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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

(Exact name of Registrant as specified in its charter)

Mexican Economic Development, Inc.

(Translation of Registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, Nuevo León 64410
México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether by furnishing the information contained in this

Form, the registrant is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If "Yes" is marked, indicate below the file number assigned to the registrant in

connection with Rule 12g3-2(b): 82- _____________

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf of the

undersigned, thereunto duly authorized.

	FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.

	By:	/s/ Eugenio Garza y Garza
	Eugenio Garza y Garza
	Director of Finance and Corporate Development

Date: July, 27, 2023

Exhibit 99.1

2Q 2023

Results

July 27, 2023

Investor Contact

(52) 818-328-6167

investor@femsa.com.mx

femsa.gcs-web.com

Media Contact

(52) 555-249-6843

comunicacion@femsa.com.mx

femsa.com

HIGHLIGHTS

Monterrey, Mexico, July 27, 2023 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2023.

•

FEMSA: Total Consolidated Revenues grew 18.3% against 2Q22.

•

FEMSA Retail¹: Proximity Americas total Revenues increased 19.9% against 2Q22.

•

DIGITAL: Spin by OXXO had 5.7 million active users² while Spin Premia had 15.8 million active loyalty users² and an average tender³ of 24.0%.

•

COCA-COLA FEMSA: Total revenues grew 7.2% against 2Q22.

Financial Summary for the Second Quarter and First Six Months 2023

Change vs. comparable period

	Total Revenues						Gross Profit						Income from Operations						Same-Store Sales
	2Q23			YTD23			2Q23			YTD23			2Q23			YTD23			2Q23			YTD23
FEMSA Consolidated		18.3	%		19.9	%		20.1	%		21.3	%		8.0	%		6.8	%
Proximity Americas		19.9	%		20.8	%		19.3	%		19.5	%		18.0	%		18.7	%		15.3	%		16.7	%
Health		0.6	%		0.1	%		6.5	%		5.7	%		(0.5	)%		(3.5	)%		(3.7	)%		(5.1	)%
Fuel		9.3	%		14.4	%		6.9	%		13.7	%		(0.9	)%		15.0	%		3.2	%		9.3	%
Coca-Cola FEMSA		7.2	%		9.2	%		7.9	%		9.9	%		11.9	%		12.1	%
Envoy Solutions		23.1	%		23.4	%		31.1	%		27.1	%		(7.1	)%		(8.6	)%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“It is a great privilege to lead this amazing company again. It is also a challenge that I embrace, particularly as we find ourselves in the process of implementing our transformational FEMSA Forward strategy, and as we pursue our ambitious long-range growth plans for all our core business units, setting the course for sustained, long-term value creation.

The second quarter results announced today represent an example of the organic growth potential we have before us. Among the highlights, Proximity Americas increased revenues by 20 percent, again driven by strong same-store sales trends at OXXO and reflecting an accelerated store expansion. In Europe, Valora reported solid top line growth, while Health revenues were stable, reflecting a challenging comparison base in Chile as well as currency headwinds. For its part, Coca-Cola FEMSA again delivered a strong performance, while Envoy Solutions showed sustained revenue growth driven by recent acquisitions. On the Digital side, we continued to add users at a rapid pace, with active users growing more than one hundred percent year-over-year.

I want to extend my gratitude to our hardworking team who continue to find a way to post strong results, putting us on the right path to meet or exceed our long-term aspirations.”

¹	FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.
²	Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days. Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
³	Tender: OXXO Mexico MXN sales with OXXO Premia or Spin Premia redemption or accrual divided by Total OXXO Mexico MXN Sales, during the period.

July 27, 2023   | Page 2

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

2Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	2Q23	2Q22	Var.		Org.
Total Revenues	198,220	167,504	18.3	%	9.5	%
Income from Operations	16,581	15,355	8.0	%	4.5	%
Operating Margin (%)	8.4	9.2	(80	)bps
EBITDA⁵	27,134	23,370	16.1	%	8.5	%
EBITDA Margin (%)	13.7	14.0	(30	)bps
Net Income	8,926	7,640	16.8	%

Net Debt ex-KOF⁶

Amounts expressed in millions of Mexican Pesos (Ps.)

As of June 30, 2023	Ps.			US$⁴
Cash		133,846			7,807
Long-Term Debt		73,329			4,277
Lease Liabilities		91,633			5,345
Net debt		31,115			1,815
ND / EBITDA		0.54	x		-

Total revenues increased 18.3% in 2Q23 compared to 2Q22, driven by growth across our business units. On an organic¹ basis, total revenues increased 9.5%.

Gross profit increased 20.1%. Gross margin expanded 50 basis points, reflecting the consolidation of Proximity Europe, as well as margin expansions at Coca-Cola FEMSA, Envoy Solutions, and FEMSA Health. This was partially offset by a margin contraction at Fuel and Proximity Americas.

Income from operations increased 8.0%. On an organic basis, income from operations increased 4.5%. Consolidated operating margin decreased 80 basis points to 8.4% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, offset by margin contractions at Proximity Americas, Health, Fuel, and Envoy Solutions, as well as the consolidation of Proximity Europe.

Our effective income tax rate was 30.0% in 2Q23 compared to 38.0% in 2Q22. Our income tax provision was Ps. 5,618 million in 2Q23.

Net consolidated income was Ps. 8,926 million, reflecting: i) higher income from operations; ii) a Ps. 9,410 other non-operating income, mostly reflecting the divestment of FEMSA’s minority stake in Jetro Restaurant Depot; and iii) a decrease in net interest expenses during the quarter. This was offset by: i) a non-cash foreign exchange loss of Ps. 6,456, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso and, ii) a net loss of discontinued operations of Ps. 3,953 driven by the market value fluctuation of the Heineken shares underlying FEMSA’s outstanding exchangeable bond.²

Net majority income was Ps. 1.72 per FEMSA Unit³ and US$1.00 per FEMSA ADS.

Capital expenditures amounted to Ps. 8,375 million, driven by ongoing investment activities across our business units.

¹	Excludes the effects of significant mergers and acquisitions in the last twelve months, including the acquisition of Valora.
²	As of June 30, 2023, FEMSA maintained 5,228,758 Heineken shares, underlying FEMSA’s exchangeable bond into Heineken shares issued in connection with the divestment of this stake in February 2023.
³	FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
⁴	The exchange rate published by the Federal Reserve Bank of New York for June 30, 2023 was 17.1439 MXN per USD.
⁵	EBITDA: Operating Income + Depreciation + Amortizations.
⁶	ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information. EBITDA ex-KOF: FEMSA Consolidated EBITDA as described above – Coca-Cola FEMSA’s Consolidated EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments. All Net Debt calculations are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 17 of this document.

July 27, 2023   | Page 3

PROXIMITY AMERICAS
OXXO (Mexico & Latam¹)

2Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

	2Q23	2Q22	Var.
Same-store sales (thousands of Ps.)	1,042.5	903.9	15.3	%
Total Revenues	72,099	60,136	19.9	%
Income from Operations	7,211	6,110	18.0	%
Income from Operations Margin (%)	10.0	10.2	(20	)bps
EBITDA	10,473	9,172	14.2	%
EBITDA Margin (%)	14.5	15.3	(80	)bps

Net Additions Vs. comparable quarter	Store Base As of 1Q23	Same-Store Sales In thousands of Ps.	EBITDA In millions of Ps.

Total revenues increased 19.9% in 2Q23 compared to 2Q22, reflecting a 15.3% average same-store sales increase, driven by 7.4% growth in average customer ticket and an increase of 7.4% in store traffic. These figures reflect a strong performance across most of OXXO’s categories supported by the strong performance of the thirst and gathering occasions, such as beer, snacks, and other beverages, as well as the continued recovery of mobility-driven occasions. During the quarter, the OXXO store base in Mexico & Latam expanded by 444 units to reach 1,391 total net store additions for the last twelve months. As of June 30, 2023, Proximity Americas had a total of 22,059 OXXO stores.

Gross profit reached 41.0% of total revenues, reflecting strong commercial activity and promotional programs from key suppliers, offset by a decrease in the contribution of financial services relative to 2Q22.

Income from operations amounted to 10.0% of total revenues. Operating expenses increased 19.7% to Ps. 22,332 million, slightly below revenues, as operating leverage and efficiencies offset an increase in labor expenses in connection with recent labor reforms in Mexico.

¹ OXXO Latam: OXXO Colombia, Chile and Peru.

July 27, 2023   | Page 4

PROXIMITY AMERICAS
Other formats

Bara¹

Total revenues increased 44.1% in 2Q23 compared to 2Q22, driven by a 22.7% average same-store sales increase, reflecting the strong performance of the groceries, home hygiene and convenience categories, mainly driven by beverages. During the quarter, the Bara store base expanded by 13 units to reach 296 total Bara stores as of June 30, 2023.

Grupo Nós²

Total revenues for the period grew 207.1% year-over-year, reaching R$176.4 million³. This figure reflects the successful evolution and expansion of the OXXO value proposition which resulted in same-store sales growth at OXXO of 20.5%⁴, as well as the addition of 218 net new OXXO stores for the last twelve months. During the quarter, the store base of Grupo Nós expanded by 35 units, including 32 net new OXXO stores. As of June 30, 2023, Grupo Nós had a total of 1,638 stores, which include 346 company owned and operated OXXO stores.

¹ Bara store count and results are not consolidated within the Proximity Americas reported figures.

² OXXO’s non-consolidated joint-venture with Raízen in Brazil.

³ The exchange rate published by the Federal Reserve Bank of New York for June 30, 2023 was 4.8102 BRL per USD.

⁴ Local currency, BRL.

⁵The Proximity Europe segment is comprised of Valora. The acquisition of Valora was concluded in October 2022.

July 27, 2023   | Page 5

PROXIMITY EUROPE⁵
Valora

2Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.)

	2Q23
Total Revenues		10,833
Income from Operations		316
Income from Operations Margin (%)		2.9
EBITDA		1,518
EBITDA Margin (%)		14.0

Total revenues increased 8.4%¹ in 2Q23 compared to 2Q22 to Ps. 10,833 million, reflecting traffic recovery as well as positive pricing initiatives, and the growth of Valora’s foodservice and B2B business. As of the end of the period, Proximity Europe had 2,784 points of sale.

Gross profit reached 42.1% of total revenues, reflecting the continued recovery of the foodservice category, which has a structurally higher margin.

Income from operations amounted to 2.9% of total revenues, reflecting the contribution of foodservice, as well as positive operating leverage.

¹ Local currency, CHF.

July 27, 2023   | Page 6

HEALTH

2Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

	2Q23		2Q22		Var.
Same-store sales (thousands of Ps.)		1,167.4		1,212.4		(3.7	)%
Total Revenues		18,962		18,844		0.6	%
Income from Operations		910		915		(0.5	)%
Income from Operations Margin (%)		4.8		4.9		(10	)bps
EBITDA		1,934		1,834		5.5	%
EBITDA Margin (%)		10.2		9.7		50	bps

Net Additions

Vs. comparable quarter

Locations

As of 2Q23

Same-Store Sales

In thousands of Ps.

EBITDA

In millions of Ps.

Total revenues increased 0.6% in 2Q23 compared to 2Q22, mainly reflecting positive local currency sales trends in Colombia and Ecuador, offset by a demanding comparison base in Chile and Mexico, and by a negative currency translation effect related to the depreciation of the Chilean and Colombian pesos relative to the Mexican peso. During the quarter, Health’s store base expanded by 81 units reaching a total of 4,267 locations across its territories as of June 30, 2023. This figure reflects the addition of 369 net new locations for the last twelve months. Same-store sales decreased an average of 3.7%, reflecting the trends described above. On a currency-neutral¹basis, total revenues grew 14.1% while same-store sales increased by 7.9%.

Gross profit represented 30.2% of total revenues, reflecting improved efficiency and more effective collaboration and execution with key supplier partners, as well as a positive mix effect reflecting a decrease in the contribution of our institutional sales channel in Chile.

Income from operations amounted to 4.8% of total revenues. Operating expenses increased 8.0% to Ps. 4,818 million, reflecting an increase in labor expenses in Mexico, partially offset by tight expense control across our operations.

¹ Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.

July 27, 2023   | Page 7

FUEL

2Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.) except same-station sales

	2Q23		2Q22		Var.
Same-station sales (thousands of Ps.)		7,457.6		7,227.0		3.2	%
Total Revenues		14,455		13,220		9.3	%
Income from Operations		567		572		(0.9	)%
Income from Operations Margin (%)		3.9		4.3		(40	)bps
EBITDA		861		842		2.3	%
EBITDA Margin (%)		6.0		6.4		(40	)bps

Net Additions

Vs. comparable quarter

Service Station Base

As of 1Q23

Same-Station Sales

In thousands of Ps.

EBITDA

In millions of Ps.

Total revenues increased 9.3% in 2Q23 compared to 2Q22, reflecting a 3.2% average same-station sales increase, driven by 0.6% growth in average volume and 2.6% increase in the average price per liter, as well as volume growth in our institutional and wholesale customer network. The OXXO Gas retail network had 570 points of sale as of June 30, 2023. This figure reflects the addition of one net station for the last twelve months.

Gross profit was 12.0% of total revenues.

Income from operations amounted to 3.9% of total revenues. Operating expenses increased 11.1% to Ps. 1,169 million, reflecting increased labor expenses.

July 27, 2023   | Page 8

FEMSA Retail Operations Summary

Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago)

	2Q23
Proximity Americas
OXXO¹		19.9	%
Mexico		19.9	%
OXXO Latam¹		36.6	%

Other Proximity Americas formats
Bara		44.1	%
OXXO Brazil²		207.1	%

Proximity Europe⁴		8.4	%
OXXO Gas		9.3	%

FEMSA Health⁵		14.1	%
Chile		10.6	%
Colombia		13.6	%
Ecuador		7.3	%
Mexico		7.6	%

1	OXXO Consolidated figures shown in MXN including currency effects.
2	Includes OXXO Colombia, Chile and Peru.
3	Operated through Grupo Nós, our joint-venture with Raízen.
4	Local currency (CHF).
5	FEMSA Health Include franchised stores in Ecuador.

Total Unit Growth (% vs year ago)

	2Q23
Proximity Americas
OXXO		6.7	%
Mexico		5.9	%
OXXO Latam¹		41.9	%

Other Proximity Americas formats
Bara		30.4	%
OXXO Brazil²		170.3	%

Proximity Europe³		2.2	%
OXXO Gas		-

FEMSA Health		10.5	%
Chile		2.0	%
Colombia		16.0	%
Ecuador		8.0	%
Mexico		12.0	%

1	Includes OXXO Colombia, Chile and Perú.
2	Operated through Grupo Nós, our joint-venture with Raízen.
3	Includes company owned and franchised units.

Same-Store Sales

	2Q23
Proximity Americas
OXXO¹		15.3	%
Mexico		15.6	%
OXXO Latam¹		12.6	%

Other Proximity Americas formats
Bara		22.7	%
OXXO Brazil²		20.5	%

Proximity Europe³		N.A.
OXXO Gas⁴		3.2	%

FEMSA Health⁵		7.9	%
Chile		4.0	%
Colombia		15.8	%
Ecuador		12.4	%
Mexico		1.0	%

1	OXXO Consolidated figures shown in MXN including currency effects.
2	Includes OXXO Colombia, Chile and Peru.
3	Operated through Grupo Nós, our joint-venture with Raízen.
4	Local currency (CHF).
5	Only includes retail sales. FEMSA Health Include franchised stores in Ecuador.

July 27, 2023   | Page 9

DIGITAL@FEMSA¹

Spin by OXXO

Spin by OXXO acquired 1.2 million users during the quarter to reach 7.6 million total users in 2Q23, compared to 3.1 million users in 2Q22. This represents an increase of 142.1% YoY and a 7.6% compound monthly growth rate. Active users² represented 75.8% of the total acquired user base. Total transactions per month increased 23.5%³ during the quarter to reach an average of 36.2 million per month in 2Q23, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.8 million users during the quarter to reach 32.7 million total users in 2Q23, compared to 15.2 million users in 2Q22. This represents an increase of 115.1% YoY and a 6.6% compound monthly growth rate. Active users⁴ represented 48.3% of the total acquired user base. The average tender⁵ during the quarter was 24.0%.

COCA-COLA FEMSA

Coca-Cola FEMSA’s financial results and discussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release, which is attached to this press release or may be accessed by visiting coca-colafemsa.com.

¹ Digital@FEMSA’s results are included within the Other business segment.

² Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.

³ Represents the quarter-over-quarter growth of average monthly transactions.

⁴ Active User for Spin Premia: User that has transacted at least once with OXXO Premia or Spin Premia within the last 90 days.

⁵ Tender: OXXO Mexico MXN sales with OXXO Premia or Spin Premia redemption or accrual divided by Total OXXO Mexico MXN Sales, during the period.

July 27, 2023   | Page 10

ENVOY SOLUTIONS¹

2Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.)

	2Q23		2Q22		Var.
Total Revenues		13,482		10,949		23.1	%
Income from Operations		508		547		(7.1	)%
Income from Operations Margin (%)		3.8		5.0		(120	)bps
EBITDA		1,220		896		36.2	%
EBITDA Margin (%)		9.0		8.2		80	bps

Revenues

In millions of Ps.

EBITDA

In millions of Ps.

Total revenues increased 23.1% in 2Q23 compared to 2Q22, reflecting the acquisitions made by Envoy Solutions during the last twelve months.

Gross profit represented 29.2% of total revenues, reflecting strong trends in the janitorial and sanitation segment, as well as price optimization strategies.

Income from operations represented 3.8% of total revenues. Operating expenses increased 39.6% to Ps. 3,267 million, reflecting the strong inorganic expansion of this business as well as expenses related to synergy capture across Envoy Solutions. On a comparable basis², income from operations increased 10.9% compared to 2Q22.

¹ During 2021 and 2022, Envoy Solutions results were included within the Logistics & Distribution business segment.

² Comparable basis: Excluding non-recurrent M&A expenses and on a currency-neutral basis.

July 27, 2023 | Page 11

RESULTS FOR THE FIRST SIX MONTHS OF 2023

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

Financial Summary for the First Six Months

Amounts expressed in millions of Mexican Pesos (Ps.)

	2023		2022		Var.			Org.
Total Revenues		378,086		315,269		19.9	%		10.8	%
Income from Operations		29,108		27,267		6.8	%		3.8	%
Operating Margin (%)		7.7		8.6		(90	)bps
EBITDA¹		49,260		43,095		14.3	%		6.8	%
EBITDA Margin (%)		13.0		13.7		(70	)bps
Net Income		59,252		13,504		N.S.

Total revenues increased 19.9%. On an organic basis², total revenues increased 10.8% reflecting growth across most of our operations.

Gross profit increased 21.3%. Gross margin increased 40 basis points to 37.4% of total revenues, reflecting gross margin expansion at Coca-Cola FEMSA, Health and Envoy Solutions as well as the consolidation of Proximity Europe, offset by margin contraction at Proximity Americas and Fuel.

Income from operations increased 6.8%. On an organic basis², income from operations increased 3.8%. Our consolidated operating margin decreased 90 basis points to 7.7% of total revenues, reflecting margin expansions at Coca-Cola FEMSA, Fuel and Envoy Solutions, offset by margin contractions at Proximity Americas and Health, as well as by the consolidation of Proximity Europe.

Net consolidated income increased to Ps. 59,252 million, reflecting; i) a Ps. 36,653 million net income from discontinued operations, reflecting the accounting re-measurement from historical cost to fair value of FEMSA’s investment in Heineken, as well as the divestiture of this investment as part of the FEMSA Forward strategy announced on February 15, 2023, net of taxes; ii) a Ps. 10,275 million non-cash financial product that mostly reflects the repurchase of US$ 1.7 billion³ of FEMSA’s outstanding debt at favorable price levels during 1Q23, also in connection with FEMSA Forward; and iii) a Ps. 9,160 other non-operating income, mostly reflecting the divestment of FEMSA’s minority stake in Jetro Restaurant Depot. This was offset by a non-cash foreign exchange loss of Ps. 8,999, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso.

Net majority income per FEMSA Unit⁴ was Ps.15.16 (US$8.84 per ADS).

Capital expenditures amounted to Ps. 13,531 million, reflecting the reactivation of ongoing investment activities at most of our business units.

¹ EBITDA: Operating Income + Depreciation + Amortizations.

² Excludes the effects of significant mergers and acquisitions in the last twelve months.

³ Face value

⁴ FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

July 27, 2023 | Page 12

RECENT DEVELOPMENTS

On May 30, 2023, FEMSA announced the offering by the Company and its wholly-owned subsidiaries Compañía Internacional de Bebidas, S.A. de C.V. and Grupo Industrial Emprex, S. de R.L. de C.V. of existing issued ordinary shares of both Heineken N.V. and Heineken Holding N.V. (together, the “Heineken Group”) in the total amount of approximately EUR 3.3 billion (approximately 5.9% of the combined interest in the Heineken Group) (the “Equity Offering”). The Company also announced a tap issuance of euro denominated senior unsecured bonds in the aggregate principal amount of up to EUR 250 million (the “New Bonds”), exchangeable into ordinary shares of Heineken Holding N.V. (the “Exchangeable Offering” and together with the Equity Offering, the “Offering”). The New Bonds will be consolidated and form a single series with the Company’s EUR 500 million 2.625% senior unsecured Exchangeable Bonds due 2026, originally issued on 24 February 2023 (the “Original Bonds” and together with the New Bonds, the “Bonds”) with effect from on or about 18 July 2023 (the “Consolidation Date”).

On May 31, 2023, FEMSA announced the pricing of the sale by the Company and its wholly-owned subsidiaries Compañía Internacional de Bebidas, S.A. de C.V. and Grupo Industrial Emprex, S. de R.L. de C.V. of its entire holding of existing issued ordinary shares of both Heineken N.V. and Heineken Holding N.V. (together, the “Heineken Group”) by way of an accelerated book build of shares in the total amount of EUR 3.3 billion (approximately 6.0% of the combined interest in the Heineken Group) (the “Equity Offering”) as well as a bilateral sale of additional shares to Heineken N.V., except for any shares retained underlying FEMSA’s outstanding EUR 500 million 2.625% senior unsecured Exchangeable Bonds due 2026 (the “Bonds”), exchangeable into ordinary shares of Heineken Holding N.V. Given the strength of demand seen for the Equity Offering, the Company has decided not to proceed with the concurrent tap issuance of its outstanding Bonds announced on May 30, 2023.

On May 31, 2023, FEMSA announced that consistent with its FEMSA Forward strategy as communicated on February 15, 2023, it has entered into a definitive agreement to divest its minority investment in Jetro Restaurant Depot and related entities (“JRD”). Subject to customary closing conditions, FEMSA will receive total cash consideration of US$1,400 million, with approximately US$467 million payable on closing in the second quarter of 2023, and the remainder payable over two years.

On July 10, 2023, FEMSA announced that Daniel Rodríguez Cofré, after consulting with his family and doctors, would step down from his role as CEO, to focus on his health and treatment of a previously announced colon cancer diagnosis. Until a replacement is appointed, José Antonio Fernández Carbajal, Executive Chairman and former CEO of FEMSA, will serve as acting Chief Executive Officer on an interim basis, with the continued support of FEMSA’s senior leadership team and the CEOs of the business units.

July 27, 2023 | Page 13

CONFERENCE CALL INFORMATION

Our Second Quarter 2023 Conference Call will be held on: Thursday, July 27, 2023, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.

Telephone:	Toll Free US:	(866) 580 3963
	International:	+1 (786) 697 3501

Webcast:	https://edge.media-server.com/mmc/p/chfb9z24

Conference ID:	FEMSA

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 the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

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 June 30, 2023, which was 17.1439 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.

Nine pages of tables and Coca-Cola FEMSA’s press release to follow

July 27, 2023 | Page 14

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:															For the six months of:
	2023			% of rev.		2022			% of rev.		% Var.			% Org.^(A)		2023			% of rev.		2022			% of rev.		% Var.			% Org.^(A)
Total revenues		198,220			100.0		167,504			100.0		18.3			9.5		378,086			100.0		315,269			100.0		19.9			10.8
Cost of sales		123,650			62.4		105,408			62.9		17.3					236,570			62.6		198,645			63.0		19.1
Gross profit		74,570			37.6		62,096			37.1		20.1					141,516			37.4		116,624			37.0		21.3
Administrative expenses		11,101			5.6		7,699			4.6		44.2					19,722			5.2		14,998			4.8		31.5
Selling expenses		46,274			23.3		38,836			23.2		19.2					92,329			24.4		74,146			23.5		24.5
Other operating expenses (income), net ⁽¹⁾		614			0.3		206			0.1		198.1					357			0.1		213			0.1		67.6
Income from operations ⁽²⁾		16,581			8.4		15,355			9.2		8.0			4.5		29,108			7.7		27,267			8.6		6.8			3.8
Other non-operating expenses (income)		(9,410	)				234					N.S.					(9,160	)				104					N.S.
Interest expense		2,874					4,197					(31.5	)				6,570					8,144					(19.3	)
Interest income		1,763					787					124.0					10,275					1,526					N.S.
Interest expense, net		1,111					3,410					(67.4	)				(3,705	)				6,618					N.S.
Foreign exchange loss (gain)		6,456					(111	)				N.S.					8,999					1,422					N.S.
Other financial expenses (income), net		(303	)				(477	)				(36.5	)				13					317					(95.9	)
Financing expenses, net		7,264					2,822					157.4					5,307					8,357					(36.5	)
Income before income tax and participation in associates results		18,727					12,299					52.3					32,961					18,806					75.3
Income tax		5,618					4,668					20.4					9,935					6,697					48.4
Participation in associates results ⁽³⁾		(230	)				(54	)				N.S.					(427	)				(102	)				N.S.
Continued Operations net income (Loss)		12,879					7,577					70.0					22,599					12,007					88.2
Discontinued Operations net income (Loss)		(3,953	)				63					(151.7	)				36,653					1,497					171.4
Consolidated net income (Loss)		8,926					7,640					16.8					59,252					13,504					N.S.
Net majority income		6,164					5,208					18.4					54,239					9,211					N.S.
Net minority income		2,762					2,432					13.6					5,013					4,293					16.8

Operative Cash Flow & CAPEX	2023		% of rev.		2022		% of rev.		% Var.		% Org.^(A)		2023		% of rev.		2022		% of rev.		% Var.		% Org.^(A)
Income from operations		16,581		8.4		15,355		9.2		8.0		4.5		29,108		7.7		27,267		8.6		6.8		3.8
Depreciation		8,346		4.2		6,702		4.0		24.5				16,606		4.4		13,182		4.2		26.0
Amortization & other non-cash charges		2,207		1.1		1,313		0.8		68.1				3,546		0.9		2,646		0.9		34.0
EBITDA		27,134		13.7		23,370		14.0		16.1		8.5		49,260		13.0		43,095		13.7		14.3		6.8
CAPEX		8,375				6,296				33.0				13,531				12,065				12.2

^(A) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

⁽¹⁾ Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.

⁽²⁾ Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net.

⁽³⁾ Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.

⁽⁴⁾ At the end of June, the CAPEX effectively paid is equivalent to Ps. 5,072 million.

July 27, 2023 | Page 15

FEMSA – Consolidated Balance Sheet
Amounts expressed in millions of Mexican Pesos (Ps.)

ASSETS	Jun-23		Dec-22		% Inc.
Cash and cash equivalents		153,999		83,439		84.6
Investments		10,796		51		N.S.
Accounts receivable		47,375		45,527		4.1
Inventories		58,557		62,224		(5.9	)
Assets Available for sale		26		-		N.S.
Other current assets		43,341		35,208		23.1
Total current assets		314,094		226,449		38.7
Investments in shares		10,781		103,669		(89.6	)
Property, plant and equipment, net		133,476		134,001		(0.4	)
Right of use		187,551		83,966		123.4
Intangible assets ⁽¹⁾		83,864		190,772		(56.0	)
Other assets		51,236		59,958		(14.5	)
TOTAL ASSETS		781,002		798,815		(2.2	)

LIABILITIES & STOCKHOLDERS’ EQUITY	Jun-23		Dec-22		% Inc.
Bank loans		1,921		1,862		3.2
Current maturities of long-term debt		6,619		14,471		(54.3	)
Interest payable		1,564		2,075		(24.6	)
Current maturities of long-term leases		11,954		12,095		(1.2	)
Operating liabilities		155,990		144,411		8.0
Total current liabilities		178,048		174,914		1.8
Long-term debt ⁽²⁾		130,547		170,989		(23.7	)
Long-term leases		81,496		81,222		0.3
Laboral obligations		7,273		7,048		3.2
Other liabilities		21,930		26,841		(18.3	)
Total liabilities		419,294		461,014		(9.0	)
Total stockholders’ equity		361,708		337,801		7.1
TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY		781,002		798,815		(2.2	)

	June 30, 2023
DEBT MIX ⁽²⁾	% of Total			Average Rate
Denominated in:
Mexican pesos		45.9	%		8.3	%
U.S. Dollars		21.3	%		2.5	%
Euros		21.1	%		2.1	%
Swiss Francs		0.7	%		0.9	%
Colombian pesos		0.6	%		6.5	%
Argentine pesos		0.0	%		0.0	%
Brazilian reais		9.4	%		10.7	%
Chilean pesos		0.7	%		8.7	%
Uruguayan Pesos		0.2	%		6.3	%
Guatemalan Quetzal		0.0	%		0.0	%
Total debt		100.0	%		5.9	%

Fixed rate ⁽²⁾		83.7	%
Variable rate ⁽²⁾		16.3	%

DEBT MATURITY PROFILE		2024				2025				2026				2027				2028				2029+
% of Total Debt			0.9	%			3.6	%			1.5	%			9.1	%			13.8	%			71.1	%

⁽¹⁾ Includes mainly the intangible assets generated by acquisitions.

⁽²⁾ Includes the effect of derivative financial instruments on long-term debt.

July 27, 2023 | Page 16

Net Debt & EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

	Twelve months ended June 30, 2023
	Reported EBITDA			Adjustments			EBITDA Ex-KOF⁴
Proximity Americas & Europe¹		2,256			-			2,256
Fuel		191			-			191
Health Division		417			-			417
Envoy Solutions		218			-			218
Coca-Cola FEMSA²		2,392			(2,392	)		-
Other³		(147	)		-			(147	)
FEMSA Consolidated		5,328			(2,392	)		2,935

Dividends Received⁴		-			444			444

FEMSA Consolidated ex-KOF		5,328			(1,948	)		3,379

	As of June 30, 2023
	Reported		Adjustments			Ex-KOF
Cash & Equivalents		7,807		-			7,807
Coca-Cola FEMSA Cash & Equivalents		1,805		(1,805	)		-
Cash & Equivalents		9,612		(1,805	)		7,807

Financial Debt⁵		4,277		-			4,277
Coca-Cola FEMSA Financial Debt		3,836		(3,836	)		-
Lease Liabilities		5,345		-			5,345
Coca-Cola FEMSA Lease Liabilities		106		(106	)		-
Debt		13,564		(3,942	)		9,622

FEMSA Net Debt		3,951		(2,136	)		1,815

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2023 which was 17.1439 MXN per USD.

1 Includes Proximity Europe only for the consolidated period.

2 Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

3 Includes FEMSA Other Businesses (including Solistica and Digital@FEMSA), FEMSA corporate expenses and the effects of consolidation adjustments

4 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$295 mm, US$45 mm from JRD, and US$96 mm from Heineken during the last twelve months.

5 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.

July 27, 2023 | Page 17

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:						For the six months of:
	2023	% of rev.	2022	% of rev.	% Var.		2023	% of rev.	2022	% of rev.	% Var.
Total revenues	72,099	100.0	60,136	100.0	19.9		132,970	100.0	110,054	100.0	20.8
Cost of sales	42,556	59.0	35,373	58.8	20.3		78,881	59.3	64,800	58.9	21.7
Gross profit	29,543	41.0	24,763	41.2	19.3		54,089	40.7	45,254	41.1	19.5
Administrative expenses	1,650	2.3	1,570	2.6	5.1		2,770	2.1	2,876	2.6	(3.7	)
Selling expenses	20,632	28.6	17,010	28.3	21.3		39,577	29.7	32,422	29.5	22.1
Other operating expenses (income), net	50	0.1	73	0.1	(31.5	)	70	0.1	119	0.1	(41.2	)
Income from operations	7,211	10.0	6,110	10.2	18.0		11,672	8.8	9,837	8.9	18.7
Depreciation	3,033	4.2	2,734	4.5	10.9		6,055	4.6	5,400	4.9	12.1
Amortization & other non-cash charges	229	0.3	328	0.6	(30.2	)	443	0.3	565	0.6	(21.6	)
EBITDA	10,473	14.5	9,172	15.3	14.2		18,170	13.7	15,802	14.4	15.0
CAPEX	3,258		2,038		59.9		5,606		3,790		47.9

Information of OXXO Stores
Total stores							22,059		20,668		6.7
Stores Mexico							21,389		20,196		5.9
Stores South America							670		472		41.9

Net new convenience stores:
vs. Last quarter	444		168		164.3
Year-to-date	601		237		153.6
Last-twelve-months	1,391		834		66.8

Same-store data: ⁽¹⁾
Sales (thousands of pesos)	1,042.5		903.9		15.3		968.5		830.2		16.7
Traffic (thousands of transactions)	19.4		18.1		7.4		18.3		17.1		6.6
Ticket (pesos)	53.7		50.0		7.4		53.0		48.4		9.5

⁽¹⁾ Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.

July 27, 2023 | Page 18

Proximity Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:						For the six months of:
	2023			% of rev.			2023			% of rev.
Total revenues		10,833			100.0			20,944			100.0
Cost of sales		6,272			57.9			12,120			57.9
Gross profit		4,561			42.1			8,824			42.1
Administrative expenses		768			7.1			1,520			7.3
Selling expenses		3,503			32.3			6,897			32.8
Other operating expenses (income), net		(26	)		(0.2	)		(50	)		(0.2	)
Income from operations		316			2.9			457			2.2
Depreciation		1,071			9.9			2,182			10.4
Amortization & other non-cash charges		131			1.2			207			1.0
EBITDA		1,518			14.0			2,846			13.6
CAPEX		80						275

July 27, 2023 | Page 19

Health Division – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:											For the six months of:
	2023		% of rev.		2022		% of rev.		% Var.			2023		% of rev.		2022		% of rev.			% Var.
Total revenues		18,962		100.0		18,844		100.0		0.6			37,536		100.0		37,500		100.0			0.1
Cost of sales		13,234		69.8		13,466		71.5		(1.7	)		26,090		69.5		26,671		71.1			(2.2	)
Gross profit		5,728		30.2		5,378		28.5		6.5			11,446		30.5		10,829		28.9			5.7
Administrative expenses		765		4.0		420		2.2		82.1			1,469		3.9		1,182		3.2			24.3
Selling expenses		4,011		21.2		4,040		21.4		(0.7	)		8,032		21.4		7,656		20.4			4.9
Other operating expenses (income), net		42		0.2		3		-		N.S.			33		0.1		9		-			N.S.
Income from operations		910		4.8		915		4.9		(0.5	)		1,912		5.1		1,982		5.3			(3.5	)
Depreciation		767		4.0		747		4.0		2.7			1,550		4.1		1,476		3.9			5.0
Amortization & other non-cash charges		257		1.4		172		0.8		49.4			500		1.4		376		1.0			33.0
EBITDA		1,934		10.2		1,834		9.7		5.5			3,962		10.6		3,834		10.2			3.3
CAPEX		385				245				57.5			618				245					152.6

Information of Stores
Total stores													4,267				3,862					10.5
Stores Mexico													1,659				1,481					12.0
Stores South America													2,608				2,381					9.5

Net new stores:
vs. Last quarter		81				144				(43.8	)
Year-to-date		161				210				(23.3	)
Last-twelve-months		369				403				(8.4	)

Same-store data: ⁽¹⁾
Sales (thousands of pesos)		1,167.4				1,212.4				(3.7	)		1,177.2				1,239.6		(5.0	)

⁽¹⁾ Monthly average information per store, considering same stores with more than twelve months of all the retail operations of the Health Division.

July 27, 2023 | Page 20

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:													For the six months of:
	2023		% of rev.		2022			% of rev.			% Var.			2023		% of rev.		2022			% of rev.		% Var.
Total revenues		14,455		100.0		13,220			100.0			9.3			27,595		100.0		24,115			100.0		14.4
Cost of sales		12,719		88.0		11,596			87.7			9.7			24,224		87.8		21,151			87.7		14.5
Gross profit		1,736		12.0		1,624			12.3			6.9			3,371		12.2		2,964			12.3		13.7
Administrative expenses		68		0.5		57			0.4			19.3			129		0.5		90			0.4		43.3
Selling expenses		1,101		7.6		1,002			7.7			9.9			2,151		7.7		1,933			8.0		11.3
Other operating expenses (income), net		-		-		(7	)		(0.1	)		(100.0	)		-		-		(8	)		-		(100.0	)
Income from operations		567		3.9		572			4.3			(0.9	)		1,091		4.0		949			3.9		15.0
Depreciation		281		1.9		256			1.9			9.8			559		2.0		518			2.1		7.9
Amortization & other non-cash charges		13		0.2		14			0.2			(7.1	)		30		0.1		24			0.2		25.0
EBITDA		861		6.0		842			6.4			2.3			1,680		6.1		1,491			6.2		12.7
CAPEX		44				(0	)					N.S.			68				36					88.2

Information of OXXO GAS Service Stations
Total stores															570				569					0.2
Net new convenience stores:
vs. Last quarter		0				0						-
Year-to-date		2				2						-
Last-twelve-months		1				6						(83.3	)
Volume (millions of liters) total stations		616				613						0.6			1,190				1,129					5.4

Same-store data: ⁽¹⁾
Sales (thousands of pesos)		7,457.6				7,227.0						3.2			7,169.2				6,558.3					9.3
Traffic (thousands of transactions)		360.4				358.2						0.6			348.1				330.2					5.4
Ticket (pesos)		20.7				20.2						2.6			20.6				19.9					3.7

^(A) Unaudited consolidated financial information.

⁽¹⁾ Monthly average information per station, considering same stations with more than twelve months of operations.

July 27, 2023 | Page 21

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:													For the six months of:
	2023			% of rev.			2022		% of rev.		% Var.			2023			% of rev.			2022		% of rev.		% Var.
Total revenues		61,428			100.0			57,311		100.0		7.2			118,641			100.0			108,635		100.0		9.2
Cost of sales		34,161			55.6			32,039		55.9		6.6			65,985			55.6			60,702		55.9		8.7
Gross profit		27,267			44.4			25,271		44.1		7.9			52,657			44.4			47,933		44.1		9.9
Administrative expenses		3,521			5.7			2,868		5.0		22.8			6,591			5.6			5,330		4.9		23.7
Selling expenses		15,274			24.9			14,580		25.4		4.8			29,979			25.3			27,919		25.6		7.4
Other operating expenses (income), net		(90	)		(0.1	)		171		0.3		(152.6	)		(182	)		(0.2	)		173		0.2		N.S.
Income from operations		8,562			13.9			7,652		13.4		11.9			16,269			13.7			14,512		13.4		12.1
Depreciation		2,403			3.9			2,399		4.2		0.2			4,717			4.0			4,755		4.4		(0.8	)
Amortization & other non-cash charges		473			0.8			556		0.9		(14.9	)		944			0.8			1,195		1.0		(21.0	)
EBITDA		11,439			18.6			10,607		18.5		7.8			21,930			18.5			20,461		18.8		7.2
CAPEX		4,243						4,052				4.7			6,749						7,157				(5.7	)

Sales Volumes
(Millions of unit cases)
Mexico and Central America		643.3			63.1			590.7		62.0		8.9			1,180.7			60.3			1,084.7		59.1		8.8
South America		135.3			13.3			131.1		13.8		3.2			276.6			14.1			267.8		14.6		3.3
Brazil		240.4			23.6			230.7		24.2		4.2			501.3			25.6			481.5		26.3		4.1
Total		1,018.9			100.0			952.4		100.0		7.0			1,958.5			100.0			1,834.1		100.0		6.8

⁽¹⁾ Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

July 27, 2023 | Page 22

Envoy Solutions – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the second quarter of:											For the six months of:
	2023		% of rev.		2022		% of rev.		% Var.			2023		% of rev.		2022		% of rev.		% Var.
Total revenues		13,482		100.0		10,949		100.0		23.1			26,949		100.0		21,836		100.0		23.4
Cost of sales		9,540		70.8		7,942		72.5		20.1			19,252		71.4		15,780		72.3		22.0
Gross profit		3,942		29.2		3,008		27.5		31.1			7,696		28.6		6,056		27.7		27.1
Administrative expenses		1,694		12.6		900		8.2		88.2			3,202		11.9		1,847		8.5		73.4
Selling expenses		1,732		12.7		1,552		14.2		11.6			3,484		12.9		3,110		14.2		12.0
Other operating expenses (income), net		7		0.1		8		0.1		(12.5	)		15		0.1		10		0.0		50.0
Income from operations		508		3.8		547		5.0		(7.1	)		996		3.7		1,090		5.0		(8.6	)
Depreciation		260		1.9		204		1.9		27.5			506		1.9		335		1.5		51.0
Amortization & other non-cash charges		452		3.3		145		1.3		N.S.			649		2.4		295		1.4		120.0
EBITDA		1,220		9.0		896		8.2		36.2			2,151		8.0		1,720		7.9		25.1
CAPEX		57				47				19.9			114				181				(37.2	)

July 27, 2023 | Page 23

FEMSA Macroeconomic Information

	Inflation						End-of-period Exchange Rates
	2Q 2023			LTM ⁽¹⁾ Jun-23			Jun-23				Jun-22
							Per USD		Per MXN		Per USD		Per MXN
Mexico		0.92	%		7.44	%		17.07		1.0000		19.98		1.0000
Colombia		5.57	%		15.86	%		4,191.28		0.0041		4,127.47		0.0048
Brazil		2.26	%		7.37	%		4.82		3.5425		5.24		3.8153
Argentina		41.51	%		157.82	%		256.70		0.0665		125.23		0.1596
Chile		2.26	%		13.53	%		801.66		0.0213		932.08		0.0214
Euro Zone		2.55	%		9.32	%		0.91		18.7056		0.94		21.1948

⁽¹⁾ LTM = Last twelve month

July 27, 2023 | Page 24

Mexico City, July 25, 2023, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the second quarter of 2023.

SECOND QUARTER HIGHLIGHTS

Volume growth 7.0% — achieved a record of one billion unit cases for the first time during a quarter

Revenue growth 7.2%

Operating income growth 11.9%

Majority net income growth 6.5%

Earnings per share¹ were Ps. 0.29. (Earnings per unit were Ps. 2.34 and per ADS were Ps. 23.45.)

Achieved more than 910 thousand monthly active buyers on Juntos+, our omnichannel B2B platform

FIRST SIX MONTHS HIGHLIGHTS

Volume growth 6.8%

Revenue growth 9.2%

Operating income growth 12.1%

Majority net income growth 17.3%

Earnings per share¹ were Ps. 0.53. (Earnings per unit were Ps. 4.21 and per ADS were Ps. 42.07.)

Achieved more than US$ 1 billion in digital revenues through Juntos+

FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS

Change vs. same period of last year

		Total Revenues						Gross Profit						Operating Income						Majority Net Income
		2Q23			YTD 2023			2Q23			YTD 2023			2Q23			YTD 2023			2Q23			YTD 2023
	Consolidated		7.2	%		9.2	%		7.9	%		9.9	%		11.9	%		12.1	%		6.5	%		17.3	%
As Reported	Mexico & Central America		13.4	%		14.7	%		13.0	%		13.3	%		13.7	%		7.9	%
	South America		(2.2	)%		1.6	%		(1.6	)%		3.9	%		6.6	%		23.8	%

	Consolidated		16.9	%		19.2	%		16.9	%		19.2	%		18.7	%		19.4	%
Comparable ⁽²⁾	Mexico & Central America		15.1	%		16.4	%		14.6	%		14.9	%		15.1	%		9.2	%
	South America		20.3	%		23.9	%		22.1	%		28.5	%		31.5	%		54.5	%

Ian Craig, Coca-Cola FEMSA’s CEO, commented:

“We are pleased to report another set of positive results. During the quarter, our volume grew across all territories, and surpassed a billion unit cases for the first time during a quarter. Notably, our efforts to optimize costs and generate efficiencies, resulted in sequential margin improvements. On the digital front, the rollout of Juntos+, our B2B omnichannel platform, enabled us to reach more than US$ 1 billion in digital sales during the first six months of year. All this, as we continue bolstering our customer centricity to deepen our connection with our customers and improve their overall experience. As we enter the second half of the year, we are confident in our ability to maintain our growth momentum.

Finally, I want to congratulate our team at Coca-Cola FEMSA Argentina, which was recognized by The Coca-Cola Company with the Candler Cup 2022 due to its excellence in execution, talent, and culture. Working together as one single team with our colleagues from The Coca-Cola Company, our team in Argentina have made this recognition possible.”

	⁽¹⁾	Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.
	⁽²⁾	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

Coca-Cola FEMSA Reports 2Q23 Results	Page 26 of 41
July 25, 2023

RECENT DEVELOPMENTS

On May 3, 2023, Coca-Cola FEMSA paid the first installment of the dividend declared in the Annual Ordinary General Shareholders’ Meeting in the amount of Ps. 0.3625 per share, for a total cash distribution of Ps. 6,092 million.

On June 12, 2023, Coca-Cola FEMSA provided an update on the previously disclosed cybersecurity incident. In this update, the Company announced that its investigation determined that the party responsible for the incident extracted and published certain Company data. Importantly, the Company also announced that this cybersecurity incident did not materially adversely impact Coca-Cola FEMSA’s business operations or related functions, and our service to customers continues uninterrupted. Data security is extremely important to us. Our team, including third party experts, has been working to enhance our cybersecurity risk management program and security posture.

On July 12, 2023, Coca-Cola FEMSA, The Coca-Cola Company, and other leading bottling partners announced the creation of a sustainability-focused venture capital fund in partnership with Greycroft. The creation of the US$137.7 million fund will focus on key investments in packaging, decarbonization, and other initiatives with the potential to reduce the Coca-Cola system’s carbon footprint. The fund’s US$137.7 million in capital comes primarily from US$15 million of committed capital from each of the participating companies.

On July 18, 2023, Coca-Cola FEMSA Argentina was awarded by The Coca-Cola Company with the Candler Cup 2022. The Candler cup, named after Asa Candler, founder of The Coca-Cola Company and who granted the first Coca-Cola franchise, is an award given to a bottler in recognition for its excellence in execution, coupled with its investments behind its people’s development, training, and culture.

CONFERENCE CALL INFORMATION

Coca-Cola FEMSA Reports 2Q23 Results	Page 27 of 41
July 25, 2023

CONSOLIDATED SECOND QUARTER RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	2Q 2023		2Q 2022		Δ%			Δ%
Total revenues		61,428		57,311		7.2	%		16.9	%
Gross profit		27,267		25,271		7.9	%		16.9	%
Operating income		8,562		7,652		11.9	%		18.7	%
EBITDA ⁽²⁾		11,439		10,607		7.8	%		16.0	%

Volume increased 7.0% to 1,018.9 million unit cases, driven by volume growth in all of our territories, including strong performances in Mexico, Brazil, Guatemala, and Uruguay. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume would have increased 5.2%.

Total revenues increased 7.2% to Ps. 61,428 million. Volume growth, revenue management initiatives, and favorable mix effects drove this increase. These factors were partially offset by an unfavorable currency translation into Mexican Pesos. On a comparable basis, excluding currency translations, total revenues increased 16.9%.

Gross profit increased 7.9% to Ps. 27,267 million, and gross margin increased 30 basis points to 44.4%. This gross profit increase was driven mainly by our top-line growth and favorable raw material hedging initiatives, partially offset by higher sweetener costs across our territories. On a comparable basis, gross profit increased 16.9%

Operating income increased 11.9% to Ps. 8,562 million, and operating margin increased 50 basis points to 13.9%. This expansion was driven mainly by a solid top-line performance and an operating foreign exchange gain in Mexico as a result of the appreciation of the Mexican Peso. These effects were partially offset by an increase in raw material costs, mainly sweeteners, coupled with an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 18.7%.

	⁽¹⁾	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
	⁽²⁾	EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q23 Results	Page 28 of 41
July 25, 2023

Comprehensive financing result recorded an expense of Ps. 1,377 million, compared to an expense of Ps. 574 million in the previous year. This increase was driven mainly by a foreign exchange loss of Ps. 437 million as compared to a gain of Ps. 80 million, as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso and the Brazilian Real.

Additionally, we recorded a loss of Ps. 68 million in financial instruments as compared to a gain of Ps. 355 million due to a one-off market value gain recognized during the same period of 2022. In accordance with IFRS 9, as of the second quarter 2022, we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives.

These effects were partially offset by a decrease in our interest expense, net, mainly as a result of a higher gain in our interest income that was driven by an increase in interest rates.

Finally, we recognized a lower gain in monetary position in inflationary subsidiaries during the second quarter of 2023 as compared to the same period of the previous year.

Income tax as a percentage of income before taxes was 27.2% as compared to 35.5% during the same period of 2022. This decrease was driven mainly by favorable inflationary effects in Mexico and deferred taxes.

Net income attributable to equity holders of the company was Ps. 4,926 million as compared to Ps. 4,627 million during the same period of the previous year. This increase was driven mainly by operating income growth, partially offset by an increase in our comprehensive financing result. Earnings per share¹ were Ps. 0.29 (Earnings per unit were Ps. 2.34 and per ADS were Ps. 23.45.).

⁽¹⁾

Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

Coca-Cola FEMSA Reports 2Q23 Results	Page 29 of 41
July 25, 2023

CONSOLIDATED FIRST six months RESULTS

CONSOLIDATED FIRST SIX MONTHS RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	YTD 2023		YTD 2022		Δ%			Δ%
Total revenues		118,641		108,635		9.2	%		19.2	%
Gross profit		52,657		47,933		9.9	%		19.2	%
Operating income		16,269		14,512		12.1	%		19.4	%
EBITDA ⁽²⁾		21,930		20,461		7.2	%		15.6	%

Volume increased 6.8% to 1,958.5 million unit cases, driven by volume growth in all of our territories, including strong performances in Mexico, Brazil, and Guatemala. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume increased 5.0%.

Total revenues increased 9.2% to Ps. 118,641 million. Volume growth, revenue management initiatives, and favorable mix effects drove this increase. These factors were partially offset by an unfavorable currency translation into Mexican Pesos. On a comparable basis, total revenues increased 19.2%.

Gross profit increased 9.9% to Ps. 52,657 million, and gross margin expanded 30 basis points to 44.4%. This gross profit increase was driven mainly by our top-line growth and favorable raw material hedging initiatives. These effects were partially offset by higher sweetener costs across our territories. On a comparable basis, gross profit increased 19.2%.

Operating income increased 12.1% to Ps. 16,269 million, and operating margin expanded 30 basis points to 13.7%. This was driven mainly by a solid top-line performance and an operating foreign exchange gain in Mexico as a result of the appreciation of the Mexican Peso. These effects were partially offset by an increase in raw material costs, mainly sweeteners, coupled with an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 19.4%.

⁽¹⁾	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
⁽²⁾	EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q23 Results	Page 30 of 41
July 25, 2023

Comprehensive financing result recorded an expense of Ps. 2,774 million, compared to an expense of Ps. 2,765 million in the previous year. This is explained mainly by a higher foreign exchange loss of Ps. 1,066 million as compared to a loss of Ps. 85 million during the first six months of the previous year, as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso and the Brazilian Real. In addition, we recorded a lower gain in monetary position in inflationary subsidiaries of Ps. 120 million as compared to a gain of Ps. 292 million during the same period of the previous year.

These effects were partially offset by a decrease in our interest expense, net, mainly as a result of a gain in our interest income of Ps. 1,866 million as compared to a gain of Ps. 948 million that was driven by an increase in interest rates.

Finally, we recorded a lower loss in financial instruments of Ps. 15 million as compared to a loss of Ps. 581 million during the same period of the previous year. This was driven mainly by a market value loss recorded during the first quarter of 2022, partially offset by a market value gain recognized during the second quarter of 2022. In accordance with IFRS 9, as of the second quarter of 2022, we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives.

Income tax as a percentage of income before taxes was 29.6% as compared to 33.2% during the same period of 2022. This decrease was driven mainly by favorable inflationary effects in Mexico and deferred taxes.

Net income attributable to equity holders of the company increased 17.3% to reach Ps. 8,837 million during the first six months of 2023, as compared to Ps. 7,532 million during the same period of the previous year. This increase was driven mainly by operating income growth. Earnings per share¹ were Ps. 0.53 (Earnings per unit were Ps. 4.21 and per ADS were Ps. 42.07.).

⁽¹⁾

Coca-Cola FEMSA Reports 2Q23 Results	Page 31 of 41
July 25, 2023

MEXICO & CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS

(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)

MEXICO & CENTRAL AMERICA DIVISION RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	2Q 2023		2Q 2022		Δ%			Δ%
Total revenues		39,088		34,475		13.4	%		15.1	%
Gross profit		18,635		16,495		13.0	%		14.6	%
Operating income		6,509		5,727		13.7	%		15.1	%
EBITDA ⁽²⁾		8,229		7,533		9.2	%		10.8	%

Volume increased 8.9% driven by growth across all of our territories in the division, including solid performance from Mexico and Guatemala. These volumes include the integration of the Cristal bulk water business, excluding these volumes, volume increased 6.0% in the division and 4.5% in Mexico.

Total revenues increased 13.4% to Ps. 39,088 million, driven by volume growth and revenue management initiatives. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. On a comparable basis, excluding currency translation effects, total revenues increased 15.1%.

Gross profit increased 13.0% to Ps. 18,635 million, and gross margin contracted 10 basis points to 47.7%. This margin decrease was driven mainly by an increase in raw material costs such as sweeteners and concentrate in Mexico. These effects were partially offset by our top-line growth, favorable raw material hedging initiatives, and the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit increased 14.6%.

Operating income increased 13.7% to Ps. 6,509 million, and operating margin expanded 10 basis points to 16.7%, driven mainly by our top-line growth and an operating foreign exchange gain in Mexico. These effects were partially offset by an increase in operating expenses such as labor, marketing, and maintenance. On a comparable basis, operating income increased 15.1%.

⁽¹⁾	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
⁽²⁾	EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q23 Results	Page 32 of 41
July 25, 2023

SOUTH AMERICA DIVISION SECOND QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	2Q 2023		2Q 2022		Δ%			Δ%
Total revenues		22,341		22,835		(2.2	)%		20.3	%
Gross profit		8,632		8,776		(1.6	)%		22.1	%
Operating income		2,053		1,926		6.6	%		31.5	%
EBITDA ⁽²⁾		3,209		3,074		4.4	%		32.0	%

Volume increased 3.8% driven by growth across all of our territories in the division.

Total revenues decreased 2.2% to Ps. 22,341 million. This decline was driven mainly by unfavorable currency translation effects of all of our operating currencies in the division into Mexican Pesos. These effects were partially offset by a positive underlying operating performance that includes volume growth, revenue management, and favorable mix effects. On a comparable basis, total revenues increased 20.3%.

Gross profit decreased 1.6% to Ps. 8,632 million, and gross margin expanded 20 basis points to 38.6%. This decrease was driven mainly by increases in raw material costs such as sweeteners that were partially offset by our top-line growth, favorable mix effects, and raw material hedging strategies. On a comparable basis, gross profit increased 22.1%.

Operating income increased 6.6% to Ps. 2,053 million in the second quarter of 2023, resulting in an operating margin expansion of 80 basis points to 9.2%. This increase was driven mainly by operating expense efficiencies and an increase in operating leverage resulting from volume growth. These effects were partially offset by higher labor and marketing expenses. On a comparable basis, operating income increased 31.5%.

⁽¹⁾	Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
⁽²⁾	EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 2Q23 Results	Page 33 of 41
July 25, 2023

DEFINITIONS

Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Operating income is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”

EBITDA is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”

Earnings per share are equal to “quarterly earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

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, in this case the acquisition of CVI in Brazil, integrated as of February 2022; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to maintain comparability.

Coca-Cola FEMSA Reports 2Q23 Results	Page 34 of 41
July 25, 2023

ABOUT THE COMPANY

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA files reports, including annual reports and other information, with the U.S. Securities and Exchange Commission, or the “SEC,” and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.

Coca-Cola FEMSA, S.A.B. de C.V. is the largest Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio of 131 brands to a population of more than 266 million. With over 80 thousand employees, the Company markets and sells approximately 3.5 billion unit cases through 2 million points of sale a year. Operating 49 manufacturing plants and 260 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock Exchange’s IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com.

ADDITIONAL INFORMATION

All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6 pages of tables to follow)

Coca-Cola FEMSA Reports 2Q23 Results	Page 35 of 41
July 25, 2023

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ⁽¹⁾

	For the Second Quarter of:																		For the First six months of:
	2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁷⁾			2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁷⁾
Transactions (million transactions)		5,933.0						5,636.1						5.3	%		5.3	%		11,500.2						10,847.6						6.0	%		5.8	%
Volume (million unit cases)		1,018.9						952.4						7.0	%		7.0	%		1,958.5						1,834.1						6.8	%		6.6	%
Average price per unit case		58.31						60.05						-2.9	%					58.70						59.10						-0.7	%
Net revenues		61,283						57,190						7.2	%					118,285						108,395						9.1	%
Other operating revenues		145						121						20.5	%					356						239						48.7	%
Total revenues ⁽²⁾		61,428			100.0	%		57,311			100.0	%		7.2	%		16.9	%		118,641			100.0	%		108,635			100.0	%		9.2	%		19.2	%
Cost of goods sold		34,161			55.6	%		32,039			55.9	%		6.6	%					65,984			55.6	%		60,702			55.9	%		8.7	%
Gross profit		27,267			44.4	%		25,271			44.1	%		7.9	%		16.9	%		52,657			44.4	%		47,933			44.1	%		9.9	%		19.2	%
Operating expenses		18,796			30.6	%		17,448			30.4	%		7.7	%					36,571			30.8	%		33,249			30.6	%		10.0	%
Other operative expenses, net		(46	)		-0.1	%		260			0.5	%		NA						(78	)		-0.1	%		282			0.3	%		NA
Operative equity method (gain) loss in associates⁽³⁾		(44	)		-0.1	%		(89	)		-0.2	%		-50.6	%					(105	)		-0.1	%		(109	)		-0.1	%		-4.4	%
Operating income ⁽⁵⁾		8,562			13.9	%		7,652			13.4	%		11.9	%		18.7	%		16,269			13.7	%		14,512			13.4	%		12.1	%		19.4	%
Other non operative expenses, net		228			0.4	%		70			0.1	%		227.1	%					351			0.3	%		249			0.2	%		41.0	%
Non Operative equity method (gain) loss in associates ⁽⁴⁾		31			0.1	%		(25	)		0.0	%		NA						165			0.1	%		(29	)		0.0	%		NA
Interest expense		1,769						1,688						4.8	%					3,678						3,339						10.2	%
Interest income		834						541						54.3	%					1,866						948						96.8	%
Interest expense, net		935						1,147						-18.5	%					1,812						2,391						-24.2	%
Foreign exchange loss (gain)		437						(80	)					NA						1,066						85						1151.4	%
Loss (gain) on monetary position in inflationary subsidiaries		(63	)					(138	)					-54.3	%					(120	)					(292	)					-59.0	%
Market value (gain) loss on financial instruments		68						(355	)					NA						15						581						NA
Comprehensive financing result		1,377						574						139.9	%					2,774						2,765						0.3	%
Income before taxes		6,926						7,034						-1.5	%					12,978						11,526						12.6	%
Income taxes		1,881						2,458						-23.5	%					3,860						3,787						1.9	%
Result of discontinued operations		-						-						NA						-						-						NA
Consolidated net income		5,045						4,576						10.3	%					9,118						7,740						17.8	%
Net income attributable to equity holders of the company		4,926			8.0	%		4,627			8.1	%		6.5	%		12.0	%		8,837			7.4	%		7,532			6.9	%		17.3	%		27.8	%
Non-controlling interest		119			0.2	%		(51	)		-0.1	%		NA						281			0.2	%		208			0.2	%		35.1	%

EBITDA & CAPEX	2023		% of Rev.			2022		% of Rev.			Δ% Reported			Δ% Comparable ⁽⁷⁾			2023		% of Rev.			2022		% of Rev.			Δ% Reported			Δ% Comparable ⁽⁷⁾
Operating income ⁽⁵⁾		8,562		13.9	%		7,652		13.4	%		11.9	%		18.7	%		16,269		13.7	%		14,512		13.4	%		12.1	%		19.4	%
Depreciation		2,397					2,399					-0.1	%					4,717					4,755					-0.8	%
Amortization and other operative non-cash charges		480					556					-13.7	%					945					1,195					-20.9	%
EBITDA ⁽⁵⁾⁽⁶⁾		11,439		18.6	%		10,607		18.5	%		7.8	%		16.0	%		21,930		18.5	%		20,461		18.8	%		7.2	%		15.6	%
CAPEX⁽⁸⁾		4,252					4,052					4.9	%					6,749					7,157					-5.7	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Please refer to page 15 for revenue breakdown.

⁽³⁾ Includes equity method in Jugos del Valle and Leão Alimentos, among others.

⁽⁴⁾ Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.

⁽⁵⁾ The operating income and EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁶⁾ EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

⁽⁷⁾ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

⁽⁸⁾ As of June 30, 2023, the investment in fixed assets effectively paid is equivalent to Ps. 6,503 million.

Coca-Cola FEMSA Reports 2Q23 Results	Page 36 of 41
July 25, 2023

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ⁽¹⁾

	For the Second Quarter of:																		For the First Six Months of:
	2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁶⁾			2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁶⁾
Transactions (million transactions)		3,303.6						3,126.6						5.7	%		5.7	%		6,130.4						5,774.9						6.2	%		6.2	%
Volume (million unit cases)		643.3						590.7						8.9	%		8.9	%		1,180.7						1,084.7						8.8	%		8.8	%
Average price per unit case		60.44						58.35						3.6	%					61.40						58.44						5.1	%
Net revenues		39,081						34,466												72,693						63,393
Other operating revenues		6						9												12						17
Total Revenues ⁽²⁾		39,088			100.0	%		34,475			100.0	%		13.4	%		15.1	%		72,705			100.0	%		63,410			100.0	%		14.7	%		16.4	%
Cost of goods sold		20,452			52.3	%		17,980			52.2	%								38,151			52.5	%		32,908			51.9	%
Gross profit		18,635.4			47.7	%		16,495.0			47.8	%		13.0	%		14.6	%		34,554.2			47.5	%		30,501.8			48.1	%		13.3	%		14.9	%
Operating expenses		12,251.8			31.3	%		10,562.0			30.6	%								23,310.5			0.3			19,667.5			0.3
Other operative expenses, net		(101	)		-0.3	%		236			0.7	%								(212	)		-0.3	%		234			0.4	%
Operative equity method (gain) loss in associates ⁽³⁾		(24	)		-0.1	%		(30	)		-0.1	%								(64	)		-0.1	%		(76	)		-0.1	%
Operating income ⁽⁴⁾		6,509			16.7	%		5,727			16.6	%		13.7	%		15.1	%		11,520			15.8	%		10,677			16.8	%		7.9	%		7.9	%
Depreciation, amortization & other operating non-cash charges		1,720			4.4	%		1,806			5.2	%								3,415			4.7	%		3,579			5.6	%
EBITDA ⁽⁴⁾⁽⁵⁾		8,229			21.1	%		7,533			21.9	%		9.2	%		10.8	%		14,935			20.5	%		14,256			22.5	%		4.8	%		4.8	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Please refer to page 15 for revenue breakdown.

⁽³⁾ Includes equity method in Jugos del Valle, among others.

⁽⁴⁾ The operating income and EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁵⁾EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

⁽⁶⁾ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ⁽¹⁾

	For the Second Quarter of:																		For the First Six Months of:
	2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁶⁾			2023			% of Rev.			2022			% of Rev.			Δ% Reported			Δ% Comparable ⁽⁶⁾
Transactions (million transactions)		2,629.4						2,509.5						4.8	%		4.8	%		5,369.8						5,072.6						5.9	%		5.4	%
Volume (million unit cases)		375.7						361.7						3.8	%		3.8	%		777.9						749.4						3.8	%		3.3	%
Average price per unit case		54.66						59.27						-7.8	%					54.60						56.68						-3.7	%
Net revenues		22,202						22,724												45,592						45,003
Other operating revenues		139						111												344						222
Total Revenues ⁽²⁾		22,341			100.0	%		22,835			100.0	%		-2.2	%		20.3	%		45,936			100.0	%		45,225			100.0	%		1.6	%		23.9	%
Cost of goods sold		13,709			61.4	%		14,059			61.6	%								27,833			60.6	%		27,793			61.5	%
Gross profit		8,632			38.6	%		8,776			38.4	%		-1.6	%		22.1	%		18,103			39.4	%		17,431			38.5	%		3.9	%		28.5	%
Operating expenses		6,544			29.3	%		6,886			30.2	%								13,261			28.9	%		13,581			30.0	%
Other operative expenses, net		55			0.2	%		23			0.1	%								134			0.3	%		48			0.1	%
Operative equity method (gain) loss in associates ⁽³⁾		(20	)		-0.1	%		(59	)		-0.3	%								(41	)		-0.1	%		(33	)		-0.1	%
Operating income ⁽⁴⁾		2,053.2			9.2	%		1,925.7			8.4	%		6.6	%		31.5	%		4,748.7			10.3	%		3,835.3			8.5	%		23.8	%		54.5	%
Depreciation, amortization & other operating non-cash charges		1,156			5.2	%		1,148			5.0	%								2,246			4.9	%		2,370			5.2	%
EBITDA ⁽⁴⁾⁽⁵⁾		3,209			14.4	%		3,074			13.5	%		4.4	%		32.0	%		6,995			15.2	%		6,206			13.7	%		12.7	%		42.6	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Please refer to page 15 for revenue breakdown.

⁽³⁾ Includes equity method in Leão Alimentos, among others.

⁽⁴⁾ The operating income and EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁵⁾ EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

⁽⁶⁾ Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

Coca-Cola FEMSA Reports 2Q23 Results	Page 37 of 41
July 25, 2023

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets	Jun-23			Dec-22			% Var.
Current Assets
Cash, cash equivalents and marketable securities		30,949			40,277			-23	%
Total accounts receivable		13,779			16,318			-16	%
Inventories		12,067			11,888			2	%
Other current assets		8,902			10,729			-17	%
Total current assets		65,697			79,211			-17	%
Non-Current Assets		-			-
Property, plant and equipment		125,650			125,293			0	%
Accumulated depreciation		(54,627	)		(54,088	)		1	%
Total property, plant and equipment, net		71,023			71,205			0	%
Right of use assets		2,325			2,069			12	%
Investment in shares		8,442			8,452			0	%
Intangible assets and other assets		101,043			103,122			-2	%
Other non-current assets		14,784			13,936			6	%
Total Assets		263,315			277,995			-5	%

Liabilities & Equity	Jun-23		Dec-22		% Var.
Current Liabilities
Short-term bank loans and notes payable		387		8,524		-95	%
Suppliers		22,949		26,834		-14	%
Short-term leasing Liabilities		609		472		29	%
Other current liabilities		31,061		22,129		40	%
Total current liabilities		55,006		57,959		-5	%
Non-Current Liabilities		-		-
Long-term bank loans and notes payable		65,371		70,146		-7	%
Long Term Leasing Liabilities		1,817		1,663		9	%
Other long-term liabilities		17,436		16,351		7	%
Total liabilities		139,630		146,119		-4	%
Equity		-		-
Non-controlling interest		6,465		6,491		0	%
Total controlling interest		117,221		125,384		-7	%
Total equity		123,685		131,876		-6	%
Total Liabilities and Equity		263,315		277,995		-5	%

	June 30, 2023
Debt Mix	% Total Debt ⁽¹⁾			% Interest Rate Floating ^(1) (2)			Average Rate
Currency
Mexican Pesos		62.4	%		7.2	%		8.7	%
U.S. Dollars		16.2	%		37.4	%		4.7	%
Colombian Pesos		1.2	%		0.0	%		6.3	%
Brazilian Reals		19.7	%		67.3	%		10.7	%
Uruguayan Pesos		0.5	%		0.0	%		6.3	%
Total Debt		100	%		25.0	%		8.4	%

⁽¹⁾ After giving effect to cross- currency swaps.

⁽²⁾ Calculated by weighting each year´s outstanding debt balance mix.

Debt Maturity Profile

Financial Ratios	2Q 2023			FY 2022			Δ%
Net debt including effect of hedges ⁽¹⁾⁽³⁾		37,209			38,104			-2.3	%
Net debt including effect of hedges / EBITDA ⁽¹⁾⁽³⁾		0.84			0.89
EBITDA/ Interest expense, net ⁽¹⁾		12.10			10.34
Capitalization ⁽²⁾		34.8	%		38.9	%

⁽¹⁾ Net debt = total debt - cash

⁽²⁾ Total debt / (total debt + shareholders' equity)

⁽³⁾ After giving effect to cross-currency swaps.

Coca-Cola FEMSA Reports 2Q23 Results	Page 38 of 41
July 25, 2023

COCA-COLA FEMSA
QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

	2Q 2023										2Q 2022										YoY
	Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Δ %
Mexico ⁽³⁾		375.9		37.0		104.4		38.1		555.5		366.8		31.3		81.9		34.9		514.8		7.9	%
Guatemala		40.5		2.0		-		2.3		44.8		33.9		1.1		-		2.4		37.3		20.1	%
CAM South		34.9		1.7		0.6		5.7		43.0		31.2		1.9		0.2		5.3		38.6		11.4	%
Mexico and Central America		451.3		40.7		105.1		46.2		643.3		431.8		34.3		82.1		42.5		590.7		8.9	%
Colombia		63.9		9.3		3.5		7.5		84.2		64.6		8.4		2.9		7.6		83.4		0.9	%
Brazil ⁽⁴⁾		203.5		15.2		2.0		19.7		240.4		193.8		14.5		3.4		18.9		230.7		4.2	%
Argentina		30.0		4.3		1.1		3.6		39.0		30.2		3.3		0.8		3.2		37.5		3.8	%
Uruguay		8.8		2.9		-		0.5		12.2		8.6		1.1		-		0.4		10.1		20.3	%
South America		306.1		31.8		6.5		31.2		375.7		297.3		27.4		7.1		30.1		361.7		3.8	%
TOTAL		757.5		72.5		111.6		77.4		1,018.9		729.1		61.6		89.1		72.6		952.4		7.0	%

⁽¹⁾ Excludes water presentations larger than 5.0 Lt ; includes flavored water.

⁽²⁾ Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

⁽³⁾ Includes 17.4 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa

Transactions

	2Q 2023								2Q 2022								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico ⁽³⁾		2,102.2		258.6		268.0		2,628.9		2,061.6		216.9		250.5		2,528.9		4.0	%
Guatemala		305.7		15.6		23.6		344.9		261.0		11.0		23.4		295.5		16.7	%
CAM South		255.5		14.2		60.1		329.8		230.5		12.3		59.4		302.2		9.1	%
Mexico and Central America		2,663.5		288.4		351.7		3,303.6		2,553.0		240.2		333.3		3,126.6		5.7	%
Colombia		472.7		98.3		79.4		650.4		464.7		90.9		80.1		635.8		2.3	%
Brazil ⁽⁴⁾		1,346.4		135.2		223.3		1,704.9		1,279.2		127.5		205.7		1,612.5		5.7	%
Argentina		158.4		28.6		31.6		218.5		161.6		22.5		27.5		211.5		3.3	%
Uruguay		41.4		10.4		3.9		55.6		42.0		4.4		3.4		49.7		11.8	%
South America		2,018.8		272.4		338.2		2,629.4		1,947.5		245.3		316.7		2,509.5		4.8	%
TOTAL		4,682.3		560.8		689.9		5,933.0		4,500.5		485.5		650.1		5,636.1		5.3	%

Revenues

Expressed in million Mexican Pesos	2Q 2023		2Q 2022		Δ %
Mexico		32,299		28,505		13.3	%
Guatemala		3,316		3,071		8.0	%
CAM South		3,473		2,899		19.8	%
Mexico and Central America		39,088		34,475		13.4	%
Colombia		4,041		4,584		-11.9	%
Brazil ⁽⁵⁾		15,109		14,982		0.8	%
Argentina		2,220		2,349		-5.5	%
Uruguay		971		920		5.5	%
South America		22,341		22,835		-2.2	%
TOTAL		61,428		57,311		7.2	%

⁽⁴⁾ Volume and transactions in Brazil do not include beer

⁽⁵⁾ Brazil includes beer revenues of Ps. 1,511.3 million for the second quarter of 2023 and Ps.1,282.1 million for the same period of the previous year.

⁽¹⁾

Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

⁽²⁾

Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Coca-Cola FEMSA Reports 2Q23 Results	Page 39 of 41
July 25, 2023

COCA-COLA FEMSA
YTD- VOLUME, TRANSACTIONS & REVENUES

Volume

	YTD 2023										YTD 2022										YoY
	Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Δ %
Mexico ⁽³⁾		685.4		63.4		192.0		73.4		1,014.2		668.7		52.6		149.4		67.6		938.3		8.1	%
Guatemala		75.8		3.6		-		4.6		84.0		64.5		2.3		-		4.3		71.0		18.3	%
CAM South		66.5		3.5		1.0		11.3		82.4		61.0		3.8		0.4		10.2		75.4		9.2	%
Mexico and Central America		827.8		70.5		193.1		89.3		1,180.7		794.2		58.7		149.8		82.1		1,084.7		8.8	%
Colombia		125.2		18.1		6.8		14.5		164.6		126.8		16.1		5.9		15.0		163.8		0.5	%
Brazil ⁽⁴⁾		421.8		34.6		4.7		40.2		501.3		400.5		31.6		5.8		43.6		481.6		4.1	%
Argentina		65.9		9.8		2.5		8.5		86.7		66.0		7.4		2.0		7.0		82.4		5.1	%
Uruguay		19.1		5.0		-		1.1		25.3		18.1		2.8		-		0.7		21.5		17.4	%
South America		632.1		67.5		13.9		64.3		777.9		611.3		57.9		13.7		66.4		749.4		3.8	%
TOTAL		1,459.8		138.1		207.0		153.6		1,958.5		1,405.5		116.6		163.5		148.4		1,834.1		6.8	%

⁽¹⁾ Excludes water presentations larger than 5.0 Lt ; includes flavored water.

⁽²⁾ Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

⁽³⁾ Includes 32.6 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa

Transactions

	YTD 2023								YTD 2022								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico ⁽³⁾		3,867.4		449.9		522.7		4,840.0		3,760.2		371.1		488.1		4,619.4		4.8	%
Guatemala		573.0		28.9		46.3		648.2		499.5		22.7		42.9		565.2		14.7	%
CAM South		491.2		27.5		123.5		642.2		450.8		25.0		114.5		590.4		8.8	%
Mexico and Central America		4,931.6		506.3		692.5		6,130.4		4,710.5		418.9		645.5		5,774.9		6.2	%
Colombia		920.8		189.8		157.0		1,267.7		894.5		173.5		161.7		1,229.7		3.1	%
Brazil ⁽⁴⁾		2,749.5		305.4		449.5		3,504.4		2,586.1		275.8		430.1		3,292.0		6.5	%
Argentina		341.7		63.4		73.0		478.1		340.2		47.5		57.3		445.0		7.4	%
Uruguay		91.6		18.3		9.6		119.5		89.1		10.7		6.1		105.9		12.9	%
South America		4,103.7		577.0		689.1		5,369.8		3,909.8		507.6		655.2		5,072.6		5.9	%
TOTAL		9,035.2		1,083.3		1,381.6		11,500.2		8,620.4		926.5		1,300.7		10,847.6		6.0	%

Revenues

Expressed in million Mexican Pesos	YTD 2023		YTD 2022		Δ %
Mexico		59,528		51,727		15.1	%
Guatemala		6,333		5,847		8.3	%
CAM South		6,844		5,837		17.3	%
Mexico and Central America		72,705		63,410		14.7	%
Colombia		7,784		8,860		-12.1	%
Brazil ⁽⁵⁾		31,078		29,370		5.8	%
Argentina		4,975		5,150		-3.4	%
Uruguay		2,098		1,845		13.7	%
South America		45,936		45,225		1.6	%
TOTAL		118,641		108,635		9.2	%

⁽⁴⁾ Volume and transactions in Brazil do not include beer

⁽⁵⁾ Brazil includes beer revenues of Ps.2,961.0 million for the first six months of 2023 and Ps.2,532.3 million for the same period of the previous year.

⁽¹⁾

⁽²⁾

Coca-Cola FEMSA Reports 2Q23 Results	Page 40 of 41
July 25, 2023

COCA-COLA FEMSA
MACROECONOMIC INFORMATION

Inflation ⁽¹⁾

	LTM			2Q23			YTD
Mexico		5.18	%		0.30	%		1.27	%
Colombia		12.56	%		1.95	%		6.26	%
Brasil		4.30	%		1.72	%		3.38	%
Argentina		117.97	%		23.76	%		50.10	%
Costa Rica		1.31	%		-0.79	%		-1.14	%
Panama		0.14	%		0.70	%		1.82	%
Guatemala		7.02	%		0.14	%		2.10	%
Nicaragua		9.92	%		1.69	%		3.21	%
Uruguay		7.10	%		1.49	%		4.63	%

⁽¹⁾ Source: inflation estimated by the company based on historic publications from the Central Bank of each country.

Average Exchange Rates for each period ⁽²⁾

	Quarterly Exchange Rate							Year to Date Exchange Rate
	(Local Currency per USD)							(Local Currency per USD)
	2Q23		2Q22		Δ %			YTD 23		YTD 22		Δ %
México		17.72		20.04		-11.6	%		18.21		20.28		-10.2	%
Colombia		4,426.37		3,915.49		13.0	%		4,592.50		3,915.18		17.3	%
Brasil		4.95		4.92		0.6	%		5.07		5.08		-0.1	%
Argentina		232.18		117.95		96.8	%		212.30		112.27		89.1	%
Costa Rica		544.44		677.15		-19.6	%		555.87		662.13		-16.0	%
Panama		1.00		1.00		0.0	%		1.00		1.00		0.0	%
Guatemala		7.82		7.69		1.6	%		7.82		7.69		1.7	%
Nicaragua		36.40		35.78		1.7	%		36.35		35.70		1.8	%
Uruguay		38.61		40.56		-4.8	%		38.89		41.94		-7.3	%

End-of-period Exchange Rates

	Closing Exchange Rate							Closing Exchange Rate
	(Local Currency per USD)							(Local Currency per USD)
	Jun-23		Jun-22		Δ %			Mar-23		Mar-22		Δ %
México		17.07		19.98		-14.6	%		18.11		19.99		-9.4	%
Colombia		4,191.28		4,127.47		1.5	%		4,627.27		3,748.15		23.5	%
Brasil		4.82		5.24		-8.0	%		5.08		4.74		7.2	%
Argentina		256.70		125.23		105.0	%		209.01		111.01		88.3	%
Costa Rica		549.48		692.25		-20.6	%		545.95		667.10		-18.2	%
Panama		1.00		1.00		0.0	%		1.00		1.00		0.0	%
Guatemala		7.85		7.76		1.2	%		7.80		7.68		1.6	%
Nicaragua		36.44		35.87		1.6	%		36.35		35.69		1.8	%
Uruguay		37.41		39.86		-6.2	%		38.65		41.12		-6.0	%

⁽²⁾ Average exchange rate for each period computed with the average exchange rate of each month.

Coca-Cola FEMSA Reports 2Q23 Results	Page 41 of 41
July 25, 2023