1Q 2024

Results
April 26, 2024

Investor Contact
(52) 818-328-6167
[email protected]
femsa.gcs-web.com

Media Contact
(52) 555-249-6843
[email protected]
femsa.com

April 26, 2024 | Page 1

 HIGHLIGHTS

Monterrey, Mexico, April 26, 2024 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced
today its operational and financial results for the first quarter of 2024.

• FEMSA: Total Consolidated Revenues grew 11.3% compared to 1Q23.

• FEMSA Retail1: Proximity Americas total Revenues increased 15.1% versus 1Q23.
• DIGITAL: Spin by OXXO had 7.4 million active users2 while Spin Premia had 21.7 million active loyalty users3 and an average tender3 of
35.1%.
• COCA-COLA FEMSA: Total volume and revenues grew 7.3% and 11.2%, respectively against 1Q23.

Financial Summary for the First Quarter 2024

Change vs. comparable period

Income from
Total Revenues Gross Profit Same-Store Sales
Operations
1Q24 1Q24 1Q24 1Q24

FEMSA Consolidated 11.3% 10.9% 14.4%

Proximity Americas 15.1% 19.9% 11.5% 9.7%

Proximity Europe 8.2% 11.0% 175.0% N.A.

Health (2.3)% (8.6%) (40.0%) (0.1%)

Fuel 13.9% 6.4% 1.4% 6.9%

Coca-Cola FEMSA 11.2% 11.7% 11.6%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“Our first quarter results showed we are carrying the positive momentum from last year, into 2024. The majority of our operations, including
the two that contribute most to our results, delivered excellent numbers across the board. Proximity achieved double-digit growth in top-
line and operating income, driven by strong and balanced same-store sales growth, healthy new-store expansion, and good expense control.
For its part, Coca-Cola FEMSA delivered a potent set of numbers across its own income statement, driven by strong volume and revenue
growth in its major markets.

Digital@FEMSA continued to add users and advance towards its ecosystem objectives, and we also saw good progress at Valora and OXXO
Gas. The one operation that is facing strong headwinds is Health, where we continue to navigate a tough competitive environment in Mexico,
and a rapidly evolving institutional environment in Colombia. Our team is well advanced in adjusting the strategy to overcome those
challenges, and we are confident the trends will improve and eventually converge with the positive dynamics we see elsewhere in our
Company.

On the capital allocation front, during the quarter our shareholders approved several measures linked to our capital allocation framework,
such as raising our ordinary dividend, approving a special dividend for this year, and doubling our buyback capacity. We made progress on
the execution of this capital return strategy, and we began to move toward our stated leverage objective.

In short, we hit the ground running in 2024 and we are hard at work advancing on every element of our strategy, as we continue to pursue
and capture the significant opportunities before us. I am grateful to the entire FEMSA team for their extraordinary dedication.”

1
FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.
2
Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
3
Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

April 26, 2024 | Page 2

 QUARTERLY RESULTS
Results are compared to the same period of previous year

FEMSA CONSOLIDATED

1Q24 Financial Summary Net Debt ex-KOF4

Amounts expressed in millions of Mexican Pesos (Ps.) Amounts expressed in millions of Mexican Pesos (Ps.)

1Q24 1Q23 Var. As of March 31, 2024 Ps. US$3

Total Revenues 178,204 160,107 11.3% Cash and Investments 144,660 8,737

Income from Operations 14,767 12,912 14.4% Long-Term Debt 66,836 4,037

Operating Margin (%) 8.3 8.1 20 bps Lease Liabilities 92,687 5,598

Adjusted EBITDA3 25,049 21,712 15.4% Net debt 14,863 898

EBITDA Margin (%) 14.1 13.6 50 bps ND / Adjusted EBITDA 0.24x -

Net Income 5,884 50,329 N.S.

Total revenues increased 11.3% in 1Q24 compared to 1Q23, driven by growth across most of our business units.

Gross profit increased 10.9%. Gross margin decreased 20 basis points, mainly reflecting margin contractions in FEMSA’s Health
and Fuel operations. This was partially offset by margin expansions in the Proximity Americas, Coca-Cola Femsa, and Proximity
Europe divisions.

Income from operations increased 14.4%. The consolidated operating margin was 8.3% as a percentage of total sales, mainly
explained by a margin expansion in the Proximity Europe division and stable margins of Coca-Cola FEMSA.

Our effective income tax rate was 36.0% in 1Q24 compared to 28.7% in 1Q23. Our income tax provision was Ps. 3,267 million in
1Q24.

Net consolidated income was Ps. 5,884 million, reflecting: i) a challenging comparative base from the first quarter of 2023, which
included a gain of Ps. 40,606 million from the reclassification of FEMSA’s investment in Heineken to discontinued operations, ii)
lower interest income of Ps. 2,845 million compared to Ps. 8,500 million in 1Q23 attributable to a gain from the purchase of debt
in 1Q23 of US$1.7 billion, which was not repeated in 1Q24; and iii) a higher interest expense amounting to Ps. 4,716 million
stemming from the acquisition of financial derivatives, partially compensated by a reduction in interest rates associated with debt
prepayment. This was partially offset by a lower non-cash foreign exchange loss of Ps. 1,104 million resulting from a decrease in
our cash position in dollars compared to the period ended in 2023.

Net majority income was Ps. 0.82 per FEMSA Unit1 and US$0.49 per FEMSA ADS2.

Capital expenditures amounted to Ps. 7,371 million, driven by ongoing investment initiatives across our business units aimed at
improving our productivity, efficiency, and competitiveness.

1
FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is
comprised of five Series B Shares. The number of FEMSA Units outstanding as of March 31, 2023 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same
date, divided by 5.
2
The exchange rate published by the Federal Reserve Bank of New York for March 31, 2024 was 16.5574 MXN per USD.
3
Adjusted EBITDA: Operating Income + Depreciation + Amortizations + other non-cash charges.
4
ex-KOF: FEMSA Consolidated reported information – Coca-Cola FEMSA Consolidated reported information.
EBITDA ex-KOF: FEMSA Consolidated EBITDA as described above – Coca-Cola FEMSA’s Consolidated EBITDA + Dividends received by FEMSA from Coca-Cola FEMSA and other investments.
All Net Debt calculations are shown on an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 16 of this document.

April 26, 2024 | Page 3

 PROXIMITY AMERICAS
OXXO (Mexico & Latam1)

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

1Q24 1Q23 Var.

Same-store sales (thousands of Ps.) 960.0 875.4 9.7%

Total Revenues 70,085 60,871 15.1%

Income from Operations 4,978 4,463 11.5%

Income from Operations Margin (%) 7.1 7.3 (20 bps)

Adjusted EBITDA 8,627 7,660 12.6%

Adjusted EBITDA Margin (%) 12.3 12.6 (30 bps)

Net Additions Store Base Same-Store Sales Adjusted EBITDA

Vs. comparable quarter As of 1Q24 LTM In thousands of Ps. In millions of Ps.

+170.1 +7.7% +9.7%

+12.6%
%

8,627
424 23,290 7,660
960.0
875.4
21,615
157

1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24

Total revenues increased 15.1% in 1Q24 compared to 1Q23, reflecting 9.7% average same-store sales for the Proximity Americas
Division, driven by 7.3% growth in average customer ticket and an increase of 2.2% in store traffic. These figures reflect a strong
performance across all OXXO’s categories, mainly supported by thirst and gathering occasions, such as beer, soft drinks, and snacks.
During the quarter, the OXXO store base in Mexico & Latam expanded by 424 units to reach 1,675 total net store additions for the
last twelve months. As of March 31, 2024, Proximity Americas had a total of 23,290 OXXO stores.

Gross profit reached 42.0% of total revenues, reflecting a 170-basis points expansion resulting from higher contribution of
financial services and revenue growth management initiatives which contributed to better pricing dynamics and an increase in
commercial income.

Income from operations represented 7.1% of total revenues, 20 basis points below 1Q23. Operating expenses increased 21.7%
to Ps. 24,444 million, reflecting the addition of new stores and higher labor expenses, particularly in Mexico.

1
OXXO Latam: OXXO Colombia, Chile and Peru.

April 26, 2024 | Page 4

 PROXIMITY AMERICAS
Other formats

Bara1
Total revenues increased by 40.5% in 1Q24 compared to 1Q23, driven by an average same-store sales increase of 18.8%, reflecting
strong performance in groceries, home hygiene and convenience categories, notably supported by soft drinks. During the quarter,
the Bara store base expanded by 15 units reaching a total of 374 Bara stores as of March 31, 2024.

Grupo Nós2
Total revenues of OXXO Brazil in 1Q24 grew 117% year-over-year. This figure reflects the successful evolution and expansion of
the OXXO value proposition in the region which resulted in same-store sales growth of 18.4%, as well as the addition of 197 net
new OXXO stores for the last twelve months. During the quarter, the store base expanded by 71 units. As of March 31, 2024, we
had a total of 511 OXXO stores.

1
Bara store count and results are not consolidated within the Proximity Americas reported figures.
2
OXXO’s non-consolidated joint-venture with Raízen in Brazil.

April 26, 2024 | Page 5

 PROXIMITY EUROPE
Valora

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

1Q24 1Q23 Var.

Total Revenues 10,939 10,111 8.2%

Income from Operations 388 141 175.0%

Income from Operations Margin (%) 3.5 1.4 210 bps

Adjusted EBITDA 1,670 1,328 25.8%

Adjusted EBITDA Margin (%) 15.3 13.1 220 bps

Total revenues increased 8.2% in 1Q24 compared to 1Q23, reflecting robust performance in both the B2B business and retail
sales across all countries. This was primarily driven by strong promotional income and the addition of new B2B customers, partially
offset by an impact in traffic caused by labor strikes in Germany during the quarter. By the end of the period, Proximity Europe
had 2,789 points of sale.

Gross profit reached 43.2% of total revenues, reflecting a 100 basis-point expansion driven by a sustained positive performance
in the B2B business, a positive price-mix effect, and higher promotional income.

Income from operations represented 3.5% of total revenues, driven by contributions from the B2B business, and proportional
increase of operating expenses to sales. Operating expenses rose by 5.3% to Ps. 4,342 million, primarily due to higher costs of rent
and labor.

April 26, 2024 | Page 6

 HEALTH

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-store sales

1Q24 1Q23 Var.

Same-store sales (thousands of Ps.) 1,017.8 1,018.7 (0.1%)

Total Revenues 18,154 18,574 (2.3%)

Income from Operations 601 1,002 (40.0%)

Income from Operations Margin (%) 3.3 5.4 (210 bps)

Adjusted EBITDA 1,679 2,028 (17.2%)

Adjusted EBITDA Margin (%) 9.2 10.9 (170 bps)

Net Additions Locations Same-Store Sales Adjusted EBITDA

Vs. comparable quarter As of 1Q24 LTM In thousands of Ps. In millions of Ps.

(142.5%) +6.1% (0.1%) (17.2%)

80 2,028
4,186 4,440
1,018.7 1,017.8
1,679

-34

1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24

Total revenues decreased 2.3% in 1Q24 compared to 1Q23, impacted by several factors, driven mainly by ongoing challenges in
institutional sales in Colombia, a complex macroeconomic environment in Ecuador, persistent competition in Mexico, and a
reduced number of stores during the quarter compared to the same quarter of last year. During the quarter, the store base was
reduced by 34 units reaching a total of 4,440 locations across our territories, as of March 31, 2024. This figure reflects the addition
of 254 net new locations in the last twelve months. Same-store sales decreased by an average of 0.1%, reflecting the trends
described above.

Gross profit was 28.8% of total revenues, reflecting a tough comparison base from higher commercial income in 1Q23, as well as
a negative price-mix effect, and lower sales resulting from the decrease in the number of stores compared to 1Q23.

Income from operations amounted to 3.3% of total revenues. Operating expenses decreased 1.9% to Ps. 4,625 million, reflecting
tight expense control.

April 26, 2024 | Page 7

 FUEL

1Q24 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.) except same-station sales

1Q24 1Q23 Var.

Same-station sales (thousands of Ps.) 7,601.7 7,109.5 6.9%

Total Revenues 14,963 13,141 13.9%

Income from Operations 530 523 1.4%

Income from Operations Margin (%) 3.5 4.0 (50 bps)

Adjusted EBITDA 897 819 9.5%

Adjusted EBITDA Margin (%) 6.0 6.2 (20 bps)

Net Additions Service Station Base Same-Station Sales Adjusted EBITDA

Vs. comparable quarter As of 1Q24 LTM In thousands of Ps. In millions of Ps.

N.S. - +9.5%
+6.9%

570 570 7,601.7

2 897
7,109.5 819

-1

1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24

Total revenues increased 13.9% in 1Q24 compared to 1Q23, reflecting a 6.9% average same-station sales increase, driven by 3.4%
growth in average volume and 3.4% increase in the average price per liter. These results were driven by higher volume in our
institutional sales and wholesale channel, coupled with pricing strategies implemented during the quarter. The OXXO Gas retail
network had 570 points of sale as of March 31, 2024.

Gross profit was 11.6% of total revenues compared to 12.4% in 1Q23, mainly reflecting higher revenues from our institutional
sales.

Income from operations accounted for 3.5% of total revenues, reflecting operational expenses efficiencies, which were offset by
a lower gross margin. Operating expenses increased 8.8% to Ps. 1,209 million, reflecting higher labor expenses.

April 26, 2024 | Page 8

FEMSA Retail Operations Summary
Currency-neutral terms where applicable

Total Revenue Growth (% vs year ago) Total Unit Growth (% vs year ago) Same-Store Sales

1Q24 1Q24 1Q24

Proximity Americas Proximity Americas Proximity Americas

OXXO1 15.1% OXXO 7.7% OXXO1 9.7%

Mexico 14.8% Mexico 6.3% Mexico 9.7%
OXXO Latam2 30.7% OXXO Latam1 58.6% OXXO Latam2 6.2%

Other Proximity Americas formats Other Proximity Americas formats Other Proximity Americas formats

Bara 40.5% Bara 32.2% Bara 18.8%

OXXO Brazil3 117.0% OXXO Brazil2 67.2% OXXO Brazil3 18.4%

Proximity Europe4 12.6% Proximity Europe3 1.5% Proximity Europe4 N.A.

OXXO Gas 13.9% OXXO Gas 0.0% OXXO Gas 6.9%

FEMSA Health5 (2.1%) FEMSA Health 6.1% FEMSA Health5 0.0%

Chile (4.8%) Chile 3.5% Chile 1.2%

Colombia 0.0% Colombia 13.1% Colombia 18.2%
Ecuador (19.5%) Ecuador 1.3% Ecuador (1.0%)
Mexico 4.4% Mexico 7.0% Mexico (3.8%)

1 OXXO Consolidated figures shown in MXN including currency effects. 1 Includes OXXO Colombia, Chile and Perú. 1 OXXO Consolidated figures shown in MXN including currency effects.

2 Includes OXXO Colombia, Chile and Peru. 2 Operated through Grupo Nós, our joint-venture with Raízen. 2 Includes OXXO Colombia, Chile and Peru.

3 Operated through Grupo Nós, our joint-venture with Raízen. 3 Includes company owned and franchised units. 3 Operated through Grupo Nós, our joint-venture with Raízen.

4 Local currency (CHF). 4 Local currency (CHF).

5 FEMSA Health Include franchised stores in Ecuador. 5 Only includes retail sales. FEMSA Health Include franchised stores in Ecuador.

April 26, 2024 | Page 9

 DIGITAL@FEMSA1

Spin by OXXO
Spin by OXXO acquired 1.0 million users during the quarter to reach 10.9 million total users in 1Q24, compared to 6.4
million users in 1Q23. This represents an increase of 70.1% YoY and a 4.5% compound monthly growth rate. Active
users2 represented 68.2% of the total acquired user base representing 77.9% growth and reaching 7.4 million. Total
transactions per month increased 7.7%3 during the quarter to reach an average of 50.7 million per month in 1Q24,
reflecting an increase in user engagement.

Spin Premia
Spin Premia acquired 3.8 million users during the quarter to reach 44.0 million total users in 1Q24, compared to 28.9
million users in 1Q23. This represents an increase of 52.3% YoY and a 3.6% compound monthly growth rate. Active
users4 represented 49.4% of the total acquired user base representing 71.3% growth and reaching 21.7 million. The
average tender5 during the quarter was 35.1%.

COCA-COLA FEMSA

Coca-Cola FEMSA’s financial results and discussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release,
which is attached to this press release or may be accessed by visiting coca-colafemsa.com.

1
Digital@FEMSA’s results are included within the Other business segment
2
Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
3
Represents the quarter-over-quarter growth of average monthly transactions.
4
Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
5 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.

April 26, 2024 | Page 10

 RECENT DEVELOPMENTS

• On March 15, 2024, FEMSA announced that, consistent with its capital allocation framework and commitment to enhance
capital returns to shareholders, it has entered into a derivative instrument known as an accelerated share repurchase (“ASR”)
agreement with a financial institution in the United States of America, to repurchase the Company’s shares through the
acquisition of American Depositary Shares (“ADS”). Under the terms of the ASR agreement, FEMSA has agreed to repurchase
from such financial institution an aggregate amount of USD $400 million of its ADS. The ASR contemplates an initial delivery
of approximately 20% of the ADS on or about March 19, 2024.

The total number of ADS ultimately repurchased under the ASR agreement will be based on the daily volume-weighted
average price of the Company’s ADS during the term of the agreement, subject to certain limitations. The final settlement of
the ASR agreement is expected to be completed no later than the third quarter of 2024.

• On March 25, 2024, FEMSA announced that it held its Annual Shareholders’ Meeting today (“the Shareholders’ Meeting”),
during which the shareholders approved the consolidated financial statements for the year ended December 31, 2023, the
2023 CEO’s annual report and the opinion of the Board of Directors for the year 2023.
The Annual Shareholders’ Meeting elected the members of the board of directors and the members of each of the Audit
Committee, the Corporate Practices and Nominations Committee and the Operations and Strategy Committee of the Board
for 2024. In line with our goal of setting the standard for corporate governance best practices, the shareholders’ meeting
elected Elane Stock and Olga Gonzalez Aponte as new independent directors. With these additions, our board of directors
has 46% representation of independent directors, and 40% participation of women on the board.

The list of the elected directors can be found in the link: https://femsa.gcs-web.com/corporate-governance/board-of-
directors

The Annual Shareholders’ Meeting declared and approved the payment of an ordinary cash dividend of Ps. 0.9161 per each
Series "D" share and Ps. 0.7329 per each Series "B" share, which amounts to Ps. 4.3973 per "BD" Unit (BMV: FEMSAUBD) or
Ps. 43.973 per ADS (NYSE: FMX), and Ps. 3.6645 per "B" Unit (BMV: FEMSAUB), to be paid in four equal installments, payable
on April 18, July 18, October 17 of 2024 and January 16 of 2025.

Additionally, the Annual Shareholders’ Meeting declared and approved the payment of an extraordinary cash dividend of Ps.
0.6417 per each Series "D" share and Ps. 0.5134 per each Series "B" share, which amounts to Ps. 3.0802 per "BD" Unit (BMV:
FEMSAUBD) or Ps. 30.8020 per ADS (NYSE: FMX), and Ps. 2.5670 per "B" Unit (BMV: FEMSAUB), to be paid in four equal
installments, payable on April 18, July 18, October 17 of 2024 and January 16 of 2025.

For additional information, please refer to the Summary of Resolutions in the Shareholders Meeting section of our corporate
website at: https://femsa.gcsweb.com/shareholder-meeting-information.

• On April 23, 2024, FEMSA announced that it had filed its annual report on Form 20-F for the fiscal year ended December 31,
2023, with the U.S. Securities and Exchange Commission (SEC) and its annual report, for the same period, with the Comisión
Nacional Bancaria y de Valores (Mexican Banking and Securities Commission) and the Bolsa Mexicana de Valores (Mexican
Stock Exchange). These reports are available on FEMSA's investor relations website at http://ir.femsa.com.

April 26, 2024 | Page 11

 CONFERENCE CALL INFORMATION

Our First Quarter 2024 Conference Call will be held on: Friday, April 26, 2024, 11:00 AM Eastern Time (9:00 AM Mexico City
Time). The conference call will be webcast live through streaming audio.

Telephone: Toll Free US: (866) 580 3963

International: +1 (786) 697 3501

Webcast: https://edge.media-server.com/mmc/p/k3krqeec/

Conference ID: FEMSA

If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-
reports/quarterly-results

ABOUT FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best
employer and neighbor to the communities in which it operates. Across its business units, FEMSA has more than 350,000
employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging
Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its
sustainability performance.

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate
for Mexican pesos as published by the Federal Reserve Bank of New York on March 31, 2024, which was 16.5574 Mexican pesos
per US dollar.

FORWARD-LOOKING STATEMENTS
This report may contain certain forward-looking statements concerning our future performance that should be considered as good
faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently
available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

Nine pages of tables and Coca-Cola FEMSA’s press release to follow

April 26, 2024 | Page 12

FEMSA – Consolidated Income Statement
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 178,204 100.0 160,107 100.0 11.3

Cost of sales 107,980 60.6 96,781 60.4 11.6
Gross profit 70,224 39.4 63,326 39.6 10.9
Administrative expenses 8,419 4.7 6,636 4.1 26.9
Selling expenses 46,773 26.2 44,034 27.5 6.2
Other operating expenses (income), net (1) 265 0.1 (256) (0.2) N.S.
Income from operations (2) 14,767 8.3 12,912 8.1 14.4
Other non-operating expenses (income) 2,426 1.4 307 0.2 N.S.
Interest expense 4,716 3,574 31.9
Interest income 2,845 8,500 (66.5)
Interest expense, net 1,871 (4,926) (138.0)
Foreign exchange loss (gain) 1,104 2,547 (56.6)
Other financial expenses (income), net 291 315 (7.6)
Financing expenses, net 3,266 (2,066) N.S.
Income before income tax and participation in associates
9,073 14,671 (38.2)
results
Income tax 3,267 4,205 (22.3)
Participation in associates results (3) (33) (211) (84.2)
Continued Operations net income (Loss) 5,774 11,041 N.S.
Discontinued Operations net income (Loss) 110 39,288 N.S.
Consolidated net income (Loss) 5,884 50,329 N.S.
Net majority income 2,931 48,078 N.S.
Net minority income 2,953 2,251 31.2

% %
Operative Cash Flow & CAPEX 2024 2023 % Inc.
of rev. of rev.
Income from operations 14,767 8.3 12,912 8.1% 14.4
Depreciation 7,868 4.4 7,757 4.8% 1.4
Amortization & other non-cash charges 2,415 1.4 1,042 0.7% 131.7
Adjusted EBITDA 25,049 14.1 21,712 13.6% 15.4
CAPEX 7,371 5,080 86.0

(1)
Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.
(2)
Income from operations = gross profit – administrative and selling expenses – other operating expenses (income), net.
(3)
Mainly represents the results of our joint-venture with Raízen, Grupo Nós, net of taxes.

April 26, 2024 | Page 13

 FEMSA – Consolidated Balance Sheet
Amounts expressed in millions of Mexican Pesos (Ps.)

LIABILITIES & STOCKHOLDERS’ EQUITY Mar-24 Dec-23 % Inc.

ASSETS Mar-24 Dec-23 % Inc.
Bank loans 2,373 2,453 (3.3)
Cash and cash equivalents 137,530 165,112 (16.7)
Current maturities of long-term debt 2,704 8,955 (69.8)
Investments 42,176 26,728 57.8
Interest payable 1,644 1,677 (2.0)
Accounts receivable 38,683 38,863 (0.5)
Current maturities of long-term leases 12,233 12,236 (0.0)
Inventories 54,571 58,222 (6.3)
Operating liabilities 175,897 148,447 18.5
Other current assets 48,871 41,415 18.0
Short term liabilities available for sale 11,887 11,569 2.7
Current Assets Available for sale 25,596 25,819 (0.9)
Total current liabilities 206,738 185,337 11.5
Total current assets 347,427 356,159 (2.5)
Long-term debt (2) 126,303 125,417 0.7
Investments in shares 26,092 26,247 (0.6)
Long-term leases 82,207 83,838 (1.9)
Property, plant and equipment, net 142,785 141,530 0.9
Laboral obligations 7,174 6,920 3.7
Right of use 86,150 87,941 (2.0)
Other liabilities 27,757 25,975 6.9
Intangible assets (1)
141,168 143,218 (1.4)
Total liabilities 450,180 427,487 5.3
Other assets 53,938 50,761 6.3
Total stockholders’ equity 347,380 378,369 (8.2)

TOTAL ASSETS 797,560 805,856 (1.0) TOTAL LIABILITIES AND STOCKHOLERS’ EQUITY 797,560 805,856 (1.0)

March 31, 2024

Average
DEBT MIX (2) % of Total
Rate
Denominated in:
Mexican pesos 54.6% 9.1%
U.S. Dollars 27.0% 3.4%
Euros 6.6% 2.6%
Swiss Francs 0.0% 0.0%
Colombian pesos 0.7% 6.3%
Argentine pesos 0.0% 130.0%
Brazilian reais 10.2% 9.3%
Chilean pesos 0.9% 8.9%
Total debt 100.0% 7.2%

Fixed rate (2) 83.8%

Variable rate (2) 16.2%

DEBT MATURITY PROFILE 2024 2025 2026 2027 2028 2029+

% of Total Debt 3.6% 1.7% 9.2% 8.0% 11.3% 66.3%

(1)
Includes mainly the intangible assets generated by acquisitions.
(2)
Includes the effect of derivative financial instruments on long-term debt.
Net Debt & Adjusted EBITDA ex-KOF
Amounts expressed in millions of US Dollars (US.)

Twelve months ended March 31, 2024 As of March 31, 2024

Reported Adj. EBITDA Adjustments Adj. EBITDA Ex-KOF3 Reported Adjustments Ex-KOF

Proximity Americas & Europe 2,853 - 2,853 Cash & Equivalents 8,737 - 8,737

Fuel 225 - 225 Coca-Cola FEMSA Cash & Equivalents 2,117 (2,117) -
Health Division 466 - 466 Cash & Equivalents 10,854 (2,117) 8,737
Envoy Solutions 74 - 74
Coca-Cola FEMSA1 2,921 (2,921) - Financial Debt4 4,037 - 4,037
Other2 (261) - (261) Coca-Cola FEMSA Financial Debt 3,898 (3,898) -
FEMSA Consolidated 6,279 (2,921) 3,357 Lease Liabilities 5,598 - 5,598

Coca-Cola FEMSA Lease Liabilities 106 (106) -

Dividends Received 3 - 381 381 Debt 13,639 (4,004) 9,635

FEMSA Consolidated ex-KOF 6,279 (2,541) 3,738 FEMSA Net Debt 2,785 (1,887) 898

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for March 31, 2023 which was 16.5574 MXN per USD.

1 Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

2 Includes FEMSA Other Businesses (including Bara and Digital@FEMSA), FEMSA corporate expenses and the effects of consolidation adjustments
3 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$316 mm and EUR$57 mm during the last twelve months.
4 Includes EUR€ 500.0 mm in notes convertible to Heineken Holding N.V. shares.

April 26, 2024 | Page 15

Proximity Americas – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 70,085 100.0 60,871 100.0 15.1

Cost of sales 40,662 58.0 36,325 59.7 11.9
Gross profit 29,423 42.0 24,546 40.3 19.9
Administrative expenses 1,524 2.2 1,120 1.8 36.0
Selling expenses 22,830 32.6 18,945 31.1 20.5
Other operating expenses (income), net 90 0.1 18 0.0 N.S.
Income from operations 4,978 7.1 4,463 7.3 11.5
Depreciation 2,994 4.3 2,984 4.9 0.3
Amortization & other non-cash charges 655 0.9 213 0.3 N.S.
Adjusted EBITDA 8,627 12.3 7,660 12.6 12.6
CAPEX 3,351 2,349 42.7

Information of OXXO Stores

Total stores 23,290 21,615 7.7

Stores Mexico 22,326 21,007 6.3
Stores South America 964 608 58.6

Net new convenience stores:

vs. Last quarter 424 157 N.S.
Year-to-date 424 157 N.S.
Last-twelve-months 1,675 1,115 50.2

Same-store data: (1)

Sales (thousands of pesos) 960.0 875.4 9.7
Traffic (thousands of transactions) 17.5 17.1 2.2
Ticket (pesos) 54.8 51.1 7.3

(1)
Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.
Proximity Europe – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 10,939 100.0 10,111 100.0 8.2

Cost of sales 6,209 56.8 5,848 57.8 6.2
Gross profit 4,730 43.2 4,263 42.2 11.0
Administrative expenses 849 7.8 752 7.4 12.9
Selling expenses 3,520 32.2 3,394 33.6 3.7
Other operating expenses (income), net (26) (0.2) (24) (0.2) 8.8
Income from operations 388 3.5 141 1.4 175.0
Depreciation 1,120 10.2 1,111 11.0 0.8
Amortization & other non-cash charges 163 1.5 76 0.8 114.2
Adjusted EBITDA 1,670 15.3 1,328 13.1 25.8
CAPEX 381 195 N.S.

April 26, 2024 | Page 17

Health – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 18,154 100.0 18,574 100.0 (2.3)

Cost of sales 12,928 71.2 12,856 69.2 0.6
Gross profit 5,226 28.8 5,718 30.8 (8.6)
Administrative expenses 945 5.2 705 3.8 34.0
Selling expenses 3,669 20.2 4,020 21.6 (8.7)
Other operating expenses (income), net 11 0.1 (9) (0.0) N.S.
Income from operations 601 3.3 1,002 5.4 (40.0)
Depreciation 812 4.5 782 4.2 3.8
Amortization & other non-cash charges 266 1.5 244 1.3 9.1
Adjusted EBITDA 1,679 9.2 2,028 10.9 (17.2)
CAPEX 168 233 (27.9)

Information of Stores

Total Locations 4,440 4,186 6.1

Stores Mexico 1,723 1,610 7.0
Stores South America 2,717 2,576 5.5

Net new locations:

vs. Last quarter (34) 80 N.S.
Year-to-date (34) 80 N.S.
Last-twelve-months 254 453 (43.9)

Same-store data: (1)

Sales (thousands of pesos) 1,017.8 1,018.7 (0.1)

(1)
Monthly average information per location, considering same locations with more than twelve months of all the operations of the Health Division.

April 26, 2024 | Page 18

Fuel – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 14,963 100.0 13,141 100.0 13.9

Cost of sales 13,224 88.4 11,506 87.6 14.9
Gross profit 1,740 11.6 1,635 12.4 6.4
Administrative expenses 76 0.5 61 0.5 23.8
Selling expenses 1,145 7.7 1,051 8.0 9.0
Other operating expenses (income), net (12) (0.1) - - N.S.
Income from operations 530 3.5 523 4.0 1.4
Depreciation 243 1.6 277 2.1 (12.4)
Amortization & other non-cash charges 124 0.8 19 0.1 N.S.
Adjusted EBITDA 897 6.0 819 6.2 9.5
CAPEX 8 24 (67.4)

Information of OXXO GAS Service Stations

Total service stations 570 570 -

Net new service stores:
vs. Last quarter (1) 2 (150.0)
Year-to-date (1) 2 (150.0)
Last-twelve-months (1) 1 N.S.

Volume (millions of liters) total stations 614 574 6.9

Same-station data: (1)
Sales (thousands of pesos) 7,601.7 7,109.5 6.9
Volume (thousands of liters) 358.8 346.9 3.4
Average price per liter 21.2 20.5 3.4

(1)
Monthly average information per station, considering same stations with more than twelve months of operations.

April 26, 2024 | Page 19

Coca-Cola FEMSA – Results of Operations
Amounts expressed in millions of Mexican Pesos (Ps.)

For the first quarter of:

% %
2024 2023 % Var.
of rev. of rev.

Total revenues 63,803 100.0 57,357 100.0 11.2

Cost of sales 35,375 55.4 31,899 55.6 10.9
Gross profit 28,428 44.6 25,458 44.4 11.7
Administrative expenses 3,150 4.9 3,078 5.4 2.3
Selling expenses 16,518 25.9 14,747 25.7 12.0
Other operating expenses (income), net 188 0.3 (90) (0.2) N.S.
Income from operations 8,617 13.5 7,724 13.5 11.6
Depreciation 2,541 4.0 2,326 4.1 9.2
Amortization & other non-cash charges 786 1.2 471 0.8 66.9
Adjusted EBITDA 11,944 18.7 10,522 18.3 13.5
CAPEX 3,272 2,506 30.6

Sales Volumes

(Millions of unit cases)

Mexico and Central America 579.8 57.5 537.4 57.2 7.9
South America 140.6 13.9 141.3 15.0 (0.5)
Brazil 288.2 28.6 260.9 27.8 10.4
Total 1,008.6 100.0 939.6 100.0 7.3

April 26, 2024 | Page 20

FEMSA Macroeconomic Information

Inflation End-of-period Exchange Rates

1Q 2024 LTM (1) Mar-24 Mar-24 Mar-23

Per USD Per MXN Per USD Per MXN

Mexico 0.21% 4.48% 16.68 1.0000 18.11 1.0000

Colombia 1.80% 2.41% 3,842.30 0.0043 4,627.27 0.0039
Brazil 0.84% 1.50% 5.00 3.3381 5.08 3.5637
Argentina 28.77% 55.99% 858.00 0.0194 209.01 0.0866
Chile 1.26% 4.29% 982.38 0.0170 790.41 0.0229
Euro Zone 0.77% 0.92% 0.92 18.1081 0.92 19.6863

(1)
LTM = Last twelve months.

April 26, 2024 | Page 21