Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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 February 2024

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: February, 23, 2024

Exhibit 99.1

4Q and Full Year 2023

Results

February 23, 2024

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

February 23, 2024 | Page 1

HIGHLIGHTS

Monterrey, Mexico, February 23, 2024 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter and full year of 2023.

•

FEMSA: Total Consolidated Revenues grew 4.6% against 4Q22.

•

FEMSA Retail¹: Proximity Americas total Revenues increased 14.2% against 4Q22.

•

DIGITAL: Spin by OXXO had 6.9 million active users² while Spin Premia had 19.3 million active loyalty users² and an average tender³ of 31.0%.

•

COCA-COLA FEMSA: Total volume and revenues grew 6.1% and 8.1%, respectively, against 4Q22.

Financial Summary for the Fourth Quarter and Full Year 2023

Change vs. comparable period

	Total Revenues						Gross Profit						Income from Operations						Same-Store Sales
	4Q23			YTD23			4Q23			YTD23			4Q23			YTD23			4Q23			YTD23
FEMSA Consolidated		4.6	%		17.7	%		8.5	%		15.7	%		(1.4	%)		(6.4	%)
Proximity Americas		14.2	%		19.0	%		17.2	%		20.0	%		1.0	%		11.7	%		8.5	%		14.2	%
Health		2.6	%		0.7	%		(1.2	%)		2.3	%		(43.5	%)		(15.5	%)		5.1	%		6.1	%
Fuel		9.0	%		12.9	%		10.8	%		12.0	%		13.5	%		11.0	%		4.8	%		7.8	%
Coca-Cola FEMSA		8.1	%		8.1	%		12.8	%		10.5	%		7.4	%		10.8	%

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

“Our results for the fourth quarter were strong, but less uniform across business units than what we saw earlier in the year. Revenues were robust, even as we cycled tough comparison bases at certain business units. However, on the expense side we felt more directly the cumulative effect from increased labor costs in Mexico, as well as some business- and country-specific situations that impacted our profitability.

Proximity Americas increased revenues by more than 14%, driven by high-single-digit comparable sales at OXXO and reflecting an accelerated store expansion, while we continued to see healthy growth trends in South America and across formats. In Europe, Valora achieved a strong operating result with substantial growth in a challenging macro environment. FEMSA Health delivered stable revenues, but a deteriorating dynamic in the institutional business in Colombia hurt our profitability. For its part, Coca-Cola FEMSA again delivered strong results across its income statement, while Digital@FEMSA continued to add users at a brisk pace.

On the strategic front, we recently provided incremental information regarding our capital allocation framework, and we stand ready to begin executing the plan in order to reach our stated leverage objective within two to three years.

In short, we wrapped up a unique year that was transformational on the strategic front, with remarkable results resulting from our FEMSA Forward strategy. Today, we are a leaner, more focused company, ideally positioned to pursue and capture the most compelling opportunity set we have ever had before us. Once again, I thank the entire FEMSA team for their excellent work, as we get ready to write another exciting chapter.”

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.

February 23, 2024 | Page 2

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

4Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	4Q23		4Q22		Var.			Org.
Total Revenues		189,825		181,454		4.6	%		4.3	%
Income from Operations		17,532		17,781		(1.4	%)		(0.7	%)
Operating Margin (%)		9.2		9.8		(60	bps)
Adjusted EBITDA⁴		26,933		26,002		3.6	%		3.6	%
Adjusted EBITDA Margin (%)		14.2		14.3		(10	bps)
Net Income		6,337		7,990		(20.7	%)

Net Debt ex-KOF⁵

Amounts expressed in millions of Mexican Pesos (Ps.)

As of December 31, 2023	Ps.			US$³
Cash		160,780			9,514
Long-Term Debt		71,611			4,237
Lease Liabilities		94,305			5,580
Net debt		5,136			304
ND / Adj. EBITDA		0.08	x		-

Total revenues increased 4.6% in 4Q23 compared to 4Q22, driven by growth across our business units. On an organic⁴ basis, total revenues increased 4.3%.

Gross profit increased 8.5%. Gross margin expanded 140 basis points, reflecting margin expansions at Proximity Americas, Fuel, and Coca-Cola FEMSA. This was partially offset by a margin contraction in Health and Proximity Europe.

Income from operations decreased 1.4%. On an organic basis, income from operations decreased 0.7%. Consolidated operating margin decreased 60 basis points to 9.2% of total revenues, reflecting margin contractions in Coca-Cola FEMSA, Proximity Americas, and Health; this was partially offset by margin expansions in Fuel and Proximity Europe.

Net consolidated income was Ps. 6,337 million, reflecting: i) higher gross profit; and ii) a decrease in net interest expenses during the quarter. This was partially offset by: i) a non-cash foreign exchange loss of Ps. 6,302 million related to our U.S. dollar-denominated cash position impacted by the appreciation of the Mexican peso; and ii) a Ps. 3,235 million net loss from discontinued operations, mostly reflecting the accounting re-measurement from historical cost to fair value of FEMSA’s investment in Solistica and Alpunto businesses, net of impairments.

Net majority income was Ps. 0.91 per FEMSA Unit⁵ and US$0.64 per FEMSA ADS.

Capital expenditures amounted Ps. 15,679 million, driven by ongoing investment activities across our business units.

PROXIMITY AMERICAS

OXXO (Mexico & Latam³)

4Q23 Financial Summary

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

	4Q23		4Q22	Var.
Same-store sales (thousands of Ps.)		989.9	912.5		8.5	%
Total Revenues		71,530	62,652		14.2	%
Income from Operations		8,020	7,941		1.0	%
Income from Operations Margin (%)		11.2	12.7		(150	bps)
Adjusted EBITDA		11,486	10,972		5.6	%
Adjusted EBITDA Margin (%)		16.1	17.5		(140	bps)

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 December 31, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

³ The exchange rate published by the Federal Reserve Bank of New York for December 31, 2023 was 16.8998 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.

³ OXXO Latam: OXXO Colombia, Chile and Peru.

February 23, 2024 | Page 3

Total revenues increased 14.2% in 4Q23 compared to 4Q22, reflecting an 8.5% average same-store sales increase, driven by 6.3% growth in average customer ticket and an increase of 2.1% 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 514 units to reach 1,408 total net store additions for the last twelve months. As of December 31, 2023, Proximity Americas had a total of 22,866 OXXO stores.

Gross profit reached 45.4% of total revenues, reflecting strong commercial activity and promotional programs from key suppliers, partially offset by a decrease in the contribution of financial services relative to 4Q22.

Income from operations represented 11.2% of total revenues. Operating expenses increased 23.7% to Ps. 24,432 million, reflecting an increase in labor expenses resulting from labor reforms implemented in Mexico during this year.

PROXIMITY AMERICAS

Other formats

Bara¹

Total revenues increased 33.7% in 4Q23 compared to 4Q22, driven by a 13.0% 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 50 units to reach 359 total Bara stores as of December 31, 2023.

Grupo Nós²

Total revenues for the period grew 119.8%³ year-over-year, reaching R$256.1 million⁴. This figure reflects the successful evolution and expansion of the OXXO value proposition which resulted in same-store sales growth at OXXO of 9.8% ³, as well as the addition of 223 net new OXXO stores for the last twelve months. During the quarter, the store base of Grupo Nós expanded by 60 units, the majority of which are OXXO stores. As of December 31, 2023, Grupo Nós had a total of 1,716 stores, which include 440 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 In local currency, BRL.

⁴ The exchange rate published by the Federal Reserve Bank of New York for December 29, 2023 was 4.8521 BRL per USD.

February 23, 2024 | Page 4

PROXIMITY EUROPE¹

Valora

4Q23 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	4Q23		4Q22		Var.
Total Revenues		11,415		9,809		16.4	%
Income from Operations		594		332		78.9	%
Income from Operations Margin (%)		5.2		3.4		180	bps
Adjusted EBITDA		1,845		1,163		58.6	%
Adjusted EBITDA Margin (%)		16.2		11.9		430	bps

Total revenues increased 16.4% in 4Q23 compared to 4Q22, reflecting positive pricing initiatives, as well as the growth of Valora’s foodservice sales. As of the end of the period, Proximity Europe had 2,808 points of sale.

Gross profit reached 44.9% of total revenues, reflecting a positive performance of the food products and foodservice category, which have a structurally higher margin.

Income from operations amounted to 5.2% of total revenues, reflecting the contribution of foodservice, higher promotional income, as well as positive operating leverage. Operating expenses increased 6.1% to Ps. 4,526 million, reflecting an increase in labor expenses partially offset by a decrease in administrative expenses.

¹ The Proximity Europe segment is comprised of Valora. The acquisition of Valora was concluded in October 2022, the financial summary reflects 2 months and 23 days in both years for comparability purposes.

February 23, 2024 | Page 5

HEALTH

4Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

	4Q23	4Q22	Var.
Same-store sales (thousands of Ps.)	1,128.3	1,073.3	5.1	%
Total Revenues	19,254	18,774	2.6	%
Income from Operations	573	1,014	(43.5	%)
Income from Operations Margin (%)	3.0	5.4	(240	bps)
Adjusted EBITDA	2,262	1,946	16.2	%
Adjusted EBITDA Margin (%)	11.7	10.4	130	bps

Total revenues increased 2.6% in 4Q23 compared to 4Q22, mainly reflecting positive local currency sales trends in most of our territories, offset by a challenging competitive environment in Mexico, and by currency translation effects. During the quarter, FEMSA Health’s store base expanded by 127 units reaching a total of 4,474 locations across its territories as of December 31, 2023. This figure reflects the addition of 379 net new locations in the last twelve months. Same-store sales increased by an average of 5.1%, reflecting the trends described above. However, on a currency-neutral¹ basis, total revenues grew 9.0% while same-store sales increased by 3.1%.

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

February 23, 2024 | Page 6

Gross profit was 29.2%, reflecting efficiencies and more effective collaboration and execution with key suppliers, as well as a negative price-mix effect resulting from an increase in the contribution of our institutional sales channel in Colombia.

Income from operations amounted to 3.0% of total revenues. Operating expenses increased 8.0% to Ps. 5,049 million, reflecting an increase in labor expenses in Mexico and Chile, and a charge of Ps. 527 million for uncollectible accounts. Partially offset by a tight expense control across our operations.

FUEL

4Q23 Financial Summary
Amounts expressed in millions of Mexican Pesos (Ps.) except same-station sales

	4Q23	4Q22	Var.
Same-station sales (thousands of Ps.)	7,982.7	7,616.9	4.8	%
Total Revenues	15,121	13,875	9.0	%
Income from Operations	697	614	13.5	%
Income from Operations Margin (%)	4.6	4.4	20	bps
Adjusted EBITDA	943	920	2.5	%
Adjusted EBITDA Margin (%)	6.2	6.6	(40	bps)

Total revenues increased 9.0% in 4Q23 compared to 4Q22, reflecting a 4.8% average same-station sales increase, driven by 2.1% 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 571 points of sale as of December 31, 2023. This figure reflects the addition of three net stations for the last twelve months.

Gross profit was 13.4% of total revenues.

Income from operations amounted to 4.6% of total revenues, reflecting tight expense control and operational efficiencies. Operating expenses increased 9.4% to Ps. 1,325 million, reflecting increased labor expenses.

February 23, 2024 | Page 7

FEMSA Retail Operations Summary

Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago)

	4Q23
Proximity Americas
OXXO¹	14.2	%
Mexico	13.8	%
OXXO Latam²	35.0	%

Other Proximity Americas formats
Bara	33.7	%
OXXO Brazil³	119.8	%

Proximity Europe⁴	9.5	%
OXXO Gas	9.0	%

FEMSA Health⁵	9.0	%
Chile	2.9	%
Colombia	11.9	%
Ecuador	(1.9	%)
Mexico	2.9	%

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)

	4Q23
Proximity Americas
OXXO	6.6	%
Mexico	5.2	%
OXXO Latam¹	55.8	%

Other Proximity Americas formats
Bara	32.5	%
OXXO Brazil²	102.8	%

Proximity Europe³	1.5	%
OXXO Gas	0.5	%

FEMSA Health	9.3	%
Chile	3.7	%
Colombia	14.5	%
Ecuador	5.2	%
Mexico	11.7	%

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

	4Q23
Proximity Americas
OXXO¹	8.5	%
Mexico	8.5	%
OXXO Latam²	9.9	%

Other Proximity Americas formats
Bara	13.0	%
OXXO Brazil³	9.8	%

Proximity Europe⁴	N.A.
OXXO Gas	4.8	%

FEMSA Health⁵	3.1	%
Chile	(0.4	%)
Colombia	12.0	%
Ecuador	(1.7	%)
Mexico	(7.8	%)

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.

February 23, 2024 | Page 8

DIGITAL@FEMSA¹

Spin by OXXO

Spin by OXXO acquired 1.1 million users during the quarter to reach 9.9 million total users in 4Q23, compared to 5.3 million users in 4Q22. This represents an increase of 86.1% YoY and a 5.3% compound monthly growth rate. Active users² represented 70.1% of the total acquired user base. Total transactions per month increased 12.6%³ during the quarter to reach an average of 47.1 million per month in 4Q23, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 3.7 million users during the quarter to reach 40.2 million total users in 4Q23, compared to 26.1 million users in 4Q22. This represents an increase of 54.3% YoY and a 3.7% compound monthly growth rate. Active users⁴ represented 48.0% of the total acquired user base. The average tender⁵ during the quarter was 31.0%.

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.

February 23, 2024 | Page 9

RESULTS FOR THE FULL YEAR OF 2023

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

Financial Summary for the Full Year 2023

Amounts expressed in millions of Mexican Pesos (Ps.)

	2023		2022		Var.			Org.
Total Revenues		702,692		597,008		17.7	%		17.4	%
Income from Operations		59,812		63,870		(6.4	%)		(6.3	%)
Operating Margin (%)		8.5		10.7		(220	bps)
Adjusted EBITDA¹		96,386		94,491		2.0	%		1.9	%
Adjusted EBITDA Margin (%)		13.7		15.8		(210	bps)
Net Income		77,378		34,743		122.7	%

Total revenues increased 17.7%. On an organic basis², total revenues increased 17.4% reflecting growth across all our operations.

Gross profit increased 15.7%. Gross margin decreased 70 basis points to 39.8% of total revenues, reflecting a gross margin contraction at Fuel, as well as the consolidation of Proximity Europe. This was partially offset by margin expansion on Proximity Americas, Coca-Cola FEMSA and Health, offset by margin.

Income from operations decreased 6.4%. On an organic basis², income from operations decreased 6.3%. Our consolidated operating margin decreased 220 basis points to 8.5% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, flat margin in Fuel, offset by margin contractions at Proximity Americas, and Health, as well as by the consolidation of Proximity Europe.

Our effective income tax rate was 22.9% for the full year 2023, compared to 28.3% in 2022. Our income tax provision was Ps. 13,577 million in 2023.

Net consolidated income increased to Ps. 77,378 million, reflecting; i) a Ps. 32,238 million net income from discontinued operations, mostly reflecting the accounting re-measurement from historical cost to fair value of FEMSA’s investment in Heineken, and the Solistica and Alpunto businesses; a ii) higher other non-operating income of Ps. 7,048 million, mainly related to the divestment of FEMSA’s minority stake in Jetro Restaurant Depot; and iii) a Ps. 17,609 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. This was partially offset by: i) a non-cash foreign exchange loss of Ps. 9,849, related to FEMSA’s U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso.

Net majority income per FEMSA Unit⁴was Ps.18.55 (US$10.98 per ADS).

Capital expenditures amounted to Ps. 38,958 million, reflecting the reactivation of ongoing investment activities at most of our business units.

RECENT DEVELOPMENTS

On October 31, 2023, FEMSA announced that the transaction bringing together BradyIFS and Envoy Solutions had closed successfully, after receiving the necessary regulatory approvals. The transaction combines the strengths and complementary footprints of Envoy Solutions and BradyIFS to create a strong customer-focused platform to effectively provide its customers with high-value solutions, and its supplier partners with excellent market reach, delivering more products and solutions in more locations across the United States. With this transaction, FEMSA continues to deliver on its FEMSA Forward strategy.

On November 9, 2023, FEMSA announced the final results of its previously announced offer (the "Tender Offer") to purchase for cash any and all of its outstanding US$552,830,000 principal amount of 4.375% Senior Notes due 2043 (CUSIP/ISIN: 344419 AB2 / US344419AB20) (the "Securities") on the terms and subject to the conditions set forth in the offer to purchase, dated October 31, 2023 (the "Offer to Purchase") and the related notice of guaranteed delivery (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Offer Documents").

The Tender Offer expired on November 6, 2023, at 5:00 p.m. (New York City time) (the "Expiration Date") and settled on November 9, 2023 (the "Settlement Date"). No Notice of Guaranteed Delivery was received by FEMSA prior to the Expiration Date. The aggregate amount paid by FEMSA to Holders whose Securities were accepted for purchase, including Accrued Interest and Additional Amounts, was approximately US$117 million.

¹ Adjusted 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 December 31, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

February 23, 2024 | Page 10

On November 14, 2023, FEMSA announced that in order to meet the needs of the populations affected by Otis, FEMSA through Coca-Cola FEMSA, OXXO, OXXO GAS, Farmacias Yza, Spin by OXXO, Fundación FEMSA, and Solistica continue to add support for the prompt recovery of Acapulco.

With the commissioning of two "Ven por Agua" water treatment vehicles, as of November 13, Coca-Cola FEMSA has filled 5,323 bottles (20L) of drinking water.

The Spin Premia loyalty coalition program adds to the fundraising efforts. From November 6 to December 6, users of the program could contribute their points to a fund that was transformed into support through the collaboration between FEMSA Foundation and World Vision Mexico (More than 3.6 million pesos).

Among the actions that OXXO implemented as a priority were the delivery of 7,600 food pantries for employees and the community and the delivery of 6,000 hydration products in the most affected areas and 5,520 bottles of water.

On February 15, 2024, FEMSA provided additional information regarding its future capital allocation plans. These plans have been approved by the Board of Directors of FEMSA and are an integral part of, and fully consistent with, the FEMSA Forward strategy presented in February of 2023.

FEMSA´s capital allocation strategy is focused on driving the long-term intrinsic per-share value. FEMSA believes they have abundant attractive capital deployment opportunities. Over the next five years they expect to invest capital in core organic growth initiatives in excess of Ps. 237,000 million, with close to Ps. 170,000 million of that deployed in Mexico, where they are one of the largest employers (over 280,000 employees), and taxpayers, expecting to pay over Ps. 100,000 million in aggregate income taxes for the period between fiscal 2023 and 2028. Considering the remarkable speed and success with which the FEMSA Forward-related divestments have been executed, and after accounting for expected organic and inorganic capital needs, FEMSA believes that returning capital to shareholders should be an important part of the overall strategy.

FEMSA look at the portfolio of investment opportunities available, privileging organic investments within their proven business models that can generate returns well in excess of cost of capital, and with a relatively low level of risk. Also favoring investments in initiatives and capabilities with attractive risk-reward profiles that create and drive, through market expansion and innovation, future value creation opportunities. In addition, inorganic investments will be focused on meeting the strategic objectives of core verticals and scrutinized to meet strict financial criteria: value creation and cash flow generation.

Furthermore, subject to business performance and capital deployment opportunities and beyond the ordinary dividend, FEMSA will endeavor to return to shareholders an aggregate amount equivalent to approximately six percent of FEMSA’s current public market value over the next two to three years, through a combination of additional dividends and share buybacks. This capital return framework will have the overarching tenet of not maintaining idle capital on the balance sheet, and maximizing per-share value accretion as they strive to reach and maintain a 2x Net Debt/EBITDA ex-KOF objective.

FEMSA expects to use a combination of dividends and a multi-year share buyback program to return capital to its shareholders in 2024 and beyond. To this end, the Board of Directors has approved to submit to the 2024 Annual Shareholders Meeting the following proposals: i) Increase ordinary dividends by approximately 20% compared to 2023 on an aggregate basis by paying four quarterly installments of Ps. 0.9161 per FEMSAUB unit and Ps. 1.0993 per FEMSAUBD unit (Ps. 10.9931 per ADS); ii) pay an additional dividend in four quarterly installments of Ps. 0.6418 per FEMSAUB unit and Ps. 0.7701 per FEMSAUBD unit (Ps. 7.7010 per ADS), over and above the approved ordinary dividends, to be disbursed on the same dates as the ordinary dividends; and iii) double maximum share buyback capacity from the currently existing authorization.

Consistent with the plans described above, FEMSA intends to utilize a mix of the share buyback program and additional dividends as needed. Intending to continue to use these mechanisms in the medium term, focused on per-share value accretion and maintaining our stated leverage objective.

On February 23, 2023, FEMSA announced that, as part of its commitment to the FEMSA Forward strategy, it is implementing changes in its corporate organization.

Consistent with the FEMSA Forward strategy, each of the three core business verticals will continue strengthening their already robust teams to ensure they capture the significant growth opportunities ahead of them. Their size and complexity require a strong team, dedicated to the execution of their strategies, and the achievement of their business objectives. FEMSA corporate organization will focus on setting the overall strategic direction and providing guidance and support for the core businesses, including all major strategic, financial, and capital market-related matters.

In this context, and having largely concluded the transformational transactions stemming from FEMSA Forward, FEMSA announces two changes in FEMSA’s senior leadership team.

February 23, 2024 | Page 11

Francisco Camacho Beltrán, FEMSA’s Chief Corporate Officer, has decided to complete his cycle at the Company and pursue new professional challenges, stepping down from his role effective April 30, 2024. Since joining the Company in 2020, Francisco successfully led most of the corporate functions of FEMSA, while also playing a pivotal role in defining FEMSA’s Strategic Priorities Framework, ensuring its alignment with the new FEMSA Forward strategy, and coordinating the development of the current long-range plans of FEMSA and its business units. He leaves the Company with a clear roadmap for sustained growth, and in an enviable position to meet all the ambitious goals that the Company has set in its sustainability efforts.

Eugenio Garza y Garza, FEMSA’s Chief Financial Officer (“CFO”), has also decided to finish his cycle at the Company and step down as CFO effective April 30, 2024. Since joining FEMSA in 2018, Eugenio has played an instrumental role in the strategic and corporate development of FEMSA, including the design and implementation of the FEMSA Forward strategy in record time, the successful divestment of FEMSA’s stake in Heineken, JRD, and Envoy, as well as numerous other benchmark-setting M&A and capital market transactions. His leadership, financial acumen, and strategic vision have been key to the continued success and financial strength of FEMSA and its Business Units.

Martin Arias Yaniz has been appointed Chief Financial Officer, effective April 30, 2024. Martin has been an integral part of FEMSA’s finance and strategy team for 25 years. He began working with FEMSA in 1999 as a strategic advisor before formally joining FEMSA in 2003, occupying different leadership positions in the Corporate Development, Strategic Planning, and Treasury teams at both Coca-Cola FEMSA and FEMSA. From 2014 until 2019, he was FEMSA’s Director of Strategic Planning and Corporate Development. Since his departure from this role, Martin has continued as a close and trusted advisor of the Company for strategic projects, including FEMSA Forward and the implementation of its related transactions. He will serve as FEMSA’s CFO on an interim basis, and FEMSA will conduct a thorough search process to appoint a permanent replacement in due course. FEMSA’s CFO will report to José Antonio Fernández Carbajal, FEMSA’s Executive Chairman and CEO.

Martin will work closely with Francisco and Eugenio over the next two months to facilitate a seamless handover. In addition, during this period, Eugenio will launch the implementation of the capital allocation elements of the FEMSA Forward strategy that was announced on February 15, transitioning to Martin in due course to ensure its continued success. Following his departure from the CFO position, Eugenio will remain working with FEMSA in an advisory role for key strategic projects.

CONFERENCE CALL INFORMATION

Our Fourth Quarter and Full Year 2023 Conference Call will be held on: Friday, February 23, 2024, 10:00 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/j59xingg/

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. 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 December 31, 2023, which was 16.8998 Mexican pesos per US dollar.

February 23, 2024 | Page 12

FORWARD-LOOKING STATEMENTS

This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

Our consolidated financial statements as of and for the year ended December 31, 2023, are not yet available, and the independent audit of those financial statements is ongoing and has not yet been completed. The unaudited preliminary financial information as of and for the year ended December 31, 2023, presented herein, is preliminary and subject to change as we complete our financial closing procedures and prepare our consolidated financial statements, and as our independent registered public accounting firm completes its audit of such consolidated financial statements. As of the date of this release, our independent registered public accounting firm has not expressed an opinion or any other form of assurance on any financial information as of or for the year ended December 31, 2023, or on our internal control over financial reporting as of December 31, 2023. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notes providing additional disclosures.

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

February 23, 2024 | Page 13

FEMSA – Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:																	For the twelve months of:
	2023			% of rev.			2022			% of rev.		% Var.			% Org.^(A)			2023			% of rev.			2022			% of rev.		% Var.			% Org.^(A)
Total revenues		189,825			100.0			181,454			100.0		4.6			4.3			702,692			100.0			597,008			100.0		17.7			17.4
Cost of sales		111,910			59.0			109,639			60.4		2.1						423,185			60.2			355,490			59.5		19.0
Gross profit		77,915			41.0			71,815			39.6		8.5						279,507			39.8			241,518			40.5		15.7
Administrative expenses		8,178			4.3			10,512			5.8		(22.2	)					31,480			4.5			28,077			4.7		12.1
Selling expenses		52,741			27.8			43,480			24.0		21.3						188,732			26.9			149,145			25.0		26.5
Other operating expenses (income), net ⁽¹⁾		(536	)		(0.3	)		42			-		N.S.						(517	)		(0.1	)		426			0.1		N.S.
Income from operations ⁽²⁾		17,532			9.2			17,781			9.8		(1.4	)		(0.7	)		59,812			8.5			63,870			10.7		(6.4	)		(6.3	)
Other non-operating expenses (income)		2,494						1,018					145.0						(7,048	)					1,227					N.S.
Interest expense		6,232						4,288					45.3						14,916						15,853					(5.9	)
Interest income		4,535						1,171					N.S.						17,609						3,769					N.S.
Interest expense, net		1,697						3,117					(45.6	)					(2,693	)					12,084					N.S.
Foreign exchange loss (gain)		6,302						3,521					79.0						9,849						3,696					166.5
Other financial expenses (income), net		(165	)					(196	)				(15.8	)					346						175					97.7
Financing expenses, net		7,834						6,442					21.6						7,502						15,955					(53.0	)
Income before income tax and participation in associates results		7,204						10,321					(30.2	)					59,358						46,688					27.1
Income tax ⁽⁵⁾		(2,471	)					1,418					N.S.						13,577						13,275					2.3
Participation in associates results ⁽³⁾		(103	)					(28	)				N.S.						(641	)					(93	)				N.S.
Continued Operations net income (Loss)		9,572						8,875					7.9						45,140						33,320					35.5
Discontinued Operations net income (Loss)		(3,235	)					(885	)				(140.5	)					32,238						1,423					(7.2	)
Consolidated net income (Loss)		6,337						7,990					(20.7	)					77,378						34,743					122.7
Net majority income		3,267						3,969					(17.7	)					66,390						23,909					177.7
Net minority income		3,070						4,021					(23.7	)					10,988						10,834					1.4

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		17,532		9.2		17,781		9.8		(1.4	)		(0.7	)		59,812		8.5		63,870		10.7		(6.4	)		(6.3	)
Depreciation		8,044		4.2		7,239		4.0		11.1						31,378		4.5		26,109		4.4		20.2
Amortization & other non-cash charges		1,357		0.8		982		0.5		38.2						5,196		0.7		4,512		0.7		15.2
Adjusted EBITDA		26,933		14.2		26,002		14.3		3.6			3.6			96,386		13.7		94,491		15.8		2.0			1.9
CAPEX		15,679				13,853				13.2						38,958				32,854				18.6

^(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 December, the CAPEX effectively paid is equivalent to Ps. 38,068 million.
⁽⁵⁾ Includes negative effect on Income Tax of ($2,467M) due to a decrease in tax profit due to loss in FX.

February 23, 2024 | Page 14

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

ASSETS	Dec-23		Dec-22		% Inc.
Cash and cash equivalents		165,112		83,439		97.9
Investments		26,728		51		N.S.
Accounts receivable		38,863		45,527		(14.6	)
Inventories		58,222		62,224		(6.4	)
Other current assets		41,472		35,208		17.8
Current Assets Available for sale		25,819		-		N.S.
Total current assets		356,216		226,449		57.3
Investments in shares		26,341		103,669		(74.6	)
Property, plant and equipment, net		141,530		134,001		5.6
Right of use		85,744		83,966		2.1
Intangible assets ⁽¹⁾		144,815		190,772		(24.1	)
Other assets		51,190		59,958		(14.6	)
TOTAL ASSETS		805,836		798,815		0.9

LIABILITIES & STOCKHOLDERS’ EQUITY	Dec-23		Dec-22		% Inc.
Bank loans		2,453		1,862		31.7
Current maturities of long-term debt		8,955		14,471		(38.1	)
Interest payable		1,677		2,075		(19.2	)
Current maturities of long-term leases		12,236		12,095		1.2
Operating liabilities		149,396		144,411		3.5
Short term liabilities available for sale		11,569		-		N.S.
Total current liabilities		186,286		174,914		6.5
Long-term debt ⁽²⁾		125,417		170,989		(26.7	)
Long-term leases		83,838		81,222		3.2
Laboral obligations		6,920		7,048		(1.8	)
Other liabilities		24,247		26,841		(9.7	)
Total liabilities		426,708		461,014		(7.4	)
Total stockholders’ equity		379,128		337,801		12.2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		805,836		798,815		0.9

	December 31, 2023
DEBT MIX ⁽²⁾	% of Total			Average Rate
Denominated in:
Mexican pesos		52.5	%		9.1	%
U.S. Dollars		26.3	%		3.4	%
Euros		8.5	%		2.9	%
Swiss Francs		0.7	%		1.5	%
Colombian pesos		0.6	%		6.3	%
Argentine pesos		0.1	%		130.0	%
Brazilian reais		10.3	%		9.6	%
Chilean pesos		1.0	%		9.4	%
Uruguayan Pesos		0.0	%		0.0	%
Guatemalan Quetzal		0.0	%		0.0	%
Total debt		100.0	%		7.1	%

Fixed rate ⁽²⁾		82.6	%
Variable rate ⁽²⁾		17.4	%

DEBT MATURITY PROFILE		2024				2025				2026				2027				2028				2029+
% of Total Debt			0.1	%			5.8	%			1.6	%			9.1	%			7.8	%			75.6	%

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

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

February 23, 2024 | Page 15

Net Debt & Adjusted EBITDA ex-KOF

Amounts expressed in millions of US Dollars (US.)

	Twelve months ended December 31, 2023
	Reported Adj. EBITDA		Adjustments			Adj. EBITDA Ex-KOF⁴
Proximity Americas & Europe¹		2,649		-			2,649
Fuel		210		-			210
Health Division		465		-			465
Envoy Solutions		-		-			-
Coca-Cola FEMSA²		2,711		(2,711	)		-
Other³		70		-			70
FEMSA Consolidated		6,105		(2,711	)		3,394

Dividends Received⁴		-		381			381

FEMSA Consolidated ex-KOF		6,105		(2,330	)		3,775

	As of December 31, 2023
	Reported		Adjustments			Ex-KOF
Cash & Equivalents		9,514		-			9,514
Coca-Cola FEMSA Cash & Equivalents		1,838		(1,838	)		-
Cash & Equivalents		11,352		(1,838	)		9,514

Financial Debt⁵		4,237		-			4,237
Coca-Cola FEMSA Financial Debt		3,859		(3,859	)		-
Lease Liabilities		5,580		-			5,580
Coca-Cola FEMSA Lease Liabilities		105		(105	)		-
Debt		13,781		(3,964	)		9,818

FEMSA Net Debt		2,430		(2,126	)		304

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for December 31, 2023 which was 16.8998 MXN per USD.

¹Includes Proximity Europe only for the consolidated period.

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

³Includes 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$316 mm, 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.

February 23, 2024 | Page 16

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:												For the twelve months of:
	2023			% of rev.			2022		% of rev.		% Var.		2023			% of rev.			2022		% of rev.		% Var.
Total revenues		71,530			100.0			62,652		100.0		14.2		278,520			100.0			233,958		100.0		19.0
Cost of sales		39,078			54.6			34,953		55.8		11.8		161,458			58.0			136,372		58.3		18.4
Gross profit		32,452			45.4			27,699		44.2		17.2		117,062			42.0			97,586		41.7		20.0
Administrative expenses		2,006			2.8			1,694		2.7		18.4		6,514			2.3			6,066		2.6		7.4
Selling expenses		22,806			31.9			18,057		28.8		26.3		84,493			30.4			67,842		28.9		24.5
Other operating expenses (income), net		(380	)		(0.5	)		7		-		N.S.		(216	)		(0.1	)		165		0.1		N.S.
Income from operations		8,020			11.2			7,941		12.7		1.0		26,271			9.4			23,513		10.1		11.7
Depreciation		3,229			4.5			2,870		4.6		12.5		12,437			4.5			11,101		4.7		12.0
Amortization & other non-cash charges		237			0.4			161		0.2		47.2		976			0.3			928		0.4		5.2
Adjusted EBITDA		11,486			16.1			10,972		17.5		4.7		39,684			14.2			35,542		15.2		11.7
CAPEX		3,972						3,156				25.9		13,776						9,931				38.7

Information of OXXO Stores
Total stores					22,866	21,458	6.6
Stores Mexico					21,970	20,883	5.2
Stores South America					896	575	55.8

Net new convenience stores:
vs. Last quarter	514	559	(8.1	)
Year-to-date	1,408	1,027	37.1
Last-twelve-months	1,408	1,027	37.1

Same-store data: ⁽¹⁾
Sales (thousands of pesos)	989.9	912.5	8.5		993.6	869.8	14.2
Traffic (thousands of transactions)	18.2	17.8	2.1		18.6	17.5	5.8
Ticket (pesos)	54.5	51.3	6.3		53.5	49.6	8.0

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

February 23, 2024 | Page 17

Proximity Europe – Results of Operations¹

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:											For the twelve months of:
		2023		% of rev.		2022		% of rev.		% Var.			2023		% of rev.		20221		% of rev.		% Var.
Total revenues		11,415		100.0		9,809		100.0		16.4			43,552		100.0		9,809		100.0		NA
Cost of sales		6,295		55.1		5,210		53.1		20.8			24,930		57.2		5,210		53.1		NA
Gross profit		5,120		44.9		4,599		46.9		11.3			18,622		42.8		4,599		46.9		NA
Administrative expenses		896		7.8		1,294		13.2		(30.8	)		3,231		7.4		1,294		13.2		NA
Selling expenses		3,955		34.7		3,112		31.7		27.1			14,371		33.1		3,112		31.7		NA
Other operating expenses (income), net		(325	)	(2.8	)	(139	)	(1.4	)	133.8			(379	)	(0.9	)	(139	)	(1.4	)	NA
Income from operations		594		5.2		332		3.4		78.9			1,399		3.2		332		3.4		NA
Depreciation		1,145		10.0		777		7.9		47.4			4,406		10.1		777		7.9		NA
Amortization & other non-cash charges		106		1.0		54		0.6		96.3			442		1.0		54		0.6		NA
Adjusted EBITDA		1,845		16.2		1,163		11.9		58.6			6,247		14.3		1,163		11.9		NA
CAPEX		912		8		544		5.5		67.7			1,654		3.8		544		5.5		NA

1 The Proximity Europe segment is comprised of Valora. The acquisition of Valora was concluded in October 2022, the financial summary reflects 2 months and 23 days in both years for comparability purposes..

February 23, 2024 | Page 18

Health Division – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:															For the twelve months of:
	2023			% of rev.			2022			% of rev.			% Var.			2023			% of rev.		2022			% of rev.		% Var.
Total revenues		19,254			100.0			18,774			100.0			2.6			75,358			100.0		74,800			100.0		0.7
Cost of sales		13,632			70.8			13,085			69.7			4.2			52,859			70.1		52,817			70.6		0.1
Gross profit		5,622			29.2			5,689			30.3			(1.2	)		22,499			29.9		21,983			29.4		2.3
Administrative expenses		550			2.9			783			4.2			(29.8	)		2,788			3.7		2,918			3.9		(4.5	)
Selling expenses		4,535			23.5			3,903			20.8			16.2			16,402			21.8		15,139			20.2		8.3
Other operating expenses (income), net		(36	)		(0.2	)		(11	)		(0.1	)		N.S.			(20	)		-		(12	)		-		66.7
Income from operations		573			3.0			1,014			5.4			(43.5	)		3,329			4.4		3,938			5.3		(15.5	)
Depreciation		788			4.1			731			3.9			7.8			3,099			4.1		2,934			3.9		5.6
Amortization& other non-cash charges		901			4.6			201			1.1			N.S.			1,645			2.2		751			1.0		119.0
Adjusted EBITDA		2,262			11.7			1,946			10.4			16.2			8,073			10.7		7,623			10.2		5.9
CAPEX		755						1,604						(53.0	)		1,750					2,868					(39.0	)

Information of Stores
Total stores																	4,474					4,095					9.3
Stores Mexico																	1,759					1,575					11.7
Stores South America																	2,715					2,520					7.7

Net new stores:
vs. Last quarter		127						124						2.4
Year-to-date		379						434						(12.7	)
Last-twelve-months		379						434						(12.7	)

Same-store data: ⁽¹⁾
Sales (thousands of pesos)		1,128.3						1,073.3						5.1			1,138.8					1,072.9			6.1

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

February 23, 2024 | Page 19

Fuel – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:													For the twelve months of:
	2023			% of rev.			2022		% of rev.		% Var.			2023			% of rev.		2022			% of rev.		% Var.
Total revenues		15,121			100.0			13,875		100.0		9.0			58,499			100.0		51,813			100.0		12.9
Cost of sales		13,099			86.6			12,050		86.8		8.7			51,155			87.4		45,253			87.3		13.0
Gross profit		2,022			13.4			1,825		13.2		10.8			7,344			12.6		6,560			12.7		12.0
Administrative expenses		100			0.7			78		0.6		28.2			299			0.5		227			0.4		31.7
Selling expenses		1,245			8.2			1,122		8.1		11.0			4,548			7.8		4,084			8.0		11.4
Other operating expenses (income), net		(20	)		(0.1	)		11		0.1		N.S.			(1	)		-		(1	)		-		-
Income from operations		697			4.6			614		4.4		13.5			2,498			4.3		2,250			4.3		11.0
Depreciation		286			1.9			270		1.9		5.9			1,130			1.9		1,054			2.0		7.2
Amortization& other non-cash charges		(40	)		(0.3	)		36		0.3		N.S.			21			-		67			0.2		(68.7	)
Adjusted EBITDA		943			6.2			920		6.6		2.5			3,649			6.2		3,371			6.5		8.2
CAPEX		70						99				(28.8	)		186					157					18.7

Information of OXXO GAS Service Stations
Total stores															571					568					0.5
Net new convenience stores:
vs. Last quarter		0						0				-
Year-to-date		3						1				N.S
Last-twelve-months		3						1				N.S
Volume (millions of liters) total stations		616						613				0.6			1,840					1,755					4.8
Same-store data: (1)
Sales (thousands of pesos)		7,982.7						7,616.9				4.8			7,506.4					6,964.2					7.8
Traffic (thousands of liters)		382.3						374.3				2.1			361.2					346.8					4.1
Average price per liter		20.9						20.3				2.6			20.8					20.1					3.5

^(A) Unaudited consolidated financial information.

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

February 23, 2024 | Page 20

Coca-Cola FEMSA – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

	For the fourth quarter of:										For the twelve months of:
	2023		% of rev.		2022		% of rev.		% Var.		2023		% of rev.		2022		% of rev.		% Var.
Total revenues		66,190		100.0		61,209		100.0		8.1		245,088		100.0		226,740		100.0		8.1
Cost of sales		35,664		53.9		34,142		55.8		4.5		134,229		54.8		126,441		55.8		6.2
Gross profit		30,526		46.1		27,068		44.2		12.8		110,860		45.2		100,300		44.2		10.5
Administrative expenses		3,137		4.7		3,049		5.0		2.9		12,820		5.2		11,263		5.0		13.8
Selling expenses		17,315		26.2		14,819		24.2		16.8		63,278		25.9		57,718		25.4		9.6
Other operating expenses (income), net		390		0.6		187		0.3		108.6		582		0.2		481		0.2		21.0
Income from operations		9,684		14.6		9,013		14.7		7.4		34,180		13.9		30,838		13.6		10.8
Depreciation		2,638		4.0		2,397		3.9		10.1		9,695		4.0		9,657		4.3		0.4
Amortization & other non-cash charges		849		1.3		544		0.9		56.1		2,543		1.0		2,506		1.1		1.5
Adjusted EBITDA		13,171		19.9		11,954		19.5		10.2		46,418		18.9		43,001		19.0		7.9
CAPEX		9,683				8,489				14.1		21,396				19,665				8.8

Sales Volumes
(Millions of unit cases)
Mexico and Central America		580.9		55.0		547.9		55.0		6.0		2,394.8		59.2		2,188.4		58.3		9.4
South America		157.4		14.9		151.7		15.2		3.8		577.9		14.3		550.6		14.7		5.0
Brazil		318.0		30.1		295.8		29.7		7.5		1,075.1		26.6		1,016.2		27.1		5.8
Total		1,056.2		100.0		995.3		100.0		6.1		4,047.8		100.0		3,755.2		100.0		7.8

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

February 23, 2024 | Page 21

FEMSA Macroeconomic Information

	Inflation						End-of-period Exchange Rates
							Dec-23				Dec-22
				LTM ⁽¹⁾
	4Q 2023			Dec-23			Per USD		Per MXN		Per USD		Per MXN
Mexico		1.75	%		4.66	%		16.89		1.0000		19.36		1.0000
Colombia		1.36	%		9.28	%		3,822.05		0.0044		4,810.20		0.0040
Brazil		0.94	%		4.62	%		4.84		3.4895		5.22		3.7107
Argentina		60.86	%		211.41	%		808.45		0.0209		177.16		0.1093
Chile		1.07	%		3.94	%		877.12		0.0193		855.86		0.0226
Euro Zone		-0.53	%		2.91	%		0.90		18.7611		0.94		20.6519

⁽¹⁾ LTM = Last twelve months.

February 23, 2024 | Page 22

Mexico City, February 22, 2024, 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 fourth quarter of 2023.

FOURTH QUARTER HIGHLIGHTS

	·	Volume growth 6.1%
	·	Revenue growth 8.0%
	·	Operating income growth 7.3%
	·	Majority net income decreased 24.5%
	·	Earnings per share¹ were Ps. 0.32. (Earnings per unit were Ps. 2.57 and per ADS were Ps. 25.67.)
	·	Achieved more than 1.1 million monthly active buyers on Juntos+, our omnichannel B2B platform

FULL YEAR HIGHLIGHTS

	·	Volume growth 7.8% —surpassing 4 billion unit cases for the first time in Coca-Cola FEMSA’s history
	·	Revenue growth 8.1%
	·	Operating income growth 10.8%
	·	Majority net income growth 2.6%
	·	Earnings per share¹ were Ps. 1.16. (Earnings per unit were Ps. 9.30 and per ADS were Ps. 92.99.)
	·	Achieved more than US$2.5 billion in digital revenues through Juntos+

FINANCIAL SUMMARY FOR THE FOURTH QUARTER RESULTS

Change vs. same period of last year

		Total Revenues				Gross Profit				Operating Income				Majority Net Income
		4Q23		FY 2023		4Q23		FY 2023		4Q23		FY 2023		4Q23		FY 2023
	Consolidated	8.0	%	8.1	%	12.6	%	10.5	%	7.3	%	10.8	%	(24.5	)%	2.6	%
As Reported	Mexico & Central America	11.3	%	14.0	%	17.5	%	15.5	%	7.8	%	10.6	%
	South America	3.8	%	(0.0	)%	5.8	%	2.4	%	6.7	%	11.3	%

	Consolidated	15.7	%	18.0	%	21.3	%	20.5	%	15.3	%	19.4	%
Comparable ⁽²⁾	Mexico & Central America	13.1	%	16.0	%	19.4	%	17.5	%	10.0	%	12.6	%
	South America	19.5	%	21.3	%	24.3	%	26.5	%	23.6	%	36.7	%

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

"We are pleased to report another quarter of solid growth. Within our key markets, we achieved outstanding results, particularly in Mexico, Brazil, Colombia, and Guatemala. These results enabled us to surpass 4 billion unit cases of NARTD volume for the year, underscoring our strategic focus on a sustainable growth model across our markets.

This year also marked another milestone in our digital transformation journey. We successfully accelerated the development and adoption of our digital platform Juntos +, achieving more than 1.1 million monthly active users and digital sales of more than US$ 2.5 billion during the year. The integration of advanced analytics and user experience improvements in version 4.0, is enabling us to serve our customers more effectively, driving both loyalty and growth. Looking ahead, we are committed to further leveraging digital innovation and advanced analytics to stay ahead of consumer trends, enhance our value proposition, and drive sustainable growth.

Finally, we continue to focus on developing a consumer-centric culture, with psychological safety across all levels of our organization. This approach will continue to shape our growth mindset as we aim to continue creating value for all of our customers, consumers, and stakeholders."

	⁽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 4Q23 Results

February 22, 2024

Page 2 of 17

RECENT DEVELOPMENTS

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

On November 27, 2023, Coca-Cola FEMSA announced an investment of Ps. 575 million to support economic recovery and rehabilitate its operational units in the state of Guerrero affected by Hurricane Otis. As part of its efforts to proactively address the needs of the affected population and contribute to the swift recovery of communities, the Company has prioritized humanitarian aid to its employees and the community, through in-kind donations addressing the needs of the most affected population.

On February 13, 2024, FEMSA and Coca-Cola FEMSA announced their inclusion in S&P Global’s Sustainability Yearbook. This represented the fourth consecutive year and the sixth time in the last decade that Coca-Cola FEMSA was included. In this edition, the Company achieved high scores in Health and Nutrition, Water, Circularity and Resource Efficiency, Emissions, and Transparency and Reporting.

On February 15, 2024, Coca-Cola FEMSA announced that it will hold its Annual Shareholders' Meeting on March 19, 2024.

CONFERENCE CALL INFORMATION

Coca-Cola FEMSA Reports 4Q23 Results

February 22, 2024

Page 3 of 17

CONSOLIDATED FOURTH QUARTER RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	4Q 2023		4Q 2022		Δ%			Δ%
Total revenues		66,078		61,209		8.0	%		15.7	%
Gross profit		30,475		27,068		12.6	%		21.3	%
Operating income		9,674		9,013		7.3	%		15.3	%
Adj. EBITDA ⁽²⁾		13,149		11,954		10.0	%		19.3	%

Volume increased 6.1% to 1,056.2 million unit cases, driven by volume growth in most of our territories, including a solid performance in Mexico, Brazil, Guatemala, and Colombia, partially offset by a slight decrease in Argentina and Uruguay. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume would have increased 5.1%.

Total revenues increased 8.0% to Ps. 66,078 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 15.7%.

Gross profit increased 12.6% to Ps. 30,475 million, and gross margin increased 190 basis points to 46.1%. 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 21.3%.

Operating income increased 7.3% to Ps. 9,674 million, and operating margin decreased 10 basis points to 14.6%. This margin decrease was driven mainly by an increase in expenses such as labor, marketing, and maintenance. In addition, the Company incurred temporary expenses mostly related to the shipment of finished product to Acapulco as a result of hurricane Otis. These effects were partially offset 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. Excluding currency translation effects, operating income increased 15.3%

	⁽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 4Q23 Results

February 22, 2024

Page 4 of 17

Comprehensive financing result recorded an expense of Ps. 1,285 million, compared to an expense of Ps. 1,092 million in the previous year. This increase was driven mainly by a lower gain in monetary positions in inflationary subsidiaries of Ps. 4 million, as compared to a gain of Ps. 128 million during the same period of the previous year.

Additionally, we recorded an increase in our interest expense, net, driven mainly by a decrease of Ps. 92 million in our interest income mainly related to the depreciation of the Argentine Peso. Finally, we registered a foreign exchange loss of Ps. 317 million as compared to Ps. 281 million during the same period of the previous year as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso and other operating currencies as compared to the previous quarter.

These effects were partially offset by a (i) higher gain in financial instruments of Ps. 90 million as compared to a gain of Ps. 72 million during the previous year, driven mainly by a decrease in interest rates in Brazil; and (ii) a lower interest expense related to the maturity of a Mexican Peso denominated bond.

Income tax as a percentage of income before taxes was 33.8% as compared to 7.7%. This increase was driven mainly by deferred taxes recognized during the same period of the previous year that resulted in a lower effective tax rate in the fourth quarter of 2022.

Net income attributable to equity holders of the company was Ps. 5,392 million as compared to Ps. 7,144 million during the same period of the previous year. This decrease was driven mainly by the normalization of our effective tax rate as compared to the same period of the previous year, coupled with an increase in our comprehensive financing result. Earnings per share¹ were Ps. 0.32 (Earnings per unit were Ps. 2.57 and per ADS were Ps. 25.67.). Normalizing the base effect of a lower effective tax rate during the same period of the previous year, net income attributable to equity holders of the company increased 8.6%.

⁽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 4Q23 Results

February 22, 2024

Page 5 of 17

CONSOLIDATED FULL YEAR RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	FY 2023		FY 2022		Δ%			Δ%
Total revenues		245,088		226,740		8.1	%		18.0	%
Gross profit		110,860		100,300		10.5	%		20.5	%
Operating income		34,180		30,838		10.8	%		19.4	%
Adj. EBITDA ⁽²⁾		46,418		43,001		7.9	%		17.6	%

Volume increased 7.8% to 4,047.8 million unit cases, driven by volume growth in all of our territories, including a strong performance in Mexico, Brazil, Colombia and Guatemala. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume would have increased 6.1%.

Total revenues increased 8.1% to Ps. 245,088 million driven by volume growth, revenue management initiatives, and favorable mix effects. 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 18.0%.

Gross profit increased 10.5% to Ps. 110,860 million, and gross margin increased 100 basis points to 45.2%. 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 10.8% to Ps. 34,180 million, and operating margin increased 30 basis points to 13.9%. 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 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⁾	Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Coca-Cola FEMSA Reports 4Q23 Results

February 22, 2024

Page 6 of 17

Comprehensive financing result recorded an expense of Ps. 4,697 million, compared to an expense of Ps. 4,549 million in the previous year. This increase was driven mainly by a higher foreign exchange loss of Ps. 1,046 million as compared to a loss of Ps. 324 million during the same period of the previous year, as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso. In addition, we recorded a gain in monetary position in inflationary subsidiaries of Ps. 93 million as compared to a gain of Ps. 536 million during the same period of the previous year.

These effects were partially offset by a gain in financial instruments of Ps. 169 million as compared to a loss of Ps. 672 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 4.3% mainly as a result of a gain in our interest income that was driven by an increase in interest rates.

Income tax as a percentage of income before taxes was 30.5% as compared to 25.4%. This increase was driven mainly by deferred taxes recognized during the same period of the previous year that resulted in a lower effective tax rate.

Net income attributable to equity holders of the company increased 2.6% to reach Ps. 19,536 million as compared to Ps. 19,034 million during the same period of the previous year. This increase was driven mainly by operating income growth, partially offset by an increase in income tax. Earnings per share¹ were Ps. 1.16 (Earnings per unit were Ps. 9.30 and per ADS were Ps. 92.99.).

⁽¹⁾

Coca-Cola FEMSA Reports 4Q23 Results

February 22, 2024

Page 7 of 17

MEXICO & CENTRAL AMERICA DIVISION fourth QUARTER RESULTS

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

MEXICO & CENTRAL AMERICA DIVISION RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	4Q 2023		4Q 2022		Δ%			Δ%
Total revenues		37,622		33,792		11.3	%		13.1	%
Gross profit		18,422		15,678		17.5	%		19.4	%
Operating income		5,618		5,212		7.8	%		10.0	%
Adj. EBITDA ⁽²⁾		7,704		6,902		11.6	%		13.7	%

Volume increased 6.0% driven mainly by solid growth in Mexico and Guatemala. These volumes include the integration of the Cristal bulk water business; excluding this effect, volume would have increased 4.2% in the division and 3.1% in Mexico.

Total revenues increased 11.3% to Ps. 37,622 million, driven mainly by volume growth and revenue management initiatives, partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. Excluding currency translation effects, total revenues increased 13.1%.

Gross profit increased 17.5% to Ps. 18,422 million, and gross margin expanded 260 basis points to 49.0%. 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 19.4%.

Operating income increased 7.8% to Ps. 5,618 million, and operating margin contracted 50 basis points to 14.9%, driven mainly by an increase in operating expenses such as labor, maintenance, and marketing. In addition, the Company incurred temporary expenses mostly related to the shipment of finished product to Acapulco as a result of hurricane Otis. This impact was mostly limited to the fourth quarter, as our production facility in Guerrero is now operating normally. These effects were partially offset by our top-line and gross profit growth. Excluding currency translation effects, operating income increased 10.0%.

⁽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 4Q23 Results

February 22, 2024

Page 8 of 17

SOUTH AMERICA DIVISION FOURTH QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

	As Reported							Comparable ⁽¹⁾
Expressed in millions of Mexican pesos	4Q 2023		4Q 2022		Δ%			Δ%
Total revenues		28,456		27,417		3.8	%		19.5	%
Gross profit		12,054		11,390		5.8	%		24.3	%
Operating income		4,056		3,801		6.7	%		23.6	%
Adj. EBITDA ⁽²⁾		5,444		5,052		7.8	%		28.3	%

Volume increased 6.2%, driven by growth in Brazil and Colombia, partially offset by a slight decrease in Argentina and Uruguay.

Total revenues increased 3.8% to Ps. 28,456 million. This increase was driven mainly by volume growth, offset by unfavorable currency translation effects of most of our operating currencies in the division into Mexican Pesos. Excluding currency translation effects, total revenues increased 19.5%.

Gross profit increased 5.8% to Ps. 12,054 million, and gross margin expanded 90 basis points to 42.4%. 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 24.3%.

Operating income increased 6.7% to Ps. 4,056 million, resulting in an operating margin expansion of 40 basis points to 14.3%. This increase was driven mainly by operating expense efficiencies. This effect was partially offset by higher labor and freight expenses. Excluding currency translation effects, operating income increased 23.6%.

⁽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 4Q23 Results

February 22, 2024

Page 9 of 17

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 4Q23 Results

February 22, 2024

Page 10 of 17

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 4Q23 Results

February 22, 2024

Page 11 of 17

COCA-COLA FEMSA

CONSOLIDATED INCOME STATEMENT

Millions of Pesos ⁽¹⁾

	For the Fourth Quarter of:																		For Full Year:
	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)		6,194.6						5,987.7						3.5	%		3.5	%		23,743.2						22,315.1						6.4	%		6.3	%
Volume (million unit cases)		1,056.2						995.3						6.1	%		6.1	%		4,047.8						3,755.2						7.8	%		7.7	%
Average price per unit case		60.24						59.54						1.2	%					58.54						58.75						-0.4	%
Net revenues		65,830						61,005						7.9	%					244,264						226,222						8.0	%
Other operating revenues		248						204						21.7	%					824						518						59.0	%
Total revenues ⁽²⁾		66,078			100.0	%		61,209			100.0	%		8.0	%		15.7	%		245,088			100.0	%		226,740			100.0	%		8.1	%		18.0	%
Cost of goods sold		35,603			53.9	%		34,142			55.8	%		4.3	%					134,228			54.8	%		126,441			55.8	%		6.2	%
Gross profit		30,475			46.1	%		27,068			44.2	%		12.6	%		21.3	%		110,860			45.2	%		100,300			44.2	%		10.5	%		20.5	%
Operating expenses		20,413			30.9	%		17,868			29.2	%		14.2	%					76,098			31.0	%		68,981			30.4	%		10.3	%
Other operative expenses, net		433			0.7	%		226			0.4	%		91.6	%					813			0.3	%		673			0.3	%		20.8	%
Operative equity method (gain) loss in associates⁽³⁾		(45	)		-0.1	%		(40	)		-0.1	%		13.8	%					(232	)		-0.1	%		(192	)		-0.1	%		20.7	%
Operating income ⁽⁵⁾		9,674			14.6	%		9,013			14.7	%		7.3	%		15.3	%		34,180			13.9	%		30,838			13.6	%		10.8	%		19.4	%
Other non operative expenses, net		50			0.1	%		(34	)		-0.1	%		NA						459			0.2	%		310			0.1	%		48.2	%
Non Operative equity method (gain) loss in associates ⁽⁴⁾		(132	)		-0.2	%		(52	)		-0.1	%		151.8	%					17			0.0	%		(194	)		-0.1	%		NA
Interest expense		1,791						1,833						-2.3	%					7,102						6,500						9.3	%
Interest income		730						821						-11.2	%					3,188						2,411						32.2	%
Interest expense, net		1,062						1,012						4.9	%					3,914						4,089						-4.3	%
Foreign exchange loss (gain)		317						281						13.0	%					1,046						324						222.9	%
Loss (gain) on monetary position in inflationary subsidiaries		(4	)					(128	)					-97.1	%					(93	)					(536	)					-82.6	%
Market value (gain) loss on financial instruments		(90	)					(72	)					24.5	%					(169	)					672						NA
Comprehensive financing result		1,285						1,092						17.7	%					4,697						4,549						3.3	%
Income before taxes		8,470						8,008						5.8	%					29,007						26,173						10.8	%
Income taxes		2,802						611						358.3	%					8,781						6,547						34.1	%
Result of discontinued operations		-						-						NA						-						-						NA
Consolidated net income		5,669						7,396						-23.4	%					20,226						19,626						3.1	%
Net income attributable to equity holders of the company		5,392			8.2	%		7,144			11.7	%		-24.5	%		-18.7	%		19,536			8.0	%		19,034			8.4	%		2.6	%		12.2	%
Non-controlling interest		277			0.4	%		253			0.4	%		9.5	%					690			0.3	%		592			0.3	%		16.7	%

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⁾		9,674			14.6	%		9,013			14.7	%		7.3	%		15.3	%		34,180			13.9	%		30,838			13.6	%		10.8	%		19.4	%
Depreciation		2,632						2,397						9.8	%					9,695						9,657						0.4	%
Amortization and other operative non-cash charges		843						544						54.8	%					2,542						2,506						1.5	%
Adj. EBITDA ⁽⁵⁾⁽⁶⁾		13,149			19.9	%		11,954			19.5	%		10.0	%		19.3	%		46,418			18.9	%		43,001			19.0	%		7.9	%		17.6	%
CAPEX⁽⁸⁾		9,837						8,489						15.9	%					21,396						19,665						8.8	%

	⁽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⁾	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 December 31, 2023, the investment in fixed assets effectively paid is equivalent to Ps. 20,453 million.

Coca-Cola FEMSA Reports 4Q23 Results

February 22, 2024

Page 12 of 17

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ⁽¹⁾

	For the Fourth Quarter of:																		For Full Year:
	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)		2,981.7						2,921.2						2.1	%		2.1	%		12,344.9						11,633.2						6.1	%		6.1	%
Volume (million unit cases)		580.9						547.9						6.0	%		6.0	%		2,394.8						2,188.4						9.4	%		9.4	%
Average price per unit case		64.28						61.69						4.2	%					62.07						59.85						3.7	%
Net revenues		37,603						33,797												149,320						130,981
Other operating revenues		19						(5	)											42						21
Total Revenues ⁽²⁾		37,622			100.0	%		33,792			100.0	%		11.3	%		13.1	%		149,362			100.0	%		131,002			100.0	%		14.0	%		16.0	%
Cost of goods sold		19,200			51.0	%		18,114			53.6	%								77,698			52.0	%		68,967			52.6	%
Gross profit		18,422			49.0	%		15,678			46.4	%		17.5	%		19.4	%		71,665			48.0	%		62,035			47.4	%		15.5	%		17.5	%
Operating expenses		12,663			33.7	%		10,451			30.9	%								48,343			0.3			40,829			0.3
Other operative expenses, net		150			0.4	%		39			0.1	%								281			0.2	%		394			0.3	%
Operative equity method (gain) loss in associates ⁽³⁾		(9	)		0.0	%		(25	)		-0.1	%								(130	)		-0.1	%		(136	)		-0.1	%
Operating income ⁽⁴⁾		5,618			14.9	%		5,212			15.4	%		7.8	%		10.0	%		23,170			15.5	%		20,948			16.0	%		10.6	%		12.6	%
Depreciation, amortization & other operating non-cash charges		2,086			5.5	%		1,690			5.0	%								7,652			5.1	%		7,380			5.6	%
Adj. EBITDA ⁽⁴⁾⁽⁵⁾		7,704			20.5	%		6,902			20.4	%		11.6	%		13.7	%		30,822			20.6	%		28,329			21.6	%		8.8	%		10.7	%

	⁽¹⁾	Except volume and average price per unit case figures.
	⁽²⁾	Please refer to page 15 & 16 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 Fourth Quarter of:																		For Full Year:
	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)		3,212.9						3,066.5						4.8	%		4.8	%		11,398.3						10,681.9						6.7	%		6.5	%
Volume (million unit cases)		475.3						447.4						6.2	%		6.2	%		1,653.1						1,566.8						5.5	%		5.3	%
Average price per unit case		55.32						56.91						-2.8	%					53.43						57.21						-6.6	%
Net revenues		28,227						27,208												94,944						95,241
Other operating revenues		229						209												782						497
Total Revenues ⁽²⁾		28,456			100.0	%		27,417			100.0	%		3.8	%		19.5	%		95,726			100.0	%		95,738			100.0	%		0.0	%		21.3	%
Cost of goods sold		16,403			57.6	%		16,027			58.5	%								56,531			59.1	%		57,473			60.0	%
Gross profit		12,054			42.4	%		11,390			41.5	%		5.8	%		24.3	%		39,195			40.9	%		38,265			40.0	%		2.4	%		26.5	%
Operating expenses		7,750			27.2	%		7,417			27.1	%								27,755			29.0	%		28,152			29.4	%
Other operative expenses, net		284			1.0	%		187			0.7	%								531			0.6	%		279			0.3	%
Operative equity method (gain) loss in associates ⁽³⁾		(36	)		-0.1	%		(15	)		-0.1	%								(102	)		-0.1	%		(55	)		-0.1	%
Operating income ⁽⁴⁾		4,056			14.3	%		3,801			13.9	%		6.7	%		23.6	%		11,011			11.5	%		9,890			10.3	%		11.3	%		36.7	%
Depreciation, amortization & other operating non-cash charges		1,389			4.9	%		1,251			4.6	%								4,585			4.8	%		4,782			5.0	%
Adj. EBITDA ⁽⁴⁾⁽⁵⁾		5,444			19.1	%		5,052			18.4	%		7.8	%		28.3	%		15,596			16.3	%		14,672			15.3	%		6.3	%		34.2	%

	⁽¹⁾	Except volume and average price per unit case figures.
	⁽²⁾	Please refer to page 15 & 16 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 4Q23 Results

February 22, 2024

Page 13 of 17

COCA-COLA FEMSA

CONSOLIDATED BALANCE SHEET

Millions of Pesos

Assets	Dec-23			Dec-22			% Var.
Current Assets
Cash, cash equivalents and marketable securities		31,060			40,277			-23	%
Total accounts receivable		17,750			16,318			9	%
Inventories		11,880			11,888			0	%
Other current assets		7,105			10,729			-34	%
Total current assets		67,794			79,211			-14	%
Non-Current Assets
Property, plant and equipment		133,406			125,293			6	%
Accumulated depreciation		(54,676	)		(54,088	)		1	%
Total property, plant and equipment, net		78,730			71,205			11	%
Right of use assets		2,387			2,069			15	%
Investment in shares		9,246			8,452			9	%
Intangible assets and other assets		101,162			103,122			-2	%
Other non-current assets		14,150			13,936			2	%
Total Assets		273,471			277,995			-2	%

Liabilities & Equity	Dec-23		Dec-22		% Var.
Current Liabilities
Short-term bank loans and notes payable		140		8,524		-98	%
Suppliers		27,352		26,834		2	%
Short-term leasing Liabilities		752		472		59	%
Other current liabilities		26,623		22,129		20	%
Total current liabilities		54,867		57,959		-5	%
Non-Current Liabilities
Long-term bank loans and notes payable		65,074		70,146		-7	%
Long Term Leasing Liabilities		1,769		1,663		6	%
Other long-term liabilities		18,056		16,351		10	%
Total liabilities		139,766		146,119		-4	%
Equity
Non-controlling interest		6,680		6,491		3	%
Total controlling interest		127,025		125,384		1	%
Total equity		133,705		131,876		1	%
Total Liabilities and Equity		273,471		277,995		-2	%

	December 31, 2023
Debt Mix	% Total Debt ⁽¹⁾			% Interest Rate Floating ^(1) (2)			Average Rate
Currency
Mexican Pesos		61.4	%		6.9	%		8.8	%
U.S. Dollars		15.9	%		37.4	%		4.6	%
Colombian Pesos		1.3	%		0.0	%		6.3	%
Brazilian Reals		21.3	%		24.8	%		9.6	%
Argentine Pesos		0.1	%		0.0	%		130.0	%
Total Debt		100	%		21.9	%		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	FY 2023			FY 2022			Δ%
Net debt including effect of hedges ⁽¹⁾⁽³⁾		37,794			38,104			-0.8	%
Net debt including effect of hedges / Adj.EBITDA ⁽¹⁾⁽³⁾		0.81			0.89
Adj. EBITDA/ Interest expense, net ⁽¹⁾		11.86			10.34
Capitalization ⁽²⁾		32.8	%		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 4Q23 Results

February 22, 2024

Page 14 of 17

COCA-COLA FEMSA

QUARTERLY- VOLUME, TRANSACTIONS & REVENUES

Volume

	4Q 2023										4Q 2022										YoY
	Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Δ %
Mexico ⁽³⁾		346.1		26.4		85.8		35.1		493.4		335.3		25.0		74.8		33.6		468.7		5.3	%
Guatemala		40.5		2.0		-		2.0		44.4		36.0		1.1		-		2.1		39.2		13.2	%
CAM South		35.5		1.3		0.9		5.4		43.1		32.6		1.7		0.1		5.4		39.9		7.9	%
Mexico and Central America		422.1		29.7		86.7		42.5		580.9		404.0		27.8		75.0		41.1		547.9		6.0	%
Colombia		70.9		10.2		3.5		7.4		91.9		66.0		9.0		3.4		6.9		85.4		7.6	%
Brazil ⁽⁴⁾		266.4		22.4		3.2		26.0		318.0		250.0		20.3		2.8		22.7		295.8		7.5	%
Argentina		37.8		6.6		1.9		4.8		51.1		41.1		5.0		1.1		4.3		51.6		-1.0	%
Uruguay		12.0		1.7		-		0.8		14.4		12.4		1.8		-		0.6		14.7		-2.1	%
South America		387.0		40.8		8.5		39.0		475.3		369.5		36.1		7.4		34.5		447.4		6.2	%
TOTAL		809.1		70.5		95.2		81.5		1,056.2		773.5		63.9		82.3		75.6		995.3		6.1	%

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

Transactions

	4Q 2023								4Q 2022								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico ⁽³⁾		1,900.7		190.7		243.8		2,335.2		1,888.8		179.8		239.3		2,307.8		1.2	%
Guatemala		293.4		13.1		21.7		328.2		271.2		10.9		20.6		302.7		8.4	%
CAM South		251.1		13.0		54.2		318.3		237.6		11.6		61.4		310.6		2.5	%
Mexico and Central America		2,445.2		216.9		319.7		2,981.7		2,397.6		202.3		321.3		2,921.2		2.1	%
Colombia		513.5		106.6		68.2		688.2		481.4		94.2		70.4		645.9		6.5	%
Brazil ⁽⁴⁾		1,705.0		191.3		292.1		2,188.3		1,579.3		177.6		324.5		2,081.5		5.1	%
Argentina		182.6		41.0		44.5		268.1		201.9		32.0		37.0		270.8		-1.0	%
Uruguay		55.0		6.6		6.5		68.2		56.0		7.0		5.2		68.2		-0.1	%
South America		2,456.1		345.5		411.2		3,212.9		2,318.6		310.8		437.1		3,066.5		4.8	%
TOTAL		4,901.3		562.4		730.9		6,194.6		4,716.2		513.1		758.4		5,987.7		3.5	%

Revenues

Expressed in million Mexican Pesos	4Q 2023		4Q 2022		Δ %
Mexico		30,709		27,388		12.1	%
Guatemala		3,353		3,130		7.1	%
CAM South		3,560		3,275		8.7	%
Mexico and Central America		37,622		33,792		11.3	%
Colombia		5,094		3,567		42.8	%
Brazil ⁽⁵⁾		20,125		19,293		4.3	%
Argentina		1,932		3,273		-41.0	%
Uruguay		1,305		1,283		1.7	%
South America		28,456		27,417		3.8	%
TOTAL		66,078		61,209		8.0	%

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

(5) Brazil includes beer revenues of Ps. 1,734.2 million for the fourth quarter of 2023 and Ps.1,742.4 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 4Q23 Results

February 22, 2024

Page 15 of 17

COCA-COLA FEMSA

FY- VOLUME, TRANSACTIONS & REVENUES

Volume

	FY 2023										FY 2022										YoY
	Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Sparkling		Water ⁽¹⁾		Bulk ⁽²⁾		Stills		Total		Δ %
Mexico ⁽³⁾		1,408.7		121.7		376.6		145.9		2,052.9		1,348.8		104.4		300.6		135.1		1,888.9		8.7	%
Guatemala		157.6		7.7		-		8.9		174.2		133.7		4.8		-		8.7		147.2		18.4	%
CAM South		136.4		6.1		2.7		22.5		167.7		124.2		6.5		0.7		20.9		152.3		10.1	%
Mexico and Central America		1,702.7		135.4		379.3		177.3		2,394.8		1,606.7		115.6		301.3		164.7		2,188.4		9.4	%
Colombia		264.7		39.2		14.0		29.6		347.6		254.6		34.0		12.5		29.0		330.1		5.3	%
Brazil ⁽⁴⁾		902.4		75.2		10.2		87.4		1,075.1		854.6		66.5		10.7		84.5		1,016.2		5.8	%
Argentina		135.1		21.0		5.8		16.8		178.7		139.4		16.0		3.8		14.6		173.9		2.7	%
Uruguay		40.6		8.7		-		2.4		51.7		39.2		5.7		-		1.6		46.6		10.9	%
South America		1,342.7		144.2		30.0		136.1		1,653.1		1,287.8		122.2		27.1		129.7		1,566.8		5.5	%
TOTAL		3,045.4		279.7		409.3		313.5		4,047.8		2,894.5		237.8		328.4		294.4		3,755.2		7.8	%

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

Transactions

	FY 2023								FY 2022								YoY
	Sparkling		Water		Stills		Total		Sparkling		Water		Stills		Total		Δ %
Mexico ⁽³⁾		7,835.7		866.4		1,026.9		9,729.0		7,569.8		739.5		967.1		9,276.4		4.9	%
Guatemala		1,179.8		56.9		91.9		1,328.5		1,027.3		48.0		85.5		1,160.8		14.4	%
CAM South		996.4		53.6		237.3		1,287.4		920.5		38.8		236.7		1,196.0		7.6	%
Mexico and Central America		10,011.8		976.9		1,356.2		12,344.9		9,517.6		826.3		1,289.3		11,633.2		6.1	%
Colombia		1,942.5		411.8		302.2		2,656.5		1,834.4		361.5		307.8		2,503.7		6.1	%
Brazil ⁽⁴⁾		5,887.7		655.1		981.1		7,523.9		5,478.5		581.6		954.3		7,014.5		7.3	%
Argentina		689.8		135.2		149.3		974.4		713.6		103.8		122.0		939.5		3.7	%
Uruguay		190.7		32.6		20.3		243.6		187.3		22.4		14.6		224.2		8.6	%
South America		8,710.7		1,234.7		1,452.9		11,398.3		8,213.8		1,069.3		1,398.8		10,681.9		6.7	%
TOTAL		18,722.5		2,211.6		2,809.1		23,743.2		17,731.4		1,895.6		2,688.1		22,315.1		6.4	%

Revenues

Expressed in million Mexican Pesos	FY 2023		FY 2022		Δ %
Mexico		122,615		106,911		14.7	%
Guatemala		13,016		12,059		7.9	%
CAM South		13,731		12,031		14.1	%
Mexico and Central America		149,362		131,002		14.0	%
Colombia		17,680		16,800		5.2	%
Brazil ⁽⁵⁾		66,963		63,944		4.7	%
Argentina		6,668		10,917		-38.9	%
Uruguay		4,415		4,078		8.3	%
South America		95,726		95,738		0.0	%
TOTAL		245,088		226,740		8.1	%

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

⁽⁵⁾ Brazil includes beer revenues of Ps. 6,116.7million for the full year of 2023 and Ps. 5,599.9 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 4Q23 Results

February 22, 2024

Page 16 of 17

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation ⁽¹⁾

	4Q23		FY23
Mexico	1.75	%	4.66	%
Colombia	1.36	%	9.28	%
Brasil	0.94	%	4.62	%
Argentina	60.86	%	211.41	%
Costa Rica	0.26	%	-1.77	%
Panama	0.00	%	1.92	%
Guatemala	1.07	%	4.18	%
Nicaragua	1.00	%	5.60	%
Uruguay	1.12	%	5.11	%

⁽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)
	4Q23	4Q22	Δ%		FY 23	FY 22	Δ%
México	17.58	19.70	-10.7	%	17.77	20.13	-11.7	%
Colombia	4,071.19	4,808.38	-15.3	%	4,325.96	4,256.19	1.6	%
Brasil	4.95	5.26	-5.8	%	4.99	5.16	-3.3	%
Argentina	448.97	162.54	176.2	%	296.61	130.72	126.9	%
Costa Rica	534.44	614.10	-13.0	%	547.36	650.75	-15.9	%
Panama	1.00	1.00	-81.0	%	1.00	1.00	-80.6	%
Guatemala	7.83	7.85	-0.2	%	7.83	7.75	1.1	%
Nicaragua	36.58	36.14	1.2	%	36.44	35.87	1.6	%
Uruguay	39.53	39.97	-1.1	%	38.82	41.17	-5.7	%

End-of-period Exchange Rates

	Closing Exchange Rate (Local Currency per USD)				Closing Exchange Rate (Local Currency per USD)
	Dec-23	Dec-22	Δ%		Sep-23	Sep-22	Δ%
México	16.89	19.36	-12.7	%	17.62	20.31	-13.2	%
Colombia	3,822.05	4,810.20	-20.5	%	4,053.76	4,532.07	-10.6	%
Brasil	4.84	5.22	-7.2	%	5.01	5.41	-7.4	%
Argentina	808.45	177.16	356.3	%	349.95	147.32	137.5	%
Costa Rica	526.88	601.99	-12.5	%	542.35	632.72	-14.3	%
Panama	1.00	1.00	0.0	%	1.00	1.00	0.0	%
Guatemala	7.83	7.85	-0.3	%	7.86	7.88	-0.3	%
Nicaragua	36.62	36.23	1.1	%	36.53	36.05	1.3	%
Uruguay	39.02	40.07	-2.6	%	38.56	41.74	-7.6	%

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

Coca-Cola FEMSA Reports 4Q23 Results

February 22, 2024

Page 17 of 17

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