Fomento Económico Mexicano (FEMSAUBD) Q1 2026 earnings summary

Executive summary

• New segment reporting structure introduced: OXXO Mexico, Americas & Mobility, Europe, Health, and Coca-Cola FEMSA, to enhance transparency and track progress in key markets.

• Consolidated revenues grew 6.1% year-over-year, with operating income up 5.5% and adjusted EBITDA up 11.2%.

• OXXO Mexico and Americas & Mobility segments drove growth, while Health and Europe remained flat or declined.

• Net income surged 97.3% due to a one-time gain from the BradyPLUS and Imperial Dade merger; excluding this, net income declined 36.4%.

• Spin digital platform continued rapid growth, reaching 11 million active users and over 100 million monthly transactions.

Financial highlights

• Total revenues: Ps. 207,784 million (+6.1% YoY); gross profit: Ps. 84,094 million (+6.6% YoY); operating income: Ps. 14,314 million (+5.5% YoY).

• On a comparable and currency-neutral basis, revenues and operating income grew 8.5% and 12.1%, respectively.

• Net consolidated income: Ps. 17,639 million (+97.3% YoY), driven by a non-cash gain; excluding this, net income was Ps. 5,688 million (-36.4% YoY).

• OXXO Mexico gross margin expanded 140 bps to 46.2%; operating income up 20.9% with margin at 7.6%.

• Americas & Mobility revenues up 12.9% (10.5% comparable); operating income MXN 281 million, margin 1.1%.

Outlook and guidance

• CapEx expected to accelerate through the year, targeting a 5%-6% CapEx-to-sales ratio.

• Ordinary and extraordinary dividends totaling MXN 41 billion planned for March 2026–March 2027.

• Share repurchase program ongoing, expected to complete in Q2, incremental to dividend distributions.

• Optimism for summer performance, especially with the FIFA World Cup, but caution for H2 due to macro uncertainty.

• Continued focus on sustainable, profitable growth despite a complex macroeconomic environment.