Dear stakeholders, 2025 was a year that tested our resilience and focus.
After delivering a year of exceptional growth in
2024, we faced a more complex environment
marked by slower demand, higher costs, and
uneven markets. Despite these challenges, our
teams delivered solid results by staying focused
on what matters most: serving our customers,
operating efficiently, and implementing our
strategic priorities with discipline.
Dear stakeholders, 2025 was a year that tested our resilience and focus.
After delivering a year of exceptional growth in
2024, we faced a more complex environment
marked by slower demand, higher costs, and
uneven markets. Despite these challenges, our
teams delivered solid results by staying focused
on what matters most: serving our customers,
operating efficiently, and implementing our
strategic priorities with discipline.
This year also marked an important moment of change in our leadership. After years of preparation and a thoughtful succession process, we began a transition that reflects the same discipline and long-term vision that have always guided FEMSA. This transition is not a change in direction or strategy. It represents the natural evolution of our leadership, ensuring continuity of the principles and values that define us: integrity, transparency, humility, accountability, and a commitment to creating long-term value.
As FEMSA celebrates 135 years of history, this moment invites us to reflect on the legacy that has shaped our company and the enduring values that continue to guide us. With renewed energy and a shared sense of purpose, we are confident that FEMSA is well positioned to write the next chapter of its story.
After a year of double-digit growth in revenue, gross profit, and operating income across most of our Business Units in 2024, 2025 brought a more challenging consumption environment in our key markets. As expected, we closed the year with a more moderate pace of operating growth. Anticipating these conditions, we deliberately shifted our focus from top-line expansion, to profitability and consolidation.
We strengthened margins, completed the divestment of non-core assets, and set in motion important organizational transitions that advanced the final phase of FEMSA Forward. These actions helped us become a leaner and more efficient company, better positioned for long-term growth.
We also maintained a strong commitment to shareholder value creation. By year-end, we had returned a historic record amount of capital through dividends and share repurchase programs equivalent to approximately 8% of FEMSA’s market capitalization. This marks an important milestone in our capital allocation history and reflects both the strength of our cash generation, as well as our continued confidence in the long-term value of our business. At the same time, we invested Ps. $45,315 million in our core operations to support organic growth and drive efficiency and innovation across our portfolio.
We maintain our goal of achieving a net leverage ratio of 2x Ex KOF consistent with a capital structure that is solid, flexible, and ready to support future opportunities.
Our strategy remains disciplined and focused on sustainable growth. In our retail divisions, we will continue to open stores at the appropriate pace for each market, while evaluating new opportunities carefully from both financial and strategic perspectives. A clear example of this discipline was the dissolution of our joint venture with Raízen, through which we secured full ownership of OXXO Brasil, reinforcing our confidence in the long-term potential of that compelling market. Another example is OXXO Chile, where we paused new store openings while revising our investment thresholds to apply more rigorous criteria when evaluating future locations. In Coca-Cola FEMSA, the year underscored the resilience of its core business and reinforced our conviction in a sustainable long-term growth strategy. Throughout the year, we took decisive actions to address short-term challenges while continuing to advance our long-term objectives.
The Proximity and Health businesses faced a demanding year. In OXXO México, we observed a decline in same-store traffic, which put pressure on sales. Thanks to the strength of our model, we were able to offset part of this effect through solid gross margin performance. However, we also faced higher operating expenses, largely driven by increased labor costs. In response, we launched and accelerated a range of initiatives focused on both revenue generation and cost optimization. We adjusted our product assortment and price architecture to stay competitive, increase affordability, and continue meeting the evolving needs of our customers.
These actions are already bearing fruit helping us build a more resilient and profitable foundation for the years ahead, but in hindsight, this could have been implemented sooner. We take that lesson to heart as we continue strengthening our ability to anticipate and adapt, and we are committed to acting with greater agility and foresight going forward.
We are convinced that OXXO Mexico still has at least a decade of store growth at the current pace, supported by world-class returns on capital and multiple levers to adapt its value proposition to an evolving consumer. Our physical store network will remain a competitive advantage as we pursue value creation through a growth strategy with a future-back, customer-centric focus.
Outside Mexico, performance was encouraging. Our OXXO operations in Colombia and Brazil made substantial progress in the refinement of their customer value propositions, putting them in a position for faster growth, while we also saw meaningful improvements in Chile and Peru. We have reiterated that Brazil is a strategic priority due to the country’s large, fragmented retail market and low penetration of modern convenience formats.
As for Colombia, our mature stores are already EBIT positive after overhead allocation and average sales per store are in line with OXXO Mexico, confirming the strength of our format. We are encouraged by the progress and outlook in both geographies, and will continue to be rigorous in our location selection process to foster that this is sustained over time. In the United States, we continued the conversion of recently acquired stores to OXXO formats. This process has shown encouraging results and strengthens our growth potential in that market. In Europe, Valora had another solid year on the back of robust retail operations, particularly in the core Swiss market, and sustained cost efficiency, further supported by currency tailwinds.
In our Health division, we completed the transformation from a highly centralized model to a more decentralized one, giving each business greater agility and accountability. We continue refining our value proposition to fit each market, expanding our low-cost format where we see the greatest opportunity.
Tiendas Bara also continued expanding rapidly in the discount segment. After consolidating its presence in the Bajío region, it began its growth into northern Mexico. We have also undertaken the decision to administratively and operationally segregate Tiendas Bara from OXXO Mexico to ensure that it has the resources and focus to build the foundation for a new phase of higher growth. We believe this format has great potential, complementing OXXO’s value proposition by serving a different customer segment with its own distinct offering.
2025 was a year that demanded resilience and adaptability amid changing conditions. Despite many headwinds faced, in Coca-Cola FEMSA we delivered positive full-year results with resilient margins. We reinforced our relative scale across markets, supported by progress in installed capacity and the rollout of digital initiatives.
We also made significant progress in de- bottlenecking our infrastructure and digitizing the enterprise to support increasing demand complexity. Investments in warehousing, logistics, fleet, and manufacturing capacity strengthened our ability to translate demand into consistent performance, while technology-enabled solutions improved efficiency across the value chain. In parallel, we reinforced a customer-centric culture grounded in execution, accountability, and continuous improvement, supported by the integration of customer insights through our digital platforms.
Our strategy remained anchored in six pillars, with tangible progress across all priorities. We continued to grow the core by evolving our portfolio, with Coca-Cola Zero serving as a key growth engine. Profitable non- carbonated beverages also delivered strong performance, reinforcing their strategic role within our portfolio. At the same time, our industry-leading phygital commercial platform continued to differentiate us by integrating digital intelligence with flawless physical execution, deepening customer engagement.
On the digital front, our omnichannel platform Juntos+ continued to expand, now reaching 1.3 million monthly active users and 1.6 million users in Juntos+ Premia, our Loyalty Program. This growth reflects our focus on digitalization and our commitment to improving customer experience.
In 2026, we expect both opportunities and challenges, including the impact of the excise tax increase in Mexico. Our focus remains on the disciplined execution of our sustainable growth model by leveraging Coca-Cola FEMSA’s differentiated strengths: an unmatched portfolio, the largest distribution footprint, consistent investment, relentless execution and leading-edge digital enablers.
This milestone reflects the trust that millions of customers place in us to help them manage their finances easily, safely, and conveniently.
Our Spin Premia program also continued expanding, reaching 63.1 million registered accounts, with 28.1 million active within the last 90 days. These users actively earn and redeem rewards, representing nearly 50% of OXXO’s total monthly sales linked to the program.
We also advanced our B2B ecosystem, which includes NetPay and OXXO PAY, payment solutions to businesses in both physical stores and online.
Another important milestone was the partnership with Western Union, Félix Pago, and Kira, which enables our users to receive funds from the United States in ther Spin by OXXO account and at no cost to the recipient. To access the service, customers only need to open their Spin by OXXO app and follow a few simple steps.
Through Spin, we continue to bring FEMSA’s physical scale into the digital world. We are connecting our established presence with new technology to create more convenient and integrated experiences for our customers.
All Business Units contributed, with Coca-Cola FEMSA growing approximately 4.3%, Proximity Americas and Proximity Europe around 7.0% and 14.6%, and our Fuel and Health Divisions approximately 2.8% and 10.5%.
We focused on maintaining healthy margins and generating efficiencies across our operations. Gross profit grew 6.2%, and operating income increased 4.7%. As a result, adjusted EBITDA reached Ps. $125,288 million (US$ 6,958.24 billion), with a margin of 14.9%. These results reflect the dedication and adaptability of our teams, who continue to deliver consistent performance even in changing conditions.
They also reflect the growing value of sharing experiences and capabilities across our geographies. The exchange of knowledge between Europe, Mexico, and the rest of Latin America is enriching the way we operate, innovate, and serve our customers in all markets. What we are learning in Europe is strengthening our businesses in Mexico and Latam, while the capabilities developed in this region are also contributing to our operations in Europe.
Looking ahead, we will continue investing in the growth of our main businesses, expanding our service offering, and exploring new opportunities selectively and with discipline. Our focus will remain on quality of growth, which means achieving results that are sustainable, profitable, and long-term.
We will concentrate on driving more traffic to our stores and on improving our market share, with an unwavering obsession for customer centricity across every division. We will also operate with renewed urgency in order to move and learn faster, while executing with a high level of conviction as we move into this new phase of growth.
To do this, our five priorities are clear: win in Mexico by sharpening our focus and results in OXXO and Coca-Cola FEMSA; embedding strong cash management as a core operating habit; having the right team and organization, with agile structures and clearly defined roles; fostering disciplined capital allocation, guided by ROIC and an intentional portfolio strategy; and promoting a revitalized culture that drives urgency, focus, and consistent execution to create long-term value.
Following the creation of the Social Value Department, we aligned FEMSA’s social investments around two key priorities: advancing the well-being of our employees and strengthening the social fabric of our communities. Our approach focuses on generating long-term impact through targeted programs and partnerships aligned with our business strategy, embedding social value deeply into our operations.
We also updated our corporate Sustainability Strategy to reflect our evolution under FEMSA Forward and to respond to new global challenges. The revised strategy incorporates emerging priorities such as climate change adaptation and biodiversity, with fewer but deeper goals aligned to our business reality.
In addition, we made progress in assessing and managing climate-related risks across all Business Units. Guided by international standards and best practices, we have improved our understanding of future risks and strengthened our adaptation plans to enhance operational and stability.
Finally, we completed the first performance evaluation of our sustainability-linked bond and are proud to have met the objectives set at issuance. This achievement reinforces our commitment to linking financial performance with environmental and social progress and to maintaining transparency and accountability as we pursue our goals.
As we close this year of transition and consolidation, we want to thank everyone who makes FEMSA what it is. To our team members, your commitment, creativity, and resilience are the foundation of our success. To our customers, suppliers and shareholders, thank you for your continued trust and support.
This leadership transition marks more than an organizational change. It represents the continuity of our long term vision, the natural evolution of our company, and the opportunity to keep creating value in new ways.
We look to the future with optimism, confidence, and a clear sense of responsibility. Our journey forward will be defined by the ability to think in decades while acting in days: staying grounded in a long-term vision, while moving with urgency and conviction in the present. As we celebrate 135 years of history, we do so with an exceptional team, a sound strategy, and values that have stood the test of time. Together, we are ready to build the next chapter of FEMSA's history and continue creating sustainable value for the decades ahead.
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Diseño: generadorestudio.com 
