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    Renata Fonseca Cabral Sturani • Citibank

    Renata Fonseca Cabral Sturani's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

    Renata Fonseca Cabral Sturani's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q1 2025

    Question

    Renata Cabral asked if volume weakness in Mexico could be related to anti-U.S. brand sentiment and questioned the significance of the Easter holiday calendar shift on volumes.

    Answer

    Executive Jorge Alejandro Pereda attributed the softness in Mexico to a combination of factors, including intense market competition, geopolitical tensions, and unfavorable weather, rather than specific brand sentiment. He clarified that the Easter calendar shift had a minimal impact on volumes, accounting for less than a 1% shift.

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    Renata Fonseca Cabral Sturani's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q4 2024

    Question

    Renata Fonseca Cabral Sturani from Citigroup inquired about the operational status of the Porto Alegre plant in Brazil following recent disruptions and asked about the financial impact of related logistical costs during the fourth quarter.

    Answer

    CEO Ian Marcel Craig García reported that the Porto Alegre plant is operating at 30% capacity and is expected to be fully operational by April. CFO Gerardo Celaya stated the net financial impact on the Brazil division for the quarter was an expense of MXN 331 million, which includes costs for imported products, asset write-offs, and logistics, net of insurance recoveries.

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    Renata Fonseca Cabral Sturani's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

    Renata Fonseca Cabral Sturani's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q4 2024

    Question

    Renata Fonseca Cabral Sturani from Citibank asked for more color on the growth strategy for the Bara discount store format, noting its impressive growth in 2024.

    Answer

    CFO Martin Arias Yaniz explained that Bara is being established with independent operational systems to support its unique business model, distinct from OXXO. Another executive added that FEMSA is very positive about the discount format's potential in Mexico, focusing on improving the value proposition through private labels and expanding its geographic footprint beyond its current strongholds, with plans to open in new regions soon.

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    Renata Fonseca Cabral Sturani's questions to BRF SA (BRFS) leadership

    Renata Fonseca Cabral Sturani's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Renata Cabral from Citibank followed up on CapEx, asking about expectations for maintenance spending in 2025 after a period of cash constraints. She also inquired about the poultry industry's capacity dynamics in Brazil, asking if BRF is observing an increase in supply now that the raw material cycle is more favorable.

    Answer

    CFO Fabio Mendes Mariano clarified that the company's assets have always been kept in good operating condition, and CapEx levels this year will be similar to last year's. He suggested that a potential increase in 2025 would depend on the pace of growth. CEO Miguel de Souza Gularte addressed industry capacity, stating that there is currently a very interesting balance between supply and demand, supported by new export destinations and a recovering consumption environment. He does not see any short-term indicators that this balance will change.

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