Coca-Cola Femsa SAB de CV (KOF) 2026 Q1 法說會逐字稿

Hello, and welcome to the Coca-Cola Femsa first quarter 2026 conference call. My name is Felipe and will be your moderator for today's event. Please note that this conference is being recorded. (Operator Instructions) I would now like to hand the call over to Jorge Collazo, Investor Relations Director at Coca-Cola Femsa. Jorge, please go ahead.

您好，歡迎參加可口可樂 FEMSA 2026 年第一季財報電話會議。我是 Felipe，將擔任今天活動的主持人。請注意，本次會議將被錄音。(接線員指示) 現在我想把電話交給可口可樂 FEMSA 投資人關係總監 Jorge Collazo。Jorge，請開始。

Thank you, Filipe. Good morning, and welcome to this conference call to review our first quarter 2026 results. Before we begin, let me remind all participants that today's conference call may include forward-looking statements that should be considered as good faith estimates made by the company.

謝謝你，Filipe。各位早安，歡迎參加本次電話會議，一同回顧我們 2026 年第一季的業績。在開始之前，提醒各位與會者，今天的電話會議可能包含前瞻性陳述，應視為公司基於善意所做的估計。

These forward-looking statements reflect management's expectations and are based on currently available data. The actual results are subject to future events and uncertainties that can materially impact the company's performance.

這些前瞻性陳述反映管理層的預期，並以目前可取得的資料為基礎。實際結果將受到未來事件與不確定性的影響，可能對公司的表現造成重大影響。

For additional details, please refer to the full disclaimer in the earnings release that was published earlier today. I am joined this morning by Ian Craig, our Chief Executive Officer; and Gerardo Cruz, our Chief Financial Officer. After prepared remarks, we will open the call for Q&A.

如需更多細節，請參閱今日稍早發布之財報新聞稿中的完整免責聲明。今天早上與我一同出席的有：我們的執行長 Ian Craig，以及財務長 Gerardo Cruz。在準備好的發言結束後，我們將開放問答。

To do so, please signal for questions using the raise hand feature in your Zoom [tool]. With that, let me turn the call over to Ian, our CEO, to begin our presentation about our first quarter results.

如要提問，請使用 Zoom[工具]中的舉手功能示意。接下來，我把電話交給我們的執行長 Ian，開始介紹第一季業績簡報。

Ian, please go ahead.

Ian，請開始。

Thank you, Jorge. Good morning, everyone. We appreciate you joining us for today's call. In Mexico, as expected, we faced the excise tax increase compounded by a soft consumer backdrop, which pressured demand. We're prepared ahead for this environment together with the Coca-Cola Company, with a comprehensive commercial and financial playbook designed to emerge with a strengthened competitive position that will support long-term sustainable growth.

謝謝你，Jorge。各位早安。感謝各位參加今天的電話會議。在墨西哥，如同預期，我們面臨消費稅上調，再加上疲弱的消費環境，對需求造成壓力。我們與可口可樂公司已提前為此環境做好準備，制定完整的商業與財務作戰手冊，目標是在此情勢下強化競爭地位，支持長期可持續成長。

While Mexico volumes were soft during the quarter, they came in within our expectations and our strong 0.6 percentage point value share gain in CSDs and a 0.4 percentage point gain in NARTDs confirms to us that our strategy is working.

雖然本季墨西哥銷量偏弱，但仍符合我們的預期；而我們在碳酸飲料（CSDs）價值市占提升 0.6 個百分點、在非酒精即飲飲料（NARTDs）價值市占提升 0.4 個百分點，讓我們確認策略正在奏效。

In this context, we are leveraging the breadth of our portfolio, our scale, consistency in investment and execution and our differentiated digital enablers to win in the market and set the foundations for long-term growth.

在此背景下，我們正運用產品組合的廣度、規模優勢、持續一致的投資與執行力，以及差異化的數位賦能工具，在市場中取勝並奠定長期成長基礎。

While Mexico presented near-term headwinds, our operations in Central and South America delivered solid performance during the quarter. including record volumes for our first quarter in Guatemala, Colombia and Brazil. This reaffirms the value of our geographic diversification and our ability to continue building relative scale throughout all of our markets.

儘管墨西哥短期面臨逆風，我們在中南美洲的營運於本季仍交出穩健表現，包括瓜地馬拉、哥倫比亞與巴西第一季銷量創下歷史新高。這再次證明我們地理多元化的價值，以及我們在所有市場持續建立相對規模的能力。

We remain confident in our long-term strategy anchored in Coca-Cola FEMSA's differentiated strength of an unmatched portfolio of brands, the largest distribution footprint, consistent investment, relentless execution and leading-edge digital enablers.

我們對長期策略仍具信心；該策略以可口可樂 FEMSA 的差異化優勢為核心：無可匹敵的品牌組合、最大的配送版圖、持續投資、堅持不懈的執行力，以及領先的數位賦能工具。

With that context, I will now walk you through our consolidated results after which I will provide more details on developments in each of our key markets before handing the call over to Gerry to expand on our divisional and financial results.

在此脈絡下，我將先帶各位回顧合併業績，接著更詳細說明各主要市場的最新進展，之後再把電話交給 Gerry，請他進一步說明各事業部與財務表現。

During the first quarter, our volume increased 1.2% to reach 998 million unit cases. This growth was driven by a positive performance across most of our territories, which offset a volume contraction in Mexico explained mainly by the effects of the excess tax increase and softer consumer dynamics. Total revenue for the quarter grew 1.1% to MXN70.9 billion, our volume growth and revenue management initiatives were partially offset by unfavorable mix effects and headwinds related to the currency translation from all our operating currencies into Mexican pesos.

第一季，我們的銷量成長 1.2%，達到 9.98 億箱（unit cases）。此成長主要來自多數營運區域的正向表現，抵銷了墨西哥的銷量下滑；墨西哥下滑主要由消費稅上調影響及較疲弱的消費動能所致。本季總營收成長 1.1% 至 709 億墨西哥披索；銷量成長與收益管理措施的正面影響，部分被不利的產品組合效應，以及各營運貨幣換算為墨西哥披索所帶來的匯兌逆風所抵銷。

By excluding currency -- currency headwinds, our total revenues increased 6.0%. Gross profit increased 4.5% to MXN33.3 billion. leading to a margin expansion of 150 basis points to 46.9%. This margin performance was driven mainly by better [PET] and winner costs and the appreciation of most of our operating currencies as compared with the US dollar.

若排除匯率——匯率逆風影響，我們的總營收成長 6.0%。毛利成長 4.5% 至 333 億墨西哥披索，使毛利率擴張 150 個基點至 46.9%。此毛利率表現主要受惠於較佳的 [PET] 與 sweetener 成本，以及我們多數營運貨幣相對美元升值。

These effects were partially offset by unfavorable mix effects, coupled with higher fixed costs, such as depreciation. By excluding currency headwinds, gross profit increased 9.5%. Our OI declined 2.3% to MXN9 billion with our operating margin contracting 50 basis points to 12.7%. On a comparable basis, operating income increased 2.6%. This operating margin contraction is explained mainly by rightsizing severance expenses and increased IT expenses related to the implementation of our new ERP, SAP S/4.

上述效益部分被不利的產品組合效應，以及較高的固定成本（如折舊）所抵銷。若排除匯率逆風影響，毛利成長 9.5%。我們的營業利益（OI）下滑 2.3% 至 90 億墨西哥披索，營業利益率收縮 50 個基點至 12.7%。以可比基礎計算，營業利益成長 2.6%。營業利益率收縮主要因組織規模調整所產生的資遣費用，以及導入新 ERP（SAP S/4）相關的 IT 費用增加。

In addition, we recorded higher marketing and depreciation that were partially offset by expense control such as maintenance and freight. Adjusted EBITDA for the quarter increased 0.9% to MXN13.4 billion. and adjusted EBITDA margin remained even at 18.9%. By excluding currency translation, our comparable adjusted EBITDA increased 6.1%.

此外，我們的行銷與折舊費用增加，但部分被維修與運輸等費用控管所抵銷。本季調整後 EBITDA 成長 0.9% 至 134 億墨西哥披索，調整後 EBITDA 利潤率維持在 18.9%。若排除匯率換算影響，我們的可比調整後 EBITDA 成長 6.1%。

Finally, majority net income declined 15.5% to MXN4.3 billion, mainly reflecting a higher comprehensive financial result, which Gerry will address in his comments. Now turning to the main highlights across our major markets. In Mexico, our volume declined 2.6% year-on-year. As anticipated, we navigated a challenging first quarter marked by the effects of the excise tax increase and a softer consumer pattern.

最後，歸屬母公司淨利下滑 15.5% 至 43 億墨西哥披索，主要反映綜合財務結果上升；Gerry 將在稍後說明。接下來談各主要市場的重點摘要。在墨西哥，我們的銷量年減 2.6%。如同預期，我們在充滿挑戰的第一季中前行，主要受到消費稅上調影響以及較疲弱的消費型態所致。

For instance, Nielsen's fast-moving consumer goods basket in our territories declined close to 3% year-over-year in terms of volume while inflation expectations moved up in recent forecasts weighing on consumer incentives. Our execution in Mexico was strong, delivering both value and volume share gains across all categories.

例如，Nielsen 顯示我們營運區域的快速消費品（FMCG）購物籃，以銷量計年減接近 3%；同時，近期預測中的通膨預期上升，對消費誘因造成壓力。我們在墨西哥的執行力依然強勁，在所有品類均實現價值與銷量市占的提升。

leveraging our fast-start initiatives of cold drink equipment expansion, increases in point of share of visible inventory and key SKU combined coverage improvements. These share gains indicate that our top initiatives are working within the challenging environment that we are facing.

我們運用快速啟動（fast-start）措施，包括擴充冷飲設備、提高可視化庫存的陳列占比，以及關鍵 SKU 的組合覆蓋率改善。這些市占提升顯示，在目前充滿挑戰的環境下，我們的核心措施正在發揮效果。

Regarding our portfolio, we accelerated initiatives focused on providing attractive price points in both one-way and refillable formats. For example, in brand Coca-Cola, we increased coverage of our One-Way TL presentation by more than 7 percentage points year-on-year, resulting in 32% volume growth in March versus the previous year.

就產品組合而言，我們加速推動在一次性包裝與可回收補充（refillable）包裝上提供具吸引力價格點的相關措施。例如，在可口可樂品牌方面，我們的一次性 TL 規格鋪貨覆蓋率年增超過 7 個百分點，使得 3 月銷量較去年同期成長 32%。

We also continued expanding Coke Zero with accessible single-serve packs, such as the 200 and 355 ml (inaudible) bottle.

我們也持續以更易入手的單人份包裝擴展 Coke Zero，例如 200 與 355 毫升（聽不清）瓶裝。

As a result, Coke Zero achieved 10% volume growth during the quarter. Moreover, in flavors, we continue combining global strategies for brands such as Fanta, Sprite, with local heritage regional brands such as (inaudible), where we increased coverage by more than 10 percentage points as compared with the previous year.

因此，Coke Zero 本季銷量成長 10%。此外，在風味品類方面，我們持續結合如 Fanta、Sprite 等品牌的全球策略，並搭配在地傳承的區域品牌（聽不清）；相較去年，我們的覆蓋率提升超過 10 個百分點。

We also continue focusing on developing profitable noncarbonated beverages. For instance, we gained more than 3 percentage points of share in both the energy segment with Monster and in the these categories with Fuze.

我們也持續聚焦於開發具獲利性的非碳酸飲料。例如，我們在能量飲料品類（Monster）以及這些品類（Fuze）中，市占率皆提升了超過3個百分點。

In parallel, regarding channels, our progress in execution and digital capabilities are reverting the negative trend in the traditional trade by enhancing our value proposition with higher digital penetration, improved service indicators and expanded cooler coverage.

同時，在通路方面，我們在執行力與數位能力上的進展，正透過更高的數位滲透率、改善的服務指標以及擴大的冰櫃覆蓋，扭轉傳統通路的負面趨勢，並強化我們的價值主張。

Notably, during the first quarter, we installed more than 47,000 doors, equivalent to 50% of the total coolers we installed during 2025. These actions enhance our ability to deliver a tailored called portfolio to feed diverse consumption occasions. With respect to Juntos Plus Advisor, the continued increase in adoption is reinforcing our market presence.

值得注意的是，在第一季，我們安裝了超過47,000扇門，相當於我們在2025年全年所安裝冰櫃總量的50%。這些行動提升了我們提供量身打造產品組合的能力，以滿足多元的消費情境。就Juntos Plus Advisor而言，採用率持續提升，正在強化我們的市場能見度。

Since its launch in Mexico in September 2025, adoption metrics have continued to grow and usability metrics indicate strong engagement among our commercial teams with visitation improving 3 percentage points to 93.6% and combined coverages improving 2.8 percentage points to 81.3%. Finally, our supply chain team implemented a series of initiatives that are delivering improvements in productivity and service levels.

自2025年9月於墨西哥推出以來，採用指標持續成長，而可用性指標顯示我們商業團隊高度投入：拜訪率提升3個百分點至93.6%，合併覆蓋率提升2.8個百分點至81.3%。最後，我們的供應鏈團隊推動一系列措施，正帶來生產力與服務水準的改善。

Specifically, we strengthened order fulfillment to more than 97% and achieved a 6.5% productivity improvement versus the prior year. Accordingly, we are staying focused on our playbook, strengthening affordability, expanding refillables to defense household penetration and continuing to deploy state-of-the-art digital tools and revenue growth management initiatives. Additionally, in partnership with the Coca-Cola Company, we will continue investing for long-term growth, while in the short term, we capitalize on an ambitious plan to capture the FIFA World Cup opportunity.

具體而言，我們將訂單履約率強化至97%以上，並較去年提升6.5%的生產力。因此，我們將持續聚焦於既定作戰手冊，強化可負擔性、擴大可回收再填充包裝以防守家庭滲透率，並持續部署最先進的數位工具與收益成長管理（RGM）措施。此外，與可口可樂公司合作下，我們將持續為長期成長投資；同時在短期內，將把握一項雄心勃勃的計畫以掌握FIFA世界盃的機會。

Now moving on to Guatemala. Our performance reflects a challenging start and a strong recovery towards the end of the quarter. Performance in January and February was impacted by unfavorable weather and reduced mobility due to a 30-day government-declared curfew measure in mid-January to combat violence and organized crime.

接著談瓜地馬拉。我們的表現反映出本季初期具挑戰，但在季末強勁復甦。1月與2月的表現受到不利天候影響，且因政府於1月中旬為打擊暴力與有組織犯罪而宣布為期30天的宵禁措施，導致流動性下降。

Conditions improved in March, allowing us to recapture momentum. As a result, March became a record month for our Guatemala operation, supported by improved mobility, better execution and stronger consumer activity.

3月情況改善，使我們得以重新取得動能。因此，在流動性提升、執行更到位以及消費者活動更強的支持下，3月成為我們瓜地馬拉營運的創紀錄月份。

This record recovery enabled us to close the quarter with volumes growing 2.7% year-over-year, while continuing to strengthen our competitive position. From a category standpoint, Brand Coca-Cola remained the primary growth engine, supported by a recovery in multi-serve on way presentations, which grew 4.6% year-over-year.

這次創紀錄的復甦使我們在本季結束時，銷量年增2.7%，同時持續強化競爭地位。從品類來看，可口可樂品牌仍是主要成長引擎，並受惠於多份量（multi-serve）隨行包裝（on way）呈現的復甦，年增4.6%。

Additionally, we're capitalizing on the FIFA World Cup, where promotions such as the Trophy Tour resulted in 6.7% growth versus the previous year in participating products. In addition, we continued advancing our position in flavors, where disciplined execution and availability improvements in Sprite drove share gains year-over-year. Still also delivered a strong performance, led by hydration and energy with brands such as (inaudible) and Monster, posting double-digit growth, benefiting from better availability and premium segment expansion.

此外，我們正把握FIFA世界盃機會，其中如獎盃巡迴（Trophy Tour）等促銷活動，使參與產品較去年成長6.7%。同時，我們持續推進風味飲料的布局，Sprite在嚴謹的執行與供應可得性改善帶動下，市占率年對年提升。Still品類亦表現強勁，在補水與能量飲料的帶動下（如（聽不清）與Monster等品牌）呈現雙位數成長，受惠於更佳的供應可得性與高端品類擴張。

On the commercial front, we continue reinforcing the virtuous cycle of expanding cooler coverage, adding new customers and leveraging our digital tools to enhance execution. For instance, we have expanded our customer base by 10,000 accounts last year and added a further [5,700] during the first quarter.

在商業面，我們持續強化「擴大冰櫃覆蓋—新增客戶—運用數位工具提升執行」的良性循環。例如，我們去年新增10,000個客戶帳戶，並在第一季再新增[5,700]個。

As we look ahead, Guatemala's future is focused on continued development of our core CSD brands and profitable stills categories, all while we capitalize on an ambitious plan for brand Coke and Powerade during and after the FIFA World Cup.

展望未來，瓜地馬拉將聚焦於持續發展我們的核心碳酸飲料（CSD）品牌與具獲利性的Still品類，同時把握一項針對可口可樂品牌與Powerade、在FIFA世界盃期間及賽後的雄心計畫。

Turning now to Brazil, where our first quarter volumes increased 3.6% year-on-year. Consumer dynamics remain constructive supported by low unemployment, which sits at 5.8% and real income growth in excess of 5.7% and despite more moderate temperatures and higher rainfall versus the prior year.

接著看巴西，我們第一季銷量年增3.6%。消費者動態仍具建設性，受低失業率支撐（目前為5.8%），實質所得成長超過5.7%；儘管相較去年氣溫較溫和且降雨量更高。

Our Brazil operation delivered solid results, supported by disciplined marketplace execution and our commercial and digital capabilities, while volumes face-based (inaudible) from continuous growth achieved in previous years, our team remains focused on gaining share and strengthening profitability through a balanced approach to RGM, availability and cost discipline. Importantly, we continue to gain share across key categories within the nonalcoholic ready-to-drink industry, reinforcing our competitive position in the market.

巴西營運交出穩健成果，受惠於嚴謹的市場執行以及我們的商業與數位能力；儘管銷量面臨基期效應（聽不清），源自前幾年持續成長所形成的高基期，我們團隊仍專注於提升市占並透過在收益成長管理（RGM）、供應可得性與成本紀律之間取得平衡，來強化獲利能力。重要的是，我們持續在非酒精即飲（NARTD）產業的關鍵品類中提升市占，進一步鞏固我們在市場中的競爭地位。

Regarding non-caloric Coke Zero maintained its double-digit growth, growing 11.4% and reaching 28.6 percentage points in our colas mix. Importantly, Sprite accelerated, growing more than 30% versus the previous year. driven by applying Coca-Cola Zero playbook to Sprite Zero. As a result, Sprite Zero now represents more than 27% of our total Sprite volume. Regarding (inaudible), we're utilizing power to leverage both the FIFA World Cup (inaudible) tournaments, coupled with innovation to continue strengthening our value proposition.

在無熱量產品方面，Coke Zero維持雙位數成長，成長11.4%，並在我們可樂品類組合中占比達28.6個百分點。同樣重要的是，Sprite加速成長，較去年成長超過30%，主要由將Coca-Cola Zero的作戰手冊套用至Sprite Zero所驅動。因此，Sprite Zero目前占我們Sprite總銷量的27%以上。至於（聽不清），我們正運用（聽不清）的力量，結合FIFA世界盃（聽不清）賽事與創新，持續強化我們的價值主張。

For instance, the recent launch of our 80 exceeded expectations with Zero already representing 9% of our power at mix. Similarly, energy drinks continue seeing double-digit growth from Monster and aligned with our strategic intent to offer Zero sugar alternatives, formulas of Monster Zero and Ultra already represent 45% of our total Monster mix and more than 60% of its growth.

例如，我們近期推出的80表現超出預期，Zero版本已占我們power品類組合的9%。同樣地，能量飲料在Monster帶動下持續呈現雙位數成長；且符合我們提供零糖替代選項的策略意圖，Monster Zero與Ultra配方已占Monster總組合的45%，並貢獻其成長的60%以上。

Our digital agenda remains a meaningful differentiator in Brazil, Juntos Plus supported by its AI capabilities continues enabling significant combined coverage increases from 49.6% to 58.6% while generating suggested orders that are personalized for each customer.

我們的數位議程在巴西仍是重要差異化因素；具AI能力支援的Juntos Plus，持續推動合併覆蓋率顯著提升，從49.6%提高至58.6%，同時產生可為每位客戶量身打造的建議訂單。

In parallel, Juntos Plus (inaudible) continues to drive higher visitation, improving 1.3 percentage points to reach 94.1% and and enabling superior in-market execution with personalized guided missions that support our sales force activities, ultimately resulting in share gains and increased customer engagement. These capabilities are increasingly embedded across our operation and remain central to how we compete and grow in the market.

同時，Juntos Plus（聽不清）持續帶動更高的拜訪率，提升1.3個百分點至94.1%，並透過個人化的引導式任務，支持我們業務團隊活動，進而實現更優異的市場執行，最終帶來市占提升與更高的客戶互動。這些能力正日益深植於我們的營運之中，並仍是我們在市場競爭與成長的核心。

As we look ahead to the rest of the year, we remain encouraged by Brazil's opportunities and our position within the market. Brazil's positive volume momentum is allowing for fixed cost and expense absorption that is resulting in profitability improvements that position us well for sustainable long-term value creation.

展望今年剩餘時間，我們對巴西的機會以及我們在市場中的定位仍感到振奮。巴西正向的銷量動能，有助於吸收固定成本與費用，帶來獲利能力改善，使我們在可持續的長期價值創造上具備良好基礎。

As we previously mentioned, we anticipate that election-related spending, social programs and the FIFA World Cup will represent important tailwinds for our operations to capture these opportunities, our priorities are clear. continue accelerating growth in noncaloric offerings, capitalize on the strength of our core brands, sustain our disciplined execution across channels and leverage our digital platforms to consistently outperform the industry.

如先前所提及，我們預期選舉相關支出、社會計畫以及FIFA世界盃將成為我們營運的重要順風。為把握這些機會，我們的優先事項很明確：持續加速無熱量產品的成長、善用核心品牌的強勢、在各通路維持嚴謹執行，並運用數位平台持續跑贏產業表現。

With capacity investments that have resulted in an 8% year-on-year increase in manufacturing capacity and 6% year-on-year increase in warehousing capacity, we are well positioned to continue delivering value in Brazil throughout the year.

透過產能投資，使製造產能年增8%、倉儲產能年增6%，我們已具備良好條件，得以在全年持續於巴西交付價值。

Now moving on to Colombia. Our volumes increased 8.9% versus the previous year. Our positive volume momentum reflects both an improving consumer environment and the continued benefits of disciplined execution across our commercial and operating platforms. While the country navigates a complex backdrop, including higher interest rates, the labor market has remained resilient with real disposable income growing year-on-year supported by the minimum wage increase and the upcoming election cycle. As a result of these factors at the beginning of the year, Nielsens's FMCG basket and the beverage industry resumed growth year-on-year.

接著談哥倫比亞。我們的銷量較去年成長8.9%。正向的銷量動能反映出消費環境改善，以及我們在商業與營運平台上持續受益於嚴謹的執行。儘管該國面臨較複雜的背景（包括較高利率），勞動市場仍具韌性；在基本工資上調與即將到來的選舉週期支持下，實質可支配所得年對年成長。在年初這些因素的帶動下，尼爾森（Nielsen）的FMCG購物籃與飲料產業恢復年對年成長。

Amid this improving backdrop, we continued strengthening our competitive positions with initiatives to adjust our price pack architecture in (inaudible) Coca-Cola. For instance, Coke Zero remains a growth engine with ample headroom, contributing 13% of Brand Coca-Cola's total growth, while our affordability initiatives supported 30% volume growth in multi-serve one-way presentations of brand Coca-Cola.

在這一改善中的背景下，我們持續透過各項舉措強化競爭地位，包括在（聽不清）可口可樂中調整我們的價格與包裝架構。例如，Coke Zero 仍是成長引擎，且仍有充足的成長空間，貢獻了可口可樂品牌總成長的 13%；同時，我們的可負擔性措施支持了可口可樂品牌多份量一次性包裝（multi-serve one-way presentations）30% 的銷量成長。

Aligned with our strategy, we aim to continue expanding our competitive position in flavors with increased innovation and availability. As a result of initiatives within Quatro and Sprite, our flavor sparkling portfolio increased 15% versus the prior year. Regarding steels, we are leveraging the FIFA World Cup to boost power, resulting in 10% growth year-on-year.

依循我們的策略，我們目標是透過提升創新與可得性，持續擴大在風味品類的競爭地位。受惠於 Quatro 與 Sprite 的相關舉措，我們的風味氣泡飲產品組合較去年成長 15%。在 steels 方面，我們正運用 FIFA 世界盃來提升動能，帶動年增 10% 的成長。

Additionally, within Energy, Monster grew more than 30% year-on-year. reflecting the attractive growth potential within profitable high-growth steel categories. Colombia continues to lead the way leverage in Juntos Plus premier loyalty program created to drive share and volume gains in the traditional channel.

此外，在能量飲料方面，Monster 年增超過 30%，反映出在具獲利性的高成長 steel 類別中，存在具吸引力的成長潛力。哥倫比亞持續領先，透過 Juntos Plus 高階忠誠計畫來提升槓桿效益；該計畫旨在推動傳統通路的市占與銷量成長。

For example, during the quarter, we improved the percentage of customers reaching their volume targets by 12 percentage points. At the same time, we are encouraged by the profitability improvements of Colombia which are a result of volume growth, coupled with positive operating leverage and cost and expense controls.

例如，在本季期間，我們將達成銷量目標的客戶占比提升了 12 個百分點。同時，我們也對哥倫比亞獲利能力的改善感到鼓舞；這主要來自銷量成長，並結合正向的營運槓桿，以及成本與費用控管。

Now moving on to Argentina, our volumes increased 5.4% and while key economic metrics such as exchange rate and net reserves continue improving, a heterogeneous recovery across different sectors and soft employment continues weighing on consumer confidence. For instance, while the oil and gas, mining and agricultural sectors are growing double digits, Nielsen's FMCG basket remained flat year-on-year. In this environment, we continue responding with agility and consistency sustaining an affordability proposal that has enabled us to continue gaining share.

接著談阿根廷，我們的銷量成長 5.4%；儘管匯率與淨外匯存底等關鍵經濟指標持續改善，但不同產業間復甦不均，以及就業疲弱，仍持續壓抑消費者信心。例如，雖然油氣、礦業與農業部門呈現雙位數成長，Nielsen 的快速消費品（FMCG）購物籃則年對年持平。在此環境下，我們持續以敏捷且一致的方式回應，維持可負擔性的價值主張，使我們得以持續提升市占。

Moreover, our savings (inaudible) initiatives offering attractive promotions and price points for our consumers in the traditional trade increased its coverage by 8 percentage points versus (inaudible) this year. In flavors, we delivered double-digit growth, led by Sprite and Sprite Zero while Coke Zero increased volumes 10% to reach 20.9% mix of brand Coca-Cola.

此外，我們的節省（聽不清）舉措，透過在傳統通路為消費者提供具吸引力的促銷與價格點，覆蓋率較今年（聽不清）提升了 8 個百分點。在風味品類方面，我們實現雙位數成長，主要由 Sprite 與 Sprite Zero 帶動；同時 Coke Zero 銷量成長 10%，使其在可口可樂品牌中的占比提升至 20.9%。

Importantly, we are leveraging our Argent consumers' passion for the FIFA World Cup with segmented promotions and value proposition initiatives that improved our single-serve mix by more than 3 percentage points to reach 28.4% and more than 4 percentage points of share gains in power. Regarding our digital initiatives, we continue driving digital client adoption with Juntos Plus adding more than 7,000 customers as compared with the previous year.

重要的是，我們運用阿根廷消費者對 FIFA 世界盃的熱情，推出分眾促銷與價值主張舉措，使我們的單人份（single-serve）占比提升超過 3 個百分點至 28.4%，並在 power 方面取得超過 4 個百分點的市占增長。在數位舉措方面，我們持續推動數位客戶採用，Juntos Plus 相較去年新增超過 7,000 名客戶。

Finally, I want to recognize our team in Argentina who were once again awarded the Coca-Cola Company's prestigious Latin America Excellence scope, recognizing the region's best bottler for its excellence in execution, talent and culture. Let me close my remarks by saying that we see the majority of our key markets growing at a healthy clip. In the case of Mexico, we have plans in place to capitalize on the current low growth and excise tax increase environment to emerge with a strengthened relative competitive position, which should allow us to return Mexico to sustainable growth.

最後，我想表揚阿根廷團隊，他們再次獲得可口可樂公司享有盛譽的「拉丁美洲卓越」獎項，表彰該地區在執行力、人才與文化方面表現最佳的裝瓶商。在結語中我想說，我們看到多數關鍵市場都以健康的速度成長。以墨西哥為例，我們已制定計畫，把握目前低成長與消費稅上調的環境，並以更強化的相對競爭地位脫穎而出，這應可使墨西哥重回可持續成長。

For the remaining of the year, we expect to continue executing against our strategic imperatives. Number one, continue growing our core business by leveraging our big bets, accelerating Coke Zero, improving our competitive position in flavors with Sprite as a flagship and developing profitable noncarbonated beverages. Second, capitalize on Juntos Plus AA capabilities and continuing to roll out and leveraging Juntos plus adviser across our four largest markets. And third, continue fostering our customer-centric and psychologically safe culture for Coca-Cola PEPS.

在今年剩餘期間，我們預期將持續落實各項策略要務。第一，透過我們的重大押注（big bets）持續推動核心業務成長，加速 Coke Zero，並以 Sprite 作為旗艦提升我們在風味品類的競爭地位，同時發展具獲利性的非碳酸飲料。第二，善用 Juntos Plus AA 的能力，並持續在我們四個最大市場推廣與運用 Juntos plus adviser。第三，持續培養以客戶為中心且具心理安全感的文化，落實於 Coca-Cola PEPS。

With that, I will hand the call over to Gerry.

接下來，我把電話交給 Gerry。

Thank you, Ian, and good morning, everyone. I appreciate you joining us today. I will begin by summarizing our division's results for the quarter. In Mexico and Central America, our volumes declined 1.6% because of a 2.6% volume decline in Mexico that was offset by growth in Guatemala, Nicaragua, Panama and Costa Rica. Revenues decreased 1.4% to MXN39.1 billion, driven mainly by an unfavorable mix and currency translation effects into Mexican pesos partially offset by revenue growth management initiatives.

謝謝你，Ian，各位早安。感謝各位今天加入我們。我將先概述本季我們事業部的業績。在墨西哥與中美洲，我們的銷量下滑 1.6%，原因是墨西哥銷量下滑 2.6%，但被瓜地馬拉、尼加拉瓜、巴拿馬與哥斯大黎加的成長所抵銷。營收下降 1.4% 至 391 億墨西哥披索，主要受不利的產品組合與換算為墨西哥披索的匯率換算影響；部分由營收成長管理（revenue growth management）舉措所抵銷。

On a currency-neutral basis, revenues increased 1.4%. Gross profit increased 0.7% to reach MXN19 billion, resulting in a gross margin expansion of 100 basis points to 48.6%. This margin expansion reflects unfavorable mix effects post excise tax increase in Mexico, more than compensated by lower raw material costs, such as sugar and PET coupled with the appreciation of the Mexican peso as applied to our US dollar-denominated raw material costs.

以固定匯率（currency-neutral）計算，營收成長 1.4%。毛利成長 0.7% 至 190 億墨西哥披索，使毛利率擴張 100 個基點至 48.6%。此毛利率擴張反映墨西哥消費稅上調後的不利組合影響，但被較低的原物料成本（如糖與 PET）所大幅抵銷，並且墨西哥披索升值也降低了以美元計價的原物料成本。

Operating income in the division declined 17.4% to MXN4.5 billion, and our operating margin contracted 120 basis points to 11.4%. This decline is mainly explained by the Mexican peso appreciation versus the rest of the currencies in the division rightsizing severance expenses and increased IT expenses related to the implementation of our new (inaudible).

該事業部的營業利益下滑 17.4% 至 45 億墨西哥披索，營業利益率收縮 120 個基點至 11.4%。此下滑主要因墨西哥披索相對於該事業部其他貨幣升值、組織精簡的資遣費用，以及與導入我們新的（聽不清）相關的 IT 費用增加。

In addition, we recorded higher expenses in marketing and depreciation that were partially offset by operating expense efficiencies and maintenance and freight. Finally, our adjusted EBITDA in the vision decreased 9.9% with a 170 basis point margin decline compared to the previous year to reach 18.2%. Moving on to South America. Volumes increased 4.8% to 453.9 million unit cases.

此外，我們在行銷與折舊方面錄得較高費用，但部分被營運費用效率提升以及維修與運輸費用所抵銷。最後，我們的調整後 EBITDA 在該事業部下降 9.9%，相較去年 EBITDA 利潤率下滑 170 個基點至 18.2%。接著談南美洲。銷量成長 4.8% 至 4.539 億箱（unit cases）。

This increase was driven by volume growth across all our territories in the division. Revenues in South America increased 4.3% to MXN31.8 billion, driven mainly by volume growth and revenue management initiatives offsetting unfavorable currency translation effects into Mexican pesos from most operating currencies in the division.

此成長由該事業部所有營運地區的銷量成長所帶動。南美洲營收成長 4.3% 至 318 億墨西哥披索，主要由銷量成長與營收管理舉措所驅動，抵銷了該事業部多數營運貨幣換算為墨西哥披索時的不利匯率換算影響。

On a currency neutral basis, total revenues in South America increased 12.3%. Gross profit in the division increased 10% and gross margin expanded by 230 basis points to 4.8%. The driven mainly by lower raw material costs, a favorable mix and the appreciation of most of our operating currencies as applied to our US.

以固定匯率計算，南美洲總營收成長 12.3%。該事業部毛利成長 10%，毛利率擴張 230 個基點至 4.8%。主要由較低的原物料成本、有利的產品組合，以及該事業部多數營運貨幣升值（相對於我們以美元計價的原物料成本）所帶動。

dollar-denominated raw material costs. On a currency-neutral basis, gross profit increased 18.3%. Operating income in South America rose 18.8% to MXN4.6 billion with operating margin up 180 basis points to 14.4%. This improvement was driven by operating leverage, coupled with expense efficiencies such as labor, partially offset by marketing. Finally, adjusted EBITDA in the division increased 16.8% to MXN6.2 billion for a margin expansion of 210 basis points to 19.6%.

美元計價的原物料成本。以固定匯率計算，毛利成長 18.3%。南美洲營業利益上升 18.8% 至 46 億墨西哥披索，營業利益率提升 180 個基點至 14.4%。此改善由營運槓桿帶動，並結合如人力等費用效率提升，但部分被行銷費用所抵銷。最後，該事業部調整後 EBITDA 成長 16.8% 至 62 億墨西哥披索，EBITDA 利潤率擴張 210 個基點至 19.6%。

Now let me expand on our comprehensive financing results, which recorded an expense of MXN1.8 billion as compared to an expense of MXN1.1 billion during the same period of the previous year. This increase was driven mainly by first, we recorded a higher net interest expense driven by the issuance of new debt during the second quarter of 2025 and later during the first quarter of 2026.

現在讓我進一步說明我們的綜合融資結果：本期錄得費用18億墨西哥披索，相較於去年同期費用11億墨西哥披索。此一增加主要由以下因素驅動：第一，我們錄得較高的淨利息費用，主要因為我們在2025年第二季以及之後於2026年第一季發行新債。

In addition, we recognized lower interest income, reflecting a reduced cash position in key markets, partially offset by a higher cash balance in Mexico. Second, the recognition of a loss in financial instruments of MXN167 million compared to a gain of MXN135 million in the prior year. primarily reflecting higher interest rates in Brazil at the end of the quarter.

此外，我們認列較低的利息收入，反映主要市場的現金部位下降，部分被墨西哥較高的現金餘額所抵銷。第二，金融工具認列損失1.67億墨西哥披索，相較於前一年同期為收益1.35億墨西哥披索，主要反映季末巴西利率較高。

Third, we recognized a foreign exchange loss of MXN117 million during the quarter, compared to a loss of MXN59 million in the same period of the previous year. This was driven mainly by the appreciation of our operating currencies as applied to our US dollar cash holdings in Brazil and Costa Rica. Finally, these effects were partially offset by a higher gain in monetary positions and inflationary subsidiaries related to Argentina. As we look ahead, we anticipate commodity prices and input costs to remain volatile.

第三，本季我們認列外匯損失1.17億墨西哥披索，相較於去年同期損失5,900萬墨西哥披索。主要原因是我們的營運幣別升值，套用至我們在巴西與哥斯大黎加以美元持有的現金部位。最後，上述影響部分被與阿根廷相關的貨幣部位與通膨子公司較高收益所抵銷。展望未來，我們預期大宗商品價格與投入成本仍將維持波動。

That said, these conditions are not new to us. Over time, our well-established protocols and governance structures have enabled us to plan, respond and adapt effectively to these environments while protecting long-term profitability. Throughout the year, we leveraged three key initiatives.

不過，這些情況對我們而言並不陌生。長期以來，我們成熟的流程與治理架構，使我們能在保護長期獲利能力的同時，有效規劃、回應並適應這些環境。在全年期間，我們運用三項關鍵措施。

First, a disciplined hedging strategy designed to reduce short-term volatility and provide visibility as we move through the year. We operate under hedging frameworks that allow us to mitigate volatility and provide certainty to our operations in terms of supply and raw material prices. We currently have hedged 60% of our PET requirement 93% of our sugar requirements 98% of our HFCS requirements and 72% of (inaudible).

第一，採取嚴謹的避險策略，以降低短期波動並在年度推進過程中提供可視性。我們在避險架構下運作，得以緩解波動，並在供應與原物料價格方面為營運提供確定性。目前我們已避險覆蓋PET需求的60%、糖需求的93%、HFCS需求的98%，以及72%的(聽不清楚)。

Second, we benefit from a diversified and resilient supplier base across our key inputs, leveraging a strong network of local suppliers. This reduces concentration risk and improves (inaudible) of supply. Finally, we operate within the Coca-Cola system, which is an advantage that allows us to lean on a global footprint that operates on a local scale. This enhances our market intelligence and strengthens our ability to protect our cost structure across key commodities and inputs.

第二，我們在關鍵投入項目上受益於多元且具韌性的供應商基礎，並運用強大的在地供應商網絡。這可降低集中度風險並提升(聽不清楚)的供應。最後，我們身處可口可樂系統之中，這是一項優勢，使我們能倚賴全球版圖、在地化運作。這提升我們的市場情報，並強化我們在關鍵大宗商品與投入項目上保護成本結構的能力。

Finally, before opening the call for questions, I'd like to briefly comment on sustainability. During the quarter, we continued strengthening both our performance and transparency across our sustainability agenda. We maintained prime status in ISS ESG rating, positioning Coca-Cola FEMSA among the leading companies in the beverage sector, and we achieved an improvement in our Morningstar Sustainalytics risk score reflecting stronger management of ESG-related risks.

最後，在開放提問之前，我想簡要談談永續。本季我們持續強化永續議程在績效與透明度兩方面的表現。我們在ISS ESG評等中維持「Prime」地位，使可口可樂FEMSA名列飲料產業領先企業之列；同時，我們的Morningstar Sustainalytics風險評分也有所改善，反映我們對ESG相關風險的管理更為強健。

We also published our 2025 integrated report, which for the first time aligned our report with IFRS S1 and S2 sustainability-related financial disclosures. These disclosures were published alongside our financial statements and with independent assurance, one year ahead of local regulatory requirements without relying on transitional reliefs beyond comparability as a first year report strengthening decisions, decision usefulness for investors.

我們也發布了2025年綜合報告，並首次使報告與IFRS S1與S2之永續相關財務揭露對齊。這些揭露與我們的財務報表一併發布，且具獨立確信；在不依賴除首年可比性以外的過渡性豁免下，較當地法規要求提前一年完成，並強化投資人決策的有用性。

This report also includes our first NFD align disclosure. In this context, Coca-Cola FEMSA became the first nonalcoholic beverage company in the Americas and the fourth globally to formally register as a NFD adopter. Expanding our assessment of nature-related dependencies, risks and opportunities across the value chain.

本報告亦納入我們首次依NFD對齊的揭露。在此背景下，可口可樂FEMSA成為美洲第一家非酒精飲料公司、全球第四家正式登記為NFD採用者的公司。並擴大我們對價值鏈中與自然相關之依賴、風險與機會的評估。

The report highlights continued progress across key areas, including water efficiency, waste diversion, renewable energy use safety performance and gender diversity and leadership. For further details, I invite you to visit our 2025 integrated report available on our website.

報告強調我們在多項關鍵領域持續取得進展，包括用水效率、廢棄物分流、再生能源使用、安全績效，以及性別多元與領導力。如需更多細節，敬請造訪我們網站上的2025年綜合報告。

With that, operator, we're ready to open the floor for questions.

以上，主持人，我們準備開放提問。

(Operator Instructions)

(主持人指示)

Benjamin Theurer, Barclays.

Benjamin Theurer，巴克萊。

Thabk you evey much for taking my queation detailed openings. I wanted to dig deeper a little bit and dig into some of the things that you've highlighted in terms of costs and expenses in Mexico driving that margin contraction.

非常感謝讓我提問，也謝謝你們詳盡的開場說明。我想再深入一點，探討你們提到在墨西哥推動毛利率收縮的成本與費用因素。

So maybe help us understand a little bit of what you've been doing, particularly on the marketing side, but also those restructuring and IT expenses that you've highlighted. How should we think about this for the rest of the year? And just to put it in perspective a little bit as what you expect thing as it relates to profitability in Mexico, Central America, in particular, because of these investments seem to be focused for that region?

所以也許請協助我們更了解你們正在做的事情，特別是在行銷面向，以及你們提到的重整與IT費用。我們應該如何看待今年剩餘期間的走勢？另外，為了更有脈絡地理解，關於墨西哥與中美洲的獲利能力，尤其是因為這些投資似乎聚焦在該區域，你們的預期為何？

I'll start it off, and then -- can complement. But first, on the marketing side, and this is by design, given that we have the World Cup going on this year, a lot of our marketing spending is being brought forward to the first part of the year to highlight and support this big event that obviously is a very valuable asset for the brand. For the remainder of the year, we expect that, that number for -- in full year figures will taper down and remain in line with our usual marketing spend.

我先回答，然後——可以再補充。首先就行銷而言，這是刻意安排的，因為今年有世界盃，因此我們將相當一部分行銷支出提前到上半年，以凸顯並支持這個顯然對品牌非常有價值的大型活動。在今年剩餘期間，我們預期以全年口徑來看，該數字會逐步回落，並與我們一貫的行銷支出水準一致。

A little bit of the same goals in relation to IT expenses that I mentioned in -- as well as Ian in our prepared remarks, this is a timing issue. We have a very strict level of 2.5% to sales of investment that for the full year, we expect that it will remain -- or will remain in -- under that level which is the explanation regarding the IT.

至於我提到的IT費用，以及Ian在事先準備的發言中也提到的，目標大致相同：這主要是時點問題。我們對投資有非常嚴格的規範，全年投資占銷售比重為2.5%；我們預期全年將維持——或將維持在——該水準以下，這就是IT費用的說明。

And then we had severance-related expenses during this quarter. We needed to rightsize basing the excise tax impact that we were facing for the start of the year. So we had to right size the business, and that resulted in extraordinary expenses in the first quarter for MXN100 million. So that's a little bit of in a nutshell, the main components behind our numbers in our Mexico Central America division.

另外，本季我們也有與資遣相關的費用。基於年初面臨的消費稅影響，我們需要調整規模。因此我們必須調整業務規模，導致第一季出現1億墨西哥披索的一次性費用。以上簡要說明了墨西哥與中美洲事業部本期數字背後的主要構成。

Perhaps, Ben, to complement, Gerry, what I would mention is to give you a sense on magnitude. We have -- you can think about -- around MXN600 million headwind on the operating income level in Mexico and Central America. There are 3 elements there, each pretty much similar size, around one third, around $200 million -- MXN1 million, excuse me. So MXN 200 million of severance that Gerry mentioned around MXN200 million related to the IT expense. And the other MXN200 million are related to unfavorable currency translation that we have from the other markets in Mexico and Central America when we compare to Mexican pesos.

Ben，或許我補充一下，Gerry，讓你了解量級。在墨西哥與中美洲，就營業利益層級而言，你可以把它想成大約有6億墨西哥披索的逆風。其中有三個因素，規模大致相近，各約三分之一，約2億——1百萬美元，抱歉，是2億墨西哥披索。也就是Gerry提到的約2億墨西哥披索資遣費、約2億墨西哥披索與IT費用相關。另外約2億墨西哥披索則與匯率換算不利有關，來自墨西哥與中美洲其他市場在與墨西哥披索比較時的換算影響。

So of course, some of those, as Jerry mentioned, severance is more of an extraordinary element. And the spend when we think about the full year should be pretty much in line. So there is a timing issue there. Does that answer your question, Ben?

當然，其中一些如Jerry所提到的，資遣屬於較一次性的因素。而就全年來看，我們認為相關支出應大致維持在正常水準。因此這裡存在時點因素。Ben，這樣有回答到你的問題嗎？

Perfectly does.

完全可以。

Thiago Bortoluci, Goldman Sachs.

Thiago Bortoluci，高盛。

I would just like to for a little bit more your performance -- volume performance in Mexico by each one of the subsegments, right? My first question is by -- we were surprised to see steels underperforming sparkling in the quarter, particularly in face of the innovation and efforts being holding on the marketplace.

我想再多了解一下你們在墨西哥的表現——也就是各個子分部的銷量表現，好嗎？我的第一個問題是——我們很驚訝看到本季不含氣飲料（stills）的表現落後於含氣飲料（sparkling），尤其是在你們持續在市場上推動創新與各項努力的情況下。

So if you could give us some color on what happened there? And then somehow tied to this question also in Mexico volumes. If you could comment a little bit more on how your volumes printed by channel and how your affordability efforts and gain traction and participation on your mix? That's the question.

所以你們能否提供一些背景說明發生了什麼？另外也與這個問題相關的是墨西哥的銷量。如果可以的話，請再多評論一下你們各通路的銷量表現，以及你們在可負擔性方面的措施如何取得動能、並在產品組合中提升占比？以上是問題。

It's Ian. So there are a couple of elements there. I'll give the -- I'll try to go in order of your question. So in terms of the difference between steel and sparkling, it has more to do with a specific issue with a very large chain in Mexico, which adjusted their parameters for power it. And that is being addressed and should start to see an adjustment in those parameters in May.

我是 Ian。這裡面有幾個因素。我會——我會盡量按照你的提問順序來回答。就不含氣飲料與含氣飲料之間的差異而言，主要與墨西哥一家非常大型的連鎖通路針對 Powerade 調整了其參數有關。這個問題正在處理中，並且應該會在 5 月開始看到這些參數的調整。

So that's a very specific issue. The other segment of steels is really bulk water. And in there, we have adjusted our -- it's not a big profitability driver at all, but it is a big volume driver. And that's the other stills segment where we had an issue and where we were dispositioned in price. So it has to do with a large chain for power and with our relative pricing both water versus the market, and that's not real big profitability driver to put it that way.

所以這是一個非常特定的問題。不含氣飲料的另一個部分其實是大包裝水。在那裡，我們已調整了我們的——它完全不是主要的獲利驅動因素，但它是很大的銷量驅動因素。而這也是另一個不含氣飲料分部我們遇到問題的地方，我們在價格上處於不利位置。所以這與一家大型連鎖通路的 Powerade 以及我們相對定價（特別是水相對於市場）有關；換句話說，這並不是很大的獲利驅動因素。

In terms of the performance of volumes per se, it's really a different picture of what you can say we saw during the first bimester where we were not cycling the effects of the consumer backlog. So we had a a difficult comp base, together with the tax increase and the economy for January, February.

就銷量表現本身而言，情況其實與第一個雙月期不同；當時我們尚未消化去年消費者囤貨的影響。因此，我們面臨較困難的比較基期，再加上 1、2 月的稅負上調與經濟狀況。

And then you see a big relative improvement in the trend for March, April, but it has more to do with the base effect than with actual average daily sales improving, okay? So we're still -- that's why we're still monitoring the evolution of the situation. It's just a more -- a much easier comparison base because we had the consumer back last year.

接著你會看到 3、4 月的趨勢相對大幅改善，但這更多是基期效應，而不是實際的日均銷售在改善，好嗎？所以我們仍然——這也是為什麼我們仍在監測情勢的演變。只是比較基期容易得多，因為去年有消費者囤貨。

(inaudible) you can take it --

(聽不清楚) 你可以接著回答--

Regarding volume per channel, (inaudible), we are seeing better performance in traditional channel. We obviously prioritized, given the excise tax impact, we prioritize the traditional channel taking differentiated pricing action in each of the channels.

關於各通路的銷量，(聽不清楚)，我們看到傳統通路的表現較佳。顯然，考量到特種消費稅的影響，我們優先聚焦傳統通路，並在各通路採取差異化的定價行動。

So traditional catalyst performing slightly better than what we had planned for. and the modern channel and a lot due to the explanation that Ian mentioned regarding still specifically powering in the modern channel is underperforming slightly. We expect the modern channel to improve as we move through the year, and we are continuing to see the traditional trade slightly outperform.

因此，傳統通路的催化效果（帶動）略優於我們原先的規劃；而現代通路在一定程度上是因為 Ian 提到的原因——特別是不含氣飲料中的 Powerade 在現代通路表現略為落後。我們預期現代通路會隨著年度推進而改善，而我們也持續看到傳統通路略為超出表現。

This is helpful comment, if I may just follow up on affordability, returnables any comments on how volumes performed and participation in the mix printed out in the quarter?

這很有幫助。如果我可以追問一下可負擔性，關於可回收瓶（returnables）有沒有任何評論？本季銷量表現以及在產品組合中的占比呈現如何？

Yes. I would say the mix effect was probably the only thing that surprised us in the quarter versus what we had planned, meaning the consumers, given the pinch of the price increase with the stock move more towards multi-serve in a larger magnitude than what we had expected.

有。我會說，本季唯一讓我們相較於原先規劃感到意外的，可能就是組合效應；也就是消費者在價格上調的壓力下，購買行為更大幅度地轉向多人分享包裝（multi-serve），超出我們的預期。

So you are seeing better performance out of multi-serve than (inaudible). It is, let's say, in line with what we would have imagined with a large price increase, but it was more than we had planned for.

所以你會看到多人分享包裝的表現優於(聽不清楚)。可以說，這與我們對於大幅漲價情境下的想像一致，但幅度比我們原先規劃的更大。

Similar situation, (inaudible) with regards to one way and refillables. So there's more 1 way than refillables at this point.

類似的情況，(聽不清楚)，就一次性包裝（one way）與可回填包裝（refillables）而言也是如此。所以目前一次性包裝的占比高於可回填包裝。

Henrique Brustolin, Bradesco.

Henrique Brustolin，Bradesco。

I wanted to hear a little more about Brazil, right? You delivered another strong quarter of volume growth. and this has been a very consistent trend. We start to see some softness in some category some consumer categories in the country. So be very interesting to hear how you are seeing volumes evolving for specifically soft drinks in your categories in general.

我想多聽一些關於巴西的情況，好嗎？你們又交出一個強勁的銷量成長季度，而且這一直是非常一致的趨勢。我們開始在該國某些品類、某些消費者品類看到一些走弱。所以很想聽聽你們如何看待你們各品類（特別是軟性飲料）的銷量走勢。

And how have market share contributed to the volume performance you have been achieving and your expectations for the remainder of the year in the country.

另外，市占率對你們目前達成的銷量表現貢獻如何？以及你們對今年剩餘期間在該國的展望。

We haven't been seeing that softness. So within our territories, we continue to perform. I mean Brazil is -- like I mentioned in my remarks, really all territories are growing at a healthy clip with basically Mexico where we're having to digest the tax. So Brazil is included in that comment. That being said, you're right, relevant proportion of the gains come from share gains.

我們並沒有看到那種走弱。所以在我們的營運區域內，我們持續表現良好。我的意思是——如同我在發言中提到的，基本上所有區域都以健康的速度成長，只有墨西哥需要消化稅負影響。所以巴西也包含在那個評論之中。話雖如此，你說得對，相當比例的成長來自市占提升。

So we are gaining share across categories, and that's a big -- or that's a relevant portion of the volume piece that we need to account for.

因此，我們在各品類都在提升市占，而這是——或說這是我們需要納入考量的銷量成長中相當重要的一部分。

Here to complement Ian, Enrique, I would also highlight, and Ian mentioned it briefly in his prepared remarks. But in Brazil, where we had since the full of 2025, the benefit of having our Juntos Plus Advisor platform deployed.

為了補充 Ian 的說法，Enrique，我也想強調——Ian 在事先準備的發言中也簡要提到。在巴西，自 2025 年全年以來，我們受益於 Juntos Plus Advisor 平台的部署。

We have continued to see very good performance out of combined coverages, both in CSDs as well as in stills that we think this is helping on the side of share gains helping performance overall in Brazil. we continue to be excited, and we see good numbers coming out of what we're seeing in execution in the market related to Juntos Plus Advisor.

我們持續看到綜合覆蓋（combined coverages）有非常好的表現，無論是在含氣飲料（CSDs）或是不含氣飲料（stills）方面；我們認為這有助於市占提升，並帶動巴西整體表現。

And in that sense, the rest of Coca-Cola FEMSA, including Mexico, will be benefiting from this as we move forward.

而在這個意義上，Coca-Cola FEMSA 的其他地區（包括墨西哥）也將在未來逐步受益。

I guess the only category where you could say that we are seeing softness in beer. We are seeing softness in beer, but it has more to do, I think, with our segment of economy where we are very big in the economy because if we exclude the economy, we have a limited premium offering, but we're growing their volumes. But economy is such a large portion of our portfolio that, that does drive our beer volumes down even though we're growing within premium.

我想唯一可以說我們看到走弱的品類是啤酒。我們看到啤酒走弱，但我認為更多與我們在經濟型（economy）區隔的布局有關——我們在經濟型占比很大；如果排除經濟型，我們的高端（premium）產品供給相對有限，但我們在高端的銷量其實是在成長。但經濟型在我們產品組合中占比太大，因此即使我們在高端成長，仍會拉低整體啤酒銷量。

Ulises Argote, Santander.

Ulises Argote，Santander。

Wanted to ask on details into the regional performance in Mexico, particularly what you're seeing in the center versus more on the South region. If you're actually seeing any difference in trends there? And also, you're seeing competition and market share evolving on the back of the special taxes, how are other companies are reacting? How you're seeing that step up there?

我想詢問墨西哥各區域表現的細節，特別是你們在中部相較於南部地區看到的情況。你們是否真的看到那裡的趨勢有任何差異？另外，在特別稅的背景下，你們看到競爭與市占如何演變？其他公司如何反應？你們如何看待那邊競爭加劇的情況？

Well, there are two parts to that question. Are we seeing regional performance within our regions? Yes. I would say the most sluggish region for us is the Southeast. So the Southeast digested last year, the comps of the large infrastructure projects being wound down by the government.

嗯，這個問題有兩個部分。我們是否在各個區域內看到區域性的表現差異？是的。我會說對我們而言最疲弱的區域是東南部。因此，東南部在去年消化了政府逐步收尾的大型基礎建設專案所帶來的比較基期影響。

And we still have some tail effects there. So the Southeast, I would say, would be the region that has the lowest or the biggest impact because it's more structural, and we're still seeing the tailwinds of the wind down of those large infrastructure projects that the government had but it's really related to that. I mean, weather-wise, we don't have really an impact versus last year, it's more or less a wash. What was the other point. In terms of competition, I think this is a great question.

而我們在那裡仍然有一些尾端效應。所以我會說，東南部是影響最低或影響最大的區域，因為那比較偏結構性，我們仍在看到政府先前那些大型基礎建設專案收尾所帶來的尾端順風，但基本上就是與此相關。我的意思是，就天氣而言，與去年相比其實沒有什麼影響，差不多相抵。另一點是什麼。就競爭而言，我認為這是一個很好的問題。

what happened -- if you allow me to take a step back and share what happened in the prior excise stack. So in the prior excise tax in 2013, we passed -- of course, we didn't have the digital enablers at the level that we have them today to run the algorithms to determine the best competitive pricing response per region, channel and geography. So that even within that context, with the amount of price we put through there in 2014, 2015, we lost about 120 basis points of share in two years.

發生了什麼——如果你允許我先退一步，分享一下上一輪消費稅疊加時發生的情況。在2013年上一輪消費稅時，我們把稅轉嫁——當然，當時我們還沒有像今天這樣的數位賦能工具，能夠運行演算法來判定在各區域、通路與地理範圍下最佳的競爭性定價回應。因此，即便在那樣的背景下，隨著我們在2014、2015年所推行的漲價幅度，我們在兩年內流失了約120個基點的市占。

So it's a very large share gain that we lost, and it put us in a trend of losing 500 basis points of share from 2013 to 2023 until we finally arrested that share if you remember in 2023, we revamped our price pack architecture and addressed that. So it was the first year where we arrested what had been 500 basis points of continuous share loss.

所以那是我們失去的一個非常大的市占增量，並使我們從2013到2023年一路處於流失500個基點市占的趨勢，直到你如果記得的話，在2023年我們終於止住了那個市占下滑，當時我們重整了價格/包裝架構並加以處理。因此，那是我們首次止住先前連續流失500個基點市占的那一年。

But the big impact was precisely when the tax was passed and the pricing pass-through that we did, it turned into 120 basis points of loss in just two years. So I would say it's a very big difference in how we are entering this Ex price adjustment. So leveraging on our digital enablers with a more segmented RGM strategy we're starting off the year growing 0.6 percentage points in share of value in CSDs, growing 0.4 percentage points in share of value and RTDs, growing both volume and value share. So it's a very different picture to what happened in the tax. And we're basically following the same playbook that we did in Argentina and also in Panama now that we're addressing a competitive situation.

但最大的衝擊正是在稅通過以及我們進行價格轉嫁的時候，僅僅兩年就造成120個基點的流失。所以我會說，我們這次進入這一輪出廠價（Ex）調整的方式有非常大的不同。藉由我們的數位賦能工具，並採用更細分的RGM（營收成長管理）策略，我們在年初就已在CSD（碳酸飲料）價值市占成長0.6個百分點，在RTD（即飲）價值市占成長0.4個百分點，且同時提升了量與值的市占。所以這與當年稅改時的情況非常不同。而我們基本上是在沿用我們在阿根廷以及現在在巴拿馬所採取的同一套作法，來應對競爭態勢。

And it's -- we don't -- our strategy is not to have an impact in our house penetration. We want our consumers that are feeling the brunt of these stacks to still be able to access Coca-Cola. So we're being very prudent and very tactical in what we're doing in price because this is a scale industry, as we've talked in the past, and we have all of the intentions of coming out with a strengthened competitive position. And so far, it's going on as planned. except for the mix effect that I highlighted in Enrique's question.

而且——我們不——我們的策略不是要影響我們的家庭滲透率。我們希望那些正承受這些稅負疊加衝擊的消費者，仍然能夠買得到可口可樂。因此，我們在定價上非常審慎、也非常戰術性地操作，因為如同我們過去談到的，這是一個規模型產業，而我們完全有意圖在競爭地位上變得更強。到目前為止，一切都按計畫進行，除了我在回應Enrique問題時提到的組合（mix）效應。

But everything is firing there according to plan. Does that help, (inaudible) I give you a little further context but (inaudible)

但除此之外，所有事情都按計畫推進。這有幫助嗎，（聽不清）我可以再給你多一點背景，但（聽不清）

Alejandro Fuchs, Itau.

Alejandro Fuchs，Itau。

I have two very brief ones. First, maybe for Ian, in Mexico. I wanted to see if we could capitalize this quarter, Ian, for volumes, maybe the toughest quarter in the year, right? So going forward, you were mentioning we could see a little bit of better momentum in volumes. Does that mean that maybe the prior guidance of let's say, 4% to 5% decrease in volumes in Mexico for the year.

我有兩個非常簡短的問題。第一個，可能是問Ian，關於墨西哥。我想確認一下，我們是否可以把本季視為——Ian——在銷量方面可能是一年中最艱難的一季，對吧？所以往後你提到我們可能會看到銷量動能稍微好一些。這是否意味著，先前對墨西哥全年銷量例如下滑4%到5%的指引——

Could that be a little bit better? Do you feel more comfortable with volumes for the full year in Mexico? That will be the first one. And maybe the second one for Gerardo in terms of hedges, I appreciate that a lot of the detail that you gave on the call. When you guys are thinking about 2027, are you taking any positions right now?

有可能會好一點？你對墨西哥全年銷量是否更有信心？這是第一個。第二個可能是問Gerardo，關於避險（hedges），我很感謝你在電話會議上提供的許多細節。當你們在思考2027年時，你們現在有在建立任何部位嗎？

Or do you want to wait a little bit to have less volatility in some of the raw materials, PET, aluminum and so on sugar before taking those hedges thinking about 2027.

還是你們想再等一等，等到部分原物料（PET、鋁等等，以及糖）的波動更小之後，再去做那些針對2027年的避險？

So like I mentioned, the first quarter was not only going to be our toughest quarter in terms of the volume comparison but also in terms of the profitability comparison. So it was, let's say, the we're over that hump, which was going to be the toughest comparison.

所以如我提到的，第一季不僅在銷量比較上會是我們最艱難的一季，在獲利能力比較上也是。所以可以說，我們已經跨過那個高峰——也就是最艱難的比較基期。

And like also like I mentioned, it's a different thing when we're comparing our base without the back last then now that we are comparing with the backlog. So it's a completely different trend but it has more to do with the base effect. So I would say it'd still be too premature to adjust our guidance.

而且也如我提到的，當我們拿不含積壓訂單（backlog）的基期來比較，與現在我們是在有積壓訂單的情況下比較，這是不同的事情。所以這是完全不同的趨勢，但更多是與基期效應有關。因此我會說，現在調整我們的指引仍然太早。

So we're over the tough comps both in terms of volume and profitability, that's out of the way. But it's too early for us to adjust our full year guidance.

所以我們已經度過了在銷量與獲利能力方面都很艱難的比較基期，這部分已經過去了。但對我們而言，現在要調整全年指引仍然太早。

Regarding Alejandro hedges, as we've previously disclosed, we have pretty sound hedging process, and we try to stick to it all the time. This doesn't mean that we don't have a flexibility. We do have a range of space where we move but we tend to be -- try to be taking the less speculative positions regarding behavior in markets is going to be.

關於Alejandro提到的避險，如我們先前揭露的，我們有相當健全的避險流程，而且我們會盡量一直遵循。這不代表我們沒有彈性。我們確實有一個可移動的區間，但我們傾向於——盡量採取較不具投機性的部位，針對市場行為可能的走勢。

Having said that, certainly, we think that volatility that we're facing right now related to conflict in the Middle East allows us to be -- to wait a little bit more to see how that evolves and look for better timing to increase our position for hedging for 2027. We do have a base in our process that we will always have hedged, and this is the case for 2027 in that 12-month rolling period that we always look at.

話雖如此，當然，我們認為目前所面臨、與中東衝突相關的波動，使我們可以——再多等一下，看看情勢如何演變，並尋找更好的時點來提高我們針對2027年的避險部位。在我們的流程中，我們會永遠保有一個基礎避險水位，而2027年也是如此，落在我們一向關注的12個月滾動期間內。

But we always try to follow it a little bit and see how market evolves before we take on larger positions for next year.

但在我們為明年建立更大部位之前，我們通常會先持續追蹤一下，看看市場如何演變。

Enrique Morillo, Morgan Stanley.

Enrique Morillo，Morgan Stanley。

I have just a follow-up on the hedging side as well. So if you could just comment and dive a little bit deeper. At what levels on a year-on-year basis, you were hedged or you have inventories on the energy and packaging puts mainly for this year.

我也有一個關於避險的追問。所以如果你能評論一下並再深入一點。以年對年來看，你們今年在能源與包材（主要是相關的賣權/保護性部位）方面的避險水位，或你們持有的庫存水位，大概在什麼程度？

And if you can also comment how are you seeing like diesel input costs, logistics expenses in the past months? And also going forward, so basically trying to grasp your perspective on the timing and the magnitude of the cost pressure we might face from higher oil flowing through your costs in the coming quarters. So that's my question.

另外也請你評論一下，過去幾個月你們看到的柴油投入成本、物流費用的走勢如何？以及往前看，基本上我想掌握你們對於未來幾季因油價走高而傳導至你們成本的壓力，在時間點與幅度上的看法。以上是我的問題。

So I'll start by saying we have our main packaging exposure is the PET for our bottles that is related to energy, the energy market. In this regard, we have around 60% of our requirements for 2026 hedged at better level we had for the last year. So this is a bit of a tailwind for us for this year as it has been for the first quarter.

我先說明，我們主要的包材曝險在於瓶裝用的 PET，這與能源、能源市場相關。就此而言，我們約有 60% 的 2026 年需求已在比去年更好的水準進行避險。因此，這對我們今年而言算是一股順風，第一季也同樣受惠。

On other packaging materials, secondary packaging materials, even though it's a much smaller portion of our cost of goods sold as a proportion of our total cost of goods sold mainly shrink wrap for our pallets and the material that we use to back our unit cases, our physical cases that we have more exposed, and that is, I think, the main concern for us for the remainder of the year, although it's a much smaller portion of our total expense. Regarding sweeteners and --

至於其他包材、次級包材，雖然相較於我們整體銷貨成本中的占比要小得多，主要是棧板用的收縮膜，以及我們用來襯墊單位箱、也就是實體外箱的材料，這部分我們的曝險較高；我認為這會是我們今年剩餘期間的主要關切點，儘管它在我們總費用中的占比小很多。至於甜味劑以及--

Yes, it's a very small proportion of our variable COGS where we don't have that hedge.

是的，在我們未進行避險的那一塊，可變動銷貨成本（COGS）占比非常小。

Yes. That's small. So we obviously look for alternatives, but it's not a significant impact for our P&L. Regarding sweeteners, both sugar and HFCS, we have a high percentage of hedges above 90% for each of them and (inaudible) that we had already expected pressure unrelated to the volatility that we've seen recently, Certainly, it has increased, but we also have a high portion above 70% of our requirements hedged for the year. So in a nutshell, we don't see significant impacts in our most likely scenario that we're expecting for the year.

是的。那很小。所以我們當然會尋找替代方案，但對我們的損益表（P&L）影響不大。至於甜味劑，無論是糖或高果糖玉米糖漿（HFCS），我們兩者的避險比例都很高，各自都超過 90%，而且（聽不清）我們原本就預期會有與近期所見波動無關的壓力；當然，壓力確實增加了，但我們也已將全年需求中超過 70% 的部分進行避險。總結來說，在我們對今年最可能情境的預期下，我們看不到顯著影響。

We don't see significant impacts coming from from these sources given the positions that we already have and certainly, the initiatives that we're taking on to mitigate any pressure that comes on.

鑑於我們既有的部位，並且我們也確實在推動各項措施以緩解可能出現的壓力，我們不認為這些來源會帶來顯著影響。

Carlos Laboy, HSBC.

Carlos Laboy，匯豐（HSBC）。

Sorry about that. Ian, you mentioned that (inaudible) is gaining share in clients with these platforms, perhaps better than other markets. Can you expand on this, please? And to what might you attribute this standout performance for (inaudible) in Colombia. Can you comment on whether the competition for digital capabilities in Colombia is perhaps less intense for you?

抱歉剛剛那樣。Ian，你提到（聽不清）在採用這些平台的客戶中正在提升市占，可能比其他市場更好。可以請你再多談一些嗎？以及你認為（聽不清）在哥倫比亞這種突出的表現可歸因於哪些因素。你能否評論一下，在哥倫比亞，數位能力方面的競爭對你們而言是否可能沒那麼激烈？

Or where do you have the greatest intensity of competition and maybe where might you have more opportunities to make bigger headway?

或者你們在哪些地方的競爭強度最高，以及哪些地方可能有更多機會取得更大的進展？

So I know your question is broader for Coca-Cola FEMSA or only for Colombia, but I'll start with Colombia. So Colombia does not have Juntos Plus adviser yet, which is the sales force tool. So what we are leveraging in Colombia is the app and the analytics for the pricing. So really, the Colombian team has been outstanding in their leverage of the loyalty program. That has probably been their edge.

我不確定你的問題是針對 Coca-Cola FEMSA 整體，還是只針對哥倫比亞，但我先從哥倫比亞談起。哥倫比亞目前還沒有 Juntos Plus adviser，也就是銷售團隊工具。因此，我們在哥倫比亞運用的是 App 以及用於定價的分析工具。所以，哥倫比亞團隊在運用忠誠度計畫方面確實表現非常出色。那大概就是他們的優勢所在。

They have been very creative in driving clients to 10 points to reach volume goals. They have been also very successful in increasing the amount of clients that are using not only increasing the total client base but increasing the use of our digital platform. So it's those two things. And as you know, the digital platform has the suggested order driven by AI. The algorithm only gets better.

他們在推動客戶達到 10 點以達成量的目標方面非常有創意。他們也非常成功地提升使用我們數位平台的客戶數量——不僅擴大整體客戶基礎，也提高客戶對我們數位平台的使用。所以就是這兩點。而且如你所知，數位平台有由 AI 驅動的建議訂單。演算法只會越來越好。

The initiatives are driven down by clients. So that increased use -- increased (inaudible), increased use of the app and creative use of the loyalty program for which I would say Colombia is a best practice is driving our outperformance there. In terms of our app versus what's in the market for other competitors, we have no gaps. Our app is -- it's either the best out there by feature or comparable to the other ones that are out there. And as you know, Carlos, we have a much, much larger footprint than any other company out there in all of our territories, right?

這些措施是由客戶端往下推動的。因此，App 使用增加——（聽不清）增加、App 使用增加，以及對忠誠度計畫的創意運用；我會說哥倫比亞在這方面是最佳實務，正推動我們在當地的優於同業表現。就我們的 App 相較於市場上其他競爭者而言，我們沒有落差。我們的 App——就功能而言，不是市面上最好的，就是與其他同類產品相當。而且如你所知，Carlos，我們在所有營運版圖的覆蓋範圍都遠遠大於任何其他公司，對吧？

I don't know if you needed a view of the total regarding the but that's what pertains to (inaudible)

我不確定你是否需要對整體有一個看法，但以上就是與（聽不清）相關的部分。

My focus is mostly on Colombia. And by the way, thank you for the answer.

我主要關注的是哥倫比亞。另外，也謝謝你的回答。

Renata Cabral, Citi

Renata Cabral，花旗（Citi）

My question is a follow-up on the performance in Brazil. how are you are gaining market share and having great execution here. How do you see the current price gap versus competitors? And how are you thinking about the balance in this year going forward? And if you could give some color also on the highlights of the portfolio, if that continues to be higher penetration on on flavor, especially Spirit, if you can give some color on what happened this quarter would be really helpful as well.

我的問題是延伸追問巴西的表現。你們如何在這裡提升市占並且執行得很出色。你們如何看待目前相較競爭對手的價差？以及你們如何思考今年接下來的平衡？另外，如果你也能補充一些產品組合的亮點，例如口味型產品是否仍在提高滲透率，特別是雪碧（Sprite）；如果你能說明一下本季發生了什麼，也會非常有幫助。

By category continues the same. So we're seeing Coke Zero growing double digits, Sprite growing high double digits on the back of Sprite Zero. So that's really a new phenomenon that we're seeing there since the end of the last year and that we're starting to exploit not only in Brazil, but outside Brazil as well, pretty much in every market, say, Mexico were a big push in Sprite. But we're also seeing brands -- other brands response such as Fanta, which hadn't been in the past. Energy, these are doing very well.

按品類來看，趨勢維持不變。所以我們看到 Coke Zero 以雙位數成長，雪碧（Sprite）在雪碧 Zero 的帶動下呈現高雙位數成長。因此，這確實是我們自去年底以來在當地看到的新現象，而我們也開始加以運用，不僅在巴西，也在巴西以外——幾乎每個市場都是如此；例如墨西哥，我們也在大力推雪碧。但我們也看到其他品牌——例如芬達（Fanta）的反應，過去並沒有這樣。能量飲料也表現非常好。

I wouldn't say we have been timed with prices in Brazil, just to be clear. We are gaining share, but we have increased our prices in Brazil. So it's not on the back of aggressive or below inflation pricing, that's not been the case. So we've been able to digest our price increases in Brazil and continue gaining share and it's a multiyear phenomenon. If you look at shares in Brazil for CSDs since 2000, those are 300-plus basis points in share of value.

我不會說我們在巴西是靠價格取勝，先澄清一下。我們正在提升市占，但我們在巴西也提高了價格。所以並不是靠激進定價或低於通膨的定價，並非如此。因此，我們能夠消化在巴西的漲價，同時持續提升市占，而且這是多年來的現象。如果你看巴西自 2000 年以來碳酸飲料（CSDs）的市占，那是價值市占增加 300 多個基點。

If you look in sports drinks, it's 15 percentage points of share. This is 10 percentage points water 200 uses 500 basis points, energy 10 percentage points. So it's -- in Brazil, same is in Colombia. Also, we have gotten into this positive flywheel where we reset our price pack architecture. And then every year, we're gaining relative scale, which allows us to be very smart and tactical in the pricing.

如果你看運動飲料，是 15 個百分點的市占。水是 10 個百分點，果汁是 500 個基點，能量飲料是 10 個百分點。所以——在巴西與哥倫比亞一樣。此外，我們已進入一個正向飛輪：我們重設了價格-包裝架構（price pack architecture）。然後每一年，我們都在取得相對規模的提升，這讓我們能在定價上非常聰明且具策略性、戰術性。

The industry tends to follow, and it's just a virtual circle, which is exactly what we intend to capitalize in this juncture for Mexico as well.

產業往往會跟進，而這就形成一個良性循環；而這正是我們打算在此時點也用於墨西哥、加以把握的。

Renata just to clarify one thing Ian mentioned on the share gains you mentioned since 2000, just to clarify, this is for (inaudible). It's a five-year period.

Renata，我想釐清一點：Ian 提到的市占提升、你提到自 2000 年以來——為了澄清，這是針對（聽不清）。這是一個五年的期間。

And to complement Ian, Renata, I would say for us, and this is not only pertaining to Brazil, but our overall strategic approach to pricing is that we're always looking to gain relative scale, maintain our position with our customers being able to serve all of our customers' consumption occasions and this is what we take into account to determine pricing.

為了補充 Ian 的說法，Renata，我想就我們而言，而且這不僅僅與巴西相關，我們整體的定價策略取向是：我們始終在尋求提升相對規模、維持我們在客戶中的地位，能夠服務客戶所有的消費情境；這些都是我們在決定定價時會納入考量的因素。

We obviously have to compensate for pressuring costs, but we look at that angle in different time frames. We're looking at our relative scale in a longer-term basis, and we obviously try to address short-term pressures the best we can without sacrificing that overall intention of maintaining and growing in relative scale with our customers

我們當然必須補償成本壓力，但我們會以不同的時間框架來看待這件事。我們以更長期的角度來看自身的相對規模，同時也會在不犧牲「維持並擴大與客戶之相對規模」這個整體意圖的前提下，盡我們所能去因應短期壓力。

Antonio Hernandez, Actinver.

Antonio Hernandez，Actinver。

Just a quick one regarding pricing. I mean, given the overall performance in Mexico in terms of volumes, maybe a little bit better than expected. Do you think -- or are you considering your pricing plans for Mexico to be maybe different to what you already mentioned in the last conference call?

我有個關於定價的簡短問題。我的意思是，考量到墨西哥整體表現、就銷量而言可能比預期稍好一些。你們是否認為——或是否正在考慮——墨西哥的定價計畫可能會與你們在上次電話會議中提到的有所不同？

I think we're -- given that overall volumes came in soft during the quarter, even considering the improvement in the last bimester I think for us, it's still prudent to maintain this pricing strategy. That being said, if a scenario materializes where the conflict in the Middle East, extends for a long period or there are certain disruptions that reflect in raw material price increases in the second half or whatever there, we could probably revise it effort.

我認為——鑑於本季整體銷量仍偏弱，即便考慮到最近兩個月的改善——對我們來說，維持這個定價策略仍然是審慎的。話雖如此，如果出現某種情境，例如中東衝突延續很長一段時間，或出現某些干擾導致下半年原物料價格上漲之類的情況，我們可能會重新檢視這項作法。

Additionally, if volumes start to respond in a different way, that's another instance where we (inaudible) strategy. But where we are today, I think it's prudent to maintain both our volume and pricing guidelines.

此外，如果銷量開始以不同的方式回應，那也是我們（聽不清）策略的另一種情況。但以我們目前所處的狀況來看，我認為維持我們的銷量與定價指引是審慎的。

Rodrigo Alcantara, UBS.

Rodrigo Alcantara，UBS。

I guess reassuring additional comments on Mexico, (inaudible) MXN600 million like it gives more reasonable contraction, right, in EBITDA margin. Now taking the discussion to South America, what was just the opposite picture, right? Just also curious if you can share with us to what extent you upfront marketing expenses in the region, right? Also, if you can comment on the EBITDA performance. by country, right?

我想補充一些關於墨西哥的確認性評論，（聽不清）約 6 億墨西哥披索，這讓 EBITDA 利潤率的收縮看起來更合理，對吧？現在把討論帶到南美，情況正好相反，對吧？也想請教你們能否分享一下，在該地區你們在多大程度上會提前認列行銷費用，對吧？另外，也請你們按國家評論一下 EBITDA 的表現，好嗎？

And I'm asking this as maybe you correct me from (inaudible), it's kind of like the South America, not necessarily Mexico, it's kind of like the region where you can expect margins the most, right? I mean, in Colombia, you redesigned your distribution -- your supply chain (inaudible), which presumably generated some efficiencies, right? So Brazil, there are also some opportunities there to expand margins Argentina as well. So that's why I'm interested in knowing how how the margins are performed by country in South America. And last but not least, I mean, it was what -- I mean, I'm I'm asking this.

我之所以這麼問，是因為也許你可以糾正我（聽不清），南美——不一定是墨西哥——似乎是你們最有機會期待利潤率提升的地區，對吧？我的意思是，在哥倫比亞，你們重新設計了配送——你們的供應鏈（聽不清），這應該帶來了一些效率，對吧？所以巴西也有一些擴大利潤率的機會，阿根廷也是。因此我想了解南美各國的利潤率表現如何。最後但同樣重要的是，我是說——我是說，我在問這個。

We heard a news from -- in Colombia about water licenses and regulator well, issuing some comments regarding your license there in Colombia and the usage of water there. So I mean, any comments about that if that, to some extent, implies some disruption there? Or we can just ignore that? Any comments on that would be very helpful.

我們在哥倫比亞看到一則新聞，關於取水許可與監管機構，嗯，對你們在哥倫比亞的許可及用水發表了一些評論。所以我的意思是，對此你們有任何評論嗎？這在某種程度上是否意味著那邊會有一些營運中斷？還是我們可以忽略它？任何評論都會非常有幫助。

I'll kick it off regarding South America margins. I think you're spot on in terms of the potential for margin improvement in South America is significantly higher just on the base of having a lot of head space in margin performance, both in Brazil and Colombia. We have a long-term plan that we're shipping to every year, improving margins, improving profitability mainly on the back of gaining scale, improving execution, leveraging our digital capabilities that Ian highlighted, especially for Colombia, and I mentioned regarding Brazil.

我先從南美的利潤率談起。我認為你說得很對：南美的利潤率改善潛力顯著更高，主要是因為在巴西與哥倫比亞的利潤率表現仍有很大的提升空間。我們有一個長期計畫，每年都在推進：透過擴大規模、提升執行力、運用 Ian 強調的數位能力（特別是在哥倫比亞），以及我提到的巴西相關作法，來改善利潤率並提升獲利能力。

And we have this kind of junction in the case of Argentina, where we had a significant margin adjustment contraction in 2024 when we reset the market to address consumer situation there that year. And we've been recovering that margin improvement as well.

而在阿根廷的情況則有點交會點：2024 年我們為了因應當年當地的消費者狀況而重新調整市場，導致利潤率出現顯著的調整性收縮。我們也一直在回復並改善那部分的利潤率。

So those three operations, I think, will continue to provide a tailwind for profitability performance in -- specifically in South America. In the case of Colombia, the news that you saw is regarding the renewal of the concession for water -- for premium water brand (inaudible) in Colombia.

因此我認為，這三個營運單位將會持續為——特別是在南美——的獲利表現帶來順風。至於哥倫比亞，你看到的新聞是關於水資源特許權的續約——用於哥倫比亞的高端瓶裝水品牌（聽不清）。

I would start off by saying that this is a small portion of our business at less than 2% of the volumes in the country. But I think that the development is a very positive development in the sense that the conclusion of the process that we were in was that our business does not present any risk to the water supply in the region and that we can continue using our concession. It was renewed.

我先說明，這在我們當地業務中占比很小，銷量不到該國的 2%。但我認為這個進展非常正面，因為我們所處的流程最終結論是：我們的業務不會對該地區供水造成任何風險，我們可以繼續使用該特許權。它已獲得續約。

The process will be reviewed closely as we move forward, but we -- I think we're very optimistic in the sense of the openness that we saw in the process. It was a very open, transparent process where a lot of people participated in the discussion, government authorities as well as a community that's close to our (inaudible) plant.

未來這個流程仍會被密切檢視，但我們——我想我們相當樂觀，因為我們在過程中看到很高的開放度。這是一個非常公開、透明的流程，許多人參與了討論，包括政府主管機關以及靠近我們（聽不清）工廠的社區。

I think everybody expressed their opinion and I think the development ended up being a very positive one in the sense that the conclusion was that we were able to renew the concession and continue operating that business in the following years. If I may, Rodrigo, perhaps the only thing that I would add, going back to the first part of your questions on margins on South America. If we were to look at proof points of whether this sustainable growth model is working.

我想每個人都表達了意見，而最終的發展是非常正面的：結論是我們得以續約該特許權，並在未來幾年持續營運該業務。如果可以的話，Rodrigo，我或許只想補充一點，回到你第一部分關於南美利潤率的問題。如果我們要看這個可持續成長模型是否正在奏效的佐證。

As you know, we have been discussing about this on this flywheel of getting more relative scale. And when you see the markets in South America, you see Brazil gaining share, Colombia gain in Argentina as well and profitability improvements that come from relative scale gains and the pricing is not really the lever that brings these profitability improvements. It's fixed cost dilution, and we can take this to sustainable value creation. So that's the only point that I would add to to that. But as Gerry mentioned, we see profitability improvements across the board in South America.

如你所知，我們一直在討論這個「飛輪」：取得更高的相對規模。當你看南美市場時，你會看到巴西市占提升、哥倫比亞提升、阿根廷也是；而獲利能力的改善來自相對規模的提升，定價並不是帶來這些獲利改善的主要槓桿。主要是固定成本攤薄，而這能帶來可持續的價值創造。這就是我想補充的唯一一點。但如 Gerry 所提到的，我們看到南美各地的獲利能力都有所改善。

Lucas Ferreira, JPMorgan.

Lucas Ferreira，JPMorgan。

The first question is -- actually two questions on Mexico. The first one is if this initiatives to sort of rightsize company for this tough year, also envisions sort of eventually an acceleration of growth we may have in the coming quarters and eventually years.

第一個問題是——其實是兩個關於墨西哥的問題。第一個是，這些為了因應艱難年度而進行的、某種程度上讓公司規模更適切的措施，是否也設想在未來幾季、乃至未來幾年，最終能帶來成長加速？

So how flexible you are if things are coming better than expected to sort of make sure you have the right size to keep coping with the growth of the market and market share? And then number two is a bit more of a conceptual question on Mexico growth. For instance, if I look at Brazil's volume growth, let's say, all CAGR over the last, I don't know, five years as surprised a lot to the upside, right, very good and high -- mid- to high single digits volume growth.

所以，如果情況比預期更好，你們的彈性有多大，能夠確保公司規模仍然適切，以持續因應市場成長與市占的提升？第二個則比較偏概念性，關於墨西哥的成長。例如，如果我看巴西的銷量成長，假設過去五年的整體 CAGR，很多時候都大幅超出預期，對吧，表現非常好，銷量成長落在中到高個位數。

And I attribute part of this to the Coke growth. So my question on Mexico is the following. I mean, would you see sort of a similar playbook here where your average growth rate in Mexico on a consolidated basis could be surprising the market to the upside and accelerating, let's say, from the average growth rates you had in the previous years? Or you think eventually in Mexico, there's something cultural that will prevent this -- the growth of Zero to be accelerating similar pace we saw in Brazil and some other countries as well in LatAm in the world. So that's my question.

而我將其中一部分歸因於可口可樂的成長。所以我對墨西哥的問題如下。我的意思是，您是否會在這裡看到某種相似的作戰手冊，也就是說，您在墨西哥合併基礎上的平均成長率可能會出乎市場意料地向上，並且加速——比方說——相較於您前幾年的平均成長率？或者您認為最終在墨西哥，會有某些文化因素阻止這件事——使得 Zero 的成長無法以我們在巴西以及拉丁美洲乃至全球其他一些國家所看到的類似速度加速？所以這就是我的問題。

If you see like Coke Zero being in the spotlight globally like we saw in the case of Brazil.

如果你看到像可口可樂 Zero 在全球成為焦點，就像我們在巴西的案例中看到的那樣。

Lucas, I would say it's a two part question. So in terms of the rightsizing. We've done what we needed to do. We don't need to do any further. And we have flexibility in our manufacturing, distribution and headcount structure to whether, let's say, volume surprise upside.

Lucas，我會說這是一個兩部分的問題。首先就規模調整（rightsizing）而言。我們已經做了我們需要做的。我們不需要再做更多。而且我們在製造、配送以及人力編制結構上具備彈性，以因應——比方說——銷量意外向上的情況。

So where we need to be in terms of productivity and we have enough of the assets and both manufacturing and distribution assets that we could address a 5% volume upside surprise. So where will we need to be in terms of a structure now.

因此，就生產力而言我們需要達到的水準，以及我們在製造與配送資產兩方面都擁有足夠的資產，足以應對 5% 的銷量上行意外。所以就結構而言，我們現在需要處於的狀態就是如此。

And going forward, we have time to respond if a trend would improve with necessary investments and especially with increases in our headcount, which was probably what we would need faster, more headcount especially in the distribution. So I think we're well positioned for that, and it wouldn't be an issue. In terms of whether we can see Coke ever response as it did in Brazil, we're very glad that, say, two years ago, we cracked the code on Coke Zero in Brazil.

而展望未來，如果趨勢改善，我們也有時間透過必要的投資來回應，尤其是增加人力編制——這可能是我們需要更快補上的部分，特別是在配送端需要更多人手。所以我認為我們在這方面已經準備就緒，不會是問題。至於我們是否能看到可口可樂像在巴西那樣的反應，我們非常高興的是——比如說——兩年前我們在巴西破解了可口可樂 Zero 的成功方程式。

So Zeros are doing very well in Mexico. From a much smaller base, but that's where we were in Brazil in a few years ago. So it's a phenomenon that takes time. It's not immediate. So -- we don't see anything different in Mexico with regards to Brazil.

因此，Zero 在墨西哥的表現非常好。雖然基期小得多，但那正是我們幾年前在巴西所處的位置。所以這是一種需要時間的現象。它不是立刻發生的。所以——就墨西哥相較於巴西而言——我們沒有看到任何不同之處。

We took a little longer to crack it, but now it's responding, it's growing positively. We're also going to be doing a push on other light flavors. So that platform should perform in line or, let's say, outperforming the market. And we have a much better position in Zeros than most of our competitors. So we're confident of that.

我們花了更長一點時間才破解，但現在它正在回應，並且呈現正向成長。我們也會加大推動其他低糖（light）口味。因此，這個平台的表現應該會與市場一致，或者——可以說——優於市場。而且在 Zero 產品上，我們的地位比大多數競爭對手都更好。所以我們對此很有信心。

The one caveat that I would have that's different to a market such as Brazil, for example, is that per capita in Mexico are much higher. So there's an underlying effect in Brazil of the overall category gaining per capita, but that's the only thing that I would say would be different. That being said, in Mexico, in '23 and '24, we did gain per capita. So it's not that it's impossible, it is possible, but it's at a much higher pace per se already the category.

我唯一要補充、且與例如巴西這樣的市場不同的一點是：墨西哥的人均（消費）要高得多。因此，在巴西存在一個整體品類人均提升的底層效應，但這是我認為唯一不同之處。話雖如此，在墨西哥，於 2023 年和 2024 年，我們的人均也確實有所提升。所以並不是不可能，是可能的，只是就整體品類而言，其本身的水準已經相對更高。

Alvaro Garcia, BTG.

Alvaro Garcia，BTG。

Two questions. One on Venezuela. I was wondering how should we think about this business? What can you share about maybe recent volume dynamics and sort of cash flow from that business. Do you see grounds maybe to consolidate it at some point in the future again?

兩個問題。第一個關於委內瑞拉。我想知道我們應該如何看待這項業務？您能否分享一些近期的銷量動態，以及該業務的現金流狀況？您是否看到未來某個時間點再次將其納入合併報表的可能性？

And my second question for Gerry, if you can maybe provide an update on capital allocation. At the end of last year, you kind of mentioned you are in a position to give us an update. When might we expect an update on that front?

第二個問題給 Gerry：如果可以的話，能否提供一下資本配置的最新進展？在去年年底，您曾提到您處於可以向我們更新的狀態。我們大概何時可以期待在這方面的更新？

So just operationally, Venezuela continues doing very well, accelerating. But the items that we need to reconsolidate that operation are still not there yet. So -- and we don't have visibility on that yet. So I wouldn't think we could be reconsolidating Venezuela for this year or next year at least. So -- but it's doing very well.

就營運而言，委內瑞拉持續表現非常好，且正在加速。但我們要重新將該營運納入合併所需的條件，目前仍未具備。所以——而且我們目前對此也還沒有能見度。因此，我不認為我們至少在今年或明年能夠重新合併委內瑞拉。所以——但它的表現確實非常好。

Obviously, it was already doing well. Now it's doing even better. There's a big change going on down there, but it's too early to think of putting that back on the books.

顯然，它原本就已經表現不錯。現在表現更好。那裡正在發生很大的變化，但現在就考慮把它重新納入帳上還太早。

Regarding capital allocation, Alvaro, the excise tax that came up was something that certainly we didn't have in our plans. It was something that came up late last year. It got passed very quickly. So we're -- given the uncertainty that this scenario presents for us in terms of cash flow generation and how the Mexico business will continue to evolve in the next few months. we're taking a step back to review and have more information before we decide what we're going to do to address the issue of capital allocation and our capital structure that we recognize that we have opportunities there.

關於資本配置，Alvaro，近期出現的消費稅（excise tax）確實是我們原本計畫中沒有的。這是去年年底才出現的事情。而且通過得非常快。因此，鑑於這個情境在現金流產生能力方面、以及墨西哥業務在未來幾個月將如何演變方面，為我們帶來的不確定性，我們正在先退一步檢視，在做出決定之前取得更多資訊；之後我們才會決定要如何處理資本配置以及我們的資本結構問題——我們也認知到在這方面存在一些機會。

This concludes the questions-and-answer section. At this time, I would like to turn the floor back to Mr. Jorge for any closing remarks.

問答環節到此結束。此時，我想把時間交還給 Jorge 先生，請他做任何結語。

Well, just to thank everyone for your interest in Coca-Cola FEMSA and for joining us on today's call. As always, we are available to answer any remaining questions, and we look forward to seeing you again soon. Thank you.

好的，首先感謝各位對 Coca-Cola FEMSA 的關注，並參加我們今天的電話會議。一如既往，我們也願意回答任何尚未解答的問題，並期待很快再次與各位見面。謝謝。

Thank you. This does concludes today's presentation. You may disconnect now, and have a nice day.

謝謝。今天的簡報到此結束。您現在可以斷線，祝您有美好的一天。