What factors drove the changes in Coca-Cola FEMSA's revenue and profit?

What were the key takeaways from Coca-Cola FEMSA’s earnings call?

What were the key takeaways from Coca-Cola FEMSA's earnings call?

What is the revenue and EPS growth rate for Coca-Cola FEMSA year over year?

What is the market's earnings forecast for Coca-Cola FEMSA next quarter?

What guidance did Coca-Cola FEMSA's management provide for the next earnings period?

Did Coca-Cola FEMSA beat or miss consensus estimates last quarter?

What is Coca-Cola FEMSA's gross profit margin?

- **Mexico Resilience**: 3.7% volume decline offset by 2.6% South America growth, 3.3% revenue rise.
- **Coke Zero Surge**: 23% YoY growth, Brazil recovery to 28% mix.
- **Cost Efficiency**: $90M savings, 1.1% operating income growth in Mexico.
- **Tax Headwind**: 87% excise tax hike in Mexico, 2026 volume decline expected.
- **Digital Success**: Juntos+ adoption drives 25k+ monthly users in Brazil.

**【CEO Summary Section】**
- **Mexico Volume Decline**: 3.7% YoY due to macroeconomic challenges, partially offset by 2.6% growth in South America. Total revenue up 3.3% to MXN 71.9 billion.
- **Strategic Initiatives**: Focus on affordability, multi-serve refillables, and Coke Zero growth (23% YoY). Brazil plant recovery supports 2.6% volume growth.
- **Excise Tax Impact**: 87% increase in Mexico effective Jan 2026, expected low to mid-single-digit volume decline in 2026.
- **Digital Tools**: Juntos+ Advisor adoption in Mexico and Brazil drives share gains.

**【CFO Financial Commentary】**
- **Mexico & Central America**: Gross profit down 2.6%, operating income up 1.1% due to cost control. South America: Gross profit up 7.2%, EBITDA up 12.6%.
- **Cost Savings**: $90 million year-to-date, including $43M from distribution and $32.5M from cost-to-serve.
- **Commodity Hedging**: 90%+ of sweeteners, 75% PET, 65% aluminum locked in for 2025.

**【Q&A Highlights】**
- **Mexico Profitability**: 50-60 bps margin improvement from cost-cutting, not volume recovery.
- **CapEx Adjustment**: Delaying 2026 investments in Mexico due to volume decline expectations.
- **Argentina Outperformance**: 2.9% volume growth via affordability and single-serve mix.
- **World Cup Impact**: 5% volume uplift, Coke Zero as hero product.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: 5% revenue growth (2.4% on neutral currency) despite 5.5% volume decline, driven by pricing and currency effects.
- **Mexico Challenges**: 10% volume decline vs. record 2024, but share recovery in modern trade and Coke Zero growth of 27%.
- **Brazil Recovery**: Q2 weather impact expected to reverse, with Juntos+ Advisor boosting volume 1-2%.
- **Cost Savings**: MXN 60 million (67% of target) achieved, with 9 new bottling lines progressing.
- **Balance Sheet**: Leverage below 1x, no dividend changes, but potential updates in H2.
- **Long-Term Growth**: CapEx investments in Mexico, Brazil, and South America to support capacity and productivity.


**【CEO Summary Section】**
- Consolidated volume declined 5.5% to 1.035 million unit cases, driven by challenges in Mexico, Brazil, Colombia, and Panama, but offset by growth in Argentina, Uruguay, Guatemala, and Central America.
- Revenue grew 5% to MXN 72.9 billion (2.4% on neutral currency), supported by revenue management and currency effects.
- Gross profit increased 3.4% to MXN 33 billion, but margin contracted 70 bps to 45.3% due to lower leverage, mix effects, and currency depreciation.
- Operating income remained flat at MXN 9.7 billion, with OI margin down 60 bps to 13.4%.
- Adjusted EBITDA decreased 3.8% to MXN 13.4 billion, margin down 160 bps to 18.4%.
- Mexico volume declined 10% YoY, facing macroeconomic and weather challenges, but share recovery in modern and traditional channels.
- Brazil volumes down 1.5% YoY, with gains in nonalcoholic ready-to-drink (NARTD) and Coke Zero growth of 56%.
- Argentina volumes up 11.9% YoY, driven by macro improvement and single-serve growth.
- Long-term investments in capacity expansion (e.g., Toluca PET line, San Juan del Río expansion) and productivity initiatives.

**【CFO Financial Commentary】**
- Mexico and Central America: Volumes down 8.4% to 636.9 million unit cases, revenue up 0.5% to MXN 45.3 billion (down 1.9% on neutral currency). Gross profit down 2.5% to MXN 21.4 billion, margin down 150 bps to 47.2%. Operating income down 6.3% to MXN 6.8 billion, margin down 110 bps to 15.1%.
- South America: Volumes down 0.5% to 398.4 million unit cases, revenue up 13.2% to MXN 27.6 billion (10.3% on neutral currency). Gross profit up 16.2% to MXN 15.4 billion, margin up 110 bps to 42.2%. Operating income up 19.6% to MXN 2.9 billion, margin up 50 bps to 10.6%.
- Comprehensive financial expense up 34.4% to MXN 1.2 billion due to higher interest and lower FX gains.
- Supply chain savings of MXN 60 million (67% of MXN 90 million target), with MXN 30 million from distribution, MXN 20 million from cost-to-serve, and MXN 10 million from cost-to-make.
- 9 new bottling lines planned for 2025, with 3 started and 4 to begin in H2.

**【Q&A Highlights】**
- **Mexico Outlook**: Cautious due to macroeconomic weakness, but initiatives to address MXN 20 price point gap and affordability mix. Coke Zero growth of 27% in Mexico.
- **Brazil Recovery**: Weather-driven Q2 decline expected to reverse in Q3. Juntos+ Advisor tool boosting volume by 1-2%.
- **CapEx**: 8-9% of net sales target maintained, with focus on structural capacity (e.g., Toluca, San Juan del Río) over volume-driven projects.
- **Porto Alegre Plant**: Fully operational with 180 SKUs (95% of pre-flood volume), targeting full portfolio by Q3.
- **Balance Sheet**: Leverage below 1x, no immediate dividend changes, but potential updates in H2 2025.
- **Interest Expense**: Higher due to new debt issuance, Brazil rate hikes, and lower cash investment yields.
- **Competitive Response**: Addressing MXN 20 price point gap in Mexico and sports drink category in Brazil.
- **Supply Chain Savings**: On track to meet MXN 90 million target, with opportunities in distribution and procurement.


Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Q2 2025 Earnings Conference Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 10% to MXN70.2 billion, with gross margin expanding 80bps to 45.4%.
- **Mexico Resilience**: Volumes down 5.4% YoY, but share recovery in modern trade and 8% Coca-Cola brand coverage improvement.
- **South America Momentum**: Brazil CSDs +65%, Argentina volumes +9.1%, and Uruguay single-serve mix +13.4%.
- **Cost Efficiency**: $90 million 2025 savings plan, with Brazil and Argentina margins expanding 100bps+.
- **Sustainability**: 84% renewable energy, 99% waste diversion, and 1.36 water efficiency ratio.

**【CEO Summary Section】**
- **Consolidated Results**: Q1 2025 revenue grew 10% to MXN70.2 billion (MXN70.2 billion), driven by revenue management initiatives and favorable currency effects. Gross profit increased 12% to MXN31.8 billion, with margin expanding 80bps to 45.4% due to lower sweetener costs and raw material hedging.
- **Mexico Performance**: Volumes declined 5.4% YoY, but initiatives like targeted promotions and exhibition coverage improvements (e.g., 8% increase in Coca-Cola brand coverage) mitigated the impact. Cost-saving measures in supply chain and IT were identified.
- **South America Growth**: Brazil volumes rose 2.5% YoY, with strong growth in Coca-Cola Zero Sugar (+65%), Powerade (+36%), and Monster (+17.6%). Argentina and Uruguay volumes increased 9.1% and 6% YoY, respectively, driven by affordability and single-serve focus.
- **Strategic Pillars**: Emphasis on core business growth, Juntos+ digital platform expansion (e.g., Brazil added 10,000 monthly active users), and customer-centric culture.

**【CFO Financial Commentary】**
- **Mexico & Central America**: Revenues grew 4.8% to MXN39.7 billion, with gross margin expanding 30bps to 47.6%. Operating income decreased 5% to MXN5.4 billion due to higher expenses (maintenance, depreciation).
- **South America**: Revenues increased 17.4% to MXN30.5 billion, driven by Brazil and Argentina. Gross margin expanded 190bps to 42.5%, and operating margin grew 130bps to 12.6%.
- **Sustainability Progress**: 84% renewable energy use, 99% operational waste diversion, and 1.36 liters water efficiency ratio.

**【Q&A Highlights】**
- **Mexico Adjustments**: CEO Ian Craig noted price elasticity in a competitive environment, with promotions and multi-serve focus. March volumes were softer but share recovery underway in modern trade.
- **Cost Savings**: CFO Gerry Cruz revealed $90 million in 2025 savings (split across cost to make, serve, and T1), with Mexico and Colombia as key focus areas.
- **Brazil Margin Expansion**: Driven by operating leverage, fixed cost absorption, and capacity additions in profitable segments like CSDs.
- **Working Capital Dynamics**: Inventory replenishment and ERP migration impacting payables, expected to continue through 2025.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: Full-year revenue up 14.2% to MXN 279.8 billion, driven by Brazil's Coke Zero Sugar (+63% YoY) and Mexico's multi-serve expansion (+4.8%).
- **Digital Success**: Juntos+ monthly active users hit 1.3M (60% of base), with Brazil's Juntos+ Advisor adoption >40%.
- **Operational Efficiency**: 2024 savings exceeded $60M target by $11.5M; 2025 target >$90M. Mexico added $290M in distribution capacity.
- **2025 Outlook**: Mid-single-digit Mexico volume growth, Coke Zero Sugar acceleration, and Juntos+ rollout in key markets.
- **Risk Management**: 2024 one-time costs MXN 730M, partially offset by insurance. 2025 CapEx MXN 29B to address capacity gaps.


**【CEO Summary Section】**
- **2024 Yearly Performance**: Full-year revenue grew 14.2% to MXN 279.8 billion, with operating income up 17.4% to MXN 40.1 billion. Brazil's Coke Zero Sugar volumes surged 63% YoY, while Mexico's multi-serve one-way presentations expanded 4.8%.
- **Digital Transformation**: Juntos+ monthly active users reached 1.3 million (60% of customer base), up from 4% in September. Brazil's Juntos+ Advisor tool adoption exceeded 40%, improving salesforce efficiency.
- **Market Highlights**: 
  - **Mexico**: Volumes grew 0.8% YoY, with Coke Zero Sugar outperforming double digits. New distribution centers and routing improvements added $290M in capacity.
  - **Brazil**: Volumes rose 3.7% YoY despite Porto Alegre plant closure. Single-serve mixes expanded 2ppt to 26%, and Powerade/Monster grew 12-21%.
  - **Argentina**: Volumes increased 2.9% YoY, with cost reductions of 6% YoY.
- **2025 Outlook**: Target mid-single-digit volume growth in Mexico, with focus on Coke Zero Sugar, infrastructure expansion, and Juntos+ rollout in Mexico and Brazil.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: MXN 75.5 billion (+14.3% YoY), driven by revenue management and currency effects.
  - Gross Profit: MXN 35.7 billion (+17.1%), margin +120bps to 47.3%.
  - Operating Income: MXN 12.1 billion (+25%), margin +140bps to 16%.
  - Net Income: MXN 7.3 billion (+35.1%).
- **One-Time Impacts**: Net unfavorable expenses of MXN 730 million (Hurricane John and Brazil floods), partially offset by insurance claims.
- **CapEx & Savings**: 2024 CapEx MXN 25.3 billion (9% of revenue), with 2025 plan to install 9 new bottling lines. 2024 savings exceeded $60M target by $11.5M, 2025 target >$90M.
- **FX Hedging**: 35% of 2025 FX exposure hedged (35-70% per region), with Brazil sugar 90% hedged.

**【Q&A Key Takeaways】**
- **Mexico Volumes 2025**: Mid-single-digit growth expected, despite 40M unit case unavailability in 2024. New lines and inventory planning to mitigate capacity constraints.
- **Digital Impact**: Juntos+ users drive 2% incremental revenue. Brazil's Juntos+ Advisor improved coverage by 4ppt and SKUs per store.
- **Brazil Recovery**: Porto Alegre plant to resume full capacity Q2 2025. 2024 flood-related costs MXN 331M, partially offset by insurance.
- **ROIC & CapEx**: 2024 ROIC 15.1%, 2025 expected flat. CapEx MXN 29B (cash flow MXN 25B) to address unserved demand and logistics efficiency.
- **Beer Strategy**: Focus on distribution partnerships (e.g., Cerpa) rather than production, complementing premium portfolio.


Actual							0.5179	0.4358	0.53	0.7578	0.7331	0.7936	0.7893	1.3463	0.6925	1.0925	1.0327	1.7432	1.034	1.3681	1.4692	1.5113	1.8102	1.7992	1.7763	1.6634	1.5102	1.7059	1.5312	1.9311
Forecast							0.6267	0.5481	0.6214	0.709	0.6755	0.7294	0.7671	0.8311	0.759	0.8693	0.8719	1.1063	1.0243	1.2644	1.2851	1.4947	1.2388	1.4011	1.2416	1.5035	1.2267	1.6188	1.4594	1.9267
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-17.36%	-20.49%	-14.71%	+6.88%	+8.53%	+8.80%	+2.89%	+61.99%	-8.76%	+25.68%	+18.44%	+57.57%	+0.95%	+8.20%	+14.33%	+1.11%	+46.13%	+28.41%	+43.07%	+10.64%	+23.11%	+5.38%	+4.92%	+0.23%

KOF

KOF fundamentals

KOF Q4 2025 Earnings

Earnings Call

You can ask Aime

KOF

KOF fundamentals

KOF Q4 2025 Earnings

Earnings Call

KOF Earnings Call Summary for Q4/202511:00 AM on Feb 24, 2026

KOF Earnings Call Summary for Q3/202511:00 AM on Oct 24, 2025

KOF Earnings Call Summary for Q2/202511:00 AM on Jul 23, 2025

KOF Earnings Call Summary for Q1/202511:00 AM on Apr 25, 2025

KOF Earnings Call Summary for Q4/202410:00 AM on Feb 21, 2025

You can ask Aime