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    Alejandro Fuchs • Itaú BBA

    Alejandro Fuchs's questions to Bbb Foods Inc (TBBB) leadership

    Alejandro Fuchs's questions to Bbb Foods Inc (TBBB) leadership • Q2 2025

    Question

    Alejandro Fuchs asked if competitors were reacting differently to Tiendas 3B's consistent outperformance and whether the new regions would face different competitive dynamics or store performance compared to the core central Mexico market.

    Answer

    CEO Anthony Hatoum stated that there has been no real change in the competitive environment, which remains highly competitive. He emphasized that the company's strategy of expanding into adjacent areas ensures consistent customer behavior and predictable performance, as they sell basic goods with universal appeal across geographies.

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    Alejandro Fuchs's questions to Bbb Foods Inc (TBBB) leadership • Q1 2025

    Question

    Alejandro Fuchs from Itau BBA asked for a breakdown of same-store sales between traffic and ticket, and questioned whether the strong free cash flow generation seen in the quarter is sustainable.

    Answer

    Executive Kamal Hatoum stated that same-store sales growth was driven roughly 50/50 by increases in traffic and ticket size. CFO Eduardo Pizzuto added that strong cash flow is a core feature of the negative working capital model and, while variable quarter-to-quarter, the upward trend is expected to continue, ensuring growth remains self-funded.

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    Alejandro Fuchs's questions to Bbb Foods Inc (TBBB) leadership • Q4 2024

    Question

    Alejandro Fuchs from Itaú BBA asked for elaboration on the gross margin expansion seen in the quarter, focusing on the role of supplier relationships and private labels, and whether this trend is expected to continue. He also inquired about the competitive landscape and 3B's performance outlook, given the broader context of slowing consumption and economic activity in Mexico.

    Answer

    Executive Kamal Hatoum explained that gross margin improvements are a natural result of scale, which increases purchasing power and efficiency. The company uses elasticity testing to decide how much of this gain is passed to customers via lower prices versus retained as margin. He stated that while gross margin will be volatile quarter-to-quarter, the long-term trend is upward. Regarding the economy, he noted that 3B has not seen a slowdown in its own numbers and historically thrives in downturns as consumers seek value, while competition remains robust as always.

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    Alejandro Fuchs's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

    Alejandro Fuchs's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q1 2025

    Question

    Alejandro Fuchs asked about the timeline for rolling out the Juntos+ adviser tool in Mexico and inquired about the drivers behind the worsening working capital dynamics, particularly days of payables.

    Answer

    CEO Ian Marcel Craig García confirmed the Juntos+ adviser tool, already successful in Brazil, is scheduled for rollout in Mexico around June or July of 2025. CFO Gerardo Celaya explained that the working capital changes were by design, driven by two factors: the necessary replenishment of inventories and lower accounts payable resulting from the ongoing migration to a new SAP S/4HANA ERP system.

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    Alejandro Fuchs's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q4 2024

    Question

    Alejandro Fuchs from Itau BBA inquired about Coca-Cola FEMSA's 2025 volume expectations for Mexico amid slower macroeconomic dynamics and asked for the net impact of one-off events on the company's EBITDA during the quarter.

    Answer

    CEO Ian Marcel Craig García projected mid-single-digit volume growth for Mexico in 2025, citing a robust plan to recover market share and accelerate key brands, which offsets a lower GDP forecast. CFO Gerardo Celaya quantified the net impact from weather-related one-offs on EBITDA as a MXN 206 million expense for the quarter and a MXN 56 million positive effect for the full year.

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    Alejandro Fuchs's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q2 2024

    Question

    Alejandro Fuchs from Itau BBA sought to understand the drivers behind strong volumes in Mexico and Brazil, questioning the contribution from Juntos+ and multi-category initiatives. He also asked for clarification on one-off financial impacts during the quarter.

    Answer

    Management explained that Juntos+ provides a volume uplift of around 6%, complemented by a strong macro environment. Multi-category initiatives currently contribute about 1.3% of revenue. CFO Gerardo Celaya clarified the one-offs: a MXN 400 million non-cash FX loss in Mexico and a MXN 130 million net impact from the flooding in Brazil.

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    Alejandro Fuchs's questions to Central North Airport Group (OMAB) leadership

    Alejandro Fuchs's questions to Central North Airport Group (OMAB) leadership • Q1 2024

    Question

    Alejandro Fuchs asked for clarification on the 5% year-over-year increase in the national carrier tariff and sought more detail on the strategies driving the 15% growth in non-aeronautical revenue per passenger, including any influence from VINCI.

    Answer

    CFO Ruffo Pérez del Castillo explained that the aeronautical yield increase was primarily due to a favorable basis of comparison from last year's tariff adjustments. He attributed the strong non-aeronautical performance to aggressive renegotiations of commercial spaces and new outlet openings, developed in close collaboration with VINCI, and expects this strong performance to continue.

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