Fomento Económico Mexicano, S.A.B. de C.V.

OXXO México: traffic-led recovery + market share gains (good/surprising) - Same-store sales +9.2% YoY in 3Q26, driven by avg ticket +5.5% and avg traffic +3.5%. - Traffic is the key highlight: running ~150 bps above 2Q26, with very limited World Cup benefit (only one early-July Mexico match). - Momentum broad-based: management said all geographic regions grew traffic in the quarter. - Share gains across trade channels in categories OXXO competes in; YTD share now above 2024, with gains concentrated in impulse categories.

OXXO México profitability: gross margin down, but disciplined value-proposition management (mixed) - Gross margin -120 bps reported, partly due to a “high concentration of commercial income” in 3Q25 (timing effect). - After normalizing for that timing, gross margin contraction was expected closer to ~70 bps (per management). - Operating income +5.8% YoY, operating margin -40 bps, with an ~20 bps impact from closing ~140 underperforming/older stores. - Pruning exercise: about 250 stores planned overall, with similar impact expected in 4Q26.

Value proposition levers: impulse strong now; food service + daily replenishment are medium-term opportunities (opportunity) - Impulse: improved execution and assortment/merchandising, including value presentations in core categories (including beverages, cigarettes, beer, etc.). - Food service: traffic growth in low double digits, mainly driven by coffee, supported by improved execution and tactical pricing (incremental cups/day). - Daily & replenishment (“VADDA” early testing): initial results modestly accretive to traffic; still early stage. - OXXO is testing and learning via assortment/value pricing experiments and structured price trials (with careful monitoring of whether volume offsets margin changes).