Coca-Cola FEMSA, S.A.B. de C.V.

Record volume + solid profitability (Q3 2026) - Volumes: +5.3% YoY to ~1.1bn unit cases (record Q3 for Coca-Cola FEMSA), with growth across all regions. - Revenues: +10.9% YoY to MXN 79.7bn; +11.3% on a currency-neutral basis (unfavorable mix + FX effects offset part of volume/revenue growth). - Gross margin: +140 bps to 46.5%, helped by lower sweetener & PET costs and hedging, plus appreciation of operating currencies vs. USD; offset by higher aluminum costs and unfavorable mix. - Operating income/margins: +15.4% YoY to MXN 11.9bn, operating margin +60 bps to 14.9%, boosted by a non-recurring MXN 1.1bn insurance recovery in Brazil. - Adjusted EBITDA: +16.2% YoY to MXN 16.8bn, margin +100 bps to 21.1% (also helped by the same Brazil insurance recovery; excluding it, EBITDA still strong: +10.6%).

Region highlights: growth is broad-based, but Mexico margin pressure is notable - Mexico & Central America: Volumes +4.8% YoY; revenues +8.3%. Gross margin +150 bps to 49%, but operating margin -170 bps to 14.3%. - Key driver of margin pressure: stronger-than-expected mix shift into multiserve, especially 3-liter Coke presentation, plus peso depreciation impact and higher SG&A-related costs (marketing/labor/freight). - Management view: margin recovery is expected to continue as RGM (pricing/revenue growth management) initiatives roll out (notably starting in August and further actions expected mid-November) to offset FX/raw material/labor impacts. - Brazil: Volumes +3.9% YoY (per operating discussion); Coca-Cola Zero volumes +15% YoY; flavors +8%, sparkling +20%. - Share gains: total nonalcoholic RTD +~1.2pp, energy drinks +~6pp, Sprite strong (near 1–4pp share gains referenced). - Profitability: strong improvement; digitalization supports revenue growth (digital revenues ~42% of traditional trade revenues by September; +18% average ticket). - Guatemala: Volumes +8% YoY, outperforming industry (+~5.5%); energy drinks +98% on improved availability; Powerade sports turnaround ~+1pp share gain. - Colombia: Volumes +15.9% YoY (strong demand + better purchasing power); sparkling +15.4% (colas +13.5%, Coke Zero +19.2%, flavors +23.9%); non-carbonated +12.9% YoY YTD; digital penetration rising (~90% of customers using Premia Points). - Argentina: volumes flat YoY amid household pressure; inflation moderating to 33.4%; sparkling +3.9%, digital orders +21% YoY.

Commercial & innovation engine (opportunities) - Innovation in “white spaces” is outperforming expectations (especially highlighted in Mexico): - Coca-Cola Triple Zero launch: demand strong enough to trigger supply shortages (positioned for after-hours consumption where caffeine is a turnoff). - Ciel Aguas Frescas flavored water: reaching ~65% traditional trade coverage; +7.6pp market share gain since May. - Topo Chico Sparkling Lemonade/Orange: already ~70% traditional trade coverage; strong acceptance in Mexico. - Energy & sports drinks: strong category momentum (Guatemala energy +98%; Powerade turnaround; Colombia Powerade/Monster strong). - Digitalization as a structural advantage: Juntos+ / Juntos+ Advisor improving customer engagement, visit quality, and order recommendations; expectation is that it supports both share and ticket size over time.