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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 October 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: October, 27, 2023

Exhibit 99.1

3Q 2023

Results

October 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

October 27, 2023 | Page 1

HIGHLIGHTS

Monterrey, Mexico, October 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 third quarter of 2023.

•

FEMSA: Total Consolidated Revenues grew 19.3% against 3Q22.

•

FEMSA Retail¹: Proximity Americas total Revenues increased 20.8% against 3Q22.

•

DIGITAL: Spin by OXXO had 6.4 million active users² while Spin Premia had 17.7 million active loyalty users² and an average tender³ of 28.3%.

•

COCA-COLA FEMSA: Total volume and revenues grew 11.6% and 10.1%, respectively, against 3Q22.

Financial Summary for the Third Quarter and First Nine Months 2023

Change vs. comparable period

	Total Revenues						Gross Profit						Income from Operations						Same-Store Sales
	3Q23			YTD23			3Q23			YTD23			3Q23			YTD23			3Q23			YTD23
FEMSA Consolidated		19.3	%		19.4	%		22.1	%		21.3	%		12.6	%		8.8	%
Proximity Americas		20.8	%		20.8	%		23.9	%		21.1	%		14.7	%		17.2	%		15.1	%		16.1	%
Health		0.2	%		0.1	%		(0.6	)%		3.6	%		(10.4	)%		(5.7	)%		(3.6	)%		(3.5	)%
Fuel		14.2	%		14.3	%		10.2	%		12.4	%		3.3	%		10.1	%		8.1	%		8.8	%
Coca-Cola FEMSA		10.1	%		9.2	%		13.6	%		10.9	%		15.3	%		13.0	%

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

“The third quarter was very favorable for our business, with strong momentum across most of our operations. However, our positive results were tempered by the unfortunate passing of FEMSA’s former CEO, Daniel Rodriguez Cofré, in the month of August. We honor his legacy by continuing to execute on the strategy that he helped design and put in place.

Our quarterly results show a continuation, and in some cases an acceleration, of the positive trends that we have seen during the past several quarters, and again offer a glimpse of the significant organic growth potential we have before us. Notably, Proximity Americas increased revenues by more than 20 percent, driven by strong traffic trends at OXXO and reflecting an accelerated store expansion. In Europe, Valora continued to grow its top line, while Health revenues were again stable, reflecting a challenging comparison base in Chile as well as significant currency headwinds. For its part, Coca-Cola FEMSA delivered very strong results across its income statement, while Digital@FEMSA continued to add users at a rapid pace. Importantly, we are achieving solid growth today, while also investing significant capital in the future of our core business verticals, across markets but particularly in Mexico.

On the strategic front, during the third quarter we continued to make progress executing the FEMSA Forward gameplan, announcing the creation of a new distribution platform in the United States by bringing together Envoy Solutions and BradyIFS. The regulatory process has advanced according to schedule, and we expect this transaction to close soon.

As we approach the final stretch, we are well positioned to close the year on a high note, and already begin to look forward to an interesting and dynamic 2024.”

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.

October 27, 2023 | Page 2

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

3Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	3Q23		3Q22		Var.			Org.
Total Revenues		188,095		157,693		19.3	%		11.9	%
Income from Operations		15,929		14,146		12.6	%		9.8	%
Operating Margin (%)		8.5		9.0		(50	)bps
Adjusted EBITDA⁴		25,366		22,046		15.1	%		7.7	%
Adjusted EBITDA Margin (%)		13.5		14.0		(50	)bps
Net Income		12,758		13,268		(3.8	)%

Net Debt ex-KOF⁵

Amounts expressed in millions of Mexican Pesos (Ps.)

As of September 30, 2023	Ps.			US$³
Cash		140,738			8,209
Long-Term Debt		75,187			4,386
Lease Liabilities		93,338			5,444
Net debt		27,787			1,621
ND / Adj. EBITDA		0.49	x		-

Total revenues increased 19.3% in 3Q23 compared to 3Q22, driven by growth across our business units. On an organic¹ basis, total revenues increased 11.9%.

Gross profit increased 22.1%. Gross margin expanded 90 basis points, reflecting the consolidation of Proximity Europe, as well as margin expansions at Proximity and Coca-Cola FEMSA. This was partially offset by a margin contraction at Health and Fuel.

Income from operations increased 12.6%. On an organic basis, income from operations increased 9.8%. Consolidated operating margin decreased 50 basis points to 8.5% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, offset by margin contractions at Proximity Americas, Health, and Fuel, as well as the consolidation of Proximity Europe.

Our effective income tax rate was 31.8% in 3Q23 compared to 35.0% in 3Q22. Our income tax provision was Ps. 6,540 million in 3Q23.

Net consolidated income was Ps. 12,758 million, reflecting: i) higher income from operations; ii) a non-cash foreign exchange gain of Ps. 5,374, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the depreciation of the Mexican peso; and iii) a decrease in net interest expenses during the quarter. This was offset by a decrease in net income from discontinued operations compared with 3Q22, which included the results of FEMSA’s participation in Heineken.

Net majority income was Ps. 2.72 per FEMSA Unit² and US$1.56 per FEMSA ADS.

Capital expenditures amounted to Ps. 9,791 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 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 September 30, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

³The exchange rate published by the Federal Reserve Bank of New York for September 30, 2023 was 17.4064 MXN per USD.

⁴ Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

⁵ ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information.

Adjusted EBITDA ex-KOF: FEMSA Consolidated Adjusted EBITDA as described above – Coca-Cola FEMSA’s Consolidated Adjusted 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.

October 27, 2023 | Page 3

PROXIMITY AMERICAS

OXXO (Mexico & Latam³)

3Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales


	3Q23		3Q22		Var.
Same-store sales (thousands of Ps.)		1,047.2		910.1		15.1	%
Total Revenues		74,020		61,252		20.8	%
Income from Operations		6,577		5,734		14.7	%
Income from Operations Margin (%)		8.9		9.4		(50	)bps
Adjusted EBITDA		9,963		8,768		13.6	%
Adjusted EBITDA Margin (%)		13.5		14.3		(80	)bps

Net Additions Vs. comparable quarter	Store Base As of 3Q23	Same-Store Sales In thousands of Ps.	Adjusted EBITDA In millions of Ps.

Total revenues increased 20.8% in 3Q23 compared to 3Q22, reflecting a 15.1% average same-store sales increase, driven by 6.6% growth in average customer ticket and an increase of 8.0% in store traffic. These figures reflect a strong performance across most of OXXO’s categories supported by the thirst and gathering occasions, such as beer, snacks, and other beverages. During the quarter, the OXXO store base in Mexico & Latam expanded by 293 units to reach 1,453 total net store additions for the last twelve months. As of September 30, 2023, Proximity Americas had a total of 22,352 OXXO stores.

Gross profit reached 41.2% 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 3Q22.

Income from operations amounted to 8.9% of total revenues. Operating expenses increased 26.7% to Ps. 23,943 million, above revenues, reflecting an increase in labor expenses in connection with recent labor reforms in Mexico.

³ OXXO Latam: OXXO Colombia, Chile and Peru.

October 27, 2023 | Page 4

PROXIMITY AMERICAS
Other formats

Bara¹

Total revenues increased 36.7% in 3Q23 compared to 3Q22, driven by a 15.6% average same-store sales increase, reflecting the strong performance of the groceries, home hygiene and convenience categories, particularly beverages. During the quarter, the Bara store base expanded by 13 units to reach 309 total Bara stores as of September 30, 2023.

Grupo Nós²

Total revenues for the period grew 151.6%³year-over-year, reaching R$209.3 million⁴. This figure reflects the successful evolution and expansion of the OXXO value proposition which resulted in same-store sales growth at OXXO of 12.4%³, as well as the addition of 204 net new OXXO stores for the last twelve months. During the quarter, the store base of Grupo Nós expanded by 30 units, the majority of which are OXXO stores. As of September 30, 2023, Grupo Nós had a total of 1,668 stores, which include 380 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 Local currency, BRL.

⁴ The exchange rate published by the Federal Reserve Bank of New York for September 30, 2023 was 5.0021 BRL per USD.

October 27, 2023 | Page 5

PROXIMITY EUROPE¹

Valora

3Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

			3Q23
Total Revenues			11,194
Income from Operations			348
Income from Operations Margin (%)			3.1
Adjusted EBITDA			1,555
Adjusted EBITDA Margin (%)			13.9

Total revenues increased 8.7%²in 3Q23 compared to 3Q22 to Ps. 11,194 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 2,810 points of sale.

Gross profit reached 41.8% of total revenues, reflecting the continued recovery of the foodservice category, which has a structurally higher margin.

Income from operations amounted to 3.1% of total revenues, reflecting the contribution of foodservice, as well as positive operating leverage.

¹ The Proximity Europe segment is comprised of Valora. The acquisition of Valora was concluded in October 2022.

² Local currency, CHF.

October 27, 2023 | Page 6

HEALTH

3Q23 Financial Summary

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

	3Q23	3Q22	Var.
Same-store sales (thousands of Ps.)	1,131.1	1,173.4	(3.6	)%
Total Revenues	18,569	18,526	0.2	%
Income from Operations	844	942	(10.4	)%
Income from Operations Margin (%)	4.5	5.1	(60	)bps
Adjusted EBITDA	1,848	1,843	0.3	%
Adjusted EBITDA Margin (%)	10.0	9.9	10	bps

Net Additions

Vs. comparable quarter

Locations

As of 3Q23

Same-Store Sales

In thousands of Ps.

Adjusted EBITDA

In millions of Ps.

Total revenues increased 0.2% in 3Q23 compared to 3Q22, mainly reflecting positive local currency sales trends in Chile and Colombia, offset by a challenging competitive environment in Mexico, and by a negative currency translation effect. During the quarter, FEMSA Health’s store base expanded by 80 units reaching a total of 4,347 locations across its territories as of September 30, 2023. This figure reflects the addition of 365 net new locations for the last twelve months. Same-store sales decreased an average of 3.6%, reflecting the trends described above. However, on a currency-neutral¹basis, total revenues grew 13.6% while same-store sales increased by 4.7%.

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

October 27, 2023 | Page 7

Gross profit represented 29.2% of total revenues, reflecting improved efficiency and more effective collaboration and execution with key supplier partners, as well as a negative mix effect reflecting an increase in the contribution of our institutional sales channel in Colombia.

Income from operations amounted to 4.5% of total revenues. Operating expenses increased 1.4% to Ps. 4,587 million, reflecting an increase in labor expenses in Mexico and Chile, partially offset by tight expense control across our operations.

FUEL

3Q23 Financial Summary

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

	3Q23	3Q22	Var.
Same-station sales (thousands of Ps.)	8,236.9	7,617.6	8.1	%
Total Revenues	15,782	13,823	14.2	%
Income from Operations	710	687	3.3	%
Income from Operations Margin (%)	4.5	5.0	(50	)bps
Adjusted EBITDA	1,026	960	6.9	%
Adjusted EBITDA Margin (%)	6.5	6.9	(40	)bps

Net Additions

Vs. comparable quarter

Service Station Base

As of 3Q23

Same-Station Sales

In thousands of Ps.

Adjusted EBITDA

In millions of Ps.

Total revenues increased 14.2% in 3Q23 compared to 3Q22, reflecting a 8.1% average same-station sales increase, driven by 4.0% growth in average volume and 4.0% 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 571 points of sale as of September 30, 2023. This figure reflects the addition of three net stations for the last twelve months.

Gross profit was 12.4% of total revenues.

Income from operations amounted to 4.5% of total revenues. Operating expenses increased 14.5% to Ps. 1,241 million, reflecting increased labor expenses.

October 27, 2023 | Page 8

FEMSA Retail Operations Summary

Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago)

	3Q23
Proximity Americas
OXXO¹		20.8	%
Mexico		20.7	%
OXXO Latam²		28.3	%

Other Proximity Americas formats
Bara		36.7	%
OXXO Brazil³		151.6	%

Proximity Europe⁴		8.7	%
OXXO Gas		14.2	%

FEMSA Health⁵		13.6	%
Chile		6.6	%
Colombia		16.9	%
Ecuador		0.8	%
Mexico		7.0	%

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	FEMSA Health Include franchised stores in Ecuador.

Total Unit Growth (% vs year ago)

	3Q23
Proximity Americas
OXXO		7.0	%
Mexico		5.9	%
OXXO Latam¹		48.7	%

Other Proximity Americas formats
Bara		28.8	%
OXXO Brazil²		115.9	%

Proximity Europe³		2.0	%
OXXO Gas		0.5	%

FEMSA Health		9.5	%
Chile		2.1	%
Colombia		14.7	%
Ecuador		5.9	%
Mexico		12.8	%

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

	3Q23
Proximity Americas
OXXO¹		15.1	%
Mexico		15.2	%
OXXO Latam²		15.1	%

Other Proximity Americas formats
Bara		15.6	%
OXXO Brazil³		12.4	%

Proximity Europe⁴		N.A.
OXXO Gas⁵		8.1	%

FEMSA Health⁵		4.7	%
Chile		2.3	%
Colombia		12.6	%
Ecuador		1.3	%
Mexico		(5.3	)%

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.

October 27, 2023 | Page 9

DIGITAL@FEMSA¹

Spin by OXXO

Spin by OXXO acquired 1.2 million users during the quarter to reach 8.8 million total users in 3Q23, compared to 4.3 million users in 3Q22. This represents an increase of 105.8% YoY and a 6.2% compound monthly growth rate. Active users² represented 72.5% of the total acquired user base. Total transactions per month increased 15.6%³ during the quarter to reach an average of 41.8 million per month in 3Q23, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.8 million users during the quarter to reach 36.6 million total users in 3Q23, compared to 22.0 million users in 3Q22. This represents an increase of 66.0% YoY and a 4.3% compound monthly growth rate. Active users⁴ represented 48.3% of the total acquired user base. The average tender⁵ during the quarter was 28.3%.

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.

¹Digital@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.

October 27, 2023 | Page 10

RESULTS FOR THE FIRST NINE MONTHS OF 2023

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

Financial Summary for the First Nine Months

Amounts expressed in millions of Mexican Pesos (Ps.)

	2023		2022		Var.			Org.
Total Revenues		539,113		451,443		19.4	%		10.9	%
Income from Operations		44,009		40,447		8.8	%		6.1	%
Operating Margin (%)		8.2		9.0		(80	)bps
Adjusted EBITDA¹		72,434		63,481		14.1	%		6.6	%
Adjusted EBITDA Margin (%)		13.4		14.1		(70	)bps
Net Income		71,994		26,793		168.7	%

Total revenues increased 19.4%. On an organic basis², total revenues increased 10.9% reflecting growth across most of our operations.

Gross profit increased 21.3%. Gross margin increased 60 basis points to 38.2% of total revenues, reflecting gross margin expansion at Proximity Americas and Coca-Cola FEMSA, as well as the consolidation of Proximity Europe, offset by margin contraction at Health and Fuel.

Income from operations increased 8.8%. On an organic basis², income from operations increased 6.1%. Our consolidated operating margin decreased 80 basis points to 8.2% of total revenues, reflecting margin expansions at Coca-Cola FEMSA, offset by margin contractions at Proximity Americas, Fuel, and Health, as well as by the consolidation of Proximity Europe.

Net consolidated income increased to Ps. 71,994 million, reflecting; i) a Ps. 35,473 million net income from discontinued operations, mostly 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. 12,963 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. 9,577 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. 3,575, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso, during the first nine months of the year.

Net majority income per FEMSA Unit⁴ was Ps.17.88 (US$10.27 per ADS).

Capital expenditures amounted to Ps. 23,279 million, reflecting the reactivation of ongoing investment activities at most of our business units.

¹Adjusted 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 September 30, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

October 27, 2023 | Page 11

RECENT DEVELOPMENTS

On Aug 29, 2023, FEMSA announced that it entered into definitive agreements with BradyIFS to create a new platform within the facility care, foodservice disposables, and packaging distribution industries in the United States. The combined platform will bring together Envoy Solutions LLC and BradyIFS in a highly complementary combination, positioned to serve and provide value to its customers and suppliers effectively and efficiently across the country. The transaction is subject to customary conditions and regulatory approvals.

Upon closing, FEMSA will receive approximately US$1.7 billion in cash and retain an ownership stake of approximately 37% in the combined entity, which is expected to have pro-forma revenues approaching US$5 billion.

For the purposes of this transaction, the Envoy Solutions valuation implies an unlevered double-digit annualized rate of return on the accumulated capital invested by FEMSA since entering this business in 2020.

Approximately 63% of the combined entity will be owned by existing BradyIFS equity holders led by Kelso & Company and its affiliate funds and including BradyIFS management; by funds managed by Warburg Pincus LLC; and by the current minority shareholders of Envoy Solutions.

On Sep 22, 2023, FEMSA announced changes to its organizational structure that bring it into full alignment with the FEMSA Forward strategy and its three core business verticals: Retail, Coca-Cola FEMSA, and Digital. The Company also announced movements within its senior leadership team, involving internal and newly attracted talent. These changes will enable the organization to operate with maximum focus, positioning FEMSA to pursue and capture its considerable and compelling opportunities for long-term profitable growth.

The Retail business vertical will be led by Jose Antonio Fernández Garza-Lagüera. Jose Antonio is currently CEO of Digital@FEMSA, where he nurtured FEMSA’s digital ecosystem from its early days and has helped Spin become the prominent fintech and loyalty platform in Mexico. Before Digital, Jose Antonio held leadership roles at every one of FEMSA’s major business units for over a decade, including as Head of Strategic Planning at OXXO and FEMSA Comercio. Jose Antonio will be supported in his new role by a world-class operational team: Carlos Arenas (Proximity OXXO Mexico), Constantino Spas (Proximity Americas and Fuel), Michael Mueller (Proximity Europe), Jacobo Caller (Proximity Multiformat), and Daniel Belaúnde (FEMSA Health).

Juan Carlos Guillermety is joining the Company as CEO of Digital@FEMSA. Juan Carlos comes to FEMSA from Nubank, where he held various senior leadership positions since 2019, after a long tenure at Visa International. Juan Carlos will lead the rapidly growing talent pool that is shaping the future of FEMSA’s digital ecosystem.

There is no change at Coca-Cola FEMSA. Ian Craig will continue to lead this key business vertical as its CEO. Other operations outside of FEMSA’s core verticals, including those that are in the active process of being divested, will report to the Corporate Office led by Francisco Camacho. These changes to FEMSA’s organizational structure and senior leadership team were designed in conjunction with the FEMSA Forward strategy as announced in February of this year, consistent with FEMSA’s leadership succession and talent development process. The new appointments have been approved by FEMSA’s Board of Directors and will become effective on November 1st, 2023, with executives transitioning into their new roles and responsibilities in the coming months

October 27, 2023 | Page 12

CONFERENCE CALL INFORMATION

Our Third Quarter 2023 Conference Call will be held on: Friday, October 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/6zh9pt2t/

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 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 FEMSA Health, 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. 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 September 30, 2023, which was 17.4064 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

October 27, 2023 | Page 13

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the third quarter of:																For the nine months of:
	2023			% of rev.			2022			% of rev.		% Var.			% Org.^(A)		2023			% of rev.		2022		% of rev.		% Var.			% Org.^(A)
Total revenues		188,095			100.0			157,693			100.0		19.3			11.9		539,113			100.0		451,443		100.0		19.4			10.9
Cost of sales		116,013			61.7			98,677			62.6		17.6					333,277			61.8		281,714		62.4		18.3
Gross profit		72,081			38.3			59,016			37.4		22.1					205,836			38.2		169,729		37.6		21.3
Administrative expenses		8,339			4.4			7,365			4.7		13.2					24,862			4.6		20,534		4.5		21.1
Selling expenses		48,060			25.5			37,414			23.6		28.5					136,871			25.4		108,545		24.1		26.1
Other operating expenses (income), net ⁽¹⁾		(246	)		(0.1	)		91			0.1		N.S.					94			-		203		-		(53.7	)
Income from operations ⁽²⁾		15,929			8.5			14,146			9.0		12.6			9.8		44,009			8.2		40,447		9.0		8.8			6.1
Other non-operating expenses (income)		(262	)					41					N.S.					(9,577	)				146				N.S.
Interest expense		3,170						3,615					(12.3	)				8,964					11,965				(25.1	)
Interest income		2,697						1,161					132.3					12,963					2,694				N.S.
Interest expense, net		472						2,455					(80.8	)				(3,999	)				9,270				N.S.
Foreign exchange loss (gain)		(5,374	)					(1,212	)				N.S.					3,575					211				N.S.
Other financial expenses (income), net		504						47					N.S.					520					346				50.3
Financing expenses, net		(4,397	)					1,290					N.S.					96					9,827				(99.0	)
Income before income tax and participation in associates results		20,588						12,815					60.7					53,490					30,321				76.4
Income tax		6,540						4,482					45.9					16,431					11,124				47.7
Participation in associates results ⁽³⁾		(110	)					37					N.S.					(538	)				87				N.S.
Continued Operations net income (Loss)		13,938						8,370					66.5					36,521					19,284				89.4
Discontinued Operations net income (Loss)		(1,180	)					4,898					(108.9	)				35,473					7,509				32.4
Consolidated net income (Loss)		12,758						13,268					(3.8	)				71,994					26,793				168.7
Net majority income		9,742						10,748					(9.4	)				63,964					19,980				N.S.
Net minority income		3,016						2,520					19.7					8,030					6,813				17.9

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		15,929			8.5			14,146			9.0		12.6			9.8		44,009			8.2		40,447		9.0		8.8			6.1
Depreciation		8,234			4.4			6,669			4.2		23.5					24,328			4.5		19,533		4.3		24.5
Amortization & other non-cash charges		1,190			0.6			1,230			0.8		(3.2	)				4,097			0.7		3,502		0.8		17.0
Adjusted EBITDA		25,366			13.5			22,046			14.0		15.1			7.7		72,434			13.4		63,481		14.1		14.1			6.6
CAPEX		9,791						8,017					22.1					23,279					19,900				17.0

^(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 September, the CAPEX effectively paid is equivalent to Ps. 23,800 million.

October 27, 2023 | Page 14

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

ASSETS	Sep-23		Dec-22		% Inc.
Cash and cash equivalents		160,442		83,439		92.3
Investments		18,840		51		N.S.
Accounts receivable		45,304		45,527		(0.5	)
Inventories		55,782		62,224		(10.4	)
Other current assets		43,350		35,208		23.1
Current Assets Available for sale		54,723		-		N.S.
Total current assets		378,441		226,449		67.1
Investments in shares		10,876		103,669		(89.5	)
Property, plant and equipment, net		138,420		134,001		3.3
Right of use		85,076		83,966		1.3
Intangible assets ⁽¹⁾		153,133		190,772		(19.7	)
Other assets		52,212		59,958		(12.9	)
TOTAL ASSETS		818,158		798,815		2.4

LIABILITIES & STOCKHOLDERS’ EQUITY	Sep-23		Dec-22		% Inc.
Bank loans		2,936		1,862		57.7
Current maturities of long-term debt		6,062		14,471		(58.1	)
Interest payable		1,770		2,075		(14.7	)
Current maturities of long-term leases		11,743		12,095		(2.9	)
Operating liabilities		164,085		144,411		13.6
Short term liabilities available for sale		9,828		-		N.S.
Total current liabilities		196,424		174,914		12.3
Long-term debt ⁽²⁾		132,350		170,989		(22.6	)
Long-term leases		83,210		81,222		2.4
Laboral obligations		7,583		7,048		7.6
Other liabilities		22,690		26,841		(15.5	)
Total liabilities		442,257		461,014		(4.1	)
Total stockholders’ equity		375,901		337,801		11.3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		818,158		798,815		2.4

	September 30, 2023
DEBT MIX ⁽²⁾	% of Total			Average Rate
Denominated in:
Mexican pesos		50.9	%		7.8	%
U.S. Dollars		28.8	%		3.2	%
Euros		8.4	%		2.7	%
Swiss Francs		1.0	%		1.3	%
Colombian pesos		0.6	%		0.0	%
Argentine pesos		0.0	%		0.0	%
Brazilian reais		9.2	%		0.0	%
Chilean pesos		1.0	%		10.5	%
Uruguayan Pesos		0.0	%		0.0	%
Guatemalan Quetzal		0.0	%		0.0	%
Total debt		100.0	%		5.2	%
Fixed rate ⁽²⁾		82.6	%
Variable rate ⁽²⁾		17.4	%

DEBT MATURITY PROFILE		2024				2025				2026				2027				2028				2029+
% of Total Debt			0.4	%			3.8	%			1.5	%			8.8	%			13.9	%			71.5	%

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

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

October 27, 2023 | Page 15

Net Debt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

	Twelve months ended September 30, 2023
	Reported Adj. EBITDA			Adjustments			Adj. EBITDA Ex-KOF⁴
Proximity Americas & Europe¹		2,482			-			2,482
Fuel		202			-			202
Health Division		431			-			431
Envoy Solutions		-			-			-
Coca-Cola FEMSA²		2,544			(2,544	)		-
Other³		(189	)		-			(189	)
FEMSA Consolidated		5,471			(2,544	)		2,926

Dividends Received⁴		-			405			405

FEMSA Consolidated ex-KOF		5,471			(2,139	)		3,332

	As of September 30, 2023
	Reported		Adjustments			Ex-KOF
Cash & Equivalents		8,209		-			8,209
Coca-Cola FEMSA Cash & Equivalents		2,248		(2,248	)		-
Cash & Equivalents		10,457		(2,248	)		8,209

Financial Debt⁵		4,386		-			4,386
Coca-Cola FEMSA Financial Debt		3,859		(3,859	)		-
Lease Liabilities		5,444		-			5,444
Coca-Cola FEMSA Lease Liabilities		94		(94	)		-
Debt		13,783		(3,953	)		9,830

FEMSA Net Debt		3,326		(1,705	)		1,621

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for September 30, 2023 which was 17.4064 MXN per USD.

1 Includes Proximity Europe only for the consolidated period.

2 Coca-Cola FEMSA adjustment represents 100% of its LTM Adjusted 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$57 mm from Heineken during the last twelve months. 5 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.

October 27, 2023 | Page 16

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the third quarter of:									For the nine months of:
	2023	% of rev.		2022		% of rev.		% Var.		2023		% of rev.		2022		% of rev.		% Var.
Total revenues	74,020		100.0		61,252		100.0		20.8		206,990		100.0		171,306		100.0		20.8
Cost of sales	43,500		58.8		36,620		59.8		18.8		122,381		59.1		101,419		59.2		20.7
Gross profit	30,520		41.2		24,632		40.2		23.9		84,609		40.9		69,887		40.8		21.1
Administrative expenses	1,737		2.3		1,496		2.4		16.1		4,507		2.2		4,372		2.6		3.1
Selling expenses	22,110		29.9		17,363		28.3		27.3		61,687		29.8		49,785		29.0		23.9
Other operating expenses (income), net	96		0.1		39		0.1		146.2		164		0.1		158		0.1		3.8
Income from operations	6,577		8.9		5,734		9.4		14.7		18,251		8.8		15,572		9.1		17.2
Depreciation	3,140		4.2		2,831		4.6		10.9		9,157		4.4		8,231		4.8		11.3
Amortization& other non-cash charges	246		0.4		203		0.3		21.2		688		0.4		767		0.4		(10.3	)
Adjusted EBITDA	9,963		13.5		8,768		14.3		13.6		28,096		13.6		24,570		14.3		14.4
CAPEX	4,198				2,985				40.6		9,804				6,776				44.7

Information of OXXO Stores
Total stores											22,352				20,899				7.0
Stores Mexico											21,583				20,382				5.9
Stores South America											769				517				48.7

Net new convenience stores:
vs. Last quarter	293				231				26.8
Year-to-date	894				468				91.0
Last-twelve-months	1,453				902				61.1

Same-store data: ⁽¹⁾
Sales (thousands of pesos)	1,047.2				910.1				15.1		994.9				857				16.1
Traffic (thousands of transactions)	19.5				18.1				8.0		18.7				17.5				7.1
Ticket (pesos)	53.6				50.3				6.6		53.2				49.1				8.4

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

October 27, 2023 | Page 17

Proximity Europe – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the third quarter of:					For the nine months of:
	2023			% of rev.		2023			% of rev.
Total revenues		11,194			100.0		32,137			100.0
Cost of sales		6,516			58.2		18,635			58.0
Gross profit		4,678			41.8		13,502			42.0
Administrative expenses		815			7.3		2,335			7.3
Selling expenses		3,518			31.4		10,416			32.4
Other operating expenses (income), net		(3	)		-		(53	)		(0.2	)
Income from operations		348			3.1		804			2.5
Depreciation		1,079			9.6		3,261			10.1
Amortization & other non-cash charges		128			1.2		337			1.1
Adjusted EBITDA		1,555			13.9		4,402			13.7
CAPEX		468					742

October 27, 2023 | Page 18

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

	For the third quarter of:														For the nine months of:
	2023		% of rev.			2022			% of rev.			% Var.			2023		% of rev.		2022			% of rev.		% Var.
Total revenues	18,569			100.0			18,526			100.0			0.2			56,105		100.0		56,026			100.0		0.1
Cost of sales	13,138			70.8			13,061			70.5			0.6			39,228		69.9		39,732			70.9		(1.3	)
Gross profit	5,431			29.2			5,465			29.5			(0.6	)		16,877		30.1		16,294			29.1		3.6
Administrative expenses	768			4.1			953			5.1			(19.4	)		2,238		4.0		2,135			3.8		4.8
Selling expenses	3,836			20.7			3,580			19.4			7.2			11,867		21.2		11,236			20.1		5.6
Other operating expenses (income), net	(17	)		(0.1	)		(10	)		(0.1	)		70.0			16		-		(1	)		-		N.S.
Income from operations	844			4.5			942			5.1			(10.4	)		2,756		4.9		2,924			5.2		(5.7	)
Depreciation	762			4.1			727			3.9			4.8			2,311		4.1		2,203			3.9		4.9
Amortization& other non-cash charges	242			1.4			174			0.9			39.1			744		1.4		550			1.0		35.3
Adjusted EBITDA	1,848			10.0			1,843			9.9			0.3			5,811		10.4		5,677			10.1		2.4
CAPEX	378						245						54.3			996				245					N.S.

Information of Stores
Total stores																4,347				3,971					9.5
Stores Mexico																1,710				1,516					12.8
Stores South America																2,637				2,455					7.5

Net new stores:
vs. Last quarter	80						84						(4.8	)
Year-to-date	241						319						(24.5	)
Last-twelve-months	365						431						(15.3	)

Same-store data: ⁽¹⁾
Sales (thousands of pesos)	1,131.1						1,173.4						(3.6	)		1,174.5				1,216.9					(3.5	)

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

October 27, 2023 | Page 19

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the third quarter of:											For the nine months of:
	2023		% of rev.		2022			% of rev.		% Var.		2023		% of rev.		2022			% of rev.		% Var.
Total revenues		15,782		100.0		13,823			100.0		14.2		43,378		100.0		37,938			100.0		14.3
Cost of sales		13,831		87.6		12,052			87.2		14.8		38,056		87.7		33,203			87.5		14.6
Gross profit		1,951		12.4		1,771			12.8		10.2		5,322		12.3		4,735			12.5		12.4
Administrative expenses		70		0.4		58			0.4		20.7		199		0.5		148			0.4		34.5
Selling expenses		1,152		7.4		1,029			7.4		12.0		3,303		7.6		2,963			7.8		11.5
Other operating expenses (income), net		19		0.1		(3	)		-		N.S.		19		-		(12	)		-		N.S.
Income from operations		710		4.5		687			5.0		3.3		1,801		4.2		1,636			4.3		10.1
Depreciation		285		1.8		266			1.9		7.1		844		1.9		784			2.1		7.7
Amortization & other non-cash charges		31		0.2		7			-		N.S.		60		0.1		31			0.1		93.5
Adjusted EBITDA		1,026		6.5		960			6.9		6.9		2,705		6.2		2,451			6.5		10.4
CAPEX		48				22					115.7		116				58					98.7

Information of OXXO GAS Service Stations
Total stores													571				568					0.5
Net new convenience stores:
vs. Last quarter		1				(1	)				-
Year-to-date		3				1					-
Last-twelve-months		3				2					50.0
Volume (millions of liters) total stations		616				613					0.6		1,840				1,755					4.8
Same-store data: ⁽¹⁾
Sales (thousands of pesos)		8,236.9				7,617.6					8.1		7,430.3				6,826.7					8.8
Traffic (thousands of liters)		391.7				376.8					4.0		358.7				342.2					4.8
Average price per liter		21.0				20.2					4.0		20.8				20.0					3.8

^(A) Unaudited consolidated financial information.

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

October 27, 2023 | Page 20

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the third quarter of:											For the nine months of:
	2023		% of rev.		2022		% of rev.		% Var.			2023		% of rev.		2022		% of rev.		% Var.
Total revenues		62,853		100.0		57,093		100.0		10.1			181,376		100.0		166,042		100.0		9.2
Cost of sales		34,005		54.1		31,702		55.5		7.3			99,926		55.1		92,573		55.8		7.9
Gross profit		28,848		45.9		25,392		44.5		13.6			81,451		44.9		73,469		44.2		10.9
Administrative expenses		3,239		5.2		2,895		5.1		11.9			9,824		5.4		8,238		5.0		19.3
Selling expenses		16,731		26.5		15,038		26.4		11.3			46,676		25.8		43,052		25.8		8.4
Other operating expenses (income), net		418		0.7		124		0.2		N.S.			235		0.1		298		0.2		(21.1	)
Income from operations		8,460		13.5		7,335		12.8		15.3			24,716		13.6		21,881		13.2		13.0
Depreciation		2,468		3.9		2,515		4.4		(1.9	)		7,179		4.0		7,287		4.4		(1.5	)
Amortization & other non-cash charges		912		1.4		776		1.4		17.5			1,851		1.0		1,983		1.2		(6.7	)
Adjusted EBITDA		11,840		18.8		10,626		18.6		11.4			33,746		18.6		31,151		18.8		8.3
CAPEX		4,964				4,034				23.1			11,713				-				N.S.

Sales Volumes
(Millions of unit cases)
Mexico and Central America		633.2		61.3		555.8		60.0		13.9			1,813.9		60.6		1,640.5		59.4		10.6
South America		144.0		13.9		131.1		14.2		9.8			420.5		14.1		398.9		14.5		5.4
Brazil		255.9		24.8		238.9		25.8		7.1			757.2		25.3		720.5		26.1		5.1
Total		1,033.1		100.0		925.8		100.0		11.6			2,991.6		100.0		2,759.9		100.0		8.4

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

October 27, 2023 | Page 21

FEMSA Macroeconomic Information

	Inflation						End-of-period Exchange Rates
	3Q 2023			LTM ⁽¹⁾ Sep-23			Sep-23				Sep-22
							Per USD		Per MXN		Per USD		Per MXN
Mexico		1.01	%		4.44	%		17.62		1.0000		20.31		1.0000
Colombia		1.20	%		11.49	%		4,053.76		0.0043		4,532.07		0.0045
Brazil		0.51	%		4.43	%		5.01		3.5186		5.41		3.7557
Argentina		20.26	%		128.90	%		349.95		0.0503		147.32		0.1378
Chile		0.35	%		4.59	%		895.60		0.0197		960.24		0.0211
Euro Zone		0.74	%		5.18	%		0.95		18.5710		1.04		19.6142

⁽¹⁾ LTM = Last twelve months.

October 27, 2023 | Page 22

Mexico City, October 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 third quarter of 2023.

THIRD QUARTER HIGHLIGHTS

•

Volume growth 11.6%

•

Revenue growth 10.1%

•

Operating income growth 15.3%

•

Majority net income growth 23.0%

•

Earnings per share¹ were Ps. 0.32. (Earnings per unit were Ps. 2.56 and per ADS were Ps. 25.61.)

•

Achieved more than 946 thousand monthly active buyers on Juntos+, our omnichannel B2B platform

FIRST NINE MONTHS HIGHLIGHTS

•

Volume growth 8.4%

•

Revenue growth 9.2%

•

Operating income growth 13.0%

•

Majority net income growth 19.1%

•

Earnings per share¹ were Ps. 0.85. (Earnings per unit were Ps. 6.77 and per ADS were Ps. 67.66.)

•

Achieved more than US$1.7 billion in digital revenues through Juntos+

FINANCIAL SUMMARY FOR THE THIRD QUARTER RESULTS

Change vs. same period of last year

		Total Revenues						Gross Profit						Operating Income						Majority Net Income
		3Q23			YTD 2023			3Q23			YTD 2023			3Q23			YTD 2023			3Q23			YTD 2023
	Consolidated		10.1	%		9.2	%		13.6	%		10.9	%		15.3	%		13.0	%		23.0	%		19.1	%
As Reported	Mexico & Central America		15.5	%		14.9	%		17.9	%		14.9	%		19.2	%		11.5	%
	South America		2.2	%		1.2	%		6.5	%		4.0	%		6.7	%		16.6	%

	Consolidated		19.2	%		19.2	%		22.9	%		20.5	%		24.1	%		21.0	%
Comparable ⁽²⁾	Mexico & Central America		18.2	%		17.0	%		20.5	%		16.8	%		22.5	%		13.5	%
	South America		21.0	%		23.0	%		27.4	%		28.2	%		28.1	%		44.7	%

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

“We are pleased to report solid third quarter results. Our strategic focus on growth has enabled us to build and sustain strong momentum, delivering a quarterly volume increase of 11.6% year on year. This performance includes growth across all of our operations, with double-digit growth in Mexico, Guatemala, Colombia, Uruguay, Costa Rica, and Nicaragua. Notably, on a currency neutral basis, our top-line increased 19.2%, and our operating income increased 24.1%, underscoring the resilience of our company.

As we deliver on our growing the core strategic priority, we continue increasing investments in both manufacturing and distribution capacity to debottleneck our infrastructure and unlock growth. We continue accelerating the rollout of our omnichannel B2B platform, Juntos+, which now serves 946 thousand monthly active buyers and have completed the rollout of our app version 4.0 in Brazil.

We have confidence that Coca-Cola FEMSA’s team execution of our strategy, is setting us on a path towards long-term sustainable growth and value creation.”

⁽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 3Q23 Results	Page 2 of 17
October 25, 2023

RECENT DEVELOPMENTS

•

On September 14, 2023, Coca-Cola FEMSA commemorated the 30th anniversary of its initial public offering and trading of its shares on the Mexican Stock Exchange (“BMV”) and the New York Stock Exchange (“NYSE”). Since 1993, The Coca-Cola Company has maintained a significant interest in the capital stock of Coca-Cola FEMSA which in time has helped its growth from a Mexico-based bottler to extend its footprint to other countries and become the largest Coca-Cola bottler in the world in terms of sales volume.

•

On November 3, 2023, Coca-Cola FEMSA will pay the second installment of the ordinary dividend approved for Ps. 0.3625 per share, for a total cash distribution of Ps. 6,092 million.

CONFERENCE CALL INFORMATION

Coca-Cola FEMSA Reports 3Q23 Results	Page 3 of 17
October 25, 2023

CONSOLIDATED third QUARTER RESULTS

CONSOLIDATED THIRD QUARTER RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	3Q 2023		3Q 2022		Δ%			Δ%
Total revenues		62,853		57,093		10.1	%		19.2	%
Gross profit		28,848		25,392		13.6	%		22.9	%
Operating income		8,460		7,335		15.3	%		24.1	%
Adj. EBITDA ⁽²⁾		11,830		10,626		11.3	%		20.5	%

Volume increased 11.6% to 1,033.1 million unit cases, driven by volume growth in all of our territories, including double-digit volume growth in Mexico, Guatemala, Costa Rica, Nicaragua, Colombia, and Uruguay. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume would have increased 9.8%.

Total revenues increased 10.1% to Ps. 62,853 million. This increase was driven mainly by volume growth, partially offset by unfavorable currency translation effects from most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 19.2%.

Gross profit increased 13.6% to Ps. 28,848 million, and gross margin expanded 140 basis points to 45.9%. This expansion was driven mainly by our top-line growth, easing packaging costs, and the appreciation of most of our operating currencies as applied to our U.S dollar-denominated raw material costs. These effects were partially offset by higher sweetener costs across our territories. Excluding currency translation effects, gross profit increased 22.9%.

Operating income increased 15.3% to Ps. 8,460 million, and operating margin expanded 70 basis points to 13.5%. This expansion was driven mainly by a solid top-line performance, easing packaging costs, and the appreciation of most of our operating currencies as applied to our U.S. dollar denominated raw material costs. These effects were partially offset by an increase in sweeteners, fixed costs, and expenses such as labor, marketing, and maintenance. Excluding currency translation effects, operating income increased 24.1%.

⁽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⁾

Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 3Q23 Results		Page 4 of 17
October 25, 2023

Comprehensive financing result recorded an expense of Ps. 552 million, compared to an expense of Ps. 682 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 322 million as compared to a gain of Ps. 40 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and other operating currencies as compared to the previous quarter.

Additionally, we recorded a gain of Ps. 95 million in financial instruments as compared to a loss of Ps. 157 million during the previous year, driven mainly by a decrease in interest rates in Brazil.

These effects were partially offset by an increase in our interest expense, net. This quarter we recorded a higher interest expense of Ps. 1,707 million as compared to an expense of Ps. 1,339 million during the previous year, as a result of the tender offer completed during the third quarter of 2022 which lowered our comparison base. This increase in interest expense was partially offset by an increase in our interest income, driven by higher interest rates.

Finally, we recognized a lower gain in monetary position in inflationary subsidiaries of Ps. 17 million, as compared to a gain of Ps. 124 million during the same period of the previous year.

Income tax as a percentage of income before taxes was 29.6% as compared to 33.5% during the same period of 2022. This decrease was driven mainly by favorable inflationary adjustments in Mexico and deferred taxes.

Net income attributable to equity holders of the company was Ps. 5,380 million as compared to Ps. 4,374 million during the same period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. Earnings per share¹ were Ps. 0.32 (Earnings per unit were Ps. 2.56 and per ADS were Ps. 25.61.).

⁽¹⁾

Coca-Cola FEMSA Reports 3Q23 Results		Page 5 of 17
October 25, 2023

CONSOLIDATED FIRST nine months RESULTS

CONSOLIDATED FIRST NINE MONTHS RESULTS


	As Reported					Comparable ⁽¹⁾
Expressed in millions of Mexican pesos		YTD 2023	YTD 2022	Δ%			Δ%
Total revenues		181,376	166,042	9.2	%		19.2	%
Gross profit		81,451	73,469	10.9	%		20.5	%
Operating income		24,716	21,881	13.0	%		21.0	%
Adj. EBITDA ⁽²⁾		33,737	31,151	8.3	%		17.3	%

Volume increased 8.4% to 2,991.6 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 6.5%.

Total revenues increased 9.2% to Ps. 181,376 million. Volume growth, revenue management initiatives, and favorable mix effects drove this increase. These factors were partially offset by unfavorable currency translation effects from most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 19.2%.

Gross profit increased 10.9% to Ps. 81,451 million, and gross margin expanded 70 basis points to 44.9%. This gross profit increase was driven mainly by our top-line growth, easing packaging costs, and favorable raw material hedging initiatives. These effects were partially offset by higher sweetener costs across our territories. Excluding currency translation effects, gross profit increased 20.5%.

Operating income increased 13.0% to Ps. 24,716 million, and operating margin expanded 40 basis points to 13.6%. This growth 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. Excluding currency translation effects, operating income increased 21.0%.

⁽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⁾

Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 3Q23 Results		Page 6 of 17
October 25, 2023

Comprehensive financing result recorded an expense of Ps. 3,329 million, compared to an expense of Ps. 3,438 million in the previous year. This slight decrease was driven mainly by a gain in financial instruments of Ps. 80 million as compared to a loss of Ps. 738 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.

In addition, we recorded a decrease in our interest expense, net of 9.2% mainly as a result of a gain in our interest income that was driven by an increase in interest rates. Additionally, we recorded a decrease in our interest expense, as a result of the tender offer completed during the third quarter of 2022, which reduced our baseline.

These effects were partially offset by a higher foreign exchange loss of Ps. 739 million as compared to a loss of Ps. 46 million during the first nine months of the previous year, mainly as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso. In addition, we recorded a lower gain in monetary position in inflationary subsidiaries of Ps. 134 million as compared to a gain of Ps. 434 million during the same period of the previous year.

Income tax as a percentage of income before taxes was 29.6% as compared to 33.5% 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 increased 19.1% to reach Ps. 14,213 million during the first nine months of 2023, as compared to Ps. 11,931 million during the same period of the previous year. This increase was driven mainly by operating income growth. Earnings per share¹ were Ps. 0.85 (Earnings per unit were Ps. 6.77 and per ADS were Ps. 67.66.).

⁽¹⁾

Coca-Cola FEMSA Reports 3Q23 Results		Page 7 of 17
October 25, 2023

MEXICO & CENTRAL AMERICA DIVISION third QUARTER RESULTS

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

MEXICO & CENTRAL AMERICA DIVISION RESULTS

	As Reported					Comparable ⁽¹⁾
Expressed in millions of Mexican pesos		3Q 2023	3Q 2022	Δ%			Δ%
Total revenues		39,035	33,799	15.5	%		18.2	%
Gross profit		18,689	15,855	17.9	%		20.5	%
Operating income		6,032	5,059	19.2	%		22.5	%
Adj. EBITDA ⁽²⁾		8,182	7,171	14.1	%		17.0	%

Volume increased 13.9%, driven by double-digit growth in Mexico, Guatemala, Costa Rica, and Nicaragua. These volumes include the integration of the Cristal bulk water business, excluding this effect, volume increased 11.0% in the division and 9.7% in Mexico.

Total revenues increased 15.5% to Ps. 39,035 million, driven by volume growth, partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. Excluding currency translation effects, total revenues increased 18.2%.

Gross profit increased 17.9% to Ps. 18,689 million, and gross margin expanded 100 basis points to 47.9%. This margin expansion was driven mainly by our top-line growth, easing packaging costs, and the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by an increase in sweeteners costs. Excluding currency translation effects, gross profit increased 20.5%.

Operating income increased 19.2% to Ps. 6,032 million, and operating margin expanded 50 basis points to 15.5%, driven mainly by our top-line and gross profit growth. These effects were partially offset by an increase in operating expenses such as labor and maintenance. Excluding currency translation effects, operating income increased 22.5%.

⁽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⁾

Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 3Q23 Results		Page 8 of 17
October 25, 2023

SOUTH AMERICA DIVISION third QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

	As Reported					Comparable ⁽¹⁾
Expressed in millions of Mexican pesos		3Q 2023	3Q 2022	Δ%			Δ%
Total revenues		23,818	23,294	2.2	%		21.0	%
Gross profit		10,159	9,537	6.5	%		27.4	%
Operating income		2,428	2,275	6.7	%		28.1	%
Adj. EBITDA ⁽²⁾		3,647	3,455	5.6	%		29.1	%

Volume increased 8.1%, driven by growth across all of our territories in the division with a solid performance in Brazil, Colombia, and Uruguay, coupled with a slight volume growth in Argentina.

Total revenues increased 2.2% to Ps. 23,818 million. This increase was driven mainly by volume growth, offset by unfavorable currency translation effects of all of our operating currencies in the division into Mexican Pesos. Excluding currency translation effects, total revenues increased 21.0%.

Gross profit increased 6.5% to Ps. 10,159 million, and gross margin expanded 180 basis points to 42.7%. This increase was driven mainly by our top-line growth, easing packaging costs, and the appreciation of most of our operating currencies as compared to the U.S. dollar. These effects were partially offset by increases in sweeteners and the depreciation of the Argentine Peso as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 27.4%.

Operating income increased 6.7% to Ps. 2,428 million, resulting in an operating margin expansion of 40 basis points to 10.2%. 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 freight expenses. Excluding currency translation effects, operating income increased 28.1%.

⁽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⁾

Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 3Q23 Results		Page 9 of 17
October 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.”

Adjusted 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 3Q23 Results		Page 10 of 17
October 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 3Q23 Results		Page 11 of 17
October 25, 2023

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ⁽¹⁾

	For the Third Quarter of:																		For the First Nine 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)		6,048.6						5,507.3						9.8	%		9.8	%		17,548.7						16,327.4						7.5	%		7.4	%
Volume (million unit cases)		1,033.1						925.8						11.6	%		11.6	%		2,991.6						2,759.9						8.4	%		8.3	%
Average price per unit case		58.87						60.15						-2.1	%					58.72						58.65						0.1	%
Net revenues		62,612						57,017						9.8	%					180,780						165,723						9.1	%
Other operating revenues		241						77						213.6	%					596						319						86.8	%
Total revenues ⁽²⁾		62,853			100.0	%		57,093			100.0	%		10.1	%		19.2	%		181,376			100.0	%		166,042			100.0	%		9.2	%		19.2	%
Cost of goods sold		34,005			54.1	%		31,702			55.5	%		7.3	%					99,925			55.1	%		92,573			55.8	%		7.9	%
Gross profit		28,848			45.9	%		25,392			44.5	%		13.6	%		22.9	%		81,451			44.9	%		73,469			44.2	%		10.9	%		20.5	%
Operating expenses		19,970			31.8	%		17,933			31.4	%		11.4	%					56,500			31.2	%		51,290			30.9	%		10.2	%
Other operative expenses, net		500			0.8	%		167			0.3	%		200.0	%					421			0.2	%		451			0.3	%		-6.7	%
Operative equity method (gain) loss in associates⁽³⁾		(82	)		-0.1	%		(43	)		-0.1	%		91.3	%					(187	)		-0.1	%		(152	)		-0.1	%		22.5	%
Operating income ⁽⁵⁾		8,460			13.5	%		7,335			12.8	%		15.3	%		24.1	%		24,716			13.6	%		21,881			13.2	%		13.0	%		21.0	%
Other non operative expenses, net		138			0.2	%		94			0.2	%		46.5	%					484			0.3	%		343			0.2	%		40.9	%
Non Operative equity method (gain) loss in associates ⁽⁴⁾		(16	)		0.0	%		(113	)		-0.2	%		-85.6	%					149			0.1	%		(141	)		-0.1	%		-205.5	%
Interest expense		1,707						1,339						27.5	%					5,382						4,694						14.6	%
Interest income		721						649						11.1	%					2,578						1,606						60.5	%
Interest expense, net		986						690						42.9	%					2,804						3,088						-9.2	%
Foreign exchange loss (gain)		(322	)					(40	)					696.8	%					739						46						1518.8	%
Loss (gain) on monetary position in inflationary subsidiaries		(17	)					(124	)					-86.3	%					(134	)					(434	)					-69.1	%
Market value (gain) loss on financial instruments		(95	)					157						-160.4	%					(80	)					738						-110.8	%
Comprehensive financing result		552						682						-19.0	%					3,329						3,438						-3.2	%
Income before taxes		7,786						6,671						16.7	%					20,754						18,241						13.8	%
Income taxes		2,273						2,166						4.9	%					6,128						5,972						2.6	%
Result of discontinued operations		-						-						NA						-						-						NA
Consolidated net income		5,513						4,505						22.4	%					14,627						12,269						19.2	%
Net income attributable to equity holders of the company		5,380			8.6	%		4,374			7.7	%		23.0	%		33.9	%		14,213			7.8	%		11,931			7.2	%		19.1	%		30.2	%
Non-controlling interest		133			0.2	%		131			0.2	%		1.4	%					414			0.2	%		339			0.2	%		22.1	%

Adj. 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⁾		8,460			13.5	%		7,335			12.8	%		15.3	%		24.1	%		24,716			13.6	%		21,881			13.2	%		13.0	%		21.0	%
Depreciation		2,468						2,515						-1.9	%					7,179						7,287						-1.5	%
Amortization and other operative non-cash charges		902						777						16.1	%					1,841						1,983						-7.2	%
Adj. EBITDA ⁽⁵⁾⁽⁶⁾		11,830			18.8	%		10,626			18.6	%		11.3	%		20.5	%		33,737			18.6	%		31,151			18.8	%		8.3	%		17.3	%
CAPEX⁽⁸⁾		4,976						4,026						23.6	%					11,713						11,191						4.7	%

⁽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 Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁶⁾

Adjusted 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 September 30, 2023, the investment in fixed assets effectively paid is equivalent to Ps. 11,792 million.

Coca-Cola FEMSA Reports 3Q23 Results		Page 12 of 17
October 25, 2023

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ⁽¹⁾

	For the Third Quarter of:																		For the First Nine 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)		3,232.8						2,937.1						10.1	%		10.1	%		9,363.2						8,712.0						7.5	%		7.5	%
Volume (million unit cases)		633.2						555.8						13.9	%		13.9	%		1,813.9						1,640.5						10.6	%		10.6	%
Average price per unit case		61.28						60.80						0.8	%					61.36						59.24						3.6	%
Net revenues		39,024						33,791												111,717						97,184
Other operating revenues		11						8												23						25
Total Revenues ⁽²⁾		39,035			100.0	%		33,799			100.0	%		15.5	%		18.2	%		111,740			100.0	%		97,209			100.0	%		14.9	%		17.0	%
Cost of goods sold		20,346			52.1	%		17,945			53.1	%								58,497			52.4	%		50,853			52.3	%
Gross profit		18,689			47.9	%		15,855			46.9	%		17.9	%		20.5	%		53,243			47.6	%		46,356			47.7	%		14.9	%		16.8	%
Operating expenses		12,370			31.7	%		10,710			31.7	%								35,680			0.3			30,378			0.3
Other operative expenses, net		344			0.9	%		121			0.4	%								132			0.1	%		355			0.4	%
Operative equity method (gain) loss in associates ⁽³⁾		(57	)		-0.1	%		(36	)		-0.1	%								(121	)		-0.1	%		(112	)		-0.1	%
Operating income ⁽⁴⁾		6,032			15.5	%		5,059			15.0	%		19.2	%		22.5	%		17,552			15.7	%		15,736			16.2	%		11.5	%		11.5	%
Depreciation, amortization & other operating non-cash charges		2,151			5.5	%		2,111			6.2	%								5,566			5.0	%		5,690			5.9	%
Adj. EBITDA ⁽⁴⁾⁽⁵⁾		8,182			21.0	%		7,171			21.2	%		14.1	%		17.0	%		23,118			20.7	%		21,426			22.0	%		7.9	%		7.9	%

⁽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 Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁵⁾Adjusted 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 Third Quarter of:																		For the First Nine 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)		2,815.8						2,570.2						9.6	%		9.6	%		8,185.5						7,615.4						7.5	%		7.2	%
Volume (million unit cases)		399.9						370.0						8.1	%		8.1	%		1,177.7						1,119.4						5.2	%		4.9	%
Average price per unit case		55.05						59.18						-7.0	%					54.65						57.78						-5.4	%
Net revenues		23,588						23,225												69,063						68,539
Other operating revenues		230						69												573						293
Total Revenues ⁽²⁾		23,818			100.0	%		23,294			100.0	%		2.2	%		21.0	%		69,636			100.0	%		68,833			100.0	%		1.2	%		23.0	%
Cost of goods sold		13,659			57.3	%		13,757			59.1	%								41,428			59.5	%		41,720			60.6	%
Gross profit		10,159			42.7	%		9,537			40.9	%		6.5	%		27.4	%		28,208			40.5	%		27,113			39.4	%		4.0	%		28.2	%
Operating expenses		7,600			31.9	%		7,223			31.0	%								20,820			29.9	%		20,912			30.4	%
Other operative expenses, net		156			0.7	%		46			0.2	%								289			0.4	%		96			0.1	%
Operative equity method (gain) loss in associates ⁽³⁾		(25	)		-0.1	%		(7	)		0.0	%								(66	)		-0.1	%		(40	)		-0.1	%
Operating income ⁽⁴⁾		2,428			10.2	%		2,275			9.8	%		6.7	%		28.1	%		7,165			10.3	%		6,145			8.9	%		16.6	%		44.7	%
Depreciation, amortization & other operating non-cash charges		1,220			5.1	%		1,180			5.1	%								3,454			5.0	%		3,580			5.2	%
Adj. EBITDA ⁽⁴⁾⁽⁵⁾		3,647			15.3	%		3,455			14.8	%		5.6	%		29.1	%		10,619			15.2	%		9,724			14.1	%		9.2	%		38.0	%

⁽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 Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁵⁾Adjusted 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 3Q23 Results	Page 13 of 17
October 25, 2023

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets	Sep-23			Dec-22			% Var.
Current Assets
Cash, cash equivalents and marketable securities		38,544			40,277			-4	%
Total accounts receivable		14,292			16,318			-12	%
Inventories		11,591			11,888			-2	%
Other current assets		8,329			10,729			-22	%
Total current assets		72,756			79,211			-8	%
Non-Current Assets
Property, plant and equipment		130,010			125,293			4	%
Accumulated depreciation		(56,024	)		(54,088	)		4	%
Total property, plant and equipment, net		73,986			71,205			4	%
Right of use assets		2,119			2,069			2	%
Investment in shares		8,664			8,452			3	%
Intangible assets and other assets		101,241			103,122			-2	%
Other non-current assets		15,851			13,936			14	%
Total Assets		274,616			277,995			-1	%

Liabilities & Equity	Sep-23		Dec-22		% Var.
Current Liabilities
Short-term bank loans and notes payable		38		8,524		-100	%
Suppliers		24,452		26,834		-9	%
Short-term leasing Liabilities		609		472		29	%
Other current liabilities		33,847		22,129		53	%
Total current liabilities		58,947		57,959		2	%
Non-Current Liabilities
Long-term bank loans and notes payable		66,123		70,146		-6	%
Long Term Leasing Liabilities		1,615		1,663		-3	%
Other long-term liabilities		17,107		16,351		5	%
Total liabilities		143,791		146,119		-2	%
Equity
Non-controlling interest		6,597		6,491		2	%
Total controlling interest		124,228		125,384		-1	%
Total equity		130,825		131,876		-1	%
Total Liabilities and Equity		274,616		277,995		-1	%

	September 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		16.7	%		37.4	%		4.8	%
Colombian Pesos		1.3	%		0.0	%		6.3	%
Brazilian Reals		19.5	%		74.6	%		10.3	%
Total Debt		100	%		25.4	%		8.3	%

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

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

Debt Maturity Profile

Financial Ratios	3Q 2023			FY 2022			Δ%
Net debt including effect of hedges ⁽¹⁾⁽³⁾		29,580			38,104			-22.4	%
Net debt including effect of hedges / Adj.EBITDA ⁽¹⁾⁽³⁾		0.65			0.89
Adj. EBITDA/ Interest expense, net ⁽¹⁾		12.03			10.34
Capitalization ⁽²⁾		33.6	%		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 3Q23 Results	Page 14 of 17
October 25, 2023

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

	3Q 2023										3Q 2022										YoY
	Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Δ %
Mexico ⁽³⁾		377.2		31.8		98.7		37.5		545.3		344.8		26.8		76.4		34.0		481.9		13.1	%
Guatemala		41.3		2.1		-		2.3		45.7		34.1		0.6		-		2.3		36.9		23.9	%
CAM South		34.3		1.3		0.8		5.7		42.2		29.7		1.7		0.2		5.3		36.9		14.3	%
Mexico and Central America		452.8		35.3		99.6		45.5		633.2		408.6		29.1		76.6		41.5		555.8		13.9	%
Colombia		68.6		11.0		3.7		7.7		91.0		61.8		8.8		3.2		7.1		80.8		12.6	%
Brazil ⁽⁴⁾		214.1		18.2		2.4		21.2		255.9		204.1		14.6		2.0		18.2		238.9		7.1	%
Argentina		31.5		4.7		1.4		3.4		41.0		32.3		3.6		0.8		3.2		39.9		2.6	%
Uruguay		9.4		2.1		-		0.5		12.0		8.8		1.2		-		0.4		10.3		15.7	%
South America		323.6		35.9		7.5		32.8		399.9		307.0		28.2		6.0		28.8		370.0		8.1	%
TOTAL		776.5		71.2		107.1		78.4		1,033.1		715.6		57.3		82.5		70.4		925.8		11.6	%

⁽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 16.6 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa

Transactions

	3Q 2023								3Q 2022								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico ⁽³⁾		2,067.6		225.8		260.4		2,553.7		1,920.9		188.6		239.7		2,349.2		8.7	%
Guatemala		313.4		14.8		24.0		352.2		266.2		4.7		34.8		305.8		15.2	%
CAM South		254.1		13.1		59.7		326.9		222.4		11.8		47.9		282.1		15.9	%
Mexico and Central America		2,635.1		253.7		344.0		3,232.8		2,409.5		205.1		322.5		2,937.1		10.1	%
Colombia		508.2		115.4		77.1		700.7		458.5		93.8		75.8		628.1		11.6	%
Brazil ⁽⁴⁾		1,433.2		158.4		239.5		1,831.1		1,334.8		130.4		203.2		1,668.4		9.7	%
Argentina		165.6		30.8		31.9		228.2		171.5		24.3		27.8		223.6		2.1	%
Uruguay		44.0		7.6		4.2		55.8		42.2		4.6		3.3		50.1		11.5	%
South America		2,151.0		312.2		352.6		2,815.8		2,007.1		253.1		310.0		2,570.2		9.6	%
TOTAL		4,786.0		565.9		696.7		6,048.6		4,416.6		458.2		632.5		5,507.3		9.8	%

Revenues

Expressed in million Mexican Pesos	3Q 2023		3Q 2022		Δ %
Mexico		32,378		27,797		16.5	%
Guatemala		3,331		3,083		8.0	%
CAM South		3,327		2,920		13.9	%
Mexico and Central America		39,035		33,799		15.5	%
Colombia		4,801		4,372		9.8	%
Brazil ⁽⁵⁾		15,760		15,281		3.1	%
Argentina		2,245		2,691		-16.6	%
Uruguay		1,012		950		6.6	%
South America		23,818		23,294		2.2	%
TOTAL		62,853		57,093		10.1	%

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

⁽⁵⁾ Brazil includes beer revenues of Ps. 1,421.6 million for the third quarter of 2023 and Ps.1,325.2 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 3Q23 Results	Page 15 of 17
October 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⁾		1,062.7		95.3		290.7		110.8		1,559.5		1,013.5		79.4		225.8		101.5		1,420.2		9.8	%
Guatemala		117.1		5.7		-		6.9		129.8		97.7		3.7		-		6.6		108.0		20.1	%
CAM South		100.8		4.8		1.9		17.1		124.6		91.5		4.7		0.6		15.4		112.3		10.9	%
Mexico and Central America		1,280.6		105.8		292.6		134.9		1,813.9		1,202.7		87.8		226.4		123.6		1,640.5		10.6	%
Colombia		193.9		29.1		10.5		22.3		255.7		188.5		24.9		9.1		22.1		244.7		4.5	%
Brazil ⁽⁴⁾		636.0		52.8		7.0		61.4		757.2		604.6		46.2		7.9		61.8		720.5		5.1	%
Argentina		97.3		14.5		3.9		11.9		127.6		98.3		11.1		2.7		10.3		122.3		4.3	%
Uruguay		28.6		7.1		-		1.6		37.3		26.9		4.0		-		1.0		31.9		16.8	%
South America		955.7		103.4		21.4		97.1		1,177.7		918.3		86.1		19.7		95.2		1,119.4		5.2	%
TOTAL		2,236.3		209.2		314.1		232.0		2,991.6		2,121.1		174.0		246.1		218.8		2,759.9		8.4	%

(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 49.2 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⁾		5,935.0		675.7		783.1		7,393.8		5,681.0		559.7		727.8		6,968.5		6.1	%
Guatemala		886.3		43.7		70.3		1,000.3		765.8		27.4		64.9		858.1		16.6	%
CAM South		745.3		40.6		183.2		969.1		673.3		36.8		175.2		885.3		9.5	%
Mexico and Central America		7,566.6		760.0		1,036.5		9,363.2		7,120.1		624.0		968.0		8,712.0		7.5	%
Colombia		1,429.1		305.2		234.1		1,968.4		1,353.0		267.3		237.5		1,857.8		6.0	%
Brazil ⁽⁴⁾		4,182.7		463.8		689.0		5,335.5		3,899.2		404.0		629.8		4,933.0		8.2	%
Argentina		507.3		94.2		104.9		706.3		511.7		71.8		85.0		668.6		5.6	%
Uruguay		135.7		26.0		13.8		175.4		131.3		15.3		9.4		156.0		12.4	%
South America		6,254.6		889.2		1,041.8		8,185.6		5,895.2		758.5		961.7		7,615.4		7.5	%
TOTAL		13,821.3		1,649.2		2,078.3		17,548.8		13,015.3		1,382.4		1,929.7		16,327.4		7.5	%

Revenues

Expressed in million Mexican Pesos	YTD 2023		YTD 2022		Δ %
Mexico		91,906		79,524		15.6	%
Guatemala		9,664		8,929		8.2	%
CAM South		10,171		8,756		16.2	%
Mexico and Central America		111,740		97,209		14.9	%
Colombia		12,585		13,233		-4.9	%
Brazil ⁽⁵⁾		46,838		44,651		4.9	%
Argentina		7,102		8,154		-12.9	%
Uruguay		3,110		2,795		11.3	%
South America		69,636		68,833		1.2	%
TOTAL		181,376		166,042		9.2	%

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

⁽⁵⁾ Brazil includes beer revenues of Ps. 4,382.5 million for the first six months of 2023 and Ps. 3,857.5 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 3Q23 Results	Page 16 of 17
October 25, 2023

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation ⁽¹⁾

	LTM		3Q23		YTD
Mexico	4.44	%	1.57	%	2.86	%
Colombia	11.49	%	1.46	%	7.81	%
Brasil	4.43	%	0.26	%	3.65	%
Argentina	128.90	%	28.97	%	93.58	%
Costa Rica	-3.22	%	-0.89	%	-2.02	%
Panama	2.17	%	0.10	%	1.92	%
Guatemala	4.19	%	0.95	%	3.07	%
Nicaragua	7.58	%	1.31	%	4.56	%
Uruguay	4.07	%	-0.64	%	3.95	%

⁽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 (Local Currency per USD)				Year to Date Exchange Rate (Local Currency per USD)
	3Q23	3Q22	Δ%		YTD 23	YTD 22	Δ%
México	17.06	20.24	-15.7	%	17.83	20.27	-12.0	%
Colombia	4,047.64	4,386.03	-7.7	%	4,410.88	4,072.13	8.3	%
Brasil	4.88	5.25	-7.0	%	5.01	5.13	-2.4	%
Argentina	312.85	135.80	130.4	%	245.82	120.11	104.7	%
Costa Rica	543.28	664.64	-18.3	%	551.67	662.97	-16.8	%
Panama	1.00	1.00	0.0	%	1.00	1.00	0.0	%
Guatemala	7.86	7.76	1.3	%	7.83	7.71	1.5	%
Nicaragua	36.49	35.96	1.5	%	36.40	35.79	1.7	%
Uruguay	37.96	40.83	-7.0	%	38.58	41.57	-7.2	%

End-of-period Exchange Rates

	Closing Exchange Rate (Local Currency per USD)				Closing Exchange Rate (Local Currency per USD)
	Sep-23	Sep-22	Δ%		Jun-23	Jun-22	Δ%
México	17.62	20.31	-13.2	%	17.07	19.98	-14.6	%
Colombia	4,053.76	4,532.07	-10.6	%	4,191.28	4,127.47	1.5	%
Brasil	5.01	5.41	-7.4	%	4.82	5.24	-8.0	%
Argentina	349.95	147.32	137.5	%	256.70	125.23	105.0	%
Costa Rica	542.35	632.72	-14.3	%	549.48	692.25	-20.6	%
Panama	1.00	1.00	0.0	%	1.00	1.00	0.0	%
Guatemala	7.86	7.88	-0.3	%	7.85	7.76	1.2	%
Nicaragua	36.53	36.05	1.3	%	36.44	35.87	1.6	%
Uruguay	38.56	41.74	-7.6	%	37.41	39.86	-6.2	%

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

Coca-Cola FEMSA Reports 3Q23 Results	Page 17 of 17
October 25, 2023