FEMSA (FMX): Q2’26 First Take: Beating high expectations

研报英文原文证据摘录

FEMSA (FMX): Q2’26 First Take: Beating high expectations

Equity Research

28 July 2026 | 11:48AM BRT

FEMSA delivered a solid quarter, outperforming most of its peers in Mexico with Thiago Bortoluci

+55(11)3372-0104 |

strong same-store sales of +9% y/y, and delivering consistent growth and thiago.bortoluci@gs.com

Goldman Sachs do Brasil CTVM S.A.

profitability across its main formats. While management cautioned on the outlook

Nicolas Sussmann

and we would not fully extrapolate these results into H2’26, we believe the +55(11)3371-9880 |

company’s store density and ongoing focus on affordability, alongside improving nicolas.sussmann@gs.comGoldman Sachs do Brasil CTVM S.A.

momentum across Coca-Cola FEMSA’s main markets, should continue to support

growth - on top of sustained shareholder returns and potential upside from Spin’s

venture into lending. We reiterate our Buy rating on FEMSA shares and expect a

positive price reaction to the results today.

1. FEMSA delivered a clean and consistent beat in 2Q. Reported EBITDA was +4%

above Bloomberg consensus (GSe: +5%), supported by strong top-line

performance not only in its core OXXO Mexico business unit, but also within

Proximity Americas and Proximity Europe. Excluding Coca-Cola FEMSA, FEMSA’s

underlying retail EBITDA would have printed +7% ahead of consensus. We also

note lower volatility below the line, with normalizing financial results, effective

tax rate, and minority interest. All in, headline EPS was +14% higher than our

estimate, which we believe should help investors gain additional comfort on

forward valuation.

2. Benchmark results at OXXO Mexico. FEMSA demonstrated continued

execution in OXXO Mexico, delivering a compelling balance between growth and

profitability during the quarter.