J P M O R G A N Latin America Equity Research 28 July 2026 FEMSA 2Q26 – Operating Beat Driven by Core OXXO Mexico FEMSA posted another solid quarter. On the operating front, core Oxxo Mexico was a key highlight with SSS of 9.5% (vs. JPMe 7.6%), which, along with better- than-expected Coca-Cola Femsa (link to comments) results, led to a 7% EBITDA beat to JPMe and of 4% to consensus. On the flip side, Maj. Adj. EPS remained pressured by higher-than-anticipated financial expenses, +16% y/y and 15% short of JPM ...