SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER 

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. 

(Exact name of Registrant as specified in its charter)

Mexican Economic Development, Inc. 

(Translation of Registrant’s name into English)

United Mexican States 

(Jurisdiction of incorporation or organization)

General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, Nuevo León 64410
México 

(Address of principal executive offices)

Indicate by check mark whether the registrantfiles or will file annual reports 

under cover of Form 20-F or Form 40-F:

Form 20-F xForm 40-F ¨

Indicate by check mark ifthe registrant is submitting the Form 6-K in paper as 

permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submittingthe Form 6-K in paper as 

permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether by furnishing theinformation contained in this 

Form, the registrant is also thereby furnishingthe information to the 

Commission pursuant to Rule 12g3-2(b) underthe Securities Exchange Act of 1934.

Yes ¨ No x

If "Yes" is marked, indicate below thefile number assigned to the registrant in 

connection with Rule 12g3-2(b): 82-_____________

SIGNATURES

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the 

registrant has duly caused this report to be signedon its behalf of the 

undersigned, thereunto duly authorized.

Exhibit99.1

2Q2025 

Results 

July 28,2025

InvestorContact 

(52)818-328-6167 

investor@femsa.com.mx 

femsa.gcs-web.com

MediaContact 

(52)555-249-6843 

comunicacion@femsa.com.mx 

femsa.com

HIGHLIGHTS

Monterrey, Mexico, July 28, 2025 —Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operationaland financial results for the second quarter of 2025.

^(A) Please refer to page 13 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance.

¹ FEMSA Retail: Proximity Americas & Europe, Fuel andFEMSA Health.

Financial Summary for the Second Quarter 2025

Change vs. comparable period

José Antonio Fernandez Carbajal, FEMSA’sChief Executive Officer, commented:

“During the second quarter, wedelivered a mixed set of results. In our core operations in Mexico, we faced a challenging combination of a soft consumer environmentand very adverse weather that put pressure on retail operations and beverage volumes. On the positive side, several of our proximity andbeverage operations outside of Mexico delivered strong results, which combined with currency tailwinds, helped to mitigate the impact.The retail operations outside of Mexico provided encouraging signs that they are firing on all cylinders as they fine-tune their valuepropositions and increase their scale.

At Proximity Americas Mexico, weaktraffic numbers stood out against an otherwise largely positive set of trends outside of Mexico, reflecting an environment in which conveniencecategories such as soft drinks, beer and tobacco underperformed other categories across channels. We are working hard together with oursupplier partners to ensure we can adjust our assortment and price-package architecture to remain competitive in addressing our customers’needs as we advance through the summer and approach the key selling season in the fourth quarter. For its part, Valora delivered a solidresult, as did our Health operations outside of Mexico. Finally, Coca-Cola FEMSA navigated the same challenging environment in Mexicowhich it is aggressively addressing with highly targeted and segmented packaging strategies, promotional activity, and expense control.Outside of Mexico, KOF continued to improve its competitive position and delivered strong results, particularly led by certain marketsin South America, further reinforced by currency tailwinds.

We remain confident of the initiativesbeing implemented across businesses, and we are focused on reversing the traffic and volume trends and on managing costs and expensesin the second half of the year. Our businesses have repeatedly proven their resilience, and we believe we have the right strategy andteam for the task.”

QUARTERLYRESULTS 

Resultsare compared to the same period of previous year

FEMSACONSOLIDATED  

2Q25 Financial Summary 

Amountsexpressed in millions of Mexican Pesos (Ps.) 

NetDebt² ex-KOF³

Amountsexpressed in millions of Mexican Pesos (Ps.)

¹ Active User for Spin by OXXO: Anyuser with a balance or that has transacted within the last 56 days.

Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.

² Tender: OXXO MXN sales with SpinPremia redemption or accrual / Total OXXO MXN Sales, during the period.

^(A) Please refer to page 13 for ourdefinition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

Total revenues increased 6.3% in 2Q25 comparedto 2Q24, driven by growth across our business units outside of Mexico and reflecting the benefit from favorable exchange rate effectsdue to the depreciation of the Mexican peso against most of our foreign operating currencies. After accounting for currency effects andM&A, revenues grew 2.2%.

Gross profit increased 4.2%. Gross margindecreased 80 basis points, mainly reflecting margin contractions in Proximity Europe, Coca-Cola FEMSA and Health, as well as a greatermix of operations outside of Mexico in Proximity Americas including acquisitions, partially offset by a margin expansion in Fuel and OxxoMexico. After accounting for currency effects and M&A, gross profit remained flat.

Income from operations increased 1.2%,mainly explained by favorable exchange rate effects. The consolidated operating margin was 8.4% as a percentage of total sales, representinga contraction of 50 basis points, reflecting margin contractions in Proximity Americas, Health and Coca-Cola FEMSA, particularly in ourhigher margin businesses in Mexico. This was partially offset by margin expansion in our Proximity Europe and Fuel Divisions. After accountingfor currency effects and M&A, income from operations decreased 1.5%.

The effective income tax rate was higherat 40.0% in 2Q25 vs. 2Q24. Our income tax provision was Ps. 4,339 million in 2Q25, impacted by currently non-deductible tax losses fromSpin and non-deductible labor related expenses in Mexico, both of which weighed more heavily given the lower pre-tax profits caused byFX losses relating to our US dollar cash balances. As we have expanded our labor force in Mexico retail and beverages, and labor expenseshave increased generally, the non-deductible portion of such expenses has grown relatively faster as a percentage of the total. Thesefactors contributed to a higher tax rate during the period.

Net consolidated income was Ps. 5,593 million, compared to Ps. 15,669 million in 2Q24, reflecting: i) a non-cash foreign exchangeloss of Ps. 4,102 million, compared to a gain of Ps. 6,131 million in 2Q24, related to our U.S. dollar-denominated cash position negativelyimpacted by the appreciation of the Mexican peso during the quarter and reflecting a Ps.10 billion shift; and a ii) lower interest incomeof Ps. 2,051 million compared to a Ps. 4,136 million in 2Q24, impacted by lower interest rates.

Net majority income was Ps. 0.78 per FEMSAUnit⁵ and US$0.42 per FEMSA ADS⁴.

Net Debt / EBITDA. As of June 30,2025, cash and investments were Ps. 125,171 million and total debt was Ps. 180,980 million, resulting in net debt of Ps. 55,809 million.Our Net Debt / EBITDA ratio ex-KOF was 0.93x up from 0.64x in 2Q24.

Capital expenditures amounted to Ps. 9,203million, 4.4% as a percentage of total sales, and a decrease of 13.8% compared to 2Q24, reflecting lower CAPEX at Proximity Americas,mainly reflecting lower investments given the pause in the expansion strategy in OXXO Chile and Peru, as well as in Health Mexico. Thiswas partially offset by stable CAPEX at Coca-Cola FEMSA, mainly deployed to increase our production and distribution capacity. While ProximityAmericas had lower CAPEX, our efforts remain in more targeted new store openings, including less capex-intensive OXXO Nicho Stores, andthe remodeling and optimization of existing stores going forward.

PROXIMITY AMERICAS OXXO (Mexico, USA & Latam1)

2Q25 Financial Summary – Proximity Americas

Amounts expressed in millions of Mexican Pesos (Ps.)

¹ Adjusted EBITDA: Operating Income+ Depreciation + Amortizations + other non-cash charges.

Adjusted EBITDA ex-KOF: FEMSA Consolidated Adjusted EBITDA as described above – Coca-Cola FEMSA’s Consolidated Adjusted EBITDA+ Dividends received by FEMSA from Coca-Cola FEMSA and other investments.

² All Net Debt calculations are shownon an Ex-KOF basis. For a detailed reconciliation of this metric please see table on page 16 of this document.

³ ex-KOF: FEMSA Consolidated reportedinformation – Coca-Cola FEMSA Consolidated reported information.

⁴ The exchange rate published by theFederal Reserve Bank of New York for June 30, 2025 was 18.8292 MXN per USD.

⁵ FEMSA Units consist of FEMSA BDUnits and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares.Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2025 was 3,469,469,527,equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

^(A) Please refer to page 13 for ourdefinition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

¹ OXXO Latam: OXXO Colombia, Chileand Peru.

² Same-store Sales including OXXOMexico and Latam, this does not include our USA operations.

Total revenues increased 6.9% in 2Q25 comparedto 2Q24 reflecting 0.4% decline in same-store sales, offset by a 6.3% store expansion and currency tailwinds relative to the US and SouthAmerican currencies, as well as the consolidation of the US operation into the results. The decline in same-store sales was driven byan increase of 6.6% in average ticket, and a decrease of 6.6% in store traffic. On a comparable basis, total revenues increased 2.0%.These figures reflect a challenging quarter In Mexico, which was marked by adverse weather conditions and a persistently soft consumerenvironment, partially offset by a higher average ticket driven partly by higher ticket size related to the calendar shift of the HolyWeek into this quarter. Furthermore, Proximity Americas, particularly in Mexico, again saw lackluster results from the Thirst andGathering consumption occasions, two of the most important categories for OXXO, with decreases in the beer and soft drinks categories,as well as tobacco. During the quarter, the OXXO store base in Mexico, USA and Latam expanded by 334 stores. This division had 1,500 totalnet store additions for the last twelve months, which includes 249 stores from our acquisition of Delek’s retail operations in theUSA. As of June 30, 2025, Proximity Americas had a total of 25,180 stores. Despite the challenging environment in Mexico, OXXO Latamshowed very strong results with same-store sales growth in the high teens on a currency neutral basis.

Gross profit reached 44.1% of total revenues,reflecting a stable margin for the Proximity Americas Division. This performance was supported by continued growth in commercial incomeand financial services at OXXO Mexico, partially offset by the lower margin of the US operation, which carries a lower margin structuredue in part to gasoline, and the Latam region, which remains in a development phase.

Income from operations declined by 2.8%compared to 2Q24 and represented 9.0% of total revenues, which is a 90-basis point contraction. The decline and margin contraction aremainly explained by an increase in selling expenses at a higher rate than revenues due to higher labor costs and administrative expensesrelated to our continued investment in commercial capabilities such as segmentation, revenue management, and data analytics. Notwithstanding,the growth in selling expenses, the most important expense line item, was lower than prior quarters, reflecting continued efforts to makemore efficient use of labor through technology and variable shift policies.

PROXIMITY AMERICAS Other formats

Bara¹ 

Total revenues increased by 28.0% in 2Q25 comparedto 2Q24, reflecting an average same-store sales increase of 8.9%, with a strong performance in the grocery, dairy and frozen food categories,and the addition of 144 net new Bara stores during the last twelve months. Growth was negatively impacted by the convenience categories,which are being affected by tougher weather conditions and a slow consumer environment. Without the effect on convenience categories,the same-store sales growth would have been in the low double digits. During the quarter, the Bara store base expanded by 23 units reachinga total of 533 Bara stores as of June 30, 2025.

Grupo Nós²

Total revenues of OXXO Brazil in 2Q25 grew 33.8%³year-over-year. This figure reflects the successful evolution and expansion of the OXXO value proposition in the country, which resultedin same-store sales growth of 12.8%³, as well as the addition of 78 net new OXXO stores for the last twelve months. Duringthe quarter, the store base contracted by 12 units. As of June 30, 2025, Grupo Nós had a total of 603 OXXO stores.

¹ Bara store count and results are not consolidatedwithin the Proximity Americas reported figures.

² OXXO’s non-consolidated joint-venture with Raízenin Brazil.

³ In local currency, BRL

2Q25 Financial Summary – Proximity Europe

Amounts expressed in millions of Mexican Pesos (Ps.)

Total revenues increased 31.4% in 2Q25compared to 2Q24, reflecting a relevant favorable effect from the appreciation of the Euro and the Swiss Franc against the Mexican peso.Excluding currency effects, total revenues grew 5.9%, reflecting increased retail sales, particularly in Switzerland, which were partiallyoffset by lower sales in B2B and B2C foodservice, which faced continued consumer headwinds.

Gross profit reached 41.4% of total revenues,reflecting a 190 basis-point margin contraction explained by lower B2C foodservice sales, which have a structurally higher margin, andto a lesser extent, a product-mix effect that relates to higher tobacco sales, as well as the impact of changes to the operating modelwithin our retail operations. Gross profit grew 25.6% compared to 2Q24, but grew 1.2% on a currency-neutral basis.

Income from operations increased 54.4%versus the 2Q24 and represented 4.6% of total revenues, a 70 basis-point increase year-on-year, reflecting growth in retail sales, coupledwith effective cost management. On a comparable basis, income from operations increased 24.0%. Although operating expenses rose by 22.7%to Ps. 5,546 million, on a currency-neutral basis the expense growth slowed down to around 1%, reflecting the effect of cost managementinitiatives and operational efficiencies.

^(A) Please refer to page 13 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance.

HEALTH

2Q25 Financial Summary - Health

Amountsexpressed in millions of Mexican Pesos (Ps.) except same-store sales

Total revenues increased 15.6% in 2Q25compared to 2Q24, helped by the appreciation of currencies against the Mexican peso, but they grew 6.7% on a currency-neutral basis, reflectinga positive performance in Colombia and, Ecuador, more than offsetting the negative results in Mexico. During the quarter, the net storebase decreased by 273 units, including the closing of 311 net locations in Mexico, reaching a total of 4,321 locations across our territories,as of June 30, 2025. During the last twelve months, there were 175 net closing. Same-store sales increased by an average of 13.1%in Mexican pesos and 4.8% on a currency-neutral basis despite the negative performance of the stores in Mexico, reflecting the strongresults of Ecuador and Colombia in particular.

^(A) Please refer to page 13 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance.

Gross profit was 29.7% of total revenues,representing a 60-basis point contraction year on year, mainly reflecting the challenging environment in Mexico, including the closureof stores, resulting in lower sales, coupled with the result of a more disciplined procurement process. This was partially offset by higherretail sales in Colombia.

Income from operations amounted to 3.8%of total revenues, a contraction of 30 basis points, resulting in an increase of 5.7%, reflecting tailwinds from a relatively weaker Mexicanpeso against other operating currencies. On a comparable basis, however, income from operations declined 5.2%, mainly explained by grossmargin contraction and higher operating expenses which rose 14.8% to Ps. 5,677 million, or 6.1% on a comparable basis. This increase wasrelated to the ongoing restructuring in Mexico, as well as expenses associated with the reduction of the division’s overhead. Theseeffects were partially offset by positive performance in Colombia and Ecuador.

FUEL

2Q25 Financial Summary – Fuel

Amountsexpressed in millions of Mexican Pesos (Ps.) except same-station sales

Total revenues increased 0.6% in 2Q25 comparedto 2Q24, reflecting a 4.9% average same-station sales increase, driven by 4.2% growth in average volume and 0.6% increase in the averageprice per liter, offset by a decline in volume in our wholesale business. The OXXO Gas retail network had 559 points of sale as of June 30,2025.

Gross profit was 12.6% of total revenues,representing a 70-basis point year-on-year expansion, reflecting a slight contraction in cost of sales and the decline in our lower marginwholesale business.

Income from operations represented 4.7%of total revenues and a 13.6% increase, due to higher efficiencies and cost controls. Operating expenses increased 2.8% to Ps. 1,348 million,mainly reflecting lower expenses resulting from ongoing efforts to drive efficiencies and operate with a leaner organization to face thevoluntary industry-wide price commitments.

FEMSA Retail Operations Summary

Total Revenue Growth (% vs year ago)

TotalUnit Growth (% vs year ago)

Same-StoreSales

SPIN1

Spin by OXXO

Spin by OXXO acquired 0.7 million users duringthe quarter to reach 14.5 million total acquired users in 2Q25, compared to 11.8 million users in 2Q24. This represents an increase of22.9% YoY and a 1.7% compound monthly growth rate. Active users² represented 64.7% of the total acquired user base representing18.8% growth YoY and reaching 9.4 million. Total transactions per month increased 28.9%³ during the quarter to reach anaverage of 73.7 million per month in 2Q25, reflecting an increase in user engagement.

Spin Premia

Spin Premia acquired 2.6 million users duringthe quarter to reach 58.3 million total acquired users in 2Q25, compared to 47.2 million users in 2Q24. This represents an increase of23.5% YoY and a 1.8% compound monthly growth rate. Active users⁴ represented 45.7% of the total acquired user base representing16.9% growth YoY and reaching 26.6 million. The average tender during the quarter was 45.8%.

COCA-COLA FEMSA

Coca-Cola FEMSA’s financial results anddiscussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release, which is attached to this press releaseor may be accessed by visiting coca-colafemsa.com.

¹ Digital@FEMSA’s results are included withinthe Other business segment

² Active User for Spin by OXXO: Any user with a balanceor that has transacted within the last 56 days.

³ Represents the growth of average monthly transactionsin 2Q25 compared to average monthly transactions in 2Q24.

⁴ Active User for Spin Premia: User that has transactedat least once with OXXO Premia within the last 90 days.

RESULTSFOR THE FIRST SIX MONTHS OF 2025 

Resultsare compared to the same period of previous year

Financial Summary for the First Six Months

Amountsexpressed in millions of Mexican Pesos (Ps.)

Total revenues increased 8.3%, reflectinggrowth across all our business units, currency tailwinds, and the consolidation of the results of our US operations.

Gross profit rose by 9.2%. Gross marginincreased by 30 basis points to 40.5% of total revenues, reflecting a gross margin expansion at the Proximity Americas and Fuel Divisions.This was partially offset by a margin contraction at the Proximity Europe Division and stable margins at Coca-Cola FEMSA and the HealthDivision.

Income from operations increased 2.6%.Our consolidated operating margin decreased 40 basis points to 7.7% of total revenues, reflecting margin contractions at Coca-Cola FEMSAand Proximity Americas Division, while the Health, Fuel and Proximity Europe Divisions had stable margins.

Our effective income tax rate was 41.1%for the first six months of 2025, compared to 31.9% in 2024. Our income tax provision was Ps. 9,100 million for the first six months of2025, reflecting: i) non-deductible tax losses from Spin and non-deductible labor related expenses in Mexico, both of which weighed moreheavily given the lower pre-tax profits caused by FX losses relating to our US dollar cash balances; and ii) a one-time non-recurrentpayment related to a contingency from 2018. As we have expanded our labor force in Mexico retail and beverages and labor expenses haveincreased generally, the non-deductible portion of such expenses have grown relatively faster as a percentage of the total. These factorscontributed to a higher tax rate during the period.

Net consolidated income was Ps. 14,533million reflecting a decline of 32.2% compared to 2024 explained by; i) a higher base from the first six months of 2024, which reflected:i) a non-cash foreign exchange gain of Ps. 5,008 million compared to a loss in 2025 of Ps. 3,660 million, related to FEMSA’s U.S.dollar-denominated cash position negatively impacted by the appreciation of the Mexican peso, ii) a higher net interest expense of Ps.6,281 million, compared to Ps. 3,434 million in 2024 due to lower interest income, and iii) an increase in income taxes as explained above.This result was despite a higher other financial income of Ps. 1,817 million compared to a 337 million expense in the first six monthsof 2024, reflecting a financial instrument gain of Ps. 1,107 million related to our remaining position in Heineken and a gain in net incomefrom discontinued operations of Ps. 2,333 million from the divestment of our plastics solutions operations.

Net majority income per FEMSA Unit²was Ps. 2.45 (US$1.30 per ADS).

Capital expenditures amounted to Ps. 17,987million, a decrease of 1.4% compared to 2024, reflecting lower CAPEX at Proximity Americas, mainly due to reduced investments followingthe pause in our expansion strategy in Chile and Peru. To a lesser extent, CAPEX was also lower in the Health and Fuel divisions, reflectingthe current operating environment in those businesses. These effects were partially offset by higher investments at Coca-Cola FEMSA toexpand production and distribution capacity, as well as sustained store expansion in Proximity Americas, particularly in Mexico and Colombia,along with continued investments in core capabilities across our business units.

RECENTDEVELOPMENTS

The total number of shares ultimatelyrepurchased under the ASR agreement was based on the daily volume-weighted average price of the Company’s ADS during the term ofthe agreement, less a discount. The ASR was completed with the final delivery of shares received on July 21 and 22. The Company repurchaseda total of 2,439,936 ADSs at an average price of USD $102.46 per ADR, for a total amount of USD $250 million.

^(A) Please refer to page 13 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance

¹ Adjusted EBITDA: Operating Income + Depreciation + Amortizations.

² FEMSA Units consist of FEMSA BD Units and FEMSA B Units.Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprisedof five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2025 was 3,469,469,527, equivalent to the total numberof FEMSA Shares outstanding as of the same date, divided by 5.

Total consideration for this transactionwas $4,040 million Mexican pesos, on a cash-free, debt-free basis.

CONFERENCE CALL INFORMATION

Our Second quarter 2025 Conference Call will be held on: Monday, July 28, 2025, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.

Ifyou are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-reports/quarterly-results

ABOUT FEMSA

FEMSA is a company that creates economic and socialvalue through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. Itparticipates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other relatedretail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats.In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Spin, whichincludes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates throughCoca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has morethan 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class MILAPacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV TotalMéxico ESG, among other indexes.

FORWARD-LOOKING STATEMENTS

This report may contain certain forward-lookingstatements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statementsreflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties,which could materially impact our actual performance.

Our consolidated financial statements as of andfor the year ended December 31, 2025, are not yet available, and the independent audit of those financial statements is ongoing andhas not yet been completed. The unaudited preliminary financial information as of and for the year ended December 31, 2025, presentedherein, is preliminary and subject to change as we complete our financial closing procedures and prepare our consolidated financial statements,and as our independent registered public accounting firm completes its audit of such consolidated financial statements. As of the dateof this release, our independent registered public accounting firm has not expressed an opinion or any other form of assurance on anyfinancial information as of or for the year ended December 31, 2025, or on our internal control over financial reporting as of December 31,2025. Our audited consolidated financial statements may differ materially from this preliminary information and will also include notesproviding additional disclosures.

COMPARABILITY

Our “comparable” term means,with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions,and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, managementhas used its best judgment, estimates, and assumptions to maintain comparability.

Tenpages of tables to follow

FEMSA – Consolidated Income Statement

Amounts expressed in millionsof Mexican Pesos (Ps.)

^(A) Please refer to page 13for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operatingperformance. 

⁽¹⁾ Other operating expenses (income), net = otheroperating expenses (income) +(-) equity method from operated associates. 

⁽²⁾ Income from operations = gross profit –administrative and selling expenses – other operating expenses (income), net. 

⁽³⁾ Mainly represents the results of our joint-venturewith Raízen, Grupo Nós, net of taxes.

FEMSA – Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

⁽¹⁾ Includes mainly the intangible assets generatedby acquisitions.

⁽²⁾ Includes the effect of derivative financial instrumentson long-term debt.

Net Debt & Adjusted EBITDA ex-KOF

Amountsexpressed in millions of US Dollars (US.)

 

		As of June 30, 2025
		Reported				Adjustments				Ex-KOF
Cash & Equivalents			6,648				-				6,648
Coca-Cola FEMSA Cash & Equivalents			1,972				(1,972	)			-
Cash & Equivalents			8,620				(1,972	)			6,648
Financial Debt4			3,932				-				3,932
Coca-Cola FEMSA Financial Debt			4,330				(4,330	)			-
Lease Liabilities			5,679				-				5,679
Coca-Cola FEMSA Lease Liabilities			158				(158	)			-
Debt			14,099				(4,488	)			9,612
FEMSA Net Debt			5,479				(2,515	)			2,964

Translated to USD for readers’ convenience using the exchange rate published by the Federal Reserve Bank of New York for June 30, 2025 which was 18.8292 MXN per USD.

1 Coca-Cola FEMSA adjustment represents 100% of its LTM EBITDA.

2 Includes FEMSA Other Businesses (including Bara and Spin), FEMSA corporate expenses, and the effects of consolidation adjustments

3 Reflects cash dividends received from Coca-Cola FEMSA for approximately US$322 mm and EUR$3 mm from Heineken during the last twelve months.

4 Includes EUR€ 500.0 mm in notes convertibleto Heineken Holding N.V. shares.

EPS with Repurchased Shares

Amounts expressed in millions of Mexican Pesos (Ps.)

⁽¹⁾ FEMSA Units Outstanding consist of FEMSA BD Unitsand FEMSA B Units. The number of FEMSA Units outstanding is equivalent to the total number of FEMSA Shares outstanding as of the samedate, divided by 5.
⁽²⁾ At our Shareholders meeting held on April 11 of 2025, the cancellation of the shares acquired from the stockrepurchase program during the period from November 2023 to March 2025 was approved. The total FEMSA Units Cancelled are forthe amount of 108,756,743 units. This includes 102,201,323 from November 2023 to December 2024, as well as 6.555,420 units boughtduring the current year from January 2025 to March 2025.

Proximity Americas – Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)