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    Felipe Ucros Nunez • Scotiabank

    Felipe Ucros Nunez's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

    Felipe Ucros Nunez's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q1 2025

    Question

    Felipe Ucros Nunez asked for a breakdown of profitability by country in South America, the drivers of operating leverage, and whether recent SG&A levels represent a new normal. He also followed up on consumer shifts in product mix.

    Answer

    CEO Ian Marcel Craig García and CFO Gerardo Celaya clarified that margin expansion in South America was broad-based, with Brazil and Colombia contributing significantly alongside Argentina. Celaya acknowledged SG&A pressure from labor and maintenance in Mexico but stated the company is focused on efficiencies. Executive Jorge Alejandro Pereda noted that product mix shifts vary, with Mexico moving to multi-serve while Brazil sees single-serve growth.

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    Felipe Ucros Nunez's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q4 2024

    Question

    Felipe Ucros Nunez of Scotiabank asked about the company's ability to recapture market share in Mexico and Brazil as production capacity increases, requested an update on 2025 FX hedging, and inquired about the strategy that successfully boosted Coke Zero in Mexico.

    Answer

    CEO Ian Marcel Craig García confirmed significant share recapture opportunities, particularly in Mexico. He explained the Coke Zero success was due to a simplified price-package architecture and strong marketing. CFO Gerardo Celaya provided a detailed 2025 hedging update, noting ~35% of total FX exposure is hedged, along with significant portions of key commodities like PET, aluminum, and sugar.

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    Felipe Ucros Nunez's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q2 2024

    Question

    Felipe Ucros Nunez from Scotiabank requested an update on the Juntos+ digital platform, specifically asking about the loyalty program's adoption and its impact on client behavior, as well as any progress on the fintech side of the initiative.

    Answer

    CEO Ian Marcel Craig García reported that the loyalty program is performing very well, driving a 'significant uplift' in volume and receiving positive client feedback. CFO Gerardo Celaya added that 750,000 customers are now active in the loyalty program across their operations. The fintech aspect was not detailed in the response.

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    Felipe Ucros Nunez's questions to Ambev SA (ABEV) leadership

    Felipe Ucros Nunez's questions to Ambev SA (ABEV) leadership • Q4 2024

    Question

    Felipe Ucros Nunez of Scotiabank requested an update on the third-party marketplace on the BEES digital platform, asking about the evolution of partnerships, profitability, and return on invested capital (ROIC) following recent optimizations.

    Answer

    CEO Carlos Eduardo Lisboa reported that the BEES marketplace GMV grew nearly 50% in 2024, driven by third-party expansion, positioning Ambev as a 'one-stop shop' for its customers. CFO Lucas Lira added that the business model is highly attractive, generating strong ROIC by leveraging the company's existing distribution network and customer base with minimal incremental capital, even as margins continue to improve.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO INC (CCU) leadership

    Felipe Ucros Nunez's questions to UNITED BREWERIES CO INC (CCU) leadership • Q2 2024

    Question

    Felipe Ucros Nunez from Scotiabank inquired about the specific impact of adverse weather on the beverage portfolio versus general consumption weakness, the competitive pricing environment in Chile, and the operational success of the new proprietary distribution system in Argentina.

    Answer

    CEO Patricio Jottar Nasrallah clarified that poor weather was the primary driver of volume declines, with beer volumes falling mid-teens versus a mid-single-digit drop for non-alcoholic drinks. He noted the industry is rationally raising prices to offset cost pressures but wouldn't comment on specific competitor moves. He also expressed extreme satisfaction with the new distribution system in Argentina, which has improved efficiency and enabled the water business to achieve positive EBITDA.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO INC (CCU) leadership • Q1 2024

    Question

    Felipe Ucros Nunez inquired about the competitive environment in Chile amidst peso devaluation, asking if the sector was pricing rationally. He also questioned if the Wine segment's strong volume growth was driven by restocking or final consumer demand.

    Answer

    Felipe Dubernet, Chief Financial Officer, explained that competitors increased promotional activity, leading to flat or lower prices. In contrast, CCU leveraged its strong brand health to raise prices in line with inflation. For the Wine segment, he confirmed that Q1 marked a normalization after a period of inventory destocking by distributors, with volumes now back above 2019 levels, and noted key growth initiatives in markets like China.

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