General The following discussion should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements including the notes thereto. Our consolidated financial statements were prepared in accordance with IFRS as issued by the International Accounting Standards Board. Average Price Per Unit Case. We use average price per unit case to analyze average pricing trends in the different territories where we operate. We calculate average price per unit case by dividing net sales by total sales volume. Sales of beer and spirits, which are not included in our sales volumes, are excluded from this calculation. Effects of Changes in Economic Conditions. Our results are affected by changes in economic conditions in Mexico, Brazil and in the other countries where we operate. For the year ended December 31, 2025, 74.9% of our total revenues were attributable to Mexico and Brazil. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect these economies. Deterioration or prolonged periods of weak economic conditions in the countries where we conduct operations may have, and in the past have had, a negative effect on our company and a material adverse effect on our results and financial condition. Our business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where we operate. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to us of variable rate funding, which would have an adverse effect on our financial position. Treatment of Argentina as a Hyperinflationary Economy. Argentina’s economy meets the criteria to be treated as a hyperinflationary economy based on various economic factors, including that Argentina’s cumulative inflation over the three-year period prior to December 31, 2025 exceeded 100.0%, according to available indexes in the country. We recognized inflationary effects of our Argentine operations and functional currency was converted to Mexican pesos for the periods ended December 31, 2025 and 2024 using the exchange rates at the end of such periods. See Note 3.4 to our consolidated financial statements. New Accounting Pronouncements For a description of the current IFRS and amendments to IFRS adopted during 2025, see Note 2.4 to our consolidated financial statements. In addition, for a description of the accounting standards issued in recent years, see Note 26 to our consolidated financial statements. 44 Critical Accounting Judgments and Estimates For a description of the critical accounting judgments and estimates, see Note 2.3 to our consolidated financial statements. Results The following table sets forth our consolidated income statements for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025 (1) 2025 2024 2023 (in millions of Mexican pesos or millions of U.S. dollars, except per share data) Net sales $ 16,170 Ps. 291,147 Ps. 279,030 Ps. 244,264 Other operating revenues 33 599 763 824 Total revenues 16,203 291,746 279,793 245,088 Cost of goods sold 8,807 158,570 151,057 134,228 Gross profit 7,396 133,176 128,736 110,860 Administrative expenses 835 15,043 13,678 12,820 Selling expenses 4,258 76,664 74,423 63,278 Other income 228 4,109 4,217 1,981 Other expenses 193 3,474 4,936 3,253 Interest expense 452 8,130 7,532 7,102 Interest income 132 2,369 3,040 3,188 Foreign exchange gain (loss), net 1 20 304 (1,046) Gain on monetary position for subsidiaries in hyperinflationary economies 21 383 216 93 Market value gain on financial instruments 23 412 67 169 Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method 2,064 37,158 36,011 28,792 Income taxes 704 12,673 11,768 8,781 Share in the profit of equity accounted investees, net of income taxes 29 531 306 215 Consolidated net income $1,389 Ps. 25,016 Ps. 24,549 Ps. 20,226 Year Ended December 31, 2025 (1) 2025 2024 2023 (in millions of Mexican pesos or millions of U.S. dollars, except per share data) Consolidated net income $1,389 Ps. 25,016 Ps. 24,549 Ps. 20,226 Attributable to: Equity holders of the parent 1,324 23,845 23,729 19,536 Non-controlling interest 65 1,171 820 690 Consolidated net income $1,389 Ps. 25,016 Ps. 24,549 Ps. 20,226 Per share data Earnings per share from(2): Basic controlling interest net income 0.08 1.42 1.41 1.16 Earnings per share from(3): Diluted controlling interest net income 0.08 1.42 1.41 1.16 (1) Translation to U.S. dollar amounts at an exchange rate of Ps. 18.0057 to US$1.00 solely for the convenience of the reader. (2) Computed on the basis of the weighted average number of shares outstanding during the period: 16,806,658,096 in 2025, 2024 and 2023. (3) The diluted earnings per share calculation was computed on the basis of the diluted weighted average number of shares outstanding during the period: 16,807 million in 2025, 2024 and 2023. For further information see Note 22 to our consolidated financial statements. 45 Operations by Reporting Segment The following table sets forth certain financial information for each of our reporting segments for the years ended December 31, 2025, 2024 and 2023. See Note 25 to our consolidated financial statements for additional information about all of our reporting segments. Years Ended December 31, 2025 2024 2023 (in millions of Mexican pesos) Total revenues Mexico and Central America(1) Ps. 169,641 Ps. 166,996 Ps. 149,362 South America(2) 122,105 112,797 95,726 Cost of goods sold Mexico and Central America(1) Ps. 88,407 Ps. 86,214 Ps. 77,698 South America(2) 70,163 64,843 56,530 Gross profit Mexico and Central America(1) Ps. 81,234 Ps. 80,782 Ps. 71,665 South America(2) 51,942 47,954 39,195 (1) Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama. (2) Includes Colombia, Brazil, Argentina and Uruguay. Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Consolidated Results The comparability of our financial and operating performance in 2025 as compared to 2024 was affected by the following factors: (1) translation effects from fluctuations in exchange rates and (2) our results in Argentina, whose economy meets the criteria to be considered a hyperinflationary economy. To translate the full-year results of Argentina for the years ended December 31, 2025 and 2024, we used the exchange rate at December 31, 2025 of 1,455.00 Argentine pesos per U.S. dollar and the exchange rate at December 31, 2024 of 1,032.00 Argentine pesos per U.S. dollar. The depreciation of the exchange rate of the Argentine peso at December 31, 2025, as compared to the exchange rate at December 31, 2024, was 41.0%. In addition, the average depreciation of currencies used in our main operations relative to the U.S. dollar in 2025, as compared to 2024, was 3.7% for the Brazilian real and 5.1% for the Mexican peso, and an appreciation of 0.5% for the Colombian peso relative to the U.S. dollar. Total Revenues. Our consolidated total revenues increased by 4.3% to Ps. 291,746 million in 2025 as compared to 2024, mainly as a result of our revenue management initiatives and partially offset by volume decline and unfavorable currency translation effects into Mexican pesos. Total sales volume decreased by 1.8% to 4,150.4 million unit cases in 2025 as compared to 2024, driven mainly by volume decline in Mexico, Colombia and Panama, and partially offset by volume growth in the rest of our territories. •In 2025, sales volume of our sparkling beverage portfolio decreased by 2.3%, sales volume of our colas portfolio decreased by 2.4%, and sales volume of our flavored sparkling beverage portfolio decreased by 2.1%, in each case as compared to 2024. •Sales volume of our still beverage portfolio increased by 3.3% in 2025 as compared to 2024. •Sales volume of our bottled water category, excluding bulk water, increased by 1.0% in 2025 as compared to 2024. •Sales volume of our bulk water category decreased by 3.4% in 2025 as compared to 2024. Consolidated average price per unit case increased by 6.0% to Ps. 68.09 in 2025, as compared to Ps. 64.23 in 2024, mainly as a result of our revenue management initiatives. These factors were offset by the negative translation effect resulting from the appreciation of most of our operating currencies relative to the Mexican peso. Cost of Goods Sold. Our cost of goods sold increased by 5.0% to Ps. 158,570 million in 2025 as compared to 2024 and had an effect on our gross profit as further described below. The components of cost of goods sold include raw materials (principally concentrate, sweeteners and packaging materials), depreciation costs attributable to our production facilities, wages and other labor 46 costs associated with labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars. Gross Profit. Our gross profit increased by 3.4% to Ps. 133,176 million in 2025 as compared to 2024, with a gross margin decrease of 40 basis points as compared to 2024 to reach 45.6% in 2025. This gross margin decrease was mainly driven by higher promotional discounts and an unfavorable mix, coupled with higher fixed costs such as labor. These effects were partially offset by lower sweetener costs and revenue growth. Administrative and Selling Expenses. Our administrative and selling expenses increased by 4.1% to Ps. 91,708 million in 2025 as compared to 2024. Our administrative and selling expenses as a percentage of total revenues decreased by 10 basis points to 31.4% in 2025 as compared to 2024, mainly driven by a decline in freight and marketing expenses. These effects were partially offset by higher labor and depreciation. Other Expenses Net. We recorded other net gains of Ps. 635 million in 2025 as compared to expenses of Ps. 719 million in 2024. This decrease was mainly as a result of a non-cash foreign exchange gain, as compared to a foreign exchange loss in the previous year, mainly related to the appreciation of the Mexican peso and the recognition of insurance claims related to the impact of hurricanes in Mexico and floods in Brazil. For more information, see Notes 2.5 and 18 to our consolidated financial statements. Interest Expense. Interest expense in 2025 was Ps. 8,130 million as compared to Ps. 7,532 million in 2024. This 7.9% increase was mainly driven by our issuance of U.S. dollar-denominated bonds due 2035 during the second quarter of 2025 as well as an increase in the notional in Mexican pesos. Interest Income. Interest income in 2025 was Ps. 2,369 million as compared to Ps. 3,040 million in 2024. This was mainly driven by a decrease in notional in U.S dollars and Argentine pesos. Foreign Exchange Gain (Loss), Net. We recorded a foreign exchange gain of Ps. 20 million as compared to a gain of Ps. 304 million recorded during the same period in 2024. The gain this year was driven mainly by the appreciation of most of our operating currencies as applied to our U.S. dollar cash position and partially offset by the appreciation of the Mexican peso as applied to our U.S dollar-denominated debt. Gain on Monetary Position for Subsidiaries in Hyperinflationary Economies. We recognized a higher gain in monetary position in inflationary subsidiaries, recording Ps. 383 million during 2025, as compared to a gain of Ps. 216 million during the previous year. This increase was driven mainly by an increase in our liabilities in Argentina, which were favorably influenced by inflationary effects. Market Value Gain on Financial Instruments. We recorded a gain in the market value of financial instruments of Ps. 412 million during 2025, as compared to a gain of Ps. 67 million during 2024. This effect was driven mainly by increasing interest rates in Brazil as applied to our floating rate financial instruments. Income Taxes. In 2025, our effective income tax rate increased to 34.1%, as compared to our effective income tax rate of 32.7% in 2024, mainly due to non-recurring effects and inflationary effects from previous fiscal years, coupled with non-creditable taxes. For more information, see Note 23.1 to our consolidated financial statements. Share in the Profit of Equity Accounted Investees, Net of Taxes. In 2025, the share in the profit of equity accounted investees, net of taxes increased 7.4% to a gain of Ps. 531 million, as compared to a gain of Ps. 306 million registered during the previous year, mainly due to the results of Jugos del Valle and Fountain Água Mineral Ltda. Net Income (Equity Holders of the Parent). We reported a net controlling income of Ps. 23,845 million in 2025, as compared to Ps. 23,729 million in 2024. This 0.5% increase was mainly driven by operating income growth, and partially offset by an increase in our comprehensive financing coupled with an increase in our effective tax rate during the year. Results by Reporting Segment Mexico, Guatemala and Central America South Total Revenues. Total revenues in our Mexico, Guatemala and Central America South reporting segment increased by 1.6% to Ps. 169,641 million in 2025 as compared to 2024, mainly as a result of revenue management initiatives and favorable currency translation effects, and partially offset by volume decline. Total sales volume in our Mexico, Guatemala and Central America South reporting segment decreased by 4.1% to 2,391.7 million unit cases in 2025 as compared to 2024, mainly as a result of a volume decline in Mexico, and offset by volume growth in the rest of our territories. 47 •Sales volume of our sparkling beverage portfolio decreased by 5.0% in 2025 as compared to 2024, mainly driven by a 5.1% decrease in our colas beverage portfolio and a 4.8% decrease in our flavored sparkling beverages portfolio. •Sales volume of our still beverage portfolio increased by 1.9% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, decreased by 3.3% in 2025 as compared to 2024, due to decreases in both Mexico and Guatemala. •Sales volume of our bulk water portfolio decreased by 3.1% in 2025 as compared to 2024, due to a decrease in Mexico and Central America South. Sales volume in Mexico decreased by 5.2% to 2,013.6 million unit cases in 2025, as compared to 2,124.3 million unit cases in 2024 as a result of macroeconomic deceleration and the temporary effects of negative brand sentiment at the beginning of the year. •Sales volume of our sparkling beverage portfolio decreased 6.6% in 2025 as compared to 2024, driven by a 6.4% decrease in our colas portfolio, and a 7.4% decrease in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 2.2% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, decreased by 5.1% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 3.1% in 2025 as compared to 2024. Sales volume in Guatemala increased by 1.0% to 197.8 million unit cases in 2025, as compared to 195.9 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio increased by 2.3% in 2025 as compared to 2024, driven by a 2.0% increase in colas and 4.9% increase in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio decreased by 13.2% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, decreased by 6.3% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 7.1% in 2025 as compared to 2024. Sales volume in Central America South increased by 3.7% to 180.3 million unit cases in 2025, as compared to 173.9 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio increased by 1.7% in 2025 as compared to 2024, driven by a 0.3% decrease in colas and 6.6% increase in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 7.0% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, increased by 39.6% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 4.0% in 2025 as compared to 2024. Cost of Goods Sold. Our cost of goods sold in our Mexico, Guatemala and Central America South reporting segment increased by 2.5% to Ps. 88,407 million in 2025, as compared to 2024, and had an effect on our gross profit for this reporting segment as further described below. Cost of goods sold as a percentage of total revenues in this segment increased by 50 basis points to 52.1% in 2025 as compared to 2024. Gross Profit. Our gross profit in our Mexico, Guatemala and Central America South reporting segment increased by 0.6% to Ps. 81,234 million in 2025 as compared to 2024 and gross margin decreased 50 basis points to 47.9% as compared to 2024. This gross margin decrease was driven mainly by increases in fixed costs such as labor, and partially offset by declining sweetener and packaging costs. Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in our Mexico, Guatemala and Central America South reporting segment increased by 50 basis points to 32.7% in 2025 as compared to 2024. Administrative and selling expenses, in absolute terms, increased by 3.2% in 2025 as compared to 2024, driven mainly by an increase in operating expenses such as labor, depreciation and maintenance. 48 South America Total Revenues. Total revenues in our South America reporting segment increased 8.3% to Ps. 122,105 million in 2025 as compared to 2024, mainly as a result of volume growth, favorable mix effects and our revenue management initiatives. These factors were partially offset by unfavorable currency translation effects resulting from the depreciation of most of our operating currencies as compared to the Mexican peso. Total revenues for beer amounted to Ps. 5,328.0 million in 2025 as compared to Ps. 5,276.1 million in 2024. Total sales volume in our South America reporting segment increased by 1.6% to 1,758.7 million unit cases in 2025 as compared to 2024, mainly as a result of volume growth in Brazil, Argentina and Uruguay, and partially offset by volume decline in Colombia. •Sales volume of our sparkling beverage portfolio increased by 1.1% in 2025 as compared to 2024, mainly driven by a 1.2% increase in our colas portfolio. •Sales volume of our still beverage portfolio increased by 5.1% in 2025 as compared to 2024. •Sales volume of our bottled water category, excluding bulk water, increased by 5.4% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 6.6% in 2025 as compared to 2024. Sales volume in Brazil increased by 1.6% to 1,178.0 million unit cases in 2025, as compared to 1,159.3 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio increased by 1.1% in 2025 as compared to 2024, as a result of an increase of 1.5% in our colas portfolio, partially offset by a 0.4% decrease in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 4.9% in 2025 as compared to 2024. •Sales volume of our bottled water, excluding bulk water, increased by 4.8% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 3.5% in 2025 as compared to 2024. Sales volume in Colombia decreased by 0.8% to 349.4 million unit cases in 2025, as compared to 352.3 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio remained flat in 2025 as compared to 2024, mainly driven by a 1.0% decline in colas and 4.9% volume growth in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio decreased by 8.5% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, increased by 1.4% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 7.2% in 2025 as compared to 2024. Sales volume in Argentina increased by 6.3% to 178.8 million unit cases in 2025, as compared to 168.3 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio increased by 3.1% in 2025 as compared to 2024, mainly impacted by a 3.5% increase in colas and 1.0% increase in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 33.9% in 2025 as compared to 2024. •Sales volume of bottled water, excluding bulk water, increased by 13.3% in 2025 as compared to 2024. •Sales volume of our bulk water portfolio decreased by 9.7% in 2025 as compared to 2024. Sales volume in Uruguay increased by 3.2% to 52.3 million unit cases in 2025, as compared to 50.7 million unit cases in 2024. •Sales volume of our sparkling beverage portfolio increased by 1.2% in 2025 as compared to 2024. •Sales volume of our still beverage portfolio increased by 13.3% in 2025 as compared to 2024. 49 •Sales volume of bottled water increased by 10.4% in 2025 as compared to 2024. Cost of Goods Sold. Our cost of goods sold in our South America reporting segment increased by 8.2% to Ps. 70,163 million in 2025 as compared to 2024 and had an effect on our gross profit for this reporting segment as further described below. Cost of goods sold as a percentage of total revenues in this segment remained flat in 2025 as compared to 2024. Gross Profit. Gross profit in our South America reporting segment amounted to Ps. 51,942 million, an increase of 8.3% in 2025 as compared to 2024, with a flat margin. This performance in gross profit was mainly driven by top-line growth and decreases in raw material costs such as sweeteners and PET. These effects were partially offset by increases in labor costs and depreciation. Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in our South America reporting segment decreased by 80 basis points to 29.6% in 2025 as compared to 2024 driven mainly by lower operating expenses such as maintenance and marketing. In addition, in the same period of the previous year we recognized additional expenses related to the impact of floods in Brazil. Administrative and selling expenses, in absolute terms, increased by 5.5% in 2025 as compared to 2024. Results for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Consolidated Results The comparability of our financial and operating performance in 2024 as compared to 2023 was affected by the following factors: (1) translation effects from fluctuations in exchange rates and (2) our results in Argentina, whose economy in the years ended December 31, 2024 and 2023 met the criteria to be considered a hyperinflationary economy. To translate the full-year results of Argentina for the years ended December 31, 2024 and 2023, we used the exchange rate at December 31, 2024 of 1,032.00 Argentine pesos per U.S. dollar and the exchange rate at December 31, 2023 of 808.45 Argentine pesos per U.S. dollar. The depreciation of the exchange rate of the Argentine peso at December 31, 2024, as compared to the exchange rate at December 31, 2023, was 27.7%. In addition, the average depreciation of currencies used in our main operations relative to the U.S. dollar in 2024, as compared to 2023, was 7.9% for the Brazilian real and 3.0% for the Mexican peso, and an appreciation of 5.8% for the Colombian peso relative to the U.S. dollar. Total Revenues. Our consolidated total revenues increased by 14.2% to Ps. 279,793 million in 2024 as compared to 2023, mainly as a result of volume growth, our revenue management initiatives and favorable mix effects. Total sales volume increased by 4.4% to 4,224.6 million unit cases in 2024 as compared to 2023, driven mainly by growth in most of our territories, including a strong performance in Mexico, Brazil and Guatemala, partially offset by volume decline in Argentina and Uruguay. •In 2024, sales volume of our sparkling beverage portfolio increased by 4.3%, sales volume of our colas portfolio increased by 5.3%, and sales volume of our flavored sparkling beverage portfolio increased by 0.2%, in each case as compared to 2023. •Sales volume of our still beverage portfolio increased by 6.5% in 2024 as compared to 2023. •Sales volume of our bottled water category, excluding bulk water, increased by 8.5% in 2024 as compared to 2023. •Sales volume of our bulk water category increased by 0.6% in 2024 as compared to 2023. Consolidated average price per unit case increased by 9.7% to Ps. 64.23 in 2024, as compared to Ps. 58.54 in 2023, mainly as a result of our revenue management initiatives and favorable mix effects. These factors were offset by the negative translation effect resulting from the depreciation of most of our operating currencies relative to the Mexican peso. Cost of Goods Sold. Our cost of goods sold increased by 12.5% to Ps. 151,057 million in 2024 as compared to 2023 and had an effect on our gross profit as further described below. Cost of goods sold as a percentage of total revenues decreased by 80 basis points to 54.0% in 2024 as compared to 2023. The components of cost of goods sold include raw materials (principally concentrate, sweeteners and packaging materials), depreciation costs attributable to our production facilities, wages and other labor costs associated with labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars. Gross Profit. Our gross profit increased by 16.1% to Ps. 128,736 million in 2024 as compared to 2023, with a gross margin increase of 80 basis points as compared to 2023 to reach 46.0% in 2024. This gross margin increase was mainly driven by our top-line growth, favorable packaging and sweetener costs, and hedging initiatives. These effects were partially offset by an increase in fixed 50 costs and the depreciation of most of our operating currencies as applied to U.S. dollar-denominated raw material costs, coupled with purchases of finished products and inventory write-offs in Brazil, both related to the floods that affected our plant in Porto Alegre. Administrative and Selling Expenses. Our administrative and selling expenses increased by 15.8% to Ps. 88,101 million in 2024 as compared to 2023. Our administrative and selling expenses as a percentage of total revenues increased by 50 basis points to 31.5% in 2024 as compared to 2023, mainly driven by increased marketing, maintenance and labor expenses. In addition, we recognized additional expenses related to the impact of hurricanes in Mexico and floods in Brazil. In 2024, we continued investing across our territories to support marketplace execution, increase our cooler coverage, and increase our production and distribution capacity. Other Expenses Net. We recorded other expenses net of Ps. 719 million in 2024 as compared to Ps. 1,272 million in 2023. This decrease was mainly as a result of the recognition of insurance claims related to the impact of hurricanes in Mexico and floods in Brazil. These effects were partially offset by an increase in provisions for contingencies and a lower gain on sales of long-lived asset compared to 2023. In addition, we recognized a non-cash foreign exchange loss, as compared to a foreign exchange gain in the previous year, mainly related to the depreciation of the Mexican peso. Finally, we recognized additional expenses related to asset write-offs resulting from the impact of hurricanes in Mexico and floods in Brazil. For more information, see Notes 18 and 24.6 to our consolidated financial statements. Interest Expense. Interest expense in 2024 was Ps. 7,532 million as compared to Ps. 7,102 million in 2023. This 6.1% increase was mainly driven by a decrease in our interest rates in Argentina and Brazil, that were partially offset by an increase in the notional in U.S. dollar and Brazilian real, coupled with increases in interest rates in U.S. dollar and Mexican peso. Interest Income. Interest income in 2024 was Ps. 3,040 million as compared to Ps. 3,188 million in 2023. This was mainly driven by decreases in interest rates. Foreign Exchange (Loss) Gain, Net. We recorded a foreign exchange gain of Ps. 304 million as compared to a loss of Ps. 1,046 million recorded during the same period in 2023, as our cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican peso. Gain on Monetary Position for Subsidiaries in Hyperinflationary Economies. We recognized a higher gain in monetary position in inflationary subsidiaries, recording Ps. 216 million during 2024, as compared to a gain of Ps. 93 million during the previous year. This increase was driven mainly by an increase in our liabilities in Argentina, which were favorably influenced by inflationary effects. Market Value Gain (Loss) on Financial Instruments. We recorded a gain in the market value of financial instruments of Ps. 67 million during 2024, as compared to a gain of Ps. 169 million during 2023. This effect was driven mainly by increasing interest rates in Brazil as applied to our floating rate financial instruments. Income Taxes. In 2024, our effective income tax rate increased to 32.7%, as compared to our effective income tax rate of 30.5% in 2023, mainly due to adjustments in deferred tax assets and non-deductible expenses. For more information, see Note 23.1 to our consolidated financial statements. Share in the Profit (Loss) of Equity Accounted Investees, Net of Taxes. In 2024, we recorded a gain of Ps. 306 million in the share in the profit of equity accounted investees, net of taxes, mainly due to the results of PIASA, our associate in Mexico, as compared to a gain of Ps. 215 million registered during the previous year. Net Income (Equity Holders of the Parent). We reported a net controlling income of Ps. 23,729 million in 2024, as compared to Ps. 19,536 million in 2023. This 21.5% increase was mainly driven by operating income growth, coupled with a decrease in our comprehensive financing result partially offset by an increase in our effective tax rate during the year. Results by Reporting Segment Mexico and Central America Total Revenues. Total revenues in our Mexico and Central America reporting segment increased by 11.8% to Ps. 166,996 million in 2024 as compared to 2023, mainly as a result of a volume increase in all of our territories across the region coupled with favorable mix effects. Total sales volume in our Mexico and Central America reporting segment increased by 4.1% to 2,494.1 million unit cases in 2024 as compared to 2023, as a result of a volume increase in all our territories across the region. •Sales volume of our sparkling beverage portfolio increased by 4.2% in 2024 as compared to 2023, mainly driven by a 5.1% increase in our colas beverage portfolio. 51 •Sales volume of our still beverage portfolio increased by 6.7% in 2024 as compared to 2023, due to an 8.4% increase in Mexico. •Sales volume of bottled water, excluding bulk water, increased by 11.8% in 2024 as compared to 2023, due to increases in both Mexico and Central America. •Sales volume of our bulk water portfolio decreased by 0.1% in 2024 as compared to 2023, due to a decrease in Mexico. Sales volume in Mexico increased by 3.5% to 2,124.3 million unit cases in 2024, as compared to 2,052.9 million unit cases in 2023. •Sales volume of our sparkling beverage portfolio increased 3.3% in 2024 as compared to 2023, driven by a 4.1% increase in our colas portfolio, partially offset by a 0.8% decrease in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 8.4% in 2024 as compared to 2023. •Sales volume of bottled water, excluding bulk water, increased by 11.9% in 2024 as compared to 2023. •Sales volume of our bulk water portfolio decreased by 0.4% in 2024 as compared to 2023. Sales volume in Central America increased by 8.2% to 369.8 million unit cases in 2024, as compared to 341.9 million unit cases in 2023, mainly as a result of solid execution, and a solid performance in all our territories across the region. •Sales volume of our sparkling beverage portfolio increased by 8.7% in 2024 as compared to 2023, driven by a 9.5% increase in colas and 5.4% increase in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio decreased by 1.2% in 2024 as compared to 2023. •Sales volume of bottled water, excluding bulk water, increased by 11.3% in 2024 as compared to 2023. •Sales volume of our bulk water portfolio increased by 39.5% in 2024 as compared to 2023. Cost of Goods Sold. Our cost of goods sold in our Mexico and Central America reporting segment increased by 11.0% to Ps. 86,214 million in 2024, as compared to 2023, and had an effect on our gross profit for this reporting segment as further described below. Cost of goods sold as a percentage of total revenues in this segment decreased by 40 basis points to 51.6% in 2024 as compared to 2023. Gross Profit. Our gross profit in our Mexico and Central America reporting segment increased by 12.7% to Ps. 80,782 million in 2024 as compared to 2023 and gross margin increased 40 basis points to 48.4% as compared to 2023. This gross margin increase was driven mainly by our top-line growth, declining sweetener and packaging costs, partially offset by higher costs such as maintenance and the depreciation of the Mexican peso as applied to our U.S.dollar-denominated raw material costs. Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in our Mexico and Central America reporting segment decreased by 20 basis points to 32.2% in 2024 as compared to 2023. Administrative and selling expenses, in absolute terms, increased by 11.3% in 2024 as compared to 2023 driven mainly by an increase in operating expenses such as labor, freight and maintenance. In addition, this year we recognized additional expenses related to the impact of hurricanes in Mexico. South America Total Revenues. Total revenues in our South America reporting segment increased 17.8% to Ps. 112,797 million in 2024 as compared to 2023, mainly as a result of volume growth, favorable mix effects and our revenue management initiatives. These factors were partially offset by unfavorable currency translation effects resulting from the depreciation of most of our operating currencies as compared to the Mexican peso. Total revenues for beer amounted to Ps. 5,276.1 million in 2024 as compared to Ps. 6,116.7 million in 2023. Total sales volume in our South America reporting segment increased by 4.7% to 1,730.6 million unit cases in 2024 as compared to 2023, mainly as a result of volume growth in Brazil and Colombia coupled with volume decline in Argentina and Uruguay. •Sales volume of our sparkling beverage portfolio increased by 4.3% in 2024 as compared to 2023, mainly driven by a 5.6% increase in our colas portfolio. 52 •Sales volume of our still beverage portfolio increased by 6.3% in 2024 as compared to 2023, driven mainly by a 14.1% increase in Brazil and 34.5% increase in Uruguay. •Sales volume of our bottled water category, excluding bulk water, increased by 8.5% in 2024 as compared to 2023, driven mainly by a 10.8% increase in Brazil and a 3.1% increase in Colombia. •Sales volume of our bulk water portfolio increased by 9.8% in 2024 as compared to 2023, due to an increase in Colombia and Argentina. Sales volume in Brazil increased by 7.8% to 1,159.3 million unit cases in 2024, as compared to 1,075.1 million unit cases in 2023. •Sales volume of our sparkling beverage portfolio increased by 7.1% in 2024 as compared to 2023, as a result of an increase of 9.4% in our colas portfolio and a flat increase in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio increased by 14.1% in 2024 as compared to 2023. •Sales volume of our bottled water, excluding bulk water, increased by 10.8% in 2024 as compared to 2023. •Sales volume of our bulk water portfolio decreased by 0.3% in 2024 as compared to 2023. Sales volume in Colombia increased by 1.4% to 352.3 million unit cases in 2024, as compared to 347.6 million unit cases in 2023. •Sales volume of our sparkling beverage portfolio increased by 1.2% in 2024 as compared to 2023, mainly driven by a 0.8% growth in colas and 2.8% volume growth in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio decreased by 4.2% in 2024 as compared to 2023. •Sales volume of bottled water, excluding bulk water, increased by 3.1% in 2024 as compared to 2023. •Sales volume of our bulk water portfolio increased by 12.1% in 2024 as compared to 2023. Sales volume in Argentina decreased by 5.8% to 168.3 million unit cases in 2024, as compared to 178.7 million unit cases in 2023. •Sales volume of our sparkling beverage portfolio decreased by 6.5% in 2024 as compared to 2023, mainly impacted by a 7.1% decrease in colas and 3.6% decrease in our flavored sparkling beverage portfolio. •Sales volume of our still beverage portfolio decreased by 20.0% in 2024 as compared to 2023. •Sales volume of bottled water, excluding bulk water, increased by 1.8% in 2024 as compared to 2023. •Sales volume of our bulk water portfolio increased by 22.0% in 2024 as compared to 2023. Sales volume in Uruguay decreased by 1.9% to 50.7 million unit cases in 2024, as compared to 51.7 million unit cases in 2023. •Sales volume of our sparkling beverage portfolio increased by 0.1% in 2024 as compared to 2023. •Sales volume of our still beverage portfolio increased by 34.5% in 2024 as compared to 2023. •Sales volume of bottled water decreased by 20.9% in 2024 as compared to 2023. Cost of Goods Sold. Our cost of goods sold in our South America reporting segment increased by 14.7% to Ps. 64,843 million in 2024 as compared to 2023 and had an effect on our gross profit for this reporting segment as further described below. Cost of goods sold as a percentage of total revenues in this segment decreased by 160 basis points to 57.5% in 2024 as compared to 2023. Gross Profit. Gross profit in our South America reporting segment amounted to Ps. 47,954 million, an increase of 22.3% in 2024 as compared to 2023, with a 160 basis points margin expansion to 42.5%. This increase in gross profit was mainly driven by top-line growth, decreases in raw material costs such as sweeteners and PET, and fixed costs efficiencies. These effects were partially offset by purchases of finished products and inventory write-offs in Brazil, both related to the floods that affected our plant in Porto Alegre. Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in our South America reporting segment increased by 140 basis points to 30.4% in 2024 as compared to 2023 driven mainly by higher operating expenses such as freight and marketing. In addition, we recognized additional expenses related to the impact of floods in Brazil. Administrative and selling expenses, in absolute terms, increased by 23.5% in 2024 as compared to 2023. 53 Liquidity and Capital Resources Liquidity. The principal source of our liquidity is cash generated from operations. A significant portion of our sales are on a cash basis with the remainder on a short-term credit basis. We have traditionally been able to rely on cash generated from operations to fund our working capital requirements and our capital expenditures. Our working capital benefits from the fact that most of our sales are made on a cash basis, while we generally pay our suppliers on credit. Historically, we have used a combination of borrowings from Mexican and international banks and bond issuances in the Mexican and international capital markets. Our major cash requirements are obligations to support our ongoing operations and contractual obligations with Mexican and international banks for borrowings and bond issuances in the Mexican and international capital markets, derivative agreements and lease agreements. Our total indebtedness was Ps. 79,778 million as of December 31, 2025, as compared to Ps. 73,697 million as of December 31, 2024. Short-term debt and long-term debt were Ps. 7,944 million and Ps. 71,834 million, respectively, as of December 31, 2025, as compared to Ps. 3,314 million and Ps. 70,383 million, respectively, as of December 31, 2024. Total indebtedness increased Ps. 6,081 million in 2025, as compared to year-end 2024. As of December 31, 2025, our cash and cash equivalents were Ps. 28,067 million, as compared to Ps. 32,779 million as of December 31, 2024. We had cash outflows in 2025 mainly resulting from dividend payments and increase in capital expenditures. As of December 31, 2025, our cash and cash equivalents were comprised of 55.2% U.S. dollars, 20.4% Mexican pesos, 11.5% Brazilian reais, 5.9% Colombian pesos, 2.1% Argentine pesos and 4.9% other legal currencies. We believe that these funds, in addition to the cash generated by our operations, are sufficient to meet our operating requirements. As of December 31, 2025 and 2024, our supplier financing was as detailed in the table below. 2025 2024 Carrying amount of trade payables that are part of a supplier finance arrangement Ps. 5,990 Ps. 6,577 Of which suppliers have received payment Ps. 3,850 Ps. 3,458 For more information, see Note 19.8.5 to our consolidated financial statements. As part of our financing policy, we expect to continue to finance our liquidity needs mainly with cash flows from our operating activities. Nonetheless, as a result of regulations in certain countries where we operate, it may not be beneficial or practicable for us to remit cash generated in local operations to fund cash requirements in other countries. Exchange controls may also increase the real price of remitting cash to fund debt requirements in other countries. In the event that cash in these countries is not sufficient to fund future working capital requirements and capital expenditures, we may decide, or be required, to fund cash requirements in these countries through local borrowings rather than remitting funds from another country. In the future we may finance our working capital and capital expenditure needs with short-term debt or other borrowings. We continuously evaluate opportunities to pursue acquisitions or engage in strategic transactions. We would expect to finance any significant future transactions with a combination of any of cash, long-term indebtedness and the issuance of shares of our company. Our financing, treasury and derivatives policies provide that the planning and finance committee of our board of directors is responsible for determining the Company’s overall financial strategy, including the dividends policy, investments of our funds, cash flow and working capital strategies, mergers and acquisitions, debt and equity issuances, repurchases of stock, financial derivative instruments strategies (only for hedging purposes), purchase and lease of assets and indebtedness of the Company, among others; which is ultimately approved by our board of directors and implemented by our corporate finance department. Sources and Uses of Cash. The following table summarizes the sources and uses of cash for the years ended December 31, 2025, 2024 and 2023, from our consolidated statements of changes in cash flows: Years Ended December 31, 2025 2024 2023 (in millions of Mexican pesos) Net cash flows from operating activities (1) Ps. 30,773 Ps. 42,442 Ps. 42,289 Net cash flows used in investing activities (2) (21,107) (23,392) (20,070) Net cash flows used in financing activities (3) (4) (12,148) (19,642) (26,352) (1) Net cash flows from operating activities in 2025 decreased primarily due to higher payments to suppliers, the operating performance and the effects of migration to a new Enterprise Resource Planning (“ERP”) software in 2024. (2) Includes purchases of property, plant and equipment, proceeds from insurance recoveries and sale of long-lived assets and acquisitions of intangible assets in 2025, 2024 and 2023, in the amount of Ps. 23,325 million, Ps. 25,316 million and Ps. 20,454 million, respectively. (3) Includes proceeds from borrowings in 2025, 2024 and 2023, in the amount of Ps. 14,988 million, Ps. 1,394 million and Ps. 151 million, respectively. In addition, includes repayments of borrowings in the amount of Ps. 3,141 million, Ps. 28 million and Ps. 8,401 million, respectively. 54 (4) Includes dividends paid in 2025, 2024 and 2023, in the amount of Ps. 15,735 million, Ps. 12,870 million, and Ps. 12,275 million, respectively. Debt Structure The following chart sets forth the debt breakdown of our company and its subsidiaries by currency and interest rate type as of December 31, 2025: Currency Percentage ofTotal Debt(1)(2) AverageNominal Rate(3) AverageAdjusted Rate(1)(4) Mexican pesos 60.7 % 8.0 % 8.5 % U.S. dollars 18.6 % 3.4 % 4.3 % Brazilian reais 16.9 % 8.8 % 10.9 % Colombian pesos 2.9 % 8.6 % 8.6 % Argentine pesos 0.9 % 36.2 % 36.2 % (1) Includes the effects of our derivative contracts as of December 31, 2025, including cross currency swaps from U.S. dollars to Mexican pesos, U.S. dollars to Brazilian reais and U.S. dollars to Colombian pesos. (2) Due to rounding, these figures may not add up to 100.0%. (3) Annual weighted average interest rate per currency as of December 31, 2025. (4) Annual weighted average interest rate per currency as of December 31, 2025 after giving effect to interest rate swaps and cross currency swaps. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Interest Rate Risk.” Summary of Significant Debt Instruments The following is a brief summary of our significant long-term indebtedness with restrictive covenants outstanding as of the date of this annual report: Mexican Peso-Denominated Bonds (Certificados Bursátiles). On June 30, 2017, we issued Ps. 8,500 million aggregate principal amount of 10-year fixed rate certificados bursátiles bearing an annual interest rate of 7.87% and due June 2027. This series of certificados bursátiles is guaranteed by Propimex, S. de R.L. de C.V., Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Yoli de Acapulco, S. de R.L. de C.V. and Controladora Interamericana de Bebidas, S. de R.L. de C.V. (collectively, the “Guarantors”). On February 7, 2020, we issued Ps. 3,000 million aggregate principal amount of 8-year fixed rate certificados bursátiles bearing an annual interest rate of 7.35% and due January 2028. These series of certificados bursátiles are guaranteed by the Guarantors. On September 23, 2021, we issued (i) Ps. 6,965 million aggregate principal amount of 7-year fixed rate certificados bursátiles bearing an annual interest rate of 7.36% and due September 2028, and (ii) Ps. 2,435 million aggregate principal amount of 5-year floating rate certificados bursátiles bearing an annual interest rate equal to 28-day Interbank Equilibrium Interest Rate (“TIIE”) plus 0.05% and due September 2026, in the Mexican local market. These certificados bursátiles are classified as sustainability-linked bonds and require us to achieve certain key performance indicators, namely achieving a water use ratio of 1.36 and 1.26 liters of water used per liter of beverage produced during 2024 and 2026, respectively. The water use ratio target for 2024, which applied to our floating-rate certificados bursátiles, was achieved in August 2024. If the target for 2026, which applies to our fixed-rate certificados bursátiles, is not achieved and verified by an independent third party by the established date, the interest rate on such bonds will increase by 25 basis points to 7.61%. These series of certificados bursátiles are guaranteed by the Guarantors. On October 10, 2022, we issued (i) Ps. 5,500 million aggregate principal amount of 7-year fixed rate certificados bursátiles bearing an annual interest rate of 9.95% and due October 2029, classified as a social bond, and (ii) Ps. 500 million aggregate principal amount of 4-year floating rate certificados bursátiles bearing an annual interest rate equal to 28-day TIIE plus 0.05% and due October 2026, classified as a sustainability bond in the Mexican local market. These series of certificados bursátiles are guaranteed by the Guarantors. On February 16, 2026, we issued Ps. 7,000 million aggregate principal amount of 10-year fixed rate certificados bursátiles bearing an annual interest rate of 9.12% and due February 2036, and (ii) and Ps. 3,000 million aggregate principal amount of 3-year floating rate certificados bursátiles, priced at Overnight Funding TIIE plus 0.38% and due February 2029. These series of certificados bursátiles are guaranteed by the Guarantors. As of the date of this annual report, we had the following certificados bursátiles outstanding in the Mexican securities market: 55 Issue Year Maturity Amount Rate 2022 October 1, 2029 Ps. 5,500 million 9.95% 2022 October 5, 2026 Ps. 500 million 28-day TIIE +0.05% 2021 September 14, 2028 Ps. 6,965 million 7.36% 2021 September 17, 2026 Ps. 2,435 million 28-day TIIE + 0.05% 2020 January 28, 2028 Ps. 3,000 million 7.35% 2017 June 18, 2027 Ps. 8,500 million 7.87% 2026 February 4, 2036 Ps. 7,000 million 9.12% 2026 February 12, 2029 Ps. 3,000 million Overnight Funding TIIE + 0.38% Our certificados bursátiles contain reporting obligations pursuant to which we must furnish to the bondholders consolidated audited annual financial reports and consolidated quarterly financial reports. U.S. Dollar-Denominated Senior Notes Guarantees for the U.S. Dollar-Denominated Senior Notes The Guarantors have fully, jointly and severally, irrevocably and unconditionally agreed to guarantee the payment of principal, premium, if any, interest, additional interest and all other amounts with respect to our senior notes. With respect to each Guarantor, its guarantee of our senior notes will be the unsecured and unsubordinated obligation of such Guarantor. As a result, the guarantee of each such Guarantor will not be secured by any of the assets or properties of such Guarantor and will be effectively subordinated to all of the existing and future secured obligations of such Guarantor to the extent of the value of the assets securing such obligations. In the event of dissolution, liquidation, reorganization, concurso mercantil, bankruptcy, quiebra or other similar proceeding by or against a Guarantor, the guarantee of such Guarantor would rank equal in right of payment with all other existing and future unsecured and unsubordinated obligations of such Guarantor, and junior to certain obligations given preference under applicable law, including tax, labor and social security obligations. Moreover, in such a case, the Guarantors’ guarantees could be challenged under Mexican law on fraudulent conveyance grounds and declared void based upon the Guarantor being deemed not to have received fair consideration in exchange for such guarantee. A challenge of a Guarantor’s obligations under a guarantee on fraudulent conveyance grounds could focus on the benefits, if any, realized by the Guarantors as a result of the issuance of our senior notes. To the extent a guarantee is voided as a fraudulent conveyance or held unenforceable for any other reason, the holders of our senior notes would not have any claim against that Guarantor and would be creditors solely of us and the Guarantors whose obligations under the guarantees were not held unenforceable. Our senior notes do not restrict our Guarantor’s ability or the ability of our Guarantors’ subsidiaries to incur additional indebtedness in the future. As of December 31, 2025: •we had, on a consolidated basis, Ps. 79,778 million of unsecured and unsubordinated indebtedness outstanding, none of which was secured indebtedness, •we had, on an unconsolidated basis (parent company only), Ps. 74,768 million of unsecured and unsubordinated indebtedness outstanding, •the Guarantors collectively, on an unconsolidated basis, had no indebtedness with third parties, and •our subsidiaries, other than the Guarantors, had Ps. 5,010 million of unsecured and unsubordinated indebtedness outstanding. The table below summarizes financial information of the Parent (issuer) and Guarantors (together the obligor group), as of December 31, 2025, and for the twelve-month periods ended December 31, 2025. This summarized financial information is presented on a combined basis with intercompany balances and transactions between entities in the obligor group eliminated. The accounting policies applied in the summarized financial information are the same as those used in the preparation of the consolidated financial statements (see Note 3). Non-guarantor subsidiary financial information has been excluded from the summarized financial information below. 56 2025 In millions of Mexican pesos Propimex (7) La Pureza (1) (7) CIMSA (2) (7) RVC (3) (7) Yoli (4) (7) CIBSA (5) (7) ParentCoca-Cola FEMSA, S.A.B. de C.V. (7) Eliminations (6) Wholly-owned Guarantors Subsidiaries and Parent Current assets Ps.16,420 Ps.550 Ps.596 Ps.670 Ps.355 Ps.4,366 Ps.39,544 Ps.(25,898) Ps.36,603 Current assets balances with consolidated non-obligors 1,283 — — — — — 1,458 — 2,741 Non-current assets (8) 68,170 2,105 1,811 2,114 954 1 93,699 (66,488) 102,366 Non-current assets balances with consolidated non-obligors 194 — — — 42 — 5,226 — 5,462 Total assets 86,067 2,655 2,407 2,784 1,351 4,367 139,927 (92,386) 147,172 Current liabilities 37,111 473 467 569 419 13 35,772 (26,125) 48,699 Current liabilities with consolidated non-obligors 18,852 335 250 383 247 — 139 1 20,207 Non-current liabilities 5,082 41 20 52 7 — 50,661 (6,330) 49,533 Non-current liabilities with consolidated non-obligors 37 — — — (3) — 24,098 — 24,132 Total liabilities 61,082 849 737 1,004 670 13 110,670 (32,454) 142,571 Equity 24,986 1,805 1,670 1,780 681 4,353 29,257 (59,931) 4,601 Net sales 136,162 4,404 3,609 4,839 2,369 — 6,524 (20,867) 137,040 Net sales with consolidated non-obligors — — — — — — 1,500 — 1,500 Gross profit 58,976 567 573 520 226 — 2,982 (6,250) 57,594 Net income 8,906 279 231 359 222 96 (1,382) (2,671) 6,040 (1) Comercializadora La Pureza de Bebidas, S. de R.L. de C.V. (2) Grupo Embotellador Cimsa, S. de R.L. de C.V. (3) Refrescos Victoria del Centro, S. de R.L. de C.V. (4) Yoli de Acapulco, S. de R.L. de C.V. (5) Controladora Interamericana de Bebidas, S. de R.L. de C.V. (6) This column includes eliminations of intercompany balances and transactions between the guarantors and parent entity. (7) Refers to individual balances used for preparation of the consolidated statements. (8) Excludes the investment in non-obligor subsidiaries and equity method investees. 5.250% Senior Notes due 2043. On November 26, 2013, we issued US$400 million aggregate principal amount of 5.250% senior notes due November 26, 2043. On January 21, 2014, we issued US$200 million aggregate principal amount of additional notes under this series. On September 13, 2022, we repurchased US$111 million aggregate principal amount of these senior notes. These notes are guaranteed by the Guarantors. The indenture governing these notes imposes certain conditions upon a consolidation or merger by us and restricts the incurrence of liens and the entering into sale and leaseback transactions by us and our significant subsidiaries. 2.750% Senior Notes due 2030. On January 22, 2020, we issued US$1,250 million aggregate principal amount of 2.750% senior notes due January 22, 2030. On September 13, 2022, we repurchased US$209 million aggregate principal amount of these senior notes. These notes are guaranteed by the Guarantors. The indenture governing these notes imposes certain conditions upon a consolidation or merger by us and restricts the incurrence of liens and the entering into sale and leaseback transactions by us and our significant subsidiaries. 1.850% Senior Notes due 2032. On September 1, 2020, we issued US$705 million aggregate principal amount of 1.850% senior notes due September 1, 2032. These bonds are classified as “green bonds” and the proceeds received were used to finance and refinance our eligible green projects, including investments and expenditures related to mitigation of climate change risks, efficient 57 use of water resources and hydrological safety, and waste management and recycling of PET plastic bottles. These notes are guaranteed by the Guarantors. The indenture governing these notes imposes certain conditions upon a consolidation or merger by us and restricts the incurrence of liens and the entering into sale and leaseback transactions by us and our significant subsidiaries. 5.100% Senior Notes due 2035. On May 6, 2025, we issued US$500 million aggregate principal amount of 5.100% senior notes due May 6, 2035. These notes are guaranteed by the Guarantors. The indenture governing these notes imposes certain conditions upon a consolidation or merger by us and restricts the incurrence of liens and the entering into sale and leaseback transactions by us and our significant subsidiaries. For more information about our 2.750% Senior Notes due 2030, 1.850% Senior Notes due 2032 and 5.100% Senior Notes due 2035, see Exhibit 2.9—Description of Securities Registered under Section 12 of the Exchange Act. Bank Loans As of December 31, 2025, we had a number of bank loans in Mexican pesos, Brazilian reais, U.S. dollars, Colombian pesos, and Argentine pesos for an aggregate principal amount of Ps. 5,010 million. We are in compliance with all of the restrictive covenants in our debt instruments as of the date of this annual report. Contingencies We are subject to various claims and contingencies related to tax, labor and other legal proceedings. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. We may have losses related to such tax, labor and other legal proceedings. We periodically assess the probability of loss for such contingencies and accrue a provision and/or disclose the relevant circumstances, as appropriate. If the potential loss of any claim or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a provision for the estimated loss. See Note 24.5 to our consolidated financial statements. We use outside legal counsel for certain complex legal proceedings. The following table displays the nature and amount of the loss contingencies recorded as of December 31, 2025 and December 31, 2024: As of December 31, 2025 As of December 31, 2024 (in millions of Mexican pesos) (in millions of Mexican pesos) Tax Ps. 808 Ps. 940 Labor 989 1,180 Legal 663 668 Total Ps. 2,460 Ps. 2,788 In Brazil, we have been required by the relevant authorities to collateralize tax contingencies currently in litigation by pledging fixed assets, or providing bank guarantees. See Note 24.8 to our consolidated financial statements. In Mexico, we have adapted our ongoing tax risk management processes in response to recent reforms to the tax and judicial framework, including provisions aimed at strengthening the review and audit powers of tax authorities. As of the date of this annual report, we are party to certain tax matters related to our ordinary course of our business, which are at various stages of administrative proceedings and litigation. While we believe that our positions are supported by sound technical grounds, tax controversies are subject to inherent uncertainty, and the timing and final outcome may differ from our expectations. See Note 24.7 to our consolidated financial statements. In connection with our acquisitions, sellers normally agree to indemnify us against certain contingencies that may arise as a result of the management of the businesses prior to the acquisition, subject to survival provisions and other limitations. We are involved in certain legal proceedings in Mexico relating to property rights over land on which some of our facilities are located, including claims that such land forms part of ejido land under Mexican law. We believe we have valid legal arguments supporting our rights and intend to vigorously defend these claims. However, litigation is inherently uncertain. Capital Expenditures The following table sets forth our capital expenditures, including investment in property, plant and equipment, deferred charges and other investments for the periods indicated on a consolidated basis and by reporting segment: 58 Years Ended December 31, 2025 2024 2023 (in millions of Mexican pesos) Mexico and Central America(1) Ps. 16,207 Ps. 19,772 Ps. 13,415 South America(2) 10,558 9,644 7,981 Capital expenditures, net(3) Ps. 26,765 Ps. 29,416 Ps. 21,396 (1) Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama. (2) Includes Colombia, Brazil, Argentina and Uruguay. (3) Includes disposals of property, plant and equipment, intangible assets and other long-lived assets of Ps. 294 million, Ps. 137 million and Ps. 93 million during the years ended December 31, 2025, 2024 and 2023, respectively. In 2025, 2024 and 2023, we focused our capital expenditures on investments in (i) increasing production capacity; (ii) increasing distribution capacity and efficiency; (iii) placing coolers with retailers; (iv) returnable bottles and cases; and (v) information technology. We have budgeted capital expenditures in an amount ranging between 7.0% and 7.5% of total revenues for 2026. These expenditures are anticipated to be primarily directed toward strengthening our infrastructure, including investments in manufacturing, distribution and assets that increase our presence in the market, such as coolers and returnable bottles and cases, coupled with investments in information technology, all with the objective of supporting operational efficiency and asset optimization across our territories. As is customary, this amount will depend on market and other conditions across our territories. We estimate that of our projected capital expenditures for 2026, approximately 41.6% will be for our Mexican territories and the remaining will be for our non-Mexican territories. We believe that internally generated funds will be sufficient to meet our budgeted capital expenditure for 2026. Hedging Activities We have entered and continue to enter into derivative instruments to hedge our exposure to market risks related to changes in interest rates, foreign currency exchange rates and commodity prices. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” The following table provides a summary of the fair value of derivative instruments as of December 31, 2025. The fair market value is estimated using market prices that would apply to terminate the contracts at the end of the period and are compared with external sources through bank statements provided by the bank entity, which generally are also our counterparties to the relevant contracts. 59 Fair Value as of December 31, 2025. Assets (liabilities) Maturity less than 1 year Maturity 1 – 3 years Maturity 4 – 5 years Maturity in excess of 5 years Total fair value (in millions of Mexican pesos) Cross Currency Swaps U.S. dollars to Mexican pesos — (1,005) (523) (41) (1,569) U.S. dollars to Brazilian reais (107) 113 1,420 30 1,456 U.S. dollars to Colombian pesos 53 — — — 53 Interest Rate Swaps U.S. fixed rate to U.S. floating rate — — — (1,200) (1,200) Forwards U.S. dollars to Mexican pesos (408) — — — (408) U.S. dollars to Brazilian reais (107) — — — (107) U.S. dollars to Colombian pesos (57) — — — (57) U.S. dollars to Argentine pesos 8 — — — 8 U.S. dollars to Uruguayan pesos (41) — — — (41) U.S. dollars to Costa Rican colones (11) — — — (11) Options U.S. dollars to Mexican pesos (70) — — — (70) Commodity Hedge Contracts Sugar (321) (146) — — (467) Aluminum 147 — — — 147 Off-balance sheet arrangements We do not have any off balance sheet arrangements. 60