Coca-Cola FEMSA, S.A.B. de C.V. (KOF): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the strategic blueprint of the world's largest bottler, Coca-Cola FEMSA, S.A.B. de C.V. (KOF), and frankly, understanding their resilience is crucial in this market. What's fascinating is how they are driving top-line growth-hitting Ps. 213,984 million in revenue for the first nine months of 2025-even when overall volume is softening, which points directly to smart Revenue Growth Management in action across their massive network of 56 plants and 2.2 million points of sale. Below, I've broken down their entire Business Model Canvas, from their exclusive franchise rights to the digital backbone of their B2B platform, Juntos+, so you can see precisely how this giant creates and captures value in its diverse markets.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Coca-Cola FEMSA's massive operation as of late 2025. These partnerships aren't just handshake deals; they are legally binding structures that dictate supply, governance, and market access.

The Coca-Cola Company: Exclusive Franchise Rights and Concentrate Supply

The relationship with The Coca-Cola Company is foundational, centered on exclusive franchise rights and concentrate supply. The parent company maintains absolute control over the proprietary concentrate formula, managing 100% of this control globally. This creates significant lock-in for Coca-Cola FEMSA, S.A.B. de C.V., with estimated switching costs for the concentrate supply alone reaching $15.2 million. Governance is structured to protect this core relationship; extraordinary matters for Coca-Cola FEMSA, S.A.B. de C.V., such as business acquisitions, require the affirmative vote of two board members appointed by The Coca-Cola Company, even with a simple majority vote sufficient for ordinary operations. Coca-Cola FEMSA, S.A.B. de C.V. remains the largest Coca-Cola franchise bottler in the world by sales volume.

FEMSA (Fomento Económico Mexicano, S.A.B. de C.V.): Strategic Corporate Parent and Major Shareholder

Fomento Económico Mexicano, S.A.B. de C.V. is the strategic corporate parent and a major shareholder, controlling an integrated beverage platform. This relationship provides substantial financial backing and strategic alignment. For the 2025 fiscal year, Fomento Económico Mexicano, S.A.B. de C.V. allocated MX$31.6 billion to Coca-Cola FEMSA, S.A.B. de C.V., which represented 53.7% of the bottler's total planned capital expenditure of MX$58.8 billion. This investment signals a commitment to bolstering manufacturing and distribution capabilities.

Raw Material Suppliers: Critical for Sugar, PET, and Aluminum Procurement

The sheer scale of Coca-Cola FEMSA, S.A.B. de C.V. provides leverage in negotiating packaging and sweetener costs, though commodity price volatility remains a risk factor impacting margins. In the third quarter of 2025, the gross margin stood at 45.1%, reflecting a 100 basis point contraction year-on-year, partly due to currency effects on U.S. dollar-denominated raw material costs. However, the third quarter results also noted that lower sweetener and PET costs provided a partial offset. For context on purchasing power, annual procurement costs for sugar alone were reported at $327 million in 2024.

Here's a look at the margin pressure points related to input costs:

Retail and Distribution Partners: Small-Format Retailers and Modern Trade Channels

Coca-Cola FEMSA, S.A.B. de C.V. relies on an extensive network of retail partners, ranging from traditional small-format stores to modern trade channels, to ensure product availability across its territories. The company is aggressively digitizing this interface to enhance service and capture data. For example, in the second quarter of 2025, digital customer penetration in Argentina surpassed 30% of the total client base, indicating a strong push into data-driven retail engagement.

The reach of their distribution network is vast, evidenced by their Q2 2025 consolidated volume of 1,035.3 million unit cases.

• Mexico volumes declined 10% in Q2 2025 amid macroeconomic softness.
• Brazil volumes declined only 1.5% in Q2 2025 despite adverse weather.
• Argentina volumes surged 11.9% in Q2 2025 as inflation moderated.

Heineken: Strategic Alliance for Beer Distribution in Certain Territories

The strategic alliance with Heineken focuses on beer distribution, particularly in Brazil, operating under a redesigned partnership. This agreement, which began transitioning in mid-2021, has an initial term set to expire on December 31, 2026, with an option for automatic renewal for an additional five-year term. Under the current structure, Coca-Cola FEMSA, S.A.B. de C.V.'s network continues to sell and distribute brands like Kaiser, Bavaria, and Sol, and has added the premium brand Eisenbahn. The agreement also grants Coca-Cola FEMSA, S.A.B. de C.V. the right to produce and distribute alcoholic beverages and other beers based on a certain proportion of Heineken's portfolio in Brazil, offering flexibility to the bottler.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Key Activities

You're looking at the core engine of Coca-Cola FEMSA, S.A.B. de C.V. (KOF), the world's largest franchise bottler by sales volume. These activities are what keep the entire operation moving, from the factory floor to the smallest corner store.

Large-Scale Bottling and Production

The foundation of Coca-Cola FEMSA's key activities is its massive manufacturing footprint. This scale allows for economies of production across its territories.

This operation is supported by over 93k total headcount as of early 2025, ensuring production keeps pace with demand.

Extensive Physical Distribution

Moving product efficiently from those 56 plants to the customer is a monumental logistical task. The network is designed for deep market penetration.

Coca-Cola FEMSA manages 256 distribution centers to service approximately 2.2 million points of sale across its footprint. This extensive physical reach serves more than 276 million consumers. The company is focused on optimizing this physical capability with digital tools.

• Distribution Centers Managed: 256
• Points of Sale Reached: ~2.2 million
• Consumers Served: Over 276 million

Revenue Growth Management (RGM)

This activity centers on maximizing the value extracted from every transaction through smart commercial execution. It's about having the right product, at the right price, in the right package, at the right time.

Revenue management initiatives were a key driver for revenue increases reported in the second quarter of 2025, growing total revenues by 5.0%. However, this activity also involves navigating trade-offs; for instance, an unfavorable product mix was cited as a factor contracting the gross margin in the third quarter of 2025. The company also manages its exposure to raw material costs through hedging, which helped offset some margin pressures in Q2 2025.

Digitizing the Enterprise

Coca-Cola FEMSA is actively transforming its commercial relationship with retailers by expanding its B2B omnichannel platform, Juntos+. This is a critical activity for future efficiency and customer loyalty.

By late 2025, the platform has seen significant adoption. In 2024, Juntos+ reached 1.3 million active users across Latin America, with over 1.1 million users enrolled in the Premia Juntos+ loyalty program. More recently, in the third quarter of 2025, the company reported that now more than 60% of its total client base are digital monthly active buyers. This digital ecosystem includes tools like the Juntos+ Advisor, which uses AI models to help the sales force.

Sustainability Initiatives

Embedding sustainability into operations is a core activity, focusing heavily on resource management and circularity. You see the results of this commitment reflected in external ESG ratings.

In August 2025, Coca-Cola FEMSA obtained an ESG assessment rating of 79/100 from S&P Global's Corporate Sustainability Assessment, marking an advance of 9 points compared to 2024. On water stewardship specifically, the company has allocated over US$69 million since 2022 to efficiency programs. As of late 2024, the company achieved a water use efficiency ratio of 1.36 liters per liter of beverage produced.

Key sustainability focus areas include:

• Achieving an ESG score of 79/100 in the 2025 S&P Global CSA.
• Investing over US$69 million since 2022 in water efficiency programs.
• Focusing on circular economy practices for packaging.
• Maintaining a water use efficiency ratio of 1.36 liters per liter of beverage produced (as of late 2024).

Finance: draft 13-week cash view by Friday.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Key Resources

You're building a model for Coca-Cola FEMSA, S.A.B. de C.V. (KOF), and the sheer scale of its physical and digital assets is what makes its position so strong. These aren't just inputs; they are competitive moats that take decades and billions of dollars to replicate. Here's a breakdown of the core resources powering their operations as of late 2025.

Exclusive Franchise Agreements: Bottling rights for The Coca-Cola Company brands

The foundation of Coca-Cola FEMSA's entire operation rests on its exclusive agreements. This resource grants them the right to manufacture, market, and distribute trademark beverages of The Coca-Cola Company across vast territories in Latin America. This relationship is critical; without it, the physical infrastructure is just empty steel and concrete. The company is recognized as the world's largest franchise bottler by sales volume, a direct result of this partnership.

Massive Production and Logistics Infrastructure

The physical network is truly immense, designed to move product from syrup to shelf with precision. This infrastructure is a primary driver of their cost efficiency and market coverage. As of the latest available data from May 2025 investor materials, Coca-Cola FEMSA operates a network that includes:

This physical footprint supports the delivery of their products to over 272 million consumers across the territories they serve.

Digital B2B Platform (Juntos+)

The digital layer is rapidly becoming as important as the physical one, transforming how they manage customer relationships and sales execution. The Juntos+ platform is the core of this digital push, integrating physical capabilities with digital connectivity to create a direct link with their customer base. The stated goal and scale of this digital reach is connecting with over 1.6 million points of sale digitally. Furthermore, the loyalty component, Premia Juntos+, has shown strong adoption, with more than 1.3 million enrolled customers as of the first quarter of 2025, showing a high engagement rate with a redemption rate of 75% in that period.

Strong Brand Portfolio

Coca-Cola FEMSA manages a winning portfolio that extends well beyond the flagship brand. This diversity allows them to capture white spaces and cater to varied consumer preferences, including health and wellness trends. The company manages a portfolio comprising approximately 134 brands across categories like carbonated soft drinks, water, juices, and energy drinks. For example, in Q3 2025, Coca-Cola Zero Sugar grew 16.9% year-on-year, while Fanta and Sprite grew 8.8% and 3.8%, respectively, demonstrating the strength across the portfolio.

Human Capital

The operational scale requires a massive, dedicated workforce. As of the end of 2024, the total headcount stood at 93,664 employees, which aligns with the reported figure of over 93,000 employees in mid-2025 investor updates. These individuals drive everything from manufacturing efficiency to last-mile delivery and digital platform adoption. The revenue generated per employee for the first nine months of 2025 was approximately Ps. 2.3 million (based on total revenues of Ps. 213,984 million and 93,664 employees, though this is an estimate based on year-end 2024 headcount).

These resources combine to create a powerful engine for market penetration and operational leverage.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Coca-Cola FEMSA, S.A.B. de C.V. (KOF) products, which centers on unmatched reach, a broad selection, and strategic pricing for every consumer pocket. This value delivery is what keeps them the world's largest franchise bottler by sales volume.

Ubiquitous Availability

The primary value is getting the product into the consumer's hand, regardless of location. Coca-Cola FEMSA, S.A.B. de C.V. ensures its beverages are accessible across 10 Latin American countries. This massive footprint is supported by significant capital deployment to enhance physical reach.

The company is actively increasing its physical infrastructure to support this availability, planning for a 15% capacity increase by the end of 2025 from capacity expansion plans started the prior year. This involves installing new production lines; for instance, seven lines were installed across Mexico, Brazil, and Guatemala, with one in Colombia during the year leading up to mid-2024, to saturate current facilities before new greenfield sites are needed.

Diverse Product Portfolio

The value proposition isn't just one drink; it's a comprehensive beverage offering that captures demand across all consumption occasions. Coca-Cola FEMSA, S.A.B. de C.V. offers a winning portfolio that helps them gain share in key categories.

The portfolio includes:

• Sparkling beverages, including core Coca-Cola brands and flavors like Fanta and Sprite.
• Water products.
• Juices, such as Minute Maid.
• Energy drinks.
• Dairy-based beverages (implied through the breadth of the Coca-Cola System portfolio).

In the first nine months of 2025, the company reported total revenues of Ps. 213,984 million, demonstrating the breadth of this portfolio's revenue-generating power, even as consolidated volume declined by 2.8% over the same period.

Value and Affordability

Recognizing that consumers look for the best value equation, especially in softer macroeconomic environments, Coca-Cola FEMSA, S.A.B. de C.V. heavily leverages its price pack architecture. This is crucial for price-sensitive families and the traditional trade channel.

The focus on multi-serve and returnable packages is a direct response to this consumer need. Adjustments made to the price pack architecture in multi-serve refillable packs from July to September 2025 showed encouraging initial results, actively reversing volume declines in that segment.

Here's a look at the scale of their operations and recent volume performance:

Low/No-Sugar Options

Catering to health-conscious consumers is a major value driver, with a clear commitment to low- and non-caloric products. The company reaffirms its commitment to promoting calorie reduction.

While the target for this segment is set within the context of over 35% of revenue contribution, the growth in specific zero-sugar products shows strong consumer adoption:

• Coca-Cola Zero Sugar grew 16.9% year-on-year in the third quarter of 2025.
• Coca-Cola Zero Sugar grew 23% versus the previous year in the third quarter of 2025.
• Coca-Cola Zero Sugar has grown more than 40% as compared with 2022.

This focus on healthier options is supported by commercial enablers like the Juntos+ digital platform, which surpassed 100,000 digital monthly active users in the third quarter of 2025.

Consistent Quality

Maintaining global brand standards across a vast, multi-country operation is a core value proposition, ensuring that a product bought in Mexico meets the same expectations as one bought in Brazil. This is achieved through their sophisticated local bottling and distribution network.

The company operates 56 manufacturing plants and 256 distribution centers as of 2025 filings, which are essential for maintaining this consistency while serving over 276 million consumers.

Coca-Cola FEMSA, S.A.B. de C.V. is recognized as the world's largest beverage bottler and marketer of the Coca-Cola System by sales volume, which inherently speaks to the scale and consistency of its operations.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Customer Relationships

You're looking at how Coca-Cola FEMSA, S.A.B. de C.V. keeps its massive customer base engaged and buying, which is key since their total revenues for the first nine months of 2025 hit Ps. 213,984 million.

Dedicated Sales Force

The sales force relationship is now heavily augmented by technology. They use the Juntos+ Advisor tool, an AI model that helps the field teams tailor promotions directly to the retailer's needs. In Brazil, for example, this tool drove a 17% increase in average tickets for digital buyers in Q1 2025.

This approach supports the direct, personalized service model for small-format retailers, ensuring the human touch is informed by data. It's about making every interaction count, especially when volume is tight, as the consolidated volume declined 2.8% over the first nine months of 2025.

Digital Self-Service

The B2B platform, Juntos+, is central to managing the relationship with the small retailer, aiming to empower its 2 million small retailers. This platform is evolving from just ordering to a full relational ecosystem.

The adoption pace is fast; in the third quarter of 2025, Coca-Cola FEMSA reported surpassing 100,000 digital monthly active users on Juntos+, which was 25,000 more than the prior year. Furthermore, of those users, more than 73% were active on the app during that quarter.

The loyalty component, Premia Juntos+, is also driving frequency. As of Q3 2025, there are more than 46,000 clients actively redeeming points. This builds on the Q1 2025 figure where the loyalty program had 1.3 million enrolled customers with a 75% redemption rate.

Here's a quick look at the digital relationship metrics as of late 2025:

Mass Marketing

The brand loyalty is supported by global and local advertising spend. For the full year 2024, marketing expenses totaled Ps. 4,827 million. The company is shifting focus, allocating over 30% of that 2024 spend to digital channels to reach consumers where they are.

Brand performance shows this is working in specific categories and regions. For instance, in the important market of Guatemala during Q3 2025, Coca-Cola Zero Sugar grew 16.9% year-on-year, while Fanta and Sprite grew 8.8% and 3.8%, respectively.

Digital Engagement

The success of the digital push is clear in the engagement numbers. You need to know that as of the third quarter of 2025, more than 60% of the total client base are digital monthly active buyers. That's a massive shift for a traditionally analog sector.

This high adoption rate is what helps the company maintain profitability even when volume is soft. For the first nine months of 2025, operating income still increased 4.3% despite the volume decline.

The digital engagement highlights include:

• >60% of the client base are digital monthly active buyers.
• Juntos+ v.4.0 reached 8 times more active users versus the previous year (Q2 2025).
• The platform connects directly with over 2.2 million points of sale.
• The company serves over 276 million consumers daily across its territories.

Customer-Centric Culture

The stated aim is to consolidate its position as the preferred commercial platform. This isn't just about transactions; it's about creating a comprehensive value proposition that links the bottler's growth directly to the success of its smallest clients. This culture is supported by significant investment; the capital expenditure planned for 2025 included substantial technology investments, part of a total CapEx of MXN$31.6 billion.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Channels

You're looking at the sheer physical reach of Coca-Cola FEMSA, S.A.B. de C.V. (KOF), which is frankly massive. Their channel strategy is built on dominating the physical retail landscape while aggressively digitizing the ordering process. This dual approach is how they managed to grow Total Revenues to Ps. 213,984 million for the first nine months of 2025, even while consolidated volume declined by 2.8% over that same period.

The foundation of this reach is their physical network. Coca-Cola FEMSA, S.A.B. de C.V. markets and sells its products through approximately 2.2 million points of sale a year across its territories. This network spans every conceivable retail format.

• Traditional Trade: This includes the countless small-format stores, the local mom-and-pop shops, and neighborhood kiosks that form the backbone of commerce in Mexico and South America.
• Modern Trade: This segment covers the large-scale retail partners like supermarkets, hypermarkets, and the critical convenience store chains, such as OXXO, which are key volume drivers.
• Vending Machines: Strategic placement of vending machines ensures immediate consumption opportunities in high-traffic areas, though specific unit counts aren't publicly detailed in the latest reports.

The physical distribution backbone supporting this reach is substantial. Coca-Cola FEMSA, S.A.B. de C.V. operates 56 manufacturing plants and 256 distribution centers to service this vast network. The direct distribution relies on a sophisticated fleet of vehicles, which the company is optimizing using digital route planning to improve fuel consumption and capacity utilization.

The shift to digital is where you see the near-term action. Coca-Cola FEMSA, S.A.B. de C.V. is rapidly moving its B2B ordering onto its omnichannel platform, Juntos+. This isn't just an ordering portal; it's designed to integrate the physical and digital sales relationship to boost efficiency. The adoption rates show clear momentum as of late 2025.

The focus on digital tools like Juntos+ v 4.0 and the Juntos+ Advisor tool in Brazil is a direct response to market fragmentation. This digital push is defintely a necessary move to protect margins, as evidenced by the operating income growth of 6.8% in Q3 2025 despite a volume decline.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Customer Segments

You're looking at the core of Coca-Cola FEMSA, S.A.B. de C.V.'s (KOF) business-who they are selling to right now in late 2025. It's a massive, diverse group, but the strategy clearly focuses on a few key profiles across its operating territories.

Youth and Young Adults (15-35)

This group is definitely the engine for the core sparkling portfolio, especially in Mexico. They drive the most volume. For instance, in its Mexican territory, this demographic accounted for an estimated 48% of sparkling beverage volume as of 2024, making them central to volume forecasting. They are also the early adopters for new product introductions, so their reception matters a lot for innovation success.

Middle to Lower-Middle Income Families

For families, value is king. This segment strongly influences the demand for larger, multi-serve packages designed for at-home consumption, which is a key part of the volume strategy. To address this price sensitivity, Coca-Cola FEMSA has been consolidating the execution of value-focused promotions, known as [Sección de Ahorros] sections, which were present in more than 87% of their customers by Q3 2025. Also, the single-serve mix reached 25.8% in Q3 2025, showing a continued focus on various package sizes.

Health-Conscious Consumers

This is a growing area where Coca-Cola FEMSA is strategically expanding its portfolio. Consumers here are actively seeking low-calorie and non-carbonated options, reflecting a broader market trend where shoppers want more for their health. Products targeting this group now represent over 35% of total revenue, a significant jump from 28% back in 2021. For context on a specific product, Coca-Cola Zero Sugar saw over 30% volume growth in 2024, showing strong traction in this area.

The company serves a huge number of people, and you can see the scale of the B2C reach here:

• B2C Reach: Over 276 million consumers across all territories.
• Total Annual Volume: Approximately 4.2-billion-unit cases sold annually.

B2B Retail Partners

While they sell to individuals, the route to market is heavily dependent on commercial partners, from small mom-and-pop shops to modern trade. These partners are crucial for getting product to the end consumer. Coca-Cola FEMSA engages this segment digitally to drive efficiency and loyalty.

Geographically Diverse Markets

The customer base is spread across several major Latin American economies, though revenue concentration is high in the two largest markets. The company's ability to adapt its strategy, like emphasizing affordability in Argentina while seeing volume growth in Brazil, shows this geographic diversity is a key structural element.

Overall, the customer base requires a dual approach: high-volume, value-driven sales to families and young adults in Mexico, balanced with capturing growth from health-conscious consumers and maintaining strong digital relationships with the 2.2 million B2B partners.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep Coca-Cola FEMSA, S.A.B. de C.V. (KOF) running its massive operation across Latin America. Honestly, for a company this size, the cost structure is dominated by the physical movement of product and the ingredients to make it.

Cost of Goods Sold (COGS)

The cost of making the beverages is a primary expense. This includes concentrate purchased from The Coca-Cola Company, sugar, and the PET plastic for packaging. While raw material costs can fluctuate, Coca-Cola FEMSA has managed to improve its gross margin in some areas through hedging and favorable sweetener costs. For the full year 2024, the company achieved a strong 46.0% gross profit margin. However, in the third quarter of 2025, the consolidated gross margin contracted to 45.1%, driven by unfavorable mix and promotional activity, though this was partially offset by lower sweetener costs.

The cost structure here is sensitive to currency, as the depreciation of operating currencies against the U.S. dollar increases the cost of U.S. dollar-denominated raw materials.

Distribution and Logistics Costs

Moving product across the territories-serving over 272 million people through 2.1 million points of sale-is inherently expensive. This involves maintaining 249 to 256 distribution centers and a vast fleet for primary freight. The company has been actively investing to mitigate these costs; for instance, in Q3 2025, operating income improvements in South America were partly due to expense efficiencies such as lower freight costs. The capital expenditure plan for 2025 is heavily focused on increasing distribution capacity and efficiency.

Fixed Operating Costs

Fixed costs are substantial given the operational scale. Coca-Cola FEMSA operates 56 manufacturing plants across its territories. These facilities require ongoing maintenance, and the company carries significant labor costs. In Q3 2025, fixed costs like labor and depreciation were cited as factors causing gross margin contraction. Specifically, operating income in one division was partially offset by an increase in expenses such as labor, IT, and depreciation in the third quarter of 2025.

Here's a quick look at some key financial metrics from the latest reported periods:

Marketing and Advertising Expenses

These costs are often shared or coordinated with The Coca-Cola Company. While the company aims for cost efficiencies, marketing is also a key lever for growth. In Q2 2025, higher expenses including marketing partially offset operating income gains in one division. Conversely, in Q3 2025, marketing efficiencies contributed to operating income expansion in the South America division. The company leverages its digital platform, Juntos+, to drive customer engagement, which is part of the commercial execution strategy.

Financial Costs

Interest expense on debt is a notable outflow. The comprehensive financing result recorded an expense of Ps. 1,290 million in the third quarter of 2025, up from Ps. 823 million in the prior year period. This jump was mainly driven by a higher interest expense, net, reaching Ps. 1,322 million compared to Ps. 1,059 million in Q3 2024. This increase reflects the cost of new debt, specifically the US$500 million senior notes issued in May 2025, coupled with rising interest rates in markets like Brazil and new financing activities in Colombia and Argentina.

The company noted it is committed to optimizing its capital structure, targeting a 2x Net Debt/EBITDA ratio (excluding Coca-Cola FEMSA itself, which is a bit confusing, but implies a leverage target). You should definitely track the impact of the May 2025 bond issuance on future interest payments.

• Labor costs are a recurring fixed expense, mentioned alongside maintenance and IT as rising expenses in Q3 2025.
• Depreciation is a non-cash fixed cost that still impacts operating metrics.
• The company is managing its cost-to-serve by improving logistics, aiming for reductions in primary freight costs and third-party warehouse expenses through CapEx investments.

Finance: draft 13-week cash view by Friday.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - Canvas Business Model: Revenue Streams

Sale of Sparkling Beverages: Primary revenue source from Coca-Cola trademark products.

Sale of Non-Carbonated Beverages: Revenue derived from juices, water, teas, and energy drinks.

Revenue Management Initiatives: Driving price/mix growth to offset volume decline.

The performance of revenue streams for the first nine months of 2025 reflects a strategy focused on pricing power over volume expansion, as noted by the CEO.

• Mitigation actions implemented to adapt to the environment.
• Focus on productivity and cost control measures.
• Leveraging revenue management initiatives across territories.

Key financial figures related to revenue streams as of late 2025 are detailed below:

The increase in Total Revenues for the first nine months of 2025 was driven mainly by revenue management initiatives, partially offset by volume decline and the unfavorable translation effect from the Argentine Peso into Mexican pesos.