Monterrey, Mexico, April 30, 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 first 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 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 6.1% and Income from Operations increased 5.5% compared to 1Q25.
- OXXO Mexico: OXXO Mexico total Revenues grew 8.3% and Income from operations increased 20.9% versus 1Q25.
- SPIN: Spin by OXXO had 11.0 million active users representing 22.3% growth compared to 1Q25 while Spin Premia had 28.4 million active loyalty users representing 12.8% growth compared to 1Q25, and an average tender at OXXO Mexico of 50.6% which increased from 42.5% in 1Q25.
- COCA-COLA FEMSA: Total Revenues grew 1.1% and Income from Operations decreased 2.3% against 1Q25.
Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:
“FEMSA delivered a strong set of results for the first quarter. OXXO improved its operating income by double-digits in its key markets, handily outpacing revenues and expanding margins, while Coca-Cola FEMSA demonstrated its resilience and flexibility in the face of a challenging consumer environment in the core Mexican market, partially offset by a strong performance in South America.
We should highlight the sustained recovery at OXXO Mexico, building on the positive trends we first saw during the fourth quarter of last year, and delivering high-single-digit revenue growth on the back of continued expansion and strong same-store sales despite a volatile environment. During the quarter, we also began to see the benefits from a leaner overhead structure and increased efficiency. Beyond Mexico, our Americas and Mobility operations delivered a compelling set of numbers, particularly Chile, Peru and Colombia showing double-digit growth in same-store sales and a significant narrowing of losses as we steadily improve our footprint.
For its part, Coca-Cola FEMSA gained market share in most of its markets and categories and achieved record volumes for a first quarter in several markets, including Brazil, Colombia and Guatemala.
As we look ahead towards what we expect should be a strong summer season due in part to the World Cup, we continue to like our current momentum across most of our business units, and we are optimistic as we execute against our long-term strategy in pursuit of sustainable profitable growth and despite the complex international macro environment.”
QUARTERLY RESULTS
Results are compared to the same period of previous year
FEMSA CONSOLIDATED
Total revenues increased 6.1% in 1Q26 compared to 1Q25, driven by growth in our OXXO Mexico and Americas & Mobility, while our Coca-Cola FEMSA, Europe and Health remained relatively flat. Revenues reflected a net negative foreign exchange effect as the Mexican peso appreciated relative to other currencies; as a result, revenues grew 8.5% on a comparable basis.
Gross profit increased 6.6%. Gross margin increased 20 basis points, reaching 40.5%. This reflects margin expansion in OXXO Mexico, Americas & Mobility and Coca-Cola FEMSA, offset by a contraction in Europe and Health. It is important to highlight that these contractions in Europe and Health are explained by the reclassification of distribution expenses from selling expenses to cost of goods sold, which do not impact income from operations; this effect is only reflected in the 1Q26 results. On a comparable basis, the gross margin for the first quarter of 2025 would have been 39.9%, an expansion of 60 basis points.
Income from operations increased 5.5% driven by growth in OXXO Mexico, Americas & Mobility and Europe. This was partially offset by a decrease at Coca-Cola FEMSA and Health. Similarly, the consolidated operating margin stood at 6.9% remaining stable year over year, reflecting margin contraction at Coca-Cola FEMSA and Health, which was offset by margin expansion in OXXO Mexico, Europe and Americas & Mobility. On a comparable basis, income from operations increased 12.1% showing the strength of the local currency results outside of Mexico.
The effective income tax rate was 17.1% in 1Q26. This is largely explained by a one-time gain related to the BradyPLUS and Imperial Dade merger, reflecting a non-cash gain on an accounting basis, which increased profitability with no current tax effect. Excluding this impact, the effective income tax rate would be 37.9%. The gap between our effective tax rate and the statutory rate of 30% is mainly explained by non-deductible items at OXXO Mexico, specifically labor costs and expenses, and non-creditable tax loss effects, mainly from Spin. Our income tax provision for 1Q26 was Ps. 3,664 million, a decline of 23.3% relative to 1Q25.
Net consolidated income amounted to Ps. 17,639 million pesos, representing an increase of 97.3% compared to the first quarter of 2025. This increase was driven by a one-time gain related to the BradyPLUS and Imperial Dade merger. Excluding this one-time gain, our net consolidated income amounted to Ps. 5,688, representing a decline of 36.4% compared to the first quarter of 2025. This decrease was caused primarily by higher net financing expenses, mainly reflecting: i) a foreign exchange loss compared to a gain in 2025, representing a swing of Ps. 883 million; ii) an expense of Ps. 189 million related to financial instruments, compared to a gain of Ps. 1,107 million last year from the favorable valuation of the convertible bond associated with Heineken shares; and iii) lower interest income as a result of a lower cash position and lower interest rates. Additional offsets included the absence of income from discontinued operations, which contributed Ps. 2,490 million in the first quarter of last year.
Net majority income was Ps. 4.34 per FEMSA Units, representing 167.9% growth, and US$2.41 per FEMSA ADS.
Net Debt / EBITDA. On an ex-KOF basis, as of March 31, 2026, cash and investments were Ps. 73,231 million and total debt was Ps. 166,840 million, resulting in net debt of Ps. 93,609 million. Our Net Debt / EBITDA ratio ex-KOF was 1.24x up from 0.69x in 1Q25. This increase reflects mainly the cash outflow related to our capital allocation strategy, which has resulted in Ps. 47,218 million of ordinary and extraordinary dividends, as well as Ps. 16,055 million of share repurchases during the last twelve months.
Capital expenditures amounted to Ps. 6,195 million, 3.0% as a percentage of total sales, and a decrease of 29.5% compared to 1Q25, reflecting lower CAPEX in OXXO Mexico, Coca-Cola FEMSA and Health, and primarily driven by a cautious approach to investments across the portfolio. The lower spending in the quarter in OXXO Mexico is partially explained by a demanding comparison base in 2025 where the number of openings in 1Q25 was particularly high. This was partially offset by a higher CAPEX in Americas & Mobility that includes a reactivation of growth in the expansion plans of our stores in Latam after a pause to reset certain operational matters, coupled by the reactivation of our expansion plans in Brazil after the end of our joint venture.
RECENT DEVELOPMENTS
- On April 24, 2026, FEMSA announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC) followed by its annual report, for the same period, with the Comisión Nacional Bancaria y de Valores (Mexican Banking and Securities Commission) and the Bolsa Mexicana de Valores (Mexican Stock Exchange).
These reports are available on FEMSA’s investor relations website at http://ir.femsa.com.
Shareholders may receive a hard copy of the report, which includes FEMSA’s audited financial statements, free of charge through the contact listed below. - On April 12, 2026, Cruz Verde Colombia (CV), FEMSA’s health business in Colombia, notified EPS Sanitas its decision not to renew the medication dispensing agreement under the Mandatory Health Plan (Plan de Beneficios en Salud – PBS), which is scheduled to expire on September 30, 2026. The notification was made in accordance with the contractual terms and applicable regulations and provided advance notice to EPS Sanitas to facilitate an orderly transition. Until the expiration of the agreement, and subject to EPS Sanitas’s compliance with its contractual obligations, Cruz Verde Colombia expects to maintain continuity in the dispensing of medications under the PBS and to support the transition to any newly designated dispensing providers, in coordination with EPS Sanitas and the relevant authorities.
- On March 27, 2026, FEMSA announced that it held its Annual Ordinary and Extraordinary Shareholders’ Meeting today (the “Shareholders’ Meetings”), during which the shareholders approved the amendment to Article 6 of the Company’s Bylaws, the consolidated financial statements for the year ended December 31, 2025, the 2025 CEO’s annual report and the opinion of the Board of Directors for the year 2025.
The Annual Ordinary Shareholders’ Meeting elected the members of the board of directors and the members of each of the Audit Committee, the Corporate Practices and Nominations Committee and the Operations and Strategy Committee of the Board for 2026.
The list of the elected directors can be found in the following link: https://femsa.gcs-web.com/corporate-governance/board-of-directors.
The Annual Ordinary Shareholders’ Meeting declared and approved the payment of an ordinary cash dividend of Ps. 0.2475 per each Series “D” share and Ps. 0.1980 per each Series “B” share, which amounts to Ps. 4.7520 per “BD” Unit (BMV: FEMSAUBD) or Ps. 47.520 per ADS (NYSE: FMX), and Ps. 3.9600 per “B” Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on April 23 of 2026, July 16 of 2026, October 15 of 2026 and January 14 of 2027.
Additionally, the Annual Ordinary Shareholders’ Meeting declared and approved the payment of an extraordinary cash dividend of Ps. 0.41975 per each Series “D” share and Ps. 0.335825 per each Series “B” share, which amounts to Ps. 8.0597 per “BD” Unit (BMV: FEMSAUBD) or Ps. 80.597 per ADS (NYSE: FMX), and Ps. 6.7165 per “B” Unit (BMV: FEMSAUB), to be paid in four equal installments, payable on payable on April 23 of 2026, July 16 of 2026, October 15 of 2026 and January 14 of 2027.
For additional information, please refer to the Summary of Resolutions in the Shareholders Meeting section of our corporate website at: https://femsa.gcsweb.com/shareholder-meeting-information.
- On March 12, 2026, FEMSA announced the closing of the merger between BradyPLUS and Imperial Dade through an all-equity merger transaction. FEMSA remains invested in the combined company with approximately 19% ownership and representation on its board of managers.
CONFERENCE CALL INFORMATION
Our first quarter 2026 Conference Call will be held on: Thursday, April 30, 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__1Q26
If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-reports/quarterly-results
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 March 31, 2026, which was 18.0327 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.
