  |
| **Total Revenues <sup>(2)</sup>** | 27611 | 100.0% | 24389 | 100.0% | 13.2% | 10.3% | 57727 | 100.0% | 50774 | 100.0% | 13.7% | 15.7% |
| Cost of goods sold | 15972 | 57.8% | 14375 | 58.9% |  |  | 33301 | 57.7% | 30049 | 59.2% |  |  |
| **Gross profit** | 11639 | 42.2% | 10014 | 41.1% | 16.2% | 13.1% | 24427 | 42.3% | 20725 | 40.8% | 17.9% | 19.7% |
| Operating expenses | 8705 | 31.5% | 7380 | 30.3% |  |  | 17695 | 30.7% | 15083 | 29.7% |  |  |
| Other operative expenses, net | 28 | 0.1% | 195 | 0.8% |  |  | 54 | 0.1% | 267 | 0.5% |  |  |
| Operative equity method (gain) loss in associates <sup>(3)</sup> | (32) | -0.1% | (16) | -0.1% |  |  | (80) | -0.1% | (34) | -0.1% |  |  |
| **Operating income <sup>(4)</sup>** | 2937 | 10.6% | 2455 | 10.1% | 19.6% | 14.9% | 6757 | 11.7% | 5408 | 10.7% | 24.9% | 24.0% |
| Depreciation, amortization & other operating non-cash charges | 1525 | 5.5% | 1585 | 6.5% |  |  | 2993 | 5.2% | 2915 | 5.7% |  |  |
| **Adj. EBITDA <sup>(4)(5)</sup>** | 4462 | 16.2% | 4040 | 16.6% | 10.4% | 7.3% | 9750 | 16.9% | 8323 | 16.4% | 17.1% | 21.3% |

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*<sup>(1)</sup>* *Except volume and average price per unit case figures.*

*<sup>(2)</sup>* *Please refer to page 15 and 16 for revenue breakdown.*

*<sup>(3)</sup>* *Includes equity method in Leão Alimentos, among others.*

*<sup>(4)</sup>* *The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.*

*<sup>(5)</sup>* *Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.*

*<sup>(6)</sup>* *Please refer to page 10 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.*

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|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 13 of 17** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** |
| **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** | **CONSOLIDATED BALANCE SHEET** |
| **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** | **Millions of Pesos** |
| **Assets** | **Jun-25** | **Dec-24** | **% Var.** | **Liabilities & Equity** | **Jun-25** | **Dec-24** | **% Var.** |
| **Current Assets** | | | | **Current Liabilities** | | | |
| Cash, cash equivalents and marketable securities |  |  |  | Short-term bank loans and notes payable | 3755 | 3314 | 13% |
| Cash, cash equivalents and marketable securities | 37139 | 32779 | 13% | Suppliers | 29271 | 33773 | -13% |
| Total accounts receivable | 15943 | 18620 | -14% | Short-term leasing Liabilities | 876 | 889 | -1% |
| Inventories | 14985 | 14059 | 7% | Other current liabilities | 36489 | 29195 | 25% |
| Other current assets | 10465 | 9675 | 8% | **Total current liabilities** | 70391 | 67171 | 5% |
| **Total current assets** | 78531 | 75132 | 5% | Non-Current Liabilities |  |  |  |
| Non-Current Assets |  |  |  | Long-term bank loans and notes payable | 77769 | 70383 | 10% |
| Property, plant and equipment | 166786 | 161785 | 3% | Long Term Leasing Liabilities | 2101 | 2295 | -8% |
| Accumulated depreciation | (64237) | (62404) | 3% | Other long-term liabilities | 18855 | 17595 | 7% |
| Total property, plant and equipment, net | 102549 | 99381 | 3% | **Total liabilities** | 169116 | 157445 | 7% |
| Right of use assets | 2746 | 2989 | -8% | **Equity** |  |  |  |
| Investment in shares | 10738 | 10233 | 5% | Non-controlling interest | 7806 | 7113 | 10% |
| Intangible assets and other assets | 103142 | 101876 | 1% | Total controlling interest | 136938 | 143428 | -5% |
| Other non-current assets | 16155 | 18375 | -12% | **Total equity** | **144744** | **150542** | -4% |
| **Total Assets** | **313860** | **307986** | 2% | **Total Liabilities and Equity** | **313860** | **307986** | 2% |
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 |  |  |  |  |
| **Debt Mix** | % Total Debt *<sup>(1)</sup>* | % Interest Rate Floating *<sup>(1) (2)</sup>* | Average Rate | **Debt Maturity Profile** | **Debt Maturity Profile** | **Debt Maturity Profile** | **Debt Maturity Profile** |
| *Currency* |  |  |  |  |  |  |  |
| Mexican Pesos | 51.6% | 2.3% | 8.5% | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| U.S. Dollars | 26.3% | 20.7% | 4.2% | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| Colombian Pesos | 3.8% | 58.3% | 9.2% | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| Brazilian Reals | 17.7% | 13.1% | 10.9% | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| Argentine Pesos | 0.6% | 0.0% | 40.8% | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| **Total Debt** | **100%** | **14.6%** | **8.0%** | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) | ![](image_053.jpg) |
| *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* | *<sup>(1)</sup> After giving effect to swaps.* |
| *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* | *<sup>(2)</sup> Calculated based on the weighting of the outstanding debt mix for each year.* |
| **Financial Ratios** | **2Q 2025** | **FY 2024** | **Δ%** |  |  |  |  |
| Net debt including effect of hedges <sup>(1)(3)</sup> | 44824 | 38329 | 16.9% |  |  |  |  |
| Net debt including effect of hedges / Adj. EBITDA <sup>(1)(3)</sup> | 0.79 | 0.68 |  |  |  |  |  |
| Adj. EBITDA/ Interest expense, net <sup>(1)</sup> | 9.67 | 12.51 |  |  |  |  |  |
| Capitalization <sup>(2)</sup> | 36.6% | 33.3% |  |  |  |  |  |
| *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* | *<sup>(1)</sup> Net debt = total debt - cash* |
| *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* | *<sup>(2)</sup> Total debt / (total debt + shareholders' equity)* |
| *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* | *<sup>(3)</sup> After giving effect to swaps.* |

---

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| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 14 of 17** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** |
| **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** | **QUARTERLY- VOLUME, TRANSACTIONS & REVENUES** |
| **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** |
|  | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **YoY** |
|  | **Sparkling** | **Water <sup>(1)</sup>** | **Bulk <sup>(2)</sup>** | **Stills** | **Total** | **Sparkling** | **Water <sup>(1)</sup>** | **Bulk <sup>(2)</sup>** | **Stills** | **Total** | **Δ %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | **359.7** | **37.7** | **98.5** | **43.5** | **539.4** | **402.3** | **44.1** | **108.1** | **45.0** | **599.5** | -10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | **46.1** | **2.2** | **0.8** | **2.3** | **51.3** | **45.2** | **2.8** | **-** | **2.6** | **50.5** | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAM South | **38.0** | **2.2** | **0.2** | **5.9** | **46.2** | **37.4** | **1.5** | **1.0** | **5.7** | **45.6** | 1.2% |
| Mexico and Central America | **443.7** | **42.1** | **99.4** | **51.7** | **636.9** | **484.8** | **48.3** | **109.1** | **53.3** | **695.6** | -8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | **63.5** | **9.6** | **3.5** | **5.9** | **82.6** | **64.5** | **9.4** | **4.0** | **7.1** | **85.0** | -2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(3)</sup> | **223.2** | **17.7** | **1.8** | **22.7** | **265.3** | **224.0** | **18.9** | **2.4** | **24.2** | **269.4** | -1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | **29.1** | **5.0** | **1.4** | **3.8** | **39.3** | **26.8** | **4.2** | **1.7** | **2.5** | **35.1** | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | **9.0** | **1.5** | **-** | **0.7** | **11.2** | **8.7** | **1.4** | **-** | **0.6** | **10.7** | 4.9% |
| South America | **324.7** | **33.9** | **6.7** | **33.1** | **398.4** | **324.0** | **33.8** | **8.1** | **34.3** | **400.2** | -0.5% |
| **TOTAL** | **768.4** | **76.0** | **106.1** | **84.8** | **1035.3** | **808.8** | **82.2** | **117.2** | **87.7** | **1095.8** | **-5.5%** |
| *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* |
| *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* |
| **Transactions** |  |  |  |  |  |  |  |  |  |  |  |
|  | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2025** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **2Q 2024** | **YoY** |
|  | **Sparkling** | **Water** | **Water** | **Stills** | **Total** | **Sparkling** | **Water** | **Water** | **Stills** | **Total** | **Δ %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | **1978.1** | **265.1** | **265.1** | **298.5** | **2541.7** | **2230.1** | **297.6** | **297.6** | **313.2** | **2840.9** | -10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 346.8 | **21.3** | **21.3** | 24.5 | **392.6** | 334.4 | **19.0** | **19.0** | 27 | **380.4** | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAM South | **273.6** | **14.2** | **14.2** | **57.7** | **345.5** | **271.2** | **15.0** | **15.0** | **57.9** | **344.1** | 0.4% |
| Mexico and Central America | **2598.5** | **300.6** | **300.6** | **380.7** | **3279.8** | **2835.7** | **331.5** | **331.5** | **398.1** | **3565.3** | -8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | **470.8** | **96.9** | **96.9** | **45.8** | **613.5** | **475.2** | **95.7** | **95.7** | **58.7** | **629.6** | -2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(3)</sup> | **1547.0** | **154.6** | **154.6** | **266.2** | **1967.8** | **1498.6** | **163.5** | **163.5** | **277.3** | **1939.4** | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | **152.0** | **30.1** | **30.1** | **32.0** | **214.0** | **138.0** | **26.1** | **26.1** | **21.9** | **185.9** | 15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | **45.3** | **5.9** | **5.9** | **5.6** | **56.8** | **42.2** | **5.5** | **5.5** | **4.7** | **52.5** | 8.3% |
| South America | **2215.0** | **287.4** | **287.4** | **349.6** | **2852.1** | **2154.0** | **290.7** | **290.7** | **362.7** | **2807.5** | 1.6% |
| **TOTAL** | **4813.5** | **588.0** | **588.0** | **730.4** | **6131.9** | **4989.7** | **622.2** | **622.2** | **760.8** | **6372.8** | **-3.8%** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |  |
| *Expressed in million Mexican Pesos* | **2Q 2025** | **2Q 2024** | **Δ %** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37474 | -2.3% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | 15.9% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAM South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | 12.6% |  |  |  |  |  |  |  |  |
| Mexico and Central America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45067 | 0.5% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | 12.5% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16443 | 11.7% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 | 23.1% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | 20.6% |  |  |  |  |  |  |  |  |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24389 | 13.2% |  |  |  |  |  |  |  |  |
| **TOTAL** | **72917** | **69456** | **5.0%** |  |  |  |  |  |  |  |  |
| *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* |
| *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.* |

---

![](image_054.jpg)

*<sup>(1)</sup>* *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.* 

*<sup>(2)</sup>* *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.*

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| | |
|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 15 of 17** |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** |
| **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** | **YTD- VOLUME, TRANSACTIONS & REVENUES** |
| **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** | **Volume** |
|  | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YoY** |
|  | **Sparkling** | **Water <sup>(1)</sup>** | **Bulk <sup>(2)</sup>** | **Stills** | **Total** | **Sparkling** | **Water <sup>(1)</sup>** | **Bulk <sup>(2)</sup>** | **Stills** | **Total** | **Δ %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | **667.6** | **68.1** | **185.6** | **82.0** | **1003.3** | **734.7** | **75.4** | **197.9** | **81.8** | **1089.8** | -7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | **88.1** | **4.1** | **1.5** | **4.3** | **98.1** | **86.5** | **5.1** | **-** | **4.8** | **96.4** | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAM South | **72.7** | **4.5** | **0.4** | **11.3** | **88.8** | **73.0** | **3.1** | **2.0** | **11.2** | **89.2** | -0.4% |
| Mexico and Central America | **828.4** | **76.7** | **187.4** | **97.6** | **1190.2** | **894.2** | **83.6** | **199.9** | **97.7** | **1275.4** | -6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | **125.2** | **19.4** | **7.1** | **12.2** | **163.8** | **130.5** | **19.9** | **8.1** | **14.7** | **173.3** | -5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(3)</sup> | **465.5** | **41.8** | **4.7** | **48.6** | **560.6** | **464.1** | **39.6** | **5.1** | **48.7** | **557.6** | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | **60.5** | **11.2** | **2.7** | **8.1** | **82.6** | **56.2** | **9.3** | **3.7** | **5.5** | **74.8** | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | **19.1** | **3.8** | **-** | **1.7** | **24.6** | **18.8** | **3.3** | **-** | **1.3** | **23.3** | 5.5% |
| South America | **670.3** | **76.3** | **14.4** | **70.6** | **831.6** | **669.6** | **72.2** | **16.9** | **70.3** | **829.0** | 0.3% |
| **TOTAL** | **1498.7** | **153.0** | **201.8** | **168.3** | **2021.8** | **1563.8** | **155.7** | **216.9** | **168.0** | **2104.4** | **-3.9%** |
| *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* | *<sup>(1)</sup> Excludes water presentations larger than 5.0 Lt ; includes flavored water.* |
| *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* | *<sup>(2)</sup> Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water* |
| **Transactions** |  |  |  |  |  |  |  |  |  |  |  |
|  | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YTD 2024** | **YoY** |
|  | **Sparkling** | **Water** | **Water** | **Stills** | **Total** | **Sparkling** | **Water** | **Water** | **Stills** | **Total** | **Δ %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | **3713.7** | **482.4** | **482.4** | **571.4** | **4767.5** | **4097.6** | **516.5** | **516.5** | **573.8** | **5187.9** | -8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | **658.7** | **39.3** | **39.3** | **47.8** | **745.7** | **642.1** | **34.7** | **34.7** | **49.9** | **726.7** | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAM South | **528.6** | **29.1** | **29.1** | **112.0** | **669.7** | **527.5** | **30.2** | **30.2** | **112.2** | **669.9** | 0.0% |
| Mexico and Central America | **4901.0** | **550.8** | **550.8** | **731.1** | **6182.9** | **5267.2** | **581.4** | **581.4** | **735.9** | **6584.4** | -6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | **916.8** | **194.9** | **194.9** | **93.6** | **1205.3** | **954.4** | **204.8** | **204.8** | **124.2** | **1283.4** | -6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(3)</sup> | **3176.7** | **360.8** | **360.8** | **558.9** | **4096.5** | **3059.1** | **343.6** | **343.6** | **551.8** | **3954.4** | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | **312.1** | **65.8** | **65.8** | **68.3** | **446.1** | **286.6** | **58.4** | **58.4** | **48.6** | **393.6** | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | **94.6** | **14.6** | **14.6** | **13.6** | **122.9** | **91.0** | **12.7** | **12.7** | **11.2** | **114.9** | 6.9% |
| South America | **4500.2** | **636.1** | **636.1** | **734.4** | **5870.8** | **4391.2** | **619.4** | **619.4** | **735.8** | **5746.4** | 2.2% |
| **TOTAL** | **9401.2** | **1186.9** | **1186.9** | **1465.6** | **12053.7** | **9658.3** | **1200.8** | **1200.8** | **1471.6** | **12330.7** | **-2.2%** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |  |
| *Expressed in million Mexican Pesos* | **YTD 2025** | **YTD 2024** | **Δ %** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68328 | -0.6% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 | 19.1% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAM South | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338 | 15.2% |  |  |  |  |  |  |  |  |
| Mexico and Central America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82911 | 2.5% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9668 | 11.2% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34279 | 12.8% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | 20.8% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | 23.8% |  |  |  |  |  |  |  |  |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50774 | 13.7% |  |  |  |  |  |  |  |  |
| **TOTAL** | **142703** | **133685** | **6.7%** |  |  |  |  |  |  |  |  |
| *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* | *<sup>(3)</sup> Volume and transactions in Brazil do not include beer* |
| *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* | *<sup>(4)</sup> Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.* |

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![](image_055.jpg)

*<sup>(1)</sup>* *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.* 

*<sup>(2)</sup>* *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.*

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|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 16 of 17** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** | **COCA-COLA FEMSA** |
| **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** | **MACROECONOMIC INFORMATION** |
| **Inflation <sup>(1)</sup>** | **Inflation <sup>(1)</sup>** | **Inflation <sup>(1)</sup>** |  |  |  |  |
|  | **LTM** | **2Q25** | **YTD** |  |  |  |
| Mexico | 4.51% | 1.41% | 1.67% |  |  |  |
| Colombia | 5.08% | 1.51% | 3.84% |  |  |  |
| Brasil | 5.35% | 1.15% | 2.97% |  |  |  |
| Argentina | 39.63% | 7.64% | 15.61% |  |  |  |
| Costa Rica | 0.02% | -1.23% | -0.70% |  |  |  |
| Panama | -0.49% | 0.09% | 0.79% |  |  |  |
| Guatemala | 1.51% | 1.47% | 1.00% |  |  |  |
| Nicaragua | 1.12% | 0.00% | 1.28% |  |  |  |
| Uruguay | 5.16% | 0.91% | 3.14% |  |  |  |
| *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* | *<sup>(1)</sup> Source: inflation estimated by the company based on historic publications from the Central Bank of each country.* |
| **Average Exchange Rates for each period <sup>(2)</sup>** | **Average Exchange Rates for each period <sup>(2)</sup>** | **Average Exchange Rates for each period <sup>(2)</sup>** | **Average Exchange Rates for each period <sup>(2)</sup>** |  |  |  |
|  | **Quarterly Exchange Rate (Local Currency per USD)** | **Quarterly Exchange Rate (Local Currency per USD)** | **Quarterly Exchange Rate (Local Currency per USD)** | **Year to Date Exchange Rate (Local Currency per USD)** | **Year to Date Exchange Rate (Local Currency per USD)** | **Year to Date Exchange Rate (Local Currency per USD)** |
|  | **2Q25** | **2Q24** | **Δ %** | **YTD 25** | **YTD 24** | **Δ %** |
| México | 19.55 | 17.21 | 13.6% | 19.98 | 18.30 | 9.2% |
| Colombia | 4197.35 | 3928.59 | 6.8% | 4192.97 | 4074.44 | 2.9% |
| Brasil | 5.67 | 5.22 | 8.6% | 5.76 | 5.39 | 6.8% |
| Argentina | 1151.04 | 886.47 | 29.8% | 1104.02 | 916.29 | 20.5% |
| Costa Rica | 508.77 | 516.43 | -1.5% | 508.22 | 518.22 | -1.9% |
| Panama | 1.00 | 1.00 | 0.0% | 1.00 | 1.00 | 0.0% |
| Guatemala | 7.69 | 7.77 | -1.1% | 7.70 | 7.76 | -0.8% |
| Nicaragua | 36.62 | 36.62 | 0.0% | 36.62 | 36.62 | 0.0% |
| Uruguay | 41.61 | 38.75 | 7.4% | 42.32 | 40.21 | 5.2% |
| **End-of-period Exchange Rates** | **End-of-period Exchange Rates** | **End-of-period Exchange Rates** | **End-of-period Exchange Rates** | **End-of-period Exchange Rates** | **End-of-period Exchange Rates** | **End-of-period Exchange Rates** |
|  | **Closing Exchange Rate (Local Currency per USD)** | **Closing Exchange Rate (Local Currency per USD)** | **Closing Exchange Rate (Local Currency per USD)** | **Closing Exchange Rate (Local Currency per USD)** | **Closing Exchange Rate (Local Currency per USD)** | **Closing Exchange Rate (Local Currency per USD)** |
|  | **Jun-25** | **Jun-24** | **Δ %** | **Mar-25** | **Mar-24** | **Δ %** |
| México | 18.89 | 18.38 | 2.8% | 20.32 | 16.68 | 21.8% |
| Colombia | 4069.67 | 4148.04 | -1.9% | 4192.57 | 3842.30 | 9.1% |
| Brasil | 5.46 | 5.56 | -1.8% | 5.74 | 5.00 | 14.9% |
| Argentina | 1205.00 | 912.00 | 32.1% | 1074.00 | 858.00 | 25.2% |
| Costa Rica | 508.28 | 528.80 | -3.9% | 504.21 | 506.60 | -0.5% |
| Panama | 1.00 | 1.00 | 0.0% | 1.00 | 1.00 | 0.0% |
| Guatemala | 7.68 | 7.77 | -1.1% | 7.71 | 7.79 | -1.0% |
| Nicaragua | 36.62 | 36.62 | 0.0% | 36.62 | 36.62 | 0.0% |
| Uruguay | 39.55 | 39.99 | -1.1% | 42.13 | 37.55 | 12.2% |
| *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* | *<sup>(2)</sup> Average exchange rate for each period computed with the average exchange rate of each month.* |

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|:---|:---|
| **Coca-Cola FEMSA Reports 2Q25 Results**<br>July 23, 2025 | **Page 17 of 17** |

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**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 by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | **COCA-COLA FEMSA, S.A.B. DE C.V.** |
|  | By: <u>/s/ Gerardo Cruz Celaya</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerardo Cruz Celaya<br> Chief Financial Officer |
| Date: July 22, 2025 |  |

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