Fomento Economico Mexicano SAB de CV (FMX) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to FEMSA's second quarter 2025 results conference call. Please note that this event is being recorded. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 FEMSA 2025 年第二季業績電話會議。請注意，此事件正在被記錄。（操作員指示）

I will now turn the call over to your host for today, Juan Fonseca, Investor Relations. You may begin, sir.

現在我將把電話轉給今天的主持人、投資者關係部 Juan Fonseca。先生，您可以開始了。

Thank you. Good morning, everyone. Welcome to FEMSA's second quarter 2025 results conference call. Today, we are joined by Juan Carlos Guillermety, CEO of Spin, formerly Digital FEMSA; Martin Arias, our CFO; and Jorge Collazo who heads the Coca-Cola FEMSA's Investor Relations team.

謝謝。大家早安。歡迎參加 FEMSA 2025 年第二季業績電話會議。今天，與我們一起出席的嘉賓有 Spin（前身為 Digital FEMSA）執行長 Juan Carlos Guillermety、我們的財務長 Martin Arias 以及可口可樂 FEMSA 投資者關係團隊負責人 Jorge Collazo。

This is the first time Juan Carlos joins us for a quarterly conference call as part of our ongoing efforts to provide more market access to our leadership team. The plan for today is for Juan Carlos to open the conversation with some background on Spin, followed by a strategic discussion on where we are today in our digital endeavor. And just as importantly, where he sees spend going in the future.

這是胡安·卡洛斯第一次參加我們的季度電話會議，這是我們持續努力為領導團隊提供更多市場准入的一部分。今天的計劃是，胡安卡洛斯首先介紹一下 Spin 的一些背景，然後就我們目前在數位領域所處的階段進行策略性討論。同樣重要的是，他預見了未來的支出走向。

After his remarks, Martin will provide some detailed on FEMSA's quarterly results. And finally, we will open the call for questions. Juan Carlos, please go ahead.

演講結束後，馬丁將詳細介紹 FEMSA 的季度業績。最後，我們將開始提問。胡安卡洛斯，請繼續。

Thank you, Juan. Good morning, everyone. It's a pleasure to be here today discussing and sharing with you some of the exciting progress that Spin has been making and what we're trying to build. Thank you for your interest and for joining us this morning.

謝謝你，胡安。大家早安。我很高興今天能在這裡與大家討論和分享 Spin 所取得的一些令人興奮的進展以及我們正在努力建立的目標。感謝您的關注以及今天早上的加入我們。

Let me begin by providing some brief context into why and how Spin came to be, not to make a trip down memory lane, but because so much of what's been done today, and will do in the future, leverages and enables OXXO and FEMSA's digital physical assets more broadly.

首先，讓我簡單介紹一下 Spin 誕生的原因和方式，這並不是為了回顧過去，而是因為今天所做的以及未來將要做的很多事情都更廣泛地利用和支持了 OXXO 和 FEMSA 的數位實體資產。

As most of you know, OXXO began developing a platform for basic cash payments and services many years ago, selling prepaid long distance telephone cards and evolving over time by enabling its customers to solve an ever-growing number of needs from utility bill payments to correspondent banking, to e-commerce payment functionality, broadening the scope of its service offering along with the needs of its customers.

眾所周知，OXXO 多年前就開始開發基本現金支付和服務平台，銷售預付費長途電話卡，並隨著時間的推移不斷發展，幫助客戶解決從水電費支付到代理銀行業務、電子商務支付功能等越來越多的需求，擴大其服務範圍以滿足客戶的需求。

More recently, as digital platforms in the market launched and evolved, it became increasingly clear that FEMSA had an opportunity as well as the strategic need to develop its own digital platform, not only to complement its physical cash-based functionalities, but to evolve OXXO's broader value proposition and strengthen its role as the most convenient way to meet everyday needs.

最近，隨著市場上數位平台的推出和發展，越來越明顯的是，FEMSA 有機會和策略需要開發自己的數位平台，不僅是為了補充其基於實體現金的功能，而且是為了發展 OXXO 更廣泛的價值主張並加強其作為滿足日常需求最便捷方式的作用。

Looking into the future, convenience retail cannot be imagined without a seamless, integrated digital experience. Spin is one of the most important aspects of how we ensure that OXXO continues to deliver convenience across both physical and digital ecosystems while accessing new profit pools.

展望未來，便利零售如果沒有無縫整合的數位體驗是不可想像的。Spin 是我們確保 OXXO 在獲取新利潤池的同時繼續在實體和數位生態系統中提供便利的最重要方面之一。

Since our foundation in 2021, we have envisioned an omnichannel ecosystem centered on payments and awards. While we always saw it as an integrated experience, we launched Spin by OXXO, our digital wallet and Spin Premia, our rewards program as independent fast-to-market product focused on gaining early traction.

自 2021 年成立以來，我們就一直設想建立一個以支付和獎勵為中心的全通路生態系統。雖然我們一直將其視為一種綜合體驗，但我們推出了 Spin by OXXO（我們的數位錢包）和 Spin Premia（我們的獎勵計劃），作為獨立的快速上市產品，專注於獲得早期吸引力。

We then saw the need to complement these assets with a B2B platform to expand our reach beyond OXXO, which led to the acquisition of NetPay. We all acquired a minority equity stake and eventually the assets of Conecta, which has served as the enabler for OXXO Pay, the e-commerce payment platform where consumers can pay for their e-commerce in cash or other means within the safety of the store.

然後，我們發現需要透過 B2B 平台來補充這些資產，以擴大我們在 OXXO 之外的影響力，這導致了對 NetPay 的收購。我們都收購了 Conecta 的少數股權，並最終獲得了其資產，Conecta 是電子商務支付平台 OXXO Pay 的推動者，消費者可以在商店的安全環境下以現金或其他方式支付電子商務費用。

Leveraging OXXO's capillarity and reputation as a reliable and trusted service provider and the commitment of our growing team of Spinners, we have been able to consolidate a meaningful position in the market. Since inception, we have achieved the following major milestones. Spin by OXXO has created more than 14.5 million Spin by OXXO accounts, of which more than 9.4 million have been active in the last 56 days.

利用 OXXO 作為可靠和值得信賴的服務提供者的毛細管作用和聲譽以及我們不斷壯大的紡紗工團隊的承諾，我們已經能夠鞏固在市場上的重要地位。自成立以來，我們已實現以下主要里程碑。Spin by OXXO 已創建超過 1450 萬個 Spin by OXXO 帳戶，其中超過 940 萬個帳戶在過去 56 天內處於活躍狀態。

We operate across the new territory with strong penetration in nearly all municipalities. Our customer base is young, and dynamic with two-thirds under the age of 45 and more than 50% of our users are women. This is specifically relevant as women have historically been underserved by financial institutions. We continue to see strong adoption, repeat usage and most importantly, growing trust from our customers.

我們的業務範圍遍佈新領土，幾乎涵蓋所有城市。我們的客戶群年輕且充滿活力，其中三分之二的人年齡在 45 歲以下，且超過 50% 的用戶是女性。這點尤其重要，因為歷史上金融機構對女性的服務一直不足。我們持續看到強勁的採用率、重複使用，最重要的是，客戶對我們的信任日益增強。

Every month, 3.5 million users trust us to move their money through Spin by OXXO, averaging more than 21 monthly transactions per monthly user, out of which 20% are related to Auxerre, either cash-in, cash-out or card purchases, showing it as a very useful payment method.

每個月，有 350 萬用戶信任我們透過 OXXO 的 Spin 轉移他們的資金，平均每個月用戶每月交易超過 21 筆，其中 20% 與 Auxerre 有關，包括現金存入、現金提取或刷卡購買，表明這是一種非常有用的支付方式。

In Spin Premia, we have over 58 million spending accounts, of which 26.6 million have had transaction activity in the last 90 days. Currently, more than 20 million OXXO customers benefit from the Spin Premia Rewards program each month with an average of more than seven monthly accumulation and redemption transactions for active user.

在 Spin Premia，我們擁有超過 5,800 萬個消費帳戶，其中 2,660 萬個帳戶在過去 90 天內有交易活動。目前，每月有超過 2,000 萬 OXXO 客戶受益於 Spin Premia 獎勵計劃，活躍用戶平均每月累積和兌換交易超過七次。

As of the second quarter, almost 46% of OXXO sales were already identified through our loyalty and rewards program. Our ecosystem is complemented by our B2B initiative, which includes NetPay and OXXO Pay, in which we refer to as Spin Negocios. It extends our platform beyond OXXO stores by offering electronic payments solution and services to micro, small and medium-sized merchants, open their physical establishments and in e-commerce.

截至第二季度，OXXO 的近 46% 銷售額已透過我們的忠誠度和獎勵計畫實現。我們的生態系統由我們的 B2B 計劃補充，其中包括 NetPay 和 OXXO Pay，我們將其稱為 Spin Negocios。它將我們的平台擴展到 OXXO 商店之外，為微型、小型和中型商家、開設實體店和開展電子商務提供電子支付解決方案和服務。

Today, with Spin Negocios, we reach almost 20,000 merchants and process almost MXN12 billion on a monthly basis. Spin is defining how consumers and businesses connect by creating faster, simpler and more convenient ways to meet everyday needs. This gives us a meaningful opportunity to reach the 6 out of 10 Mexicans to remain underserved by traditional financial institutions. We aim to do so not only by expanding access but by reimagining convenience through a digital lens. Our team is excited and committed to simplify lines by removing barriers and creating opportunities for all.

如今，透過 Spin Negocios，我們已覆蓋近 20,000 家商戶，每月處理近 120 億墨西哥比索。Spin 正在透過創造更快、更簡單、更方便的方式來滿足日常需求，定義消費者和企業的聯繫方式。這為我們提供了一個有意義的機會，讓我們能夠接觸到 60% 仍未得到傳統金融機構充分服務的墨西哥人。我們的目標不僅是透過擴大訪問範圍，而且是透過數位鏡頭重新構想便利性。我們的團隊非常興奮並致力於透過消除障礙和為所有人創造機會來簡化流程。

As we look ahead, Spin is here to bring FEMSA's physical relevance into the digital space, and we're excited by the opportunity to leverage and enhance OXXO's unique value proposition to an increasingly digitized customer base. What differentiates Spin is our unique ability to be where people truly are, physically and digitally.

展望未來，Spin 將把 FEMSA 的物理相關性帶入數位領域，我們很高興有機會利用和增強 OXXO 對日益數位化的客戶群的獨特價值主張。Spin 的與眾不同之處在於我們能夠以獨特的方式出現在人們真正所在的地方，無論是在物理上還是在數字上。

By combining accessible technology with trusted everyday touch points like OXXO, we have learned that our customers are looking for solutions that are neither purely digital nor purely in-store. By offering digital solutions or in-store digitally enabled solutions, we can maximize the value proposition delivered to our users.

透過將可存取的技術與 OXXO 等值得信賴的日常接觸點相結合，我們了解到我們的客戶正在尋找既非純數位也非純店內的解決方案。透過提供數位解決方案或店內數位化解決方案，我們可以最大限度地向用戶提供價值主張。

Cell phone top-ups are a great example. The user journey can be digital only, but sometimes when the customers run out of data and can no longer perform the top-up transaction from their phone, making an in-store cash top-up can perfectly fit into the ecosystem proposed solution. Similarly, digitalized customers can transfer money to recipients who only accept cash. These interactions allow someone to make a peer-to-peer payment to a service provider via QR code, which can then be cashed out in the store.

手機儲值就是一個很好的例子。用戶旅程可以是完全數位化的，但有時當客戶耗盡數據並且無法再透過手機進行充值交易時，進行店內現金充值可以完美地融入生態系統提出的解決方案。同樣，數位化客戶可以將錢轉給只接受現金的收款人。這些互動允許人們透過二維碼向服務提供者進行點對點支付，然後可以在商店兌現。

Likewise, customers can pay for their online purchases through OXXO Pay and complete the physical payment again in the store. The data generated through the ecosystem will allow us to better understand these customers' context, deliver more personalized services and products and unlock two major opportunities for FEMSA.

同樣，顧客可以透過 OXXO Pay 支付線上購物費用，然後在商店再次完成實體支付。透過生態系統產生的數據將使我們能夠更了解這些客戶的背景，提供更個人化的服務和產品，並為 FEMSA 釋放兩大機會。

First, evolve convenience by enhancing OXXO's value proposition through data and personalization, making everyday interactions more relevant and seamless. In the long term, this foundation will enable additional usages such as retail media and expanded catalog, last-mile delivery and other e-commerce features that click and collect.

首先，透過數據和個人化增強 OXXO 的價值主張，提高便利性，使日常互動更加相關和無縫。從長遠來看，該基礎將支援更多用途，例如零售媒體和擴展目錄、最後一英里交付以及其他點擊和收集的電子商務功能。

And second, the opportunity to build financial services on top of payments and rewards, offering both savings and credit products tailored to our target segments. Related to this topic, we remain active towards upgrading our license and establishing a partnership to significantly improve our risk reward profile. We can assure you that we will be cautious in testing and potentially rolling out these financial services, and we'll keep you updated as the developments come full. We promise, no surprises.

其次，我們有機會在支付和獎勵的基礎上建立金融服務，提供針對目標群體的儲蓄和信貸產品。與此主題相關，我們將繼續積極升級我們的許可證並建立合作夥伴關係，以顯著改善我們的風險回報狀況。我們可以向您保證，我們將謹慎地測試和推出這些金融服務，並在進展順利時向您通報。我們保證，不會有任何意外。

Touching briefly on the current economics of the business. Spin's cash burn has been gradually improving as we continue to gain share and cement best-in-class customer acquisition cost and cost to serve. From approximately MXN4 billion a couple of years ago to a range today that is closer to MXN3 billion per year for the core Spin businesses.

簡單介紹一下當前的業務經濟狀況。隨著我們不斷獲得市場份額並鞏固一流的客戶獲取成本和服務成本，Spin 的現金消耗一直在逐步改善。從幾年前的約 40 億墨西哥比索到如今接近每年 30 億墨西哥比索（核心 Spin 業務）。

As an example of what we have done to reduce cash burn, we have implemented several initiatives such as renegotiating commercial terms with dealers and connecting directly to Spain, which together have allowed us to reduce our cost to serve by 48% compared to last year. These actions are part of our broader effort to strengthen Spin's financial sustainability.

作為我們為減少現金消耗所採取的措施的一個例子，我們實施了多項舉措，例如與經銷商重新談判商業條款以及直接與西班牙建立聯繫，這些舉措使我們與去年相比將服務成本降低了 48%。這些舉措是我們加強 Spin 財務永續性的更廣泛努力的一部分。

Additionally, it's important to note that we follow a conservative approach for cash burn accounting. A clear example of our premier related expenses. While these costs are primarily reflected in Spin PNF, the vast majority of its current benefits of increased sales are captured at the OXXO business. Similarly, a significant portion of the benefits that Spin by OXXO generates to FEMSA are not fully reflected in the Spin cash burn. For example, Spin by OXXO is the second largest driver of OXXO's cash in activity with more than 25% of total transactions.

此外，值得注意的是，我們對現金消耗會計採取保守的方法。這是我們與總理相關的開支的一個明顯例子。雖然這些成本主要反映在 Spin PNF 上，但其當前銷售額成長的絕大部分收益都來自 OXXO 業務。同樣，OXXO 的 Spin 為 FEMSA 創造的很大一部分收益並沒有完全反映在 Spin 的現金消耗上。例如，OXXO 的 Spin 是 OXXO 現金活動的第二大驅動力，佔總交易量的 25% 以上。

Wrapping up, we would like to leave you with the message that we're uniquely positioned to help Mexico evolve towards financial inclusion. We want Spin to earn the same level of relevance, trust and customer love in the digital world that OXXO has earned in the physical one with the intention not of replacing but complementing the store to create an omnichannel digital approach.

最後，我們想告訴大家，我們擁有獨特的優勢，可以幫助墨西哥實現金融包容性發展。我們希望 Spin 在數位世界中贏得與 OXXO 在實體世界中相同的相關性、信任度和客戶喜愛度，其目的不是取代商店，而是補充商店以創建全通路數位化方法。

And beyond offering a trusted platform for day-to-day needs, we are committed to driving financial inclusion. It means opening new opportunities and supporting our customers through financial education. We have been focused on bringing world-class capabilities and talent to Spin and our leadership and way of work has evolved to one of the consumer tech organization facing fast-paced change and challenges.

除了提供滿足日常需求的可信賴平台之外，我們還致力於推動金融包容性。這意味著透過金融教育開闢新的機會並為我們的客戶提供支援。我們一直致力於為 Spin 帶來世界一流的能力和人才，我們的領導力和工作方式已經發展成為面臨快速變化和挑戰的消費科技組織之一。

We're building something ambitious, something that matters, not only for us, but for the next 100 years of FEMSA, and we believe we have everything it takes to get it done. And with that, let me turn it over to Martin to discuss FEMSA's second quarter results.

我們正在建立一個雄心勃勃的目標，這個目標不僅對我們自己，而且對 FEMSA 的未來 100 年都具有重要意義，我們相信我們擁有實現這個目標所需的一切。接下來，讓我將話題交給馬丁討論 FEMSA 的第二季業績。

Martin, please go ahead.

馬丁，請繼續。

Thank you, Juan Carlos. Good morning, everyone. Let me begin by discussing our consolidated results for the second quarter of 2025. During the quarter, we delivered total revenue growth of 6.3% despite a challenging environment in Mexico, impacting both proximity and Coca-Cola FEMSA, which was offset by solid top line trends outside Mexico, currency tailwinds and the consolidation of the OXXO USA operation.

謝謝你，胡安卡洛斯。大家早安。首先，我來討論我們 2025 年第二季的綜合業績。本季度，儘管墨西哥環境充滿挑戰，對鄰近地區和可口可樂 FEMSA 產生了影響，但我們仍實現了 6.3% 的總收入增長，但墨西哥以外地區穩健的收入趨勢、貨幣順風和 OXXO USA 業務的合併抵消了這一影響。

Operating income increased by only 0.2% year-over-year as the more challenging consumer environment in Mexico did not allow us to absorb the inflationary effects on our cost and expenses as effectively. In addition, our operations were geared to a stronger consumer environment than the one that materialize, plus our cost and expenses ran a bit ahead of actual volume and traffic.

由於墨西哥更具挑戰性的消費環境不允許我們有效地吸收通膨對成本和費用的影響，營業收入年增 0.2%。此外，我們的營運面向比實際更強大的消費者環境，而且我們的成本和費用略高於實際數量和流量。

While this impacted profitability, we remain confident in our ability to navigate short-term headwinds by maintaining strong operational discipline and leveraging the solid fundamentals of our business.

雖然這影響了獲利能力，但我們仍然有信心，透過保持強大的營運紀律和利用我們業務的穩固基本面，我們有能力應對短期逆風。

Net consolidated income decreased by 64.3% to MXN5.6 billion, driven mainly by: one, a non-cash foreign exchange loss of MXN4.1 billion compared to a gain of MXN6.1 billion last year, a swing of more than MXN10 billion related to FEMSA's US dollar-denominated cash position, which was negatively impacted by the sequential appreciation of the Mexican peso in the period. And number two, a lower interest income of MXN2.1 billion compared to MXN4.1 billion the previous year, reflecting lower interest rates.

淨合併收入下降 64.3% 至 56 億墨西哥比索，主要原因是：一、非現金外匯損失 41 億墨西哥比索，而去年則盈利 61 億墨西哥比索；與 FEMSA 以美元計價的現金頭寸相關的波動超出 100 億墨西哥比索，受到墨西哥比索在此期間連續升值的負面影響。第二，利息收入為 21 億墨西哥比索，低於前一年的 41 億墨西哥比索，這反映出利率較低。

Turning to our operating results and beginning with the Proximity Americas division. Overall, the division delivered mixed results this quarter, improving sequentially at the top line level, still reflecting a challenging consumer environment in Mexico that was partially mitigated by a robust performance in our other markets in the LatAm.

談到我們的經營業績，從 Proximity Americas 部門開始。總體而言，該部門本季業績好壞參半，營收水準較上季提高，但仍反映出墨西哥的消費環境充滿挑戰，但拉丁美洲其他市場的強勁表現在一定程度上緩解了這一影響。

Same-store sales declined modestly by 0.4%, once again reflecting a combination of a solid average ticket growing 6.6%, offset by weaker traffic, which contracted 6.6% as well. It is worth noting that while same-store sales remained lackluster in Mexico, they grew nicely in OXXO LatAm, increasing in the high teens, even after accounting for foreign currency tailwinds.

同店銷售額小幅下降 0.4%，再次反映了平均票價穩健成長 6.6% 與客流量疲軟（也下降了 6.6%）的綜合影響。值得注意的是，儘管墨西哥的同店銷售額依然低迷，但 OXXO LatAm 的同店銷售額卻增長良好，即使考慮到外匯順風的影響，銷售額仍保持著高位增長。

While these operations are small in relative terms, these are promising results. While we are encouraged by the team's ability to drive average ticket above inflation, leveraging our targeted promotional activities and the positive seasonal effect of larger baskets around Holy Week, the sustained weakness in traffic in Mexico is the clear focal point for our commercial initiatives as we start the second half of the year.

雖然這些行動相對規模較小，但成果令人鼓舞。雖然我們對團隊能夠推動平均票價高於通貨膨脹率、利用我們有針對性的促銷活動以及聖週期間更大籃子的積極季節性效應感到鼓舞，但墨西哥客流量的持續疲軟顯然是我們下半年商業計劃的焦點。

As has been the case for several quarters now, the decline in average traffic was mainly attributable to a persistently weak consumer environment in Mexico, combined with atypically adverse weather conditions across the country. This hit some core convenience categories, such as soft drinks, beer and tobacco, particularly hard.

正如最近幾季的情況一樣，平均客流量的下降主要歸因於墨西哥持續疲軟的消費環境，以及全國異常惡劣的天氣條件。這對一些核心便利品類，如軟性飲料、啤酒和菸草，造成了尤其嚴重的打擊。

On this point, our data suggests these convenience categories may have lost competitiveness relative to others across channels during the quarter. We believe this effect is not driven by SKU level pricing, but rather by the mix of presentations, such as multi-serve returnable beverages, smaller snack presentations and low-cost cigarette alternatives, which are really available in other channels such as the traditional trade, but not at OXXO.

在這一點上，我們的數據表明，這些便利類別在本季可能已經失​​去了相對於其他管道的競爭力。我們認為，這種影響並非由 SKU 等級定價驅動，而是由多種呈現方式驅動，例如多份可回收飲料、較小份零食展示和低成本香菸替代品，這些在傳統貿易等其他管道中確實可以買到，但在 OXXO 卻買不到。

Total revenues for Proximity Americas grew 6.9% or 2% on an organic and currency-neutral basis, mainly driven by the continued expansion of our network by 1,500 stores year-on-year, a strong performance in our LatAm markets, the consolidation of OXXO USA as well as a favorable exchange rate. Gross margin remained stable at 44.1% and expanded by 120 basis points if we exclude the outside of Mexico.

Proximity Americas 的總收入增長了 6.9%（按有機和貨幣中性計算增長了 2%），這主要得益於我們的網絡同比繼續擴大了 1,500 家門店、我們在拉美市場的強勁表現、OXXO USA 的合併以及有利的匯率。毛利率保持穩定在 44.1%，如果不包括墨西哥以外，則擴大了 120 個基點。

Operating income decreased by 2.8%, while operating margin decreased by 90 basis points to 9%. Operating expenses grew faster than revenues. However, it is worth noting that selling expenses, the biggest component of our OpEx grew in line with our expansion of 6.3%, thus reflecting our continued efforts to offset labor cost increases with greater FTE efficiency in the stores through the use of data analytics and new more flexible shift policies.

營業收入下降2.8%，營業利益率下降90個基點至9%。營運費用的成長速度快於收入的成長速度。然而，值得注意的是，作為我們營運支出的最大組成部分的銷售費用與我們 6.3% 的擴張同步增長，這反映了我們透過使用數據分析和新的更靈活的輪班政策，不斷努力透過提高門市的 FTE 效率來抵消勞動力成本的增加。

On the expansion front, Proximity Americas added 334 net new stores in the quarter, in line with our plan. In the US, we continue to make progress in the conversion of DK stores into OXXOs, focusing currently on the Midland, Odessa and Lubbock Metro areas in West Texas, where we have converted 40 stores as of the end of the second quarter.

在擴張方面，Proximity Americas 本季新增了 334 家門市，符合我們的計劃。在美國，我們繼續在將 DK 商店改造成 OXXO 商店方面取得進展，目前重點關注西德克薩斯州的米德蘭、敖德薩和拉伯克大都會區，截至第二季度末，我們已在這些地區改造了 40 家商店。

Later in the year, we will begin the process in El Paso, applying the learnings from the earlier conversions. These include, evolve, not just rebranding but also the addition of several hundred SKUs, including our Andatti coffee value proposition and early results in terms of incremental sales are promising. We will continue to test food concepts and to tweak the overall value proposition, and we will keep you updated on developments.

今年晚些時候，我們將在埃爾帕索開始這項進程，運用早期轉型過程中的經驗。這些包括發展，不僅是品牌重塑，還包括增加數百個 SKU，包括我們的 Andatti 咖啡價值主張，而且在增量銷售方面的早期成果令人鼓舞。我們將繼續測試食品概念並調整整體價值主張，並隨時向您通報最新進展。

At Bara, during the quarter, we continued our accelerated store expansion opening 23 new stores, and we remain on track to achieve a 30% to 40% growth rate in 2025. We continue optimizing our discount value proposition while scaling our private label strategy. Bara same-store sales grew 8.9%, but they grew in the low teens as we exclude the convenience categories, reflecting the current consumer trends and consistent with the dynamics seen at OXXO.

在 Bara，本季我們繼續加速門市擴張，開設了 23 家新店，我們仍有望在 2025 年實現 30% 至 40% 的成長率。我們在擴大自有品牌策略的同時，繼續優化我們的折扣價值主張。Bara 同店銷售額成長了 8.9%，但由於我們排除了便利商店類別，因此增幅處於百分之十幾左右，這反映了當前的消費趨勢，並且與 OXXO 的動態一致。

In Europe, Valora delivered solid results as total revenues increased by 31.4% in pesos or 5.9% on a currency-neutral basis driven by a strong performance in our retail business in Switzerland, partially offset by lower sales in our B2B and B2C foodservice. We continue to focus on converting stores into the successful Avec banner which has proven to offer a compelling value proposition tailored to the evolving needs of consumers in the region.

在歐洲，Valora 取得了穩健的業績，總收入以比索計算增長了 31.4%，以貨幣中性計算增長了 5.9%，這得益於我們瑞士零售業務的強勁表現，但 B2B 和 B2C 餐飲服務銷售額的下降部分抵消了這一增長。我們將繼續致力於將商店轉變為成功的 Avec 品牌，事實證明，該品牌能夠提供符合該地區消費者不斷變化的需求的引人注目的價值主張。

Originally launched in Switzerland, our Avec format travels well across borders and presents an attractive opportunity for organic growth. Gross profits grew 25.6% in pesos or 1.2% currency neutral, representing a dilution of 190 basis points compared to last year due to the slowdown in our higher-margin B2C business as well as the impact of changes to the operating model with our retail operations.

我們的 Avec 格式最初在瑞士推出，可以順利跨越國界，並為有機成長提供誘人的機會。以比索計算，毛利成長了 25.6%，或以貨幣中性計算成長了 1.2%，與去年相比，減少了 190 個基點，原因是利潤率較高的 B2C 業務放緩，以及零售業務營運模式變化的影響。

Valora reported a 54.4% increase in operating income, 24% on a currency-neutral basis, accompanied by a 70-basis point improvement in operating margin. This result reflects continued progress in cost discipline and operational efficiency across the business.

Valora 報告稱其營業收入增長了 54.4%，按貨幣中性計算增長了 24%，同時營業利潤率提高了 70 個基點。這一結果反映了整個企業在成本控制和營運效率方面的持續進步。

Now let me walk you through the performance of our Health division. Total revenues increased 15.6% in pesos with the same-store sale growing 13.1%, mostly explained by strong top line performance in Colombia and Ecuador supported by favorable FX dynamics. On a currency neutral basis, total revenues grew 6.7%.

現在讓我向您介紹一下我們健康部門的表現。以比索計算，總營收成長 15.6%，同店銷售額成長 13.1%，主要原因是哥倫比亞和厄瓜多爾的強勁營業額表現以及有利的外匯動態。以貨幣中性計算，總收入成長了 6.7%。

The growth in revenues occurred expect to continue challenging environment in Mexico, which saw same-store sales declines and the closure of 432 underperforming stores versus the same quarter in 2024. Operating income rose 5.7%, but declined 5.2% on a currency-neutral basis, resulting in an operating margin dilution of 30 basis points to 3.8%.

營收的成長預計墨西哥將繼續面臨嚴峻的市場環境，與 2024 年同期相比，墨西哥同店銷售額出現下滑，並關閉了 432 家業績不佳的門市。營業收入成長 5.7%，但以貨幣中性計算下降 5.2%，導致營業利益率下降 30 個基點至 3.8%。

This performance of operating income reflects onetime restructuring charges in Mexico and in Chile. The new management team has been in place for over 100 days and is well advanced in a diagnostic process and they are taking some decisive actions to improve profitability.

這項營業收入表現反映了墨西哥和智利的一次性重組費用。新的管理團隊上任已超過 100 天，診斷過程進展順利，他們正在採取一些果斷措施來提高獲利能力。

In addition to the closure of 432 underperforming stores in Mexico in the last 12 months, the team has executed a significant overhead reduction, which is reflected in the operating expenses. For its part, Colombia Retail continued to show solid momentum driven by robust same-store sales, new store openings and improved mix towards retail versus institutional, while Ecuador delivered a strong set of results as we focus on expense control and revitalizing existing formats.

除了在過去 12 個月內關閉墨西哥 432 家業績不佳的商店外，該團隊還大幅削減了管理費用，這反映在營運費用中。就哥倫比亞零售業而言，其繼續呈現強勁勢頭，這得益於強勁的同店銷售額、新店開業以及零售與機構組合的改善，而厄瓜多爾則取得了強勁的業績，因為我們專注於費用控制和振興現有業績。

Finally, Chile sales remained positive, but profits were flat due to overhead restructuring charges, which put pressure on margins. At OXXO Gas, same-station sales increased by 4.9% and total revenues grew by 0.6%, reflecting growth in retail volume, offset by a decline in the wholesale business. Gross margin stood at 12.6% and operating margin of 4.7% as we continue to look for further efficiencies and the savings to support profitability in areas like labor and other selling expenses.

最後，智利的銷售額仍保持正值，但由於間接重組費用給利潤率帶來壓力，利潤持平。OXXO Gas 的同站銷售額成長了 4.9%，總收入成長了 0.6%，這反映了零售量的成長，但被批發業務的下滑所抵消。毛利率為 12.6%，營業利潤率為 4.7%，我們將繼續尋求進一步的效率和節約，以支持勞動力和其他銷售費用等領域的獲利能力。

Now moving to Coca-Cola FEMSA. During the quarter, revenues increased 5% in the face of adverse weather conditions and a tougher demand environment, particularly in Mexico, and Central America, where volumes declined by nearly 10%, while lower operating leverage put pressure on profitability. Despite these temporary headwinds, Coca-Cola FEMSA remains well positioned to execute its strategy, leveraging recent investments to increase production and distribution capacity along with a diverse brand portfolio to meet evolving consumer demands.

現在轉向可口可樂 FEMSA。本季度，儘管面臨惡劣的天氣條件和更為嚴峻的需求環境，收入仍增長了 5%，尤其是在墨西哥和中美洲，銷量下降了近 10%，而較低的經營槓桿給盈利能力帶來了壓力。儘管面臨這些暫時的不利因素，可口可樂 FEMSA 仍然能夠很好地執行其策略，利用最近的投資來提高生產和分銷能力以及多樣化的品牌組合，以滿足不斷變化的消費者需求。

For a detailed analysis of the results, we can access the webcast of their earnings call held last Wednesday. Before we close, let me give you a brief recap on capital allocation and our outlook for the second half of the year. As part of the FEMSA forward plan, we successfully completed the divestiture of the bulk of our remaining logistics business on July 1.

如需詳細分析結果，我們可以觀看他們上週三舉行的收益電話會議的網路直播。在結束之前，請容許我簡單回顧一下資本配置以及我們對今年下半年的展望。作為 FEMSA 前瞻性計劃的一部分，我們於 7 月 1 日成功完成了大部分剩餘物流業務的剝離。

In terms of capital deployment, our top priority remains in investing and growing our core operations which includes an ongoing multiyear investment plan across all business units to support long-term growth. Regarding shareholder remuneration, we remain on track with our commitment to deploy a MXN66 billion, approximately MXN3.2 billion between March 2025 and March 2026 through a combination of ordinary and extraordinary dividends as well as share repurchases.

在資本配置方面，我們的首要任務仍然是投資和發展我們的核心業務，其中包括所有業務部門持續的多年投資計劃，以支持長期成長。關於股東報酬，我們將繼續履行承諾，透過普通股、特別股利以及股票回購等方式，在 2025 年 3 月至 2026 年 3 月期間部署 660 億墨西哥比索，約合 32 億墨西哥比索。

As of the end of July 2025, we have executed approximately $374 million in share buybacks, including repurchases in the local market and a $250 million accelerated share repurchase program, or ASR, which concluded last week. Additionally, we have paid out of the four installments of ordinary -- we have paid out two out of the four installments of ordinary and extraordinary dividends for the year, totaling nearly $1.2 billion.

截至 2025 年 7 月底，我們已執行約 3.74 億美元的股票回購，包括在當地市場回購以及上週結束的 2.5 億美元加速股票回購計畫（ASR）。此外，我們還支付了本年度四期普通股息和特別股息中的兩期，總額近 12 億美元。

As of the second quarter, we reached a leverage ratio of 0.93x, excluding Coco-Cola FEMSA and have deployed $1.6 billion in extraordinary returns, representing half of the $3.2 billion commitment announced earlier this year.

截至第二季度，我們的槓桿率達到 0.93 倍（不包括可口可樂 FEMSA），並已部署 16 億美元的非常規回報，佔今年稍早宣布的 32 億美元承諾金額的一半。

As we look ahead, we remain confident in the strength and resilience of our diversified portfolio, and we are maintaining our expectations for stable full year operating margins at Proximity Americas. Last Wednesday, Coco-Cola FEMSA shared a similar message maintaining their long-term perspectives unchanged. So we are directionally in sync.

展望未來，我們仍然對多元化投資組合的實力和彈性充滿信心，並且我們保持對 Proximity Americas 全年營業利潤率穩定的預期。上週三，可口可樂 FEMSA 也發表了類似的訊息，維持其長期觀點不變。所以我們在方向上是同步的。

As we look at the next couple of quarters, we remain cautiously optimistic for the second half of the year, acknowledging potential volatility amid the soft macroeconomic environment. Beyond that, we believe our continued focus on operational discipline, strategic investments and rigorous capital allocation position us well to navigate the evolving consumer environment and deliver sustainable growth ahead.

展望未來幾個季度，我們對下半年仍持謹慎樂觀的態度，同時也承認疲軟的宏觀經濟環境可能帶來波動。除此之外，我們相信，我們對營運紀律、策略性投資和嚴格的資本配置的持續關注使我們能夠很好地應對不斷變化的消費環境並實現未來的可持續成長。

Finally, regarding our management succession and as Jose Antonio mentioned during the February call, FEMSA's Board of Directors appointed a special committee for this purpose. The committee is currently working on this process, and we expect to have more news for you later in the year.

最後，關於我們的管理階層繼任，正如 Jose Antonio 在二月的電話會議上提到的那樣，FEMSA 董事會為此任命了一個特別委員會。委員會目前正在進行這一進程，我們預計今年稍後將為您帶來更多消息。

And with that, we are ready to open the call for questions.

現在，我們準備開始回答問題了。

(Operator Instructions)

（操作員指示）

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

I wanted the opportunity to dig a little bit more into some of the comments you made in the opening and talking a little bit about Spin and the opportunities here, and particularly how you think to bring this back into Proximity Americas and July, hopefully, trying to see some sort of a recovery.

我希望有機會更深入地探討您在開幕式上提出的一些評論，並談談 Spin 和這裡的機會，特別是您如何考慮將其帶回 Proximity Americas 和 7 月份，希望能夠看到某種復甦。

As you've seen the business evolving over the last couple of years on the early stages to now. And obviously, you're showing progress here on still acquiring new customers with them actually using as well the platform.

正如您所看到的，過去幾年來，我們的業務已從早期階段發展到現在。顯然，您在吸引新客戶方面取得了進展，而且新客戶實際上也在使用該平台。

What would you say are the missing pieces in order to really make the most out of Spin and Spin Premia as it relates to really boosting again, maybe some of that traffic or some of that recovery of the proximity stores, particularly in Mexico? That would be my question.

您認為，為了真正充分利用 Spin 和 Spin Premia，還缺少什麼？這涉及到真正地再次提升客流量，或恢復鄰近商店的客流量，特別是在墨西哥？這就是我的問題。

Thank you for the question. I'd like to first highlight that in terms of where we see the future from an OXXO perspective, we are already well underway in leveraging the data that comes from our Premia Rewards program to accelerate our retail media efforts. And the early results are quite promising as we have more data on our customers and we continue to penetrate further our base. Our expectation is that how we can personalize and customize our offers is going to continue to improve, allowing us to drive higher commercial income.

謝謝你的提問。首先我想強調的是，從 OXXO 的角度來看，我們對未來的展望是，我們已經在利用 Premia Rewards 計畫的數據來加速我們的零售媒體工作。隨著我們擁有更多關於客戶的數據並且我們繼續進一步滲透到我們的客戶群，早期的結果非常令人鼓舞。我們的期望是，我們能夠不斷改進個人化和客製化我們的服務，從而讓我們獲得更高的商業收入。

On the Spin side of things, we're very early in our monetization journey as we're currently only starting to explore financial services, including savings and credit products. We launched our first personal loans earlier in the year and are very excited about the prospects of how this can evolve in the future, but recognize that we're going to be doing so in a very careful manner and taking time to progress our financial services, value proposition.

就 Spin 方面而言，我們的貨幣化之旅還處於早期階段，因為我們目前才剛開始探索金融服務，包括儲蓄和信貸產品。我們在今年稍早推出了首筆個人貸款，並對其未來發展的前景感到非常興奮，但我們認識到我們將以非常謹慎的方式開展這項工作，並花時間推進我們的金融服務和價值主張。

Lastly, I'd highlight that we have interest in moving all of our spin products beyond OXXO, beyond proximity and health to have a much wider value proposition, and we're also quite early in that journey that will start primarily focused on payments and rewards and evolve into financial services as well.

最後，我想強調的是，我們有興趣將我們所有的旋轉產品從 OXXO 擴展到鄰近性和健康領域，從而擁有更廣泛的價值主張，而且我們在這一旅程中還處於相當早期的階段，最初將主要關注支付和獎勵，然後發展到金融服務。

I think I would also add, Ben, this is Juan. I mean if you just look at the tender, this figure that we've been reporting of what percentage of, what OXXO sales are going through the program, through the Premia program, that's a number that goes up by 1 percentage point or 2 percentage points per month, right?

我想我還要補充一點，本，這是胡安。我的意思是，如果你看一下招標書，我們一直在報告的這個數字，即有多少百分比的 OXXO 銷售額是透過 Premia 計畫實現的，這個數字每月會上升 1 個百分點或 2 個百分點，對嗎？

I mean we were discussing among ourselves. We gave you a figure today of, I think, 45.8 percentage points, almost 46 percentage points. But the reality is that June was already at 47 percentage points, right? And so I'm sure three months from now, we're going to be talking somewhere in the 50 percentage points. I think we're still very much in the early stages of people embracing this and to having it impact their habits, right, in terms of going to OXXO more frequently and choosing OXXO versus other alternatives because it gives you those rewards and then how this feeds through the engagement and whether you're using your physical card or your app and then the kind of broader purpose of Spin as an ecosystem.

我的意思是我們正在互相討論。我們今天給的數字是，我想是 45.8 個百分點，差不多是 46 個百分點。但實際情況是，6月就已經達到47個百分點了，對嗎？因此，我確信從現在起三個月後，我們討論的成長率將會達到 50 個百分點左右。我認為我們仍處於人們接受這一點的早期階段，並希望它能影響他們的習慣，比如更頻繁地去 OXXO 並選擇 OXXO 而不是其他選擇，因為它能給你獎勵，然後它如何通過參與來發揮作用，無論你使用的是實體卡還是應用程序，然後是 Spin 作為一個生態系統的更廣泛的目的。

But I still think -- I mean, the growth rates -- this thing has only been around for a couple of years, right, a little bit more than a couple of years. And the slope of that curve is really remarkable. So I do think there's a lot more to come in terms of just people again internalizing that if you do this transaction at OXXO versus elsewhere, it gives you these benefits that you didn't have not that long ago.

但我仍然認為——我的意思是，增長率——這個東西只存在了幾年，對，幾年多一點。這條曲線的斜率確實非常顯著。因此，我確實認為，未來還會有更多事情發生，人們會再次意識到，如果你在 OXXO 而不是其他地方進行這筆交易，它會給你帶來不久前你還沒有的這些好處。

Can I just quickly follow up on that? So with that tender going up, are you seeing better traffic data with the ones that are signed up for Spin/Spin Premia than traffic data with the customers that aren't signed up. So is there something potentially can help you recovering the traffic as we move into the coming quarters and then into 2026?

我可以快速跟進嗎？那麼，隨著招標的增加，您是否會看到那些註冊了 Spin/Spin Premia 的客戶的流量資料比未註冊的客戶的流量資料更好。那麼，隨著我們進入未來幾季以及 2026 年，有什麼可能可以幫助您恢復流量嗎？

In fact, we do because that 47% of sales is -- tends to favor heavy users. In other words, the percentage of users that represent that 47% is a lower percentage. And so what that indicates to you is it drives loyalty and engagement with people. So people are obviously choosing to go more to the store more frequently to buy more things driven by the points.

事實上，我們確實這麼做了，因為 47% 的銷售額往往青睞重度用戶。換句話說，代表那 47% 的使用者百分比是一個較低的百分比。所以這顯示它可以提高人們的忠誠度和參與度。因此，受積分的驅動，人們顯然會選擇更頻繁地去商店購買更多的東西。

And that's the value proposition of that program is still going to experience significant improvement in terms of customization, in terms of the types of promotions you offer. As we refine the data, we improve the data, we learn more how to use the data without obviously overwhelming the consumer.

這就是該計劃的價值主張，就客製化、就您提供的促銷類型而言，它仍將經歷顯著的改進。隨著我們不斷完善數據，改進數據，我們更多地了解如何使用數據而不會明顯地讓消費者感到不知所措。

I think there's also kind of a double click you can do on the tender number because that -- the number we give you is percentage of sales, but we're increasingly tracking and incentivizing the number of transactions which would kind of connect with traffic more directly.

我認為您也可以對投標號碼進行雙擊，因為 - 我們給您的數字是銷售額的百分比，但我們正在越來越多地追蹤和激勵交易數量，這將與流量更直接地聯繫在一起。

And then of course, there's a second click, which has -- or a third click in this case that has to do with services transactions, right, because those give you a lot of information that is very different what you can glean from a transaction or somebody buying a coke as opposed to somebody paying their bills. And so there's still a lot of room to keep improving that data acquisition and processing and then implementation within the Spin ecosystem.

當然，還有第二次點擊，或者在這種情況下是第三次點擊，這與服務交易有關，因為這些點擊會給你提供很多信息，這些信息與你從交易中或某人購買可樂而不是某人支付賬單中收集到的信息非常不同。因此，在 Spin 生態系統中，資料採集、處理和實施方面仍有很大改進空間。

Perfect thank you very much. I'll pass it on.

非常好，非常感謝。我會傳達的。

Alvaro Garcia, BTG.

阿爾瓦羅·加西亞，BTG。

Hi, thanks for taking my questions. My question is for Juan Carlos, given he's on the line as much as I'd love to ask about OXXO. On culture, sort of other fences subsidiaries pretty much focused on profitability. You've had the benefit of sort of being isolated from that mentality for some time now at FEMSA Digital. How do you feel about FEMSA Digital fitting within OXXO to releverage that physical footprint?

你好，謝謝你回答我的問題。我的問題是針對胡安卡洛斯的，因為他經常在線，所以我很想詢問有關 OXXO 的問題。在文化方面，其他圍籬子公司非常注重獲利能力。在 FEMSA Digital，您已經受益於與這種心態隔絕一段時間了。您如何看待 FEMSA Digital 與 OXXO 的結合，以重新利用其物理足跡？

And this is obviously in the context of potentially leaning into sort of -- it's a second question within digital, which is, how you feel about -- not burning cashes necessarily being a lot more aggressive when it comes to leaning into specific revenue streams like NetPay, like Credit, like merchant acquiring, et cetera.

這顯然是在可能傾向於某種方式的背景下——這是數位領域的第二個問題，也就是說，當談到傾向於特定的收入來源（如 NetPay、Credit、商家收單等）時，您如何看待不燒錢必然會更加積極。

Thanks for the question. Generally, we're excited. I think the environment inside of FEMSA is one where we have the independents and the autonomy to drive a differentiated culture within Spin than the rest of FEMSA. It's a culture that is much more consumer tech focused where we have a strong emphasis in agility and rapid duration testing based on customer needs and demand. And hence, we've been able to develop our own culture within Spin.

謝謝你的提問。總的來說，我們很興奮。我認為 FEMSA 內部的環境是這樣的：我們擁有獨立性和自主權，可以在 Spin 內部推動與 FEMSA 其他部分不同的文化。這是一種更注重消費者技術的文化，我們非常重視根據客戶需求和要求進行的敏捷性和快速持續測試。因此，我們能夠在 Spin 內部發展自己的文化。

Now I recognize that our right to play starts from the assets that we have within FEMSA, more specifically with the capillarity that we have with OXXO and the significant footprint and customer presence across the OXXO platforms, which requires a tremendous amount of collaboration between our teams that although it is a challenge given the differences around culture, the reality is that we have strong alignment, both at the Board as well as at the management level that we need to evolve our thinking towards digital.

現在我認識到，我們的行動權始於我們在 FEMSA 內部擁有的資產，更具體地說，是我們與 OXXO 的毛細血管作用以及 OXXO 平台上的巨大足跡和客戶影響力，這需要我們團隊之間進行大量的協作，儘管考慮到文化差異，這是一個挑戰，但現實是，無論是在董事會之間進行大量思維，儘管考慮到文化差異，這是一個挑戰，但現實是，無論是在董事會之間進行大量思維，我們都高度一致，我們需要在管理層發展向

And hence, this is a strategic imperative for the company, and there's a tremendous amount of focus from the OXXO team, working together with spin as we evolve our value prop.

因此，這是公司的策略要務，OXXO 團隊非常重視這一點，並在我們發展價值主張的過程中與 Spin 攜手合作。

On your question related to cash burn and our ability to be more aggressive on the growth side and not necessarily as focused on profitability, you're absolutely right. Within Spin, we recognize that for us to be a relevant digital platform, we have to have the scale, the massive penetration within Mexico and the frequency of use and that requires us investing in the business to be able to drive that stickiness that ultimately will enable us to drive two big opportunities, as we mentioned earlier in our remarks.

關於您提出的有關現金消耗以及我們在成長方面更積極主動而不一定關注盈利能力的問題，您完全正確。在 Spin 內部，我們認識到，要成為一個相關的數位平台，我們必須擁有規模、在墨西哥的大規模滲透率和使用頻率，這需要我們對業務進行投資，以便能夠推動這種黏性，最終使我們能夠推動兩個巨大的機遇，正如我們之前在評論中提到的那樣。

The first one being evolving OXXO's convenience value proposition into digital with a much more physical value prop that leverages both their existing physical footprint, but our spin digital ecosystem. And then two, driving financial services, both for savings and credit where we see a significant monetization opportunity, and we're very early in that journey of deploying credit.

第一個是將 OXXO 的便利價值主張發展為數位化，具有更物理的價值主張，既利用其現有的物理足跡，又利用我們的旋轉數位生態系統。其次，推動金融服務，無論是儲蓄還是信貸，我們都看到了巨大的貨幣化機會，而且我們正處於信貸部署的早期階段。

I will complement on just two small points. One, as the issue of alignment between the two organizations. We hope to, by the end of this year, so that it applies next year, we come up with a system of joint P&Ls and joint KPIs, where key executives that need to cooperate in OXXO and in Spin will be receiving their bonuses or a significant portion of their bonuses tied to the same exact objective. So we hope that will align interests and will align efforts a lot more.

我僅補充兩點。一是兩個組織之間的協調問題。我們希望在今年年底之前，也就是明年能夠實施，建立一個聯合損益表和聯合關鍵績效指標的系統，其中需要在 OXXO 和 Spin 中合作的關鍵高管將獲得與同一目標掛鉤的獎金或相當一部分獎金。因此我們希望這將使利益更加一致，努力更加一致。

And number two, and that of fairness to Spin. We are quite conservative in how we measure the cash burn of spend. As Juan Carlos mentioned. If you think about Premia, the percentage increase in sales that you would have to believe to make Premia, just Premia, a breakeven business is very low, very, very low single digits. In other words, if you just take the incremental sales multiple times the gross margin can give that having 47% of your sales tied to Premia has to be driving incremental sales.

第二，關於 Spin 的公平性。我們在衡量現金消耗方面相當保守。正如胡安卡洛斯所提到的。如果你考慮 Premia，你必須相信，要讓 Premia，也就是 Premia，達到收支平衡，銷售額的百分比成長是非常低的，非常非常低的個位數。換句話說，如果您將增量銷售額乘以毛利率，則可以得出 47% 的銷售額與 Premia 掛鉤，從而推動增量銷售額。

Then Premia, there is no doubt Premia today is profitable. The problem is, we wanted to avoid measurements such as that because they can then justify any number of things with regards to just spending more and more and more. And so we purposefully, for purposes of the P&L and cash burn in Spin, we said, no, no, I just want to know the cost that you're spending and the points that you sell to OXXO.

那麼 Premia，毫無疑問 Premia 今天是獲利的。問題是，我們希望避免這樣的衡量標準，因為它們可以證明與花費越來越多的事情有關的任何事情。因此，為了 Spin 的損益和現金消耗，我們特意說，不，不，我只想知道您花費的成本和您賣給 OXXO 的積分。

Incremental sales doesn't get included into your P&L. But we will know that this is driving a significant amount of the incremental sales.

增量銷售額不會計入您的損益表。但我們知道這正在推動大量的增量銷售。

Thiago Bortoluci, Goldman Sachs.

蒂亞戈·博爾托魯奇，高盛。

Yes. Hi, good morning, everyone. Thank you very much for taking our questions. I'd like to explore more the semester sales dynamics at OXXO Mexico right now. It's been roughly the first quarter in a row that we are discussing traffic and what is happening there, what are the pressures, and when will it inflict? Obviously, there are a lot of moving parts, whether macro that comes from the elections, but one thing that caught our attention this quarter was in the beginning of the presentation in Martin's prepared remarks. He said, some loss of competitiveness versus other channels and other point of sales, number one. And on the opening remarks on the press release, I see a focus from management to work on assortment.

是的。大家好，早安。非常感謝您回答我們的問題。我現在想進一步了解 OXXO 墨西哥的學期銷售動態。這是我們連續第一個季度討論交通問題，討論那裡發生了什麼事情，存在哪些壓力，以及什麼時候會造成影響？顯然，有很多變動因素，無論是宏觀因素還是選舉因素，但本季引起我們注意的一件事是馬丁在演講開始時準備好的演講稿。他說，首先，與其他管道和其他銷售點相比，競爭力有所下降。在新聞稿的開場白中，我看到管理層將重點放在了產品分類工作上。

It's not like we've been increasing the prices on a SKU-like to SKU-like basis. But again, I think the best example is, for example, beer. If before you were buying a one-way glass presentations or you were buying cans and now because you have a little bit less money in your pocket because of the economy, and when you have some friends over, you're going to buy the 1 litre returnable beer package and share it with a group of friends. If OXXO doesn't have that packaging presentation, then, in fact, it's at a competitive disadvantage.

我們並不是逐個 SKU 地提高價格。但我再次認為最好的例子是啤酒。如果您之前購買的是單向玻璃展示瓶或罐裝啤酒，而現在由於經濟原因您的口袋裡的錢少了一點，當您有朋友來訪時，您會購買 1 公升可回收啤酒包裝並與一群朋友分享。如果 OXXO 沒有這樣的包裝展示，那麼事實上，它在競爭中處於劣勢。

But that second part we believe is generally addressable, and we're working on that, both in beverages as well in snacking with smaller presentations, as well as lower priced tobacco products.

但我們認為第二部分通常是可以解決的，我們正在努力解決這個問題，包括飲料、小包裝零食以及價格較低的菸草產品。

But an example is, we're seeing it with Bara as well. If you sparse out Bara and you strip out convenience categories and you just leave the categories that go head to head with other similar discount channels, you can clearly see that we're doing fine on the non-convenience categories, but on the convenience categories, the consumer is simply being more conservative and more cautious in addition to the weather issues, which is central of anybody who's in Mexico city who knows that the last quarter was particularly cold for the time of the year, and in other parts of Mexico, more rain.

但舉個例子，我們在巴拉身上也看到了這種情況。如果您剔除 Bara 並剔除便利類別，只留下與其他類似折扣管道競爭的類別，您可以清楚地看到，我們在非便利類別上做得很好，但在便利類別上，除了天氣問題之外，消費者變得更加保守和謹慎，這對於任何在墨西哥城的人來說都是至關重要的，他們知道上個季度是一年中特別寒冷的季節，而在墨西哥其他地區，更多。

But we have to react to that, and there's a laundry list of very, very, very long, very long initiatives that's been triggered by the OXXO team around beer, soft drinks, packaging formats, our coffee value proposition, more promotional activity with our supplier partners that we hope that during the second half of the year will help improve this issue with the traffic.

但我們必須對此做出反應，OXXO 團隊已經啟動了一長串的計劃，涉及啤酒、軟性飲料、包裝形式、我們的咖啡價值主張、與我們的供應商合作夥伴開展更多的促銷活動，我們希望在下半年這些計劃將有助於改善這一流量問題。

That makes sense. Thank you very much, Martin. If I may follow up, now on -- it's more on health, and also [Grouppo] on us in Brazil. I know in health, you've been very vocal on rationalizing the portfolio and you've been closing stores over the last few quarters and this quarter we also saw some net closures in Brazil, right?

這很有道理。非常感謝，馬丁。如果我可以跟進的話，現在——更多的是關於健康，還有[Grouppo]關於我們在巴西的情況。我知道在健康領域，您一直非常重視合理化投資組合，並且在過去幾個季度中一直在關閉門市，而本季度我們還看到巴西有一些門市的淨關閉，對嗎？

Where would you say FEMSA is in terms of optimizing the portfolio and how should we think about net unit growth across these two divisions going forward? Thank you very much.

您認為 FEMSA 在優化產品組合方面處於什麼位置？我們該如何看待這兩個部門未來的淨單位成長？非常感謝。

Hey, Tiago, let me take the first crack at this, and then Martin can compliment. I think the two are in very, very, very different situations, right? And, on the one hand, in health, you're talking about Mexico specifically, which is going through a pretty major surgery, and there's different things that are being analyzed by the team in terms of how to move forward. Clearly, the national strategy and entering into some parts of the country where the brand was not well known and trying to compete head-to-head with some of the incumbents has not turned out to be the right strategy and so the 400-plus closures in Mexico and restructurings, that we're going to talk a lot more going forward about how -- and there's some really cool ideas I think internally that we're thinking about how we could disrupt this industry or do things differently, but that's one thing.

嘿，蒂亞戈，讓我先嘗試一下，然後馬丁就可以稱讚了。我認為兩者的情況非常非常不同，對嗎？一方面，在健康方面，您特別談到了墨西哥，該國正在經歷一場相當大的手術，團隊正在分析不同的事情，以決定如何繼續前進。顯然，國家戰略以及進入一些品牌知名度較低的地區並試圖與一些現有企業進行正面競爭並不是正確的戰略，因此在墨西哥關閉了 400 多家門市並進行了重組，我們將在未來進行更多討論——我認為我們內部有一些非常酷的想法，我們正在思考如何顛覆這個行業或以不同的方式做事，但這是一回事。

Brazil, we closed a few stores of the earlier, cohorts. We continue to kind of learn about what works and what doesn't in Brazil. The growth in Brazil should be at about 20% for the foreseeable future. We are super bullish about Brazil and so, I just want to be clear that the fact that we closed a lot of stores in Mexico help, a few stores in [Groupponos] have nothing to do with each other in terms of the causality of what's going on there.

巴西，我們關閉了較早的幾家商店。我們將繼續了解在巴西什麼可行、什麼不可行。在可預見的未來，巴西的成長率應維持在20%左右。我們對巴西市場非常看好，因此，我只想明確表示，我們關閉了墨西哥的許多門市，而 Groupponos 的幾家門市與那裡發生的事情的因果關係沒有任何關係。

You know what, and I'd like to go back to your first question. I specifically asked the OXXO team before this call to run an analysis for stores that were near hard discount channels and to give me a sensitivity whether there was a decline in sales, same store sales in those stores, and the difference is really very small. It's very, very small. I would characterize it as 1%.

你知道嗎，我想回到你的第一個問題。在這通電話之前，我特意要求 OXXO 團隊對靠近硬折扣通路的商店進行分析，並告訴我敏感度，看看這些商店的銷售額、同店銷售額是否下降，差異確實非常小。它非常非常小。我將其定義為 1%。

So if -- when you look at the categories, I also ask them to help me map all the categories of a hard discount, which I know is the subject of a lot of comments that we get. If you ask somebody to map out the categories that are in a hard discount store versus in a OXXO, the overlap is probably in the 20% range.

因此，如果 - 當您查看類別時，我還要求他們幫助我繪製硬折扣的所有類別，我知道這是我們收到的許多評論的主題。如果您要求某人列出硬折扣店和 OXXO 中的類別，重疊部分可能在 20% 左右。

In other words, the consumer occasion of going to buy a coffee, going to pay financial services of buying Coca-Cola products or buying Heineken or Molela product, as you walk down the street of buying a quick snack because you're hungry or accessing to buy some bread for a quick snack, those occasions are significantly different than the one that's being offered in the hard discount models.

換句話說，消費者去買咖啡、去支付金融服務、購買可口可樂產品或購買喜力或 Molela 產品，以及走在街上因為餓了而買一份快餐或去買一些麵包作為快餐的場合，這些場合與硬折扣模式所提供的場合有很大不同。

We think it competes head-to-head in Bara without a doubt, but with regards to OXXO, we do believe that the formats will continue to exist, coexist with relatively contained overlap. I wanted to address that because that's the subject of a lot of questions that particularly Juan gets and commentary that we see in the analysis that's published.

我們認為它毫無疑問會在 Bara 中展開正面競爭，但就 OXXO 而言，我們確實相信這些格式將繼續存在，並以相對有限的重疊形式共存。我想解決這個問題，因為這是胡安提出的許多問題的主題，我們在已發表的分析中也看到了相關的評論。

That's helpful. Martin, Juan, thank you very much guys.

這很有幫助。馬丁、胡安，非常感謝你們。

Rodrigo Alcantara, UBS.

瑞銀的 Rodrigo Alcantara。

Hi, thanks. Good morning and thanks for taking my question, Martin, Juan. I want to take the discussion on Proximity Americas, just but on the OpEx side, right? On one hand, selling expenses, I mean, what's really, really impressive, the achievements that we saw, right, when you guys decelerating the pace of open growth.

你好，謝謝。早安，感謝馬丁、胡安回答我的問題。我想討論一下 Proximity Americas，只是從 OpEx 方面來說，對嗎？一方面，銷售費用，我的意思是，當你們放慢開放成長時，我們看到的成就真正令人印象深刻。

I mean, you mentioned there are about the initiatives to have a more efficient labor usage, right? So my question on the OpEx side related to labor is, is it fair to assume this run rate that we saw this quarter to project this going forward, which again was quite impressive, the efficiencies that you ship on the labor front?

我的意思是，您提到了一些提高勞動力利用效率的舉措，對嗎？因此，我在與勞動力相關的營運支出方面的問題是，是否可以公平地假設我們本季度看到的這個運行率可以預測未來的發展，這再次令人印象深刻，您在勞動力方面實現的效率？

And how would you say in relation to the 40-hour working week, how compliant would you say you are currently right now to comply with that new regulation as a result of these changes that you have implemented?

關於每週 40 小時工作制，您認為由於您實施了這些變化，您目前在多大程度上遵守了這項新規定？

And my question on the -- and the other question for the OpEx side would be on the G&A, the administrative expenses where we continue to see this line growing considerably. Do you give some explanation in the press release, right, but just curious on, I mean, really what's driving here. I mean, you're hiring more people? Or what is driving the G&A and when can we expect some sort of leverage or restabilization in this line? That will be my question. Thank you very much.

我的問題是關於營運支出方面的另一個問題，是關於一般及行政費用，即管理費用，我們繼續看到這一大幅增長。你在新聞稿中給了一些解釋嗎？但我只是好奇，我的意思是，這到底是什麼在推動這一切。我的意思是，你們要僱用更多的人嗎？或者說，是什麼推動了 G&A 的成長，我們什麼時候可以期待這一領域出現某種槓桿作用或重新穩定？這就是我的問題。非常感謝。

Sure. A couple of quick things. Let me start with your compliance question. Look, we're always trying to get a little bit ahead of the curve, as you know, OXXO is a very big shift. And so it's not a ship moves on a dime, and it's not moved from one quarter to another and changes require. Changes in the operations, systems, culture and so on. So today, we are not compliant with the 40-hours because it's not the law.

當然。有幾件簡單的事。讓我先從您的合規性問題開始。你看，我們總是試著領先一步，如你所知，OXXO 是一個非常大的轉變。因此，船不會在瞬間移動，也不會從一個地方移動到另一個地方而需要改變。營運、系統、文化等方面的變化。所以今天，我們不遵守 40 小時工作制，因為這不是法律規定。

And so -- but we have been running experiments in certain plazas, certain areas at 45-hours and at 40-hours to see how we would change our operations. And those plans are producing very valuable insights of how you want use dynamic shifts. So in other words, everybody in a store has to be at the store at the same amount of time. So you can start the day with less people if it's a slow breakfast store, and then bring in more people during launch when you have a lot of activity.

所以——但我們一直在某些廣場、某些區域進行 45 小時和 40 小時的實驗，看看我們將如何改變我們的營運。這些計劃對於如何使用動態轉變提供了非常有價值的見解。換句話說，商店裡的每個人都必須在同一時間到達商店。因此，如果早餐店生意不景氣，您可以在一天開始時吸引較少的顧客，然後在開業期間，當店內生意興隆時，再吸引更多的顧客。

If it's a store in a downtown business district and then in the evenings, also, if you can move down, you can move people so that they work a total 40-hours or 45-hours or 43-hours wherever the labor perform ends up. But you could ask them to work a little bit more certain days and a little bit less other days or give them more days off so that you use them. There are a lot of learnings that are being developed as we speak. So when the law is passed and we have greater clarity, we will be in a position to roll out that as quickly as possible.

如果是位於市中心商業區的商店，那麼在晚上，如果您可以調動的話，您可以調動人員，這樣無論勞動結束在哪裡，他們總共可以工作 40 小時或 45 小時或 43 小時。但你可以要求他們在某些日子多工作一點，在其他日子少工作一點，或給他們更多的休息日，以便你可以利用他們。正如我們所說，有許多學習成果正在開發中。因此，當法律通過並且我們有了更清晰的認識後，我們將能夠盡快推出該法律。

With regards to the issue of administrative expenses, this is the focus of the OXXO management team. We hope over the next couple of quarters to give you a little bit more insight on that. I think they are very sensitive to, one, they need to prioritize the transformational initiatives. The growth in that has been driven in many cases, has been driven by the issue of thinking about transformational initiatives and the instruction that has come from fences, we need to prioritize in times like this.

關於管理費用的問題，這是OXXO管理團隊關注的重點。我們希望在接下來的幾個季度內為您提供更多有關這一點的見解。我認為他們非常敏感，首先，他們需要優先考慮轉型措施。在許多情況下，這種成長是由思考轉型措施的問題和來自圍欄的指示所推動的，我們需要在這樣的時刻優先考慮。

We need to focus and have this very clear and we can postpone some of them for some period of time. Number 3, that number is a little bit impacted also remember by the OXXO -- by the OXXO USA Incorporation into the consolidation of Proximity Americas. So the numbers are a little dirty relative to that. And there, we're having to build out an overhead because remember, this was a carve-out of the business. So you're probably seeing a little bit of that impact and a little bit of that effect.

我們需要集中精力並明確這一點，我們可以將其中一些推遲一段時間。第三，這個數字也受到了 OXXO 的一點影響——OXXO USA Incorporation 併入 Proximity Americas 的合併。因此，相對於這一點，這些數字有點不準確。而且，我們必須增加管理費用，因為請記住，這是業務的剝離。所以您可能會看到一點這種影響和一點這種效果。

But we would expect to see that improve during the second half and certainly during the beginning of next year, again, understanding this is a big organization, and we need to be thoughtful on changes that we make.

但我們預計在下半年，尤其是明年年初，情況會有所改善，再次強調，這是一個龐大的組織，我們需要深思熟慮地做出改變。

And then finally as to the trend on labor expenses. Again, the government will continue to likely increase minimum wage. I think the number that they're targeting is 12%. So we're going to continue to battle with that percentage. Again, it's very hard for me to predict to you where is the physical limits of the savings that we can drive through this issue of use of technology and more variable ship policies.

最後關於勞動力費用的趨勢。再次，政府可能會繼續提高最低工資。我認為他們的目標數字是 12%。所以我們將繼續與該比例作鬥爭。再次，我很難向您預測，透過使用技術和更靈活的船舶政策，我們可以實現的節省的物理極限在哪裡。

I can assure you we will leave no rock unturn. But to give you -- I'm not in a position right now to give you a guidance as to how much more we can extract from that. I do think that there is more that we can extract. But it's hard to tell you where the limit is.

我可以向你們保證，我們將竭盡全力。但是——我現在無法給你關於我們還能從中獲得多少利益的指導。我確實認為我們還可以提取更多。但很難告訴你極限在哪裡。

Ricardo Alves, Morgan Stanley.

摩根士丹利的里卡多·阿爾維斯。

First question on net income. Considering your operations were relatively in line with what we expected at least. But as it pertains to the bottom line, we saw a big miss relative to what we expected. We saw higher taxes and significantly lower equity income, I believe, from MXN90 million in the first quarter to almost MXN800 million in the second quarter. Probably I would assume that most of that could be related to OXXO Brazil. So can you just share more details on what's driving this volatility below the line, just so that we have a better basis to model the second half of the year as it relates mainly to equity income, the equity income line and then also taxes because effective taxes were also higher than expected. So that's my first question on EPS.

第一個問題是關於淨收入。考慮到你們的操作至少是比較符合我們預期的。但就底線而言，我們發現結果與我們的預期相比有很大差距。我認為，我們的稅收增加了，而股權收入卻大幅下降了，從第一季的 9,000 萬墨西哥比索下降到了第二季的近 8 億墨西哥比索。我可能認為其中大部分可能與 OXXO 巴西有關。那麼，您能否分享更多關於導致這種波動性的原因的細節，以便我們有更好的基礎來模擬下半年的情況，因為它主要與股權收益、股權收益線以及稅收有關，因為實際稅收也高於預期。這是我關於 EPS 的第一個問題。

The second question is actually a follow-up on OXXO Mexico. We share the view that the second half could be better in terms of traffic and same-store sales, but we are lacking evidence of that yet. And I think that some of the discussions that we had with you guys, with senior management as it relates to all the initiatives that you are taking to improve traffic. I think that, that discussion is very -- time leads are important, and it's very helpful.

第二個問題其實是對OXXO墨西哥的後續問題。我們認為下半年的客流量和同店銷售額可能會更好，但目前我們缺乏這方面的證據。我認為我們與你們以及高階主管進行的一些討論與你們為改善交通而採取的所有舉措有關。我認為，那次討論非常重要──時間線索非常重要，而且非常有幫助。

But it's not very clear to us where -- what do you think is going to move the needle most into the second half? Can you go into the qualitative examples of the biggest initiatives that you're taking. Is it the new proposition with the tobacco companies? Is it soft drinks initiatives that you're taking, retail media? What do you think is going to really move the need for us to see a second half that is better for us to see a rebound. So also that we can have better visibility into the key drivers to see the light at the end of the tunnel, if you will. I don't know, maybe July was better, maybe that could be an evidence. Those are my questions.

但我們不太清楚—您認為什麼會對下半年產生最大的影響？您能否詳細介紹一下您正在採取的最大措施的定性例子？這是菸草公司的新主張嗎？你們正在採取的是軟性飲料舉措，零售媒體嗎？您認為什麼才能真正推動我們看到下半年更好的反彈？這樣，我們就可以更了解關鍵驅動因素，從而看到隧道盡頭的光明。我不知道，也許七月更好，也許那可以作為一個證據。這些都是我的問題。

Let me start with the below the line question. The single most important reason for the decline in that income is one thing. Is that MXN10 billion swing caused by foreign exchange losses on our US dollar excess cash balance. And that just happened to be -- it was a very good year last quarter, the second quarter of 2024, and here it was worse because the peso declined. And in that way it's a little, not tricky, particularly difficult to understand, but the balance sheet items are impacted quarter-on-quarter with FX moves quarter-on-quarter while PNL tend to -- are moving really with year-to-year FX movements.

讓我先從下面的問題開始。收入下降的最重要原因只有一個。這 100 億墨西哥比索的波動是由於我們的美元超額現金餘額出現外匯損失而造成的。而那恰好是——上個季度，也就是 2024 年第二季度，是非常好的一個季度，而今年的情況卻變得更糟，因為比索下跌了。從這個意義上講，這有點難以理解，但不是特別棘手，而是資產負債表項目會隨著外匯環比變動而受到逐季影響，而損益往往會隨著逐年的外匯變動而變化。

And so, if you back that MXN10 billion out, that explains most of it. So without a doubt, if you believe that the exchange rate is going to remain stable, that number should be MXN10 billion towards 0. If you believe that the peso will devalue, you will see again a period where we have very good profits. So I would tell you below the line that is the thing that's moving.

因此，如果你拿出那 100 億墨西哥比索，那就可以解釋其中的大部分內容。因此，毫無疑問，如果您相信匯率將保持穩定，那麼這個數字應該是 100 億墨西哥比索兌 0。如果您相信比索會貶值，您將再次看到我們獲得非常好的利潤的時期。因此，我會在下面告訴你，這就是正在移動的東西。

The second thing is the issue of taxes. I'm sure somebody will ask about this. And we explain it in quite a bit of detail in the press release. The taxes in a period where our pre-tax income has been impacted by this loss, it tends to magnify two things in a relative marginal tax rate perspective, which is one, the non-deductible expenses a part of labor.

第二件事是稅務問題。我確信有人會問這個問題。我們在新聞稿中對此進行了相當詳細的解釋。在我們的稅前收入受到這種損失影響的期間內，稅收往往會從相對邊際稅率的角度放大兩件事，一是不可扣除的費用是勞動力的一部分。

As in Mexico, you cannot deduct 100% of labor expenses because a portion of labor expense doesn't pay income tax. So the government has taken the position, well, if employees are not paying income tax on this part of their compensation, they only allow you to deduct, and I'm going to say approximately 50% of that portion of your labor expense which the employee doesn't pay. As our operations have continued to grow and the labor expense has grown, such has, so has the non-deductible amount, and that is unlikely to change.

與墨西哥一樣，您不能扣除 100% 的勞動力費用，因為部分勞動力費用不繳納所得稅。因此，政府採取的立場是，如果員工沒有為這部分薪資繳納所得稅，他們只允許你扣除，我想說的是，員工沒有支付的那部分勞動費用大約是 50%。隨著我們的業務不斷成長，勞動成本不斷增加，不可扣除的金額也隨之增加，而且這種情況不太可能改變。

There is a second part which is the Spin losses. The Spin losses because of where they're located within our corporate structure. At this point, we cannot deduct them, and we are not growing or adding to our tax assets from the future application of those losses to profits from the Spin business simply as a conservative, prudent, accounting matter, we no longer do that. Remember that in Mexico, accumulated losses only last 10 years. So they don't last into infinity. And so therefore, at some point, you have to make a judgment whether you will be using those losses within the remaining life of those losses before they expire.

第二部分是自旋損失。Spin 的損失是由於它們在我們公司結構中所處的位置造成的。目前，我們無法扣除這些損失，而且我們不會透過將這些損失未來應用於 Spin 業務的利潤來增加或增加我們的稅收資產，這只是出於保守、審慎的會計考慮，我們不再這樣做了。請記住，在墨西哥，累計損失僅持續 10 年。所以它們不會永遠存在。因此，在某個時候，您必須判斷是否要在這些損失到期之前的剩餘期限內使用這些損失。

That second item is really non-cash. If you think about it because if you're removing the losses from Spin, you just don't have a tax shield on it, and so it increases your relative tax rate. But the tax rate on the remaining businesses, which generate the profit of the business don't have that 40% marginal tax rate that you saw. It's a tax rate much more than the 35%.

第二項其實不是現金。如果你考慮一下，因為如果你從 Spin 中消除損失，你就沒有稅盾，因此它會增加你的相對稅率。但是，其餘產生企業利潤的企業的稅率並沒有您看到的 40% 的邊際稅率。這個稅率遠高於35%。

Also reminding you that we have operations that pay higher taxes than the Mexico tax rate. The number you're seeing is consolidated. Brazil has a higher marginal tax rate than of Medical. And there are some other countries in South America where the tax rate is above 30%. That is, as to this issue of what's happening below the line.

也提醒您，我們的業務繳納的稅金高於墨西哥的稅率。您看到的數字是合併後的數字。巴西的邊際稅率高於醫療。南美洲還有一些國家的稅率高達30%以上。也就是關於線下發生的事情的問題。

If you can remind me your second question?

您能提醒我您的第二個問題嗎？

If you think of it more evidence to be optimistic about second half, to talk a little bit about July. I would like to talk a little bit about July. Martin always gives me a little bit of a hard time because I look for the green shoots.

如果您認為有更多證據顯示對下半年持樂觀態度，那麼請談談 7 月的情況。我想談一下七月的事。馬丁總是給我一些麻煩，因為我總是在尋找新的希望。

I mean, if the month of July ended today, same-store sales are positive in the low single digits. That's -- for whatever that's worth. Certainly, I think on the other part of that question, in terms of some of the stuff that's being done, that rotation in and out of larger presentations, returnables, kind of changes to the price package. Those have happened over time several times, right?

我的意思是，如果七月今天結束，同店銷售額將維持在低個位數。不管這有多重要。當然，我認為就這個問題的另一部分而言，就正在進行的一些事情而言，大型演示的輪換、可退貨、價格套餐的改變等。這些事情已經發生好幾次了，對吧？

I mean in my tenure, I've seen it happen probably two times, three times where the consumer begins to ask for those multi-serve presentations in both beer and soft drinks, where returnable mix goes up. And then eventually, things get better, and people don't want to deal with the hassle of returnables. And then you go back to the single serves, one ways. I think we're kind of in the middle of that.

我的意思是，在我任職期間，我大概見過兩三次這樣的情況，消費者開始要求在啤酒和軟飲料中提供多份裝，而可回收產品的數量隨之增加。最終，情況會變得更好，人們不再願意處理退貨的麻煩。然後你再回到單次發球，一種方式。我認為我們正處於這個階段。

And obviously, we're in this process where more of the SKUs at OXXO are going to resemble some of those SKUs at the mom-and-pop, where you can kind of do the sharing that Martin was talking about in multi (technical difficulty) and the returnables.

顯然，我們正處於這樣的過程中：OXXO 的更多 SKU 將類似於夫妻店中的某些 SKU，這樣你就可以實現 Martin 所說的多種（技術難度）和可退貨方面的共享。

But there are also these two big external factors, right, the weather and again, if you look at (inaudible) numbers and other people have reported, they all seem to converge on how beverages and convenience categories suffered during the quarter. And then just the overall health of the Mexican consumer and whether construction activity picks up a little bit in the second half which is something we all hope and expect will happen, and it has a lot to do with permitting and kind of government policy. So I mean, I don't know, Martin, if you have more on that.

但還有兩個重要的外部因素，對吧，就是天氣，再說一次，如果你看一下（聽不清楚）數字和其他人的報告，它們似乎都集中在飲料和便利類別在本季度遭受的損失上。然後就是墨西哥消費者的整體健康狀況以及下半年建築活動是否會略有回升，這是我們都希望和期待的事情，這與許可和政府政策有很大關係。所以我的意思是，馬丁，我不知道你對此是否有更多了解。

Again, some of these things are outside of our control, the economy and weather. And I would suspect you guys have a view on this, particularly on the economy, I assume not on the weather. And implementing many of these commercial activities, you don't just flip a switch when you want to introduce returnable packaging into the OXXO system. We have to develop the systems for recollecting the models and cases and the MRO accounts for them.

再說一遍，有些事情是我們無法控制的，例如經濟和天氣。我想你們對此有自己的看法，特別是對經濟的看法，我想對天氣的看法應該不是這樣。在實施許多此類商業活動時，當您想要將可回收包裝引入 OXXO 系統時，您不能只是輕輕一按開關。我們必須開發用於回憶模型和案例的系統，並且 MRO 會對它們進行說明。

As a boss of mine used to say, the most expensive packaging in the world is a returnable package that doesn't return. So that has to be accounted for, and we need to adjust and then we need to negotiate with our suppliers. And as you can imagine, some suppliers want to save certain packaging presentations for certain channels and then that's where it's important that OXXO uses its commercial muscle to demand sort of equal treatment in terms of packaging. And till now positive.

正如我的一位老闆曾經說過的，世界上最昂貴的包裝是不可退回的可退貨包裝。所以必須考慮到這一點，我們需要進行調整，然後我們需要與我們的供應商進行談判。你可以想像，有些供應商希望為某些管道保留某些包裝展示，這時 OXXO 就需要利用其商業實力來要求在包裝方面給予平等待遇。到目前為止都是正面的。

There are also some commercial negotiations with some very, very, very important suppliers that are being finished as we speak, which should give us an uplift. I prefer not to identify them. But there are some important categories where we've made some very important negotiations in terms of promotions, commercial income, the margin as a retailer, we're going to be able to keep on them that should flow through towards the second half that you don't see today in the first half.

我們也與一些非常非常重要的供應商進行了一些商業談判，這些談判目前正在完成，這應該會為我們帶來提振。我不想透露他們​​的身份。但在一些重要的類別中，我們在促銷、商業收入、作為零售商的利潤方面進行了一些非常重要的談判，我們將能夠繼續保持這些談判，這些談判應該會持續到下半年，而這是在上半年看不到的。

Also, we have been planning for the labor reform to occur this year. We're pretty confident that's not going to happen this year. I think the government has been very sensitive to the fact that in the current economic environment, reducing work hours is likely to be somewhat recessionary. And so I think that's going to give us some breathing room with regards to things that we had otherwise planned for this year.

此外，我們一直在計劃今年進行勞動改革。我們非常有信心今年不會發生這種情況。我認為政府已經意識到，在當前的經濟環境下，減少工作時間可能會帶來一定程度的衰退。因此，我認為這將為我們今年原本計劃的事情提供一些喘息的空間。

Bob Ford, Bank of America.

美國銀行的鮑伯‧福特。

Hey, thank you. Good morning, Juan Carlos, Martin. Thanks for taking question. Juan Carlos, how do you think about the sustainability of Spin's consumer fee-based revenue? And how do you see that evolving over time, if at all?

嘿，謝謝你。早安，胡安卡洛斯，馬丁。感謝您的提問。胡安卡洛斯，您如何看待 Spin 的消費者收費收入的可持續性？您認為隨著時間的推移，這種情況會如何發展？

And can you talk a little bit about your deal with Mercado Pago? How should we think about the fee income and traffic generation with Mercado Pago versus other corresponding banking agreements? And is the deal limited to cash in and out? Or does it encompass pick up returns or other services?

您能談談與 Mercado Pago 的交易嗎？與其他相應的銀行協議相比，我們應該如何看待 Mercado Pago 的費用收入和流量產生？該交易是否僅限於現金進出？或者它是否包括提貨、退貨或其他服務？

Thank you. I'll start with the second part of your question, which is the deal with Mercado Pago. There, I would highlight that we're committed to continuing to open our infrastructure to all players in Mexico. We see an opportunity to continue to grow our ecosystem. And hence, we view the deal with Mercado Pago similar to many of the other fintechs that are now part of our network as an enabler of consumer choice and ensuring that we have a robust offering as customers access the store.

謝謝。我先回答你問題的第二部分，也就是與 Mercado Pago 的交易。在此，我想強調的是，我們致力於繼續向墨西哥所有參與者開放我們的基礎設施。我們看到了繼續發展生態系統的機會。因此，我們認為與 Mercado Pago 的交易類似於我們網路中許多其他金融科技公司的交易，可以促進消費者的選擇，並確保我們在客戶進入商店時提供強大的產品。

It's primarily related to both cash in and cash out. There are currently some pilots around Puro pickup and drop off that we are doing with Mercado Libre, where we are excited about the prospects of how that can evolve into a digital solution over time, enabling our customers to be able to purchase on Mercado Libre and pick up and drop off depending on their needs directly in the store. Those are still very early stage. However, we do think that that's going to be something that could be relevant on the line, especially as we continue to evolve our own digital ecosystem.

它主要與現金流入和現金流出有關。目前，我們正在與 Mercado Libre 合作開展 Puro 取貨和送貨服務的一些試點項目，我們對該項目隨著時間的推移如何發展成為數位解決方案的前景感到興奮，這將使我們的客戶能夠在 Mercado Libre 上購物，並根據他們的需求直接在商店中取貨和送貨。這些仍處於非常早期的階段。然而，我們確實認為這將是與此相關的事情，特別是當我們繼續發展我們自己的數位生態系統時。

As it relates to your first question on fees and how we see an increased electronification of cash. The reality is that, that is an ongoing trend. Having said that, our corresponding banking fees continue to be quite strong. And hence, through Spin, we see an opportunity to parlay our position in physical cash into the digital ecosystem. And there, monetization is going to come from the opportunities that we see in financial services, primarily around credit, which were early in our build-out.

因為這與您關於費用的第一個問題以及我們如何看待現金電子化的增加有關。事實是，這是一個持續的趨勢。話雖如此，我們相應的銀行費用仍然相當高。因此，透過 Spin，我們看到了將我們在實體現金中的地位轉化為數位生態系統的機會。在那裡，貨幣化將來自我們在金融服務中看到的機會，主要是圍繞信貸，這是我們早期建設的領域。

The only thing I would add, one of the things that has surprised me and improves the power of the platform of OXXO [do], is every time a new fintech player getting the access to OXXO, they put out press releases, sort of almost describing it as new strategic partnerships that we're developing. And in the reality, they're being managed like all the other people who access our payment platform.

我唯一想補充的是，令我感到驚訝並增強了 OXXO 平台功能的一件事是，每當有新的金融科技公司獲得 OXXO 的訪問權限時，他們都會發布新聞稿，幾乎將其描述為我們正在發展的新戰略合作夥伴關係。實際上，他們和其他造訪我們支付平台的人一樣受到管理。

There's nothing special or unique about what Mercado Libre is doing within our OXXO stores as compared to one in any other traditional financial institution or other e-commerce business. So for us, it's sort of business as usual to bring in and give access to more players that get more optionality to our customers.

與其他傳統金融機構或其他電子商務企業相比，Mercado Libre 在我們的 OXXO 商店中所做的事情並沒有什麼特別或獨特之處。因此，對我們來說，引入更多參與者並讓其參與進來，為我們的客戶提供更多選擇，這是正常的業務。

You guys are special and unique. And I think that's why they're excited about the distribution.

你們很特別，很獨特。我想這就是他們對分銷感到興奮的原因。

You can say that, I won't.

你可以這麼說，但我不會。

Antonio Hernandez, Actinver.

安東尼奧·埃爾南德斯，Actinver。

Hi, good morning. Thanks for taking my question. Well, quick ones actually. First one, do you get to see an improvement or -- well, actually from a [where] perspective, you mentioned this and it was just as you connected it was already quite expected. But if you could exclude the weather impact on traffic and OXXO sales, how will they accordingly performance and then I have a quick follow up. Thanks.

嗨，早安。感謝您回答我的問題。嗯，實際上很快。首先，您是否看到了改進，或者——嗯，實際上從[哪裡]的角度來看，您提到了這一點，而且正如您所說，這已經是意料之中的事了。但是，如果可以排除天氣對流量和 OXXO 銷售的影響，它們的表現會如何呢？然後我會快速跟進。謝謝。

(audio gap) And that's what the team is focused on.

（音頻間隙）這正是團隊關注的重點。

But further evidence that this is weather-driven is the fact that Coca-Cola FEMSA also had a very complicated in Mexico. So when you look back at April and May of last year and how hot it was during those months relative to these years in addition to the issues of the election and the economy and so on. But again, Coca-Cola FEMSA's market share numbers are rock solid. They're doing well. There's no indication that there's a competitiveness issue at Coca-Cola FEMSA.

但進一步的證據顯示這是受天氣影響的，事實是可口可樂 FEMSA 在墨西哥也經歷了非常複雜的情況。因此，當你回顧去年四月和五月時，你會發現這兩個月的氣溫相對於往年有多熱，此外還有選舉、經濟等問題。但可口可樂 FEMSA 的市佔率依然穩固。他們做得很好。沒有跡象表明可口可樂 FEMSA 存在競爭力問題。

And they also had a very, very complicated second quarter in terms of volume. Again, weather impacts the consumption of beverages more than people realize, not only the temperature, but the range. So the more it rains, the less people go out and so the less they buy, single one-way serving.

從銷售來看，他們的第二季也非常複雜。再次，天氣對飲料消費的影響比人們意識到的要大，不僅影響溫度，也影響範圍。因此，雨下得越多，出門的人就越少，買的東西就越少，單程的量就越少。

And at the margin, it impacts, for example, somebody was telling me about other companies that are more in the coffee business and why their same store sales were better than ours. And they will -- when it's cold, people drink coffee more than they will drink a cold beer. And so again, this sounds anecdotal, but it actually does happen in the real world.

從邊際來看，它會產生影響，例如，有人告訴我其他從事咖啡業務的公司的情況，以及為什麼他們的同店銷售額比我們的好。天氣寒冷時，人們喝咖啡的次數比喝冰啤酒的次數還多。所以，這聽起來像是軼事，但它確實在現實世界中發生。

And just a quick follow-up. Having said that, how will that play out with your opening expectations for both OXXO and Bara, how exactly are -- are you maybe decelerating a little bit into open space or just business as usual on that side.

這只是一次快速的跟進。話雖如此，這對 OXXO 和 Bara 的開場期望會有什麼影響，具體來說——你們可能會稍微減速進入開放空間，還是只是照常營業。

If I understood correctly, your question has to do whether this performance is impacting our plans for opening stores in OXXO and Bara. With regards to Bara, I would say it doesn't. The reality is we're on a long journey here to expand that value proposition. And so there are very few if any changes on that. On OXXO, at least for the time being, again, no major changes. I do think -- and this is more of a trend that we've been seeing over the last year, 1.5 years, not particularly pushed by the recent performance which is we're seeing a larger percentage of the stores we're opening being OXXO [Nichos], which is, again, it's stores that are enclosed, quote-unquote secure environment inside universities, hospitals, plants, office buildings, et cetera.

如果我理解正確的話，您的問題是，這種表現是否會影響我們在 OXXO 和 Bara 開設商店的計劃。至於 Bara，我認為不是。事實上，我們還要經過很長的路程才能擴大這個價值主張。因此，這方面的變化非常小。對於 OXXO 來說，至少目前來說，沒有重大變化。我確實認為——這更像是我們在過去一年半中看到的一種趨勢，並不是特別受到近期業績的推動，我們看到我們開設的商店中很大一部分是 OXXO [Nichos]，也就是封閉的商店，所謂的安全環境，位於大學、醫院、工廠、辦公大樓等內部。

We're seeing the percentage of that increasing as a percentage of the stores that we're opening because we see a very unique opportunity to position, to sell in that market, and we want to try to capture as much of that market as we can because we think it's very strategic and very valuable. And there's a lot of demand for it in some of our Nicho stores, the feedback we get from the HR or some of the factories in which we've opened this is that it actually reduces -- there's a correlation between opening the OXXO Nicho and the rotation and absenteeism that people see within the factory because people were missing work to be able to execute financial services. And they're being able to execute them inside their workplaces now in a very safe environment.

我們看到，在我們開設的商店中，這一比例正在不斷增加，因為我們看到了在這個市場定位和銷售的一個非常獨特的機會，我們希望盡可能多地佔領這個市場，因為我們認為這非常具有戰略意義，非常有價值。我們的一些 Nicho 商店對它的需求很大，我們從人力資源部門或一些開設了該商店的工廠得到的反饋是，它實際上減少了​​——開設 OXXO Nicho 與工廠內人們看到的輪換和缺勤之間存在關聯，因為人們為了執行金融服務而缺勤。現在，他們可以在非常安全的工作場所內執行這些任務。

But for the time being, we may revisit that in the second half of the year to slow down maybe some of the expansion, if it makes sense. But for the time being, it's -- we're going to continue to open at the pace that we've been guiding to in Mexico, which is 1,000 to 1,100 stores net additions.

但就目前而言，如果合理的話，我們可能會在下半年重新考慮這一點，以減緩部分擴張。但就目前而言，我們將繼續以我們在墨西哥的指導速度開設新店，即淨增加 1,000 至 1,100 家門市。

Ulises Argote, Santander.

烏利塞斯·阿爾戈特，桑坦德。

Hey guys, thanks for taking the question. I had one, maybe it's a bit of a follow up there related to Bara. So on the release, you said there are some weakness there on the convenience categories, right? Could you share some additional color on how much is convenient there from the mixing data? You put some numbers there on the release and thanks for that, but any additional color is onviously appreciated.

嘿夥計們，謝謝你們回答這個問題。我有一個，也許它是與 Bara 相關的一點後續。那麼在發佈時，您說便利類別存在一些弱點，對嗎？您能否從混合資料中分享一些關於那裡有多方便的額外資訊？您在發佈時添加了一些數字，對此表示感謝，但任何額外的顏色顯然都會受到讚賞。

And then kind of a segue into the second part of the question would be how do you see this into the future, right? Is the focus there to further expand on risk in categories Bara, or are you kind of really comfortable with the current mix?

然後問題的第二部分就是您如何看待未來的情況，對嗎？重點是否在於進一步擴大 Bara 類別的風險，或者您對目前的組合感到滿意？

Ulises, this is Juan. So the mix of convenience within Bara is around 30%. So it's not insignificant. We continue to see value in the Bara customers being able to buy the national brands for beverages, certainly coke and the big beer brands.

尤利西斯，這是胡安。因此，Bara 內部的便利性組合約為 30%。所以這並不是無關緊要的事。我們繼續看到 Bara 顧客能夠購買國家品牌飲料的價值，當然還有可口可樂和大型啤酒品牌。

However, having said that, if you ask me can you read the tea leaf or look into the future. Certainly, the focus internally is put on the private label part of things. And on at least doubling the mix of private label and really continue to move the value prop towards a more of a harder discount, which then would mean that convenience component would weigh less, right?

然而，話雖如此，如果你問我，你是否能看透形勢或預見未來。當然，內部的重點是放在自有品牌部分。並且至少將自有品牌的組合增加一倍，並真正繼續將價值主張轉向更大的折扣，這意味著便利性組件的重量會減輕，對嗎？

So as we go from somewhere in the 20s where the private label is right now into hopefully the 30s and the 40s and beyond, I would expect the relevance of convenience to come down. But that's just directional. I don't really have -- I don't think we have visibility into what the number will look like five years from now.

因此，當我們從現在的自有品牌的 20 多歲邁進 30 多歲、40 多歲甚至更遠的時候，我預計便利性的相關性會下降。但這只是方向性的。我真的沒有——我認為我們無法預測五年後這個數字會是什麼樣子。

Carlos Laboy, HSBC.

卡洛斯·拉博伊（Carlos Laboy），匯豐銀行。

Yes. Juan, Carlos, I was hoping that you could speak to your interactions with the Board of Directors with their level of support and how they're scale in their understanding of the firm's changing digital needs, how it's evolving?

是的。胡安、卡洛斯，我希望你們能談談你們與董事會的互動，以及他們的支持程度，以及他們對公司不斷變化的數位需求的理解程度，以及它是如何發展的？

Interaction with the Board has been great. I'm very excited about the commitment that they have behind the spin efforts. If anything, they're looking for us to be much faster in our deployment and execution and really looking for the synergies that come from providing a value prop that has the mix of the physical assets on the OXXO side with Spin's digital value prop.

與董事會的互動非常順暢。我對他們在旋轉工作中所做的承諾感到非常興奮。無論如何，他們希望我們能夠更快地部署和執行，並真正尋求透過提供價值主張而產生的協同效應，這種價值主張將 OXXO 方面的實體資產與 Spin 的數位價值主張相結合。

In terms of the expertise on the Board, there's been significant changes, and I'll let maybe Martin and Juan talk to them over the course of the last couple of years. We do have a number of Board members that are quite well versed in the digital arena, having gone through transformations on their own both by winning big tech companies in the US and driving those value props across different markets as well as through traditional retail and moving towards a more digital offering that have been quite helpful and vocal in the needs of the strategic imperative for us to move quickly in terms of the two big opportunities that we've highlighted, which is enhancing the value prop of OXXO, driving a better a convenience value property digital as well as the opportunity that we have in financial services and involving our current cash-based correspondent banking into a broader set of offerings that moves us beyond payments and rewards into savings and credit.

就董事會的專業知識而言，已經發生了重大變化，在過去幾年裡，我會讓馬丁和胡安與他們交談。我們確實有許多董事會成員非常精通數位領域，他們自己也經歷了轉型，既贏得了美國大型科技公司的青睞，並在不同的市場推動這些價值主張，也透過傳統零售轉向更加數位化的產品，這些轉型對我們在戰略要務方面的需求非常有幫助，並且直言不諱，讓我們能夠迅速抓住我們強調的兩個重大機遇，即增強 OXXO的價值主張，推動更便捷的價值屬性數位化，以及我們在金融服務方面的機會，並將我們目前的現金代理銀行業務納入更廣泛的產品範圍，使我們的產品從支付和獎勵擴展到儲蓄和信貸。

Yes. There are two people in particular who been now on the Board for 1.5 years, 2 years. The, Gibu Thomas and Daniel Alegre, both of them in previous jobs have had involvement in digital businesses. And in one case, one is not very involved in media business. The areas of focus for the questions and the challenges that they do on the Board are around the cooperation of OXXO and Spin and how do we make sure that those two organizations operate better. That has been -- I mentioned already previously, we're looking to joint P&Ls going forward between executives who would share responsibilities.

是的。特別是有兩人，他們在董事會任職的時間分別是 1.5 年、2 年。Gibu Thomas 和 Daniel Alegre 在之前的工作中都曾涉足數位業務。在一種情況下，一個人不太參與媒體業務。董事會所關注的問題和麵臨的挑戰主要集中在 OXXO 和 Spin 的合作上，以及如何確保這兩個組織能更好地運作。那是——我之前已經提到過，我們希望在分擔責任的高階主管之間建立聯合損益表。

Number two, I think they and other members of the Board who are less in the digital world have urged caution with regards to the credit part of the business. And that's why, as you can see in all our calls, we try to transmit the cautiousness, which we will be approaching the credit part of the monetization strategy around this and the continued promise of no surprises, we will keep everybody abreast of what we're doing in this regard and the bets are very contained and small now as we build up capabilities.

第二，我認為他們和董事會中其他不太涉足數位世界的成員都敦促對業務的信貸部分保持謹慎。這就是為什麼，正如您在我們所有的電話會議中看到的那樣，我們試圖傳達謹慎的態度，我們將圍繞這一點來處理貨幣化戰略的信用部分，並繼續承諾不會出現意外，我們將讓每個人都了解我們在這方面的行動，隨著我們能力的增強，現在的賭注非常有限，而且很小。

And we continue to explore, if possible, trying to find partners for some or all of the financial services part of the offering that we're trying to develop. So I would add those two comments to what Juan Carlos just mentioned.

如果可能的話，我們將繼續探索，嘗試為我們正在嘗試開發的部分或全部金融服務產品尋找合作夥伴。因此，我想將這兩則評論添加到胡安卡洛斯剛才提到的內容中。

Yes. And I would just -- to finalize -- the Board is not static, right? And just as a FEMSA, we've gone through the whole FEMSA forward process and our mix of core businesses obviously has changed over the past decade. So two has changed composition of the Board, right? And I think that it can connect with the efforts of Jose Antonio in reducing the size of the Board, but also in getting new blood and new talent and new experience into it that is fully consistent with the challenges that the company is looking at and really the DNA of the company today as opposed to what it was 10-, 20-, 30-, 50 years ago.

是的。我只是想——最後說一下——董事會不是一成不變的，對吧？作為 FEMSA，我們經歷了整個 FEMSA 前進過程，並且我們的核心業務組合在過去十年中顯然發生了變化。那麼董事會的組成已經發生了變化，對嗎？我認為這與何塞·安東尼奧 (Jose Antonio) 縮減董事會規模的努力相一致，同時也為董事會注入了新鮮血液、新人才和新經驗，這與公司面臨的挑戰完全一致，也真正符合公司今天的 DNA，而不是 10 年、20 年、30 年、50 年前的 DNA。

And maybe one final point on my end, which, getting perhaps to read between the lines of the question of, do we have the right expertise in the digital arena around our Board and our management team. I would like to highlight that also the recent changes in administration and also Mexico have been quite positive.

我最後還有一點，也許可以從這個問題的字裡行間看出，我們的董事會和管理團隊在數位領域是否擁有正確的專業知識。我想強調的是，最近政府和墨西哥的變化也相當正面。

Carlos Arroyo's addition to the team, having led the digital efforts at [Choco] and then also having been intimately involved with the transformation in Walmart in Central America has created a different type of discourse for us at Spin as we think about our collaboration efforts between Mexico and Spin in a very positive manner that is allowing us to gain momentum across our teams and have a much better alignment behind the strategic vision that we're trying to deploy.

卡洛斯·阿羅約 (Carlos Arroyo) 加入團隊後，領導了 [Choco] 的數位化工作，並密切參與了沃爾瑪在中美洲的轉型，這為我們 Spin 創造了不同類型的話語，讓我們以非常積極的方式思考墨西哥和 Spin 之間的合作努力，這讓我們能夠在整個團隊中獲得動力，並在我們試圖部署的戰略願景背後實現更好的協調團隊。

Ricardo Alves, Morgan Stanley.

摩根士丹利的里卡多·阿爾維斯。

Thanks for the follow-up guys. My line was cut. So I'm sorry if this was asked. But A quick question for Martin on capital allocation. We did see the conclusion of the ASR program. And based on what's been announced, I think that you made reference to that in your preliminary remarks, that would imply a perhaps another ASR. So just wanted to see if you have any expectations around that.

謝謝大家的關注。我的線路被切斷了。如果有人問到這個問題，我很抱歉。但我想問馬丁​​一個關於資本配置的問題。我們確實看到了 ASR 計劃的結論。根據已經宣布的內容，我認為您在初步發言中提到了這一點，這可能意味著另一個 ASR。所以只是想看看你對此有什麼期望。

I'm not sure, for instance, what was your perception with the execution of the last ASR relative to your preliminary expectations? And as it pertains to local buybacks, we've we've been following how active the company is on that front this year. I think that that's appreciated that needs to be acknowledged, but just wanted to have your latest thoughts on if we could expect a resumption of that now that the second quarter is behind us. Thanks again for the follow up, guys.

例如，我不確定您對上次 ASR 的執行情況的看法與最初的預期相比如何？至於本地回購，我們一直在關注該公司今年在這方面的活躍程度。我認為這是值得讚賞的，需要承認的，但我只是想聽聽你的最新想法，看看在第二季度已經過去之後，我們是否可以期待這種情況的恢復。再次感謝大家的關注。

Just real quick. Again, our commitment is we're targeting $900 million of buybacks from March '25 to March '26. We're about 40% there. We're like a 3.75% I think, is the number between the local market purchases and the ASR. Number two, again, this is what people should expect, they should expect during windows where we can trade executing in the local markets and buying and launching ARS. We can't do this outside the windows. That's number one.

真的很快。再次重申，我們的承諾是從 2025 年 3 月到 2026 年 3 月回購 9 億美元。我們已經完成了大約 40%。我認為，本地市場購買量和 ASR 之間的數字是 3.75%。第二，這也是人們應該期待的，他們應該期待在我們能夠在當地市場進行交易以及購買和推出 ARS 的窗口期內。我們不能在窗外做這件事。這是第一點。

Number two, sometimes we have to close windows because we have material enough public information about deals or things that are happening. And I can't communicate when a window has been opened or closed, it's just simply I am unable to announce that. So don't expect us to be operating in every window, don't expect us to announce everything that we're doing because it's impossible for me, but you should be focused on the $900 million March to March as our target.

第二，有時我們必須關閉窗口，因為我們掌握了有關交易或正在發生的事情的足夠多的公開資訊。我無法告知視窗何時打開或關閉，只是我無法宣布這一點。因此，不要指望我們在每個窗口期都開展業務，不要指望我們宣布我們正在做的所有事情，因為這對我來說是不可能的，但你應該把重點放在 3 月至 3 月的 9 億美元目標上。

And obviously, it will always depend on market conditions. But that really should be what people are focusing on March to March and $900 million more than anything that happens or doesn't happen from one quarter to another.

顯然，這始終取決於市場條件。但這確實應該是人們在三月至三月期間關注的重點，比每個季度發生或未發生的任何事情都多 9 億美元。

And I would just add, Ricardo, I mean, at the end of the day, we're kind of halfway the three-year time frame that we provided to get to the 2x. And we're at 0.93x. So I think that number changed more in the last three months than it had before. So we're almost at the halfway mark. If we think about kind of that north star of 2x. And I think, again, that's what the market should be -- assume that we are going to move towards that target as much as we can with all the caveats that Martin just mentioned.

我想補充一點，里卡多，我的意思是，到最後，我們已經完成了實現 2 倍目標所設定的三年時間框架的一半。現在這個比例是0.93倍。所以我認為過去三個月這個數字的變化比以前更大。所以我們幾乎已經完成一半了。如果我們考慮一下 2x 的北極星。我認為，市場應該是這樣的——假設我們將盡可能地朝著這個目標前進，同時考慮到馬丁剛才提到的所有警告。

Milano Hernandez, GBM.

米蘭諾·埃爾南德斯，GBM。

Most of my questions have already been asked but (technical difficulty)

我的大部分問題已經被問過了，但是（技術難度）

Yes, I was wondering if maybe you can share it over in Europe, sales you (inaudible) to the quarter and if you can comment on how you're seeing the consumer dynamics there and anything you can share on the strategy you have mentioned in the past to reduce the banners and plan to start with the organic expansion.

是的，我想知道您是否可以分享一下本季度在歐洲的銷售情況（聽不清楚），您是否可以評論一下您如何看待那裡的消費者動態，以及您之前提到的減少橫幅廣告併計劃開始有機擴張的策略。

One thing -- one message that we've certainly shared on the European operation is that obviously, the nature of the organic growth in Europe is a little bit different from what we have in our LatAm markets for sure. In terms of -- you're not -- the abundance of corners where it would make sense to set up in the case of Europe, and erect store is not as plentiful. And what we've seen is very successful by the Valora team transactions where they will work with an operator of gas stations where Valora, because of their high level of execution and the level of recognition that they have through the Avec brand and beyond, they asked to come and operate the stores for those gas states.

有一件事——我們在歐洲業務上肯定分享的一個訊息是，顯然，歐洲有機成長的性質與我們在拉丁美洲市場的有機成長略有不同。就 — — 你不是 — — 而言，在歐洲，適合設立商店的角落並不多，而直立商店的數量卻不多。我們看到 Valora 團隊的交易非常成功，他們將與加油站營運商合作，由於 Valora 的高執行力以及透過 Avec 品牌及其他品牌獲得的認可度，他們被要求來經營這些加油州的商店。

And so that's something that you should expect to continue. There's another route, which involves, for example, the stores in Germany that are -- the Deutsche Bank in the train stations, the Deutsche Bank by the DB banner that are going to be converted into a Avec stores. So that's an upgrade.

所以你應該期待這種事情會繼續下去。還有另一條路線，例如涉及德國的商店——火車站裡的德意志銀行、DB 旗下的德意志銀行，這些商店都將改建為 Avec 商店。所以這是一次升級。

So the point I'm trying to make is a lot of the new stores that we will have or the converted upgraded stores that we will have will be on existing stores, whether somebody else that was running in the gas stations or groups of stores like the ones that we will convert in the Deutsche Bank stations, more than just greenfield build a store from scrap although there is certainly a thesis that in the outskirts of certain cities, there are white label mom and pumps that are definitely convertible and upgradable into one of our banners. So that's what I would comment on the organic growth. I don't know, Martin.

所以我想說的是，我們將開設很多新店或改建升級的商店，這些商店都將位於現有商店上，無論是在加油站經營的其他人，還是像我們將在德意志銀行加油站改建的商店群，而不僅僅是從零開始建造一家新店，儘管肯定有一種論點認為，在某些城市的郊區，有白色標籤的媽媽和泵，肯定可以轉換和升級到我們的旗幟之一。這就是我對有機成長的評論。我不知道，馬丁。

Nothing there.

那裡什麼也沒有。

Yes, I don't know. Hopefully, that's helpful.

是的，我不知道。希望這會有所幫助。

Well, there are no further questions. So I will hand it back to your host to conclude today's conference.

嗯，沒有其他問題了。因此，我將把會議交還給主持人，結束今天的會議。

Thank you, everyone, for your time and your interest in FEMSA.

感謝大家的時間和對 FEMSA 的關注。

And as always, Pam and Alex and myself are always available for follow-ups. So have a great week. Thank you, guys.

像往常一樣，Pam、Alex 和我隨時可以跟進。祝您有個愉快的一周。謝謝你們。

Thank you for joining today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。