COCA COLA FEMSA SAB DE CV

Largest Coca-Cola bottler in Latin America, a scaled, defensive franchise with steady revenue and earnings growth.

Strengths

• Consistent profitability and growing net income (Ps.25B, +1.9% YoY) with revenue +7.4% (60th pct)
• Durable, wide territory franchise under long-term Coca-Cola bottler agreements; scale in Mexico/Brazil

Risks

• Sparse metric set limits the read; volume down 1.8% with EM/FX and hyperinflation (Argentina) exposure
• Concentration on TCCC concentrate pricing and FEMSA/TCCC control; sugar-tax/packaging regulatory headwinds

Notable findings

• Customer concentration~75% of revenue from one customer/distributor — For the year ended December 31, 2025, 74
• Strong balance sheetStrong balance sheet — $1.6B cash & investments
• Revenue declineRevenue -37.7% YoY