Fomento Económico Mexicano B de C : Investor Contact - Form 6-K

Investor Contact

(52) 818-328-6167

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femsa.gcs-web.com

Media Contact

(52) 555-249-6843

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femsa.com

HIGHLIGHTS

Monterrey, Mexico, October 28, 2022 - Fomento Económico Mexicano, S.A.B. de C.V. ("FEMSA") (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the third quarter of 2022.

•	FEMSA: Total Consolidated Revenues grew 20.5% against 3Q21.

•	PROXIMITY: Total Revenues increased 20.6% against 3Q21.

•	HEALTH: Same-store sales grew 6.3% against 3Q21 on a currency-neutral1 basis.

•	LOGISTICS & DISTRIBUTION: 14.6% organic2 total revenue growth compared to 3Q21.

•	DIGITAL: Spin by OXXO reached 4.3 million users (over 69% active3) while OXXO Premia reached 22.3 million loyalty users (over 61% active3) and a 19% tender4.

•	COCA-COLA FEMSA: Total volume grew 8.4% against 3Q21, driven by growth across all its geographies.

Financial Summary for the Third Quarter and First Nine Months 2022

Change vs. comparable period

		Revenues			Gross Profit			Income from Operations			Same-Store Sales
		3Q22			YTD22			3Q22			YTD22			3Q22			YTD22			3Q22			YTD22
FEMSA Consolidated			20.5	%			20.5	%			18.0	%			16.8	%			13.8	%			15.3	%
Proximity			20.6	%			18.1	%			17.2	%			17.4	%			23.5	%			34.0	%			17.5	%			15.4	%
Fuel			33.6	%			31.5	%			33.2	%			27.7	%			64.7	%			66.8	%			25.1	%			23.3	%
Health			1.1	%			2.9	%			(0.5	)%			1.9	%			(2.6	)%			3.2	%			(3.1	)%			0.3	%
Logistics & Distribution			70.3	%			56.6	%			68.8	%			60.0	%			66.8	%			65.2	%
Coca-Cola FEMSA			18.2	%			17.7	%			16.4	%			14.0	%			13.3	%			11.5	%

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

"Our third quarter results reflect sustained positive momentum across our business units. OXXO Mexico delivered another strong set of numbers, with accelerating traffic growth on top of robust ticket expansion and reflecting a resilient consumer environment. We again saw some of our key categories performing extremely well, delivering strong top line performance, that combined with a leaner expense structure produced solid operating leverage. On the Digital front, we continued to add OXXO Premia and Spin by OXXO customers at an accelerated pace, but more importantly, Spin by OXXO received its definitive authorization to operate as a fintech in Mexico. This is a relevant milestone and will allow us to continue pursuing our ambition to become the preeminent fintech in Mexico.

Beyond Mexico, Proximity continued to grow at a good pace in most markets, and we closed the acquisition of Valora earlier this month. OXXO Gas had another strong quarter on the back of increased vehicle mobility which drove strong volume recovery, finally getting back to pre-COVID levels. And FEMSA Health delivered stable results against a demanding comparison base while facing a challenging macroeconomic environment, particularly in Chile. For its part, Logistics and Distribution had a strong quarter driven by a standout performance at Envoy Solutions, showing strong top-line growth and stable margins. Finally, Coca-Cola FEMSA also had a strong set of results with volumes increasing across territories and double-digit growth at the top and bottom-lines.

Against this backdrop of strong operational momentum and with such a rich opportunity set ahead of us, we want to thank and recognize John Santa Maria and Alfonso Garza for their extraordinary contributions to the FEMSA success story over so many decades, and we also congratulate Ian Craig and Constantino Spas for their new positions. We look forward to the exciting future Ian and Constantino will help us build."

¹Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.

²Excludes the effects of significant mergers and acquisitions in the last twelve months.

³Active 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.

⁴Tender: MXN sales with OXXO Premia redemption or accrual / Total OXXO MXN Sales, during the period.

October 28, 2022 | Page 1

QUARTERLY RESULTS

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

3Q22 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

		3Q22			3Q21			Var.			Org.
Revenues			171,664				142,443				20.5	%			15.4	%
Income from Operations			14,769				12,976				13.8	%			10.1	%
Income from Operations Margin (%)			8.6				9.1				(50	)bps
Operative Cash Flow (EBITDA)			23,196				20,572				12.8	%			10.3	%
Operative Cash Flow (EBITDA) Margin (%)			13.5				14.4				(90	)bps
Net Income			13,268				16,046				(17.3	)%

Consolidated Net Debt

Amounts expressed in millions of Mexican Pesos (Ps.)

As of September 30, 2022		Ps.			US$3
Cash			101,067				5,024
Short-term debt			14,849				738
Long-term debt4			153,322				7,622
Net debt4			67,104				3,336
Net debt / EBITDA5			0.75	x			-

Total revenues increased 20.5% in 3Q22 compared to 3Q21, driven by growth across our business units. On an organic¹ basis, total revenues increased 15.4%.

Gross profit increased 18.0%. Gross margin contracted 80 basis points, reflecting margin contractions across our business units.

Income from operations increased 13.8%. On an organic¹ basis, income from operations increased 10.1%. Consolidated operating margin decreased 50 basis points to 8.6% of total revenues, reflecting margin expansion at the Proximity and Fuel Divisions offset by margin contractions at Coca-Cola FEMSA, FEMSA's Health Division and the Logistics & Distribution business.

Our effective income tax rate was 34.2% in 3Q22 compared to 32.6% in 3Q21. Our income tax was Ps. 4,522 million in 3Q22.

Net consolidated income was Ps. 13,268 million, reflecting: i) higher income from operations; ii) a decrease in net interest expense; and iii) a non-cash foreign exchange gain of Ps. 1,212 million related to FEMSA's U.S. dollar-denominated cash position as impacted by the depreciation of the Mexican peso, during the quarter. This was offset by: i) a decrease in our participation in associates' results, which mainly reflects the results of our investment in Heineken; and ii) a Ps. 1,964 million negative swing in other non-operating expenses, which reflect a demanding comparison base that included dividends received during 3Q21 from our investment in Jetro Restaurant Depot.

Net majority income was Ps. 3.00 per FEMSA Unit¹² and US$1.49 per FEMSA ADS.

Capital expenditures amounted to Ps. 8,118 million, driven by the reactivation of ongoing investment activities at most of our business units.

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

²FEMSA 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 September 30, 2022 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

³The exchange rate published by the Federal Reserve Bank of New York for September 30, 2022 was 20.1150 MXN per USD.

⁴Includes the effect of derivative financial instruments on long-term debt. Excludes long-term leases.

⁵Net Debt excluding long-term leases / LTM EBITDA.

October 28, 2022 | Page 2

PROXIMITY

3Q22 Financial Summary

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

		3Q22			3Q21			Var.			Org.
Same-store sales (thousands of Ps.)			924.2				786.9				17.5	%
Revenues			61,252				50,808				20.6	%			20.0	%
Income from Operations			5,734				4,642				23.5	%			24.9	%
Income from Operations Margin (%)			9.4				9.1				30	bps
Operative Cash Flow (EBITDA)			8,768				7,502				16.9	%			17.6	%
Operative Cash Flow (EBITDA) Margin (%)			14.3				14.8				(50	)bps

Net Additions Vs. comparable quarter	Store Base Last-twelve-months (LTM)	Same-Store Sales In thousands of Ps.	EBITDA In millions of Ps.

Total revenues increased 20.6% in 3Q22 compared to 3Q21. On an organic¹ basis, total revenues increased 20.0%, reflecting a 17.5% average same-store sales increase, driven by 11.9% growth in average customer ticket and an increase of 4.9% 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 231 units to reach 902 total net store additions for the last twelve months. This includes 120 stores from our acquisition of OK Market in Chile. As of September 30, 2022, the Proximity Division had a total of 20,899 OXXO stores.

Gross profit reached 40.2% of total revenues, reflecting the phasing of the third quarter's commercial activity and promotional programs from key suppliers, in anticipation of the upcoming FIFA World Cup and December holidays, as well as a modest impact from OXXO's fast-growing loyalty program.

Income from operations amounted to 9.4% of total revenues, driven by higher operating leverage. Operating expenses increased 15.5% to Ps. 18,898 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 156% year-over-year, reaching R$146.7 million³. This figure reflects the successful evolution and expansion of the OXXO and Shell Select value propositions, as well as the addition of 200 net new stores for the last twelve months. As of September 30, 2022, the store network of Grupo Nós included 1,426 stores in Brazil, including 176 company owned and operated OXXO stores.

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

²OXXO's non-consolidated joint-venture with Raízen in Brazil.

³The exchange rate published by the Federal Reserve Bank of New York for September 30, 2022 was 5.4008 BRL per USD.

October 28, 2022 | Page 3

FUEL

3Q22 Financial Summary

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

		3Q22			3Q21			Var.
Same-station sales (thousands of Ps.)			7,687.4				6,145.8				25.1	%
Revenues			13,823				10,349				33.6	%
Income from Operations			687				417				64.7	%
Income from Operations Margin (%)			5.0				4.0				100	bps
Operative Cash Flow (EBITDA)			960				656				46.3	%
Operative Cash Flow (EBITDA) Margin (%)			6.9				6.3				60	bps

Net Additions Vs. comparable quarter	Service Station Base Last-twelve-months (LTM)	Same-Station Sales In thousands of Ps.	EBITDA In millions of Ps.

Total revenues increased 33.6% in 3Q22 compared to 3Q21, reflecting a 25.1% average same-station sales increase, driven by 15.9% growth in average volume and 7.9% increase in the average price per liter, as well as volume growth in our institutional and wholesale customer network, coupled with an undemanding comparison base affected by reduced vehicle mobility in connection with the COVID-19 pandemic in 3Q21. The OXXO Gas network had 568 points of sale as of September 30, 2022. This figure reflects the addition of 2 total net stations for the last twelve months.

Gross profit was 12.8% of total revenues, reflecting a negative mix impact driven by volume growth in our institutional and wholesale customer network.

Income from operations amounted to 5.0% of total revenues. Operating expenses increased 18.7% to Ps. 1,084 million, below revenues, reflecting tight expense control and positive operating leverage.

October 28, 2022 | Page 4

HEALTH

3Q22 Financial Summary

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

		3Q22			3Q21			Var.
Same-store sales (thousands of Ps.)			1,274.7				1,315.7				(3.1	)%
Revenues			18,526				18,319				1.1	%
Income from Operations			942				967				(2.6	)%
Income from Operations Margin (%)			5.1				5.3				(20	)bps
Operative Cash Flow (EBITDA)			1,843				1,868				(1.3	)%
Operative Cash Flow (EBITDA) Margin (%)			9.9				10.2				(30	)bps

Net Additions Vs. comparable quarter	Store Base Last-twelve-months (LTM)	Same-Store Sales In thousands of Ps.	EBITDA In millions of Ps.

Total revenues increased 1.1% in 3Q22 compared to 3Q21, mainly reflecting positive trends in Colombia and Ecuador, partially offset by a demanding comparison base in Chile and Mexico, and by a negative currency translation effect related to the depreciation of the Chilean and Colombian pesos relative to the Mexican peso. During the quarter, the Health Division's store base expanded by 84 units reaching a total of 3,971 points of sale across its territories as of September 30, 2022. This figure reflects the addition of 431 net stores for the last twelve months. Same-store sales for drugstores decreased an average of -3.1%, reflecting the revenue trends described above. On a currency-neutral¹ basis, total revenues grew 13.2% while same-store sales increased by 6.3%.

Gross profit represented 29.5% of total revenues, reflecting improved efficiency and more effective collaboration and execution with key supplier partners, offset by a negative mix effect reflecting the strong growth of the Health Division's operations in Colombia.

Income from operations amounted to 5.1% of total revenues. Operating expenses decreased slightly to Ps. 4,523 million, reflecting tight expense control and efficiency gains across our operations.

¹Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.

October 28, 2022 | Page 5

LOGISTICS & DISTRIBUTION

3Q22 Financial Summary

Amounts expressed in millions of Mexican Pesos (Ps.)

		3Q22			3Q21			Var.			Org.
Revenues			19,986				11,734				70.3	%			14.6	%
Income from Operations			1,004				602				66.8	%			(14.8	)%
Income from Operations Margin (%)			5.0				5.1				(10	)bps
Operative Cash Flow (EBITDA)			1,841				1,257				46.5	%			4.9	%
Operative Cash Flow (EBITDA) Margin (%)			9.2				10.7				(150	)bps

Revenues In millions of Ps.	EBITDA In millions of Ps.

Total revenues increased 70.3% in 3Q22 compared to 3Q21. On an organic¹ basis, total revenues increased 14.6%, reflecting better trends in several categories in the United States, particularly facility supplies distribution as occupancy and attendance rates improve in the office sector, coupled with positive trends at our warehouse management operations in Latin America.

Gross profit represented 21.6% of total revenues, reflecting a positive mix effect driven by the strong growth of our United States operations which have a higher structural gross margin level.

Income from operations represented 5.0% of total revenues. Operating expenses increased 69.4% to Ps. 3,318 million, reflecting the inorganic expansion of our distribution platform in the United States, coupled with increased transportation and labor costs across markets. This was partially offset by greater efficiencies and positive operating leverage at Envoy Solutions.

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

October 28, 2022 | Page 6

RESULTS FOR THE FIRST NINE MONTHS OF 2022

Results are compared to the same period of previous year

FEMSA CONSOLIDATED

Financial Summary for the First Nine Months

Amounts expressed in millions of Mexican Pesos (Ps.)

		2022			2021			Var.			Org.
Revenues			487,250				404,275				20.5	%			16.5	%
Income from Operations			42,068				36,475				15.3	%			12.8	%
Income from Operations Margin (%)			8.6				9.0				(40	)bps
Operative Cash Flow (EBITDA)			66,355				58,925				12.6	%			10.8	%
Operative Cash Flow (EBITDA) Margin (%)			13.6				14.6				(100	)bps
Net Income			26,793				27,568				(2.8	)%

Total revenues increased 20.5%. On an organic basis,¹ total revenue increased 16.5% reflecting growth across all operations.

Gross profit increased 16.8%. Gross margin decreased 120 basis points to 36.8% of total revenues, reflecting gross margin expansion at the Logistics & Distribution business, offset by contractions at FEMSA's Proximity Division, Coca-Cola FEMSA and FEMSA's Health and Fuel operations.

Income from operations increased 15.3%. On an organic basis,¹ income from operations increased 12.8%. Our consolidated operating margin decreased 40 basis points to 8.6% of total revenues, reflecting margin expansion at FEMSA's Proximity, Fuel and Logistics & Distribution operations, offset by a margin contraction at Coca-Cola FEMSA and a flat margin at FEMSA's Health operations.

Net consolidated income decreased to Ps. 26,793 million, reflecting: i) higher income from operations across our business units; ii) a decrease in net interest expense. These were partially offset by a Ps. 2,862 negative swing in other non-operating expenses which reflect a demanding comparison base that included dividends received from our investment in Jetro Restaurant Depot and by a decrease in our participation in associates' results, which mainly reflects the results of our investment in Heineken.

Net majority income per FEMSA Unit² was Ps.5.58 (US$2.78 per ADS).

Capital expenditures amounted to Ps. 20,183 million, reflecting the reactivation of ongoing investment activities at most of our business units.

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

²FEMSA 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 September 30, 2022 was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

October 28, 2022 | Page 7

PROXIMITY

Financial Summary for the First Nine Months

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

		2022			2021			Var.			Org.
Same-store sales (thousands of Ps.)			869.4				753.5				15.4	%
Revenues			171,306				145,076				18.1	%			17.6	%
Income from Operations			15,572				11,622				34.0	%			35.4	%
Income from Operations Margin (%)			9.1				8.0				110	bps
Operative Cash Flow (EBITDA)			24,570				20,058				22.5	%			23.0	%
Operative Cash Flow (EBITDA) Margin (%)			14.3				13.8				50	bps

Total revenues increased 18.1%. On an organic¹ basis, total revenues increased 17.6%. OXXO's same-store sales increased an average of 15.4%, driven by a 11.6% increase in average customer ticket, coupled with a 3.4% increase in store traffic.

Gross profit reached 40.8% of total revenues.

Income from operations amounted to 9.1% of total revenues, reflecting long-lasting operating efficiencies. Operating expenses increased 13.4% to Ps. 54,315 million.

FUEL

Financial Summary for the First Nine Months

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

		2022			2021			Var.
Same-station sales (thousands of Ps.)			7,054.1				5,719.3				23.3	%
Revenues			37,938				28,858				31.5	%
Income from Operations			1,636				981				66.8	%
Income from Operations Margin (%)			4.3				3.4				90	bps
Operative Cash Flow (EBITDA)			2,451				1,700				44.2	%
Operative Cash Flow (EBITDA) Margin (%)			6.5				5.9				60	bps

Total revenues increased 31.5%. Same-station sales increased an average of 23.3%, reflecting a 7.9% increase in the average price per liter, coupled with a 14.3% increase in average volume.

Gross profit reached 12.5% of total revenues.

Income from operations amounted to 4.3% of total revenues. Operating expenses increased 13.7% to Ps. 3,099 million.

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

October 28, 2022 | Page 8

HEALTH

Financial Summary for the First Nine Months

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

		2022			2021			Var.
Same-store sales (thousands of Ps.)			1,311.7				1,308.4				0.3	%
Revenues			56,026				54,446				2.9	%
Income from Operations			2,924				2,833				3.2	%
Income from Operations Margin (%)			5.2				5.2				0	bps
Operative Cash Flow (EBITDA)			5,677				5,418				4.8	%
Operative Cash Flow (EBITDA) Margin (%)			10.1				10.0				10	bps

Total revenues increased 2.9%. Same-store sales for drugstores increased an average of 0.3%, reflecting positive trends in our operations in Mexico, Colombia and Ecuador, and stable trends at our Chilean operations, partially offset by the depreciation of the Chilean and Colombian pesos, against the Mexican peso.

Gross profit reached 29.1% of total revenues.

Income from operations amounted to 5.2% of total revenues. Operating expenses increased 1.6% to Ps. 13,370 million.

LOGISTICS & DISTRIBUTION

Financial Summary for the First Nine Months

Amounts expressed in millions of Mexican Pesos (Ps.)

		2022			2021			Var.			Org.
Revenues			52,945				33,809				56.6	%			14.7	%
Income from Operations			2,566				1,553				65.2	%			3.5	%
Income from Operations Margin (%)			4.8				4.6				20	bps
Operative Cash Flow (EBITDA)			4,722				3,418				38.2	%			10.8	%
Operative Cash Flow (EBITDA) Margin (%)			8.9				10.1				(120	)bps

Total revenues increased 56.6%. On an organic¹ basis, total revenues increased 14.7%, reflecting positive demand dynamics in our operations in Latin America, coupled with robust recovery trends and effective cross-selling initiatives at Envoy Solutions operations in the United States.

Gross profit reached 22.3% of total revenues, reflecting an increasing contribution of our United States distribution operations which command a higher gross margin level, partially offset by an increased fuel and leasing costs in our Latin America operations.

Income from operations represented 4.8% of total revenues. Operating expenses increased 58.6% to Ps. 9,242 million, reflecting strong inorganic growth at our distribution operations in the United States.

COCA-COLA FEMSA

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

¹Excludes the effects of significant mergers and acquisitions in the last twelve months.

October 28, 2022 | Page 9

RECENT DEVELOPMENTS

•

On October 7, 2022, FEMSA announced that its subsidiary Compropago S.A.P.I. de C.V. had successfully completed the regulatory process required under the Mexican fintech legal framework and had been authorized by the Comisión Nacional Bancaria y de Valores ("CNBV") to operate as "Institución de Fondos de Pago Electrónico" ("IFPE").

•

On October 10, 2022, FEMSA announced the settlement of its public tender offer ("Offer") by FEMSA's wholly-owned subsidiary Impulsora de Marcas e Intangibles, S.A. de C.V., for all publicly held registered shares of Valora Holding AG ("Valora"; SIX: VALN). As expected, the transaction was completed successfully on October 7, 2022. FEMSA currently holds 98.110% of the share capital of Valora and intends to initiate a squeeze-out procedure and request the cancellation of the remaining publicly held shares. FEMSA further intends to delist the Valora shares from trading on SIX Swiss Exchange.

•

On October 13, 2022, FEMSA announced that in accordance with their careful and deliberate senior leadership succession planning processes, and consistent with previously established timeframes, John Santa Maria Otazua will retire from his position as Coca-Cola FEMSA's Chief Executive Officer on January 1, 2023. Accordingly, Coca-Cola FEMSA's Board of Directors appointed Ian Craig García, currently CEO of Coca-Cola FEMSA Brazil, to become Coca-Cola FEMSA's Chief Executive Officer as of the same date. Ian's appointment also has the full support of FEMSA's Board of Directors.

On that same date FEMSA also announced that in accordance with their careful and deliberate senior leadership succession planning processes, and consistent with previously established timeframes, Alfonso Garza Garza will retire from his position as Chief Executive Officer of FEMSA Strategic Businesses on January 1, 2023. Constantino Spas Montesinos, currently Chief Financial Officer of Coca-Cola FEMSA, had been appointed, with the full support of FEMSA's Board of Directors, to become Chief Executive Officer of FEMSA Strategic Businesses as of the same date.

•	During the third quarter of 2022, FEMSA through Envoy Solutions completed the following acquisitions in the United States, which recorded aggregated sales for approximately US$80 million per year prior to their acquisition:

o	Sunbelt Packaging LLC.

o	Knight Marketing Enterprises LLC.

o	HT Berry Company LLC.

CONFERENCE CALL INFORMATION

Our Third Quarter 2022 Conference Call will be held on: Monday, October 31, 2022, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.

Telephone:

Toll Free US:

[phone]

International:

[phone]

Webcast:

https://edge.media-server.com/mmc/p/s5tbwr5j

Conference ID:

1317423

October 28, 2022 | Page 10

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

ABOUT FEMSA

FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Division operating OXXO, a small-format store chain, OXXO Gas, a chain of retail service stations, and Valora, an operator of convenience and foodvenience formats present in 5 countries in Europe. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and OXXO Premia, among other loyalty and digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume; and in the beer industry, as the second largest shareholder of Heineken, one of the world's leading brewers with operations in over 70 countries. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 320,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on September 30, 2022, which was 20.1150 Mexican pesos per US dollar.

FORWARD-LOOKING STATEMENTS

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

Eight pages of tables and Coca-Cola FEMSA's press release to follow

October 28, 2022 | Page 11

FEMSA - Consolidated Income Statement

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		% Org.(A)		2022		% of rev.		2021		% of rev.		% Var.		% Org.(A)
Total revenues			171,664			100.0			142,443			100.0			20.5			15.4			487,250			100.0			404,275			100.0			20.5			16.5
Cost of sales			109,014			63.5			89,349			62.7			22.0						307,831			63.2			250,665			62.0			22.8
Gross profit			62,650			36.5			53,094			37.3			18.0						179,419			36.8			153,610			38.0			16.8
Administrative expenses			8,564			5.0			6,903			4.8			24.1						23,576			4.8			19,321			4.8			22.0
Selling expenses			39,171			22.8			33,259			23.4			17.8						113,413			23.3			97,425			24.1			16.4
Other operating expenses (income), net (1)			146			0.1			(44	)		-			N.S.						362			0.1			389			0.1			(6.9	)
Income from operations (2)			14,769			8.6			12,976			9.1			13.8			10.1			42,068			8.6			36,475			9.0			15.3			12.8
Other non-operating expenses (income)			41						(2,005	)					(102.0	)					146						(3,008	)					(104.9	)
Interest expense			3,852						3,983						(3.3	)					12,012						12,718						(5.6	)
Interest income			1,162						329						N.S.						2,696						876						N.S.
Interest expense, net			2,690						3,654						(26.4	)					9,316						11,842						(21.3	)
Foreign exchange loss (gain)			(1,212	)					(1,496	)					(19.0	)					211						(535	)					(139.4	)
Other financial expenses (income), net			47						(64	)					(173.4	)					346						(351	)					(198.6	)
Financing expenses, net			1,525						2,094						(27.2	)					9,873						10,956						(9.9	)
Income before income tax and participation in associates results			13,203						12,887						2.5						32,049						28,527						12.3
Income tax			4,522						4,205						7.5						11,238						10,178						10.4
Participation in associates results (3)			4,587						7,364						(37.7	)					5,982						9,219						(35.1	)
Consolidated net income (Loss)			13,268						16,046						(17.3	)					26,793						27,568						(2.8	)
Net majority income			10,748						14,114						(23.8	)					19,980						21,768						(8.2	)
Net minority income			2,520						1,932						30.4						6,813						5,800						17.5
Operative Cash Flow & CAPEX		2022		% of rev.		2021		% of rev.		% Inc.		% Org.(A)		2022		% of rev.		2021		% of rev.		% Inc.		% Org.(A)
Income from operations			14,769			8.6			12,976			9.1			13.8			10.1			42,068			8.6			36,475			9.0			15.3			12.8
Depreciation			6,922			4.0			6,272			4.4			10.4						20,122			4.1			18,721			4.6			7.5
Amortization & other non-cash charges			1,505			0.9			1,324			0.9			13.7						4,164			0.9			3,729			1.0			11.7
Operative cash flow (EBITDA)			23,196			13.5			20,572			14.4			12.8			10.3			66,355			13.6			58,925			14.6			12.6			10.8
CAPEX (4)			8,118						6,713						20.9						20,183						15,254						32.3

^(A)Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

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

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

⁽³⁾Mainly represents the equity method participation in Heineken's and Raizen convenience stores results, net.

⁽⁴⁾At the end of September, the CAPEX effectively paid is equivalent to $20,134M.

October 28, 2022 | Page 12

FEMSA - Consolidated Balance Sheet

Amounts expressed in millions of Mexican Pesos (Ps.)

ASSETS		Sep-22			Dic-21			% Inc.
Cash and cash equivalents			101,067				97,407				3.8
Investments			20				24,415				(99.9	)
Accounts receivable			40,406				33,898				19.2
Inventories			55,237				50,896				8.5
Other current assets			34,064				24,102				41.3
Total current assets			230,794				230,718				0.0
Investments in shares			101,714				107,299				(5.2	)
Property, plant and equipment, net			121,306				115,147				5.3
Right of use			60,810				56,994				6.7
Intangible assets (1)			165,535				158,138				4.7
Other assets			62,147				69,204				(10.2	)
TOTAL ASSETS			742,306				737,500				0.7

LIABILITIES & STOCKHOLDERS' EQUITY		Sep-22			Dic-21			% Inc.
Bank loans			1,721				2,003				(14.1	)
Current maturities of long-term debt			13,128				2,637				N.S.
Interest payable			1,549				1,968				(21.3	)
Current maturities of long-term leases			8,335				7,306				14.1
Operating liabilities			140,615				122,809				14.5
Total current liabilities			165,348				136,723				20.9
Long-term debt (2)			153,322				179,857				(14.8	)
Long-term leases			59,011				55,048				7.2
Laboral obligations			8,141				7,600				7.1
Other liabilities			26,005				23,155				12.3
Total liabilities			411,827				402,383				2.3
Total stockholders' equity			330,479				335,117				(1.4	)
TOTAL LIABILITIES AND STOCKHOLERS' EQUITY			742,306				737,500				0.7

		September 30, 2022
DEBT MIX (2)		% of Total			Average Rate
Denominated in:
Mexican pesos			40.0	%			7.8	%
U.S. Dollars			26.9	%			3.5	%
Euros			22.9	%			1.2	%
Colombian pesos			0.7	%			7.0	%
Argentine pesos			0.1	%			39.4	%
Brazilian reais			8.0	%			12.1	%
Chilean pesos			0.9	%			8.2	%
Uruguayan Pesos			0.6	%			6.3	%
Guatemalan Quetzal			0.0	%			0.0	%
Total debt			100.0	%			5.5	%
Fixed rate (2)			87.6	%
Variable rate (2)			12.4	%

DEBT MATURITY PROFILE		2023			2024			2025			2026			2027			2028+
% of Total Debt			0.9	%			6.4	%			1.6	%			1.2	%			1.3	%			88.6	%

⁽¹⁾Includes mainly the intangible assets generated by acquisitions.

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

October 28, 2022 | Page 13

Proximity Division - Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		% Org.(A)		2022		% of rev.		2021		% of rev.		% Var.		% Org.(1)
Total revenues			61,252			100.0			50,808			100.0			20.6			20.0			171,306			100.0			145,076			100.0			18.1			17.6
Cost of sales			36,620			59.8			29,799			58.7			22.9						101,419			59.2			85,555			59.0			18.5
Gross profit			24,632			40.2			21,009			41.3			17.2						69,887			40.8			59,521			41.0			17.4
Administrative expenses			1,496			2.4			1,464			2.9			2.2						4,372			2.6			4,269			2.9			2.4
Selling expenses			17,363			28.3			14,831			29.2			17.1						49,785			29.0			43,427			30.0			14.6
Other operating expenses (income), net			39			0.1			72			0.1			(45.8	)					158			0.1			203			0.1			(22.2	)
Income from operations			5,734			9.4			4,642			9.1			23.5			24.9			15,572			9.1			11,622			8.0			34.0			35.4
Depreciation			2,831			4.6			2,620			5.2			8.1						8,231			4.8			7,760			5.3			6.1
Amortization & other non-cash charges			203			0.3			240			0.5			(15.4	)					767			0.4			676			0.5			13.5
Operative cash flow (EBITDA)			8,768			14.3			7,502			14.8			16.9			17.6			24,570			14.3			20,058			13.8			22.5			23.0
CAPEX			2,985						2,195						36.0						6,776						5,233						29.5
Information of OXXO Stores
Total stores																					20,899						19,997						4.5
Stores Mexico																					20,382						19,719						3.4
Stores South America																					517						278						86.0
Net new convenience stores:
vs. Last quarter			231						163						41.7
Year-to-date			468						431						8.6
Last-twelve-months			902						364						147.8
Same-store data: (1)
Sales (thousands of pesos)			924.2						786.9						17.5						869.4						753.5						15.4
Traffic (thousands of transactions)			18.3						17.5						4.9						17.7						17.1						3.4
Ticket (pesos)			50.4						45.0						11.9						49.1						44.0						11.6

^(A)Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

⁽¹⁾Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.

October 28, 2022 | Page 14

Fuel - Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		2022		% of rev.		2021		% of rev.		% Var.
Total revenues			13,823			100.0			10,349			100.0			33.6			37,938			100.0			28,858			100.0			31.5
Cost of sales			12,052			87.2			9,019			87.1			33.6			33,203			87.5			25,151			87.2			32.0
Gross profit			1,771			12.8			1,330			12.9			33.2			4,735			12.5			3,707			12.8			27.7
Administrative expenses			58			0.4			65			0.6			(10.8	)		148			0.4			211			0.7			(29.9	)
Selling expenses			1,029			7.4			848			8.3			21.3			2,963			7.8			2,521			8.7			17.5
Other operating expenses (income), net			(3	)		-			-			-			-			(12	)		-			(6	)		-			100.0
Income from operations			687			5.0			417			4.0			64.7			1,636			4.3			981			3.4			66.8
Depreciation			266			1.9			240			2.3			10.8			784			2.1			715			2.5			9.7
Amortization & other non-cash charges			7			-			(1	)		-			N.S.			31			0.1			4			-			N.S.
Operative cash flow (EBITDA)			960			6.9			656			6.3			46.3			2,451			6.5			1,700			5.9			44.2
CAPEX			22						40						(44.3	)		58						209						(72.0	)
Information of OXXO GAS Service Stations
Total service stations																		568						566						0.4
Net new service stores:
vs. Last quarter			(1	)					3						(133.3	)
Year-to-date			1						8						(87.5	)
Last-twelve-months			2						15						(86.7	)
Volume (millions of liters) total stations			690						554						24.6			1,913						1,562						22.5
Same-store data: (1)
Sales (thousands of pesos)			7,687.4						6,145.8						25.1			7,054.1						5,719.3						23.3
Volume (thousands of liters)			376.1						324.5						15.9			351.5						307.6						14.3
Average price per liter			20.4						18.9						7.9			20.1						18.6						7.9

^(A) Unaudited consolidated financial information.

⁽¹⁾Monthly average information per station, considering same stations with more than twelve months of operations.

October 28, 2022 | Page 15

Health Division - Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		2022		% of rev.		2021		% of rev.		% Var.
Total revenues			18,526			100.0			18,319			100.0			1.1			56,026			100.0			54,446			100.0			2.9
Cost of sales			13,061			70.5			12,824			70.0			1.8			39,732			70.9			38,448			70.6			3.3
Gross profit			5,465			29.5			5,495			30.0			(0.5	)		16,294			29.1			15,998			29.4			1.9
Administrative expenses			953			5.1			795			4.3			19.9			2,135			3.8			2,349			4.3			(9.1	)
Selling expenses			3,580			19.4			3,653			20.0			(2.0	)		11,236			20.1			10,766			19.8			4.4
Other operating expenses (income), net			(10	)		(0.1	)		80			0.4			(112.5	)		(1	)		-			50			0.1			(102.0	)
Income from operations			942			5.1			967			5.3			(2.6	)		2,924			5.2			2,833			5.2			3.2
Depreciation			727			3.9			698			3.8			4.2			2,203			3.9			2,142			3.9			2.8
Amortization & other non-cash charges			174			0.9			203			1.1			(14.3	)		550			1.0			443			0.9			24.2
Operative cash flow (EBITDA)			1,843			9.9			1,868			10.2			(1.3	)		5,677			10.1			5,418			10.0			4.8
CAPEX			570						424						34.5			1,264						1,009						25.3
Information of Stores
Total stores																		3,971						3,540						12.2
Stores Mexico																		1,516						1,394						8.8
Stores South America																		2,455						2,146						14.4
Net new stores:
vs. Last quarter			84						81						3.7
Year-to-date			319						172						85.5
Last-twelve-months			431						291						48.1
Same-store data: (1)
Sales (thousands of pesos)			1,274.7						1,315.7						(3.1	)		1,311.7						1,308.4						0.3

⁽¹⁾Monthly average information per store, considering same stores with more than twelve months of all the retail operations of the Health Division.

October 28, 2022 | Page 16

Logistics & Distribution - Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		% Org.(1)		2022		% of rev.		2021		% of rev.		% Var.		% Org.(1)
Total revenues			19,986			100.0			11,734			100.0			70.3			14.6			52,945			100.0			33,809			100.0			56.6			14.7
Cost of sales			15,664			78.4			9,172			78.2			70.8						41,137			77.7			26,427			78.2			55.7
Gross profit			4,322			21.6			2,561			21.8			68.8						11,808			22.3			7,382			21.8			60.0
Administrative expenses			1,513			7.6			1,077			9.2			40.5						4,265			8.1			3,232			9.6			32.0
Selling expenses			1,793			8.9			888			7.6			101.9						4,964			9.4			2,595			7.7			91.3
Other operating expenses (income), net			12			0.1			(6	)		(0.1	)		N.S.						13			-			2			0.0			N.S.
Income from operations			1,004			5.0			602			5.1			66.8			(14.8	)		2,566			4.8			1,553			4.6			65.2			3.5
Depreciation			545			2.7			463			3.9			17.7						1,454			2.7			1,307			3.9			11.2
Amortization & other non-cash charges			292			1.5			192			1.6			52.1						702			1.4			558			1.7			25.8
Operative cash flow (EBITDA)			1,841			9.2			1,257			10.7			46.5			4.9			4,722			8.9			3,418			10.1			38.2			10.8
CAPEX			382						108						N.S.						969						433						123.8

⁽¹⁾Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

October 28, 2022 | Page 17

Coca-Cola FEMSA - Results of Operations

Amounts expressed in millions of Mexican Pesos (Ps.)

		For the third quarter of:		For the first nine months of:
		2022		% of rev.		2021		% of rev.		% Var.		% Org.(1)		2022		% of rev.		2021		% of rev.		% Var.		% Org.(1)
Total revenues			57,093			100.0			48,316			100.0			18.2			17.1			166,042			100.0			141,091			100.0			17.7			16.8
Cost of sales			31,702			55.5			26,499			54.8			19.6						92,573			55.8			76,668			54.3			20.7
Gross profit			25,392			44.5			21,817			45.2			16.4						73,469			44.2			64,423			45.7			14.0
Administrative expenses			2,895			5.1			2,653			5.5			9.1						8,238			5.0			6,759			4.8			21.9
Selling expenses			15,038			26.4			12,877			26.7			16.8						43,052			25.8			37,876			26.9			13.7
Other operating expenses (income), net			124			0.2			(190	)		(0.4	)		(165.4	)					298			0.2			167			0.1			78.4
Income from operations			7,335			12.8			6,476			13.4			13.3			12.5			21,881			13.2			19,620			13.9			11.5			10.9
Depreciation			2,515			4.4			2,202			4.6			14.2						7,287			4.4			6,640			4.7			9.7
Amortization & other non-cash charges			776			1.4			641			1.3			21.1						1,983			1.2			1,900			1.4			4.4
Operative cash flow (EBITDA)			10,626			18.6			9,320			19.3			14.0			13.5			31,151			18.8			28,159			20.0			10.6			10.1
CAPEX			4,034						3,921						2.9						11,191						8,222						36.1
Sales Volumes
(Millions of unit cases)
Mexico and Central America			555.8			60.0			509.0			59.6			9.2						1,640.5			59.4			1,526.1			60.9			7.5
South America			131.1			14.2			122.6			14.4			6.9						398.9			14.5			349.3			13.9			14.2
Brazil			238.9			25.8			222.8			26.1			7.2						720.5			26.1			631.1			25.2			14.2
Total			925.8			100.0			854.5			100.0			8.4						2,759.9			100.0			2,506.5			100.0			10.1

⁽¹⁾Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.

October 28, 2022 | Page 18

FEMSA Macroeconomic Information

		Inflation			End-of-period Exchange Rates
		3Q 2022			LTM (1) Sep-22			Sep-22			Sep-21
								Per USD			Per MXN			Per USD			Per MXN
Mexico		1.35	%		8.76	%		20.31			1.0000			20.31			1.0000
Colombia		1.72	%		11.07	%		4,532.07			0.0045			3,834.68			0.0053
Brazil		0.52	%		8.98	%		5.41			3.7557			5.44			3.7331
Argentina		13.38	%		82.99	%		147.32			0.1378			98.74			0.2057
Chile		2.95	%		14.99	%		960.24			0.0211			803.59			0.0253
Euro Zone		0.53	%		9.42	%		1.04			19.6142			0.85			23.8952

(1)	LTM = Last twelve months.

October 28, 2022 | Page 19

Mexico City, October 24, 2022, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) ("Coca-Cola FEMSA", "KOF" or the "Company"), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the third quarter and the first nine months of 2022.

THIRD QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS

●

Consolidated volumes increased 8.4% as compared to the third quarter of 2021. This increase was driven by volume growth across all of our territories, including single-digit increases in Mexico, Brazil, Colombia, and Uruguay, coupled with double-digit volume increases in Argentina and Central America. On a comparable basis, our volume increased 7.3%.

●

Total revenues increased 18.2%, while comparable revenues increased 19.3%, driven mainly by volume growth, pricing initiatives, and favorable price-mix effects. These factors were partially offset by a decline in beer revenues related to the transition of the beer portfolio in Brazil, coupled with unfavorable currency translation effects of some of our operating currencies into Mexican Pesos.

●

Operating income increased 13.3%, while comparable operating income increased 13.1%. Our raw material hedging strategies and operating expense efficiencies were partially offset by (i) a tough comparison base that includes the recognition of an extraordinary Ps. 620 million during the third quarter of 2021, related to favorable entitlements to reclaim certain taxes in Brazil following a favorable decision from Brazilian tax authorities; and (ii) higher PET and sweetener costs.

●	Majority net income increased 27.9%, driven mainly by an increase in our operating income, coupled with a decrease in our comprehensive financing result, related to a decrease in our interest expense, net.

●	Earnings per share1 were Ps. 0.26 (Earnings per unit were Ps. 2.08 and per ADS were Ps. 20.82.).

RESULTS FINANCIAL SUMMARY

Change vs. same period of last year
				Total Revenues			Gross Profit			Operating Income			Majority Net Income
				3Q 2022			YTD 2022			3Q 2022			YTD 2022			3Q 2022			YTD 2022			3Q 2022			YTD 2022
As Reported		Consolidated			18.2	%			17.7	%			16.4	%			14.0	%			13.3	%			11.5	%			27.9	%			20.6	%
		Mexico & Central America			17.5	%			14.4	%			11.6	%			9.2	%			18.6	%			14.4	%
		South America			19.1	%			22.7	%			25.2	%			23.4	%			2.9	%			4.8	%
Comparable (2)		Consolidated			19.3	%			17.4	%			17.6	%			13.9	%			13.1	%			9.3	%
		Mexico & Central America			17.6	%			14.5	%			11.7	%			9.3	%			18.6	%			14.5	%
		South America			21.9	%			21.9	%			29.3	%			22.8	%			2.3	%			(2.2	)%

John Santa Maria, Coca-Cola FEMSA's CEO, commented:

"Our company´s momentum is evident in our solid results and the continuous progress we are making towards our key strategic objectives. Once again, our volumes grew across all of our territories, enabling us to deliver solid double-digit top- and bottom-line growth. Additionally, we continue making history in sustainable financing, becoming the first company in the consumer sector in the Americas and the first in the Coca-Cola System to successfully price social bonds, underscoring our profound commitment to our communities.

In light of our recent announcements regarding management succession, I am extremely privileged for the opportunity to serve and lead Coca-Cola FEMSA as CEO over the past nine years. Our company is better positioned than ever to capture the many opportunities that are in front of us, and I am very pleased with Ian Craig's appointment by our Board of Directors as Chief Executive Officer as of January 1, 2023. Ian is a proven leader with an outstanding 28-year track record at FEMSA and Coca-Cola FEMSA. I am confident in the bright future that lies ahead for Coca-Cola FEMSA under his tenure. Finally, I thank and congratulate Constantino Spas, our CFO, who has played a fundamental role in our company's transformation journey, and has now been invited by FEMSA to become Chief Executive Officer of FEMSA Strategic Businesses as of next year. I wish them both great success."

(1)

Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

(2)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

21

RECENT DEVELOPMENTS

●	On September 9, Coca-Cola FEMSA announced the total consideration and acceptance of its tender offers to partially repurchase debt instruments or "Senior Notes" due in 2030, for an amount of US$209 million; and "Senior Notes" due in 2043, for an amount US$111 million.

●	On September 28, the Company announced that its Board of Directors appointed Mr. José Henrique Cutrale as a Board member by its Series A shareholders, through which FEMSA indirectly participates in Coca-Cola FEMSA, replacing Mr. José Luis Cutrale, after his unfortunate passing last August.

●

On October 6, Coca-Cola FEMSA announced the successful pricing of its social and sustainability bonds in the Mexican market for a total of Ps. 6,000 million, becoming the first non-financial corporate in Mexico and the first corporation from the consumer sector to price financial instruments with a social label in the Americas. The Company priced bonds at a fixed rate of 9.95% (Mbono+0.30%) for an amount of Ps. 5,500 million due in 7 years; and Ps. 500 million at a variable rate of TIIE + 0.05% due in 4 years. The net proceeds of these bonds will be used to finance social and sustainability projects, respectively.

●

On October 13, Coca-Cola FEMSA announced that in accordance with its senior leadership succession planning process, John Santa Maria Otazua will retire from his position as Coca-Cola FEMSA's Chief Executive Officer on January 1, 2023. Accordingly, Coca-Cola FEMSA's Board of Directors has appointed Ian Craig García, currently CEO of Coca-Cola FEMSA Brazil, to become Coca-Cola FEMSA's Chief Executive Officer as of the same date. Concurrently, Constantino Spas Montesinos, currently Chief Financial Officer of Coca-Cola FEMSA, has been appointed to become Chief Executive Officer of FEMSA Strategic Businesses as of the same date. Ian and Constantino's replacements at their current positions will be named in due course.

●

As of October, Coca-Cola FEMSA and HEINEKEN began a pilot program in the Mexican City of Irapuato to increase HEINEKEN products´ distribution in the area. We expect this pilot will enable us to gather valuable learnings and insights. As this is the beginning of pilot tests, further details will be provided in due course.

●	On November 3, 2022, Coca-Cola FEMSA will pay the second installment of the ordinary dividend approved for Ps. 0.67875 per share (equivalent to Ps. 5.43 per unit).

CONFERENCE CALL INFORMATION

22

CONSOLIDATED THIRD QUARTER RESULTS

CONSOLIDATED THIRD QUARTER RESULTS

		As Reported			Comparable (1)
Expressed in millions of Mexican pesos		3Q 2022			3Q 2021			Δ%			Δ%
Total revenues			57,093				48,316				18.2	%			19.3	%
Gross profit			25,392				21,817				16.4	%			17.6	%
Operating income			7,335				6,476				13.3	%			13.1	%
Operating cash flow (2)			10,626				9,320				14.0	%			15.0	%

Volume increased 8.4% to 925.8 million unit cases, driven mainly by volume increases in Mexico, Brazil, Colombia, and Uruguay, coupled with double-digit volume increases in Argentina and Central America. On a comparable basis, our volume increased 7.3%.

Total revenues increased 18.2% to Ps. 57,093 million. This increase was driven mainly by volume growth, our pricing initiatives, and favorable price-mix effects. These factors were partially offset by a decline in beer revenues related to the transition of the beer portfolio in Brazil, coupled with unfavorable currency translation effects of some of our operating currencies into Mexican Pesos. On a comparable basis, excluding M&A and currency translation effects, total revenues would have increased 19.3%.

Gross profit increased 16.4% to Ps. 25,392 million, and gross margin decreased 70 basis points to 44.5%. This gross margin decrease was driven by higher raw material costs, mainly in PET and sweeteners. These effects were partially offset by our top-line growth and favorable hedging initiatives. On a comparable basis, gross profit would have increased 17.6%.

Operating income increased 13.3% to Ps. 7,335 million, and operating margin decreased 60 basis points to 12.8%. This increase was driven by solid top-line performance, coupled with operating expense efficiencies. These effects were partially offset by a tough comparison base due to the recognition of a non-recurring tax income of Ps. 620 million during the third quarter of 2021 related to favorable entitlements to reclaim certain taxes in Brazil, following a favorable decision from Brazilian tax authorities. On a comparable basis, operating income would have increased 13.1%.

(1)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

(2)	Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.

23

Comprehensive financing result recorded an expense of Ps. 682 million, compared to an expense of Ps. 1,030 million in the same period of 2021.

This decrease was driven mainly by a decrease in our interest expense as a result of the tender offer completed during the quarter. In particular, we repurchased Senior Notes due 2030 for an amount of US$209 million and Senior Notes due in 2043 for an amount of US$111 million. In addition, we recognized a gain in interest income of Ps. 649 million as compared to a gain of Ps. 202 million recorded during the same period of 2021, related to an increase in interest rates.

These effects were partially offset by a lower foreign exchange gain of Ps. 40 million as compared to a gain of Ps. 305 million during the same quarter of 2021, as our cash exposure in U.S. dollars was positively impacted by the quarterly depreciation of the Mexican Peso.

We recognized a loss in the market value of financial instruments of Ps. 157 million, related to the increase in interest rates in the U.S., as compared to a loss of Ps. 42 million during the third quarter of 2021.

Finally, we recognized a gain in monetary position in inflationary subsidiaries of Ps. 124 during the third quarter of 2022 as compared to a gain of Ps. 117 during the same period of the previous year.

Income tax as a percentage of income before taxes was 33.4% as compared to 33.5% during the same period of the previous year, mainly driven by deferred taxes and inflationary adjustments.

Net income attributable to equity holders of the company was Ps. 4,374 million as compared to Ps. 3,419 million during the same period of the previous year. This increase was driven mainly by a decrease in our comprehensive financing result, coupled with operating income growth. Earnings per share¹ were Ps. 0.26 (Earnings per unit were Ps. 2.08 and per ADS were Ps. 20.82.).

24

CONSOLIDATED FIRST NINE MONTHS RESULTS

CONSOLIDATED FIRST NINE MONTHS RESULTS

		As Reported			Comparable (1)
Expressed in millions of Mexican pesos		YTD 2022			YTD 2021			Δ%			Δ%
Total revenues			166,042				141,091				17.7	%			17.4	%
Gross profit			73,469				64,423				14.0	%			13.9	%
Operating income			21,881				19,620				11.5	%			9.3	%
Operating cash flow (2)			31,151				28,159				10.6	%			9.7	%

Volume increased 10.1% to 2,759.9 million unit cases, driven mainly by double-digit volume increases in all territories in South America and Central America, coupled with solid volume growth in Mexico. On a comparable basis, our volume would have increased 9.1%.

Total revenues increased 17.7% to Ps. 166,042 million. This increase was driven mainly by volume growth, our pricing initiatives, favorable currency translation effects, and favorable price-mix effects. These factors were partially offset by a decline in beer revenues related to the transition of the beer portfolio in Brazil. On a comparable basis, excluding M&A and currency translation effects, total revenues would have increased 17.4%.

Gross profit increased 14.0% to Ps. 73,469 million, and gross margin decreased 150 basis points to 44.2%. This gross margin decrease was driven mainly by (i) a tough comparison base due to the recognition of an extraordinary Ps. 1,083 million during the second quarter of 2021, related to credits on concentrate purchased from the Manaus Free Trade Zone in Brazil; and (ii) higher raw material costs, mainly in PET and sweeteners. These effects were partially offset by our top-line growth and favorable hedging initiatives. On a comparable basis, gross profit would have increased 13.9%.

Operating income increased 11.5% to Ps. 21,881 million, and operating margin decreased 70 basis points to 13.2%. This operating margin decrease was driven mainly by a decrease in gross margin, coupled with an additional tough comparison base at the operating income level, due to the recognition of non-recurring tax income of Ps. 620 million during the third quarter of 2021 related to favorable entitlements to reclaim certain taxes in Brazil, following a favorable decision from Brazilian tax authorities. These effects were partially offset by a solid top-line performance, coupled with operating expense efficiencies. On a comparable basis, operating income would have increased 9.3%.

(1)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

(2)	Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.

25

Comprehensive financing result recorded an expense of Ps. 3,438 million, compared to an expense of Ps. 3,477 million in the same period of 2021.

This slight decrease was driven mainly by a decrease in interest expense, net, as compared to the same period of 2021, as a result of the tender offer completed during the third quarter. In particular, we repurchased Senior Notes due 2030 for an amount of US$209 million and Senior Notes due in 2043 for an amount of US$111 million, coupled with an increase in our interest income related to an increase in interest rates.

These effects were partially offset by a loss in financial instruments of Ps. 738 million, as compared to a loss of Ps. 51 million recorded during the same period of 2021, driven mainly by a market value loss of Ps. 935 million recognized during the first quarter of 2022, partially offset by a market value gain of Ps. 355 million recognized during the second quarter of 2022. As explained in the second quarter earnings release, in accordance with IFRS 9, as of the third quarter we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives. As a result, Coca-Cola FEMSA is recording in the second quarter a one-off gain in "Market value (gain) loss in financial instruments" of Ps. 653 million, corresponding to the first quarter of 2022, offsetting the loss recognized in said quarter.

In addition, we recognized a foreign exchange loss of Ps. 46 million as compared to a gain of Ps. 149 million in the same period of 2021, as our net cash exposure in U.S. dollars was negatively impacted by the slight appreciation of the Mexican Peso during the year.

Income tax as a percentage of income before taxes was 33.5% as compared to 35.5% during the same period of the previous year. This decrease was driven mainly by adjustments to deferred taxes.

Net income attributable to equity holders of the company was Ps. 11,931 million as compared to Ps. 9,893 million during the same period of the previous year. This increase was driven mainly by operating income growth. Earnings per share¹ were Ps. 0.71 (Earnings per unit were Ps. 5.68, and per ADS were Ps. 56.79.).

26

MEXICO & CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS

(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)

MEXICO & CENTRAL AMERICA DIVISION RESULTS

		As Reported			Comparable (1)
Expressed in millions of Mexican pesos		3Q 2022			3Q 2021			Δ%			Δ%
Total revenues			33,799				28,760				17.5	%			17.6	%
Gross profit			15,855				14,201				11.6	%			11.7	%
Operating income			5,059				4,265				18.6	%			18.6	%
Operating cash flow (2)			7,171				6,062				18.3	%			18.3	%

Volume increased 9.2% to 555.8 million unit cases, driven by a solid performance in Mexico, coupled with double-digit volume increases in Guatemala, Costa Rica, and Nicaragua.

Total revenues increased 17.5% to Ps. 33,799 million, driven mainly by volume growth in all of our territories, our pricing initiatives across the division, and favorable price-mix effects. These factors were partially offset by unfavorable currency translation effects of some of our operating currencies in the division into Mexican Pesos. On a comparable basis, total revenues would have increased 17.6%.

Gross profit increased 11.6% to Ps. 15,855 million, and gross margin contracted 250 basis points to 46.9%. This margin contraction was driven mainly by an increase in raw material costs such as PET and sweeteners, which was partially offset by our raw material hedging strategies and an increase in our top-line. On a comparable basis, gross profit would have increased 11.7%.

Operating income increased 18.6% to Ps. 5,059 million, and operating margin expanded 20 basis points to 15.0% during the period, driven mainly by operating expense efficiencies, partially offset by an increase in fuel, freight, and maintenance expenses. On a comparable basis, operating income would have remained flat.

(1)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

(2)	Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.

27

SOUTH AMERICA DIVISION THIRD QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

SOUTH AMERICA DIVISION RESULTS

		As Reported			Comparable (1)
Expressed in millions of Mexican pesos		3Q 2022			3Q 2021			Δ%			Δ%
Total revenues			23,294				19,556				19.1	%			21.9	%
Gross profit			9,537				7,616				25.2	%			29.3	%
Operating income			2,275				2,211				2.9	%			2.3	%
Operating cash flow (2)			3,455				3,258				6.1	%			8.5	%

Volume increased 7.1% to 370.0 million unit cases, driven mainly by a double-digit volume increase in Argentina, and a solid performance in Brazil, Colombia, and Uruguay. On a comparable basis, our volume for the division would have increased 4.4%.

Total revenues increased 19.1% to Ps. 23,294 million, driven mainly by our pricing initiatives, volume growth, and favorable price-mix effects. This increase was partially offset by a reduction in beer revenues as a result of the transition of our beer portfolio in Brazil, coupled with unfavorable currency translation effects. On a comparable basis, total revenues would have increased 21.9%.

Gross profit increased 25.2% to Ps. 9,537 million, and gross margin expanded 200 basis points to 40.9%. This growth was driven mainly by solid top-line growth, favorable price-mix effects, and raw material hedging strategies. These effects were partially offset by increases in raw material costs such as PET and sweeteners. On a comparable basis, gross profit would have increased 29.3%.

Operating income increased 2.9% to Ps. 2,275 million in the third quarter of 2022, resulting in a margin contraction of 150 basis points to 9.8%. This decline in operating margin was driven mainly by a tough comparison base due to the recognition of non-recurring tax income of Ps. 620 million during the third quarter of 2021 related to favorable entitlements to reclaim certain taxes, following a favorable decision from Brazilian tax authorities, partially offset by favorable operating leverage as a result of solid volume growth across the division. On a comparable basis, operating income would have increased 2.3%.

(1)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

(2)	Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.

28

DEFINITIONS

Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Operating income is a non-GAAP financial measure computed as "gross profit - operating expenses - other operating expenses, net + operative equity method (gain) loss in associates."

Operating cash flow is a non-GAAP financial measure computed as "operating income + depreciation + amortization & other operating non-cash charges."

Earnings per share are equal to "quarterly earnings / outstanding shares." Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

COMPARABILITY

In an effort to provide our readers with a more useful representation of our company's underlying financial and operating performance, as of the first quarter 2020, we adjusted our methodology to calculate our comparable figures, no longer excluding hyperinflationary operations. Due to this change, our "comparable" term means, with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions, and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to maintain comparability.

29

ABOUT THE COMPANY

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA files reports, including annual reports and other information with the U.S. Securities and Exchange Commission, or the "SEC," and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the "BMV") pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC's website at www.sec.gov, the BMV's website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.

Coca-Cola FEMSA, S.A.B. de C.V. is the largest Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio of 131 brands to a population of more than 266 million. With over 80 thousand employees, the Company markets and sells approximately 3.5 billion unit cases through 2 million points of sale a year. Operating 49 manufacturing plants and 260 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock Exchange's IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com.

ADDITIONAL INFORMATION

All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).

This news release may contain forward-looking statements concerning Coca-Cola FEMSA's future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management's expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA's control, which could materially impact the Company's actual performance. References herein to "US$" are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6 pages of tables to follow)

30

COCA-COLA FEMSA

Consolidated Income Statement

Millions of Pesos ⁽¹⁾

		For the Third Quarter of:			For the First Nine Months of:
		2022			% of Rev.			2021			% of Rev.			Δ% Reported			Δ% Comparable (7)			2022			% of Rev.			2021			% of Rev.			Δ% Reported			Δ% Comparable (7)
Transactions (million transactions)			5,507.3								4,891.6								12.6	%			12.1	%			16,327.4								13,926.6								17.2	%			16.4	%
Volume (million unit cases)			925.8								854.5								8.4	%			7.3	%			2,759.9								2,506.5								10.1	%			9.1	%
Average price per unit case			60.15								52.94								13.6	%							58.65								51.99								12.8	%
Net revenues			57,017								47,916								19.0	%							165,723								140,370								18.1	%
Other operating revenues			77								399								-80.8	%							319								721								-55.8	%
Total revenues (2)			57,093				100.0	%			48,316				100.0	%			18.2	%			19.3	%			166,042				100.0	%			141,091				100.0	%			17.7	%			17.4	%
Cost of goods sold			31,702				55.5	%			26,499				54.8	%			19.6	%							92,573				55.8	%			76,668				54.3	%			20.7	%
Gross profit			25,392				44.5	%			21,817				45.2	%			16.4	%			17.6	%			73,469				44.2	%			64,423				45.7	%			14.0	%			13.9	%
Operating expenses			17,933				31.4	%			15,530				32.1	%			15.5	%							51,290				30.9	%			44,636				31.6	%			14.9	%
Other operative expenses, net			167				0.3	%			(136	)			-0.3	%			NA								451				0.3	%			232				0.2	%			94.4	%
Operative equity method (gain) loss in associates(3)			(43	)			-0.1	%			(53	)			-0.1	%			NA								(152	)			-0.1	%			(64	)			0.0	%			NA
Operating income (5)			7,335				12.8	%			6,476				13.4	%			13.3	%			13.1	%			21,881				13.2	%			19,620				13.9	%			11.5	%			9.3	%
Other non operative expenses, net			94				0.2	%			296				0.6	%			NA								343				0.2	%			217				0.2	%			NA
Non Operative equity method (gain) loss in associates (4)			(113	)			-0.2	%			(20	)			0.0	%			NA								(141	)			-0.1	%			51				0.0	%			NA
Interest expense			1,339								1,613								-16.9	%							4,694								4,570								2.7	%
Interest income			649								202								220.7	%							1,606								562								185.5	%
Interest expense, net			690								1,410								-51.1	%							3,088								4,007								-22.9	%
Foreign exchange loss (gain)			(40	)							(305	)							NA								46								(149	)							NA
Loss (gain) on monetary position in inflationary subsidiries			(124	)							(117	)							6.0	%							(434	)							(433	)							0.3	%
Market value (gain) loss on financial instruments			157								42								NA								738								51								NA
Comprehensive financing result			682								1,030								-33.7	%							3,438								3,477								-1.1	%
Income before taxes			6,671								5,170								29.0	%							18,241								15,876								14.9	%
Income taxes			2,166								1,697								27.7	%							5,972								5,626								6.1	%
Result of discontinued operations			-								-								NA								-								-								NA
Consolidated net income			4,505								3,473								29.7	%							12,269								10,250								19.7	%
Net income attributable to equity holders of the company			4,374				7.7	%			3,419				7.1	%			27.9	%							11,931				7.2	%			9,893				7.0	%			20.6	%
Non-controlling interest			131				0.2	%			54				0.1	%			106.0	%							339				0.2	%			356				0.3	%			NA

Operating Cash Flow & CAPEX		2022			% of Rev.			2021			% of Rev.			Δ% Reported			Δ% Comparable (7)			2022			% of Rev.			2021			% of Rev.			Δ% Reported			Δ% Comparable (7)
Operating income (5)			7,335				12.8	%			6,476				13.4	%			13.3	%							21,881				13.2	%			19,620				13.9	%			11.5	%
Depreciation			2,515								2,202								14.2	%							7,287								6,640								9.8	%
Amortization and other operative non-cash charges			777								641								21.1	%							1,983								1,900								4.4	%
Operating cash flow (5)(6)			10,626				18.6	%			9,320				19.3	%			14.0	%			15.0	%			31,151				18.8	%			28,159				20.0	%			10.6	%			9.7	%
CAPEX			4,026								3,907								3.1	%							11,191								8,224								36.1	%

(1)	Except volume and average price per unit case figures.

(2)	Please refer to page 14 for revenue breakdown.

(3)	Includes equity method in Jugos del Valle and Leão Alimentos, among others.

(4)	Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.

(5)	The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.

(6)	Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.

(7)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

(8)	For the third quarter of 2022, total CAPEX effectively paid was Ps. 4,026 million pesos.

31

MEXICO & CENTRAL AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos ⁽¹⁾

		For the Third Quarter of:		For the First Nine Months of:
		2022		% of Rev.		2021		% of Rev.		Δ% Reported		Δ% Comparable (6)		2022		% of Rev.		2021		% of Rev.		Δ% Reported		Δ% Comparable (6)
Transactions (million transactions)			2,937.1						2,619.0						12.1	%		12.1	%		8,712.0						7,793.6						11.8	%		11.8	%
Volume (million unit cases)			555.8						509.0						9.2	%		9.2	%		1,640.5						1,526.1						7.5	%		7.5	%
Average price per unit case			60.80						56.47						7.7	%					59.24						55.67						6.4	%
Net revenues			33,791						28,742												97,184						84,965
Other operating revenues			8						18												25						37
Total Revenues (2)			33,799			100.0	%		28,760			100.0	%		17.5	%		17.6	%		97,209			100.0	%		85,002			100.0	%		14.4	%		14.5	%
Cost of goods sold			17,945			53.1	%		14,560			50.6	%								50,853			52.3	%		42,554			50.1	%
Gross profit			15,855			46.9	%		14,201			49.4	%		11.6	%		11.7	%		46,356			47.7	%		42,448			49.9	%		9.2	%		9.3	%
Operating expenses			10,710			31.7	%		9,811			34.1	%								30,378			31.2	%		28,383			33.4	%
Other operative expenses, net			121			0.4	%		161			0.6	%								355			0.4	%		412			0.5	%
Operative equity method (gain) loss in associates (3)			(36	)		-0.1	%		(36	)		-0.1	%								(112	)		-0.1	%		(106	)		-0.1	%
Operating income (4)			5,059			15.0	%		4,265			14.8	%		18.6	%		18.6	%		15,736			16.2	%		13,759			16.2	%		14.4	%		14.5	%
Depreciation, amortization & other operating non-cash charges			2,111			6.2	%		1,797			6.2	%								5,690			5.9	%		5,287			6.2	%
Operating cash flow (4)(5)			7,171			21.2	%		6,062			21.1	%		18.3	%		18.3	%		21,426			22.0	%		19,046			22.4	%		12.5	%		12.6	%

(1)	Except volume and average price per unit case figures.

(2)	Please refer to page 14 for revenue breakdown.

(3)	Includes equity method in Jugos del Valle, among others.

(4)	The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.

(5)	Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.

(6)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

SOUTH AMERICA DIVISION

RESULTS OF OPERATIONS

Millions of Pesos (1)

		For the Third Quarter of:		For the First Nine Months of:
		2022		% of Rev.		2021		% of Rev.		Δ% Reported		Δ% Comparable (6)		2022		% of Rev.		2021		% of Rev.		Δ% Reported		Δ% Comparable (6)
Transactions (million transactions)			2,570.2						2,272.6						13.1	%		12.0	%		7,615.4						6,133.0						24.2	%		22.2	%
Volume (million unit cases)			370.0						345.5						7.1	%		4.4	%		1,119.4						980.4						14.2	%		11.5	%
Average price per unit case			59.18						45.23						30.8	%					57.78						49.00						17.9	%
Net revenues			23,225						19,175												68,539						55,404
Other operating revenues			69						381												293						684
Total Revenues (2)			23,294			100.0	%		19,556			100.0	%		19.1	%		21.9	%		68,833			100.0	%		56,088			100.0	%		22.7	%		21.9	%
Cost of goods sold			13,757			59.1	%		11,939			61.1	%								41,720			60.6	%		34,113			60.8	%
Gross profit			9,537			40.9	%		7,616			38.9	%		25.2	%		29.3	%		27,113			39.4	%		21,975			39.2	%		23.4	%		22.8	%
Operating expenses			7,223			31.0	%		5,719			29.2	%								20,912			30.4	%		16,253			29.0	%
Other operative expenses, net			46			0.2	%		(297	)		-1.5	%								96			0.1	%		(180	)		-0.3	%
Operative equity method (gain) loss in associates (3)			(7	)		0.0	%		(17	)		-0.1	%								(40	)		-0.1	%		41			0.1	%
Operating income (4)			2,275			9.8	%		2,211			11.3	%		2.9	%		2.3	%		6,145			8.9	%		5,861			10.4	%		4.8	%		-2.2	%
Depreciation, amortization & other operating non-cash charges			1,180			5.1	%		1,046			5.3	%								3,580			5.2	%		3,252			5.8	%
Operating cash flow (4)(5)			3,455			14.8	%		3,258			16.7	%		6.1	%		8.5	%		9,724			14.1	%		9,113			16.2	%		6.7	%		3.6	%

(1)	Except volume and average price per unit case figures.

(2)	Please refer to page 14 for revenue breakdown.

(3)	Includes equity method in Leão Alimentos and Verde Campo, among others.

(4)	The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.

(5)	Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.

(6)	Please refer to page 9 for our definition of "comparable" and a description of the factors affecting the comparability of our financial and operating performance.

32

COCA-COLA FEMSA

Consolidated BALANCE SHEET

Millions of Pesos

Assets		Sep-22			Dec-21			% Var.
Current Assets
Cash, cash equivalents and marketable securities			39,205				47,248				-17	%
Total accounts receivable			14,241				13,014				9	%
Inventories			13,146				11,960				10	%
Other current assets			9,601				8,142				18	%
Total current assets			76,193				80,364				-5	%
Non-Current Assets
Property, plant and equipment			120,893				113,827				6	%
Accumulated depreciation			(54,645	)			(51,644	)			6	%
Total property, plant and equipment, net			66,248				62,183				7	%
Right of use assets			1,381				1,472				-6	%
Investment in shares			8,346				7,494				11	%
Intangible assets and other assets			103,866				102,174				2	%
Other non-current assets			15,521				17,880				-13	%
Total Assets			271,555				271,567				0	%

Liabilities & Equity		Sep-22			Dec-21			% Var.
Current Liabilities
Short-term bank loans and notes payable			8,673				2,453				254	%
Suppliers			25,523				22,745				12	%
Short-term leasing Liabilities			508				614
Other current liabilities			26,625				20,409				30	%
Total current liabilities			61,329				46,221				33	%
Non-Current Liabilities
Long-term bank loans and notes payable			65,934				83,329				-21	%
Long Term Leasing Liabilities			941				891
Other long-term liabilities			16,590				13,554				22	%
Total liabilities			144,794				143,995				1	%
Equity
Non-controlling interest			6,306				6,022				5	%
Total controlling interest			120,455				121,550				-1	%
Total equity			126,761				127,572				-1	%
Total Liabilities and Equity			271,555				271,567				0	%

		September 30, 2022
Debt Mix		% Total Debt (1)			% Interest Rate Floating (1) (2)			Average Rate
Currency
Mexican Pesos			58.0	%			8.0	%			7.9	%
U.S. Dollars			20.7	%			28.2	%			3.6	%
Colombian Pesos			1.7	%			0.0	%			7.0	%
Brazilian Reals			18.1	%			62.4	%			12.1	%
Uruguayan Pesos			1.3	%			0.0	%			6.3	%
Argentine Pesos			0.2	%			0.0	%			39.4	%
Total Debt			100	%			22.7	%			7.8	%

(1)	After giving effect to cross- currency swaps and financial leases.

(2)	Calculated by weighting each year´s outstanding debt balance mix.

Debt Maturity Profile

Financial Ratios		LTM 22			FY 2021			Δ%
Net debt including effect of hedges (1)(3)			34,275				35,243				-2.7	%
Net debt including effect of hedges / Operating cash flow (1)(3)			0.82				0.91
Operating cash flow/ Interest expense, net (1)			10.09				7.39
Capitalization (2)			38.7	%			40.7	%

(1)	Net debt = total debt - cash

(2)	Total debt / (long-term debt + shareholders' equity)

(3)	After giving effect to cross-currency swaps.

33

COCA-COLA FEMSA

QUARTERLY- VOLUMES, TRANSACTIONS & REVENUES

Volume

		3Q 2022		3Q 2021		YoY
		Sparkling		Water (1)		Bulk (2)		Stills		Total		Sparkling		Water (1)		Bulk (2)		Stills		Total		Δ %
Mexico			344.8			26.8			76.4			34.0			481.9			321.5			19.7			72.0			30.4			443.6			8.7	%
Guatemala			34.1			0.6			-			2.3			36.9			29.5			1.0			-			2.1			32.6			13.3	%
CAM South			29.7			1.7			0.2			5.3			36.9			27.1			1.6			0.1			4.0			32.8			12.4	%
Mexico and Central America			408.6			29.1			76.6			41.5			555.8			378.2			22.3			72.1			36.4			509.0			9.2	%
Colombia			61.8			8.8			3.2			7.1			80.8			59.8			7.6			3.9			6.0			77.2			4.7	%
Brazil (3)			204.1			14.6			2.0			18.2			238.9			193.4			12.0			1.9			15.6			222.9			7.2	%
Argentina			32.3			3.6			0.8			3.2			39.9			28.7			2.7			1.2			3.0			35.6			12.1	%
Uruguay			8.8			1.2			-			0.4			10.3			8.6			1.0			-			0.2			9.8			5.7	%
South America			307.0			28.2			6.0			28.8			370.0			290.4			23.3			6.9			24.8			345.5			7.1	%
TOTAL			715.6			57.3			82.5			70.4			925.8			668.6			45.6			79.0			61.2			854.5			8.4	%

(1)	Excludes water presentations larger than 5.0 Lt ; includes flavored water.

(2)	Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

Transactions

		3Q 2022			3Q 2021			YoY
		Sparkling			Water			Stills			Total			Sparkling			Water			Stills			Total			Δ %
Mexico			1,920.9				188.6				239.7				2,349.2				1,748.7				147.6				213.8				2,110.1				11.3	%
Guatemala			266.2				4.7				34.8				305.8				229.3				10.7				26.7				266.7				14.6	%
CAM South			222.4				11.8				47.9				282.1				195.0				10.1				37.0				242.2				16.5	%
Mexico and Central America			2,409.5				205.1				322.5				2,937.1				2,173.1				168.4				277.5				2,619.0				12.1	%
Colombia			458.5				93.8				75.8				628.1				408.7				82.0				56.8				547.5				14.7	%
Brazil (3)			1,334.8				130.4				203.2				1,668.4				1,218.0				104.5				171.7				1,494.3				11.7	%
Argentina			171.5				24.3				27.8				223.6				144.1				16.8				22.4				183.3				22.0	%
Uruguay			42.2				4.6				3.3				50.1				41.5				4.0				1.7				47.2				6.2	%
South America			2,007.1				253.1				310.0				2,570.2				1,812.3				375.7				252.6				2,272.2				13.1	%
TOTAL			4,416.6				458.2				632.5				5,507.3				3,985.3				544.1				530.2				4,891.2				12.6	%

Revenues

Expressed in million Mexican Pesos		3Q 2022			3Q 2021			Δ %
Mexico			27,797				23,657				17.5	%
Guatemala			3,083				2,601				18.5	%
CAM South			2,920				2,502				16.7	%
Mexico and Central America			33,799				28,760				17.5	%
Colombia			4,372				3,631				20.4	%
Brazil (4)			15,281				13,322				14.7	%
Argentina			2,691				1,828				47.2	%
Uruguay			950				775				22.6	%
South America			23,294				19,556				19.1	%
TOTAL			57,093				48,316				18.2	%

(3)	Volume and transactions in Brazil do not include beer.

(4)	Brazil includes beer revenues of Ps.1,325.2 million for the third quarter of 2022 and Ps.2,429.8 million for the same period of the previous year.

VOLUME (1)	TRANSACTIONS (2)

(1)	Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

(2)	Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for

(3)	fountain which represents multiple transactions based on a standard 12 oz. serving.

34

COCA-COLA FEMSA

YTD - VOLUMES, TRANSACTIONS & REVENUES

Volume

		YTD 2022		YTD 2021		YoY
		Sparkling		Water (1)		Bulk (2)		Stills		Total		Sparkling		Water (1)		Bulk (2)		Stills		Total		Δ %
Mexico			1,013.5			79.4			225.8			101.5			1,420.2			966.4			61.0			213.8			90.7			1,331.9			6.6	%
Guatemala			98.5			2.8			-			6.6			108.0			87.7			3.0			-			5.2			95.9			12.5	%
CAM South			90.7			5.5			0.6			15.5			112.4			81.7			4.7			0.4			11.6			98.2			14.4	%
Mexico and Central America			1,202.7			87.8			226.4			123.6			1,640.5			1,135.8			68.6			214.1			107.5			1,526.1			7.5	%
Colombia			188.5			24.9			9.1			22.1			244.7			167.6			18.0			11.3			14.7			211.7			15.6	%
Brazil (3)			604.6			46.2			7.9			61.8			720.5			551.5			31.8			5.6			42.2			631.1			14.2	%
Argentina			98.3			11.1			2.7			10.3			122.3			86.9			7.9			4.1			9.3			108.3			13.0	%
Uruguay			26.9			4.0			-			1.0			31.9			25.6			3.3			-			0.5			29.4			8.6	%
South America			918.3			86.1			19.7			95.2			1,119.4			831.7			61.0			21.1			66.7			980.4			14.2	%
TOTAL			2,121.1			174.0			246.1			218.8			2,759.9			1,967.5			129.6			235.2			174.2			2,506.5			10.1	%

(1)	Excludes water presentations larger than 5.0 Lt ; includes flavored water.

(2)	Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water

Transactions

		YTD 2022			YTD 2021			YoY
		Sparkling			Water			Stills			Total			Sparkling			Water			Stills			Total			Δ %
Mexico			5,681.0				559.7				727.8				6,968.5				5,234.5				450.1				632.6				6,317.1				10.3	%
Guatemala			765.8				27.4				64.9				858.1				672.4				30.7				53.6				756.6				13.4	%
CAM South			673.3				36.8				175.2				885.3				572.5				30.4				117.0				719.9				23.0	%
Mexico and Central America			7,120.1				624.0				968.0				8,712.0				6,479.3				511.1				803.2				7,793.6				11.8	%
Colombia			1,353.0				267.3				237.5				1,857.8				1,102.0				195.7				132.6				1,430.3				29.9	%
Brazil (3)			3,899.2				404.0				629.8				4,933.0				3,327.4				272.3				443.3				4,043.0				22.0	%
Argentina			511.7				71.8				85.0				668.6				410.8				46.4				66.2				523.4				27.8	%
Uruguay			131.3				15.3				9.4				156.0				118.6				12.3				5.0				135.9				14.8	%
South America			5,895.2				758.5				961.7				7,615.4				4,958.8				526.7				647.1				6,132.6				24.2	%
TOTAL			13,015.3				1,382.4				1,929.7				16,327.4				11,438.1				1,037.9				1,450.3				13,926.2				17.2	%

Revenues

Expressed in million Mexican Pesos		YTD 2022			YTD 2021			Δ %
Mexico			79,524				69,905				13.8	%
Guatemala			8,929				7,607				17.4	%
CAM South			8,756				7,491				16.9	%
Mexico and Central America			97,209				85,002				14.4	%
Colombia			13,233				10,034				31.9	%
Brazil (4)			44,651				38,493				16.0	%
Argentina			8,154				5,327				53.1	%
Uruguay			2,795				2,234				25.1	%
South America			68,833				56,088				22.7	%
TOTAL			166,042				141,091				17.7	%

(3)	Volume and transactions in Brazil do not include beer.

(4)	Brazil includes beer revenues of Ps. 3,857.5 million for the first nine months of 2022 and Ps. 9,793.0 million for the same period of the previous year.

VOLUME (1)	TRANSACTIONS (2)

(1)	Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

(2)	Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for fountain which represents multiple transactions based on a standard 12 oz. serving.

COCA-COLA FEMSA

MACROECONOMIC INFORMATION

Inflation (1)

			LTM			3Q22			YTD
Mexico				8.76	%			2.29	%			6.19	%

35