Mexico · Delayed Price · Currency is MXN Coca-Cola FEMSA Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw modest consolidated growth, with strong South America performance offsetting Mexico's volume decline due to excise tax and softer demand. Margin expansion was driven by cost controls and hedging, while digital and portfolio initiatives supported share gains across key markets.
Fiscal Year 2025
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Q4 and full-year 2025 saw resilient top and bottom-line growth, with strong volume gains in South America offsetting softness in Mexico due to tax and consumer headwinds. 2026 guidance anticipates flattish consolidated volumes, cautious pricing, and lower CapEx, with digital initiatives and the FIFA World Cup as key growth drivers.
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Consolidated revenues grew 3.3% and operating income rose 6.8%, with margin expansion driven by cost efficiencies. Mexico faces a challenging outlook due to a major excise tax hike in 2026, while South America showed resilient growth and digital adoption accelerated across markets.
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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.