Alsea, S.A.B. de C.V.

Solid operating momentum in Q3; better underlying demand (good) - Total sales: +1.8% YoY to MXN 21.2bn; +5.6% YoY excluding FX (peso strength weighed on translation). - Same-store sales: +4.2% YoY; traffic improved month-over-month through the quarter (notably Mexico coffee). - EBITDA: MXN 2.9bn, +2.2% YoY, with margin up 10 bps to 13.9%.

Starbucks and Mexico turnaround narrative; no price increases (good + actionable) - Starbucks Alsea: same-store +4.4%. - Mexico Starbucks: +3.1% same-store, with traffic recovery after the World Cup, strong marketing (e.g., Peanuts, Unicorn Frappuccino, Pumpkin Spice Latte, return of full beverage lineup), and operational focus (service + store execution). - Remodeling/facelift: original 85–100 store scope in Mexico; nearly done, expected completion by mid-November before peak season. Management said they can’t isolate exact traffic attribution yet, but remodels are part of the improvement. - Pricing approach (important): Starbucks Mexico stated it will not touch prices to protect the routine customer; margins to be protected via P&L levers other than pricing.

Europe improved; some country-specific disruptions but viewed as manageable (mixed) - Starbucks Europe: +6.1% same-store; Spain strong, France returned to positive territory after prior traffic-recovery plan. - France riots: management said impact is isolated—only ~2 stores not yet reopened due to damage; no seen impact on same-store sales after removing affected stores (they removed 9 stores for the check). - South America: same-store +7.6%, mainly from Argentina price adjustments aligned with inflation; excluding Argentina +0.2%, with Colombia +10.8% (earthquake closures were temporary) and Chile -4.2% (lower traffic, pressured consumer).