Mexico · Delayed Price · Currency is MXN Coca-Cola FEMSA Earnings Call Transcripts
Fiscal Year 2026
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First quarter 2026 delivered modest consolidated growth, with strong South America performance offsetting Mexico's volume decline due to tax and consumer headwinds. Margin expansion was achieved in most markets, while hedging and digital initiatives supported resilience.
Fiscal Year 2025
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Q4 and FY2025 saw resilient top and bottom-line growth, with record December volumes and strong digital execution. Mexico faces a low to mid-single-digit volume decline in 2026 due to excise tax, while Brazil and other markets are expected to grow. CapEx will decrease, and digital tools continue to drive share gains.
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Sequential improvement in consolidated results was driven by cost control and productivity, despite macro softness in Mexico and excise tax headwinds. South America delivered strong volume and revenue growth, while CapEx and hedging strategies were adjusted to manage volatility.
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Second quarter saw a 5.5% volume decline but 5% revenue growth, driven by pricing and currency effects. Mexico and Brazil faced macro and weather headwinds, while South America showed margin improvement. CapEx and supply chain investments continue, with cautious optimism for H2.
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Revenue grew 10% year-on-year despite a 2.2% volume decline, driven by strong pricing and cost controls. South America delivered robust margin expansion, while Mexico faced headwinds from softer demand and heightened competition. Sustainability progress continued, with 84% renewable energy use.
Fiscal Year 2024
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Full-year and Q4 2024 results showed strong revenue, profit, and volume growth, supported by digital transformation, capacity expansion, and operational efficiencies. Weather events and macro headwinds posed challenges, but investments and digital tools are driving resilience and future growth.
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Double-digit revenue and operating income growth were achieved despite weather and currency headwinds, with digital transformation and infrastructure investments supporting resilience. Mexico faced volume declines due to heavy rainfall, while Brazil and Central America drove growth.
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Second quarter saw 7.5% volume growth and 13.1% revenue increase, with strong results in Mexico, Brazil, and Guatemala offsetting declines in Argentina and Uruguay. Capacity expansion and digital initiatives are driving growth, while cost and FX hedges support margins.