LatAm Beverages & Consumer

Research evidence excerpt

LatAm Beverages & Consumer

Global Research

6 July 2026ab

LatAm Beverages & Consumer Equities

Latin AmericaThe Weekly Brunch: Ambev (2x); FMX; U.S

Spirits News; Brazil Beer & More…. Food & Beverage

Rodrigo Alcantara

Analyst

rodrigo.alcantara@ubs.com

Latest Thoughts on Stock Positioning +55-11-2767 6324

Last week was busy for Ambev, with earnings previews published and investors Kevin Zavala

increasingly focused on the 2Q setup. The stock was broadly flat (-1% WoW, -1% Associate Analyst

MoM), though it remains up +17% YTD. With earnings revisions now appearing to kevin.zavala@ubs.com

have peaked, our conviction in our Sell rating remains unchanged. See our latest +55-11-2767 6176

preview for more details (link). Across Staples, it was generally a soft week for

bottlers, Bimbo, and Sigma, and we continue to maintain a neutral stance on the

group. Despite Walmex's -11% YTD share price performance, investor interest in the

name remains muted. We tend to agree, as earnings revisions continue to lack

momentum while the stock still does not screen as particularly cheap on a P/E basis.

Meanwhile, despite FEMSA's recent outperformance, we believe continued strength

in 2Q SSS could provide further support for the shares over the coming weeks.

SCJN Upholds Annulment of FEMSA Tax Assessment

What happened? SCJN ruled in favor of FEMSA, upholding the annulment of a

Ps2.9bn tax assessment (link). Our take: Positive. While the direct earnings impact

appears limited, as it removes a relatively small potential tax liability, we view the

ruling as a constructive development for the broader business environment. In our

view, it reinforces confidence in Mexico's legal framework, particularly regarding

legal certainty and the principle of non-retroactivity.