Mexico · Delayed Price · Currency is MXN Fomento Económico Mexicano Earnings Call Transcripts
Fiscal Year 2026
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Strong revenue and operating income growth were driven by OXXO Mexico's recovery, robust international expansion, and cost efficiencies, though net income was boosted by a one-time gain. CapEx and shareholder returns are set to rise, with cautious optimism for the rest of the year.
Fiscal Year 2025
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Q4 2025 delivered strong revenue and net income growth, driven by operational improvements, disciplined capital allocation, and successful restructuring. Expansion in Mexico, Brazil, and Bara remains a priority, with digital integration and efficiency gains expected to further boost profitability.
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Revenue grew 9.1% year-over-year, with operating income up 4.3% and net income down 36.8% due to FX losses. Retail traffic and category performance improved, and store expansion continues in Mexico and abroad. Leadership transition and digital initiatives are set to drive long-term growth.
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Revenue grew 6.3% year-over-year, but net income fell 64.3% due to FX losses and lower interest income. Proximity Americas and Valora expanded, while Spin's digital platform saw strong user growth and reduced cash burn. Cautious optimism remains for H2 amid macro headwinds.
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Q1 saw revenue and net income growth despite macro headwinds in Mexico, with strong expansion in retail, digital, and loyalty platforms. Proximity Americas faced margin pressure, but initiatives in cost control, value offerings, and store expansion are expected to drive sequential improvement and high single-digit revenue growth for the year.
Fiscal Year 2024
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Double-digit growth and margin expansion in 2024 were driven by strong results in Proximity Americas and Coca-Cola FEMSA. Capital returns will accelerate in 2025–2026, with a two-year payout of MXN 107.5B planned, while macro headwinds and labor costs remain key risks.
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Q3 saw strong revenue and margin growth across most segments, with Proximity and Health leading, despite flat same-store sales in Mexico due to weather and economic softness. Digital and financial services showed robust user growth, while capital allocation remained disciplined and focused on high-ROIC opportunities.
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Q2 saw double-digit revenue and operating income growth, robust capital returns, and strong performance from core business units, despite Health Division headwinds. OXXO's gross margin expanded significantly, driven by commercial income and financial services, while digital and store expansion initiatives advanced.