~~UNITED STATES~~United States

~~SECURITIES AND~~Securities ~~EXCHANGE~~and ~~COMMISSION~~Exchange Commission

Washington, D.C. 20549

FORM 6-K

REPORT OF A FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 ~~UNDER~~

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of ~~July~~ ~~2025 Commission File Number~~September ~~1-12260~~2025

~~COCA-COLA~~Commission ~~FEMSA,~~File ~~S.A.B. de~~Number: ~~C.V.~~1-12260

~~(Translation of~~Coca-Cola ~~registrant’s~~FEMSA, ~~name~~S.A.B. ~~into~~de ~~English)~~C.V.

~~United~~(Exact ~~Mexican~~name ~~States~~of the Registrant as specified in the charter)

~~(Jurisdiction of~~Calle ~~incorporation~~Mario orPani ~~organization)~~No. 100,

~~Calle~~Colonia ~~Mario Pani No. 100,~~ Santa Fe Cuajimalpa, ~~Cuajimalpa de Morelos, 05348, Ciudad de México,~~

Alcaldía Cuajimalpa de Morelos,

05348, Ciudad de México,

México

(Address of ~~principal~~Principal ~~executive~~Executive ~~offices~~Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X x Form 40-F ¨

~~Indicate by~~TABLE ~~check~~OF ~~mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)~~CONTENTS

Yes No X


	Page
Forward-Looking Information	1
Presentation of Information	2
Operating and Financial Review – Six Months Ended June 30, 2025	3

~~Indicate by~~We ~~check~~have ~~mark~~prepared ifthis ~~the~~report ~~registrant~~to isprovide ~~submitting~~our ~~the~~investors with ~~Form~~disclosure ~~6-K~~and financial information regarding recent developments in ~~paper~~our asbusiness ~~permitted~~and byresults ~~Regulation~~of ~~S-T~~operations ~~Rule~~for ~~101(b)(7)~~the six months ended June 30, 2025.

~~Yes~~ The information in this report supplements information contained in our annual report on Form 20-F for the year ended December 31, 2024 (File No. 001-12260), filed with the U.S. XSecurities and Exchange Commission on April 10, 2025.

~~Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3~~-~~2(b) under the Securities Exchange Act of 1934.~~i-

~~Yes No~~ Forward-Looking X Information

IfSome of the information contained or incorporated ~~"Yes"~~by isreference ~~marked~~in this report contains words such as “believe,” ~~indicate~~“expect,” ~~below~~“anticipate” ~~the~~and ~~file~~similar ~~number~~expressions that ~~assigned~~identify toforward-looking ~~the~~statements. ~~registrant~~Use of these words reflects our views about future events and financial performance. Actual results could differ materially from those projected in ~~connection~~these ~~with~~forward-looking statements as a result of various factors that may be beyond our control, including, but not limited to:

~~Rule 12g3-2(b):~~· 82effects on our company from changes in our relationship with The Coca-~~__.~~Cola Company;

~~SECOND QUARTER~~· ~~2025~~fluctuation ~~RESULTS~~in the prices of raw materials;

~~INVESTOR~~· ~~RELATIONS~~changes ~~Jorge~~or ~~Collazo~~interruptions |in ~~jorge.collazo@kof.com~~our ~~Lorena~~information ~~Martin~~technology ~~| lorena.martinl@kof.com Bryan Silva | bryan.silva@kof.com Agustin Bolio | agustin.bolio@kof.com kofmxinves@kof.com~~systems;

~~Mexico~~· ~~City,~~effects ~~July~~on ~~23,~~our ~~2025,~~business ~~Coca-Cola~~from ~~FEMSA,~~changes ~~S.A.B.~~to deour ~~C.V.~~various ~~(BMV:~~suppliers’ ~~KOFUBL,~~business ~~NYSE:~~and ~~KOF) (“Coca-Cola FEMSA,” “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the second quarter of 2025.~~demands;

~~SECOND~~· ~~QUARTER HIGHLIGHTS~~competition;

· ~~Volume~~significant ~~declined~~developments ~~5.5%.~~in the countries where we operate;

· ~~Revenue~~fluctuation ~~increased~~in ~~5.0%, on a~~ currency ~~neutral~~exchange ~~basis~~and ~~revenue~~interest ~~grew 2.4%.~~rates;

· ~~Operating~~our ~~income~~ability ~~remained~~to ~~flat;~~implement onour abusiness ~~currency~~strategy ~~neutral~~and ~~basis~~our ~~operating~~ability ~~income~~to ~~decreased~~finance ~~2.6%.~~capital expenditures, including our ability to successfully integrate mergers and acquisitions we have completed in recent years;

· ~~Majority~~availability ~~net~~of ~~income~~and ~~decreased~~access ~~5.3%.~~to technology and other inputs necessary to implement our strategy and meet our goals;

· ~~Earnings~~economic, ~~per~~political ~~share1~~or ~~were~~geopolitical ~~Ps.~~conditions, ~~0.32~~including ~~(Earnings~~the ~~per~~effects ~~unit~~of ~~were~~changing ~~Ps.~~administrations, ~~2.53~~new domestic and ~~per~~foreign ~~ADS~~policies, ~~were~~volatility ~~Ps.~~in ~~25.29.).~~international relations and shifting dynamics in the global economic or geopolitical landscape;

· ~~Reached~~changes 8in ~~times~~our ~~more~~regulatory ~~active~~or ~~users~~legal inenvironment, including the ~~latest~~impact ~~version~~ of ~~Juntos+~~existing vlaws ~~4.0~~and regulations, ~~versus~~changes thereto or the ~~previous~~imposition ~~year.~~of new taxes, environmental, health, labor, energy, foreign investment and/or antitrust laws or regulations impacting our business, activities and investments;

· ~~The~~adverse ~~Company~~weather, ~~issued~~natural adisasters ~~successful~~and ~~transaction~~the ofeffects ~~senior notes for a total amount~~ of ~~US$500~~climate ~~million~~change; ~~due 2035. These notes were priced at attractive spreads~~ and ~~coupon reflecting strong international investment grade dedicated investor demand, confirming Coca-Cola FEMSA’s financial discipline and strong credit profile.~~

~~FIRST~~· ~~SIX~~health ~~MONTHS~~epidemics, ~~HIGHLIGHTS~~pandemics and similar outbreaks, including future outbreak of diseases, or the spread of existing diseases, and their effect on customer behavior and on economic, political, social and other conditions in the countries where we operate and globally.

·Forward-looking ~~Volume~~statements ~~declined~~involve 3inherent risks and uncertainties.9% Accordingly, we caution readers not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. Some of these factors are discussed under “Risk Factors” in our most recent annual report on Form 20-F and include economic and political conditions and government policies in the countries in which we operate, inflation rates, exchange rates, regulatory developments, customer demand and competition. We caution you that the foregoing list of factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements. You should evaluate any statements made by us in light of these important factors.

·Forward-looking ~~Revenue~~statements ~~increased~~speak 6only as of their respective dates.7% We undertake no obligation to update or revise any forward-looking statements, onwhether as a ~~currency~~result ~~neutral~~of ~~basis~~new ~~revenue~~information or ~~grew~~future 5events or otherwise.~~4%.~~

~~· Operating income increased 3.3%, on a currency neutral basis operating income grew 0.7%.~~1

·Presentation of ~~Majority net income decreased 1.4%.~~Information

·Certain ~~Earnings~~Defined ~~per share1 were Ps. 0.62 (Earnings per unit were Ps. 4.97 and per ADS were Ps. 49.74.).~~Terms

FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS
Change vs. same period of last year
		Total Revenues		Gross Profit		Operating Income		Majority Net Income
		2Q25	YTD 2025	2Q25	YTD 2025	2Q25	YTD 2025	2Q25	YTD 2025
As Reported	Consolidated	5.0%	6.7%	3.4%	6.9%	0.2%	3.3%	(5.3%)	(1.4%)
	Mexico & Central America	0.5%	2.5%	(2.5%)	1.1%	(6.3%)	(5.7%)
	South America	13.2%	13.7%	16.2%	17.9%	19.6%	24.9%
Comparable (2)	Consolidated	2.4%	5.4%	0.9%	5.3%	(2.6%)	0.7%
	Mexico & Central America	(1.9%)	(0.7%)	(4.8%)	(1.9%)	(8.6%)	(8.8%)
	South America	10.3%	15.7%	13.1%	19.7%	14.9%	24.0%

The terms “Coca-Cola FEMSA,” “our company,” “we,” “us” and “our,” are used in this report to refer to Coca-Cola FEMSA, S.A.B. de C.V. and, except where the context otherwise requires, its subsidiaries on a consolidated basis.

~~Ian Craig, Coca-Cola FEMSA’s CEO, commented:~~Currency

References herein to “~~During~~US$” are to U.S. dollars. References herein to “Ps.” are to Mexican pesos. U.S. dollar amounts in the ~~second~~tables ~~quarter,~~are presented solely for weconvenience. ~~navigated~~This areport ~~challenging~~contains ~~environment~~translations ~~marked~~of byvarious aMexican ~~softer~~peso ~~macroeconomic~~amounts ~~backdrop~~into inU.S. ~~Mexico~~dollars ~~and~~at ~~adverse~~specified ~~weather~~rates ~~conditions~~solely infor ~~Mexico~~your ~~and Brazil~~convenience. You ~~However~~should not construe these translations, ~~despite~~or aany ~~tougher~~other ~~than~~currency ~~expected~~translations ~~first~~included ~~half~~herein, ofas representations that the ~~year,~~Mexican wepeso amounts ~~are~~actually ~~encouraged~~represent bythe ~~our~~U.S. ~~improved~~dollar ~~competitive~~or ~~position,~~other ~~and~~foreign ~~we maintain~~currency ~~our~~amounts ~~long-term~~or ~~perspectives~~could ~~unchanged~~be converted into U.S. Asdollars weor ~~look~~such ~~ahead~~other toforeign currency at the ~~second~~rate ~~half~~indicated. ofUnless ~~the~~otherwise ~~year~~indicated, we ~~will~~have ~~make~~translated ~~learnings~~U.S. ~~and~~dollar ~~adjustments~~amounts from Mexican pesos at the exchange rate of Ps. 18.8292 to ~~our~~US$1.00, ~~plans~~which ~~that~~was ~~will~~the ~~deliver~~noon ~~long-term~~buying ~~value~~rate for Mexican pesos per U.S. ~~Importantly,~~dollar weas ~~will~~published ~~continue~~by ~~investing~~the U.S. Federal Reserve Board in ~~capacity~~its ~~and~~H.10 ~~capabilities~~Weekly toRelease ~~support~~of ~~our~~Foreign ~~future growth~~Exchange Rates for June 30, 2025.

While the current operating environment remains complex, we are confident in our resilient profile and in the several initiatives we are implementing across our markets—from commercial, financial, and supply chain. We are leveraging our capabilities and our strong partnership with The Coca-Cola Company to deliver long-term sustainable growth for all our stakeholders.”Rounding

~~(1)~~Certain ~~Quarterly~~figures ~~earnings~~included /in ~~outstanding~~this ~~shares~~report have been rounded for ease of presentation. ~~Earnings~~Percentage ~~per~~figures ~~share~~included ~~(EPS)~~in ~~were~~this ~~calculated~~report ~~using~~have 16not,~~806.7~~ ~~million~~in ~~shares~~all ~~outstanding.~~cases, ~~For~~been calculated on the ~~convenience~~basis of such rounded figures but on the ~~reader,~~basis asof asuch ~~KOFUBL~~amounts ~~Unit~~prior isto ~~comprised~~rounding. ofFor 8this ~~shares~~reason, (3percentage ~~Series~~amounts Bin ~~shares~~this ~~and~~report 5may ~~Series~~vary Lfrom ~~shares),~~those obtained ~~earnings~~by ~~per~~performing ~~unit~~the ~~are~~same ~~equal~~calculations tousing ~~EPS~~the ~~multiplied~~figures byin 8our consolidated financial statements. ~~Each~~Certain ~~ADS~~numerical ~~represents~~figures 10shown as ~~KOFUBL~~totals ~~Units~~in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding.

(2~~) Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.~~

~~Coca-Cola~~Operating and ~~FEMSA~~Financial ~~Reports~~Review ~~2Q25~~– ~~ResultsJuly~~SIX ~~23,~~Months ~~2025~~Ended ~~Page~~JUNE 30, ~~2 of 17~~2025

~~RECENT~~The following is a summary and discussion of our ~~DEVELOPMENTS~~unaudited interim condensed consolidated financial information as of June 30, 2025 and for the six month periods ended June 30, 2025 and 2024. The following tables and discussion should be read in conjunction with our audited consolidated financial statements included in our annual report on Form 20-F for the year ended December 31, 2024.

·In Onthe ~~May~~opinion ~~1, 2025, Coca-Cola FEMSA issued senior notes for a total amount~~ of ~~US$500~~our ~~million~~management, ~~principal~~the ~~amount~~unaudited interim ofcondensed ~~senior~~consolidated ~~notes~~financial ~~due~~information ~~2035.~~discussed ~~The~~below ~~Company~~is ~~priced~~prepared ~~the~~in ~~notes~~compliance atwith USInternational 10Accounting ~~Year~~Standards 34, Interim ~~Treasury~~Financial ~~+93~~Statements ~~basis~~(“IAS ~~points~~34”) and aincludes ~~coupon~~all ofadjustments, ~~5.100%.~~consisting ~~The~~only ~~transaction~~of ~~was~~normal ~~closed~~and ~~on May 6~~recurring adjustments, ~~2025,~~necessary ~~and~~for ~~received~~the ~~broad~~fair ~~participation~~presentation ~~from~~of ~~investment~~this ~~grade~~financial ~~dedicated~~information ~~investors,~~in ~~confirming~~a ~~Coca-Cola~~manner ~~FEMSA’s~~consistent ~~financial~~with ~~discipline~~the ~~and~~presentation ~~strong~~under ~~credit~~International Financial ~~profile.~~Reporting ~~KOF~~Standards ~~intends~~(Accounting toStandards) ~~use~~(“IFRS”) ~~the~~as ~~net~~issued ~~proceeds~~by ~~from~~ the ~~sale~~International ofAccounting ~~the~~Standards ~~Notes~~Board ~~for~~made in ~~general~~our ~~corporate~~audited ~~purposes,~~annual ~~which~~consolidated ~~may~~financial ~~include~~statements ~~the~~included ~~funding~~in ofour ~~working~~annual ~~capital~~report ~~and~~on ~~capital~~Form 20-F ~~expenditures,~~for ~~and~~ the ~~repayment~~year ofended ~~indebtedness~~December 31, 2024.

·Unaudited OnInterim ~~July~~Condensed ~~16,~~Consolidated ~~2025,~~Financial ~~Coca-Cola FEMSA paid the second installment of the ordinary dividend approved for Ps. 0.23 per share, for a total cash distribution of Ps. 3,865.5 million.~~Information

· Coca-Cola FEMSA has been included in the FTSE4Good sustainability indices for the tenth consecutive year, achieving a score of 3.9 out of 5.0—an improvement from last reported score of 2.9. This performance demonstrates progress across all evaluated categories and enhanced transparency in our integrated report, positioning the company above the consumer goods industry and beverage subsector averages.

	For the six months ended June 30,
	2025⁽¹⁾			2025			2024

	(in millions, except percentages)
Income Statement Information:
Total revenues	US$	7,579		Ps.	142,703		Ps.	133,685
Cost of goods sold		4,142			77,987			73,124
Gross profit		3,437			64,716			60,561
Administrative expenses		401			7,549			6,703
Selling expenses		2,044			38,480			34,735
Other income		79			1,486			1,971
Other expenses		80			1,501			2,809
Interest expense		210			3,963			3,648
Interest income		64			1,214			1,307
Foreign exchange (loss) gain, net		(0	)		(1	)		204
Gain on monetary position for subsidiaries in hyperinflationary economies		8			154			42
Market value gain on financial instruments		15			288			15
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method		869			16,364			16,206
Income taxes		302			5,691			5,329
Share in the profit of equity accounted investees, net of income taxes		17			320			63
Consolidated net income		584			10,993			10,941
Attributable to:
Equity holders of the parent		555			10,450			10,598
Non-controlling interest		29			543			342
Consolidated net income		584			10,993			10,941

~~CONFERENCE CALL INFORMATION~~3

Coca-Cola FEMSA Reports 2Q25 ResultsJuly 23, 2025 Page 3 of 17

	As of
	June 30, 2025⁽¹⁾		June 30, 2025		December 31, 2024

	(in millions)
Balance Sheet Information:
Cash and cash equivalents	US$	1,972	Ps.	37,139	Ps.	32,779
Trade receivable, net, inventories, recoverable income tax, other recoverable taxes, other current financial assets and other current assets		2,198		41,392		42,353
Total current assets		4,171		78,531		75,132
Investments accounted for using the equity method		570		10,738		10,233
Rights of use assets, net		146		2,745		2,989
Property, plant and equipment, net		5,446		102,549		99,381
Intangible assets, net		5,478		103,142		101,876
Deferred tax assets, other non-current financial assets and other non-current assets		858		16,155		18,375
Total non-current assets		12,498		235,329		232,854
Total assets		16,669		313,860		307,986
Bank loans and notes payable		107		2,022		1,443
Current portion of non-current debt		92		1,733		1,871
Current portion of lease liabilities		47		876		889
Interest payable		45		850		835
Suppliers, income tax payable, other taxes payable, other current financial liabilities and other current liabilities		3,447		64,910		62,133
Total current liabilities		3,738		70,391		67,171
Bank loans and notes payable		4,130		77,769		70,383
Non-current portion of lease liabilities		112		2,101		2,295
Post-employment and other non-current employee benefits, deferred tax liabilities, other non-current financial liabilities, provisions and other non-current liabilities		1,001		18,855		17,596
Total non-current liabilities		5,243		98,725		90,274
Total liabilities		8,982		169,116		157,445
Total equity		7,687		144,744		150,541
Equity attributable to equity holders of the parent		7,273		136,938		143,428
Non-controlling interest in consolidated subsidiaries		415		7,806		7,113
Total liabilities and equity		16,669		313,860		307,986

~~CONSOLIDATED SECOND~~(1) ~~QUARTER~~Translation ~~RESULTS~~to U.S. dollar amounts at an exchange rate of Ps. 18.8292 to US$1.00 solely for the convenience of the reader.

CONSOLIDATED SECOND QUARTER RESULTS
	As Reported			Comparable (1)
Expressed in millions of Mexican pesos	2Q 2025	2Q 2024	Δ%	Δ%
Total revenues	72,917	69,456	5.0%	2.4%
Gross profit	33,042	31,961	3.4%	0.9%
Operating income	9,767	9,746	0.2%	(2.6%)
Adj. EBITDA (2)	13,388	13,922	(3.8%)	(6.3%)

Consolidated Results of Operations for the Six Months Ended June 30, 2025 and 2024

~~Volume~~The comparability of our financial and operating ~~decreased~~performance ~~5.5%~~in the first six months of 2025 as compared to ~~1,035.3~~the ~~million~~same ~~unit~~period ~~cases,~~in ~~driven~~2024 ~~mainly~~was affected by ~~volume~~the ~~declines~~following factors: (i) translation effects resulting from fluctuation in ~~Mexico,~~exchange ~~Brazil~~rates and (ii) our results in Argentina, ~~Colombia~~whose economy meets the criteria to be considered a hyperinflationary economy. To translate the results of Argentina for the six-month periods ended June 30, 2025 and ~~Panama~~2024, we used the exchange rate at June 30, 2025 of 1,205.00 ~~These~~Argentine ~~declines~~pesos per U.S. dollar and the exchange rate at June 30, 2024 of 912.00 ~~were~~Argentine ~~partially~~pesos ~~offset~~per byU.S. ~~volume~~dollar. ~~increases~~The indepreciation ~~Argentina~~of the Argentine peso relative to the U.S. dollar on June 30, ~~Uruguay~~2025, ~~Guatemala~~as compared to the end-of-period exchange rate on June 30, ~~and~~2024, ~~Nicaragua~~was 32.1%.

~~Total~~In addition, the average depreciation of currencies ~~revenues~~used ~~increased~~in ~~5.0%~~our tomain ~~Ps.~~operations ~~72,917~~relative ~~million.~~to ~~This~~the ~~increase~~U.S. ~~was~~dollar ~~driven~~in ~~mainly~~the bysix ~~revenue~~months ~~management~~ended ~~initiatives~~June 30, ~~and~~2025, ~~favorable currency~~as ~~translation~~compared ~~effects~~to ~~from~~the ~~most~~same ofperiod ~~our~~in 2024, ~~operating~~was ~~currencies~~16.8% ~~into~~for the Mexican ~~pesos~~peso, 13.2% ~~Excluding~~for ~~currency~~the ~~translation~~Brazilian ~~effects~~real, ~~total~~and ~~revenues increased 2~~6.48% for the Colombian peso.

~~Gross~~Total Revenues. Our consolidated ~~profit~~total revenues increased 3by 6.47% to Ps. 33142,~~042~~703 million, ~~and~~in ~~gross~~the ~~margin~~six ~~contracted~~months 70ended ~~basis~~June 30, ~~points~~2025, toas ~~45.3%.~~compared ~~This~~to ~~contraction~~the ~~was~~same ~~driven~~period in 2024, mainly byas ~~lower~~a ~~operating~~result ~~leverage,~~of ~~unfavorable~~revenue ~~mix~~management ~~effects,~~initiatives and ~~higher~~favorable ~~fixed~~currency ~~costs~~translation ~~such~~effects asfrom ~~labor,~~most ~~coupled with the depreciation~~ of ~~most of~~ our operating currencies into asMexican ~~applied~~Pesos, tothese ~~our U.S. dollar-denominated raw material costs. These~~ effects were partially offset by ~~lower sweetener~~volume ~~costs and raw material hedging initiatives~~contraction. ~~Excluding currency translation effects, gross profit increased 0.9%.~~

~~Operating income~~Consolidated average price per unit case increased by 011.21% to Ps. ~~9,767~~68.6 ~~million,~~in ~~and~~the ~~operating~~six ~~margin~~months ~~contracted~~ended 60June 30, ~~basis~~2025, ~~points~~as compared to 13Ps.4% 61.8 ~~This~~in ~~margin~~the ~~contraction was~~same ~~driven~~period ~~mainly~~in by2024, ~~higher~~mainly ~~operating expenses such~~ as ~~labor~~a ~~and maintenance, coupled with an increase in marketing and depreciation.~~result ~~These~~of ~~effects~~revenue ~~were~~management ~~partially~~initiatives ~~offset by cost~~ and ~~expense~~favorable ~~efficiencies, an operating foreign exchange gain, and lower freight expenses. Excluding~~ currency translation effects~~, operating income decreased 2~~.~~6%.~~

~~(1) Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.~~4

~~(2)~~Total ~~Adjusted~~sales ~~EBITDA~~volume =decreased ~~operating~~by ~~income~~3.9% +in ~~depreciation~~the +six months ~~amortization~~ended &June 30, ~~other~~2025 ~~operating~~as ~~non-cash~~compared ~~charges~~to the same period in 2024, driven mainly by volume declines in Mexico and Colombia. These declines were partially offset by increases in Argentina, Uruguay and Guatemala, and a flattish performance in Brazil.

~~Coca-Cola~~· ~~FEMSA~~In ~~Reports~~the ~~2Q25~~six ~~ResultsJuly~~months 23ended June 30, 2025, ~~Page~~sales volume of our sparkling beverage portfolio decreased by 4.2%, sales volume of 17our cola’s portfolio decreased by 3.6%, while sales volume of our flavored sparkling beverage portfolio declined by 6.6%, in each case as compared to the same period in 2024.

~~Comprehensive financing~~· ~~result~~In ~~recorded~~the ansix ~~expense~~months ofended ~~Ps.~~June 130,~~189~~ ~~million~~2025, ~~compared~~sales tovolume ~~an expense~~ of ~~Ps.~~our ~~885~~still ~~million~~beverage inportfolio ~~the~~increased ~~previous year. This increase was driven mainly~~ by ~~a higher interest expense, net, of Ps~~0. 1~~,475~~% ~~million~~ as compared to ~~Ps. 1,157 million in~~ the same period of ~~the previous year driven by higher interest expenses mainly related to the U.S. dollar-denominated bond due 2035 issued during the second quarter, coupled with an increase~~ in ~~interest rates in Brazil and new financing in Colombia~~2024.

In· ~~addition,~~Sales wevolume ~~recognized a lower foreign exchange gain~~ of ~~Ps.~~our 55bottled ~~million~~water incategory, ~~the~~excluding ~~second~~bulk ~~quarter~~water, ofdecreased ~~2025~~by ~~as compared to a gain of Ps~~1.8% ~~177 million~~ in the ~~same~~six ~~period~~months ofended ~~the previous~~June ~~year.~~30, ~~The~~2025, ~~gain this year was driven mainly by the quarterly appreciation of the Mexican Peso~~ as ~~applied~~compared to ~~our U.S. dollar-denominated net debt position. This effect was partially offset by~~ the ~~quarterly~~same ~~appreciation~~period ~~of the Brazilian Real as applied to our U.S. dollar-denominated cash position~~ in ~~Brazil~~2024.

On· ~~the~~Sales ~~other~~volume ~~hand, we recorded a higher gain in financial instruments~~ of ~~Ps.~~our ~~154~~bulk ~~million,~~water ascategory ~~compared~~declined toby Ps6.9% ~~61 million recorded~~ in the ~~same~~six ~~period~~months ofended ~~the~~June ~~previous~~30, ~~year~~2025, ~~and~~ ~~a higher gain in monetary positions in inflationary subsidiaries related to Argentina for Ps. 77 million~~ as compared to ~~a gain of Ps. 34 million recorded in~~ the same period ofin ~~the previous year~~2024.

~~Income~~Cost of Goods Sold. Our cost of ~~tax~~goods sold increased by 6.6% to 77,987 million in the six months ended June 30, 2025 as compared to the same period in 2024. Cost of goods sold as a percentage of ~~income~~total ~~before~~revenues ~~taxes~~decreased ~~was~~by ~~36.2%~~10 asbasis ~~compared~~points to 3454.96% ~~during~~in the six months ended June 30, 2025 as compared to the same period ofin 2024, and had an effect on our gross profit as further described below. ~~This~~The ~~increase~~components ~~was~~of the cost of goods sold ~~driven~~include ~~mainly~~raw bymaterials ~~non-recurring~~(principally ~~effects~~concentrate, ~~from~~sweeteners ~~previous~~and ~~fiscal~~packaging ~~years~~materials), ~~coupled~~depreciation costs attributable to our production facilities, wages and other labor costs associated with ~~non-creditable~~labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and aluminum, and High Fructose Corn Syrup, or HFCS, used as a sweetener in some countries, are denominated in U.S. dollars.

~~Net~~Gross Profit. Our gross profit increased ~~income~~by ~~attributable~~6.9% to ~~equity~~Ps. ~~holders~~64,716 ofmillion in the ~~company~~six ~~was~~months ~~Ps.~~ended 5June 30,~~312~~ ~~million~~2025; aswith ~~compared~~a gross margin growth of 10 basis points to Psreach 45.4% in 5the six months ended June 30,~~608~~ ~~million~~2025, ~~during~~as compared to the same period ofin ~~the previous year~~2024. This ~~decrease~~performance was driven mainly by ~~the~~lower ~~increase~~sweetener costs, intop-line ~~the~~growth, ~~comprehensive~~and ~~financing~~raw ~~results~~material hedging initiatives. ~~Earnings~~These ~~per~~effects ~~share1~~ were ~~Ps.~~partially ~~0.32~~offset ~~(Earnings~~by ~~per~~higher ~~unit~~fixed ~~were~~costs, ~~Ps.~~such ~~2.53~~as labor, and ~~per~~the ~~ADS~~depreciation ~~were~~of ~~Ps.~~most 25of our operating currencies as applied to our U.29S.) dollar-denominated raw material costs.

~~(1)~~Administrative ~~Quarterly~~and ~~earnings~~Selling /Expenses. Our ~~outstanding~~administrative ~~shares.~~and ~~Earnings~~selling ~~per~~expenses ~~share~~increased ~~(EPS)~~by ~~were~~11.1% ~~calculated~~to ~~using~~Ps. 1646,~~806.7~~029 million ~~shares~~in ~~outstanding.~~the ~~For~~six ~~the~~months ~~convenience~~ended ofJune 30, 2025, as compared to the ~~reader,~~same period in 2024. Our administrative and selling expenses as a ~~KOFUBL~~percentage ~~Unit~~of istotal ~~comprised~~revenues ofincreased 8by ~~shares~~130 (basis points to 32.3% ~~Series~~in Bthe ~~shares~~six ~~and~~months 5ended ~~Series~~June 30, L2025, ~~shares)~~as compared to the same period in 2024, ~~earnings~~mainly ~~per~~as ~~unit~~a ~~are~~result ~~equal~~of toan ~~EPS~~increase ~~multiplied~~in byexpenses such 8.as ~~Each~~labor, ~~ADS~~depreciation ~~represents~~and 10marketing, ~~KOFUBL~~which ~~Units~~were partially offset by efficiencies in freight expenses.

~~Coca-Cola~~Other ~~FEMSA~~Income ~~Reports~~and ~~2Q25~~Expenses ~~ResultsJuly~~Net. We recorded 23other expenses net of Ps. 15 million in the six months ended June 30, 2025 ~~Page~~as 5compared to Ps. 838 million in the same period in 2024. This performance was driven, mainly as a result of 17an operative foreign exchange gain, of Ps. 360 million as compared to an operative foreign exchange loss of Ps. 393 million in the same period of the previous year, that was driven mainly by the appreciation of the Brazilian Real and the Mexican Peso as applied to our U.S. dollar-denominated cash position during the same period of the previous year, additionally, in 2024, we recognized extraordinary expenses due to the flooding in Rio Grande do Sul, which led to the temporary closure of our plant.

~~CONSOLIDATED~~Interest Expense. Interest expense ~~FIRST~~in ~~SIX~~the ~~MONTHS~~six ~~RESULTS~~months ended June 30, 2025 was Ps. 3,963 million, as compared to Ps. 3,648 million in same period in 2024. This 8.6% increase was mainly driven by a U.S. dollar-denominated bond due 2035 issued during the second quarter 2025, in conjunction with an increase in interest rates in Brazil and new financing in Argentina and Colombia.

CONSOLIDATED FIRST SIX MONTHS RESULTS
	As Reported			Comparable (1)
Expressed in millions of Mexican pesos	YTD 2025	YTD 2024	Δ%	Δ%
Total revenues	142,703	133,685	6.7%	5.4%
Gross profit	64,716	60,561	6.9%	5.3%
Operating income	18,986	18,380	3.3%	0.7%
Adj. EBITDA (2)	26,584	25,949	2.4%	1.3%

Interest Income. Interest income in the six months ended June 30, 2025 was Ps. 1,214 million, as compared to Ps. 1,307 million in same period in 2024. This 7.1% decrease was mainly driven by the decrease in our cash position in conjunction with interest rate reductions in Mexico, the U.S. and Argentina, partially offset by an increase in the interest rate in Brazil.

~~Volume~~Foreign exchange (loss) gain, net. ~~decreased~~We 3recorded a foreign exchange loss of Ps.9% to1 2million in the six months ended June 30,~~021~~ 2025, as compared to a gain of Ps.8 204 million recorded ~~unit~~during ~~cases~~the same period in 2024, this gain in the previous year was driven mainly by ~~volume~~the ~~declines~~appreciation inof ~~Mexico~~the Brazilian Real and the ~~Colombia.~~Mexican ~~These~~Peso ~~declines~~as ~~were~~applied ~~partially~~to ~~offset by~~our ~~increases~~U.S. indollar-denominated ~~Argentina,~~cash ~~Uruguay,~~position ~~and~~during ~~Guatemala~~the ~~and~~same aperiod ~~flattish~~of ~~performance~~the inprevious ~~Brazil~~year.

~~Total~~Gain on monetary position for subsidiaries ~~revenues~~in ~~increased~~hyperinflationary 6economies.7% toWe ~~Ps.~~recognized ~~142~~a higher gain in monetary position in inflationary subsidiaries,~~703~~ ~~million~~recording Ps. ~~This~~154 million ~~increase~~during ~~was~~the ~~driven~~six ~~mainly~~months byended ~~revenue~~June 30, ~~management~~2025, ~~initiatives~~as ~~and~~compared ~~favorable currency~~to ~~translation~~a ~~effects~~gain ~~from~~of ~~most~~Ps. of42 ~~our~~million ~~operating~~during ~~currencies~~the ~~into~~same ~~Mexican~~period ~~pesos~~of the previous year. ~~Excluding~~This ~~currency~~increase ~~translation~~was ~~effects~~driven mainly by an increase in our liabilities in Argentina, ~~total~~which ~~revenues increased~~were 5favorably influenced by inflationary effects.~~4%.~~

Gross profit increased 6.9% to Ps. 64,716 million, and gross margin expanded 10 basis points to 45.4%. This performance was driven mainly by lower sweetener costs, top-line growth, and raw material hedging initiatives. These effects were partially offset by higher fixed costs, such as labor, and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 5~~.3%.~~

~~Operating income~~Market ~~increased~~value ~~3.3%~~gain toon Psfinancial instruments. We ~~18,986~~recorded ~~million,~~a ~~and~~gain ~~operating~~in ~~margin~~the ~~contracted~~market 40value ~~basis~~of ~~points~~financial toinstruments 13of Ps.~~3%.~~ ~~This~~288 ~~margin~~million ~~contraction was~~during ~~driven~~the ~~mainly~~first bysix ~~lower~~months ~~operating~~of ~~leverage~~2025, ~~driven~~as bycompared anto a ~~increase~~gain inof ~~expenses~~Ps. ~~such~~15 asmillion ~~labor,~~during ~~maintenance,~~the ~~marketing,~~same ~~and~~period ~~depreciation~~of 2024. ~~These~~ ~~effects~~This ~~were~~effect ~~partially~~was ~~offset~~driven mainly by ~~lower~~a ~~freight~~decrease ~~expenses.~~in ~~Excluding~~the ~~currency~~floating ~~translation~~interest ~~effects,~~rate ~~operating~~as compared ~~income~~to ~~increased~~the 0previous year.~~7%.~~

~~(1)~~Income ~~Please~~Taxes. ~~refer~~In tothe ~~page~~six 10months ended ~~for~~June 30, 2025, our ~~definition~~effective ofincome ~~“comparable”~~tax ~~and~~rate awas ~~description~~34.8% ofas ~~the~~compared ~~factors~~to ~~affecting~~32.9% in the ~~comparability~~same ofperiod ~~our~~in ~~financial~~2024. This increase was driven mainly by non-recurring effects from previous fiscal years in conjunction with non-creditable taxes and ~~operating~~inflationary ~~performance~~effects.

~~(2)~~Share ~~Adjusted~~in ~~EBITDA~~the =profit ~~operating~~of equity accounted investees, net of income +taxes. ~~depreciation~~In +the ~~amortization~~six &months ~~other~~ended ~~operating~~June 30, ~~non~~2025, we recorded a gain of Ps. 320 million in the share of equity accounted investees, net of taxes, mainly due to the results of PIASA, our associate in Mexico as a result of top-~~cash~~line ~~charges~~growth coupled with costs reduction efficiencies, and Leao, our associate in Brazil, as compared to a gain of Ps. 63 million in the same period in 2024.

~~Coca-Cola~~Net ~~FEMSA~~Income ~~Reports~~(Equity ~~2Q25~~holders ~~ResultsJuly~~of 23the parent). We reported a net controlling interest income of Ps. 10,450 million in the six months ended June 30, 2025, ~~Page~~as 6compared to a net controlling interest income of 17Ps. 10,598 million in the same period in 2024. This decrease was driven mainly by higher comprehensive financing results and higher income taxes that were partially offset by a slight increase in our operating income.

~~Comprehensive financing~~Results ~~result recorded an expense of Ps. 2,308 million, compared to an expense of Ps. 2,080 million in the same period of the previous year. This increase was driven mainly~~ by aReporting higher interest expense, net, of Ps. 2,749 million as compared to Ps. 2,341 million in the same period of the previous year as a result of higher interest expense mainly driven by our U.S. dollar-denominated bond due 2035 issued during the second quarter, coupled with an increase in interest rates in Brazil and new financing in Argentina and Colombia.Segment

InMexico addition, we recognized a foreign exchange loss of Ps. 1 million as compared to a gain of Ps. 204 million in the same period of the previous year, this gain in the previous year was driven mainly by the appreciation of the Brazilian Real and ~~the~~Central ~~Mexican Peso as applied to our U.S. dollar-denominated cash position during the same period of the previous year.~~America

~~These~~Total ~~effects~~Revenues. ~~were~~Total ~~partially~~revenues ~~offset~~in byour aMexico ~~higher~~and ~~gain~~Central inAmerica ~~financial~~reporting ~~instruments~~segment ofincreased by 2.5% to Ps. ~~288~~84,975 million asin ~~compared~~the tosix amonths ~~gain~~ended ofJune 30, ~~Ps.~~2025, 15as compared ~~million~~to in the same period ofin ~~the previous year~~2024, ~~resulting~~mainly ~~from~~as a ~~decrease~~result inof revenue management initiatives and the ~~floating~~favorable ~~interest~~currency ~~rate~~translation aseffect from ~~compared~~all toour ~~the~~operating ~~previous~~currencies ~~year~~into Mexican pesos.

~~Finally,~~Total wesales ~~recognized~~volume ain ~~higher gain~~our inMexico ~~monetary~~and ~~positions~~Central inAmerica reporting ~~inflationary~~segment ~~subsidiaries~~decreased ~~related~~by 6.7% to ~~Argentina~~1,190.2 million ~~for~~unit ~~Ps.~~cases ~~154~~in ~~million~~the six months ended June 30, 2025, as compared to the same period in 2024, mainly as a ~~gain~~result of ~~Ps.~~unfavorable 42weather ~~million in~~conditions ~~the~~and ~~same~~challenging ~~period~~comparison ofbase from the previous year.

~~Income tax~~· asSales avolume ~~percentage~~ of ~~income~~our ~~before~~sparkling ~~taxes~~beverage ~~was~~portfolio 34decreased by 7.84% in the six months ended June 2025 as compared to ~~32.9% during~~ the same period ofin 2024., ~~This~~as ~~increase~~compared ~~was driven~~to ~~mainly~~the bysame ~~non-recurring~~period ~~effects~~in ~~from~~2024, ~~previous~~mainly ~~fiscal~~driven ~~years~~by ~~coupled~~a ~~with~~9.1% ~~non-creditable~~decrease ~~taxes~~in ~~and inflationary effects~~Mexico.

~~Net income~~· ~~attributable~~Sales tovolume ~~equity~~of ~~holders~~our ofstill ~~the~~beverage ~~company~~portfolio ~~was~~decreased Psby 0.1% ~~10,450~~in ~~million~~the assix ~~compared~~months toended PsJune 1030,~~598~~ ~~million~~2025 ~~during~~as ~~the~~compared ~~same period~~to of the ~~previous~~same ~~year.~~period ~~This decrease was driven mainly by higher comprehensive financing result and higher income taxes that were partially offset by a slight increase~~ in ~~our~~2024, ~~operating~~due ~~income.~~to ~~Earnings~~flat ~~per~~performances ~~share1~~across ~~were~~the Psregion. ~~0.62 (Earnings per unit were Ps. 4.97 and per ADS were Ps. 49.74).~~

~~(1)~~· ~~Quarterly~~Sales ~~earnings~~volume /of ~~outstanding~~bottled ~~shares.~~water, ~~Earnings~~excluding ~~per~~bulk ~~share (EPS) were calculated using 16~~water,~~806.7~~ ~~million~~decreased ~~shares~~by ~~outstanding~~8.2% ~~For~~in the ~~convenience~~six ofmonths ~~the~~ended ~~reader~~June 30, 2025 as acompared ~~KOFUBL~~to ~~Unit~~the issame ~~comprised~~period ofin ~~8 shares (3 Series B shares and 5 Series L shares)~~2024, ~~earnings~~mainly ~~per~~due ~~unit are equal~~ to ~~EPS~~a ~~multiplied by 8~~9.6% ~~Each~~decrease ~~ADS~~in ~~represents 10 KOFUBL Units~~Mexico.

~~Coca-Cola~~· ~~FEMSA~~Sales ~~Reports~~volume ~~2Q25~~of ~~ResultsJuly~~our 23bulk water portfolio decreased by 6.3% in the six months ended June 30, 2025, ~~Page~~as 7compared ofto 17the same period in 2024, mainly driven by a 6.3% decrease in Mexico.

~~MEXICO~~Sales volume in Mexico decreased by 7.9% to 1,003.3 &million ~~CENTRAL~~unit ~~AMERICA~~cases ~~DIVISION~~in ~~SECOND~~the ~~QUARTER~~six ~~RESULTS~~months ended June 30, 2025, as compared to 1,089.8 million unit cases in the same period in 2024.

~~(Mexico,~~· ~~Guatemala,~~Sales ~~Costa~~volume ~~Rica,~~of ~~Panama, and~~our ~~Nicaragua)~~sparkling beverage portfolio decreased by 9.1% in the six months ended June 2025 as compared to the same period in 2024.

MEXICO & CENTRAL AMERICA DIVISION RESULTS
	As Reported			Comparable (1)
Expressed in millions of Mexican pesos	2Q 2025	2Q 2024	Δ%	Δ%
Total revenues	45,306	45,067	0.5%	(1.9%)
Gross profit	21,404	21,948	(2.5%)	(4.8%)
Operating income	6,829	7,291	(6.3%)	(8.6%)
Adj. EBITDA (2)	8,926	9,882	(9.7%)	(11.8%)

Sales volume of our still beverage portfolio increased by 0.3% in the six months ended June 30, 2025 as compared to the same period in 2024.

~~Volume declined~~· ~~8.4%,~~Sales ~~driven by~~ volume ~~decreases~~of inbottled ~~Mexico~~water, ~~and~~excluding ~~Panama~~bulk ~~that~~water, ~~were~~decreased ~~partially offset~~ by ~~volume~~9.6% ~~growth~~ in ~~Guatemala,~~the ~~Nicaragua,~~six ~~and Costa~~months ~~Rica.~~ended ~~This~~June ~~volume~~30, ~~decline~~2025 ~~was~~as ~~driven~~compared ~~mainly~~to bythe ~~unfavorable~~same ~~weather~~period ~~conditions~~in ~~and a challenging comparison base from the previous year~~2024.

~~Total revenues~~· ~~increased~~Sales ~~0.5%~~volume toof ~~Ps.~~our ~~45,306~~bulk ~~million.~~water ~~This~~portfolio ~~performance~~decreased ~~was driven mainly~~ by ~~revenue~~6.3% ~~management~~in ~~initiatives and~~ the ~~favorable~~ ~~currency~~six ~~translation~~months ~~effect~~ended ~~from~~June ~~all our operating currencies into Mexican pesos~~30, ~~which~~2025 ~~were~~as ~~offset~~compared byto athe ~~volume~~same ~~decline.~~period ~~Excluding currency~~in ~~translation effects, total revenues decreased 1~~2024.~~9%.~~

Gross profit decreased 2.5% to Ps. 21,404 million, and gross margin contracted 150 basis points to 47.2%. This margin contraction was driven mainly by unfavorable mix effects and higher fixed costs such as labor, coupled with the depreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by lower sweetener costs and raw material hedging initiatives. Excluding currency translation effects, gross profit decreased 4.8%.6

~~Operating income~~Sales ~~decreased~~volume ~~6.3%~~in toCentral ~~Ps.~~America ~~6,829~~increased ~~million,~~by ~~and operating margin contracted 110 basis points to 15~~0.17%~~. This margin contraction~~ ~~was~~to ~~driven~~186.9 ~~mainly~~million byunit ~~lower~~cases ~~operating leverage, coupled with an increase~~ in ~~expenses~~the ~~such~~six asmonths ~~labor,~~ended ~~maintenance~~June 30, ~~marketing~~2025, ~~and~~as ~~depreciation. These~~compared ~~effects~~to ~~were~~185.6 ~~partially~~million ~~offset~~unit bycases ~~a decrease~~ in ~~freight~~the ~~expenses~~same ~~and~~period ~~operating foreign exchange gain. Excluding currency translation~~in ~~effects, operating income decreased 8~~2024.~~6%.~~

~~(1)~~· ~~Please~~Sales ~~refer~~volume toof ~~page~~our 10sparkling ~~for~~beverage ~~our~~portfolio ~~definition~~increased ofby ~~“comparable”~~0.8% ~~and~~in athe ~~description~~six ofmonths ~~the~~ended ~~factors~~June ~~affecting~~30, ~~the~~2025 ~~comparability~~as ofcompared ~~our~~to ~~financial~~the ~~and~~same ~~operating~~period ~~performance~~in 2024.

~~(2) Adjusted~~· ~~EBITDA~~Sales =volume ~~operating~~of ~~income~~our +still ~~depreciation~~beverage +portfolio ~~amortization~~decreased &by ~~other~~1.8% ~~operating~~in ~~non-cash~~the ~~charges.~~six months ended June 30, 2025 as compared to the same period in 2024.

~~Coca-Cola~~· ~~FEMSA~~Sales ~~Reports~~volume ~~2Q25~~of ~~ResultsJuly~~bottled 23water, excluding bulk water, increased by 4.7% in the six months ended June 30, 2025 ~~Page~~as 8compared ofto 17the same period in 2024.

~~SOUTH AMERICA~~· ~~DIVISION~~Sales ~~Second~~volume ~~QUARTER~~of ~~RESULTS~~our bulk water portfolio decreased by 6.3% % in the six months ended June 30, 2025 as compared to the same period in 2024.

~~(Brazil~~Cost of Goods Sold. Our cost of goods sold in this reporting segment increased by 3.7% to 44,686 ~~Argentina~~million in the six months ended June 30, ~~Colombia~~2025 as compared to the same period in 2024, and had an effect on our gross profit for this reporting segment as further described below. Cost of goods sold as ~~Uruguay)~~a percentage of total revenues in this segment increased by 60 basis points to 52.6% in the six months ended June 30, 2025 as compared to the same period in 2024.

SOUTH AMERICA DIVISION RESULTS
	As Reported			Comparable (1)
Expressed in millions of Mexican pesos	2Q 2025	2Q 2024	Δ%	Δ%
Total revenues	27,611	24,389	13.2%	10.3%
Gross profit	11,639	10,014	16.2%	13.1%
Operating income	2,937	2,455	19.6%	14.9%
Adj. EBITDA (2)	4,462	4,040	10.4%	7.3%

Gross Profit. Our gross profit in this reporting segment increased by 1.1% to 40,289 million in the six months ended June 30, 2025 as compared to the same period in 2024; however, gross profit margin contracted by 60 basis points to 47.4% in the six months ended June 30, 2025 as compared to the same period in 2024. This margin contraction was driven mainly by unfavorable mix effects and higher fixed costs such as labor, in conjunction with the depreciation of the Mexican Peso as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by lower sweetener costs and raw material hedging initiatives.

~~Volume~~Administrative and Selling Expenses. ~~declined~~Administrative 0and selling expenses as a percentage of total revenues in this reporting segment expanded by 150 basis points to 33.53% in the six months ended June 30, 2025 as compared to ~~398~~the same period in 2024.4 ~~million~~Administrative ~~unit~~and ~~cases~~selling expenses, in absolute terms, increased 7.5% in the six months ended June 30, 2025, as compared to the same period in 2024, driven mainly by ~~volume~~higher ~~declines~~expenses, insuch as ~~Brazil~~labor and ~~Colombia~~maintenance, ~~that~~in ~~were~~conjunction ~~partially~~with ~~offset~~an byincrease ~~volume growth~~ in ~~Argentina~~depreciation and ~~Uruguay~~marketing.

~~Total revenues~~South increased 13.2% to Ps. 27,611 million. This increase was driven mainly by revenue management initiatives, a favorable mix, and a favorable currency translation effect into Mexican pesos. Excluding currency translation effects, total revenues increased 10.3%.America

~~Gross~~Total Revenues. Total revenues in ~~profit~~our South America reporting segment increased 16by 13.27% to Ps. 1157,~~639~~727 million, ~~and~~in ~~gross~~the ~~margin~~six ~~expanded~~months ~~110~~ended ~~basis~~June 30, ~~points~~2025 toas ~~42.2%.~~compared ~~This expansion was driven~~to ~~mainly~~the bysame ~~top-line~~period ~~growth~~in 2024, ~~coupled~~mainly ~~with~~as a ~~decrease~~result inof ~~raw~~revenue ~~material~~management ~~costs~~initiatives, ~~such~~a asfavorable ~~sweeteners~~mix, and ~~cost~~a ~~efficiencies,~~favorable ~~which~~currency ~~were~~translation ~~partially~~effect into Mexican pesos. This increase was partially offset by ~~the~~a ~~currency~~volume ~~depreciation~~decrease in ~~all~~Colombia. ~~our~~Total ~~operating~~revenues ~~currencies~~for asbeer ~~compared~~amounted to ~~the U~~Ps.S. ~~dollar~~2,368.3 million ~~Excluding~~in ~~currency~~the ~~translation~~six ~~effects, gross~~months ~~profit~~ended ~~increased~~June 30, 132025.~~1%.~~

~~Operating~~Total sales volume in our South America reporting ~~income~~segment increased 19by 0.63% to Ps831.6 ~~2,937~~ million, ~~resulting~~unit cases in anthe ~~operating~~six ~~margin~~months ~~expansion~~ended ofJune 30, 502025, ~~basis~~as ~~points~~compared to ~~10.6%.~~the ~~This~~same ~~increase was~~period ~~driven~~in 2024, mainly byas ana ~~increase~~result inof ~~our~~volume ~~gross~~growth ~~profit~~in Argentina, ~~partially~~Uruguay ~~offset~~and byBrazil ~~higher~~that ~~expenses~~was ~~such~~partially asoffset ~~labor~~by ~~and~~volume ~~marketing.~~decline ~~Excluding~~in ~~currency translation effects, operating income increased 14~~Colombia.~~9%.~~

~~(1)~~· ~~Please~~Sales ~~refer~~volume toof ~~page~~our 10sparkling ~~for~~beverage ~~our~~portfolio ~~definition~~increased ofby ~~“comparable”~~0.1% ~~and~~in athe ~~description~~six ofmonths ~~the~~ended ~~factors~~June ~~affecting~~30, 2025, as compared to the ~~comparability~~same ofperiod ~~our~~in ~~financial~~2024 ~~and~~mainly ~~operating~~driven ~~performance~~by the 7.6% increase in Argentina.

~~(2) Adjusted~~· ~~EBITDA~~Sales =volume ~~operating~~of ~~income~~our +still ~~depreciation~~beverage +portfolio ~~amortization~~increased &by ~~other~~0.5% ~~operating~~in ~~non-cash~~the ~~charges~~six months ended June 30, 2025 as compared to the same period in 2024 due to the 47.0% increase in Argentina.

~~Coca-Cola~~· ~~FEMSA~~Sales ~~Reports~~volume ~~2Q25~~of ~~ResultsJuly~~our 23bottled water category, excluding bulk water, increased by 5.6% in the six months ended June 30, 2025 ~~Page~~as 9compared ofto 17the same period in 2024 due to an increase in Brazil, Argentina and Uruguay.

~~DEFINITIONS~~· Sales volume of our bulk water portfolio decreased by 14.8% in the six months ended June 30, 2025 as compared to the same period in 2024 mainly driven by decreases in both, Colombia and Argentina.

~~Volume is~~Sales ~~expressed~~volume in ~~unit~~Brazil ~~cases.~~increased ~~Unit~~by ~~case~~0.5% ~~refers~~ to ~~192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to~~560.6 million ~~soda~~unit ~~fountains,~~cases ~~refers~~in to the ~~volume~~six ofmonths ~~syrup~~ended June 30, ~~powders~~2025, ~~and~~as ~~concentrate~~compared ~~that~~to is557.6 ~~required~~million tounit ~~produce~~cases ~~192~~during ~~ounces~~the ofsame ~~finished~~period ~~beverage~~in ~~product~~2024.

~~Transactions refers~~· toSales ~~the~~volume ~~number~~ of ~~single~~our ~~units~~sparkling ~~(e.g.,~~beverage aportfolio ~~can~~increased orby a0.3% ~~bottle)~~in ~~sold,~~the ~~regardless~~six ofmonths ~~their~~ended ~~size~~June or30, ~~volume~~2025 oras ~~whether~~compared ~~they~~to ~~are~~the ~~sold~~same ~~individually or~~period in ~~multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz~~2024. ~~serving.~~

~~Operating income~~· isSales avolume ~~non-GAAP~~of ~~financial~~our ~~measure~~still ~~computed~~beverage asportfolio ~~“gross~~decreased ~~profit~~by –0.2% ~~operating~~in ~~expenses~~the –six ~~other~~months ~~operating~~ended ~~expenses~~June 30, ~~net~~ +2025 ~~operative~~as ~~equity~~compared ~~method~~to ~~(gain)~~the ~~loss~~same period in ~~associates~~2024.”

~~Adjusted EBITDA~~· isSales avolume ~~non-GAAP~~of ~~financial~~our ~~measure~~bottled ~~computed~~water, asexcluding ~~“operating~~bulk ~~income~~water, +increased ~~depreciation~~by +5.4% ~~amortization~~in &the ~~other~~six ~~operating non-cash~~months ~~charges~~ended June 30, 2025 as compared to the same period in 2024.”

~~Earnings per~~· ~~share~~Sales ~~are~~volume ~~equal~~of toour ~~“quarterly~~bulk ~~earnings~~water /portfolio ~~outstanding~~decreased ~~shares~~by 9.”3% ~~Earnings~~in ~~per share (EPS) for all periods are adjusted to give effect to~~ the ~~stock~~six ~~split~~months ~~resulting~~ended inJune 1630,~~806,658,096~~ ~~shares~~2025 ~~outstanding. For the convenience of the reader,~~ as acompared ~~KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal~~ to ~~EPS~~the ~~multiplied~~same byperiod 8.in ~~Each ADS represents 10 KOFUBL Units~~2024.

~~COMPARABILITY~~ 7

~~Our~~Sales ~~“comparable”~~volume ~~term means,~~in ~~with~~Colombia ~~respect~~decreased toby a5.5% ~~year-over-year~~to 163.8 ~~comparison,~~million ~~the~~unit ~~change~~cases ofin athe ~~given~~six ~~measure~~months ~~excluding~~ended ~~translation~~June 30, ~~effects~~2025, ~~resulting~~as ~~from~~compared ~~exchange rate~~to ~~movements~~173.3 million Inunit ~~preparing~~cases ~~this~~in ~~measure,~~the ~~management~~same ~~has~~period ~~used its best judgment, estimates, and assumptions to maintain comparability~~in 2024.

~~Due~~· toSales ~~the~~volume ~~average appreciation~~ of ~~most of the currencies used in~~ our ~~main~~sparkling ~~operations~~beverage ~~relative~~portfolio todecreased ~~the~~by ~~Mexican~~4.1% ~~peso~~ in the ~~second~~six ~~quarter~~months ofended ~~2025~~June 30, 2025 as compared to the same period ofin 2024~~, we had a favorable currency translation effect into Mexican pesos~~. ~~Please see page 17 for exchange rate fluctuations.~~

~~Coca-Cola~~· ~~FEMSA~~Sales ~~Reports~~volume ~~2Q25~~of ~~ResultsJuly~~our 23still beverage portfolio decreased by 17.5%, in the six months ended June 30, 2025 ~~Page~~as 10compared ofto 17the same period in 2024.

~~ABOUT THE~~· ~~COMPANY~~ Sales volume of bottled water, excluding bulk water, decreased by 2.8% in the six months ended June 30, 2025 as compared to the same period in 2024.

~~Stock~~· ~~listing~~Sales ~~information:~~volume ~~Mexican Stock~~of ~~Exchange,~~our ~~Ticker:~~bulk ~~KOFUBL~~water |portfolio ~~NYSE~~decreased ~~(ADS),~~by ~~Ticker:~~12.7% ~~KOF~~in |the ~~Ratio~~six ofmonths ~~KOFUBL~~ended June 30, 2025 as compared to ~~KOF~~the =same ~~10:1~~period in 2024.

~~Coca-Cola FEMSA~~Sales ~~files~~volume ~~reports,~~in ~~including~~Argentina ~~annual~~increased ~~reports~~by ~~and other information, with the U~~10.S.5% ~~Securities and Exchange Commission, or the “SEC,” and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant~~ to ~~the rules and regulations of the SEC~~ ~~(that apply to foreign private issuers) and of the BMV~~82.6 ~~Filings~~million weunit ~~make~~cases ~~electronically~~in ~~with~~ the ~~SEC~~six ~~and~~months ~~the~~ended ~~BMV~~June 30, ~~are available to the public on the Internet at the SEC’s website at www.sec.gov~~2025, ~~the~~as ~~BMV’s~~compared ~~website~~to ~~at www~~74.~~bmv.com.mx,~~8 ~~and our~~million ~~website~~unit atcases ~~www.coca-colafemsa.com.~~in 2024.

~~Coca-Cola~~· ~~FEMSA,~~Sales ~~S.A.B. de C.V. is the largest franchise bottler in the world by sales~~ volume. ~~The Company produces and distributes trademark beverages~~ of ~~The~~our ~~Coca-Cola Company,~~sparkling ~~offering~~beverage ~~a wide~~ portfolio toincreased ~~more~~by ~~than 276 million consumers~~7.6% ~~With~~in ~~over 93,000 employees,~~ the ~~Company~~six ~~markets~~months ~~and~~ended ~~sells~~June ~~approximately 4.2-billion-unit cases through approximately 2.2 million points of sale a year. Operating 56 manufacturing plants and 256 distribution centers~~30, ~~Coca-Cola~~2025 ~~FEMSA~~as iscompared ~~committed~~ to ~~generating economic, social, and environmental value for all its stakeholders across~~ the ~~value chain.~~same ~~The~~period Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations encompass certain territories in ~~Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an investment in KOF Venezuela~~2024. ~~For further information, please visit www.coca-colafemsa.com~~

~~ADDITIONAL INFORMATION~~· Sales volume of our still beverage portfolio increased by 47.0% in the six months ended June 30, 2025 as compared to the same period in 2024.

~~All~~· ~~the~~Sales ~~financial~~volume ~~information~~of ~~presented~~ bottled water, excluding bulk water, increased by 20.6% in ~~this~~the ~~report~~six ~~was~~months ~~prepared~~ended ~~under~~June ~~International~~30, ~~Financial~~2025 ~~Reporting~~as ~~Standards~~compared ~~(IFRS)~~to the same period in 2024.

~~This~~· ~~news~~Sales ~~release~~volume ~~may~~of ~~contain forward-looking~~our ~~statements~~bulk ~~concerning~~water ~~Coca-Cola~~portfolio ~~FEMSA’s~~decreased ~~future performance, which should be considered as good faith estimates~~ by ~~Coca-Cola~~ ~~FEMSA~~27.0% ~~These~~in ~~forward-looking~~the ~~statements~~six ~~reflect~~months ~~management’s~~ended ~~expectations~~June ~~and are based upon currently available data. Actual results are subject to future events and uncertainties~~30, ~~many~~2025 ofas ~~which~~compared ~~are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein~~ to ~~“US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for~~ the ~~convenience~~same ofperiod ~~the~~in ~~reader~~2024. ~~These translations should not be construed as representations that Mexican peso amounts represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.~~

(Sales volume in Uruguay increased by 5.5% to 24.6 million ~~pages~~unit ofcases ~~tables~~in the six months ended June 30, 2025, as compared to ~~follow)~~23.3 million unit cases in the same period in 2024.

~~Coca-Cola~~· ~~FEMSA~~Sales ~~Reports~~volume ~~2Q25~~of ~~ResultsJuly~~our 23sparkling beverage portfolio increased by 1.8% in the six months ended June 30, 2025 ~~Page~~as 11compared ofto 17the same period in 2024.

COCA-COLA FEMSA
CONSOLIDATED INCOME STATEMENT
Millions of Pesos (1)
	For the Second Quarter of:						For the first Six Months of:
	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (7)	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (7)
Transactions (million transactions)	6,131.9		6,372.8		-3.8%	-3.8%	12,053.7		12,330.8		-2.2%	-2.2%
Volume (million unit cases)	1,035.3		1,095.8		-5.5%	-5.5%	2,021.8		2,104.4		-3.9%	-3.9%
Average price per unit case	68.65		61.89		10.9%		68.63		61.77		11.1%
Net revenues	72,852		69,297		5.1%		142,556		133,359		6.9%
Other operating revenues	65		159		-59.2%		147		326		-55.0%
Total revenues (2)	72,917	100.0%	69,456	100.0%	5.0%	2.4%	142,703	100.0%	133,685	100.0%	6.7%	5.4%
Cost of goods sold	39,875	54.7%	37,495	54.0%	6.3%		77,987	54.6%	73,124	54.7%	6.6%
Gross profit	33,042	45.3%	31,961	46.0%	3.4%	0.9%	64,716	45.4%	60,561	45.3%	6.9%	5.3%
Operating expenses	23,679	32.5%	21,621	31.1%	9.5%		46,029	32.3%	41,438	31.0%	11.1%
Other operative expenses, net	(291)	-0.4%	672	1.0%	NA		(109)	-0.1%	864	0.6%	NA
Operative equity method (gain) loss in associates(3)	(112)	-0.2%	(78)	-0.1%	43.8%		(190)	-0.1%	(122)	-0.1%	56.1%
Operating income (5)	9,767	13.4%	9,746	14.0%	0.2%	-2.6%	18,986	13.3%	18,380	13.7%	3.3%	0.7%
Other non operative expenses, net	99	0.1%	63	0.1%	56.6%		125	0.1%	(27)	0.0%	NA
Non Operative equity method (gain) loss in associates (4)	(54)	-0.1%	45	0.1%	NA		(130)	-0.1%	58	0.0%	NA
Interest expense	2,101		1,836		14.5%		3,963		3,648		8.6%
Interest income	626		678		-7.7%		1,214		1,307		-7.1%
Interest expense, net	1,475		1,157		27.5%		2,749		2,341		17.5%
Foreign exchange loss (gain)	(55)		(177)		-68.8%		1		(204)		NA
Loss (gain) on monetary position in inflationary subsidiaries	(77)		(34)		125.6%		(154)		(42)		267.5%
Market value (gain) loss on financial instruments	(154)		(61)		151.3%		(288)		(15)		1860.7%
Comprehensive financing result	1,189		885		34.4%		2,308		2,080		11.0%
Income before taxes	8,532		8,752		-2.5%		16,684		16,269		2.5%
Income taxes	3,029		3,044		-0.5%		5,691		5,329		6.8%
Result of discontinued operations	-		-		NA		-		-		NA
Consolidated net income	5,503		5,709		-3.6%		10,993		10,941		0.5%
Net income attributable to equity holders of the company	5,312	7.3%	5,608	8.1%	-5.3%	-8.1%	10,450	7.3%	10,598	7.9%	-1.4%	-5.9%
Non-controlling interest	191	0.3%	101	0.1%	89.2%		543	0.4%	342	0.3%	58.7%
Adj. EBITDA & CAPEX	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (7)	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (7)
Operating income (5)	9,767	13.4%	9,746	14.0%	0.2%	-2.6%	18,986	13.3%	18,380	13.7%	3.3%	0.7%
Depreciation	3,160		2,657		18.9%		6,259		5,219		19.9%
Amortization and other operative non-cash charges	461		1,519		-69.6%		1,339		2,349		-43.0%
Adj. EBITDA (5)(6)	13,388	18.4%	13,922	20.0%	-3.8%	-6.3%	26,584	18.6%	25,949	19.4%	2.4%	1.3%
CAPEX(8)	5,404		5,512		-2.0%		9,632		8,693		10.8%

Sales volume of our still beverage portfolio increased by 28.0% in the six months ended June 30, 2025 as compared to the same period in 2024.

~~(1) Except~~· Sales volume ~~and~~of ~~average~~bottled ~~price~~water, ~~per~~excluding ~~unit~~bulk ~~case~~water, ~~figures~~increased by 17.5% in the six months ended June 30, 2025 as compared to the same period in 2024.

~~(2)~~ Cost of Goods Sold. Our cost of ~~Please~~goods ~~refer~~sold in this reporting segment increased by 10.8% to ~~page~~33,301 15million in the six months ended June 30, 2025 as compared to the same period in 2024, and 16had an effect on our gross profit for ~~revenue~~this ~~breakdown~~reporting segment as further described below. Cost of goods sold as a percentage of total revenues in this segment decreased by 150 basis points to 57.7% in the six months ended June 30, 2025 as compared to the same period in 2024.

(Gross Profit. Gross profit in this reporting segment amounted to Ps. 24,427 million, an increase of 17.9% in the six months ended June 30, 2025 as compared to the same period in 2024, with a 150 basis point gross margin expansion to 42.3) % in the six months ended June 30, 2025 as compared to the same ~~Includes~~period ~~equity~~in ~~method~~2024. This growth in ~~Jugos~~gross ~~del~~profit ~~Valle~~was driven mainly by top-line growth, in conjunction with a decrease in raw material costs, such as sweeteners, and ~~Leão~~cost ~~Alimentos~~efficiencies, ~~among~~which ~~others~~were partially offset by the currency depreciation in all our operating currencies as compared to the U.S. dollar.

~~(4)~~ Administrative and Selling Expenses. ~~Includes~~Administrative ~~equity~~and ~~method~~selling expenses as a percentage of total revenues in ~~PIASA~~this reporting segment increased by 100 basis points to 30.7% in the six months ended June 30, ~~IEQSA~~2025 as compared to the same period in 2024. Administrative and selling expenses, ~~Beta~~in ~~San~~absolute ~~Miguel~~terms, increased ~~IMER~~by 17.3% in the six months ended June 30, ~~and~~2025, ~~KSP~~as ~~Participacoes~~compared to the same period in 2024, ~~among~~driven ~~others~~mainly by higher expenses, such as labor and maintenance, in conjunction with an increase in depreciation.

~~(5) The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.~~8

~~(6) Adjusted~~Liquidity ~~EBITDA~~and =Capital ~~operating income + depreciation, amortization & other operating non-cash charges.~~Resources

~~(7)~~ Liquidity. The principal source ~~Please~~of ~~refer~~our toliquidity ~~page~~is 10cash ~~for~~generated ~~our~~from ~~definition~~operations. A significant portion of ~~“comparable”~~our ~~and~~sales are on a ~~description~~cash ofbasis with the ~~factors~~remainder ~~affecting~~on a short-term credit basis. We have traditionally been able to rely on cash generated from operations to fund our working capital requirements and our capital expenditures. Our working capital benefits from the ~~comparability~~fact that most of our sales are made on a cash basis, while we generally pay our suppliers on credit. Historically, we have used a combination of borrowings from Mexican and international banks and bond issuances in the Mexican and international capital markets. Our major cash requirements are obligations to support our ~~financial~~ongoing operations and ~~operating~~contractual obligations ~~performance~~with Mexican and international banks for borrowings and bond issuances in the Mexican and international capital markets, derivative agreements and lease agreements.

~~(8)~~ Our total indebtedness was Ps. 81,524 million Asas of June 30, 2025, as compared to Ps. 73,697 million as of December 31, 2024. Short-term debt and long-term debt were Ps. 3,755 million and Ps. 77,769 million, respectively, as of June 30, 2025, ~~the~~as ~~investment~~compared to Ps. 3,314 million and Ps. 70,383 million, respectively, as of December 31, 2024. Total debt increased Ps. 7,827 million in ~~fixed~~2025, ~~assets~~compared ~~effectively~~to ~~paid~~December 31, is2024. ~~equivalent~~As of June 30, 2025, our cash and cash equivalents were Ps. 37,139 million, as compared to Ps. 932,~~985~~779 million as of December 31, 2024. As of June 30, 2025, our cash and cash equivalents were comprised of 60.6% U.S. dollars, 18.1% Brazilian reais, 14.3% Mexican pesos, 2.8% Colombian pesos, 1.6% Uruguayan pesos and 2.6% other legal currencies. We believe that these funds, in addition to the cash generated by our operations, are sufficient to meet our operating requirements.

~~Coca-Cola~~On ~~FEMSA~~May 6, ~~Reports~~2025, ~~2Q25~~we ~~ResultsJuly~~issued 23US$500 million aggregate principal amount of 5.100% senior notes due May 6, ~~2025~~2035. ~~Page~~These 12notes are guaranteed by the Guarantors. The indenture governing these notes imposes certain conditions upon a consolidation or merger by us and restricts the incurrence of 17liens and the entering into sale and leaseback transactions by us and our significant subsidiaries.

MEXICO & CENTRAL AMERICA DIVISION
RESULTS OF OPERATIONS
Millions of Pesos (1)
	For the Second Quarter of:						For the First Six Months of:
	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (6)	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (6)
Transactions (million transactions)	3,279.8		3,565.3		-8.0%	-8.0%	6,182.9		6,584.4		-6.1%	-6.1%
Volume (million unit cases)	636.9		695.6		-8.4%	-8.4%	1,190.2		1,275.4		-6.7%	-6.7%
Average price per unit case	70.42		64.48		9.2%		70.73		64.68		9.4%
Net revenues	45,297		45,078				84,959		82,922
Other operating revenues	9		(11)				16		(11)
Total Revenues (2)	45,306	100.0%	45,067	100.0%	0.5%	-1.9%	84,975	100.0%	82,911	100.0%	2.5%	-0.7%
Cost of goods sold	23,902	52.8%	23,119	51.3%			44,686	52.6%	43,075	52.0%
Gross profit	21,404	47.2%	21,948	48.7%	-2.5%	-4.8%	40,289	47.4%	39,836	48.0%	1.1%	-1.9%
Operating expenses	14,973	33.0%	14,241	31.6%			28,334	33.3%	26,354	31.8%
Other operative expenses, net	(320)	-0.7%	478	-0.1%			(163)	-0.2%	597	0.7%
Operative equity method (gain) loss in associates (3)	(79)	-0.2%	(62)	-0.1%			(110)	-0.1%	(88)	-0.1%
Operating income (4)	6,829	15.1%	7,291	16.2%	-6.3%	-8.6%	12,229	14.4%	12,972	15.6%	-5.7%	-8.8%
Depreciation, amortization & other operating non-cash charges	2,096	4.6%	2,591	5.8%			4,605	5.4%	4,654	5.6%
Adj. EBITDA (4)(5)	8,926	19.7%	9,882	21.9%	-9.7%	-11.8%	16,834	19.8%	17,626	21.3%	-4.5%	-7.6%

As part of our financing policy, we expect to continue to finance our liquidity needs mainly with cash flows from our operating activities. Nonetheless, as a result of regulations in certain countries where we operate, it may not be beneficial or practicable for us to remit cash generated in local operations to fund cash requirements in other countries. Exchange controls may also increase the real price of remitting cash to fund debt requirements in other countries. In the event that cash in these countries is not sufficient to fund future working capital requirements and capital expenditures, we may decide, or be required, to fund cash requirements in these countries through local borrowings rather than remitting funds from another country. In the future we may finance our working capital and capital expenditure needs with short-term debt or other borrowings.

~~(1)~~ We continuously evaluate opportunities to pursue ~~Except~~acquisitions ~~volume~~or engage in strategic transactions. We would expect to finance any significant future transactions with a combination of any of cash, long-term indebtedness and ~~average~~the ~~price~~issuance ~~per~~of ~~unit~~shares ~~case~~of ~~figures~~our company.

Our financing, treasury and derivatives policies provide that the planning and finance committee of our board of directors is responsible for determining the company’s overall financial strategy, including the dividends policy, investments of our funds, cash flow and working capital strategies, mergers and acquisitions, debt and equity issuances, repurchases of stock, financial derivative instruments strategies (2only for hedging purposes) , purchase and ~~Please~~lease ~~refer~~of toassets ~~page~~and 15indebtedness of the company, among others; which is ultimately approved by our board of directors and 16implemented by ~~for~~our ~~revenue~~corporate ~~breakdown~~finance department.

~~(3)~~ Sources and Uses of Cash. The following ~~Includes~~table ~~equity~~summarizes ~~method~~the insources ~~Jugos~~and ~~del~~uses ~~Valle~~of cash for the six months ended June 30, ~~among~~2025 ~~others.~~and 2024, from our unaudited consolidated statements of changes in cash flows:

(4) The operating income and adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

	Six months ended June 30,
	2025			2024

	(in millions)
Net cash flows from operating activities ⁽¹⁾	Ps.	11,759		Ps.	21,203
Net cash flows used in investing activities ⁽²⁾		(9,162	)		(9,211	)
Net cash flows generated by financing activities (used in) ⁽³⁾⁽⁴⁾		3,094			(5,772	)

(51) ~~Adjusted~~ ~~EBITDA~~Net =cash flows from operating ~~income~~activities +in ~~depreciation,~~2025 ~~amortization~~decreased &primarily ~~other~~due to higher payments to suppliers and the operating ~~non-cash~~performance ~~charges~~discussed in the Management’s Discussion and Analysis.

(62) ~~Please~~ ~~refer~~Includes topurchases ~~page~~of 10property, ~~for~~plant ~~our~~and ~~definition~~equipment, ofproceeds ~~“comparable”~~from insurance recoveries and asale ~~description~~of long-lived assets and acquisitions of ~~the~~intangible ~~factors~~assets ~~affecting~~in 2025 and 2024, in the ~~comparability~~ amount of ~~our~~Ps. ~~financial~~9,985 million and ~~operating~~Ps. ~~performance~~9,422 respectively.

SOUTH AMERICA DIVISION
RESULTS OF OPERATIONS
Millions of Pesos (1)
	For the Second Quarter of:						For the First Six Months of:
	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (6)	2025	% of Rev.	2024	% of Rev.	Δ% Reported	Δ% Comparable (6)
Transactions (million transactions)	2,852.1		2,807.5		1.6%	1.6%	5,870.8		5,746.4		2.2%	2.2%
Volume (million unit cases)	398.4		400.2		-0.5%	-0.5%	831.6		829.0		0.3%	0.3%
Average price per unit case	65.81		57.39		14.7%		65.63		57.29		14.6%
Net revenues	27,554		24,219				57,596		50,437
Other operating revenues	56		171				131		337
Total Revenues (2)	27,611	100.0%	24,389	100.0%	13.2%	10.3%	57,727	100.0%	50,774	100.0%	13.7%	15.7%
Cost of goods sold	15,972	57.8%	14,375	58.9%			33,301	57.7%	30,049	59.2%
Gross profit	11,639	42.2%	10,014	41.1%	16.2%	13.1%	24,427	42.3%	20,725	40.8%	17.9%	19.7%
Operating expenses	8,705	31.5%	7,380	30.3%			17,695	30.7%	15,083	29.7%
Other operative expenses, net	28	0.1%	195	0.8%			54	0.1%	267	0.5%
Operative equity method (gain) loss in associates (3)	(32)	-0.1%	(16)	-0.1%			(80)	-0.1%	(34)	-0.1%
Operating income (4)	2,937	10.6%	2,455	10.1%	19.6%	14.9%	6,757	11.7%	5,408	10.7%	24.9%	24.0%
Depreciation, amortization & other operating non-cash charges	1,525	5.5%	1,585	6.5%			2,993	5.2%	2,915	5.7%
Adj. EBITDA (4)(5)	4,462	16.2%	4,040	16.6%	10.4%	7.3%	9,750	16.9%	8,323	16.4%	17.1%	21.3%

(3)

Includes proceeds from borrowings in 2025 and 2024, in the amount of Ps. 11,461 million and Ps. 313 million, respectively. In addition, it includes repayments of borrowings in the amount of Ps. 421 million and Ps. 23 million, respectively. In 2025, we issued the U.S. dollar equivalent of Ps. 9,828 million in principal amount of senior notes due 2035; in 2024, no significant debt was acquired.

(14) ~~Except~~Includes ~~volume~~dividends paid in 2025 and ~~average~~2024 ~~price~~in ~~per~~the ~~unit~~amount ~~case~~of ~~figures~~Ps. 4,053 million and Ps. 3,194 million respectively.

~~(2) Please refer to page 15 and 16 for revenue breakdown.~~9

~~(3)~~Debt ~~Includes equity method in Leão Alimentos, among others.~~Structure

~~(4)~~ The ~~operating~~following ~~income~~chart ~~and~~sets ~~adjusted~~forth ~~EBITDA~~the ~~lines~~debt ~~are~~breakdown of ~~presented~~our ascompany ~~non-GAAP~~and ~~measures~~its ~~for~~subsidiaries ~~the~~by ~~convenience~~currency and interest rate type as of ~~the~~June 30, ~~reader.~~2025:

(5) Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

Currency	Percentage of Total Debt⁽¹⁾⁽²⁾		Average Nominal Rate⁽³⁾		Average Adjusted Rate⁽¹⁾⁽⁴⁾
Mexican pesos	51.7	%	8.3	%	8.5	%
U.S. dollars	26.3	%	3.4	%	4.2	%
Brazilian reais	17.7	%	9.5	%	10.9	%
Colombian pesos	3.8	%	9.2	%	9.2	%
Argentine pesos	0.6	%	40.8	%	40.8	%

(61) ~~Please~~Includes ~~refer~~the toeffects ~~page~~of 10our ~~for~~derivative ~~our~~contracts ~~definition~~as of ~~“comparable”~~June ~~and~~30, a2025, ~~description~~including ofcross ~~the~~currency ~~factors~~swaps ~~affecting~~from ~~the~~U.S. ~~comparability~~dollars ofto ~~our~~Mexican ~~financial~~pesos, U.S. dollars to Brazilian reais and ~~operating~~U.S. ~~performance~~dollars to Colombian pesos.

~~Coca-Cola~~(2) ~~FEMSA~~Due ~~Reports~~to ~~2Q25~~rounding, ~~ResultsJuly~~these ~~23,~~figures ~~2025~~may ~~Page~~not 13add ofup 17to 100.0%.

COCA-COLA FEMSA
CONSOLIDATED BALANCE SHEET
Millions of Pesos
Assets	Jun-25	Dec-24	% Var.	Liabilities & Equity	Jun-25	Dec-24	% Var.
Current Assets				Current Liabilities
Cash, cash equivalents and marketable securities				Short-term bank loans and notes payable	3,755	3,314	13%
	37,139	32,779	13%	Suppliers	29,271	33,773	-13%
Total accounts receivable	15,943	18,620	-14%	Short-term leasing Liabilities	876	889	-1%
Inventories	14,985	14,059	7%	Other current liabilities	36,489	29,195	25%
Other current assets	10,465	9,675	8%	Total current liabilities	70,391	67,171	5%
Total current assets	78,531	75,132	5%	Non-Current Liabilities	-	-
Non-Current Assets	-	-		Long-term bank loans and notes payable	77,769	70,383	10%
Property, plant and equipment	166,786	161,785	3%	Long Term Leasing Liabilities	2,101	2,295	-8%
Accumulated depreciation	(64,237)	(62,404)	3%	Other long-term liabilities	18,855	17,595	7%
Total property, plant and equipment, net	102,549	99,381	3%	Total liabilities	169,116	157,445	7%
Right of use assets	2,746	2,989	-8%	Equity	-	-
Investment in shares	10,738	10,233	5%	Non-controlling interest	7,806	7,113	10%
Intangible assets and other assets	103,142	101,876	1%	Total controlling interest	136,938	143,428	-5%
Other non-current assets	16,155	18,375	-12%	Total equity	144,744	150,542	-4%
Total Assets	313,860	307,986	2%	Total Liabilities and Equity	313,860	307,986	2%
	June 30, 2025
Debt Mix	% Total Debt (1)	% Interest Rate Floating (1) (2)	Average Rate	Debt Maturity Profile
Currency
Mexican Pesos	51.6%	2.3%	8.5%
U.S. Dollars	26.3%	20.7%	4.2%
Colombian Pesos	3.8%	58.3%	9.2%
Brazilian Reals	17.7%	13.1%	10.9%
Argentine Pesos	0.6%	0.0%	40.8%
Total Debt	100%	14.6%	8.0%
(1) After giving effect to swaps.
(2) Calculated based on the weighting of the outstanding debt mix for each year.
Financial Ratios	2Q 2025	FY 2024	Δ%
Net debt including effect of hedges (1)(3)	44,824	38,329	16.9%
Net debt including effect of hedges / Adj. EBITDA (1)(3)	0.79	0.68
Adj. EBITDA/ Interest expense, net (1)	9.67	12.51
Capitalization (2)	36.6%	33.3%
(1) Net debt = total debt - cash
(2) Total debt / (total debt + shareholders' equity)
(3) After giving effect to swaps.

(3)

Annual weighted average interest rate per currency as of June 30, 2025.

~~Coca-Cola~~(4) ~~FEMSA~~Annual ~~Reports~~weighted ~~2Q25~~average ~~ResultsJuly~~interest 23rate per currency as of June 30, 2025 ~~Page~~after 14giving ofeffect 17to interest rate swaps and cross currency swaps. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Interest Rate Risk.” in our annual report on Form 20-F for the year ended December 31, 2024.

COCA-COLA FEMSA
QUARTERLY- VOLUME, TRANSACTIONS & REVENUES
Volume
	2Q 2025					2Q 2024					YoY
	Sparkling	Water (1)	Bulk (2)	Stills	Total	Sparkling	Water (1)	Bulk (2)	Stills	Total	Δ %
Mexico	359.7	37.7	98.5	43.5	539.4	402.3	44.1	108.1	45.0	599.5	-10.0%
Guatemala	46.1	2.2	0.8	2.3	51.3	45.2	2.8	-	2.6	50.5	1.6%
CAM South	38.0	2.2	0.2	5.9	46.2	37.4	1.5	1.0	5.7	45.6	1.2%
Mexico and Central America	443.7	42.1	99.4	51.7	636.9	484.8	48.3	109.1	53.3	695.6	-8.4%
Colombia	63.5	9.6	3.5	5.9	82.6	64.5	9.4	4.0	7.1	85.0	-2.8%
Brazil (3)	223.2	17.7	1.8	22.7	265.3	224.0	18.9	2.4	24.2	269.4	-1.5%
Argentina	29.1	5.0	1.4	3.8	39.3	26.8	4.2	1.7	2.5	35.1	11.9%
Uruguay	9.0	1.5	-	0.7	11.2	8.7	1.4	-	0.6	10.7	4.9%
South America	324.7	33.9	6.7	33.1	398.4	324.0	33.8	8.1	34.3	400.2	-0.5%
TOTAL	768.4	76.0	106.1	84.8	1,035.3	808.8	82.2	117.2	87.7	1,095.8	-5.5%
(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water.
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water
Transactions
	2Q 2025					2Q 2024					YoY
	Sparkling	Water		Stills	Total	Sparkling	Water		Stills	Total	Δ %
Mexico	1,978.1	265.1		298.5	2,541.7	2,230.1	297.6		313.2	2,840.9	-10.5%
Guatemala	346.8	21.3		24.5	392.6	334.4	19.0		27.0	380.4	3.2%
CAM South	273.6	14.2		57.7	345.5	271.2	15.0		57.9	344.1	0.4%
Mexico and Central America	2,598.5	300.6		380.7	3,279.8	2,835.7	331.5		398.1	3,565.3	-8.0%
Colombia	470.8	96.9		45.8	613.5	475.2	95.7		58.7	629.6	-2.6%
Brazil (3)	1,547.0	154.6		266.2	1,967.8	1,498.6	163.5		277.3	1,939.4	1.5%
Argentina	152.0	30.1		32.0	214.0	138.0	26.1		21.9	185.9	15.1%
Uruguay	45.3	5.9		5.6	56.8	42.2	5.5		4.7	52.5	8.3%
South America	2,215.0	287.4		349.6	2,852.1	2,154.0	290.7		362.7	2,807.5	1.6%
TOTAL	4,813.5	588.0		730.4	6,131.9	4,989.7	622.2		760.8	6,372.8	-3.8%
Revenues
Expressed in million Mexican Pesos	2Q 2025	2Q 2024	Δ %
Mexico	36,629	37,474	-2.3%
Guatemala	4,458	3,846	15.9%
CAM South	4,218	3,746	12.6%
Mexico and Central America	45,306	45,067	0.5%
Colombia	5,384	4,785	12.5%
Brazil (4)	18,359	16,443	11.7%
Argentina	2,653	2,154	23.1%
Uruguay	1,215	1,007	20.6%
South America	27,611	24,389	13.2%
TOTAL	72,917	69,456	5.0%
(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 1,343.1 million for the second quarter of 2025 and Ps. 1,033.1 million for the same period of the previous year.

Contingencies

~~(1)~~We ~~Volume~~are issubject ~~expressed~~to invarious ~~unit~~claims ~~cases.~~and ~~Unit~~contingencies related ~~case refers~~ to ~~192~~tax, ~~ounces~~labor ofand ~~finished~~other ~~beverage~~legal ~~product~~proceedings. ~~(24~~Due ~~eight-ounce servings) and, when applied~~ to ~~soda~~their ~~fountains~~nature, ~~refers~~such tolegal ~~the~~proceedings ~~volume~~involve ofinherent ~~syrup,~~uncertainties ~~powders~~including, but ~~and~~not ~~concentrate~~limited ~~that~~to, iscourt ~~required~~rulings, tonegotiations ~~produce~~between ~~192~~affected ~~ounces~~parties ofand ~~finished~~governmental ~~beverage product~~actions.

(2) Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.10

~~Coca-Cola~~We ~~FEMSA~~may ~~Reports~~have ~~2Q25~~losses ~~ResultsJuly~~related 23to such tax, ~~2025~~labor and ~~Page~~other 15legal proceedings. We periodically assess the probability of 17loss for such contingencies and accrue a provision and/or disclose the relevant circumstances, as appropriate. If the potential loss of any claim or legal proceeding is considered probable and the amount can be reasonably estimated, we recognize a provision for the estimated loss. See Note 24.5 to our consolidated financial statements as of December 31, 2024. We use outside legal counsel for certain complex legal proceedings. The following table presents the nature and amount of the loss contingencies recorded as of June 30, 2025:

COCA-COLA FEMSA
	As of June 30, 2025
YTD- VOLUME, TRANSACTIONS & REVENUES
		(in millions)
Volume
Tax	Ps.	790
	YTD 2025					YTD 2024					YoY
Labor		1,151
	Sparkling	Water (1)	Bulk (2)	Stills	Total	Sparkling	Water (1)	Bulk (2)	Stills	Total	Δ %
Legal		667
Mexico	667.6	68.1	185.6	82.0	1,003.3	734.7	75.4	197.9	81.8	1,089.8	-7.9%
Total	Ps.	2,608
Guatemala	88.1	4.1	1.5	4.3	98.1	86.5	5.1	-	4.8	96.4	1.8%
CAM South	72.7	4.5	0.4	11.3	88.8	73.0	3.1	2.0	11.2	89.2	-0.4%
Mexico and Central America	828.4	76.7	187.4	97.6	1,190.2	894.2	83.6	199.9	97.7	1,275.4	-6.7%
Colombia	125.2	19.4	7.1	12.2	163.8	130.5	19.9	8.1	14.7	173.3	-5.5%
Brazil (3)	465.5	41.8	4.7	48.6	560.6	464.1	39.6	5.1	48.7	557.6	0.5%
Argentina	60.5	11.2	2.7	8.1	82.6	56.2	9.3	3.7	5.5	74.8	10.5%
Uruguay	19.1	3.8	-	1.7	24.6	18.8	3.3	-	1.3	23.3	5.5%
South America	670.3	76.3	14.4	70.6	831.6	669.6	72.2	16.9	70.3	829.0	0.3%
TOTAL	1,498.7	153.0	201.8	168.3	2,021.8	1,563.8	155.7	216.9	168.0	2,104.4	-3.9%
(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water.
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water
Transactions
	YTD 2025					YTD 2024					YoY
	Sparkling	Water		Stills	Total	Sparkling	Water		Stills	Total	Δ %
Mexico	3,713.7	482.4		571.4	4,767.5	4,097.6	516.5		573.8	5,187.9	-8.1%
Guatemala	658.7	39.3		47.8	745.7	642.1	34.7		49.9	726.7	2.6%
CAM South	528.6	29.1		112.0	669.7	527.5	30.2		112.2	669.9	0.0%
Mexico and Central America	4,901.0	550.8		731.1	6,182.9	5,267.2	581.4		735.9	6,584.4	-6.1%
Colombia	916.8	194.9		93.6	1,205.3	954.4	204.8		124.2	1,283.4	-6.1%
Brazil (3)	3,176.7	360.8		558.9	4,096.5	3,059.1	343.6		551.8	3,954.4	3.6%
Argentina	312.1	65.8		68.3	446.1	286.6	58.4		48.6	393.6	13.3%
Uruguay	94.6	14.6		13.6	122.9	91.0	12.7		11.2	114.9	6.9%
South America	4,500.2	636.1		734.4	5,870.8	4,391.2	619.4		735.8	5,746.4	2.2%
TOTAL	9,401.2	1,186.9		1,465.6	12,053.7	9,658.3	1,200.8		1,471.6	12,330.7	-2.2%
Revenues
Expressed in million Mexican Pesos	YTD 2025	YTD 2024	Δ %
Mexico	67,892	68,328	-0.6%
Guatemala	8,631	7,244	19.1%
CAM South	8,452	7,338	15.2%
Mexico and Central America	84,975	82,911	2.5%
Colombia	10,748	9,668	11.2%
Brazil (4)	38,668	34,279	12.8%
Argentina	5,716	4,730	20.8%
Uruguay	2,595	2,096	23.8%
South America	57,727	50,774	13.7%
TOTAL	142,703	133,685	6.7%
(3) Volume and transactions in Brazil do not include beer
(4) Brazil includes beer revenues of Ps. 2,368.3 million for the first six months of 2025 and Ps. 2,529.1 million for the same period of the previous year.

~~(1)~~In ~~Volume~~Brazil, iswe ~~expressed~~have inbeen ~~unit~~required ~~cases.~~by ~~Unit~~the ~~case~~relevant authorities ~~refers~~ to ~~192~~collateralize ~~ounces~~tax ofcontingencies ~~finished~~currently ~~beverage~~in ~~product~~litigation ~~(24~~amounting ~~eight-ounce~~to ~~servings)~~Ps. ~~and~~19,288 million ~~when~~and ~~applied~~Ps. ~~to soda fountains~~15,700 ~~refers~~million ~~to the volume~~ as of ~~syrup~~June 30, ~~powders,~~2025 and ~~concentrate~~December 31, ~~that~~2024, isrespectively, ~~required~~by topledging ~~produce~~fixed ~~192~~assets, ~~ounces~~or ofproviding ~~finished~~bank ~~beverage product~~guarantees.

~~(2)~~In ~~Transactions~~connection ~~refers~~with toour ~~the number of single units (e.g.~~acquisitions, asellers ~~can~~normally agree orto aindemnify ~~bottle)~~us ~~sold,~~against ~~regardless~~certain ofcontingencies ~~their~~that ~~size~~may orarise ~~volume~~as ora ~~whether~~result ~~they~~of ~~are~~the ~~sold~~management ~~individually~~of orthe inbusinesses ~~multipacks,~~prior ~~except~~to ~~for~~the ~~soda fountains~~acquisition, subject ~~which~~to ~~represent~~survival ~~multiple~~provisions ~~transactions~~and ~~based~~other ~~on a standard 12 oz~~limitations. ~~serving.~~

~~Coca-Cola~~Capital ~~FEMSA Reports 2Q25 ResultsJuly 23, 2025 Page 16 of 17~~Expenditures

COCA-COLA FEMSA
MACROECONOMIC INFORMATION
Inflation (1)
	LTM	2Q25	YTD
Mexico	4.51%	1.41%	1.67%
Colombia	5.08%	1.51%	3.84%
Brasil	5.35%	1.15%	2.97%
Argentina	39.63%	7.64%	15.61%
Costa Rica	0.02%	-1.23%	-0.70%
Panama	-0.49%	0.09%	0.79%
Guatemala	1.51%	1.47%	1.00%
Nicaragua	1.12%	0.00%	1.28%
Uruguay	5.16%	0.91%	3.14%
(1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country.
Average Exchange Rates for each period (2)
	Quarterly Exchange Rate (Local Currency per USD)			Year to Date Exchange Rate (Local Currency per USD)
	2Q25	2Q24	Δ %	YTD 25	YTD 24	Δ %
México	19.55	17.21	13.6%	19.98	18.30	9.2%
Colombia	4,197.35	3,928.59	6.8%	4,192.97	4,074.44	2.9%
Brasil	5.67	5.22	8.6%	5.76	5.39	6.8%
Argentina	1151.04	886.47	29.8%	1104.02	916.29	20.5%
Costa Rica	508.77	516.43	-1.5%	508.22	518.22	-1.9%
Panama	1.00	1.00	0.0%	1.00	1.00	0.0%
Guatemala	7.69	7.77	-1.1%	7.70	7.76	-0.8%
Nicaragua	36.62	36.62	0.0%	36.62	36.62	0.0%
Uruguay	41.61	38.75	7.4%	42.32	40.21	5.2%
End-of-period Exchange Rates
	Closing Exchange Rate (Local Currency per USD)			Closing Exchange Rate (Local Currency per USD)
	Jun-25	Jun-24	Δ %	Mar-25	Mar-24	Δ %
México	18.89	18.38	2.8%	20.32	16.68	21.8%
Colombia	4,069.67	4,148.04	-1.9%	4,192.57	3,842.30	9.1%
Brasil	5.46	5.56	-1.8%	5.74	5.00	14.9%
Argentina	1,205.00	912.00	32.1%	1,074.00	858.00	25.2%
Costa Rica	508.28	528.80	-3.9%	504.21	506.60	-0.5%
Panama	1.00	1.00	0.0%	1.00	1.00	0.0%
Guatemala	7.68	7.77	-1.1%	7.71	7.79	-1.0%
Nicaragua	36.62	36.62	0.0%	36.62	36.62	0.0%
Uruguay	39.55	39.99	-1.1%	42.13	37.55	12.2%
(2) Average exchange rate for each period computed with the average exchange rate of each month.

The following table sets forth our capital expenditures, including investment in property, plant and equipment, deferred charges and other investments for the periods indicated on a consolidated basis and by reporting segment:

Coca-Cola FEMSA Reports 2Q25 ResultsJuly 23, 2025 Page 17 of 17

	For the six months ended June 30,
	2025		2024

	(in millions )
Mexico and Central America⁽¹⁾	Ps.	5,711	Ps.	5,938
South America⁽²⁾		3, 921		2,755
Capital expenditures, net ⁽³⁾		9,632		8,693

~~SIGNATURES~~(1) Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama.

(2)

Includes Colombia, Brazil, Argentina and Uruguay.

(3)

Includes disposals of property, plant and equipment, intangible assets and other long-lived assets of Ps. 71 million, Ps. 40 million during the years ended June 30, 2025 and 2024, respectively.

During the six month-period ended June 30, 2025 and during the full-year 2024, we focused our capital expenditures on investments in (i) increasing production capacity; (ii) increasing distribution capacity and efficiency; (iii) replacing obsolete assets in both manufacturing and distribution, (iv) placing coolers with retailers; (v) returnable bottles and cases; and (v) information technology.

We budgeted capital expenditures in an amount ranging between 8.5% and 9.5% of total revenues for 2025, which amount will for our capital expenditures in 2025 primarily focus on strengthening our infrastructure, especially our manufacturing and distribution capacity, returnable bottles and cases, investments in information technology and investments in assets that increase our presence in the market. As is customary, this amount will depend on the market and other conditions across our territories.

We estimate that of our projected capital expenditures for 2025, approximately 40.2% will be for our Mexican territories and the remaining will be for our non-Mexican territories. We believe that internally generated funds will be sufficient to meet our budgeted capital expenditure for 2025.

Historically, The Coca-Cola Company has contributed resources that we generally use for initiatives that promote volume growth of Coca-Cola trademark beverages. Contributions by The Coca-Cola Company are made on a discretionary basis. Although we believe that The Coca-Cola Company will make additional contributions in the future, including assist our capital expenditure program based on past practice and the benefits to The Coca-Cola Company as owner of the Coca-Cola brands from investments that support the strength of the brands in our territories, we can give no assurance that any such contributions will be made.

Hedging Activities

We have entered and continue to enter into derivative instruments to hedge our exposure to market risks related to changes in interest rates, foreign currency exchange rates and commodity price risk. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” in our annual report on Form 20-F for the year ended December 31, 2024.

The following table provides a summary of the fair value of derivative instruments as of June 30, 2025. The fair market value is estimated using market prices that would apply to terminate the contracts at the end of the period and are confirmed by external sources, which generally are also our counterparties to the relevant contracts.

	Fair Value as of June 30, 2025. Assets (liabilities)
	Maturity less than 1 year			Maturity 1 – 3 years			Maturity 4 – 5 years			Maturity in excess of 5 years			Total fair value

	(in millions)
Cross Currency Swaps
U.S. dollars to Mexican pesos		-			(639	)		(128	)		61			(706	)
U.S. dollars to Brazilian reais		(149	)		46			1,494			-			1,391
U.S. dollars to Colombian pesos		135			-			-			-			135
Interest Rate Swaps
U.S. fixed rate to U.S. floating rate		-			-			-			(1,307	)		(1,307	)
Forwards
U.S. dollars to Mexican pesos		(351	)		-			-			-			(351	)
U.S. dollars to Brazilian reais		(161	)		-			-			-			(161	)
U.S. dollars to Colombian pesos		(51	)		-			-			-			(51	)
U.S. dollars to Argentine pesos		9			-			-			-			9
U.S. dollars to Uruguayan pesos		(95	)		-			-			-			(95	)
U.S. dollars to Costa Rican colones		(17	)		-			-			-			(17	)
Commodity Hedge Contracts
Sugar		(312	)		(46	)		-			-			(358	)
Aluminum		42			4			-			-			46

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COCA-COLA FEMSA, S.A.B. DE C.V.
	By: /s/ Gerardo Cruz Celaya
	Gerardo Cruz Celaya Chief Financial Officer
Date: July 22, 2025

Date: September 23, 2025

	Coca-Cola FEMSA, S.A.B. de C.V.

	By:	/s/ Gerardo Cruz Celaya
		Gerardo Cruz Celaya
		Chief Financial Officer

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