Fomento Económico Mexicano (FEMSAUBD) Q2 2026 earnings summary

Executive summary

• OXXO Mexico led Q2 with near double-digit same-store sales, first positive traffic growth in eight quarters, and strong execution in key categories, aided by World Cup tailwinds and customer-centric strategies.

• Consolidated revenues grew 9.3% year-over-year, with net income surging 64.9% due to operational growth and lower FX losses.

• Spin by OXXO saw 22% year-over-year growth in monthly active users, with a focus shifting from scale to monetization, supported by a new partnership with QED Investors.

• Bara, the discount proximity format, set a record for store openings and continues to deliver double-digit same-store sales growth, driven by private label and disciplined expansion.

• Americas & Mobility segment saw robust revenue growth but a sharp decline in operating income due to OXXO Brazil losses and fuel margin compression.

Financial highlights

• 2Q26 consolidated revenues: Ps. 231,002 million (+9.3% YoY); income from operations: Ps. 19,110 million (+7.2% YoY); net income: Ps. 9,221 million (+64.9% YoY).

• OXXO Mexico revenues up 11.8%, with same-store sales up 9.5% (traffic +2%, ticket +7.4%).

• Gross margin at OXXO Mexico contracted 70 bps to 44.8% due to price rationalization and mix shift, partially offset by growth in services.

• Operating income at OXXO Mexico grew 12.3%, with margin expanding 10 bps to 10%.

• Adjusted EBITDA: Ps. 33,340 million (+12.7% YoY); gross margin: 40.1% (-60 bps YoY); operating margin: 8.3% (-10 bps YoY).

Outlook and guidance

• Management expects normalization in same-store sales and gross margin in the second half as World Cup tailwinds fade and consumer environment remains soft, especially in Mexico.

• Mid-single-digit same-store sales growth is anticipated, tracking close to inflation plus one.

• Strategic and operational initiatives are expected to support sustainable, profitable growth.