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    Rodrigo Alcantara • UBS

    Rodrigo Alcantara's questions to Ambev SA (ABEV) leadership

    Rodrigo Alcantara's questions to Ambev SA (ABEV) leadership • Q2 2025

    Question

    Rodrigo Alcantara requested the specific data points that support management's claim of improved brand equity, given the market share outcome. He also asked for an update on the progress of the revamped strategy for the Skol brand.

    Answer

    CEO Carlos Eduardo Klutzenschell Lisboa explained that brand equity is tracked via 'brand power' metrics (measuring how different, salient, and meaningful a brand is), which have shown improvement. He also noted the share loss was less than historical models predicted for the given price relativity. For Skol, he highlighted a 'v-curve' recovery since Carnival, driven by improved distribution and point-of-sale execution.

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    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q2 2025

    Question

    Rodrigo Alcantara from UBS Group asked about the sustainability of operating expense efficiencies at Proximity Americas, particularly on the labor front, and questioned the drivers behind rising G&A expenses.

    Answer

    CFO Martín Yániz explained that while not yet compliant with a potential 40-hour work week, the company is actively experimenting with dynamic shifts to prepare. He attributed higher G&A to transformational projects and the OXXO USA consolidation, expecting improvement ahead. He affirmed they will continue using technology and flexible policies to mitigate rising labor costs.

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    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q2 2025

    Question

    Rodrigo Alcantara questioned the sustainability of OpEx efficiencies at Proximity Americas, OXXO's readiness for a potential 40-hour work week, and the drivers behind rising G&A expenses.

    Answer

    CFO Martín Yániz explained that while not yet compliant with a 40-hour week (as it is not yet law), OXXO is actively experimenting with dynamic shifts to prepare. He attributed G&A growth to transformational projects and the OXXO USA consolidation, expecting improvement. He affirmed the company will continue battling labor cost inflation with efficiency measures.

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    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q1 2025

    Question

    Rodrigo Alcantara asked for more details on initiatives to create a leaner labor structure at OXXO stores, specifically how the staff-per-store could be reduced, and the timeline for these initiatives to reflect in margins.

    Answer

    Jose Antonio Fernández, CEO of the Proximity and Health Division, explained they are reducing the full-time equivalent per store from 6.7 towards 6.5 by using advanced analytics for more precise, dynamic staffing based on store-specific needs like coffee or financial services volume, rather than just transactions. CFO Martin Arias Yaniz added that this includes more dynamic shift scheduling. Fernández stated the goal is to get as lean as possible without harming the value proposition, in anticipation of future minimum wage increases.

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    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q4 2024

    Question

    Rodrigo Alcantara from UBS asked about the sustainability of OXXO's gross margin expansion and requested an update on the operational performance, customer reception, and profitability of the OXXO business in Brazil.

    Answer

    Executive Juan Fonseca addressed the gross margin, clarifying that 2024's 300bps expansion was extraordinary and that future, more moderate growth will be driven by commercial income, financial services, and enhanced pricing capabilities. Regarding Brazil, CFO Martin Arias Yaniz and another executive highlighted strong same-store sales, positive brand awareness in Sao Paulo, and a current focus on improving operational metrics to build a solid base for the next wave of growth.

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    Rodrigo Alcantara's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership • Q2 2024

    Question

    Rodrigo Alcantara from UBS followed up on OXXO's gross margin, asking for a more granular breakdown between commercial income and services to assess sustainability, and questioned the contribution from the Amazon partnership.

    Answer

    Executive Juan Fonseca stated that while a specific breakdown would not be provided, commercial income is the larger contributor to gross margin expansion, partly driven by having major brewers compete for shelf space. He also highlighted a resurgence in traditional financial services through partnerships with banks and e-commerce players like Amazon and Mercado Libre, which drives both direct profit and crucial store footfall.

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    Rodrigo Alcantara's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

    Rodrigo Alcantara's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q2 2025

    Question

    Rodrigo Alcantara from UBS Group AG questioned the drivers behind the company's price/mix performance, noting it held up surprisingly well in Mexico despite promotions. He asked for the underlying trends and second-half expectations for Mexico, and queried the sustainability of the strong price/mix seen in Brazil.

    Answer

    CEO Iain Craig García explained that while pricing was initially firm, the company is now adopting a more cautious stance in Mexico, focusing on affordability at the MXN 20 price point. For Brazil, he clarified that the strong price/mix was driven by favorable mix shifts towards single-serve presentations and Coke Zero, rather than aggressive price increases. CFO Gerardo Cruz Celaya confirmed the sharp pickup in single-serve mix in Brazil was a key factor.

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    Rodrigo Alcantara's questions to Coca-Cola Femsa SAB de CV (KOF) leadership • Q2 2025

    Question

    Rodrigo Alcantara of UBS Group AG inquired about the drivers behind the resilient price/mix in Mexico despite a challenging environment and asked about the sustainability of the strong price/mix performance observed in Brazil.

    Answer

    CEO Iain Craig García explained that Mexico's price/mix reflected initial preparations for a strong season that did not materialize, and the company is now adopting a more cautious pricing stance for H2 with a focus on affordability. For Brazil, he and CFO Gerardo Cruz Celaya clarified that the strong price/mix was driven by favorable mix shifts, including a sharp increase in single-serve presentation and significant growth in Coke Zero, rather than aggressive price increases.

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

    Question

    Rodrigo Alcantara inquired about Coca-Cola FEMSA's strategy for Mexico's uncertain environment, including promotional adjustments and price elasticity, and asked for details on the full-year 2025 savings target.

    Answer

    CEO Ian Marcel Craig García explained that KOF swiftly reacted to a competitive, promotion-heavy market in Mexico by intensifying its own promotional calendar, noting that price elasticity is currently high. CFO Gerardo Celaya quantified the 2025 savings target at approximately MXN 90 million, distributed across operations, with a particular focus on Mexico and Colombia due to softer consumer sentiment.

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

    Question

    Rodrigo Alcantara from UBS asked for management's view on the portfolio's elasticity in Brazil given the economic outlook, sought clarification on a CapEx reporting discrepancy, and inquired about higher inventory-related cash outflows.

    Answer

    CEO Ian Marcel Craig García expressed confidence in the Brazil operation, noting that despite slower GDP growth, KOF has very favorable year-over-year comparisons starting in May due to the 2024 plant disruption. Executive Jorge Alejandro Pereda clarified that the larger CapEx figure includes commitments, while the smaller is cash paid. CFO Gerardo Celaya explained that working capital was impacted by the strategic consumption of reserve inventories to meet demand.

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