FEMSA 2Q26 Conference Call Highlights

Research evidence excerpt

FEMSA 2Q26 Conference Call Highlights

g to off-

balance sheet structures. Current numbers are not yet material, but the platform is well

positioned for future monetization.

• Colombia Healthcare Provisions and Mexico Health Stabilization. In Colombia, the

healthcare division recorded a non-cash credit risk provision of Ps408mn due to the exit

from institutional sales, reflecting ongoing uncertainty in the healthcare system.

Meanwhile, Mexico health operations stabilized losses, supported by cost and expense

control.

• Corporate Restructuring and Capital Allocation. FEMSA advanced its corporate

restructuring, including integrating physical and digital payments under one organization

and establishing customer value management. The company completed a $300mn

buyback and expects total capital distributions (dividends and buybacks) to reach ~$41bn

for the cycle. Leverage remains healthy, with net debt/EBITDA at 1.15x, down from

1.24x in the prior quarter.

• CEO Time Allocation and Carlos Arroyo’s Background. The CEO now spends

significant time on strategic discussions, talent mapping, and culture shaping. Carlos

Arroyo, who leads OXXO Mexico, brings deep retail and supply chain expertise, having

previously run Walmart in Central America. His focus on building a top-tier supply chain

is seen as critical for OXXO’s food and grocery strategy.

• OXXO Brazil and Colombia Performance. OXXO Brazil grew same-store sales in the

low teens, with each new cohort performing better than the last. Colombia is now more

ready for accelerated expansion, with a refined value proposition and solid forward

economics. Both markets are expected to reach 700 stores by year-end.

• Coffee and Food Service Growth. Coffee sales grew double digits even as prices were