Fomento Económico Mexicano B de C : Dados Econômico-Financeiros

4Q and Full Year 2022 Results

February 24, 2023

Investor Contact

1. [e-mail] femsa.gcs-web.com

Media Contact

1. [e-mail] femsa.com

HIGHLIGHTS

Monterrey, Mexico, February 24, 2023 - Fomento Económico Mexicano, S.A.B. de C.V. ("FEMSA") (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter and full year of 2022.

• FEMSA: Total Consolidated Revenues grew 23.0% against 4Q21.
• PROXIMITY AMERICAS: Total Revenues increased 17.1% against 4Q21.
• HEALTH: Same-storesales grew 8.3% against 4Q21 on a currency-neutral1 basis.
• DIGITAL: Spin by OXXO had 3.9 million active users2 while OXXO Premia had 12.9 million active loyalty users3 and a 21.0% tender3.
• COCA-COLAFEMSA: Total volume grew 4.6% against 4Q21, driven by growth across all its geographies.

Financial Summary for the Fourth Quarter and Full Year 2022

Change vs. comparable period

			Revenues		Gross Profit			Income from Operations		Same-Store Sales
		4Q22		YTD22	4Q22	YTD22			4Q22		YTD22	4Q22	YTD22
FEMSA Consolidated		23.0%		21.0%		21.0%	17.8%			12.2%		14.3%
Proximity Americas		17.1%		17.8%		12.3%	15.9%			17.4%		27.9%		11.4%	6.0%
Fuel		25.4%		29.8%		16.8%	24.5%			41.1%		58.9%		19.7%	22.4%
Health		1.0%		2.4%		(0.9%)	1.1%			9.3%		4.7%		(4.5%)	(1.0%)
Logistics &		34.2%		49.8%		36.7%	52.9%			(14.0%)		43.7%
Distribution
Coca-Cola FEMSA		14.9%		16.4%		12.9%	13.2%			15.9%		12.5%

Daniel Rodríguez Cofré, FEMSA's Chief Executive Officer, commented:

"We closed the year on a high note, with our fourth quarter performance continuing the strong momentum seen throughout most of 2022. In particular, we note the continued strength of operating trends at OXXO Mexico, where traffic again grew by several percentage points and contributed to our double-digitsame-store sales increase, that also reflected good growth from important categories linked to the Gathering consumer occasion, especially relevant during the holiday season. Beyond Mexico, Proximity continued to grow at a good pace in most markets, and we are reporting Valora's results for the first time following its consolidation in early October. FEMSA Health again delivered stable results against a demanding comparison base while facing a challenging macroeconomic environment, particularly in Chile, while OXXO Gas had another strong quarter on the back of increased volume recovery and strong operating leverage.

On the Digital front, we continued to add OXXO Premia and Spin by OXXO customers at a solid pace, even as we focus on generating engagement and measuring those users that are interacting with our platform on a recurring basis. We are also making progress launching our loyalty Coalition platform, where we recently announced an exciting partnership with Volaris, and we are working on much more to come. Coca-Cola FEMSA had a strong close to a year that saw them achieve a record set of results, driven by their excellent execution, and leveraging their enhanced cooperation framework with the Coca-Cola Company to invest and grow the business. Finally, Logistics and Distribution had a strong quarter that was partially overshadowed by one-time charges at Envoy Solutions.

This strong close to 2022 positions us well to drive more growth in 2023, as we begin to execute the focused strategy laid out in our FEMSA Forward vision as presented last week. We look forward to an exciting year, and beyond."

1. Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.
2. Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
   Active User for OXXO Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
3. Tender: MXN sales with OXXO Premia redemption or accrual / Total OXXO MXN Sales, during the period.

February 24, 2023 | Page 1

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

4Q22 Financial Summary						Consolidated Net Debt
Amounts expressed in millions of Mexican Pesos (Ps.)					Amounts expressed in millions of Mexican Pesos (Ps.)
	4Q22	4Q21	Var.	Org.		As of December 31, 2022	Ps.	US$3
Revenues	186,467	151,542	23.0%	13.5%		Cash	83,439	4,280
Income from Operations	17,405	15,509	12.2%	9.0%		Short-term debt	16,333	838
Income from Operations Margin (%)	9.3	10.2	(90 bps)			Long-term debt4	170,989	8,770
Operative Cash Flow (EBITDA)	26,562	23,446	13.3%	7.3%		Net debt4	103,883	5,328
Operative Cash Flow (EBITDA) Margin (%)	14.2	15.5	(130 bps)			Net debt / EBITDA5	1.12x	-
Net Income	8,838	10,100	(12.5%)

Total revenues increased 23.0% in 4Q22 compared to 4Q21, driven by growth across our business units. On an organic1 basis, total revenues increased 13.5%.

Gross profit increased 21.0%. Gross margin contracted 60 basis points, reflecting margin contractions across our business units.

Income from operations increased 12.2%. On an organic1 basis, income from operations increased 9.0%. Consolidated operating margin decreased 90 basis points to 9.3% of total revenues, reflecting margin expansion at Coca-Cola FEMSA, Proximity, Health and Fuel Divisions, offset by margin contractions at FEMSA's Logistics & Distribution business and the consolidation of the Proximity Europe Division.

Our effective income tax rate was 23.7% in 4Q22 compared to 32.2% in 4Q21. Our income tax was Ps. 2,345 million in 4Q22.

Net consolidated income was Ps. 8,838 million, reflecting: i) higher income from operations; and ii) a slight decrease in net interest

expenses, during the quarter. This was offset by: i) a Ps. 4,299 non-cash, negative swing in foreign exchange losses, related to FEMSA's U.S. dollar-denominated cash position as impacted by the appreciation of the Mexican peso and, ii) a decrease in other non-operating expenses, reflecting a demanding comparison base that included dividends received from our investment in Jetro Restaurant Depot.

Net majority income was Ps. 1.35 per FEMSA Unit12 and US$0.69 per FEMSA ADS.

Capital expenditures amounted to Ps. 14,242 million, driven by ongoing investment activities across our business units.

1. Excludes the effects of significant mergers and acquisitions in the last twelve months.
2. FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of December 30, 2022 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
3. The exchange rate published by the Federal Reserve Bank of New York for December 30, 2022 was 19.4960 MXN per USD.
4. Includes the effect of derivative financial instruments on long-term debt. Excludes long-term leases.
5. Net Debt excluding long-term leases / LTM EBITDA.

February 24, 2023 | Page 2

PROXIMITY AMERICAS

4Q22 Financial Summary

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

	4Q22	4Q21	Var.	Org.
Same-store sales (thousands of Ps.)	932.2	836.8	11.4%
Revenues	62,652	53,510	17.1	16.5
Income from Operations	7,941	6,766	17.4%	18.4
Income from Operations Margin (%)	12.7	12.6	10 bps
Operative Cash Flow (EBITDA)	10,972	9,647	13.7%	14.4
Operative Cash Flow (EBITDA) Margin (%)	17.5	18.0	(50 bps)

Net Additions

Vs. comparable quarter

	+28.8%
	559
434
4Q21	4Q22

Store Base

Last-twelve-months (LTM)

	+5.0%
20,431	21,458
4Q21	4Q22

Same-Store Sales

In thousands of Ps.

	+11.4%
836.8	932.2
4Q21	4Q22

EBITDA

In millions of Ps.

	+13.7%
9,647	10,972
4Q21	4Q22

Total revenues increased 17.1% in 4Q22 compared to 4Q21. On an organic1 basis, total revenues increased 16.5%, reflecting a 11.4% average same-store sales increase, driven by 6.8% growth in average customer ticket and an increase of 4.3% in store traffic. These figures reflect the strong performance of the gathering consumer occasion, including beer, snacks and spirits, as well as the sustained recovery of mobility-driven occasions. During the quarter the Proximity Division's store base expanded by 559 units to reach 1,027 total net store additions for the last twelve months. This includes 120 stores from our acquisition of OK Market in Chile. As of December 31, 2022, the Proximity Division had a total of 21,458 OXXO stores.

Gross profit reached 44.2% of total revenues, reflecting commercial activity and promotional programs from key suppliers, driven mainly by the December holiday season, offset by the impact from OXXO's fast-growing loyalty program, and a decrease of the contribution of financial services, compared with 4Q21.

Income from operations amounted to 12.7% of total revenues, driven by higher operating leverage. Operating expenses increased 10.3% to Ps. 19,758 million, below revenues, reflecting enduring expense efficiencies and tight expense control, partially offset by our continuing initiative to gradually shift from commission-based store teams to employee-based teams.

Grupo Nós2

Total Revenues for the period grew 145% year-over-year, reaching R$185.3 million3. This figure reflects the successful evolution and expansion of the OXXO and Shell Select value propositions, as well as the addition of 193 net new stores for the last twelve months. As of December 31, 2022, the store network of Grupo Nós included 1,468 stores in Brazil, including 217 company owned and operated OXXO stores.

1. Excludes the effects of significant mergers and acquisitions in the last twelve months.
2. OXXO's non-consolidatedjoint-venture with Raízen in Brazil.
3. The exchange rate published by the Federal Reserve Bank of New York for December 30, 2022 was 5.2860 BRL per USD.

February 24, 2023 | Page 3

PROXIMITY EUROPE

4Q22 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

	4Q22
Revenues	9,809
Income from Operations	332
Income from Operations Margin (%)	3.4
Operative Cash Flow (EBITDA)	1,163
Operative Cash Flow (EBITDA) Margin (%)	11.9

Total1 revenues for Proximity Europe during the period amounted to Ps. 9,809 million, reflecting a sequential traffic and ticket recovery driven by increased mobility. As of the end of the period Proximity Europe had 2,766 points of sale.

Gross profit reached 46.9% of total revenues, reflecting the recovery of the foodservice category, which has a structurally higher margin.

Income from operations amounted to 3.4% of total revenues, driven by the contribution of foodservice as well as the integration of recent acquisitions.

1 Shows 2 months and [23] days of Valora's results

February 24, 2023 | Page 4