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    Thiago Bortoluci • Goldman Sachs

    Thiago Bortoluci's questions to Fomento Economico Mexicano SAB de CV (FMX) leadership

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

    Question

    Thiago Bortoluci from Goldman Sachs asked for details on the same-store sales weakness at OXXO Mexico, particularly the 'loss of competitiveness,' and followed up on portfolio optimization and net unit growth outlook for the Health division and Grupo Nos in Brazil.

    Answer

    CFO Martín Yániz clarified the competitiveness issue relates to product presentation mix (e.g., multi-serve returnables) rather than SKU pricing, which they are addressing. Director of IR Juan Fonseca distinguished that the Health division in Mexico is undergoing a major restructuring with store closures, while Brazil's Grupo Nos remains in a high-growth phase despite minor closures of early-cohort stores.

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

    Question

    Thiago Bortoluci asked about the same-store sales dynamics at OXXO Mexico, particularly the noted loss of competitiveness, and also inquired about portfolio optimization in the Health division and at Grupo Nos in Brazil.

    Answer

    CFO Martín Yániz clarified the competitiveness issue relates to product presentation mix (e.g., returnables) rather than pricing, and noted OXXO's product overlap with hard discounters is only about 20%. Director of IR Juan Fonseca distinguished that Mexico's Health division is undergoing a major restructuring with 400+ store closures, while Brazil's Grupo Nos remains a bullish growth story despite minor adjustments.

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

    Question

    Thiago Bortoluci inquired about the momentum for Proximity Americas, focusing on OXXO Mexico's traffic share loss, the impact of sustained traffic decline on growth appetite, and the evolution of the gross margin mix from financial services and commercial income.

    Answer

    Jose Antonio Fernández, CEO of the Proximity and Health Division, attributed the traffic slowdown primarily to calendar effects, cold weather, and the broader economy, noting only marginal share loss to the traditional trade, particularly in tobacco. He affirmed that the store expansion strategy remains robust due to high returns on invested capital. CFO Martin Arias Yaniz added that financial services and commercial income continue to be significant drivers of gross margin expansion, with more opportunities ahead.

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

    Question

    Thiago Bortoluci of Goldman Sachs asked about the deceleration in OXXO's traffic and the feasibility of an acceleration. He also requested a breakdown of the SG&A pressures that diluted the strong gross margin expansion at the operating level.

    Answer

    Executive Juan Fonseca explained that the high traffic growth seen post-COVID was not sustainable and that a 1% growth rate is a more realistic long-term aspiration. CFO Martin Arias Yaniz clarified that the significant SG&A increase was primarily due to accelerated investments in building out the platform and capabilities for OXXO's Latin American expansion, particularly in Colombia, rather than just labor pressures in Mexico.

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    Thiago Bortoluci's questions to Coca-Cola Femsa SAB de CV (KOF) leadership

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

    Question

    Thiago Bortoluci of The Goldman Sachs Group, Inc. asked about the company's balance sheet and low leverage. He inquired about potential interest in assets from The Coca-Cola Company's refranchising process and, if none, the possibility of higher dividends. He also requested an update on FX hedges.

    Answer

    CEO Iain Craig García confirmed that while refranchising assets are interesting, KOF is not being considered for current opportunities outside the Americas, which brings the company closer to addressing its 'inefficient capital structure.' CFO Gerardo Cruz Celaya indicated that guidance on capital allocation could come by year-end and provided a detailed breakdown of FX hedge positions for 2025 and 2026.

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

    Question

    Thiago Bortoluci of Goldman Sachs Group, Inc. asked about the company's low leverage, its interest in Coca-Cola's refranchising assets, and the potential for increased shareholder returns. He also requested an update on FX hedging positions.

    Answer

    CEO Iain Craig García confirmed that while some refranchising assets are interesting, KOF is not part of the solution for current opportunities outside the Americas, which brings the company closer to addressing its 'inefficient capital structure.' CFO Gerardo Cruz Celaya indicated that guidance on balance sheet strategy would come by year-end or early 2026. He also detailed FX hedge positions, noting Mexico is hedged at MXN 20 per dollar for 2025 and 2026.

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    Thiago Bortoluci's questions to Arcos Dorados Holdings Inc (ARCO) leadership

    Thiago Bortoluci's questions to Arcos Dorados Holdings Inc (ARCO) leadership • Q3 2024

    Question

    Thiago Bortoluci of Goldman Sachs inquired about the company's early views on the potential 6x1 labor reform in Brazil and sought details on the restaurant opening pipeline for 2025 and beyond, including the mix of freestanding versus mall locations.

    Answer

    CEO Marcelo Rabach reiterated the 2025 guidance of 90-100 new restaurants, emphasizing a disciplined, gradual increase to maintain strong ROIs. He confirmed the focus remains on high-return freestanding units but noted the company is also opportunistically pursuing mall locations. CFO Mariano Tannenbaum added that the company is analyzing the potential impacts of the 6x1 labor reform, believing any changes would be gradual and manageable.

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    Thiago Bortoluci's questions to BRF SA (BRFS) leadership

    Thiago Bortoluci's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Thiago Bortoluci of Goldman Sachs inquired about BRF's growth perspective, asking if the company is at a turning point to refocus on volume after a period of prioritizing profitability. He also questioned what impact a more volume-focused BRF could have on the industry's delicate supply-demand balance, especially with a favorable grain outlook.

    Answer

    CEO Miguel de Souza Gularte stated that while the initial turnaround phase focused on correcting issues like unprofitable SKUs, the company has a major challenge and opportunity to occupy its existing idle capacity for organic growth. He emphasized that the natural trend is to pursue growth, but always with a focus on profitability, driven by innovation and value-added products. He clarified that growth for its own sake is useless and must be sustainable and strategic.

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