Latin America Equity Research LatAm First to Market 17 August 2026 Top Stories Mexican Bottlers (Lucas Ferreira) Post 2Q26 Update – A Cleaner 2H; A Recovery in 2027; Reiterate OW on AC*, N on KOF We are updating our estimates for the Mexican bottlers following 2Q26 results. Mexico remains the swing factor for both names, with 2026 shaping up as a second straight year of disrupted demand—after 2025's adverse weather, Coca-Cola brand boycott, and fragile consumer, 2026 layers higher taxation onto an even weak ...