First Read FEMSA 2Q Brief: As Solid As It Should Be; What’s Next?: None-20260730

Consolidated revenue grew +9.3% y/y, above UBSe. Adj. EBITDA came in broadly in line with our estimates (+1.6%), with Adj. EBITDA margins expanding 32bps y/y to 14.3%. Earnings of P$5.5bn came below our expectations (-21.1%), mainly due to higher financial expenses (+16.4% above UBSe) and higher minority income (EBIT - 3.9% below UBSe on higher D&A). FEMSA Retail revenue reached P$152.1bn (+10.2% y/y), +2.6% above UBSe. Segment EBITDA margin came in at 12.3% (-7bps y/y), -44bps below our forecast. ab 28 Jul ...