The following discussion should be read in conjunction with, and is entirely qualified by reference to, our audited consolidated financial statements and the notes to those financial statements. Our consolidated financial statements were prepared in accordance with IFRS. Overview of Events, Trends and Uncertainties Management currently considers the following events, trends and uncertainties to be important to understanding our results of operation and financial position during the periods discussed in this section: •Coca-Cola FEMSA’s results were affected by changes in economic conditions in Mexico, Brazil, and in the other countries where it has operations. For the year ended December 31, 2025, 74.9% of their 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 Coca-Cola FEMSA conducts operations may have, and in the past have had, a negative effect on Coca-Cola FEMSA and a material adverse effect on its results and financial condition. Coca-Cola FEMSA’s business may also be significantly affected by the interest rates, inflation rates and exchange rates of the local currencies of the countries where it has operations. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for Coca-Cola FEMSA products, lower real pricing of its products or a shift to lower margin products. In addition, an increase in interest rates would increase the cost to Coca-Cola FEMSA of variable rate funding, which would have an adverse effect on its financial position. •Proximity Americas Division navigated a dynamic consumer landscape throughout 2025. OXXO Mexico had a challenging first half, impacted by adverse weather conditions and a continuation of a soft consumer environment, which resulted in lower traffic. However, the second half saw an improvement over the first half of the year as the division realigned its execution initiatives to better meet current consumer needs. Nevertheless, the division saw a significant improvement in gross margin driven by higher commercial income revenue and sustained growth in our high-margin service categories, which continues to gain relevance in the channel, coupled with the improvement in Latam which reflected the benefits of scale and more disciplined commercial negotiation with suppliers. While operating expenses increased, mainly reflecting higher labor costs and minimum wage increases in Mexico, effective expense management allowed operating margin to remain relatively stable during the year. In South America, expansion strategies varied by market. In Colombia and Brazil, the business expansion was measured as we refine processes in our stores and manage the separation of our joint venture in Brazil, Grupo Nós, keeping strong same-store sales growth, while in Chile and Peru, expansion was put on hold since last year to focus on improving results. The division also benefited from an increase in average ticket, with mixed performance in the first half of the year of the gathering-related consumer categories, offset by a recovery in the second half from our efforts to improve competitiveness in our thirst, gathering and impulse occasions. Despite this, Proximity Americas Division saw top line growth for OXXO operations in Mexico, mainly reflecting store expansion, complemented by a recovering same-store sales growth in the latter half of the year. Furthermore, Proximity Americas Division paused its pace of expansion in Chile and Peru. In the U.S. market, after a full year of consolidating the Delek acquisition in October 2024, our expansion strategy will focus more on inorganic opportunities. During 2025, Proximity Americas Division’s joint venture in Brazil with Raízen, Grupo Nós, decelerated its pace of expansion. As of December 31, 2025 this joint venture had 1,829 stores in Brazil, including 607 company-owned and operated OXXO stores. As of February 2, 2026, the division completed the separation of the Grupo Nós joint venture with Raízen, with Proximity Americas Division assuming full ownership of all OXXO stores in Brazil under the separation agreement. •In 2025, the Proximity Europe Division delivered strong operating results, driven by the positive performance of its retail operations, particularly in Switzerland, despite continued consumer weakness in our foodservice segment. Results also benefited from favorable translation effects, as the appreciation of both the Swiss Franc and the Mexican peso against the U.S. dollar resulted in a net positive currency impact. This was partially offset by lower sales in the business-to-business ("B2B") foodservice segment. Strict cost management and operational efficiencies allowed Proximity Europe to 56 improve results within a challenging economic environment. As of December 31, 2025, the Proximity Europe Division had reached 2,755 points of sale. •The Fuel Division benefited from a sustained increase in consumer mobility driving solid growth in same-station sales during 2025. This volume growth was supported in part by industry-wide price caps on unleaded gasoline, which boosted demand but resulted in weaker pricing dynamics. In response, the Fuel Division implemented procurement savings and operating efficiencies to offset the impact of these price constraints. Additionally, a decline in lower-margin wholesale volumes contributed to an improvement in price mix. As a result, through disciplined expense management, capital deployment and a leaner operating structure, the Fuel Division was able to sustain and grow profitability. •The Health Division delivered consolidated revenue growth, reflecting strong performance in our retail business in Colombia, steady profitability in Chile, and positive trends in Ecuador. This was offset by a negative performance in the institutional business in Colombia and results in Mexico reflecting a continuingly challenging competitive environment and the strategic closure of stores. Currency appreciation against the Mexican peso supported results. In Chile and Ecuador, the Health Division maintained relevant competitive positions in both markets, while in Colombia, it accelerated growth in its retail format. Despite this growth in sales, profitability for the year was impacted by fixed costs in Mexico and expansion-related expenses. The Health Division will continue to use its integrated scale to drive profitability, grow our retail format in Colombia, continue to optimize its presence in Ecuador and restructure and adapt its operations to the competitive environment in Mexico, while also maintaining its relevant market position in Chile. •Spin redefined its ecosystem as a model centered on OXXO Mexico, strengthening the alignment between Spin and the store network. This redefinition will enable the integration of digital and physical capabilities, combining payments, loyalty, data, services, consumer lending opportunities and talent into an aligned value proposition embedded directly into the store experience. As part of this strategic refinement, Spin will not pursue third-party partners for the Premia loyalty platform. •As part of our FEMSA Forward strategy: •in 2023, we sold 13.9% of economic interests in Heineken, retaining an economic interest of less than 1%; •in October 2023, we merged Envoy Solutions with Brady and retained an ownership stake of 37.08% in the combined entity; •in November 2024, we completed the divestment of our refrigeration and foodservice equipment operations, Imbera and Torrey; •in January 2025, we divested our plastic solutions business; •in May 2025, we sold our remaining economic interest in Heineken; •in July 2025, we completed the Solistica Logistics Transaction; In addition: •in February 2026, we completed the separation of the Grupo Nós joint venture in Brazil with Raizen. As a result of this transaction, we retained the OXXO stores, as well as the distribution center located in Cajamar, Sao Paulo, while Raízen retained the Shell Select stores; •in March 2026, an all-equity merger transaction to combine BradyPLUS with Imperial Dade was concluded following a definitive agreement entered into in August 2025. As a result, FEMSA has retained approximately 18.75% ownership of the merged company. See “Item 4. Information on the Company.” •Our results of operation and financial position are affected by the economic and market conditions in the countries where our subsidiaries conduct their operations, particularly in Mexico. Changes in these conditions are influenced by a number of factors, including those discussed in “Item 3. Key Information—Risk Factors.” Effects of Changes in Economic Conditions Our results are affected by changes in economic conditions in Mexico, Brazil, the U.S. and the other countries where we have operations. For the years ended December 31, 2025, 2024 and 2023, 64.4%, 64.4% and 65.0%, respectively, of our total sales were attributable to Mexico. The participation of these other countries as a percentage of our total sales has not changed significantly during the last five years. 57 Our results are affected by the economic conditions in the countries where we conduct operations. Some of these economies continue to be influenced by the U.S. economy, and therefore, deterioration in the U.S. economy may affect the economies in which we have operations. 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 currencies of the countries where we have operations. Decreases in growth rates, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for Coca-Cola FEMSA’s products or the other products we carry in our stores, our services, lower real pricing of products or a shift to lower margin products, or a decrease in store traffic or average ticket. 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. Beginning in the fourth quarter of 2024 and through 2025, the exchange rate between the Mexican peso and the U.S. dollar fluctuated from a low of Ps. 17.91 per US$1.00, to a high of Ps. 20.94 per US$1.00. At December 31, 2025, the exchange rate (noon buying rate) was Ps. 18.0057 per US$1.00. On April 17, 2026 this exchange rate was Ps. 17.2380 per US$1.00. We have raw materials purchases and capital expenditures priced in U.S. dollars, in which a depreciation of the Mexican peso or local currencies in the countries where we have operations will increase our costs and investments. Further, an appreciation of the Mexican peso or local currencies generates savings in our costs for raw materials and investments. In addition, we have U.S. dollar-denominated debt obligations, in which a depreciation of the Mexican peso relative to the U.S. dollar will increase our liability; moreover an appreciation of the Mexican peso reduce the corresponding liability. However, this effect could be offset by a corresponding appreciation or depreciation of our U.S. dollar-denominated cash position. Liquidity and Capital Resources Liquidity As of December 31, 2025, 57.5% of our outstanding consolidated total indebtedness was at the level of our operating subsidiaries. Our principal source of liquidity has been cash flows from our operations. We have traditionally been able to rely on cash generated from the sales of Coca-Cola FEMSA and Proximity Americas Division, as well as the Fuel Division, whose sales are typically conducted on a cash basis or under short-term credit terms. For the year ended December 31, 2025, our net cash flow from operating activities before changes in operating accounts was Ps. 124,374 million. We always try to maintain sufficient cash flow to meet our short-term operating costs and short-term debt obligations by using our resources efficiently. For the year ended December 31, 2025, we had a negative working capital cash flow of Ps. 26,405 million. Further, this is related with payments to suppliers, as well as accounts receivable, in order to meet growth in anticipated sales, which is a significant cash requirement in our operation. We expect our working capital to be sufficient for our current operating cash requirements. However, our operating subsidiaries generally incur short-term indebtedness or are financed by balances from the holding company level if they are temporarily unable to finance operations or meet any capital requirements with cash from operations. Other major cash requirements include obligations to support our ongoing operation, which consist primarily of salary and commissions expenses for employees and contractual obligations for our lease agreements mainly in Proximity Americas Division, Proximity Europe Division and Health Division. Additionally, we must face the repayment obligations with our debt holders through periodic payments, which include both principal and interest. We disclose the maturity dates associated with our short- term and long-term financial liabilities as of December 31, 2025, in Note 19 of our audited consolidated financial statements. We generally make payments associated with our financial obligations with cash generated from our operations. Other principal uses of cash have generally been for capital expenditures, acquisitions, dividend payments, and share buybacks. We continuously evaluate opportunities to pursue acquisitions or engage in joint ventures or other transactions. We would expect to finance any significant future transactions with a combination of cash from operations, long-term indebtedness and issuance of shares. If existing cash and cash generated from operations are insufficient to satisfy our liquidity requirements, we expect to continue financing our operations and capital requirements (e.g., acquisitions, investments or capital expenditures) with cash on hand, and domestic and international funding through bank loans at the level of our operating subsidiaries. Other than in these instances, it is generally more convenient that our foreign operations be financed directly through us because of the more favorable terms of our financing market conditions. Nonetheless, operating subsidiaries may decide to incur indebtedness in the future to finance their operations and working capital requirements or significant acquisitions, investments, or capital expenditures. As a holding company, we depend on dividends and other distributions from our subsidiaries to service our indebtedness. 58 A major decline in the business of any of our operating subsidiaries may affect their ability to fund their capital requirements. A significant and prolonged deterioration of the economies in which we have operations or in our businesses may affect our ability to obtain short-term and long-term credit or to refinance existing indebtedness on terms satisfactory to our management. As of December 31, 2025, 2024 and 2023, 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. 17,185 Ps. 10,590 Of which suppliers have received payment 8,668 22,001 2023 Ps. 2,416 823 For more information, see Note 21.11 to our consolidated financial statements. The following is a summary of the principal sources and uses of cash for the years ended December 31, 2025, 2024 and 2023 from our consolidated statement of cash flows: Principal Sources and Uses of Cash Years ended December 31, 2025, 2024 and 2023 (in millions of Mexican pesos) 2025 2024 2023 Net cash generated by operating activities Ps. 71,080 Ps. 71,510 Ps. 49,679 Net cash (used in) generated by investing activities (2,061) (33,122) 132,292 Net cash used in financing activities (92,000) (84,049) (92,552) Dividends paid (49,925) (25,080) (18,798) Principal Sources and Uses of Cash for the Year ended December 31, 2025 Compared to the Year Ended December 31, 2024 Our net cash generated by operating activities decreased by Ps. 430 million to Ps. 71,080 million in 2025 compared to Ps. 71,510 million in 2024. This was primarily the result of: •Operating cash flow from activities before changes in operating accounts increased by Ps. 18,092 million, due to the improved operating results at top line across all our business units in 2025, compared to 2024, as well as a more favorable year-over-year comparison in foreign exchange effects, which changed from a gain of Ps. 11,929 million in 2024 to a loss of Ps. 5,747 million in 2025. This was partially offset by impairments losses in 2024 in Proximity Americas and Health Division; and •An increase in negative working capital of Ps. 17,076 million, primarily driven by higher payments to suppliers partially offset by favorable inventory purchasing dynamics in 2025, as compared to 2024. Our net cash used in investing activities was Ps. 2,061 million for the year ended December 31, 2025, compared to Ps. 33,122 million used in investing activities for the year ended December 31, 2024, representing an overall decrease in cash outflows related to investing activities of Ps. 31,061 million. This was primarily the result of: •Lower cash inflows from divestitures of Ps. 10,636 million, reflecting proceeds of Ps. 14,387 million in 2025 related to PTM, Heineken, and Solistica, as compared to Ps. 25,023 million in 2024 related to Imbera and Jetro Restaurant Depot; •Lower cash outflows reflecting fewer business acquisitions year-over year of Ps. 7,517 million, as compared to 2024; •Higher cash inflows of Ps. 26,995 million, primarily reflecting the settlement of short-term investments of Ps. 18,255 million in 2025, as compared to cash outflows of Ps. 8,740 million in 2024 related to the acquisition of short-term investments; •Lower cash inflows from interest received of Ps. 4,375 million, as cash balances declined consistent with our FEMSA Forward strategy; and 59 •Lower cash outflows of Ps. 6,080 million related with discontinued operations in 2025, as compared to 2024. Our net cash used in financing activities was Ps. 92,000 million for the year ended December 31, 2025, compared to Ps. 84,049 million used in financing activities for the year ended December 31, 2024, an overall increase in cash outflows related to financing activities of Ps. 7,951 million. This was primarily due to: •Lower cash outflows of Ps. 7,947 million reflecting lower share repurchases as part of our capital allocation strategy, with repurchases of Ps. 12,364 million in 2025, compared to Ps. 20,311 million in 2024; •Higher cash outflows of Ps. 24,845 million due to higher dividend payments, which totaled Ps. 49,925 million in 2025, compared to Ps. 25,080 million in 2024; •Higher cash inflows of Ps. 10,126 million mainly due to higher proceeds from borrowings in 2025 of Ps. 11,333 million, as compared to Ps. 1,207 million in 2024; •Lower cash outflows of Ps. 4,547 million due to lower payments of borrowings in 2025 of Ps. 1,817 million, as compared to Ps. 6,364 million in 2024; •Higher cash outflows of Ps. 4,386 million due to lease payments, including interest paid. In 2025, amounting to Ps. 24,061 million, as compared to 19,675 million in 2024; and •Higher cash outflows of Ps. 3,222 million due to acquisition of non-controlling interest in 2025, primarily related with Caffenio. Principal Sources and Uses of Cash for the Year ended December 31, 2024 Compared to the Year Ended December 31, 2023 Our net cash generated by operating activities increased Ps. 21,831 million to Ps. 71,510 million in 2024 compared to Ps. 49,679 million in 2023. This was primarily the result of: •An increase in cash flow of Ps. 15,347 million from operating activities before changes in operating working capital accounts, mainly due to the improved operating results at top line across all our business units in 2024, compared to 2023; •A negative change in working capital of Ps. 6,286 million due to supplier credit net of increase in accounts receivable and inventory purchases, as compared to 2023; and •An increase in cash flow of Ps. 11,048 million from discontinued operations, as compared to 2023. Our net cash used in investing activities was Ps. 33,122 million for the year ended December 31, 2024, compared to Ps. 132,292 million generated by investing activities for the year ended December 31, 2023, representing an overall decrease in cash outflows related to investing activities of Ps. 165,414 million. This was primarily the result of: •Lower cash inflows of Ps. 140,634 million due to the divestment of Imbera and Torrey, as well as the inflows for the receivable of Jetro Restaurant Depot in 2024, as compared to the divestment of Heineken, Envoy Solutions and Jetro Restaurant Depot in 2023; •Lower cash outflows of Ps. 17,985 million due to lower purchases of cash investments in 2024, as compared to 2023; •Higher cash outflows of Ps. 3,731 million due to higher business acquisitions in 2024, as compared to 2023; •Higher cash outflows of Ps. 9,193 million due to higher capital expenditures in 2024, as compared to 2023; and •Higher cash outflows of Ps. 31,433 million related with discontinued operations, as compared to 2023. Our net cash used in financing activities was Ps. 84,049 million for the year ended December 31, 2024, compared to Ps. 92,552 million used in financing activities for the year ended December 31, 2023, an overall decrease in cash outflows related to financing activities of Ps. 8,503 million. This was primarily due to: •Cash outflows of Ps. 20,311 million due to shares repurchase in 2024 as part of our capital allocation strategy; •Lower cash inflows of Ps. 10,031 million mainly due to lower proceeds from bank loans and notes payable in 2024 of Ps. 1,207 million, as compared to Ps. 11,238 million in 2023; •Lower cash outflows of Ps. 37,057 million due to lower payments of bank loans and notes payable in 2024 of Ps. 6,364 million, as compared to Ps. 43,421 million in 2023; and 60 •Lower cash outflows of Ps. 1,984 million due to lower interest payments in 2024, amounting to Ps. 8,603 million as compared to 10,587 million in 2023. Consolidated Total Indebtedness Our consolidated total indebtedness as of December 31, 2025 was Ps. 147,666 million compared to Ps. 148,204 million in 2024. Short-term debt (including maturities of long-term debt) and long-term debt were Ps. 20,674 million and Ps. 126,992 million, respectively, as of December 31, 2025, as compared to Ps. 6,722 million and Ps. 141,482 million, respectively, as of December 31, 2024 . Cash and cash equivalents were Ps. 107,980 million as of December 31, 2025, as compared to Ps. 139,834 million as of December 31, 2024. In March 2023, we completed a tender offer to purchase, for cash, certain of our outstanding 3.500% Senior Notes due 2050, 4.375% Senior Notes due 2043, 0.500% Senior Notes due 2028, and 1.000% Senior Notes due 2033. As a result of this offer, we acquired approximately US$943,054,000 principal amount (settlement price US$709,912,000) of 3.500% Senior Notes due 2050, US$147,170,000 principal amount (settlement price US$127,975,000) of 4.375% Senior Notes due 2043, €406,531,000 principal amount (settlement price €345,047,000) of 0.500% Senior Notes due 2028, and €259,188,000 principal amount (settlement price €194,777,000) of 1.000% Senior Notes due 2033. In November 2023, we completed a tender offer to purchase, for cash, any and all of our outstanding 4.375% Senior Notes due 2043 denominated in U.S. dollars. As a result of this offer, we acquired approximately US$126,799,000 principal amount (settlement price US$114,146,000) of 4.375% Senior Notes due 2043. In July 2024, we completed a tender offer to reduce our indebtedness by purchasing for cash certain of our outstanding 3.500% Senior Notes due 2050. As a result of this offer, we acquired approximately US$206,762,000 principal amount (settlement price US$ 164,363,000) of 3.500% Senior Notes due 2050. 61 Contractual Obligations The table below sets forth our contractual obligations as of December 31, 2025. Maturity Less than In excess 1 year 1-3 years 3-5 years of 5 years Total (in millions of Mexican pesos) Short-Term Debt Mexican pesos Ps. 3,143 Ps. — Ps. — Ps. — Ps. 3,143 Colombian pesos 398 — — — 398 Chilean pesos 1,687 — — — 1,687 Argentine pesos 634 — — — 634 Long-Term Debt Mexican pesos 3,295 19,964 5,693 8,436 37,388 Brazilian reais 3 — — — 3 Colombian pesos 975 — — — 975 U.S. dollars — 2,066 18,576 61,040 81,682 Euro 10,539 6,182 — 5,035 21,756 Interest payments (1) Mexican pesos 504 1,565 565 814 3,448 Colombian pesos 142 — — — 142 U.S. dollars — 106 514 2,328 2,948 Argentine pesos 229 — — — 229 Chilean pesos 102 — — — 102 Euro 277 31 — 50 358 Interest rate swaps and cross currency swaps (2) Mexican pesos 4,445 8,756 8,078 28,513 49,792 U.S. dollars 1,982 3,610 3,019 14,100 22,711 Colombian pesos 4 — — — 4 Brazilian reals 1,000 1,335 652 — 2,987 Chilean pesos 18 — — — 18 Euro 42 — — — 42 Commodity price contracts Sugar (3) 2,085 1,672 — — 3,757 Aluminum (3) 1,619 — — — 1,619 Expected benefits to be paid for pension and retirement plans, seniority premiums, post-retirement medical services and post-employment 2,318 3,093 3,171 8,405 16,987 Lease liabilities (5) 20,885 — 76,202 54,013 151,100 Other long-term liabilities (4) — — — 15,812 15,812 (1)Interest was calculated using long-term debt outstanding and interest rates in effect on December 31, 2025 without considering interest rate swap agreements. The debt and applicable interest rates in effect are shown in Note 19 to our audited consolidated financial statements. Liabilities denominated in U.S. dollars were translated to Mexican pesos at an exchange rate of Ps. 17.9667 per US$1.00, the exchange rate quoted to us by Banco de México for the settlement of obligations in foreign currencies on December 31, 2025. (2)Reflects the amount of future payments that we would be required to make. The amounts were calculated by applying the rates giving effect to interest rate swaps and cross-currency swaps applied to long-term debt as of December 31, 2025, and the market value of the unhedged cross-currency swaps. (3)Reflects the notional amount of the futures and forward contracts used to hedge sugar and aluminum cost with a fair value liability of Ps. 320 million. See Note 21.5 to our audited consolidated financial statements. (4)Other long-term liabilities include provisions and others, but not deferred taxes. Other long-term liabilities additionally reflect those liabilities whose maturity date is undefined and depends on a series of circumstances out of our control; therefore, these liabilities have been considered to have a maturity of more than five years. (5)Amount of Ps. 76,202 million reflects the payments of leases from 1 to 5 years. See Note 12 to our audited consolidated financial statements. As of December 31, 2025, Ps. 20,674 million of our total consolidated indebtedness was short-term debt (including maturities of long-term debt). 62 As of December 31, 2025, our consolidated average cost of borrowing, after giving effect to the cross-currency and interest rate swaps, was approximately 7.0%, as compared to 7.2% at December 31, 2024 (the total amount of debt used in the calculation of this percentage was obtained by converting only the units of investment debt for the related cross-currency swap, and it also includes the effect of related interest rate swaps). As of December 31, 2025, after giving effect to cross-currency swaps, approximately 53.4% of our total consolidated indebtedness was denominated and payable in Mexican pesos, 27.0% in U.S. dollars, 9.3% in Brazilian reais, 7.2% in euros, 1.6% in Colombian pesos, 1.1% in Chilean pesos and the remaining 0.4% in Argentine pesos. Overview of Debt Instruments The following table shows the allocations of total debt of our company as of December 31, 2025: Total Debt Profile of the Company FEMSA and Coca-Cola Proximity Health Total Others FEMSA Americas Division Debt In millions of Mexican pesos Short-term Debt Mexican pesos: Bank loans Ps. — Ps. 3,000 Ps. 143 Ps. — Ps. 3,143 Colombian pesos: Bank Loans — 398 — — 398 Chilean pesos: Bank Loans — — — 1,687 1,687 Argentine pesos: Bank loans — 634 — — 634 Long-term Debt (1) Mexican pesos: Bank loans — — 1,241 — 1,241 Senior notes 9,263 26,884 — — 36,147 U.S. dollars: Bank loans — — — 2,066 2,066 Senior Notes 31,732 47,884 — — 79,616 Brazilian reais: Bank Loans — 3 — — 3 Colombian pesos: Bank Loans — 975 — — 975 Euros: Senior unsecured notes 21,756 — — — 21,756 Total Debt Ps. 62,751 Ps. 79,778 Ps. 1,384 Ps. 3,753 Ps. 147,666 Average Cost (2) Mexican pesos 9.1 % 8.5 % 9.8 % — 8.7 % U.S. dollars 2.7 % 4.3 % — 5.1 % 3.5 % Euros 2.6 % — — — 2.6 % Brazilian reais — 10.9 % — — 10.9 % Argentine pesos — 36.2 % — — 36.2 % Colombian pesos — 8.6 % — — 8.6 % Chilean pesos — — — 6.0 % 6.0 % Weighted average cost 5.6 % 8.3 % 9.8 % 5.5 % 7.0 % (1)Includes the Ps. 14,812 million current portion of long-term debt. (2)Includes the effect of cross-currency and interest rate swaps. Average cost is determined based on interest rates as of December 31, 2025. 63 Summary of Significant Debt Instruments Issue Year Maturity Amount Issued Amount Outstanding Rate 2022 2027 Ps. 827 million Ps. 827 million 28-day TIIE + 0.10% 2022 2032 Ps. 8,446 million Ps. 8,446 million 9.65 % 2021 2033 EUR€ 500 million EUR€ 241 million 1.00 % 2021 2028 EUR€ 700 million EUR€ 293 million 0.500 % 2020 2050 US$ 2,500 million US$ 1,350 million 3.500 % 2013 2043 US$ 700 million US$ 426 million 4.375 % 2023 2026 EUR€ 500 million EUR€ 500 million 2.625 % Restrictions Imposed by Debt Instruments Generally, our credit agreements include restrictive covenants applicable to our company, our operating subsidiaries and their subsidiaries. We and our operating subsidiaries are in compliance with all of our covenants. A significant and prolonged deterioration in our consolidated results could cause us to cease to be in compliance under certain indebtedness in the future. We can provide no assurances that we will be able to incur indebtedness or to refinance existing indebtedness on similar terms in the future. Summary of Liquidity We believe that the funds of cash and cash equivalents, in addition to the cash generated by our operations, are sufficient to meet our operating requirements. The following is a summary and description of our liquidity as of December 31, 2025: Coca-Cola FEMSA •Coca-Cola FEMSA’s 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, Coca-Cola FEMSA’s cash and cash equivalents were Ps. 28,067 million, as compared to Ps. 32,779 million as of December 31, 2024. Coca-Cola FEMSA had cash outflows in 2025 mainly resulting from dividend payments and increase in capital expenditures. As of December 31, 2025, Coca-Cola FEMSA’s 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. Coca-Cola FEMSA believes that these funds, in addition to the cash generated by its operations, are sufficient to meet their own operating requirements. Proximity Americas Division •As of December 31, 2025, Proximity Americas Division had a total outstanding debt of Ps. 1,384 million related to bank loans of Caffenio. Short-term debt (including the current portion of long-term debt) and long-term debt were Ps. 504 million and Ps. 880 million, respectively. As of December 31, 2025 and 2024, cash and cash equivalents were Ps. 10,299 and Ps. 9,219 million, respectively. Health Division •As of December 31, 2025, Health Division had a total outstanding debt of Ps. 3,753 million. As of December 31, 2025 and 2024, cash and cash equivalents were Ps. 4,210 million and Ps. 3,788 million, respectively. Other Businesses •As of December 31, 2025, FEMSA and its other businesses had a total outstanding debt of Ps. 62,751 million, composed of Ps. 7,586 million of senior notes due 2043, Ps. 24,146 million of senior notes due 2050, Ps. 11,217 million of Senior Unsecured Notes due 2028 and 2033, Ps. 9,263 million of senior notes due 2027 and 2032 and Ps. 10,539 million of Senior Unsecured Notes due 2026. See “Item 5. Operating and Financial Review and 64 Prospects—Liquidity and Capital Resources—Liquidity.” FEMSA and other businesses’ average cost of debt, after giving effect to interest rate swaps and cross-currency swaps, as of December 31, 2025, was 9.1% in Mexican pesos. As of December 31, 2025 and 2024, cash and cash equivalents were Ps. 61,707 and Ps. 90,852 million, respectively. Contingencies We have various loss contingencies, including related to tax, labor and other legal proceedings, for which reserves have been recorded in those cases where we believe an unfavorable resolution is probable and can be reasonably quantified. See “Item 8. Financial Information—Legal Proceedings.” Any amounts required to be paid in connection with these loss contingencies would be required to be paid from available cash. The following table displays the nature and amount of the loss contingencies recorded as of December 31, 2025 and 2024: As of December 31, As of December 31, 2025 2024 (in millions of Mexican pesos) (in millions of Mexican pesos) Tax Ps. 1,139 Ps. 1,277 Legal 826 1,153 Labor 1,357 1,445 Total Ps. 3,322 Ps. 3,875 In Brazil, FEMSA and its subsidiaries have been required by the relevant authorities to collateralize tax contingencies currently in litigation by pledging fixed assets, or providing bank guarantees. See Note 26.8 to our consolidated financial statements. In Mexico, FEMSA and its subsidiaries have adapted its ongoing tax risk management processes in response to recent reforms to the tax and judicial frameworks, including provisions aimed at strengthening the review and audit powers of tax authorities. As of the date of this annual report, FEMSA and its subsidiaries are parties to certain tax matters related to their ordinary course of its business, which are at various stages of administrative proceedings and litigation. While FEMSA and its subsidiaries believe that its positions are supported by sound technical grounds, tax controversies are subject to inherent uncertainty, and the timing and final outcome may differ from its expectations. See Note 26.7 to our consolidated financial statements. We have other contingencies that, based on a legal assessment of their risk of loss, have been classified by our internal legal counsel as more than remote but less than probable. These contingencies have a financial impact that is disclosed as loss contingencies in Note 26.7 of the audited consolidated financial statements. These contingencies, or our assessment of them, may change in the future, and we may record reserves or be required to pay amounts in respect of these contingencies. As of December 31, 2025, the aggregate amount of such contingencies for which we had not recorded a reserve was Ps. 190,305 million. Capital Expenditures and Divestitures For the past five years, we have had significant capital expenditure programs, which for the most part were financed with cash from operations. Investments in capital expenditures were Ps. 45,315 million in 2025, compared to Ps. 51,069 million in 2024, a decrease of 11.3%. The amount invested in 2025 was driven by investments related to the opening of new stores and locations in Proximity Americas Division, Proximity Europe Division and the Health Division. The principal investments of Coca-Cola FEMSA have been related to increasing production capacity, increasing distribution capacity and efficiency, placing coolers with retailers, increasing and replacing returnable bottles and cases and information technology. See “Item 4. Information on the Company—Capital Expenditures.” Expected Capital Expenditures for 2026 Our capital expenditure budget for 2026 is expected to be approximately Ps. 49,870 million (US$2,598 million). The following discussion is based on each of our businesses’ internal budgets. The capital expenditure plan for 2026 is subject to change based on market and other conditions, and our subsidiaries’ results and financial resources. Coca-Cola FEMSA has 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 its infrastructure, including investments in manufacturing, distribution and assets that increase its presence in the market, such as coolers and returnable bottles and cases, coupled with investments in information technology, all with the objective of 65 supporting operational efficiency and asset optimization across its territories. As is customary, this amount will depend on market and other conditions across its territories. Coca-Cola FEMSA estimates that, of its projected capital expenditures for 2026, approximately 41.6% will be for its Mexican territories and the remaining will be for its non-Mexican territories. Coca-Cola FEMSA believes that internally generated funds will be sufficient to meet its budgeted capital expenditure for 2026. Proximity Americas Division’s capital expenditures budget in 2026 is expected to total approximately Ps. 17,045 million (US$888 million) and will be allocated to the opening of new OXXO stores and the refurbishing of existing OXXO stores. In addition, investments are planned for IT systems, ERP software updates and transportation equipment. Proximity Europe Division’s capital expenditures budget in 2026 is expected to total approximately Ps. 2,481 million (US$129 million) and will be mainly allocated to the opening of new stores and refurbishing of existing stores, as well as the maintenance of production facilities. The Health Division’s capital expenditures budget in 2026 is expected to total approximately Ps. 1,414 million (US$74 million) and will be allocated to the opening of new locations and, to a lesser extent, the refurbishing of existing locations. In addition, investments are planned in warehouses, IT hardware and ERP software updates. The Fuel Division’s capital expenditures budget in 2026 is expected to total approximately Ps. 203 million (US$11 million) and will be allocated to the refurbishing of existing OXXO Gas service stations and investments in IT systems. Our capital expenditures budget in 2026 for Other Businesses is expected to total approximately Ps. 3,076 million (US$160 million) and will be allocated to the opening of new Bara stores and investment in points of sale terminals in Spin. Divestitures As part of our FEMSA Forward strategy: •in 2023, we sold 13.9% of economic interests in Heineken, retaining an economic interest of less than 1%; •in October 2023, we merged Envoy Solutions with Brady and retained an ownership stake of 37.08% in the combined entity; •in November 2024, we completed the divestment of our refrigeration and foodservice equipment operations, Imbera and Torrey; •in January 2025, we divested our plastic solutions business; •in May 2025, we sold our remaining economic interest in Heineken; •in July 2025, we completed the Solistica Logistics Transaction; In addition: •in February 2026, we completed the separation of the Grupo Nós joint venture in Brazil with Raizen. As a result of this transaction, we retained the OXXO stores, as well as the distribution center located in Cajamar, Sao Paulo, while Raízen retained the Shell Select stores; •in March 2026, an all-equity merger transaction to combine BradyPLUS with Imperial Dade was concluded following a definitive agreement entered into in August 2025. As a result, FEMSA has retained approximately 18.75% ownership of the merged company. See “Item 4. Information on the Company.” Hedging Activities In the ordinary course of business we may enter into derivative instruments to hedge our exposure to market risks related to changes in interest rates, foreign currency exchange rates and commodity price risk. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” The following table provides a summary of the fair value and maturity of derivative financial instruments as of December 31, 2025. If such instruments are not traded in a formal market, fair value is determined by applying 66 techniques based upon technical models we believe are supported by sufficient, reliable and verifiable market data, recognized in the financial sector. Fair Value At December 31, 2025 Maturity Maturity Fair Value less than Maturity Maturity in excess of Asset 1 year 1-3 years 3-5 years 5 years (Liability) (in millions of Mexican pesos) Derivative financial instruments position Ps. (988) Ps. (835) Ps. 1,313 Ps. (1,264) Ps. (1,774) Off-balance sheet arrangements We do not have any off balance sheet arrangements. Operating Leverage Companies with structural characteristics that result in margin expansion in excess of sales growth are referred to as having high “operating leverage.” The operating subsidiaries of Coca-Cola FEMSA are engaged, to varying degrees, in capital-intensive activities. The high utilization of the installed capacity of the production facilities results in better fixed cost absorption, as increased output results in higher revenues without additional fixed costs. Absent significant increases in variable costs, gross profit margins will expand when production facilities are operated at higher utilization rates. Alternatively, higher fixed costs will result in lower gross profit margins in periods of lower output. In addition, the commercial operations of Coca-Cola FEMSA are carried out through extensive distribution networks, the principal fixed assets of which are warehouses and trucks and are designed to handle large volumes of beverages. Fixed costs represent an important proportion of the total distribution expense of Coca-Cola FEMSA. Generally, the higher the volume that passes through the distribution system, the lower the fixed distribution cost as a percentage of the corresponding revenues. As a result, operating margins improve when the distribution capacity is operated at higher utilization rates. Alternatively, periods of decreased utilization because of lower volumes will negatively affect our operating margins. Proximity Americas Division, Proximity Europe Division, the Health Division and the Fuel Division operations are characterized by low margins and relatively high fixed costs. These two characteristics make these segments businesses with an operating margin that might be affected more easily by a change in sales levels. Critical Accounting Judgments and Estimates For a description of the critical accounting judgments and estimates made, see Note 2.3 to our consolidated financial statements. Future Impact of Recently Issued Accounting Standards not yet in Effect For a description of the recent IFRS and amendments to IFRS adopted during 2025, see Note 2.4 to our consolidated financial statements. In addition, for a description of the recently issued accounting standards, see Note 29 to our audited consolidated financial statements. 67 Operating Results The following table sets forth our consolidated income statement under IFRS for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025⁽¹⁾ 2025⁽²⁾ 2024 2023 (in millions of U.S. dollars and Mexican pesos) Net sales $ 46,340 Ps. 834,390 Ps. 775,551 Ps. 699,640 Other operating revenues 365 6,564 6,034 3,052 Total revenues 46,705 840,954 781,585 702,692 Cost of goods sold 27,734 499,378 460,072 423,185 Gross profit 18,971 341,576 321,513 279,507 Administrative expenses 2,184 39,325 39,085 32,307 Selling expenses 12,736 229,324 211,966 188,732 Other income 184 3,317 3,588 13,102 Other expenses 341 6,133 9,440 6,252 Interest expense 1,183 21,303 20,002 14,916 Interest income 426 7,662 11,910 17,609 Foreign exchange loss (gain) , net 319 5,747 (11,929) 9,849 Gain on monetary position for subsidiaries in hyperinflationary economies 21 385 209 94 Market value (gain) loss on financial instruments (96) (1,729) 2,109 440 Income before income taxes and share in the profit of equity method accounted investees 2,935 52,837 66,547 57,816 Income taxes 1,103 19,860 25,433 12,971 Share in the loss of equity method accounted investees (83) (1,498) (993) (406) Net income from continuing operations 1,749 31,479 40,121 44,439 Net income from discontinued operations 87 1,574 115 32,238 Consolidated Net Income $ 1,836 Ps. 33,053 Ps. 40,236 Ps. 76,677 Attributable to: Controlling interest 1,079 19,431 26,735 65,689 Non-controlling interest 757 13,622 13,501 10,988 Consolidated Net Income $ 1,836 Ps. 33,053 Ps. 40,236 Ps. 76,677 (1) Translation to U.S. dollar amounts at an exchange rate of Ps. 18.0057 to US$ 1.00, provided solely for the convenience of the reader. (2) Until January 1, 2025, our less-than-truckload operations in Brazil were held for sale, at which point it was reclassified as continuing operations. The following table sets forth certain operating results, including intercompany transactions before consolidation adjustments, by reportable segment under IFRS for each of our segments for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025 2024 2023 2025 vs 2024 2024 vs 2023 (in millions of Mexican pesos, Percentage Growth except margins) (Decrease) Net sales Coca-Cola FEMSA Ps. 291,147 Ps. 279,030 Ps. 244,264 4.3 % 14.2 % Proximity Americas Division 328,839 307,131 278,443 7.1 % 10.3 % Proximity Europe Division 57,028 49,755 43,552 14.6 % 14.2 % Health Division 87,939 78,522 75,357 12.0 % 4.2 % 68 Fuel Division 67,195 65,302 58,437 2.9 % 11.7 % Total revenues Coca-Cola FEMSA 291,746 279,793 245,088 4.3 % 14.2 % Proximity Americas Division 328,839 307,197 278,520 7.0 % 10.3 % Proximity Europe Division 57,028 49,755 43,552 14.6 % 14.2 % Health Division 88,129 79,755 75,358 10.5 % 5.8 % Fuel Division 67,195 65,365 58,499 2.8 % 11.7 % Cost of goods sold Coca-Cola FEMSA 158,570 151,057 134,228 5.0 % 12.5 % Proximity Americas Division 180,344 170,204 161,458 6.0 % 5.4 % Proximity Europe Division 33,778 28,411 24,930 18.9 % 14.0 % Health Division 64,275 55,714 52,859 15.4 % 5.4 % Fuel Division 59,004 57,430 51,155 2.7 % 12.3 % Gross profit Coca-Cola FEMSA 133,176 128,736 110,860 3.4 % 16.1 % Proximity Americas Division 148,495 136,993 117,062 8.4 % 17.0 % Proximity Europe Division 23,250 21,344 18,622 8.9 % 14.6 % Health Division 23,854 24,041 22,499 (0.8) % 6.9 % Fuel Division 8,191 7,935 7,344 3.2 % 8.0 % Gross margin (1) (2) Coca-Cola FEMSA 45.6 % 46.0 % 45.2 % (0.4) p.p 0.8 p.p Proximity Americas Division 45.2 % 44.6 % 42.0 % 0.6 p.p 2.6 p.p Proximity Europe Division 40.8 % 42.9 % 42.8 % (2.1) p.p 0.1 p.p Health Division 27.1 % 30.1 % 29.9 % (3.0) p.p 0.2 p.p Fuel Division 12.2 % 12.1 % 12.6 % 0.1 p.p (0.5) p.p Administrative expenses Coca-Cola FEMSA 15,043 13,678 12,820 10.0 % 6.7 % Proximity Americas Division 10,405 9,306 6,514 11.8 % 42.9 % Proximity Europe Division 3,884 3,793 3,231 2.4 % 17.4 % Health Division 2,455 4,348 2,788 (43.5) % 56.0 % Fuel Division 290 343 299 (15.5) % 14.7 % Selling expenses Coca-Cola FEMSA 76,664 74,423 63,278 3.0 % 17.6 % Proximity Americas Division 108,018 97,989 84,543 10.2 % 15.9 % Proximity Europe Division 17,018 15,748 14,371 8.1 % 9.6 % Health Division 18,270 16,144 16,404 13.2 % (1.6) % Fuel Division 4,967 4,792 4,548 3.7 % 5.4 % Share of the profit of associates and joint ventures accounted for using the equity method, net of taxes Coca-Cola FEMSA 531 306 215 73.5 % 42.3 % Proximity Americas Division (801) (623) (611) 28.6 % 2.0 % (1)Gross margin is calculated as gross profit divided by total revenues. (2)As used herein, p.p. refers to a percentage point increase (or decrease) contrasted with a straight percentage increase (or decrease). 69 Results from our Operations for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 FEMSA Consolidated FEMSA’s consolidated total revenues increased 7.6% to Ps. 840,954 million in 2025 compared to Ps. 781,585 million in 2024, reflecting growth across all of our business units, favorable currency translation effects, and the consolidation of our U.S. operations. Coca-Cola FEMSA’s total revenues increased 4.3% to Ps. 291,746 million. Proximity Americas Division’s revenues increased 7.0% to Ps. 328,839 million, driven by an average increase of 1.0% in same-store sales and the addition of 1,125 net new stores during the year. Proximity Europe Division’s revenues increased 14.6% to Ps. 57,028 million, reflecting growth in our retail and B2C foodservice businesses, mainly in Switzerland, as well as favorable currency translation effects. The Health Division’s revenues increased 10.5% to Ps. 88,129 million, reflecting growth in Chile, Colombia, particularly in the retail segment, and Ecuador, coupled with favorable currency translation effects and an increase of 8.0% in same-store sales. This was partially offset by a sustained challenging environment in Mexico and the net closure of 158 locations across the Division. The Fuel Division’s revenues increased 2.8% to Ps. 67,195 million in 2025, driven by a 6.9% increase in same-station sales, offset by a decline in volume from our wholesale operation. Consolidated gross profit increased 6.2% to Ps. 341,576 million in 2025 compared to Ps. 321,513 million in 2024. Gross margin decreased 50 basis points to 40.6% of total revenues compared to 2024, reflecting gross margin contraction in Coca-Cola FEMSA, Health and Proximity Europe Divisions, and nearly flat margin at our Fuel Division, as well as the reclassification of distribution expenses at the Health and Europe Divisions from selling expenses to cost of goods sold. This was partially offset by margin expansion at the Proximity Americas Division. Consolidated administrative expenses slightly increased 0.6% to Ps. 39,325 million in 2025 compared to Ps. 39,085 million in 2024. As a percentage of total revenues, consolidated administrative expenses decreased 30 basis points, from 5.0% in 2024 to 4.7% in 2025. In 2025, we reclassified certain administrative expenses into selling expenses for the full year; for comparability purposes, the sum of selling and administrative expenses are comparable. Consolidated selling expenses increased 8.2% to Ps. 229,324 million in 2025 as compared to Ps. 211,966 million in 2024. As a percentage of total revenues, selling expenses increased 20 basis points, from 27.1% in 2024 to 27.3% in 2025. Some of our subsidiaries pay management fees to us in consideration for corporate services we provide to them. These fees are recorded as administrative expenses in the respective business segments. Our subsidiaries’ payments of management fees are eliminated in consolidation and, therefore, have no effect on our consolidated operating expenses. During 2025, other income decreased to Ps. 3,317 million from Ps. 3,588 million in 2024, mainly driven by higher insurance recovery, and higher foreign exchange gains, and a higher gain on sale of long-lived assets, which was offset by lower recoveries of prior years' taxes, a non-recurrence of tax credit recovery and other investments as compared to 2024. See Note 20 of our consolidated financial statements. During 2025, other expenses decreased to Ps. 6,133 million from Ps. 9,440 million in 2024, mainly reflecting the non-recurrence of 2024's impairment of long-lived assets and a tax credit recovery payment to former shareholders, partially offset by a foreign exchange loss relating to operating activities. See Note 20 of our consolidated financial statements. Foreign exchange loss was Ps. 5,747 million in 2025 as compared to a gain of Ps. 11,929 million recorded during the same period of 2024, related to the effect of FEMSA’s U.S. dollar-denominated cash position impacted by the appreciation of the Mexican peso during 2025 relative to its depreciation in 2024. In addition, we recognized a higher gain in monetary position recording Ps. 385 million in 2025, compared to a Ps. 209 million during the previous year. The market value of financial instruments registered a gain of Ps. 1,729 million during 2025, as compared to a loss of Ps. 2,109 million in 2024. Net interest expense in 2025 was Ps. 13,641 million, compared to a net interest expense of Ps. 8,092 million in 2024, mainly driven by a comparison base which included gains on derivative instruments in 2024, and a decrease in interest income as a result of a lower cash position and lower interest rates. Our provision for income taxes in 2025 was Ps. 19,956 million which includes the provision for income taxes from continued operations of Ps. 19,860 million, and Ps. 96 million from discontinued operations. The effective tax rate from continued operations in 2025 was 36.4%, compared to 37.1% in 2024. The gap between our effective tax rate and the statutory rate of 30% for 2025 is mainly explained by a combination of charges, namely (i) non-deductible losses 70 from Spin; and (ii) non-deductible labor related expenses in Mexico, both of which weighed more heavily given the lower pre-tax profits caused in part by FX losses relating to our U.S. dollar cash balances. The effective tax rate from discontinued operations was 0.2% in 2025. See Note 25.8 of our consolidated financial statements. Share in the loss of equity accounted investees, net of taxes, resulted in a loss of Ps. 1,498 million in 2025 compared to Ps. 993 million in 2024, reflecting an increase in the loss in Grupo Nós, our joint venture in Brazil. Despite improved operating results, consolidated net income was Ps. 33,053 million in 2025 compared to Ps. 40,236 million in 2024. This decrease is explained by: i) a non-cash foreign exchange loss of Ps. 5,747 million in 2025, compared to a gain of Ps. 11,929 million in 2024, related to our U.S. dollar-denominated cash position impacted by the appreciation of the Mexican peso, reflecting a Ps. 17,676 million swing from gain to loss, and ii) a higher net interest expense of Ps. 13,641 million, compared to Ps. 8,092 million in 2024 due to lower interest income as a result of lower cash position and interest rates. This was partially offset by: i) a 4.7% increase in income from operations, ii) a decrease in income taxes of Ps. 5,573 million as explained above; and iii) a financial instrument gain of Ps. 1,729 million compared to a Ps. 2,109 million expense in 2024, which included our remaining position in Heineken. Coca-Cola FEMSA The comparability of Coca Cola FEMSA’s 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) its 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, Coca-Cola FEMSA 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 its 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. Coca-Cola FEMSA’s consolidated total revenues increased by 4.3% to Ps. 291,746 million in 2025 as compared to 2024, mainly as a result of 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 Coca-Cola FEMSA's territories. •In 2025, sales volume of Coca Cola FEMSA’s sparkling beverage portfolio decreased by 2.3%, sales volume of Coca Cola FEMSA’s colas portfolio decreased by 2.4%, and sales volume of Coca-Cola FEMSA’s flavored sparkling beverage portfolio decreased by 2.1%, in each case as compared to 2024. •Sales volume of Coca Cola FEMSA’s still beverage portfolio increased by 3.3% in 2025 as compared to 2024. •Sales volume of Coca Cola FEMSA’s bottled water category, excluding bulk water, increased by 1.0% in 2025 as compared to 2024. •Sales volume of Coca-Cola FEMSA’s 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 revenue management initiatives. These factors were offset by the negative translation effect resulting from the appreciation of most of Coca-Cola FEMSA's operating currencies relative to the Mexican peso. Coca-Cola FEMSA’s cost of goods sold increased by 5.0% to Ps. 158,570 million in 2025 as compared to 2024 and had an effect on 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 Coca-Cola FEMSA’s production facilities, wages and other labor costs associated with labor force employed at its production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of its 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. 71 Coca-Cola FEMSA’s 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. Coca-Cola FEMSA’s administrative and selling expenses increased by 4.1% to Ps. 91,708 million in 2025 as compared to 2024. Coca-Cola FEMSA’s 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. Coca-Cola FEMSA 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 loss, as compared to a foreign exchange gain 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 Coca-Cola FEMSA's consolidated financial statements. Coca-Cola FEMSA’s 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 Coca-Cola FEMSA's 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. Coca-Cola FEMSA’s interest income in 2025 was Ps. 2,369 million as compared to 3,040 million in 2024. This was mainly driven by a decrease in notional in U.S. dollars and Argentine pesos. Coca-Cola FEMSA 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 Coca-Cola FEMSA's operating currencies as applied to its U.S. dollar cash position and partially offset by the appreciation of the Mexican peso as applied to Coca-Cola FEMSA's U.S. dollar-denominated debt. Coca-Cola FEMSA recognized a higher gain in monetary position for subsidiaries in inflationary economies, 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 Coca-Cola FEMSA's liabilities in Argentina, which were favorably influenced by inflationary effects. Coca-Cola FEMSA 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 Coca-Cola FEMSA's floating rate financial instruments. In 2025, Coca-Cola FEMSA’s effective income tax rate increased to 34.1%, as compared to its effective income tax rate of 32.7% in 2024 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 Coca-Cola FEMSA’s consolidated financial statements. 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. Coca-Cola FEMSA reported a net controlling interest 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 Coca-Cola FEMSA's comprehensive financing, coupled with an increase in its effective tax rate during the year. Proximity Americas Division Proximity Americas Division’s total revenues increased 7.0% to Ps. 328,839 million in 2025 compared to Ps. 307,197 million in 2024, reflecting an average increase in same-store sales of 1.0%, resulting from a challenging first half, driven primarily by weaker traffic in Mexico amid a soft consumer environment and adverse weather conditions; however, results improved sequentially in the second half of the year supported by affordability initiatives, ticket growth, as well as the addition of 1,125 net new stores during the year. This includes 240 stores from our acquisition of Delek’s 72 retail operations in the USA, which we started consolidating in the fourth quarter of 2024, marking now a full year of consolidation. As of December 31, 2025, there were a total of 25,587 stores. As referenced above, OXXO same-store sales increased an average of 1.0% compared to 2024, driven by a higher average ticket that mitigated negative traffic trends in Mexico, reflecting a sequential recovery during the second half of the year as our affordability strategy in price-package architecture supported consumption despite a persistently soft consumer environment in Mexico. Outside of Mexico, performance was supported by growth in same-store sales across most of the countries in which we operate. Total sales growth was related to footprint expansion in Colombia and Peru and same store sales growth across all our South America territories. This was partially offset by store base adjustments in Chile. Cost of goods sold increased 6.0% to Ps. 180,344 million in 2025, compared to Ps. 170,204 million in 2024. Gross margin increased 60 basis points to reach 45.2% of total revenues. This increase reflects strong contribution from commercial income and an increase in financial services, as well as gross margin expansion in the U.S., Chile, Peru and Colombia. As a result, gross profit increased 8.4% to Ps. 148,495 million in 2025 compared with 2024. Administrative expenses increased 11.8% to Ps. 10,405 million in 2025, compared to Ps. 9,306 million in 2024. As a percentage of sales, administrative expenses increased to 3.2% in 2025, from 3.0% in 2024. This increase reflects higher expenses related to the expansion of our store base offset by overhead savings. Selling expenses increased 10.2% to Ps. 108,018 million in 2025 compared with Ps. 97,989 million in 2024. As a percentage of sales, selling expenses increased to 32.8% in 2025 from 31.9% in 2024. This was driven by the minimum wage increase in Mexico during 2025. Proximity Europe Division Proximity Europe Division’s total revenues for 2025 amounted to Ps. 57,028 million compared to Ps. 49,755 million in 2024, a 14.6% increase, reflecting positive trends in our Swiss retail operations and B2C foodservice, and benefited from a net favorable currency translation effect during the period in which both the Swiss Franc and the Mexican peso appreciated against the U.S. dollar. As of December 31, 2025, the Proximity Europe Division network was comprised of 2,755 points of sale. Cost of goods sold amounted to Ps. 33,778 million, compared to Ps. 28,411 million in 2024, a 18.9% increase. Gross margin was 40.8% of total revenues, showing a dilution of 210 basis points from 42.9% gross margin reported in 2024. As a result, gross profit amounted to Ps. 23,250 million in the consolidated period of 2025 compared with Ps. 21,344 in 2024, reflecting a reclassification of distribution expenses from selling expenses to cost of goods sold, partially offset by higher promotional income and changes to the operating model in our retail operations. Administrative expenses increased 2.4% to Ps. 3,884 million in 2025, compared to 3,793 million in 2024. As a percentage of sales, administrative expenses amounted to 6.8% in 2025, compared to 7.6% in 2024 due to expense containment initiatives. Selling expenses amounted to Ps. 17,018 million compared to Ps. 15,748 million in 2024. As a percentage of sales, selling expenses amounted to 29.8% in 2025, from 31.7% in 2024. This decrease was explained by a reclassification of distribution expenses to cost of goods sold, coupled by higher operating leverage, effective expense control, and operational efficiencies. Health Division Health Division total revenues increased 10.5% to Ps. 88,129 million compared to Ps. 79,755 million in 2024, reflecting growth in Chile, Ecuador and our retail business in Colombia; while Mexico remained under pressure primarily due to a lower store base and weaker same store sales compared to last year, following the closure of underperforming locations as part of our restructuring efforts, coupled with a deteriorating environment in the Colombian institutional business. During 2025 same-store sales increased 8.0%, reflecting a strong performance in our retail stores in Colombia, coupled with positive results in Ecuador and Chile, offset by an underperformance of our stores in Mexico. Cost of goods sold increased 15.4% to Ps. 64,275 million in 2025, compared with Ps. 55,714 million in 2024. Gross margin decreased 300 basis points to reach 27.1% of total revenues, which was mainly driven by a reclassification of distribution expenses from selling expenses to cost of goods sold. Mainly as a result of this reclassification, gross profit decreased 0.8% compared to 2024, reaching Ps. 23,854 million in 2025. Administrative expenses decreased 43.5% to Ps. 2,455 million in 2025, compared with Ps. 4,348 million in 2024. As a percentage of sales, administrative expenses decreased to 2.8% in 2025 from 5.5% in 2024. This decrease reflects a reclassification of certain administrative expenses into selling expenses. Selling expenses increased 13.2% to Ps. 18,270 million in 2025 compared with Ps. 16,144 million in 2024. As a percentage of sales, selling expenses reached 20.7% in 2025, an increase of 50 basis points from 20.2% reached in 2024, mainly reflecting the reclassification of 73 distribution expenses discussed above. This increase also reflects a reclassification of certain administrative expenses into selling expenses. The sum of operating expenses increased 1.1% to Ps. 20,725 million in 2025, compared with Ps. 20,492 million in 2024. Fuel Division Fuel Division total revenues increased 2.8% to Ps. 67,195 million in 2025 compared to Ps. 65,365 million in 2024, reflecting robust same-station sales growth mostly driven by an increase in average volume of our stations, this was offset by a decline in volume from our wholesale business . As of December 31, 2025, there were a total of 552 OXXO Gas service stations. The same-station sales increase of 6.9%, reflected a 0.8% increase in the average price per liter, coupled with a 6.0% increase in average volume. Cost of goods sold increased 2.7% to Ps. 59,004 million in 2025, compared to Ps. 57,430 million in 2024. Gross margin increased 10 basis points to reach 12.2% of total revenues. This increase reflects revenue management initiatives, partially offset by higher per unit costs mainly related to our wholesale business. Gross profit increased 3.2% to Ps. 8,191 million in 2025 compared with 2024. Administrative expenses decreased 15.8% to Ps. 290 million in 2025, compared to Ps. 343 million in 2024. As a percentage of sales, administrative expenses decreased 10 basis points to 0.4% in 2025 compared to 0.5% in 2024, reflecting ongoing efforts to operate with a leaner organization. The decrease in aggregate administrative expenses reflects the completion of a restructuring process and disciplined cost control to face voluntary industry-wide price commitments. Selling expenses increased 3.7% to Ps. 4,967 million in 2025 compared with Ps. 4,792 million in 2024. As a percentage of sales, selling expenses increased 10 basis points to 7.4% in 2025. Results from our Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 FEMSA Consolidated FEMSA’s consolidated total revenues increased 11.2% to Ps. 781,585 million in 2024 compared to Ps. 702,692 million in 2023, reflecting growth across all of our business units. Coca-Cola FEMSA’s total revenues increased 14.2% to Ps. 279,793 million. Proximity Americas Division’s revenues increased 10.3% to Ps. 307,197 million, driven by an average increase of 4.2% in same-store sales and the addition of 1,596 net new stores during the year. Proximity Europe Division’s revenues increased 14.2% to Ps. 49,755 million for the consolidated period of 2024, reflecting growth across our B2B foodservice and retail business, as well as favorable currency translation effects. The Health Division’s revenues increased 5.8% to Ps. 79,755 million, reflecting the addition of 187 net locations across the Health Division’s territories and favorable currency translation effects, offset by a decrease of 0.3% in same-store sales. The Fuel Division’s revenues increased 11.7% to Ps. 65,365 million in 2024, driven by a 9.9% increase in same-station sales. Consolidated gross profit increased 15.0% to Ps. 321,513 million in 2024 compared to Ps. 279,507 million in 2023. Gross margin increased 130 basis points to 41.1% of total revenues compared to 2023, reflecting gross margin expansion in Health, Proximity Americas and Coca-Cola FEMSA, offset by margin contractions at the Fuel and Proximity Europe Divisions. Consolidated administrative expenses increased 21.0% to Ps. 39,085 million in 2024 compared to Ps. 32,307 million in 2023. As a percentage of total revenues, consolidated administrative expenses increased 40 basis points, from 4.6% in 2023 to 5.0% in 2024. Consolidated selling expenses increased 12.3% to Ps. 211,966 million in 2024 as compared to Ps. 188,732 million in 2023. As a percentage of total revenues, selling expenses increased 20 basis points, from 26.9% in 2023 to 27.1% in 2024. Some of our subsidiaries pay management fees to us in consideration for corporate services we provide to them. These fees are recorded as administrative expenses in the respective business segments. Our subsidiaries’ payments of management fees are eliminated in consolidation and, therefore, have no effect on our consolidated operating expenses. During 2024, other income decreased to Ps. 3,588 million from Ps. 13,102 million in 2023, mainly driven by insurance rebates, recoveries of other years taxes, and foreign exchange gains, offset by lower amounts of equity instruments, lower gain on sales of long-lived assets, and lower dividends received from Heineken, as compared to 2023. See Note 20 of our consolidated financial statements. 74 During 2024, other expenses increased to Ps. 9,440 million from Ps. 6,252 million in 2023. This increase reflects higher impairments of long-lived assets and severance payments. Additionally, other expenses include loss on sale of property, plant and equipment, donations, foreign exchange loss, recovery from prior years, items without tax requirements and contingencies associated with prior acquisitions. See Note 20 of our consolidated financial statements. Foreign exchange gain was Ps. 11,929 million in 2024 as compared to a loss of Ps. 9,849 million recorded during the same period of 2023, related to the effect of FEMSA’s U.S. dollar-denominated cash position impacted by the depreciation of the Mexican peso during 2024 relative to its appreciation in 2023. In addition, we recognized a higher gain in monetary position recording Ps. 209 million in 2024, compared to a Ps. 94 million during the previous year. The market value of financial instruments registered a loss of Ps. 2,109 million during 2024, as compared to a loss of Ps. 440 million in 2023. Net interest expense in 2024 was Ps. 8,092 million, compared to a net interest income of Ps. 2,693 million in 2023, mainly driven by a comparison base which included gains on derivative instruments in 2023, higher interest expense and a decrease in interest income from our cash position. Our provision for income taxes in 2024 was Ps. 27,389 million which includes the provision for income taxes from continued operations of Ps. 25,433 million, and Ps. 1,956 million from discontinued operations. The effective tax rate from continued operations in 2024 was 37.1%, compared to 22.7% in 2023 when a deferred tax asset was recognized, which reduced the effective tax rate for that year. The increase for 2024 was mainly explained by a combination of charges, namely (i) a higher effective rate at Coca-Cola FEMSA due to adjustments in deferred tax assets and higher non-deductible expenses, (ii) non-recoverable tax losses from our Spin business and (iii) non-deductible impairment charges in the Proximity and Health Divisions, as well as a structurally higher effective tax rate due to increased non-deductible expenses. The effective tax rate from discontinued operations was 2.8% in 2024. See Note 25.8 of our consolidated financial statements. Share in the loss of equity accounted investees, net of taxes, resulted in a loss of Ps. 993 million in 2024 compared to Ps. 406 million in 2023, reflecting an increased loss in Grupo Nós, our joint venture in Brazil. Despite improved operating results, consolidate net income was Ps. 40,236 million in 2024 compared to Ps. 76,677 million in 2023. This decrease is explained by (i) a challenging comparative base from full year 2023, which included the reclassification of FEMSA’s investment in Heineken to discontinued operations and subsequent sale; (ii) a lower interest income of Ps. 11,910 million compared to Ps. 17,609 million in 2023 attributable gains from the purchase of US$1.7 billion of debt during 2023, as well as lower cash balances; and (iii) a higher interest expense amounting to Ps. 20,002 million, compared to Ps. 14,916 million net of interest gains, reflecting a comparison base which included gains on derivative instruments in 2023. Consolidated net income was partially offset by a Ps. 11,929 foreign exchange gain, related to FEMSA’s U.S. dollar-denominated cash position, which was favorably impacted by the depreciation of the Mexican peso. Coca-Cola FEMSA The comparability of Coca Cola FEMSA’s 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) its 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, 2024 and 2023, Coca-Cola FEMSA 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 its 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. Coca-Cola FEMSA’s 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, 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 Coca-Cola FEMSA’s territories, including a strong performance in Mexico, Brazil and Guatemala, partially offset by volume decline in Argentina and Uruguay. 75 •In 2024, sales volume of Coca Cola FEMSA’s sparkling beverage portfolio increased by 4.3%, sales volume of Coca Cola FEMSA’s colas portfolio increased by 5.3%, and sales volume of Coca-Cola FEMSA’s flavored sparkling beverage portfolio increased by 0.2%, in each case as compared to 2023. •Sales volume of Coca Cola FEMSA’s still beverage portfolio increased by 6.5% in 2024 as compared to 2023. •Sales volume of Coca Cola FEMSA’s bottled water category, excluding bulk water, increased by 8.5% in 2024 as compared to 2023. •Sales volume of Coca-Cola FEMSA’s 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 revenue management initiatives and favorable mix effect. These factors were offset by the negative translation effect resulting from the depreciation of most of Coca-Cola FEMSA’s operating currencies relative to the Mexican peso. Coca-Cola FEMSA’s cost of goods sold increased by 12.5% to Ps. 151,057 million in 2024 as compared to 2023 and had an effect on gross profit as further described below. Coca-Cola FEMSA's 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 Coca-Cola FEMSA’s production facilities, wages and other labor costs associated with labor force employed at its production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of its 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. Coca-Cola FEMSA’s 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 top-line growth, favorable packaging and sweetener costs, and hedging initiatives. These effects were partially offset by an increase in fixed costs and the depreciation of most of Coca-Cola FEMSA’s 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 Coca-Cola FEMSA's plant in Porto Alegre. Coca-Cola FEMSA’s administrative and selling expenses increased by 15.8% to Ps. 88,101 million in 2024 as compared to 2023. Coca-Cola FEMSA’s 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, Coca-Cola FEMSA’s recognized additional expenses related to the impact of hurricanes in Mexico and floods in Brazil. In 2024, Coca-Cola FEMSA continued investing across its territories to support marketplace execution and increase cooler coverage and production and distribution capacity. Coca-Cola FEMSA 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 assets compared to 2023. In addition, Coca-Cola FEMSA 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, Coca-Cola FEMSA 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 Coca-Cola FEMSA's consolidated financial statements. Coca-Cola FEMSA’s 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 decrease in its 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. Coca-Cola FEMSA’s 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. 76 Coca-Cola FEMSA 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 its cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican peso. In addition, Coca-Cola FEMSA 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 liabilities in Argentina, which were favorably influenced by inflationary effects. Coca-Cola FEMSA 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 its floating rate financial instruments. In 2024, Coca-Cola FEMSA’s effective income tax rate increased to 32.7%, as compared to its effective income tax rate of 30.5% in 2023 due to adjustments in deferred tax assets and non-deductible expenses. For more information, see Note 23.1 to Coca-Cola FEMSA’s consolidated financial statements. In 2024, Coca-Cola FEMSA 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, Coca-Cola FEMSA’s sugar producing associate in Mexico, as compared to a gain of Ps. 215 million registered during the previous year. Coca-Cola FEMSA reported a net controlling interest 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 Coca-Cola FEMSA’s comprehensive financing result partially offset by an increase in its effective tax rate during the year. Proximity Americas Division Proximity Americas Division’s total revenues increased 10.3% to Ps. 307,197 million in 2024 compared to Ps. 278,520 million in 2023, reflecting an average increase in same-store sales of 4.2%, resulting from mixed performance of the gathering consumer goods category, including a challenging demand environment in beer and groceries, and softer traffic, which was offset by growth in soft drinks and still beverages, as well as the addition of 1,596 net new stores. This includes 249 stores from our acquisition of Delek’s retail operations in the USA, which we started consolidating in the fourth quarter of 2024. As of December 31, 2024, there were a total of 24,462 stores. As referenced above, OXXO same-store sales increased an average of 4.2% compared to 2023, driven by a 5.7% increase in average ticket, and by a 1.5% decrease in same-store traffic. Cost of goods sold increased 5.4% to Ps. 170,204 million in 2024, compared to Ps. 161,458 million in 2023. Gross margin increased 260 basis points to reach 44.6% of total revenues. This increase reflects higher income from financial services, and strong commercial income dynamics. As a result, gross profit increased 17.0% to Ps. 136,993 million in 2024 compared with 2023. Administrative expenses increased 32.7% to Ps. 8,642 million in 2024, compared to Ps. 6,514 million in 2023. As a percentage of sales, administrative expenses increased to 2.8% in 2024, from 2.3% in 2023. This increase reflects higher expenses related to the expansion of our store base. Selling expenses increased 16.7% to Ps. 98,653 million in 2024 compared with Ps. 84,543 million in 2023. As a percentage of sales, selling expenses increased to 32.1% in 2024 from 30.4% in 2023. This was driven by an increase in labor expenses resulting from labor reforms implemented in Mexico, including the minimum salary increase during 2024, partially offset by efficiencies within the store operations. Proximity Europe Division Proximity Europe Division’s total revenues for 2024 amounted to Ps. 49,755 million compared to Ps. 43,552 million in 2023, a 14.2% increase, reflecting strong promotional income, positive results in B2B foodservice and retail, and a relevant impact from the appreciation of European currencies against the Mexican peso. As of December 31, 2024, the Proximity Europe Division network was comprised of 2,778 points of sale. Cost of goods sold amounted to Ps. 28,412 million, compared to Ps. 24,930 million in 2023, a 14.0% increase. Gross margin was 42.9% of total revenues, showing little change relative to the 42.8% gross margin reported in 2023. As a result, gross profit amounted to Ps. 21,344 million compared with 2023, reflecting a positive result in the B2B foodservice business, which represented a positive price-mix effect and higher promotional income. 77 Administrative expenses increased 17.4% to Ps. 3,793 million in 2024, compared to 3,231 million in 2023. As a percentage of sales, administrative expenses amounted to 7.6% in 2024, compared to 7.4% in 2023. This increase reflects higher lease and labor costs. Selling expenses amounted to Ps. 15,748 million compared to Ps. 14,371 million in 2023. As a percentage of sales, selling expenses amounted to 31.7% in 2024, from 33.0% in 2023. This decrease was explained by higher total revenues reflecting higher operating leverage, effective expense control, and certain one-time favorable effects. Health Division Health Division total revenues increased 5.8% to Ps. 79,755 million compared to Ps. 75,358 million in 2023, reflecting the addition of 187 net new locations during the period, as well as favorable currency dynamics. During 2024 same-store sales decreased 0.3%, reflecting a challenging competitive environment in Mexico and stable trends in Ecuador, offset by: (i) a positive foreign currency exchange effect against the Mexican peso; (ii) continued expansion of our retail format in Colombia; and (iii) a sustained stable performance in Chile. Cost of goods sold increased 5.4% to Ps. 55,714 million in 2024, compared with Ps. 52,859 million in 2023. Gross margin increased 20 basis points to reach 30.1% of total revenues, which was mainly driven by: (i) strategic commercial efforts and proactive cost management, (ii) sustained efficiencies leveraged through our centralized purchasing office that enabled optimizing procurement, and (iii) higher retail sales in Colombia, which benefited from structurally higher margins, partially offset by lower sales in our operations in Mexico. Gross profit increased 6.9% compared to 2023, reaching Ps. 24,041 million in 2024. Administrative expenses increased 56.0% to Ps. 4,348 million in 2024, compared with Ps. 2,788 million in 2023. As a percentage of sales, administrative expenses increased to 5.5% in 2024 from 3.7% in 2023. This increase reflects expenses incurred from higher labor costs, utilities and expansion of stores. Selling expenses decreased 1.6% to Ps. 16,144 million in 2024 compared with Ps. 16,404 million in 2023. As a percentage of sales, selling expenses reached 20.6% in 2024, a 120 basis points improvement from 21.8% reached in 2023. This decrease was explained by a higher comparison base against 2023, mostly explained by a reserve for potential uncollectible account receivables in the aggregate amount of Ps. 527 million in Colombia recorded in 2023. Fuel Division Fuel Division total revenues increased 11.7% to Ps. 65,365 million in 2024 compared to Ps. 58,499 million in 2023, reflecting a 9.9% average increase in same-station sales, and increases in our institutional and wholesale customers and growth in volume and price throughout the year. As of December 31, 2024, there were a total of 571 OXXO Gas service stations. The same-station sales increase reflected a 5.0% increase in the average price per liter, coupled with a 4.6% increase in average volume. Cost of goods sold increased 12.3% to Ps. 57,430 million in 2024, compared to Ps. 51,155 million in 2023. Gross margin decreased 50 basis points to reach 12.1% of total revenues. This decrease reflects a negative mix impact driven by an increase in our institutional and wholesale customer sales, partially offset by cost efficiencies and revenue management initiatives. Gross profit increased 8.0% to Ps. 7,935 million in 2024 compared with 2023. Administrative expenses increased 14.7% to Ps. 343 million in 2024, compared to Ps. 299 million in 2023. As a percentage of sales, administrative expenses remained stable at 0.5% in 2024 compared to 0.5% in 2023, reflecting a positive operating leverage. The increase in aggregate administrative expenses reflects OXXO Gas organic growth, offset by tight expense control and increased expense efficiencies. Selling expenses increased 5.4% to Ps. 4,792 million in 2024 compared with Ps. 4,548 million in 2023. As a percentage of sales, selling expenses decreased 50 basis points to 7.3% in 2024.