Monterrey, Mexico, October 28, 2026 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the third quarter of 2026.
Reporting Segments Update: In our continuous effort to improve our disclosure, we have updated FEMSA’s reporting segment structure to better reflect the scale, stage of development, and strategic differentiation of our various operations. This updated structure should provide investors with greater visibility into the drivers of performance across our operations. Our updated reporting segments are as follows: i) OXXO Mexico; ii) Americas & Mobility which now includes all OXXO convenience store operations outside of Mexico (Brazil, Colombia, Chile, Peru and the U.S.), as well as the fuel operations in Mexico and the U.S; iii) Europe; iv) Health; and v) Coca-Cola FEMSA. Only segments i) and ii) changed relative to our previous reporting structure.
- FEMSA: Total consolidated revenues grew 9.8% and Income from operations increased 9.9% compared to 3Q25.
- OXXO Mexico: Total revenues grew 10.3% and Income from operations increased 5.8% versus 3Q25.
- SPIN: Spin by OXXO had 11.7 million active users representing 17.3% growth compared to 3Q25 while Spin Premia had 30.0 million active loyalty users representing 8.3% growth compared to 3Q25, and an average tender at OXXO Mexico of 52.1% which increased from 48.2% in 3Q25.
- COCA-COLA FEMSA: Total revenues grew 10.9% and Income from Operations increased 15.4% against 3Q25.
Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented: “During the third quarter we delivered a strong set of results, led by OXXO Mexico and Coca-Cola FEMSA, our two largest businesses. OXXO Mexico continued to build on the positive momentum seen in recent quarters, while Coca-Cola FEMSA delivered strong growth across the income statement, mainly supported by solid performances in most of its territories.
We are particularly encouraged by the continued recovery at OXXO Mexico, where same-store sales accelerated and customer traffic delivered its strongest performance in more than two years. This result was driven largely by stronger execution in most regions, commercial initiatives focused on key traffic-driving categories, and the consumer-centric strategy we began implementing last year. These initiatives are gaining traction and allowing us to generate additional traffic while maintaining a disciplined approach to profitability. Beyond OXXO Mexico, Coca-Cola FEMSA delivered a very strong quarter, with solid volume trends and double-digit growth in revenues and operating income, reflecting broad-based contributions across its operations.
We also continued to see encouraging progress in some of our growth platforms, with Bara gaining momentum as it accelerates expansion and strengthens the performance of its growing store base, while our OXXO operations in South America maintained a solid commercial trajectory, especially in Colombia. However, certain other business units faced operating headwinds, particularly our Europe and Health divisions, which delivered mixed results. We continue to work hard to bring those business units to their potential.
As we enter the final quarter of the year, we remain mindful that the consumer environment in Mexico continues to be soft, Brazil has faced some volatility recently and that we will face a more demanding comparison base in the coming quarters. Nevertheless, we are encouraged by the momentum we are seeing across most of our businesses. While we recognize that the final stretch of the year will present its share of challenges, we believe the strength of our geographically diversified platform positions us well to continue executing against our long-term strategy in pursuit of sustainable, profitable growth.”
QUARTERLY RESULTS
Results are compared to the same period of previous year
FEMSA CONSOLIDATED
Total revenues increased 9.8% in 3Q26 compared to 3Q25, driven by growth in Coca-Cola FEMSA, OXXO Mexico, Americas & Mobility and Health, partially offset by a decrease in Europe. Excluding the consolidation of OXXO Brazil and currency effects, revenues grew 9.4% on a comparable basis and all the reported segments grew.
Gross profit increased 9.7%, while gross margin remained stable at 39.9%. This reflected margin expansion in Coca-Cola FEMSA and Americas & Mobility, offset by contractions in OXXO Mexico, Europe and Health. The decline in margin in OXXO Mexico resulted in part from a demanding comparison base as the third quarter of 2025 included a particularly high concentration of commercial income. On a comparable basis, gross profit increased 9.8%.
Income from operations increased 9.9%, driven by growth in Coca-Cola FEMSA and OXXO Mexico, partially offset by declines in Americas & Mobility, Europe and Health. The consolidated operating margin reached 8.5%, representing a 10 basis-point expansion year-over-year, reflecting margin expansion at Coca-Cola FEMSA, partially offset by margin contractions at OXXO Mexico, Americas & Mobility, Europe and Health. On a comparable basis, income from operations increased 13.4%.
The effective income tax rate was 32.5% in 3Q26. Our income tax provision for 3Q26 was Ps. 5,080 million, an increase of 34.2% relative to 3Q25.
Net consolidated income amounted to Ps. 10,569 million, compared to Ps. 5,838 million in 3Q25, representing an increase of 81.0%. This increase was supported by: i) the absence of the Ps. 3,146 million loss from discontinued operations recorded in 3Q25, which reflected the divestiture of Solistica; ii) growth in income from operations; and iii) a non-cash foreign exchange gain of Ps. 1,121 million, compared to a loss of Ps. 1,261 million in 3Q25, reflecting a favorable swing of Ps. 2,382 million, mainly due to the depreciation of the Mexican peso against the U.S. dollar, that impacted our investment in ImperialBrady as well as our U.S. dollar-denominated cash and investment position. These effects were partially offset by: i) higher net interest expense of Ps. 4,541 million, compared to Ps. 3,563 million in 3Q25, mainly reflecting lower interest income of Ps. 1,371 million compared to Ps. 1,907 million in 3Q25, driven by lower interest rates and lower cash balances; ii) other financial expenses of Ps. 312 million, compared to income of Ps. 55 million in 3Q25, mainly reflecting a loss on financial instruments at Coca-Cola FEMSA Brazil; and iii) a higher income tax provision of Ps. 5,080 million, compared to Ps. 3,785 million in 3Q25.
Net majority income was Ps. 2.00 per FEMSA BD Unit, representing 185.7% growth, and US$1.10 per FEMSA ADS.
Net Debt / Adjusted EBITDA. On an ex-KOF basis, as of September 30, 2026, cash and investments were Ps. 70,403 million and total debt was Ps. 165,605 million, resulting in net debt of Ps. 95,203 million. Our Net Debt / Adjusted LTM EBITDA ratio ex-KOF was 1.19x up from 0.91x in 3Q25. This year-on-year increase mainly reflects the cash outflow related to our capital allocation strategy.
Capital expenditures amounted to Ps. 9,408 million, representing 4.0% of total revenues and a decrease of 28.3% compared to 3Q25, mainly reflecting lower CAPEX at Coca-Cola FEMSA, coupled with lower investments at OXXO Mexico, Europe and Health. This was partially offset by higher CAPEX in Americas & Mobility, related to store expansion investments across the region.
RESULTS FOR THE FIRST NINE MONTHS OF 2026
Results are compared to the same period of previous year
FEMSA CONSOLIDATED
Total revenues increased 8.7% in the first nine months of 2026 compared to the same period of 2025, driven by growth in Coca-Cola FEMSA, OXXO Mexico, Americas & Mobility and Health, partially offset by a decrease in Europe. Revenues reflected a net negative foreign exchange effect as the Mexican peso appreciated relative to other currencies; as a result, revenues grew 9.4% on a comparable basis.
Gross profit increased 8.3%, reflecting increases at OXXO Mexico, Coca-Cola FEMSA and Americas & Mobility, offset by Europe and Health. Gross margin contracted 20 basis points, reaching 40.1%. This reflects margin expansion in Coca-Cola FEMSA and Americas & Mobility, offset by contractions in OXXO Mexico, Europe and Health. It is important to highlight that the contractions in Europe and Health include the reclassification of distribution expenses from selling expenses to cost of goods sold, which does not impact income from operations. Excluding the effects of this reclassification, the gross margin for the first nine months of 2025 would have been 39.9%, an expansion of 20 basis points. On a comparable basis, which accounts for currency effects and M&A, gross profit increased 9.3%.
Income from operations increased 7.9%, driven by growth in Coca-Cola FEMSA and OXXO Mexico, partially offset by declines in Americas & Mobility, Europe and Health. The consolidated operating margin stood at 7.9%, contracting 10 basis points year over year, reflecting margin expansion in OXXO Mexico and Coca-Cola FEMSA, offset by margin contractions in Americas & Mobility, Europe and Health. On a comparable basis, income from operations increased 12.4%.
The effective income tax rate was 26.7% for the first nine months of 2026. This is largely explained by a one-time gain related to the BradyPLUS and Imperial Dade merger recorded in the first quarter of 2026, reflecting a non-cash accounting gain which increased profitability with no current tax effect. Excluding this impact, the effective income tax rate would be 34.8%. The gap between our effective tax rate and the statutory rate of 30% is mainly explained by non-deductible expenses, primarily at OXXO Mexico, and non-creditable tax loss effects, mainly from Spin. Our income tax provision for the first nine months of 2026 was Ps. 13,656 million, an increase of 6.2% relative to the same period of 2025, mainly reflecting the increase in income from operations.
Net consolidated income amounted to Ps. 37,456 million, representing an increase of 84.0% compared to the first nine months of 2025. This increase primarily reflected a one-time gain related to ImperialBrady, the result of the merger of BradyPLUS and Imperial Dade, recorded in the first quarter of 2026. Excluding this one-time gain, our net consolidated income amounted to Ps. 25,504 million, representing an increase of 12.1% compared to the first nine months of 2025. This increase primarily reflected growth in income from operations, as well as: i) a non-cash foreign exchange gain of Ps. 21 million, compared to a loss of Ps. 4,917 million in 2025, reflecting a favorable swing of Ps. 4,938 million, mainly due to a lower appreciation of the Mexican peso against the U.S. dollar and a lower U.S. dollar cash and investment balance; ii) a lower loss from participation in associates’ results of Ps. 55 million, compared to a loss of Ps. 995 million in 2025, which reflected the results of our participation in the joint venture in Brazil and our participation in ImperialBrady; and iii) the absence of the Ps. 813 million loss from discontinued operations recorded in the first nine months of 2025. These effects were partially offset by: i) higher net interest expense of Ps. 12,865 million, compared to Ps. 9,822 million, mainly reflecting lower interest income of Ps. 4,053 million compared to Ps. 6,086 million, driven by lower interest rates and a lower cash and investment balance; ii) other financial expenses of Ps. 226 million, compared to income of Ps. 1,856 million in 2025, which reflected the valuation effect recorded in 2025 related to HKN shares; and iii) a higher income tax provision of Ps. 13,656 million, compared to Ps. 12,855 million.
Net majority income per FEMSA BD Unit was Ps. 7.97 (US$4.41 per ADS).
Capital expenditures amounted to Ps. 24,476 million, representing 3.6% of total revenues and a decrease of 21.3% compared to the first nine months of 2025, mainly reflecting lower CAPEX at Coca-Cola FEMSA, driven by a more selective approach to capital deployment, and at OXXO Mexico, reflecting a more measured pace of store openings compared to the prior year, coupled with lower investments in Health and Europe. This was partially offset by higher CAPEX in Americas & Mobility, mainly reflecting the addition of OXXO Brazil to the comparison base and continued expansion investments across the region.
RECENT DEVELOPMENTS
- On September 23, 2026, FEMSA announced the placement of a Swiss franc-denominated offering of senior unsecured bonds in the Swiss bond market, to be listed on the SIX Swiss Exchange. FEMSA successfully issued CHF $300 million in five-year senior unsecured bonds. The bonds will bear interest at an annual rate of 107 basis points over the relevant benchmark rate, for a yield of 1.73%.
The issuance received credit ratings of BBB+ from S&P Global Ratings and A from Fitch Ratings. The proceeds from the issuance will be used for general corporate purposes, improving FEMSA’s cost of debt and increasing its financial flexibility under extremely favorable conditions.
This transaction was settled on October 14, 2026.
- On September 14, 2026, FEMSA announced that, as part of its ongoing efforts and consistent with its capital allocation framework and commitment to enhance capital returns to shareholders, it entered into a new derivative instrument known as an accelerated share repurchase (“ASR”) agreement with a financial institution in the United States of America to repurchase the Company’s shares through the acquisition of American Depositary Shares (“ADSs”). Under the terms of the ASR agreement, FEMSA agreed to repurchase from such financial institution an aggregate amount of up to US$280 million of its ADSs, subject to agreed-upon market conditions and delivery at maturity.
The final number of ADSs repurchased and delivered under the ASR agreement will be based on the daily volume-weighted average ADS price during the term of the agreement, less a discount, and subject to the agreement’s terms and conditions which may result in a lower total amount being repurchased. Final settlement is expected to occur before year-end 2026.
CONFERENCE CALL INFORMATION
Our third quarter 2026 Conference Call will be held on: Wednesday, October 28, 2026, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be live through our Zoom link. For registration, please visit:
Registration: https://bit.ly/FEMSA_3Q26
If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-reports/quarterly-results
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ABOUT FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in two core sectors, retail and beverages. In retail, FEMSA is present through four divisions: i) OXXO Mexico, operating the largest small-format store chain in Mexico; ii) Americas & Mobility, which includes its OXXO convenience store operations across Latin America and the United States, as well as its gas station business in Mexico and the United States; iii) Europe, operating convenience and foodvenience formats in five European countries; and iv) FEMSA Health, which includes drugstores and related activities in four Latin American countries. In Mexico, OXXO’s operations are enhanced by, and comprise a customer-focused ecosystem with Spin, a digital platform that leverages the OXXO store network to provide Mexican consumers with access to digital financial services, including Spin by OXXO and Spin Premia, among other initiatives. In the beverage sector, FEMSA participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 369,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.
The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on September 30, 2026, which was 18.0609 Mexican pesos per US dollar.
FORWARD-LOOKING STATEMENTS
This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.
Our consolidated financial statements as of and for the year ended December 31, 2026, are not yet available, and the independent audit of those financial statements is ongoing and has not yet been completed. The unaudited preliminary financial information as of and for the year ended December 31, 2026, presented herein, is preliminary and subject to change as we complete our financial closing procedures and prepare our consolidated financial statements, and as our independent registered public accounting firm completes its audit of such consolidated financial statements. As of the date of this release, our independent registered public accounting firm has not expressed an opinion or any other form of assurance on any financial information as of or for the year ended December 31, 2026, or on our internal control over financial reporting as of December 31, 2026. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notes providing additional disclosures.
COMPARABILITY
Our “comparable” term means, with respect to a year-over-year comparison, the change of a given measure excluding the effects
of: (i) mergers, acquisitions, and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing
this measure, management has used its best judgment, estimates, and assumptions to maintain comparability.
