EVOLVING
INTEGRATED ANNUAL REPORT | 2024
1
FEMSA 2024 INTEGRATED ANNUAL REPORT
Contents
02 Dear Shareholders
07
Organizational culture
09
Company profile and results
11
Strategy
12
Value Creation Model
15
Fundación FEMSA
19
Proximity & Health
26
Coca-Cola FEMSA
32
Spin
36
Sustainability Strategy
37
Evolving our Sustainability Governance
41
Sustainability Strategy and Commitments
49
Materiality
53
Our People
67
Our Community
79
Our Planet
93 Corporate Governance
95
Board of Directors, Committees,
and Executive Team
101 Ethical and socially responsible conduct
105 Risk Management
107 Financial Statements
107 Financial Highlights
108 Financial Summary
111 Management Discussion & Analysis
117 Appendix
118 About this Report
119 Scope and boundaries of non-financial
information
120 Sustainability Performance Data
127 GRI Content Index
143 SDGs contribution
144 Sustainability-linked bond
148 Independent Limited Assurance Report
150 Contact
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FEMSA 2024 INTEGRATED ANNUAL REPORT
Introduction / Strategy / Operational Performance / Sustainability Performance
Dear Shareholders,
2024 was a year of evolution for FEMSA,
characterized by strategic, operational,
and cultural advances that reaffirm our
commitment to transparency, sustainable
value creation, and long-term sustainability.
This Annual Report not only documents our
achievements and fulfilled commitments,
but also provides a comprehensive view of
our transformation as an organization, as
well as an invitation to build a stronger and
more sustainable future.
Growth and Evolution
The implementation of our FEMSA Forward
strategy has been key to laying the foun
dation for our future, allowing us to align
our resources’ management with clear
strategic priorities focused on the long
term. The first priority was to invest in
our three main business verticals to drive
sustained growth, with an organic focus.
The second was to develop new avenues
for value creation through measured
investments aligned with our strategy and
financial discipline, such as our recent entry
into the convenience sector in the United
States. The third was to optimize our capital
structure, for which we remain committed
to achieving a 2x Net Debt/EBITDA ratio
excluding Coca-Cola FEMSA, prioritizing a
robust financial structure.
During the year, we completed the divest
ment of non-core businesses, implementing
a strategy for extraordinary capital returns
through special dividends (Ps. 10,091 million)
and repurchases of nearly 3% of the total
shares outstanding. These actions reinforce
our strategic focus and value creation
for our shareholders.
Proximity & Health, finding a
broad range of growth vectors
OXXO is a benchmark for operational
innovation and strategic expansion.
Over the years, it has been a key growth
driver for our organization, and despite
its sustained expansion, it continues to
offer enormous potential. Its continu
ous evolution of our value proposition
allows it to adapt to customers’ changing
needs. At the same time, the addition of
multiple layers of value (such as financial
services), the advanced segmentation of
our value and commercial offerings, and
management driven by analytical tools, all
strengthen its competitiveness.
In 2024, this operation stood out for its
strong performance: not only was a
significant number of new stores opened,
but productivity per store exceeded ex
pectations, especially in the first half of
the year.
Additionally, we expanded our gross margin
by over 300 basis points, consolidating a
positive trend that has been consistent in
recent years. This achievement is the result
of innovative marketing and commercial
ization initiatives designed to attract more
customers to our stores, while improving
profitability through closer collaboration
with our suppliers. Furthermore, we again
increased our financial services portfolio
and optimized our pricing segmentation.
In the Mexican market, we continued to
strengthen our presence in the prepared
food category. We saw significant growth
in breakfast, dinner, and in-store coffee
options, and we are confident that we have
a great opportunity in this category in the
medium term.
We remain committed
to achieving a
2x
Net Debt/EBITDA ratio excluding
Coca-Cola FEMSA, prioritizing a
robust financial structure.
José Antonio
Fernández Carbajal
Chief Executive Officer &
Executive Chairman of the Board
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The Spin Premia loyalty program, which
provides exclusive benefits to OXXO cus
tomers, was part of 40% of sales during
the year. This growth has enriched our
value proposition and provides us with
valuable insights that will help us craft
more precise and personalized commer
cial strategies in the future together with
Retina Media, our new omnichannel retail
media platform, which will transform the
way brands connect with consumers and
our digital channels.
This year, we also made great strides in
OXXO’s sustainability efforts. We recycled
more than 20% of the waste from our
store operations and 85% from our Distri
bution Centers operations. We also began
using electric vehicles for certain functions.
By the end of 2024, we had over 13,000
older adults participating in our Huellas
Mayores program and benefited over
290,000 people through our community
initiatives, such as volunteer work, in-kind
donations, and rounding-up programs.
Coca-Cola FEMSA, implementing
a model for sustainable
long-term growth
In 2024, we leveraged our six strategic pri
orities to continue implementing a model
for long-term sustainable growth. As a
result, our volume increased 4.4%, driven
by growth in most of our operations.
On the digital front, the Juntos+ omnichan
nel platform reached 1.3 million customers,
now representing more than 60% of our
customer base. We continued to deploy ver
sion 4.0, powered by artificial intelligence,
which now reaches over half a million active
customers. This year, we also developed
and began deploying Juntos+ Advisor, a
digital tool for the sales force powered by
data analytics and AI to assist pre-sellers in
advising customers. This tool is transform
ing the way our sales force operates and is
already showing promising results in Brazil.
Additionally, our Premia Juntos+ loyalty
program expanded rapidly, growing from
250,000 customers at the beginning of the
year, to over 1.1 million customers by year-
end. This reflects the high value perceived
by our users, in line with our commitment
to continuing to develop the preferred com
mercial platform for our customers.
We continued investing in capacity expan
sion at record levels. During the year, we
launched operations on 7 new production
lines which increased our production capac
ity 3.5%. Three of these lines are in Mexico,
where production capacity grew 4% during
the year. We also increased our storage and
distribution capacity 5% with the opening of
new distribution centers in key markets.
This year, our resilience was also put to
the test. In Brazil, we faced floodings that
affected the state of Rio Grande Do Sul, al
ways prioritizing the safety of our team and
their families, as well as providing support
to the community. Similarly, in Mexico, in
response to Hurricane John in Acapulco,
and in line with FEMSA’s values, we sup
ported our team and their families, while
ensuring job security and carrying out the
necessary repairs to maintain our opera
tional continuity.
During the year, we also made progress
redesigning our Sustainability Framework,
integrating it further into the company’s
operations. In August, we achieved the in
termediate goal of our sustainability-linked
bond related to water efficiency. This
reinforces our position as global leaders in
water efficiency within the industry.
The Spin Premia loyalty
program, which provides
exclusive benefits to OXXO
customers, was part of
40%
of sales during the year.
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Digital@FEMSA becomes Spin,
evolving for the future
During the year, we defined a clear busi
ness strategy for Digital@FEMSA, now called
Spin, to drive its growth with a five-year
plan aligned with FEMSA Forward’s strategic
priorities.
Leveraging OXXO Mexico and Coca-Cola
FEMSA’s network, we established three
strategic pillars: loyalty, with the Spin Premia
program, which already has more than 24
million active users; an efficient and secure
payment system through Spin by OXXO;
and a financial services platform that allows
us to support millions of Mexicans through
tailored financial solutions, including po
tential future offerings aimed at providing
fair and accessible credit. Currently, Spin by
OXXO has 8.6 million active monthly users.
We continue to strengthen our transforma
tion into a technology and services compa
ny by reorganizing the management team
with the recruitment of new specialized
talent, and consolidating our operations
under the Spin brand. Additionally, we com
pleted the acquisition of Conekta’s assets
which enable OXXO PAY, strengthening our
B2B platform.
We conducted, for the first time, a materi
ality analysis for our business and industry
to identify sustainability priorities, providing
with it a strategic framework to clarify and
focus our efforts in setting new goals
and plans that will enable and strengthen
our value offering.
With these achievements, and a sustainable
strategy aligned with FEMSA’s priorities,
2025 will be key to continuing consolidating
Spin as a benchmark for financial technology
in Latin America.
Key Results and Vision
Our total consolidated revenues increased
11.2% for the year, compared to 2023,
reaching Ps. 782 billion (US$ 37 billion). This
reflects positive results across all our Busi
ness Units, with Coca-Cola FEMSA delivering
14.2% growth for the year, the Americas
and Europe Proximity businesses achieving
growth rates of 10.3% and 14.2%, respec
tively, and Fuel & Health growing 11.7% and
5.8%, respectively, during the same period.
We also saw margin expansion in several
segments, with a 15.0% increase in consoli
dated gross profit, compared to 2023, and a
19.8% growth in operating income vs. 2023.
As a result, our adjusted EBITDA reached
Ps. 116 billion (US$ 6 billion), implying
an adjusted EBITDA margin of 14.8%.
We are very proud of these results despite
a challenging macroeconomic environment
in some segments and geographies.
Looking ahead, we remain committed to
consolidating our position as a growth
engine for Mexico. We will invest in growing
business lines within our verticals, such as
the remittance operation, strengthening
food service delivery, and generating a pos
itive impact on the organization’s profitabil
ity while contributing to the well-being of
the communities where we operate.
We will also continue promoting collabora
tive and multidisciplinary efforts among our
companies. We will integrate different spe
cialties into both operational and sustain
ability initiatives, a fundamental pillar of our
DNA that has been present since FEMSA’s
origins. We are convinced that the synergy
between different teams and disciplines will
allow us to move forward more quickly and
effectively. To achieve this, we will foster
spaces where all ideas can be shared freely,
promoting the identification of the best
solutions for future challenges.
Developing incremental
growth avenues
Colombia and Brazil continue to be
high-potential markets, with more than 1,000
OXXO stores in operation, as we are rapidly
approaching the expected profitability levels.
We will continue to be driven by a disciplined
expansion strategy, operational optimization,
and growing consumer acceptance.
Our total consolidated
revenues increased
11.2%
for the year, compared
to 2023.
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In Proximity Europe, we achieved significant
increases in sales and business profitability,
with strong performance in B2B and con
venience operations in Switzerland, despite
macroeconomic challenges in the region.
We view the future optimistically, explor
ing new opportunities to strengthen and
expand our presence in the German market
through convenience stores and a differen
tiated prepared food offering.
On another topic, the recent acquisition
of Delek’s Retail operations allowed us to
enter the U.S. market, focusing on Texas,
where our brand already has significant
recognition. Transforming these operations
into the OXXO model to offer our services to
customers, including a differentiated value
proposition backed by offering high quality
prepared food, represents an exciting
growth opportunity that benefits all of us.
In the Bara discount channel operation,
we increased store openings compared to
previous years. We know this is a business
with great potential, given Mexico’s market
dynamics. Therefore, we will continue
expanding our coverage, positioning this
format as a key player. In the coming years,
we will focus on strengthening our ex
pansion capacity to be able to open more
high-quality stores, enhancing our value
proposition which is primarily driven by
private-label products, and entering new
locations across the country. To do so, we
are in the process of making Bara admin
istratively and operationally independent,
ensuring the resources and focus required
to maximize this format’s development.
Finally, in the Health division, we faced a
challenging year. Mexico saw increased
labor costs and higher competition.
Despite this context, in Colombia, we
continued to consolidate our position as
the most relevant player in the pharmacy
sector, which is a significant achievement
for the division. In Chile, we remained the
leader in volume and profitability, and in
Ecuador, we maintained our position.
Driving sustainability and
well-being
Rooted Sustainability, an essential pillar of
our organization, shows progress reflecting
the commitment and effort of the more
than 388,000 employees who are part of
FEMSA. From the continuous improvement
in operations, to the recognition from inde
pendent organizations, we have achieved
significant results. One such achievement
was FEMSA’s inclusion, for the first time, in
the prestigious S&P Dow Jones Sustainabil
ity World Index, a milestone that reaffirms
us as a global sustainability leader. This
accomplishment is the result of joint efforts
to integrate sustainability into our practic
es, demonstrating that every area of the
organization plays a key role in ensuring
FEMSA’s success and future.
This year, we updated our materiality
analysis at the FEMSA level, which allowed
us to redefine the most relevant economic,
social, and environmental factors for our
business and stakeholders, as well as recog
nize those whose importance has evolved.
This exercise strengthens our Sustainability
Strategy’s resilience by providing us with a
broader and updated perspective on the
factors influencing our performance. It also
reinforces our strategic direction, highlight
ing key opportunities, such as strength
ening our preparedness and response to
climate change impacts.
We are increasingly aware of the impact we
can generate across our supply chain. In
2024, we strengthened interactions with our
suppliers through the Sustainable Supply
Committee, selecting key topics we seek to
permeate throughout the entire chain. Our
approach focuses on fostering deep aware
ness at both internal and external contact
The recent acquisition of
Delek’s
retail operations allowed us to
enter the U.S. market, focusing on
Texas, where our brand already has
significant recognition.
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points, as well as ensuring the detailed
implementation of measurable and visible
goals, programs, and initiatives.
We also designed a social value strategy to
consolidate and strengthen efforts aligned
with our mission of generating economic
and social value. This strategy, based on the
positive impact of investing in the well-be
ing of people and communities, aligns with
our Sustainability Strategy through the
People, Community, and Planet axes. The
newly created Social Value Directorate aims
to drive and ensure impact, working col
laboratively and across departments with
other areas and companies within FEMSA.
At the same time, we continue to advance
our sustainability agenda, setting clear
objectives in our supply chains and steering
the development of digital platforms that
enhance our operations’ transparency
and traceability.
Moving Forward
I am deeply grateful to our shareholders,
team members, partners, and communities
for their constant support and commit
ment, which have been fundamental in
bringing this vision to life. Each one plays a
crucial role, from those who work every day
with dedication and effort in our opera
tions, to those who, as strategic allies, drive
our growth and amplify our impact.
I especially thank the communities that have
welcomed us and continue to inspire us to
keep improving, creating shared value, and
contributing to sustainable development.
I am proud of everything we have achieved
in 2024, especially after the significant
transformation we experienced in 2023.
This period of change not only posed a
challenge, but also provided an opportunity
to reinvent ourselves, strengthen our long-
term capabilities, and lay the foundation
for a more solid future. The results we have
achieved are a testament to the collective
effort, resilience, and commitment of our
team and partners.
I am filled with enthusiasm and optimism
as I envision what the coming years will
bring. I am confident that this is just the
beginning of a new chapter full of opportu
nities, where we will continue to innovate,
fulfill our commitments, exceed expecta
tions, and generate a positive impact. With
a long-term vision, we continue strengthen
ing our capabilities and adapting to a con
stantly evolving environment, ensuring with
it our permanence and growth over time.
Sincerely,
José Antonio Fernández Carbajal
Chief Executive Officer & Executive Chairman
of the Board
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Organizational culture
Who we are
We are a group of companies with
almost 135 years of evolution, leav
ing a positive and continuous legacy
in society.
Our leading businesses in retail,
beverage, and digital services move
forward into the future, guided by
our winning and excellence spirit,
with a deep focus on integrity
and people.
Our belief
We believe that by generating eco
nomic and social value every day,
we leave a positive footprint on
the world.
Our purpose
Our purpose is to improve people’s
lives, transforming their everyday
into well-being and growth.
We contribute to people’s well-be
ing by always being available to
offer solutions and experiences
that allow them to enjoy each day
to the fullest.
We generate growth through ac
tions that contribute to stakehold
ers’ social and economic develop
ment. We remain committed to
caring for our planet.
Our vision
With our companies united, we as
pire to be part of everyone’s life at
every opportunity and place where
we are, being the best in each of
our businesses.
Our strategy
FEMSA Forward: A leader focused on
retail and Beverages, connected by
a Digital and customer-centric eco
system that allows us to maximize
value creation. Always guided by
our strategic priorities.
We took our evolution one step further, consolidating corporate culture, while embracing new
horizons. This year marked significant progress in the transformation we are currently under
going, pushing us to innovate and adapt to generate a deeper and more sustainable impact
in the long term. Our commitment to excellence and continuous improvement enables us to
build a future full of opportunities, leaving a positive footprint on the communities we serve
and the millions of lives we touch every day.
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Our principles and values
They are the compass that guides our behavior and actions, allowing us to grow and adapt to changes in the world without losing our essence.
Living our values:
We act with integrity, transparency, simplicity and
commitment, being ambassadors of our culture.
Playing to win:
We think like a founder, we choose to win, creating
opportunities focused on generating long-term value.
Moving forward together:
We collaborate effectively with diverse people and
audiences, achieving results that exceed expectations.
Placing customers at the center:
We turn our clients’ and consumers’ daily needs into
challenges that inspire us to deliver exceptional solutions
that build trust.
Innovating with passion:
We develop cutting-edge ideas to strengthen our present
and incorporate digital solutions that anticipate the future
in an agile way.
Empowering people:
We are committed to the well-being and personal and
professional development of our talent, strengthening their
abilities to face challenges successfully and inspiring
by example.
Fostering a sustainable impact:
We are committed to creating inclusive and sustainable
solutions that generate a positive social impact on
communities and the planet, while maintaining a global
perspective in our decision making.
Values are at the heart of our culture; a
reflection of the legacy and leadership
that characterize us.
•
Integrity: We do the right thing in all circumstances,
considering the impact of our actions.
•
Simplicity: We recognize each person’s value, while we accept
our limitations, and are willing to learn and grow.
•
Commitment: We work to fulfill our promises and assume
our responsibilities.
11
9
13
5
14
4
19
18
6
1
3
15
7
17
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Proximity Americas
Proximity Europe
Fuels
Health
Corporate
Structure
Proximity
& Health
Coca-Cola
FEMSA
SPIN
100%
47.2%
100%
Company profile and results
Presence
We are +388 thousand
collaborators in our Business
Units across 18* countries.
1. Argentina
2. Austria
3. Brazil
4. Colombia
5. Costa Rica
6. Chile
7. Ecuador
8. Germany
9. Guatemala
10. Luxembourg
11. Mexico
12. Netherlands
13. Nicaragua
14. Panama
15. Peru
16. Switzerland
17. United States
18. Uruguay
19. Venezuela*
* Since December 31, 2017, we report the Venezuela operation as an unconsolidated equity investment..
AMERICA
EUROPE
2
8
10
16
12
10
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-1%
19%
49%
36%
39%
28%
5%
4%
9%
3%
6%
3%
Ps. 781,585
-10%
57%
41%
4%
5%
3%
EBITDA*
TOTAL
INCOME
ASSETS
OPERATING
INCOME
Ps. 70,667
Ps. 115,593
Ps. 851,536
36%
39%
6%
8%
10%
1%
COCA-COLA FEMSA
PROXIMITY AMERICAS
PROXIMITY EUROPE
FUELS HEALTH
OTHERS
2024 Key figures
+15,300
sites powered by
renewable energy
65.3%
of electricity consumed
from renewable sources
2,081
GWh of renewable energy
in 2024
76%
of operational waste
diverted from landfills
1.36
In August 2024, we reached
the interim goal of 1.36 liters
of water used per liter of
beverage produced at
Coca-Cola FEMSA
Financial Highlights
* EBITDA = operating income + depreciation + amortization
EBITDA calculated in accordance with IFRS 16
Sustainable Operation Highlights
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Strategy
In 2023 we announced
FEMSA Forward, a long-term
plan to maximize value
creation. This plan resulted
from an exhaustive
strategic review of our
business1.
2024 represented a period of evolution
and reinforcement of the changes that
began with FEMSA Forward. We contin
ued to execute key strategies to maximize
value creation and capitalize on identified
opportunities. This allowed us to strength
en our position in key markets and advance
the consolidation of business plans, looking
towards a more agile and efficient future,
aligned with our long-term goals.
1. We invite you to read our 2023 Integrated Annual Report for more information on FEMSA Forward.
CUSTOMERS
AND CONSUMERS
Our WHATS
Our HOWs
Solid and
continuous growth
Rooted
sustainability
Balancing our
risk/return profile
Proactive engagement
with our audiences
Being
digital
Enhance our talent
and culture
To continue our unquestionable
track record of value creation by
driving growth at all levels.
To be the most sustainable,
equitable, diverse, and inclusive
organization, setting an example for
the communities where we operate.
Capitalize on digital and data to drive
products, services, and operations to
better serve our customers’ needs.
To serve as a platform for growth for
our people by developing our talent and
strengthening our culture to excel in a
more global, digital, and engaged world.
Our customers and
consumers are at the
center of everything
we do: we simplify
their lives with
seamless, relevant,
and personalized
experiences.
Achieve the desired risk-return
trade-off profile by expanding
our geographic exposure to
key markets.
Continue to effectively communicate
who we are and what we do, as well
as having a more proactive approach.
FEMSA Forward
1
2
12
F
E
M
S
A
C
O
C
A
-
C
O
L
A
S
P
I
N
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FEMSA FORWARD
&
H
E
A
L
T
H
P
R
O
X
I
M
I
T
Y
Solid and
continuous growth
Being
digital
Balancing our risk/
return profile
STRATEGIC PRIORITIES
Value creation model
BUSINESS ACTIVITIES
We reach our customers and
consumers, meeting their
needs through constant
interactions and a wide reach.
We produce, market, sell
and distribute beverages,
generating economic value
and promoting a sustain
able future.
We evolve our financial
and digital ecosystem
based on data and analyt
ics to transform the lives of
millions of people, becom
ing an engine of inclusion
in Mexico.
RESULTS
+32,000 Proximity & Health
retail locations.
4.2 billion
unit cases sold by Coca-Cola FEMSA at
~2.2 million sales points.
8.6 million active Spin by OXXO2 users
and 24.6 million active Spin Premia3
loyalty program users.
US$ 37.4 billion
in total revenues and
US$ 3.3 billion
in operating income.
2. Any user with a cash balance or that has carried out any transaction in the last 56 days.
3. Any user who has made at least one transaction with Spin Premia in the last 90 days.
4
3
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ROOTED SUSTAINABILITY
Rooted Sustainability is a fundamental part of
FEMSA Forward, in line with our Sustainability Strategy.
This model, grounded in a strong corporate governance,
focuses on nine priority topics that have been
organized into three main pillars.
Value creation model
VALUE CREATION
Our People
Well-being, decent work, and
promoting the diversity of our people.
See more on page 53
Our Community
Development and well-being of the
communities we operate in.
See more on page 67
Our Planet
Harmony with the environment and
sustainable use of natural resources.
See more on page 79
Corporate Governance
Best corporate governance
practices.
See more on page 93
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IMPACT
Aligned with the United Nations’ SDGs
Our Sustainability Strategy seeks to contribute to
global commitments such as the United Nations
Sustainable Development Goals (SDGs).
We share more about our actions related to these SDGs
in the Appendix, page 143
Value creation model
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Fundación FEMSA
From 2008 to date,
Fundación FEMSA4 has
been a driving force for
social, environmental,
and cultural change in
Latin America, proactively
investing in projects that
have a positive long-term
impact.
4. Fundación FEMSA is comprised of two organizations that share the same purpose: Fundación FEMSA, A.C. and Difusión y Fomento Cultural, A.C.
In 2024, we consolidated key programs and
explored new horizons to have a significant
impact on our communities. We focused
on changing the social, environmental, and
economic models that limit us as a region,
intervening systemically and collectively,
testing, scaling, and articulating sustainable
and innovative solutions for four causes:
Water Security, Early Childhood, Circular
Economy, and Arts & Culture.
Our mission: to promote systemic and
sustainable solutions to complex social
and environmental challenges, cultivating
shared prosperity for current and future
generations.
Strategic principles for success
1. Adopting a systemic approach
Analyze the root causes of these challenges
and design comprehensive solutions to
address underlying factors.
2. Maintaining a long-term perspective
Look beyond immediate benefits and
consider the future consequences of
our actions.
3. Promoting collective action
Foster collaboration, dialogue, and
partnerships to gather resources, knowledge,
and influence to achieve common goals.
4. Ensuring science-based solutions
Direct resources and efforts toward
evidence-based interventions that have been
proven to be effective.
5. Engaging with and empowering
communities
Promote people-centered initiatives
that empower community members and
recognize their needs, challenges,
and aspirations.
During 2024, we made the
following investments in
the four causes we serve:
Fundación FEMSA Investment:
US$ 5,678,999
Investment Partners:
US$ 11,832,083.50
Total Investment
(FF + Partners):
US$ 17,511,082.16
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Early Childhood
Water Security
From 2020, until the end of
2024, Fundación FEMSA has
intervened in 185 spaces in
Mexico and Latin America.
With an investment of
US$ 50.3 million from 2011 to
2024, we have strengthened
26 Water Funds, leveraged
over US$ 249 million, and
engaged more than
340 public, private, and civil
society stakeholders since
the creation of the Alliance
in 2011.
Thanks to our Public Spaces Platform, in 2024
we invested in more than 185 spaces in Mexico
and Latin America through Fundación FEMSA.
This number brings us closer to the goal
of reaching 200 public spaces by 2025, in
collaboration with allied partners and
implementation teams.
An outstanding example is Parque Salayá,
which in 2024 celebrated its third anniversary
and its consolidation as a key space for the
community. This park was built following the
rehabilitation of a plot of land in Colonia San
Francisco, located in the Mixco municipality,
which is the second most densely populated
city in Guatemala. Thanks to our initiative,
Parque Salayá became the first public park in
Central America designed specifically for early
childhood development. This project was led
by Fundación FEMSA in collaboration with
Fundación Van Leer, United Way, Urban 95,
the Municipality of Mixco, Landívar Universi
ty, and Locus Lab. The community played a
fundamental role in its creation, revitalizing the
area and turning it into a safe environment for
recreation and learning. Today, Parque Salayá
not only fosters the integral development of
children but also improves the quality of life
of their families.
Learn more about this initiative here.
At Fundación FEMSA, we celebrated the
thirteenth anniversary of the Latin Amer
ican Water Funds Alliance, a collaborative
multi-sector effort that has demonstrated
visionary leadership in building a functional
and effective model for water replenishment
in Latin America. With an investment of
US$ 50.3 million, we have strengthened 26
Water Funds, leveraged over US$ 249 million
and convened more than 340 public, private,
and civil society stakeholders. These actions
have improved water replenishment across
more than 565 thousand hectares and
benefited over 137 thousand families. During
World Water Week 2024 in Stockholm, we
highlighted our accountability to cooperate
for a sustainable future.
Over the years, we have seen remarkable prog
ress in the protection of freshwater sources
and implementation of sustainable practices.
Each water basin and community have their
own characteristics, but these Water Funds
have been instrumental in facing challenges
like droughts and the regeneration of ecosys
tems. Both scientific and financial innova
tion have been key to our work, and we
continue to collaborate closely with local
communities, including indigenous groups.
Learn more about these initiatives here.
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Connect with us!
twitter.com/FundacionFEMSA www.facebook.com/FundacionFEMSA www.instagram.com/fundacionfemsa/ www.linkedin.com/company/fundación-femsa
For more information, see this video.
Circular Economy
We support projects that foster community action and environmental awareness
through Fundación FEMSA’s Circular Economy program. In 2024, we introduced
the Clean Tulum Points program to public elementary and high schools in the area.
We provide environmental education and urban solid waste management from
the source, the first of its kind in this municipality. These activities encourage
children to promote positive change in their communities and motivate their
families to participate in the cause, seeking to preserve local ecosystems.
Listen to their testimony here.
Through the NIT Points initiative in Puerto Escondido, we established
partnerships with hotels, gas stations, restaurants, and schools to orga
nize an effective waste collection network. In collaboration with the
San Juan Lachao Municipality, we also set up designated collection points,
promoting sustainable waste management and encouraging greater envi
ronmental responsibility within the community.
Arts & Culture
In 2024, we
introduced the
Clean Tulum Points
program to public
elementary and
high schools in
the area.
In 2024, the FEMSA Biennial celebrated
its fifteenth edition titled “The Voice
of the Mountain” in the cities of León
and Guanajuato.
One of the ways in which we can influence the devel
opment of our communities is through the Arts and
Culture program of Fundación FEMSA. We catalyze so
cial change from a cultural perspective, seeking to make
art a platform for connection and dialogue. The FEMSA
Biennial is an initiative through which we celebrate and
promote contemporary art in Latin America. Through
out its editions, it has evolved from a competition into
a traveling curatorial platform that includes exhibitions,
public and educational programs, independent editorial
meetings, and film projects.
In 2024, the FEMSA Biennial celebrated its fif
teenth edition titled “The Voice of the Mountain”
in the cities of León and Guanajuato. As a preamble,
we hosted the retrospective exhibition “30 Years in the
Art World: A Review of the FEMSA Biennial” at the Muse
um of Art and History of Guanajuato, reflecting on more
than three decades of history and artistic evolution. This
edition was made up of four programs: Commissions,
which brought together 29 artistic projects; Relieves,
a public and educational program; Pie de monte, a
gathering of independent editors; and Desplazamientos,
a curated selection of film projects. Under the guid
ance of leading curators, we explored themes such as
corporeality, identity, territory, and landscape, fostering
interactions between artists and the public. With exhibi
tions and collaborations at over 20 venues and partner
spaces, the Biennial provided a platform for reflection
and dialogue, strengthening the bond between art and
society. More than 65 thousand people were able to
enjoy this cultural event.
PROXIMITY & HEALTH SEE MORE
Spin SEE MORE
COCA-COLA FEMSA SEE MORE
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+13 million tickets
per day at OXXO
Mexico (average daily
transactions nationwide
in 2024).
Surpassed the
threshold of 1,000
new OXXO store
openings.
+10.3% increase in
total revenues at
Proximity Americas.
Avec, our convenience
store chain in
Proximity Europe,
was recognized
among the 12 best
foodvenience stores
in the world.
We achieved 413
gross store openings
in FEMSA Health.
1.3 million active
users on Juntos+
platform.
4 new distribution
centers.
We increased our
pallet capacity
by 25%.
We invested 9% in
CAPEX with respect
to sales.
More than
13 million Spin by
OXXO customers.
Over 52 million
Spin Premia users.
Operational Performance
Our three business verticals (Proximity & Health, Coca-Cola FEMSA, and Spin) represent the most solid path to maximizing long-term value creation.
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PROXIMITY
& HEALTH
This Business Unit includes
Proximity Americas, Proximity
Europe, Fuels, and Health.
We reached
+24,000
OXXO stores
globally in 2024.
In Mexico alone, we served
+811,000 cups
of andatti coffee every day.
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2024 Key data
Sales points
Proximity Americas: 26,322 stores
Mexico
23,206
Brazil (does not consolidate in Proximity Americas)5
1,860
Colombia
569
United States
249
Chile
235
Peru
203
Europe: 2,778 stores
Germany
1,376
Switzerland
1,241
Luxembourg
76
Netherlands
54
Austria
31
Fuels: 571 stations
Mexico
571
Health: 4,661 pharmacies
Mexico
1,739
Chile
997
Ecuador
980
Colombia
945
Total
34,332
5. Through our joint venture with Raízen, Grupo Nós includes 569 OXXO stores,
20 Shell Select stations in Brazil, and 1,243 Shell Select stores operated by
independent franchisees.
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21
PRIORITY
PROGRESS
In 2024, we continued executing our Long-Term Development Plan for the Proximity division, prioritizing its reinforcement.
Our vision is to become the world leader in proximity retailing. Our Development Plan is therefore based on four key pillars:
Strengthening
the core
Proximity Americas
+24,000 stores in the
region, and +23,000 stores
in Mexico.
Proximity Europe (Valora)
We continued to strengthen
our food convenience propo
sition, obtaining recognition
for the quality of our offering.
Developing new
growth avenues
We are working on the OXXO
SMART business model, a
hyper-convenience store, by
integrating key services such as
utility payments, mobile airtime
top-ups, and fast-food options.
+400 OXXO Nicho stores in
Mexico, that reaches people’s
closest environments, such
as their places of work, study,
hospitals, among others.
Developing
multiple successful
formats
Bara, our discount format
focuses on household pantry
staples, has shown sustained
growth, reflecting growing
demand for affordable
options for families. This
growth is also a response to
our commitment to offering
options that complement
the traditional range of
convenience products.
Growing our
footprint outside
Mexico
Colombia
15 years operating in the
country. We have 569 OXXO
stores.
Brazil
Grupo Nós, in alliance with
Raízen, continued to expand
the OXXO format, reaching a
total of 594 stores.
Chile and Peru
We achieved a consolidated
total of 438 stores.
A change in leadership
On September 26th, 2024, we announced
that Carlos Arenas Cadena would retire from
his position as CEO of OXXO Mexico after
an outstanding 40-year career with FEMSA.
We would like to thank him deeply for his
dedication and vision throughout these years.
In his place, Carlos Arroyo Rico assumed the
position of CEO of OXXO Mexico, effective on
November 19, 2024. With over 25 years of
industry experience, we are convinced that
his vision will be ideal to guide the company
towards new horizons. We believe that, under
his leadership, OXXO Mexico will continue to
reach the goals and growth frontiers we have
set for ourselves, further consolidating our
position as a market benchmark.
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Proximity
Americas
Mexico continues to be the region’s
largest operation and the largest
market within the Proximity
division. We kept strengthening our
leadership position through targeted
initiatives designed to drive the
value proposition and improve our
customers’ experience.
Total revenues for this division grew
+10.3% for the year, reflecting a +5.7%
increase in average spending and a
1.5% decrease in traffic compared to
last year. Likewise, during the year, the
OXXO Mexico and Latin America store
base grew by 1,596 units, reaching a
total of 24,462 OXXO stores.
In Mexico alone,
OXXO serves
+13
million
consumers every day.
Some of our most significant achieve
ments of the year included:
Technological innovation
In an increasingly digitized environ
ment, the integration of advanced
technologies has become an essential
tool for expanding access to key ser
vices and improving consumer experi
ences. We are therefore committed to
a constant search for innovation that
enables us to anticipate and adapt to
the evolving needs of those who place
their trust in us.
As part of this, in July 2024, we an
nounced a strategic alliance between
OXXO and GLORY to implement
CASHINFINITY™ technology in our
stores. With this, through cash recy
clers (CRM), we will allow consumers
to make cash withdrawals and access
banking services, contributing to
financial inclusion in communities with
limited access to these services and
offering the best cash-in and cash-out
solution in Mexico and the United
States. We started in six Mexican states
(Nuevo León, Chiapas, Guanajuato,
Jalisco, Oaxaca, and Puebla) and will
seek to expand these services in
coming years.
We installed more than 1,500 of these
machines in stores to improve our
ability to offer an efficient remittance
service, helping to recognize coun
terfeit bills and strengthening store
security for both consumers and us
ers, as well as for those who oversee
the entire remittance process. These
improvements not only optimize
cash management but also generate
tangible benefits for collaborators and
customers. As a result, we can offer
a faster, more reliable, and
safer service.
The implementation of this technology
represents a significant step towards
continuously improving the custom
er experience. As a result, we can
strengthen our operational capacity
while contributing to Mexico’s economic
growth and social well-being.
Gaining strength in
foodvenience
We continue to evolve and consolidate
our position in foodvenience, becom
ing increasingly relevant for consum
ers with food offerings that include
practical and convenient options for
breakfast, dinner, and more. We want
to serve a benchmark in the prepared
foods category, leveraging the rela
tionship we have already established
with customers and offering them
more services that make their day-to-
day lives easier. During the year, we
launched 69 prepared food products
in stores.
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We have strengthened our range
of andatti products, which are now
available in their automated version,
in approximately 16,000 OXXO stores.
In addition to coffee, it now offers
gourmet snacks and freshly baked
bread, among other items. This allows
us to offer customers a broader and
higher-quality consumer experience,
consolidating our leadership in the
convenience category.
As an example, we have significantly
expanded the cold-brewed coffee of
fering, which is now available in more
than 10,000 stores, responding to the
growing demand for refreshing and
innovative alternatives. These actions
reinforce our commitment to meeting
our consumers’ changing needs.
Analytical tools and
competitiveness
The development and application of
data analytics tools have been key to
improving our gross margin without
impacting consumers and their wallets.
We have become increasingly compet
itive, adjusting offerings in a precise
and dynamic manner. We offer the
right products in each location and
personalize marketing messages for
customers who are part of our loyalty
program, bringing them more attrac
tive offers—all while protecting our
consumers’ data.
As part of this, and leveraging a deep
understanding of the consumer, we
launched our Retail Media (Retina
Media) unit to bring brands closer to
millions of consumers. We have more
than 3,300 stores in Mexico equipped
with digital screens, transforming the
shopping experience by making it inter
active. This technology strengthens our
ability to connect with consumers in a
more effective and personalized way.
Growth outside Mexico
As part of our international growth
strategy, we are proud that during the
year we signed a definitive agreement
with Delek US Holdings, Inc. to acquire
its retail operation. This includes
249 convenience stores, some with
self-service stations, located primarily
in Texas, a key market for us because
of its proximity to our home region.
This transaction represents a signifi
cant step in bringing the OXXO value
proposition to the United States, trans
forming Delek’s existing operation and
enhancing it with the expertise and
standards that characterize our stores.
In Latin America, progress in Colombia
and Brazil stayed exciting.
This year,
we celebrated our
15th
anniversary in
Colombia, consolidating
our position in
the country.
andatti, in its automated version,
is available in approximately
16,000
of our OXXO stores. In addition to coffee,
it now offers gourmet snacks and freshly
baked bread, among other items.
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Proximity
Europe
We achieved revenue growth in 2024, re
flecting traffic recovery and positive pricing
initiatives, as well as growth in our food
service and B2B businesses. In Switzerland,
we achieved a solid performance, consol
idating our market position and strength
ening the operation through key efficiency
initiatives and enhanced value propositions.
We continued to offer innovative products
tailored to local consumer preferences,
which contributed to stable growth. We are
very proud of this operation’s commitment
to innovation, quality, and service excellence.
As in all our business lines, we seek to posi
tion ourselves as a benchmark in the global
convenience sector.
We increased revenues by
14.2%
for the year, reflecting the recovery of traffic, positive pricing initiatives,
and growth in our food service and B2B Valora business.
During the year, our subsidiary Ditsch
opened a second pretzel production plant
in Cincinnati, following an investment of
approximately US $70 million. This plant is
equipped with advanced production technol
ogy, which will allow us to triple our current
pretzel production capacity in the medium
term, generating new growth opportunities
in a strategic market.
In Germany, we faced a more challenging
environment due to local macroeconom
ic and political factors, which affected
consumer behavior and market dynamics.
However, we see an opportunity to gain
market share by opening convenience
stores and dedicated fast-food spaces,
aligned with hyper-convenience trends that
have proven successful in other regions.
We are convinced that our experience and
focus on customer service will position us
favorably to establish a competitive and
sustainable operating model in this region
in the medium term.
In terms of results, total revenues in the
region increased by 14.2% for the year,
reflecting a robust performance in all
countries. This was mainly due to higher
commercial revenues and a relevant impact
from the appreciation of the region’s cur
rency against the Mexican peso.
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Fuels
The fuel business demonstrated stable
performance and sustained growth in
all markets during the year.
Our financial performance in this
division was outstanding, with revenue
growth of +11.7% compared to 2023.
This was driven by increased mobility
in the country and growth in the B2B
segment, which accounted for 18%
of total sales. This channel allowed
us to serve more than 7,000 business
customers and supply more than
70,000 units, consolidating key strate
gic relationships.
As part of our digital transforma
tion, we implemented innovative
technologies that not only optimized
the customer experience, but also
increased our operating efficiency,
consolidating OXXO GAS as a bench
mark for innovation in the fuels sector.
At the same time, we strengthened our
loyalty strategies through Spin Premia,
FEMSA’s digital payment and benefits
platform. This tool allowed custom
ers to accumulate rewards and enjoy
personalized experiences, generating
a deeper and more meaningful bond
with the brand.
Health
Our Health business is dedicated to
meeting the pharmacy, health, and
wellness needs of the communities in
which we operate. We have an exten
sive network of establishments that
continues to grow. This steady expan
sion reflects our accountability to the
health and well-being of our customers
in the region.
We have consolidated
our position as one of
the
largest
drugstore chains in
Latin America in terms
of sales and sales points
with 4,661 sales points.
During the first half of the year, the
Health division faced significant chal
lenges due to intense competition in
the Mexican market. In other regions,
results were stable, contributing posi
tively to the year’s overall balance.
Our store base increased by 187 net
units, reaching a total of 4,661 loca
tions in our territories. Additionally, we
inaugurated a new distribution center
in Colombia, with a total area of 26,641
m² and a semi-automated Pick-To-Light
(PTL) system, designed to optimize
operational efficiency. In this distribu
tion center we can dispatch
21,500 lines and more than 120,000
units of product.
Cruz Verde ranked
first
in the Merco Empresas
Chile Pharmacy Sector.
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26
COCA-COLA
FEMSA
Volume grew 4.4%,
sales 14.2%,
and operating income 17.4%.
We reached
1.3 million
active customers in Juntos+ and
1.1 million
in our Premia Juntos+
loyalty program.
STRATEGIC
PRIORITIES
De-bottleneck
our infrastructure
& digitize the
enterprise
Grow the core
Strengthen
our
customer
centric
culture
Be the
preferred
commercial
platform
Foster a
sustainable
future
Strategic M&A
GROWTH
ENABLERS
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We are the largest
Coca-Cola bottler worldwide
in terms of sales volume.
We produce, market,
sell, and distribute
The Coca-Cola Company’s
beverage brands in
9 Latin American countries.
We have the privilege of
participating in a vibrant
industry within a growing
region.
In 2023, we refreshed our strategy by focus
ing on implementing a long-term sustain
able growth model based on Six Strategic
Priorities. 2024 represents the second chap
ter of our transformation, with significant
progress in this strategy.
Our Strategic Priorities guide our growth,
ensuring a more agile, forward-looking,
resilient, and flexible operation. Throughout
the year, we promoted initiatives focused
especially on four of these priorities, consol
idating our commitment to each of them.
Grow the core. We focused on
maintaining the core business’s
positive momentum, looking for
opportunities to increase our market share
in The Coca-Cola’s portfolio, accelerate the
growth of Coca-Cola Zero Sugar in our ter
ritories, develop opportunities in markets
with lower per capita consumption, and
maximize the potential of our profitable
non-carbonated beverage categories.
Be the preferred commercial
platform for our customers.
We want to take the Juntos+
platform to the next level by introducing
advanced artificial intelligence capabilities.
De-bottleneck and digitize the
enterprise. We continued to
make strategic investments to in
crease our distribution and manufacturing
capacities, deploying record CAPEX levels.
Strengthen our customer-cen
tric culture. We continued to
roll out the 10 Coca-Cola FEMSA
Principles, reinforcing these values through
out the organization and ensuring their
integration into all our operations.
Likewise, Fostering a sustainable
future is one of our Six Strategic
Priorities and a central focus of
our vision. We are committed to reduc
ing our environmental impact, enhancing
operational resilience, and having a positive
impact on our team, customers, and the
communities in which we operate. We firm
ly believe that a Sustainability Strategy not
only benefits the environment but is also a
key enabler for long-term growth.
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Integrating all of this, we have drawn up an
ambitious sustainable growth plan, focused
on consolidating our leadership in the mar
ket. This plan focuses on strengthening the
volume and sales growth, optimizing
the product offering and continuing with key
investments in a digital transformation.
+276
million people
served
Our results
Thanks to the implementation of this
renewed strategy and the strength of our
relationship with The Coca-Cola Company,
we achieved solid growth in volume, rev
enues, and operating income. This year,
we achieved 4.4% volume growth and
14.2% revenue growth. This was driven
by growth in key markets such as Mexico,
Brazil, and Guatemala. In addition, despite
the difficult environment in Argentina,
our team implemented a solid strategy
to overcome the challenges and further
strengthen the operation.
We also achieved operating efficiencies and
implemented favorable hedging strategies,
which allowed us to expand our margins
this year. As a result, we were able to
increase operating income by 17.4% com
pared to the previous year.
FINANCIAL HIGHLIGHTS
+4.2 billion unit-cases volume
+Ps. 279 billion total
revenues, up 14.2% year
over year
+Ps. 56 billion
adjusted EBITDA6
20.1% adjusted
EBITDA margin6
6. Adjusted EBITDA is operating income
plus depreciation, amortization, and
other virtual charges.
~2.2
million sales
points
For more details on our
2024 financial performance,
please see our
2024 Coca-Cola FEMSA
Integrated Report.
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OPERATING HIGHLIGHTS
Investment of
+US$ 25.3 billion in
CAPEX to increase our
manufacturing and
distribution capacity.
This is equivalent to 9%
of sales.
7 production lines started
operations in 2024: 3 in
Mexico, 2 in Guatemala,
1 in Colombia, and 1
in Brazil.
4 new distribution centers
were inaugurated.
15 plants in Mexico broke
production records.
Our pallet capacity in
Mexico increased by 25%.
Coca-Cola Zero Sugar grew
by 56% in Brazil, making it
the fastest growing market
in the world.
We operate 56 bottling
plants and 256
distribution centers
(owned and leased).
Growing our core
We see great growth potential with The
Coca-Cola Company’s portfolio in all our
markets and channels. We operate in an ex
panding region, within a market with ample
opportunity. To capitalize on this potential,
we have evolved towards a sustainable
growth model, the implementation of which
advanced significantly in 2024, its second
year of execution.
As a result, we achieved volume growth of
4.4% for the year. In Mexico, volume growth
was 3.5%, driven by initiatives meant to
grow the core business. In Brazil, despite
the temporary closure of our Porto Alegre
plant, volume grew 7.8%. This reaffirms our
strategy’s positive impact to date.
Coca-Cola Zero Sugar continues to be an
outstanding example of this growth strat
egy, with a volume increase of 31% during
2024. Similarly, our portfolio of non-car
bonated beverages has managed to
adapt to evolving consumer preferences.
In Mexico, an ambitious renovation of
this portfolio drove 8% volume growth
in the year for this category, with no
table increases of 67% in teas, 39% in
Powerade and 12% in Monster.
To continue this trajectory, we are focused
on four key growth areas:
•
Recovering market share in Mexico,
where we see a clear opportunity to
strengthen our position.
•
Expansion in markets with lower
per capita consumption, driving the
development of categories that are still
underpenetrated.
•
Acceleration in the growth of
Coca-Cola Zero Sugar and other sugar-
free beverages, which have shown
strong performance and still have room
to continue gaining relevance.
•
Strengthening profitable non-
carbonated beverage categories, such
as sports and energy drinks, where we
see an opportunity to maximize value.
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To ensure that we can capture these oppor
tunities, we have key strategic mechanisms
in place, including having a successful
portfolio, unparalleled distribution network,
and world-class point-of-sale execution. In
addition, the omnichannel digital commerce
platform enables us to optimize consumer
outreach and strengthen our presence in
all markets.
Through our growth pillars, we seek to con
tinue capturing the region’s potential.
Be the preferred digital platform
for our customers
Our Juntos+ platform is designed to offer
an omnichannel solution. It allows custom
ers to place orders for a diverse portfolio
of products. This includes multi-category
products that complement The Coca-Cola
Company’s product offering. This allows
us to sell more of our core portfolio and
streamline our operations.
This year, we continued to roll out version
4.0 of Juntos+, which incorporates artificial
intelligence and advanced analytics to
optimize our commercial execution. This
advancement allows us to be more precise
in our revenue management strategies,
increase our promotions’ efficiency and
optimize our product mix, focusing on
those with the greatest growth and margin
potential. It has also helped us achieve a
significant improvement in the efficiency
of our point-of-sale execution, ensuring
product availability in the areas with the
highest demand. As an additional benefit,
this platform improves the user experience
as well, which is why we have begun to ex
pand to other countries such as Guatemala,
Panama, and Colombia.
At year-end, we had
1.3
million
active buyers on our
platform, representing
60% of our customer base,
across 7 markets.
Nearly half of them are already using the
new version, Juntos+ 4.0. We expect to
complete its implementation by 2025, thus
extending the benefits of this technological
evolution to our entire customer network.
In 2024, we also took a key step with the
initial deployment of a sales force tool in
Brazil, Juntos+ Advisor. This is a new tool
designed to provide access to real-time
information for our sales force, reinforc
ing the omnichannel strategy. Thanks to
Juntos+ Advisor, our sales force can make
recommendations and offer efficient order
suggestions to customers based on the
same artificial intelligence and algorithms
used by Juntos+ 4.0. With this, our team
can generate precise recommendations
and improve their execution at the point of
sale, improving geolocation and combined
coverage in a relevant way. This not only
optimizes inventory and sales management,
but also strengthens customer relations,
consolidating us as their preferred commer
cial platform. To date, more than 40% of the
sales force in Brazil already has access to
this tool. By 2025, we hope to complete its
deployment in Brazil and Mexico.
Finally, during the year, we also increased
the number of customers enrolled in
Premia Juntos+, our loyalty program that is
part of the Juntos+ platform, by more than
fourfold. We went from 250,000 in January
to more than 1.1 million at the end of the
year, reflecting its growing adoption and
success. Through this program, our cus
tomers can earn points for their purchases
and quickly redeem them for products and
benefits. This not only improves custom
er satisfaction by providing tangible and
immediate value but also strengthens the
profitability of their businesses.
De-bottleneck our infrastructure
& digitize the enterprise
We continued to strengthen our distribu
tion and manufacturing capabilities with
an ambitious investment plan. We have
increased CAPEX to record levels, deploying
investments to grow our business organ
ically, proportional to 9% of sales. This is
materially higher than our historic CAPEX
trend of 5.5-6.5% sales.
These investments focus on key infrastruc
ture projects, including new production
lines, as well as the expansion and optimi
zation of warehousing and manufacturing
capacity in existing facilities. With this,
we expect that at the end of this invest
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ment period we will have achieved a 15%
increase in our production capacity and a
30% increase in our warehouse capacity.
Efforts to alleviate capacity constraints
at existing plants in Mexico resulted in
15 bottling plants breaking production
records this year, with a 14% increase in the
output of installed lines in the last 2 years
(the equivalent of installing 8 new bottling
lines), and our distribution centers having
50% more storage capacity than in 2022. At
the consolidated level, we opened 4 new Dis
tribution Centers and added 7 new produc
tion lines during 2024. This allowed us to
increase manufacturing capacities by 3.5%
(more than 4% in Mexico) and distribution
capacities by 5%. By 2025, we plan to install
9 additional bottling lines, to continue
strengthening our ability to capture oppor
tunities in the market.
These CAPEX investments generate a
highly attractive ROIC, as they are geared
towards satisfying a growing demand that
we are already observing in the market on
many occasions. We are confident that our
initiatives to improve the productivity of
installed capacity, along with the addition
al capacity expansion we plan for 2025
and beyond, will position us well to take
advantage of growth opportunities as
they arise.
Testing resilience and adaptability
During the year, we faced several challeng
es, most notably the impact of flooding in
Porto Alegre. This natural disaster led to the
temporary closure of a plant in the region
that accounted for 10% of our production
capacity in Brazil. To ensure the continu
ity of our operations, we took immediate
action, transferring products from other
units and collaborating with other bottlers
to meet customers’ demands.
At all times, the well-being of collaborators
and affected communities was our priority.
We worked closely with FEMSA and The
Coca-Cola Company to support our team in
recovering their assets and ensuring their
well-being and their families’ during this
difficult period.
In addition, Hurricane John affected the
Guerrero area of Mexico, just one year
after the devastating impact of Hurricane
Otis. Faced with this new challenge, we
activated our emergency protocols to
guarantee the safety of our collaborators
and their families, always prioritizing their
protection. Through these measures, we
ensured the safety of the organization’s
assets, including people, products, infra
structure, and information.
Going forward
We are part of a dynamic industry in a
growing region that offers us great oppor
tunities for growth. We believe we have the
right strategy and a highly motivated team
to execute our plan.
The implementation of our long-term
sustainable growth model is underway, and
in 2025, we will follow the same strategic
approach as in 2024. We have fine-tuned
our plans with what we learned from 2024
to continue being an agile and adaptive
organization. By remaining focused on the
Strategic Priorities, we believe we have the
capabilities to capture the growth potential
that awaits us in 2025 and beyond.
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Spin
24.6 million
active users in the Spin Premia
loyalty program7.
8.6 million
active Spin by OXXO8 users,
of which +50% are women.
6. Any user who has made at least one transaction with
Spin Premia in the last 90 days.
7. Any user with a cash balance or who has made
transactions in the last 56 days.
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Thanks to a solid
financial performance,
we have accelerated the
development and growth
of the digital ecosystem.
Our Spin transformation
In 2021, we established the Digital@FEMSA
division with the goal of making the most
of our organization’s strengths in the digital
environment. We wanted to promote an
approach based on flexibility, incorporating
new talent and seeking to adopt innovative
business processes. After years of sus
tained growth, during 2024 we worked on
evolving our long-term strategic vision for
this Business Unit. This led to the transfor
mation of the brand, image, and identity:
Digital@FEMSA is now Spin.
Compared to 2023, the
number of active Spin by
OXXO users grew
32.8%,
while Spin Premia users grew
31.5%.
This transformation also drove the strength
ening of the B2C platform value proposition
and a strategic redesign of our B2B platform.
These advances reflect a commitment to
evolving into a comprehensive ecosystem
of financial and digital solutions designed to
transform the lives of millions of people and
businesses in Mexico. The Spin ecosystem
integrates simple, agile, and accessible solu
tions that make our customers’ daily lives
easier, allowing them to do more with their
time and money.
This transformation also symbolizes an
intention to become a consumer technology
company, which led us to reorganize the
leadership team. To this end, we made key
hires, such as our Head of B2C and Chief
Technology Officer, both of whom have
long track records in digital sectors.
We have also defined the customer seg
ment we want to serve more clearly: people
in the D+, C, and /C- socioeconomic strata
between the ages of 25 and 40, who want
to transform their lives through digital and
financial solutions. In this way, we built a
bridge that more effectively connects our
consumers, who are at the heart of every
thing we do, with companies, generating
greater benefits and superior services for
all Mexicans.
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Key data
Spin by OXXO
+13 million customers,
making it the largest Fintech
in the country.
Spin Premia
+52 million users, the largest
loyalty program in the region.
Our 3 main pillars
Loyalty
Our Spin Premia rewards program allows
us to better understand customers’ needs,
and thus solve them in a personalized way,
improving their experience and helping
them obtain benefits with every purchase.
Because Spin Premia is the largest loyalty
program in Mexico, we aspire for its credits
to become the second most used currency
in the country after the peso.
Payments
We offer a system of solutions that con
nects consumers and merchants, enabling
millions of people to make payments con
veniently and securely.
Financial services
This platform allows us to offer millions
of Mexicans financial solutions tailored to
their needs, seeking to expand offerings to
fair and accessible credit options.
We seek to be an agile
organization, with
an independent and
autonomous way of working,
through a structure that
allows us to become a
benchmark in Latin America.
Monthly active users
Spin by OXXO: 8.6 million
Spin Premia: 24.6 million
Monthly transactions
Spin by OXXO: +63 million on average
Spin Premia Tender at OXXO stores: 40.7%
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SUCCESS STORY
SUCCESS STORY
QR payments, a fast and secure
payment method
During the year, we enabled QR payments in
OXXO stores through the Spin by OXXO app,
creating a solution that improves the custom
er experience by providing a faster and more
secure payment method. At the business level,
this implementation optimizes operational
efficiency, reducing processing costs and
strengthening our digital payments strategy.
Sustainability Strategy at Spin
This year we defined Spin’s Sustainability
Strategy together with key stakeholder
groups while considering FEMSA’s sustain
able strategy priorities, recognizing the
business’s capabilities and strategic definitions.
In doing so, we ensured the right approach to
achieve the goal of driving financial and digital
inclusion in Mexico.
Ps. 3,397 millones
invertidos en este pilar
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• Evolving our Sustainability Governance
• Sustainability Strategy and Commitments
• Materiality
This year, we updated
our materiality analysis to strengthen
our Sustainability Strategy’s foundations.
SUSTAINABILITY
STRATEGY
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Evolving our
Sustainability
Governance
Sustainability is at the core of our vision and
strategy, not only in reducing our environ
mental impact, but also as an opportunity
to improve the lives of the communities and
collaborators we interact with. We believe
that a comprehensive strategy strengthens
their well-being, laying the foundation for
solid, long-term growth.
Sustainable
governance
structure
We recognize that having solid gover
nance is essential to ensure a responsible
operation, creating long-term value, and
addressing the risks and opportunities as
sociated with sustainability. Our corporate
governance has strengthened over time to
respond to environmental risks and oppor
tunities, as well as growing social needs.
Through active leadership and best practic
es, we have integrated sustainability as part
of our Board of Directors’ vision, laying the
foundation for the future we want to build.
Since 2005, we have been signatories to the
United Nations Global Compact, with a com
mitment to align our business and strategy
with its ten principles. Internally, we have
teams, processes, forums, and governance
bodies dedicated to define, manage and
promote the Sustainability Strategy.
The Sustainability
Strategy is approved at
the highest level by our
Board of Directors.
Policies
Sustainability Policy,
Code of Ethics
See more
Materiality Focus
Guides our
Sustainability Strategy
See more
FEMSA Culture
Committed to continuous
improvement
See more
Sustainability
Department
Sustainability Strategy
Governance and
Environment
JEDI
Fundación FEMSA
Social Value
Sustainability,
Diversity, and Inclusion
Committee
Board of Directors
Sustainability Governance Structure
Advises the Board on
sustainability topics
Assesses risks and the
environment to integrate
them into the business
strategy. Makes decisions
considering sustainability
and risks, ensuring a
direction aligned with
business growth. Is
periodically informed on
sustainability progress.
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Board of Directors
Our Board of Directors oversees the Sus
tainability Strategy’s progress. To this end,
the Board includes sustainability topics on
the agenda of each of its meetings since
2023. These topics include the progress
of key performance indicators and public
targets, risks, and opportunities related
to climate change, results from interna
tional rating agencies on environmental,
social, and corporate governance (ESG)
topics, among others. These topics are
also reviewed within the Operations and
Strategy Committee.
The Chairman of the Board provides
leadership to achieve our sustainability
commitments, overseeing matters related
to the pillars that make up the sustainable
strategy. To this end, this position relies
on the Sustainability, Diversity, and
Inclusion Committee.
Sustainability, Diversity, and
Inclusion Committee
We created the Sustainability, Diversity, and
Inclusion Committee in 2021. It is made
up of executives from all Business Units,
as well as executives from the corporate
functional areas. We seek it to have a
diverse representation of the businesses,
demographics, and nationalities within our
organization. Its objective is to support
the Board of Directors in the integration
of Sustainability principles into manage
ment processes, promoting the sector’s
best practices across all activities, and thus
creating long-term value.
This Committee meets quarterly to guide,
update, and oversee the implementation of
our Sustainability Strategy. Our 2023 Annu
al Report shows the Committee’s activities
and composition in greater detail here.
Sustainability Department
Chief Sustainability Officer
Appointment
2024 was a key year for sustainable gov
ernance in our organization, as Jessica
Ponce was appointed as Chief Sustainability
Officer, effective May 1st. With this, we seek
to further strengthen collaboration between
the businesses and stakeholders, ensuring a
more effective and coordinated implementa
tion of the Sustainability Strategy.
•
This new Sustainability Department
reports directly to our CEO and
Executive Chairman.
•
Leads the teams of Governance and
Environment, Fundación FEMSA, Justice,
Equity, Diversity and Inclusion (JEDI), and,
as of this year, Social Value.
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Social Value
To strengthen and integrate our efforts
to generate social value, we established
the Social Value Department within the
Sustainability Department. This depart
ment will guide a team dedicated to align
our efforts, create synergies, and promote
initiatives that respond to the priorities
and needs of our businesses, as well as to
the social particularities of the geographies
where we are present.
The Social Value Department will work
transversally with the different areas and
Business Units, ensuring the effective
implementation of the different initiatives.
Within this framework, we have defined two
major flagship causes for this team.
The creation of the
Social Value
Department
allows us to integrate these
efforts, which were already part
of the Sustainability Strategy,
more deeply into our daily
operations.
In this way, we aim to move closer to our vision of
making a significant contribution to the well-being of
people and communities.
1
2
Promoting the integral
development of our
collaborators and
their families
•
Promote social mobility through
the development and education
of employees and their families
•
Comprehensive support to
enhance the well-being of
employees and their families
Strengthening the
social fabric of our
communities
•
Empower civil society
organizations to improve living
conditions in their communities
•
Provide underrepresented
or vulnerable communities
opportunity for development
Flagship causes
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The Executive Team
oversees business growth
to create economic
and social value for
all stakeholders.
Executive Team
Our executive leaders have extensive
professional experience in the sectors we
participate in. They set corporate goals and
oversee the fulfillment of strategic objec
tives. The executive team is also a key part
of the planning and execution of the Sus
tainability Strategy, overseeing the results
of its implementation and the accomplish
ment of sustainability goals.
FEMSA’s Sustainability Team
This team is composed of experts in var
ious areas addressing Sustainability. It is
responsible for formulating, developing,
implementing, monitoring, and reporting
progress on the Sustainability Strategy.
One of its main functions is to share and
integrate best practices from the industries
we participate in with the different teams in
our Business Units and corporate func
tional areas. It also leads the Sustainability
Committee’s meetings and promotes the
achievement of corporate objectives.
Business Units Sustainability Teams
Our Business Units’ sustainability teams
are responsible for the development,
implementation, and coordination of each
Business Unit’s Sustainability Strategy.
They achieve the development, execution,
monitoring, and reporting of key initiatives,
as well as the engagement of internal
stakeholders with external ones. Internally,
they contribute to identify and prioritize
our operations’ material topics, as well as
sustainability risks and opportunities. They
collaborate with corporate areas to incor
porate the sustainability agenda into their
programs and activities. Externally, they are
responsible for maintaining contact with
communities related to the operations and
understanding their sustainability expecta
tions. In addition, they also collaborate in
external communication efforts.
For more details on the role Corporate Governance plays in risk man
agement, please refer to the Corporate Governance section.
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Sustainability Strategy and Commitments
One of FEMSA Forward’s
6 priorities is rooted
sustainability, focused
on being a sustainable,
equitable, diverse, and
inclusive organization,
setting an example in
the communities where
we operate.
We strive to integrate this vision into every
aspect of our business model, adopting a
global perspective that enables us to ad
dress environmental, social, and economic
challenges in a comprehensive manner. This
approach guides us to innovate, collaborate
with strategic allies, and promote respon
sible practices that contribute to a more
equitable and sustainable future for all.
To achieve this, we have a Sustainability
Strategy based on a solid corporate gover
nance framework, which guarantees trans
parency, commitment, and alignment with
our long-term goals. This strategy is articu
lated around three key pillars that reflect our
strategic priorities:
Our People: We seek a cultural transfor
mation that promotes and respects human
and labor rights, inclusion, and diversity. We
create safe working environments, free of
discrimination and harassment, fostering the
integral well-being of our collaborators.
Our Community: We seek for a balanced,
sensitive, tolerant, and respectful relation
ship with our surroundings. We work to
strengthen internal capacities that allow us
to build relationships with the community
based on dialogue. We engage as a responsi
ble and collaborative neighbor.
Our Planet: We seek to maintain a balanced
vision between the growth of our Business
Units and the respect for the environment.
We understand the importance of collab
orating and evolving toward a low-carbon
economy, optimizing the management and
protection of water resources, and improv
ing our actions toward a circular economy.
These 3 pillars in the strategy are deployed
across nine priority topics. Each of these
has been focused on addressing the
most relevant challenges, ensuring that
our actions are impactful, measurable
and aligned with stakeholder expec
tations. This is also aligned with the UN’s
Sustainable Development Goals (SDGs).
For more details on our contribution to the SDGs,
see page 143.
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FEMSA’s Priority Topics
FEMSA Strategic Sustainability Framework
Our People
Our Community
Our Planet
Human and Labor Rights
Community Well-being
Climate Action
Diversity, Equity and Inclusion
Economic Development
Water Management
Integral Well-being
Sustainable Sourcing
Circular Economy
Corporate Governance
Corporate Responsibility
Ethical and Socially Responsible Conduct
Fiduciary Responsibility
Although each of our businesses faces
different sustainability challenges due to
particularities in their industries and their
stakeholders’ expectations, there are key
topics that share a significant impact. Based
on FEMSA’s commitment to strong corpo
rate governance, we have identified and
prioritized 30 focus areas, grouped into
9 priority topics across 3 strategic pillars.
This structure reflects our stakeholders’
perspectives and covers the most relevant
aspects across all businesses.
See more.
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Some key results for 2024
Our People
+6.1 million hours of training invested
in collaborators
+5,600 seniors, +2,600 people with
disabilities, and +1,300 refugees and
migrants are collaborators
45% of our collaborators are women
Our Community
+Ps. 89 million raised and donated to
more than 400 institutions through the
Cambio x Cambio, Redondeo, and Dona
tu Vuelto programs
+2,000 volunteering activities
+1,200 community initiatives
Our Planet
In Proximity Mexico, around 65%
of energy consumption came from
renewable sources
20,250 solar panels installed at
work centers
+400 electric vehicles in our operations
2005
2008
2010
2015
2017
2020
2021
2022
2023
2024
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We became a signatory to the
United Nations Global Compact
(UNGC) and published our first
Sustainability Report.
Sustainability Milestones Summary
We started reporting
under GRI standards
We were included in the
BMV’s Green Index.
We were included
in the FTSE4GOOD
index.
We were included
in the Dow Jones
Sustainability MILA
Pacific Alliance Index.
We were included in
the S&P/BMV Total
Mexico ESG index.
We began reporting
Sustainability Accounting
Standards Board (SASB)
indicators.
We issued our first
Sustainability-Linked
Bond, the largest issued
by any company in Latin
America; the second was
issued in 2022.
We started reporting
on climate scenarios
following the Task Force on
Climate-related Financial
Disclosures (TCFD)
recommendations.
We were included in
the Bloomberg Gender
Equality Index (GEI).
We became a supporter
of the Task Force on
Climate-related Financial
Disclosures (TCFD).
We were included in the
S&P Global 2024 Sustainability
Yearbook for the first time.
We were included in the DJSI
World Index
World Index
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Public Goals
As part of our corporate-level commitments, in 2021 we established a set of 2030 vision goals aligned with the Sustainability Strategy.
These goals bring us closer to building a better world, providing solutions to the most pressing challenges facing communities today.
PILLAR
PRIORITY TOPIC
2030 GOALS
2024
2023
BASELINE
Our People
Human and labor rights
More than 90% of collaborators engaged
88.5%
88%
88% (2023)
Integral well-being
100% of collaborators with access to a
psychosocial support system
85%
81%
81% (2023)
Diversity, equity, and inclusion
40% of executive positions9 held by women
33%
30%
20% (2020)
Our Community
Community well-being
20 million people benefited by community
well-being initiatives
11.9 million
9.5 million
2.9 million (2021)
Sustainable sourcing
90% of purchases from local suppliers in all
Business Units
77%
69%
64% (2021)
Our Planet
Climate action
85% renewable energy in all our operations
65.3%
62.4%
22% (2017)
Water management
Achieve a neutral water balance in all our
operations
70%
81%
81% (2021)
Circular economy
Zero waste from operations sent to landfills
76%
73.4%
52% (2019)
9. This goal does not apply to, nor does it include collaborators from our U.S. operations.
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Sustainability-Linked Bonds
The objective of the
Sustainability-Linked Bond
since its issuance has been
to maximize the impact
and synergies between
the operational and
sustainability strategies
of our business verticals.
In 2024, we continued
working on several
fronts to reach our Key
Sustainability Performance
Indicators.
FEMSA
Our Sustainability-Linked Bond Framework was developed in
accordance with the 2020 Sustainability-Linked Bond Principles
(SLBP) established by the International Capital Market Association.
This framework incorporates two key performance indicators (SLBP)
that are aligned with the sustainability performance targets (SPTs)
projected for 2030.
•
SPT1: Increase the percentage of waste diverted from landfills to
65% by 2025 and 100% by 2030.
•
SPT 2: Increase annual sourcing of renewable electricity to 65%
by 2025 and 85% by 2030.
FEMSA’s SPT performance
KPI
2022
2023
2024
SPT 2025
SPT 2030
Percentage of operational waste diverted from landfills
68.7%
73.4%
76%
65.0%
100.0%
Percentage of total electricity consumption from renewable sources
58.0%
62.4%
65.3%
65.0%
85.0%
65.3%
of total electricity
consumption in 2024 came
from renewable sources.
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Coca-Cola
FEMSA
In September 2021, at Coca-Cola FEMSA, we
issued the first sustainability-linked bond in
the Mexican market for a total amount of
Ps. 9.4 billion, aligned with the Sustainabil
ity-Linked Bond Principles (SLBP) and the
Sustainability-Linked Bond Framework.
As part of our commitment to the sus
tainable management of water, this first
issuance focused on the efficient and re
sponsible use of water resources. Progress
is measured through an SPT (Sustainability
Performance Target) that evaluates the
total volume of water extracted at our
bottling plants, expressed in relation to
the total volume of beverages produced.
Our target is to achieve a water usage ratio
(liters of water used per liter of beverage
produced) of 1.26 by 2026.
KPI10
2022
2023
2024
Water Use Ratio (WUR)
1.4611
1.42
1.38*
10. If these targets are not met by the stipulated dates—which will be verified by an accredited external party—the interest rate will be increased by 25 basis points.
11. For the purposes of these metrics, we consider distribution centers managed by the company that are either company-owned or third party-owned. Information on plants acquired in 2022 is reported according to these metrics in this report.
In August 2024, Coca-Cola FEMSA
achieved its intermediate goal,
reaching a water use efficiency ratio of
1.36
liters per liter of beverage produced.
This achievement was confirmed by an
independent third-party verifier.
* In August 2024, we met our intermediate target of 1.36 liters of water used per liter of beverage produced.
To reach this intermediate goal, we invested over US$ 79 million in programs based on a water efficiency management model since 2022. Achieving this water effi
ciency measure positions us as a leader in water efficiency in the beverage industry.
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Sustainability Evaluations
We strengthen our commitment to trans
parency by actively participating in external
evaluations that measure and compare
our ESG performance against other leading
global companies. Evaluation tools from S&P
Global, MSCI, Sustainalytics, FTSE Russell,
and CDP allow us not only to monitor
progress, but also identify areas of oppor
tunity to strengthen strategies.
These results reflect an effort to align with
the highest international standards and gen
erate a positive impact on our stakeholders.
We are proud to share the results for 2024,
which show remarkable performance in
various sustainability assessments.
2024 Results*
Corporate Sustainability
Assessment (CSA) by S&P Global
Scale from 0 to 100 Result: 71
Highlights:
We were included in the “Dow Jones
Sustainability World Index” for the
first time, being one of the first Mexican
companies to achieve it.
For the seventh consecutive year,
we maintained our inclusion in the “Dow
Jones Sustainability Index MILA Pacific
Alliance”.
For the second consecutive year, we were
included in the “Sustainability Yearbook”.
For the fifth consecutive year, we have
improved our rating.
MSCI ESG Ratings
Scale from CCC to AAA Result: AA
Highlights:
We improved our rating to AA in the MSCI ESG
Ratings Evaluation, which positions us as a “Lead
ing Company” in the sector in terms of managing
the most important ESG risks and opportunities.
FTSE Russell
Scale from 0 to 5 Result: 3.1
Highlights:
We maintained the inclusion of our stock in the
FTSE4Good Index Series.
CDP
Scale from D to A Result: B
Highlights:
We obtained a B rating, which places us
in the “Management” level in both the
“Climate Change” and “Water Resilience”
questionnaires.
Sustainalytics
Scale from 100 to 0 Result: 24.7
Highlights:
Our risk rating remained unchanged at a
“Medium” risk level.
*Scales ordered from worst to best.
1
2
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Introduction / Strategy / Operational Performance / Sustainability Performance
Materiality
In 2024, we updated our materiality
analysis, making it more robust and
aligning it with sustainable business
management best practices. This
analysis considers new international
standards, such as IFRS S1 and S2,
the European Union’s Corporate
Sustainability Reporting Directive
(CSRD), and other recognized
international frameworks.
This analysis was developed with a double focus approach:
This comprehensive approach allowed us to
identify and prioritize sustainability impacts,
risks and opportunities (IROs) throughout our
value chain, covering both our operations and
upstream and downstream relations. This
will strengthen the internal ability to manage
these factors strategically and in line with
regulatory and stakeholder expectations.
Our assessment also guides our disclosure
and reporting efforts, ensuring that
business decisions are based on updated
and relevant information. We will continue
to review our materiality annually, updating
our list of material topics to remain aligned
with the evolving environment and business
priorities periodically.
Impact materiality:
Evaluates how our activities affect the
environment, society, and communities
we interact with.
Financial materiality:
Analyzes how environmental, social, and
governance (ESG) factors can influence
our results and financial value over time.
DOUBLE
MATERIALITY
1
2
3
4
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This process was carried out in 4 stages:
We analyzed our internal and external envi
ronments to identify the most relevant topics
to prioritize with our stakeholders. We also
reviewed materiality analyses from different
industries, like beverages, retail, and digital.
Finally, we consulted international standards,
including CSRD, IFRS, GRI, and SASB.
We conducted interviews, surveys, and other
outreach with leaders inside and outside of
FEMSA, including our CEO, members of the
Board, and our executive team. We con
sulted key stakeholders such as investors,
media, insurers, NGOs, and suppliers in 15
countries across the Americas and Europe.
We thoroughly process and analyze all
scores, opinions, and results obtained.
We reviewed these results with internal
teams and ensured alignment with our
strategic vision. We then communicated
these results and will integrate them into
the Sustainability Strategy, ensuring that our
actions meet all stakeholder expectations
and contribute to long-term impacts.
Research, compilation, and
analysis of information
Stakeholder engagement
Building materiality matrices
Validation of results,
communication, and integration
into the Sustainability Strategy
C
D
F
A
E
B
A
B
C
D
E
F
G
H
I
B
C
A
D
E
F
H
G
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Materiality Matrix
This materiality matrix shows the key topics
evaluated according to their materiality of
impact (Y axis) and their financial materi
ality (X axis). The analysis, carried out with
the participation of various stakeholders—
collaborators, investors, executive leaders,
business organizations, suppliers, among
others—reflects each topic’s relative impor
tance. The topics located in the upper right
are the most relevant in both dimensions,
so we will prioritize their management,
aligning our actions with the expectations
of stakeholders and the main international
sustainability standards.
IMPACT Materiality
FINANCIAL Materiality
ENVIRONMENT
A Circular economy and materials efficiency
B Climate change preparedness and response to its impacts
C Ecosystem health, protection, and regeneration
D Greenhouse gas emissions reduction
E Increasing use of renewable energy and energy efficiency
F Responsible water use and watershed protection
G Sustainable ingredient sourcing and traceability
H Waste management and reduction
SOCIAL
A Accessible, inclusive, and affordable products and services
B Community impact, engagement, and resilience
C Consumer behaviors, healthy lives, and lifestyles
D Digital and technological inclusion
E Diversity, equity, inclusion, and justice throughout the
value chain
F Economic development and SME engagement
G Employee well-being and development
H Human rights throughout the value chain
I Responsible procurement and supplier engagement
GOVERNANCE
A Corporate ethics, compliance and governance
B Information accessibility and responsible marketing
C Innovation and digitalization
D Privacy, data security, and responsible use of technology
E Public policy engagement and advocacy
F Quality and safety of products and services
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SOME KEY FINDINGS FROM THE MATERIALITY ANALYSIS
The importance of environmental
challenges increases over time.
Stakeholders noted that environmen
tal issues have increased in relevance
and will continue to do so, becoming
the highest priority in both approach
es. The current and future impact of
the environment on the economy is
evident, and this creates a need to
address it effectively and assertively.
Stakeholders recognize FEMSA’s
historical commitment to social
impact. Responses to our analysis
highlighted the work we have done as
a company for the well-being of our
employees, the development of the
communities we operate in, and the
development of our supply chain.
The connection between environ
mental and social problems gener
ates multiplier effects. For example,
the impact of climate-related crises at
the global level is not only an envi
ronmental challenge, but also affects
the development of communities,
amplifying its long-term effects. This
interconnectedness also presents
an opportunity to develop compre
hensive solutions that address both
aspects simultaneously, strengthening
sustainable development and environ
mental adaptation.
Measuring impact is still challeng
ing. Stakeholders noted that quanti
fying the benefits and return on in
vestment in social and environmental
issues is still complex. This difficulty
is even more pronounced in markets
outside Mexico.
Next Steps: Updating our Sustainability
Strategy and Goals
Based on the results obtained in the materiality analy
sis, we will review and update our Sustainability Strate
gy and Framework to align with the expectations of the
business and our stakeholders more effectively.
As part of this process, we will analyze the measure
ment criteria and scope of our public goals, with the
aim of validating or adjusting current parameters so
that they continue to be highly rigorous, transparent,
consistent, and stable. We will work on this throughout
2025, and progress and adjustments will be reflected in
our 2025 sustainability results reporting, which will be
published in 2026.
For more details on our materiality analysis, please visit our website.
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•
Human Rights
•
Justice, Equity, Diversity & Inclusion
•
Integral Well-being
OUR PEOPLE
We invested
Ps. 3.9 billion
to guarantee decent, optimal, and safe
working conditions for our team.
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Collaborators by country
Argentina
4,207
Austria
238
Brazil
46,016
Colombia
25,563
Costa Rica
2,380
Chile
14,457
Ecuador
4,432
Germany
8,138
Guatemala
4,550
Luxembourg
44
Mexico
268,407
Netherlands
660
Nicaragua
1,661
Panama
1,712
Peru
1,584
Switzerland
1,515
United States of America
1,847
Uruguay
1,584
We are proud to be part of the integral de
velopment of the more than 388 thousand
FEMSA collaborators in the 18 countries
where we operate. We are committed
to providing them with workspaces and
environments that respect their human
rights and promote their growth, focusing
on respect and inclusion as key values to
ensure the integral well-being of our team.
The sum of these efforts can then translate
into the growth and strengthening of
their potential.
HIGHLIGHTS
1,359 refugees in vulnerable situations
are FEMSA collaborators.
88.5% engagement in FEMSA’s
Organizational Climate Survey.
We invested 3.2 billion pesos in decent,
optimal, and safe working conditions.
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Human Rights
At FEMSA, we are firmly committed to
promoting and respecting human rights,
as well as preventing potential risks that
could have an impact on our collaborators,
business partners, suppliers, consumers,
and other stakeholders. This commitment
encompasses both the work environment
and the communities where we operate.
We are convinced all people deserve to be
treated with dignity. Therefore, we work to
identify and proactively address any poten
tial impact that our activities may have on
human rights.
In 2024, we made significant progress in
the implementation of the Due Diligence
Model and in enhancing our organizational
climate, focusing on fostering responsible
practices and thus strengthening a positive
work environment for all. We also inte
grated human rights into the materiality
analysis, as well as in the assessment and
management of the labor risk agenda,
ensuring that these critical issues are con
sidered throughout the value chain. This
strengthens our strategic decision making
and increases our resilience against inherent
business, social, and regulatory risks.
Due Diligence Model
Our Human Rights Strategy and manage
ment approach is based on the five stages
of our Due Diligence Model, updated in
2023 to align it with the UN Guiding Principles
on Business and Human Rights.
A key element in the implementation of this
Model has been the creation of a strategic
and cohesive synergy between the mecha
nisms, policies, programs and strategies that
we have developed and implemented over
the years to promote and respect human
rights at FEMSA. This includes the effec
tive integration of multiple initiatives and
diagnostic tools. To this end, we reinforced
the way in which we process the information
gathered through Ethics Line reports, Orga
nizational Climate, and Integral Well-being
surveys, Materiality Analysis, among others.
We recognize that in the current environ
ment, there are critical matters for both
our operations and stakeholders. There
fore, through our due diligence process
and in line with our Sustainability Strategy,
we have identified and mapped various
topics we must address from a human
rights perspective, with a preventive and
interdisciplinary approach.
OBJECTIVE
Reaffirm our commitment and
responsibility to human rights
by transforming challenges into
opportunities, creating business value,
and generating a positive social impact.
2030 GOAL
More than 90% of
our collaborators
engaged
2024 RESULT
88.5% of engagement
in our Organizational
Climate Assessment
Identification
Analyze the company’s activities and human rights
that could represent a potential risk.
Evaluation
Classify and prioritize the Outstanding Human Rights
considering our operations analysis and address the results.
Grievance
Effective and agile attention to complaints about negative
Human Rights impacts detected through formal institutional
mechanisms, such as the FEMSA Ethics Line.
see page 102
Prevention
Implementation of initiatives,
processes, and policies to prevent
future Human Rights violations.
see page 103
Remediation
Repair and avoid the repetition
of negative impacts.
Identification
Evaluation
Remediation
Grievance
Prevention
FEMSA Human
Rights Due
Diligence
Model
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Our commitment is to continuously up
date and strengthen our prevention and
mitigation measures to ensure a proactive
approach aligned with the expectations of
all stakeholders.
Organizational climate
At FEMSA, we want our collaborators to feel
emotionally engaged to their work. To us,
this means recommending the company
as a place to work, feeling pride in their
achievements, intending to remain at the
company, and willing to look for ways to
create more value. We believe that this
requires having a clear purpose, and being
driven by the impact of their work on both
organizational and social success, while
developing within a work environment that
prioritizes their integral well-being.
Our Organizational Climate Survey helps us
understand the needs and expectations of
each of the generations that make up our
workforce. This has allowed us to create
effective communication channels and
strengthen the involvement of the leaders
in building a culture that is aligned with
our organizational purpose. In 2024, we
achieved 88% participation rate from the
collaborators in this survey, reaching the
goal for interaction, and consolidating our
focus on continuous improvement.
Based on these results, we want to identify
and leverage key drivers for commitment:
trust in the leaders, training and develop
ment, collaboration, and recognition. We
want our action plans to have a positive
and long lasting impact that translates into
better service and attention to all custom
ers and consumers.
Working conditions
We are striving to provide workplaces that
foster a strong risk prevention culture and
have the appropriate infrastructure for
the well-being of our people. In 2024, we
invested $114.8 million in our workplac
es, reaffirming our commitment to safe
and excellent work environments. This
investment promotes spaces with mod
ern infrastructure and robust processes
designed to prevent accidents and protect
our collaborators.
Think Lab on Human Rights in the supply chain
As part of our ongoing commitment to human rights and sustainability, we par
ticipated in the first Think Lab on Human Rights promoted by the United Nations
Global Compact. This multi-sectoral initiative represents a step forward in our jour
ney towards more responsible management, as it allows us to actively participate
in a high-level collaborative space where leading companies with good practices,
experts, civil society, and UN agencies analyze critical challenges in implementing
Human Rights Due Diligence in the supply chain. Our participation in this laborato
ry not only reinforces our commitment to the UN Guiding Principles, but also gives
us the opportunity to co-create practical tools and concrete solutions to help bridge
the gap between due diligence theory and practice along our value chain.
BEST PRACTICE
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Diversity
Appreciate and take
advantage of our differences
and uniqueness
FEMSA JEDI Model
Justice
Ensure that our systems offer
fair access and development
opportunities for all
Equity
Guarantee a leveled playing
field according to each
person’s context
Inclusion
Create a space in which
everyone feels valued
and welcome.
Justice, Equity, Diversity and Inclusion (JEDI)
2030 GOAL
40% of women in
executive positions12
2024 RESULT
33% of executive
positions held by women,
13 percentage points
more than in 2020
JEDI Model
In 2023, the JEDI strategy evolved by inte
grating the concept of Justice into the model
and adopting a new direction that works in
synergy with the Sustainability, Social Value,
and Fundación FEMSA fronts. This approach
strengthened its place as a strategic ele
ment, ensuring high-impact results for the
organization. JEDI continues to operate in
all Business Units and through the Human
Resources teams so that, together, we can
advance our sustainability agenda.
Gender equity
In 2024, we continued to make progress in
gender equity. We increased the participa
tion of women in our workforce by 13 per
centage points compared to the base year
(2020). This brings us closer to our goal of
women holding 40% of executive positions
by 2030.12
12. This goal is not applicable, nor does it include collaborators from our operations in the United States.
OBJECTIVE
To provide an inclusive work
environment for all people who
work at FEMSA’s businesses.
These achievements have been made possible by
a holistic strategy to ensure that women can fully
develop their skills from an inclusive and diverse
perspective in our workplaces.
At Coca-Cola FEMSA, we established the DEI Global
Council, integrated with 11-member body council
with the purpose of defining the global Diversity,
Equity and Inclusion (DEI) strategy, communicating
progress, and aligning efforts providing visibili
ty to best practices. We also created the Global
Accessibility Committee, responsible for reviewing,
advising, and proposing improvements in policies,
procedures and services.
J
E
D
I
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SUCCESS STORY
SUCCESS STORY
Para Ti, Para Todas
We expanded the scope of this program (For You, For Every
one) to develop committed mentors and empower women
with key tools and knowledge. We offered experiential learning
group workshops and individual coaching sessions with a gender
perspective, providing tools to lead with authenticity, purpose, and
confidence. These efforts have had a systemic and long-term impact
within the company, strengthening a culture of equity and promot
ing an environment where female talent can thrive and contribute in
meaningful ways. To date, 137 women in the organization have been
benefited in Latin America.
Training Schools
for Inclusion
At Coca-Cola FEMSA Brazil, we
empower women through our
Training Schools, providing
them with free training tools
to develop their skills and take
positions predominantly held
by men. These roles include fork
lift operation, sales promotion,
operations support, and more.
We believe that these efforts not
only benefit the individual but
also strengthen our organization
by fostering a work environment
where everyone’s talent and po
tential is valued.
By the end of 2024, we had
changed the lives of more than
700 women.
Get to know Beatriz’s testimony, who is
part of our team at Coca-Cola FEMSA Brazil,
here.
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FEMSA’s Diversity and Inclusion
Dialogues
Hagamos un Puente (Let’s Build a Bridge)
is a forum designed to connect people,
stories, and experiences within FEMSA.
This virtual forum allows collaborators
from all our Business Units and countries
to share their stories, reflect, discuss, and
learn about key topics such as gender
equity, inclusive leadership, multicultur
alism, inclusion of people with disabilities
and migrants, neurodiversity, and religious
diversity. Each edition features experts and
collaborators, creating spaces for dialogue
that are shared across communities. We
believe that Hagamos un Puente fosters
empathy, manages bias, breaks down
barriers, shares best practices, and inspires
everyone to be agents of change in their
roles and lives.
We have held 19 Hagamos
un Puente editions that have
directly impacted
+55,000
collaborators through virtual
live sessions.
At OXXO, we employed
+1,300
refugees in 2024.
Refugee employability
Our program focused on the labor, social,
and financial inclusion of refugees and
migrants has benefited more than 4,700
people, mainly in Mexico, since its launch
in 2018. This year, it was consolidated as
a key strategic priority with the creation of
the FEMSA Allyship for Immigrants and
Refugees (FAIR). This committee addresses
labor challenges such as hiring bias, remov
ing operational barriers, and funding initia
tives to support these vulnerable groups.
We are working to expand the program to
our operations in Latin America.
We have broadened the scope of the
refugee and migrant inclusion initiatives
through strategic alliances with organi
zations such as UNHCR, IOM, and IOE to
maximize their impact. We seek to promote
programs that provide support and re
sources to refugee communities to facilitate
their integration and access to employment
and educational opportunities. We also aim
to implement durable solutions that benefit
vulnerable populations and contribute to
global development goals.
Click here to listen to our Human Resources
Director at OXXO Mexico talk about how
we provide the same growth opportunities
to all collaborators, no matter where they
were born.
60
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People with disabilities at FEMSA
At FEMSA, we accept, value, and treat all
collaborators equally. We strive to integrate
people with disabilities into the workforce in
a sensitive and equitable manner. At Prove
farma, one of our FEMSA Health companies
in Ecuador, 8 collaborators with disabilities
work in the Conditioning, Packaging, and
Cardboard Recycling departments.
Learn more about their activities and Nathaly’s
testimony, who has been part of the company for
14 years, by clicking here.
This year, we also opened two inclusive
OXXO stores in Tepic and Toluca to make
life easier for our collaborators and cus
tomers. These stores are designed to be
accessibly visited and operated by people
with motor, intellectual, or cognitive disabil
ities, multiple sensory impairments, visual
impairments (low vision or blindness), and
short height.
For more information on these stores, click here.
Gender Diversity
Internal collaborators
55%
45%
Male
Female
Age Diversity
Internal collaborators
< 30 years old
30-39 years old
40-49 years old
50-59 years old
60+ years old
45%
1%
30%
8%
16%
We opened
2 inclusive
OXXO stores
to make life easier for our collaborators
and customers in Tepic and Toluca.
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2030 GOAL
100% of collaborators with
access to a psychosocial
support system
Healthy
Body
Social
Connections
Work
Life
Psychological
Well-being
Financial
Well-being
Integral Well-being
Our Well-being Model
We want to have a positive impact on our people with initiatives and
actions that enable their development and growth. In 2024, we pro
moted initiatives aligned with the Integral Well-being Model, which
aimed to:
•
Promote healthy habits that contribute to physical, mental, and
emotional health.
•
Create spaces for connection to strengthen social ties and
foster a healthy and safe work environment.
•
Activate social values through community action, volunteering,
and economic contributions to social causes.
•
Promote a culture of savings and raise awareness of the
importance of financial planning.
2024 RESULT
85% of our collaborators
have access
OBJECTIVE
Promote the Integral Well-being and
quality of life of our collaborators
and their families.
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CROSS-CUTTING INITIATIVES TO STRENGTHEN INTEGRAL WELL-BEING
+3,700,000
participations in integral well-being initiatives,
including our collaborators and other exter
nal community supporters.
+8,000
initiatives on:
• Healthy body +2,500
• Psychological
well-being +1,700
• Work Life +2,100
• Financial well-being +400
• Social connections +1,600
FEMSA
1K / 5K / 10K Race
Families and collaborators participate
simultaneously at the Monterrey, Mexico City,
San Luis Potosí, and Sao Paulo (Brazil) locations.
This race’s objective is to promote healthy
habits that contribute to physical, mental, and
emotional health, strengthen bonds, and create
a space to connect with colleagues, families, and
loved ones where FEMSA values are experienced
and promoted.
Sharing
Well-being
We inspire collaborators in all Business Units with topics
such as positive leadership, emotional resilience, and a
savings culture.
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Integral Well-being Survey
The Integral Well-being Survey is a key tool
to understand our collaborators’ percep
tion and to strengthen environments that
promote their development, both inside
and outside the workplace. Our commit
ment is clear: to create the conditions
that allow the collaborators to reach their
maximum potential.
In 2025, we will continue to enhance each
dimension of the Well-being Model with
the firm purpose of improving our collabo
rators’ quality of life. We want to prioritize
a safe work environment, psychological
and emotional well-being, strengthening
a savings culture, promoting civility and
meaningful relationships, and fostering
continuous learning.
In 2024,
+111,100
collaborators participated
in the Integral Well-being
Survey (60% of the total
number of collaborators
at year-end). Ratings for
psychological and financial
well-being were
84% and 82%,
respectively.
Mental Health at Work
In 2023, we established a public goal for
2030: to ensure that 100% of our collab
orators have access to a comprehensive
psychosocial support system.
In 2024, we took an important step by
expanding access to clinical psychology ser
vices focused on prevention and strength
ening physical and mental well-being. With
this initiative, we consolidated our integral
well-being model, which places mental
health as a fundamental pillar in building
a more resilient, inclusive, and healthy orga
nizational culture.
AMONG OUR COLLABORATORS:
85% of our collaborators have access to a
psychosocial support system. This translates to:
• 84% with access to psychotherapy at work.
• 94% with access to psychotherapy through
digital systems.
• 92% with access to facilitators focused on
promoting psychosocial well-being.
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Health and Safety at Work
To ensure the team’s well-being, we focused
on their health and safety. We encourage
self-care and address health-related risk
factors through annual health evaluations.
We also offer ongoing comprehensive train
ing to mitigate recurring risks.
We reinforce safe behaviors
and operational discipline in
order and cleanliness.
We train our collaborators to
prevent musculoskeletal injuries.
We integrate Risk/Unsafe Con
dition assessments through the
Health and Safety Commissions.
We have made significant progress in
implementing our Genoma digital strategy,
a platform designed for Health and Safety
management. As part of this strategy,
we have developed several campaigns to
encourage the adoption of change, with a
clear focus on effectively promoting and
communicating the platform’s bene
fits, including comprehensive, real-time
monitoring of our collaborators’ physical
and mental well-being, which facilitates
informed and personalized decision
making for prevention, care and follow-up.
It also fosters a caring culture, improves
productivity and reduces absenteeism
by proactively anticipating and managing
health risks.
We achieved a
4%
reduction in the lost
time injury frequency
rate (LTIFR).
Career development and
continuous learning
At FEMSA, we encourage a culture of con
tinuous learning and development for the
collaborators and their families. We offer
training designed to improve and acquire
new knowledge and skills. In 2024, our
collaborators received 6,181,088 hours
of training.
We achieved an average of
16 hours
of training per collaborator.
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To define the topics to offer training on, we
identified areas of opportunity through in
dividual evaluations, promoting the growth
of our collaborators within the organiza
tion and strengthening their performance.
Leadership Program:
FEMSA Leadership Excellence
In collaboration with Harvard, we con
ducted a new edition of this leadership
program, redesigned to align with FEMSA’s
principles. 45 leaders from Proximity &
Health and FEMSA Services participated,
obtaining a 4.9/5 rating.
Learning Platform Updates
We optimized our Success Factors (FEMSA
University) learning module by improving
its interface and functionality for more
efficient learning management.
Leadership Forum 2024
We held the first edition of this event,
aimed at high-potential executive teams,
to foster their development through
challenges related to high-impact business
initiatives. 60 executives from various units
participated, highlighting international con
ferences on collaborative leadership and
digital transformation.
Digital Coaching
We developed a coaching pilot through
a digital platform, connecting 50 collabo
rators from different Business Units with
coaches from around the world. The pro
gram received a 4.9/5 rating.
Off-site Supply Chain Program
As part of the learning strategies for the
FEMSA Supply Chain community, we part
nered with Georgetown University to design
an intensive one-week program that includ
ed a visit to the Amazon distribution center
in Baltimore. 28 executives from Coca-Cola
FEMSA and Proximity & Health participated
and received a 4.8/5 rating.
Main topics our collaborators
received training on during 2024
Ethics and Legality Culture
44,224
Information Protection
28,907
Risk and Crisis Management
21,565
Sustainability
19,353
Health & Safety
507,313
Justice, Equity, Diversity,
and Inclusion
39,355
Values, Civics, and Social Connections
32,489
Climate Change / CO2 Reduction
4,574
Water Management
8,452
Circular Economy
75,098
We awarded
3,900
scholarships to
collaborators in 2024,
a 39% increase from
the 2,800 scholarships
awarded the
previous year.
We evolved our mentoring program into its fourth generation
by incorporating artificial intelligence to improve mentor-
mentee matching and process management, achieving a
92% satisfaction rate among 85 pairs from 10 countries.
We distributed
97,636 school kits
in 2024, a 14% increase
over the 85,600 kits
delivered in 2023.
CASO DE ÉXITO
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Talent attraction and planning
Fostering Self-Development
and Internal Mobility
We want our collaborators to be able to
identify opportunities for growth within
the organization, to encourage self-devel
opment, and promote internal mobility be
tween the Business Units. This strengthens
talent retention, fosters commitment, and
ensures that knowledge and experience are
leveraged within the company, contributing
to operational continuity and development.
Integral Evaluation and
Organizational Development
Through the 360 Process internal evaluation
model, we provide all collaborators with
comprehensive feedback that allows them
to identify strengths and areas for improve
ment. This tool facilitates the development
of key skills and alignment with FEMSA’s
cultural evolution, ensuring that our teams
operate according to the company’s prin
ciples and values. By creating a culture of
continuous improvement and professional
development, we strengthen internal lead
ership and organizational competitiveness.
MBA Summer Internship Program
For more information
related to Our People, see
Sustainability Performance
Data in the Appendix.
This program is key to strengthening our strategy
to attract high-potential talent globally. Through
this initiative:
We positioned FEMSA as an attractive
employer in strategic markets, enabling us to
attract and retain highly qualified talent.
We reinforced our Employee Value
Proposition, ensuring that professionals
perceive the company as an environment for
development and growth.
We increased our presence in prestigious
universities and key markets, facilitating
the integration of new profiles that bring
innovation, strategic vision, and leadership to
the business.
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67
OUR
COMMUNITY
•
Community Well-being
•
Economic Development
•
Sustainable Sourcing
Ps. 647 million
invested in Our Community through community
well-being initiatives
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Community Well-being
We recognize our responsibility and oppor
tunity to generate positive change in the
communities where we operate. Therefore,
we are dedicated to innovation and trans
formation, adopting responsible practices
that promote collective progress.
Through strategic initiatives designed to
maximize mutual benefit, we promote
healthy lifestyles, foster safe environments,
and strengthen community engagement.
Our purpose is to contribute to economic
and social development, create prosperity
and well-being in every community we
touch, and establish ourselves as agents of
long-term positive change.
HIGHLIGHTS
2030 GOAL
20 million beneficiaries
of our community
well-being initiatives
2024 RESULT
11.9 million beneficiaries
of our initiatives
accumulated since 2021
FEMSA Health: We donated +260,000 medicine and
health product units to vulnerable communities.
Coca‑Cola FEMSA: We facilitate the installation of
78 solar systems from the EMERGE program,
focused on Renewable Energy for SMEs.
OXXO GAS: We donated +25,000 liters of
gasoline and +13,000 liters of diesel, benefiting
diverse associations.
OBJECTIVE
Contribute to economic and social
development, creating prosperity
and well-being in every community
we touch.
1
2
3
4
5
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MARRCO: Risk Attention and
Community Relations Model
MARRCO is a community care model
comprised of five stages. It focuses on
preventing inherent risks in different local
social contexts and strengthening our
relationships with the community. This
approach guides our value-creation activ
ities, seeking a positive impact adapted to
each different business model and each
community’s characteristics.
MARRCO is currently being implemented in
several of our Proximity & Health business
es, including OXXO, Bara, CAFFENIO, and
OXXO GAS. In all of these, we carried out
more than 595 community actions through
out the year, benefiting 926,601 people.
At Coca-Cola FEMSA, we have strengthened
the implementation of MARRCO over the
past year through a retraining program
focused on priority plants. Currently, the
methodology is applied in 19 plants and
their communities, located in countries
such as Mexico, Nicaragua, Guatemala,
and Colombia.
In 2024, we reorganized
the community programs
at Coca-Cola FEMSA
to strengthen our
commitment to water
security, allocating
81%
of community projects aim
to improve access to water,
sanitation, and hygiene
(vs. 75% in 2023).
Our commitment is to further strengthen
the link between these actions, the oper
ational footprint, and the specific needs
of the communities in which we operate.
Through this approach, we seek to max
imize our initiatives’ social impact and
extend those benefits to a greater number
of people, thus contributing to sustainable
development and collective well-being.
Identify and understand capabilities,
resources, objectives, needs, and
mutual priorities
Analyze and plan the risks
and opportunities to build
community programs
Agree and act on programs of
common interest after listening,
making commitments, and
implementing them
Evaluate and measure
the impact of community
engagement activities
Learn and improve capacities with
best practices and knowledge
exchange
COMMITMENT COLLABORATION TRUST DIALOGUE
MARRCO
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FEMSA Emergency Fund
We created the FEMSA Emergency Fund to
more efficiently manage our response to
natural and social disasters that may occur
in any of our regions.
A. Natural*, occur due to physical
phenomena. Such as:
•
Geophysical (earthquakes, tsunamis)
•
Hydrological (floods, avalanches)
•
Climatological (droughts, forest fires)
•
Meteorological (cyclones, storms)
•
Biological (epidemics, plagues caused
by animals and insects)
B. Social*, crisis events caused by human
action, such as:
•
Conflict
•
Violence
•
Asylum seekers/refugees
•
Major industrial accidents
•
Environmental degradation – pollution
* IFRC- International Federation of Red Cross and
Red Crescent Societies
This fund was created from the need to
provide immediate and effective support
to our collaborators and communities in
times of crisis that go beyond the scope and
response of the Business Units. This mecha
nism is complementary to the many actions
the businesses activate in these situations.
Between 2023 and 2024, this fund allowed
us to effectively respond to three natural di
sasters. We supported collaborators affect
ed by Hurricane Otis in Guerrero (Mexico)
in 2023, as well as the communities affected
by the Rio do Sul flooding in Brazil and Hur
ricane John in Guerrero (Mexico) in 2024.
In addition to the FEMSA Emergency Fund,
each of our Business Units have acted in
many emergency situations in a comple
mentary manner. This includes donations
of food, water purification trucks, medi
cines, and equipment, among others, in
countries such as Mexico, Colombia, Ecua
dor, and Chile.
We continued working to respond to these
situations with greater agility, and adapting
to our communities’ real needs in those
moments. This collaborative approach will
enable us to have a greater impact with our
investments and align our efforts with our
mission to create sustainable social value.
FEMSA EMERGENCY FUND
5 Donations
Hurricane Otis, Mexico
Rio Grande do Sul, Brazil
Hurricane John, Mexico
+US$ 3 million invested
+300,000
people benefited
36
initiatives executed
+3,300 collaborators benefited
EMERGENCY RESPONSE FROM BUSINESS UNITS
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Fostering community responsibility
Through different donation formats, we ensure that we channel resources to initiatives, projects and foundations that provide support and commodities to members of our communities.
During 2024, through Proximity & Health we channeled:
Donations from our clients
Fundraising and round-up programs
Proximity & Health facilitated the
donation of Ps. 89.7 million in do
nations from our clients thanks to its
round-up programs.
In Ecuador, FEMSA Health continued its
round-up program to facilitate these re
sources to Fundación Operación Sonrisa,
bringing comprehensive health services
to more than 130,000 children and
8,000 patients.
OXXO Mexico raised funds through its
round-up campaign, Cambio x Cambio,
reaching Ps. 61 million. These funds
were donated to six foundations dedicat
ed to providing health support and ac
companiment to vulnerable populations.
In-kind donations from our businesses
Cause
In-kind donations
Medical
assistance
FEMSA Health donated 266,684 personal
hygiene products, medicines, and other items,
directly benefiting 241,377 people.
Nutrition:
Food banks
CAFFENIO formalized a national agreement
with Banco de Alimentos de México (BAMX)
to make the allocation of food donations easier.
We were able to contribute 473 kgs of coffee
to make 9,456 grocery packages and benefit
37,824 people.
OXXO Mexico donated 418,176 units of food
products, including rice, cooking oil and milk,
among others. This benefited 79,755 people.
Support for
foundations
and social
projects
With Litros con Causa, OXXO GAS allocates
a percentage of mobility sales to social or
community benefit projects. Customers can
contribute to the selected cause directly, at no
additional cost to them. This year we supported
different institutions with 25,265 liters of gaso
line and 13,716 liters of diesel.
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Volunteering
The FEMSA Volunteer Network is made up of a group of collaborators who, along with their families and friends, join forces to create
synergies and human value chains generating a positive impact for the benefit of society. Some of the volunteer initiatives that stood out
the most during the year include:
A. Through the DUOC/UC Corporate
Volunteering alliance, which benefits a
center for technical and professional higher
education, OXXO Chile volunteers from the
Human Resources department participated
in training students, developing projects
related to their fields of study as a form of
providing work experience. This year, 6 stu
dents learned about employment benefits,
diversity, communication, and managing
people and teams.
B. Through the Healthy Childhood pro
gram at FEMSA Health in Ecuador, we
conducted 10 annual health days for chil
dren in vulnerable situations. During these
days, we provided medical screenings, free
treatment, and recreational activities, ben
efiting more than 1,400 children and their
families. In addition, we have an entertain
ment area designated for children where
our corporate volunteers also participate.
C. CAFFENIO in Hermosillo activated a com
munity transformation program through
reforestation volunteering, achieving the
installation of an irrigation system and the
planting of 80 native-species trees in its
first edition. These were registered on the
ECOZONAS platform promoted by WRI.
We carried out
+423
thousand
hours of volunteer work.
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Promoting healthy lives
Nutrition
During the year, we implemented several
key initiatives as part of our nutrition strat
egy at Valora. We launched Nutriscore and
Ecoscore for private label products, provid
ing consumers with clear information about
the nutritional quality and environmental
impact of the products they consume.
We strengthened our commitment to
sustainability through a new partnership
between BackWerk and Oatly, ensuring the
availability of oat milk in all BackWerk stores.
This collaboration encourages responsible
consumption, as oat milk generates
45% less CO2eq emissions compared to
cow’s milk.
In Chile, we promoted the Good Meal
Project Alliance to reduce food waste. This
initiative was created to address low annual
food donation rates in our stores. We part
nered with Good Meal, a marketplace that
facilitates the sale of surplus food, helping
to reduce waste and benefit the commu
nity. In 2024, more than 1,500 active users
participated in this platform, increasing the
brand value of the companies involved.
At CAFFENIO Drive and in our coffee shops,
we continue to strengthen the menu with
healthier alternatives, such as plant-based
beverages, caffeine-free options, and
products with reduced fat and sugar. These
healthy products now represent a signifi
cant percentage of the menu.
Health initiatives
In Ecuador, we have implemented the
“Healthy Childhood” program in collabo
ration with NGOs to provide health days
for children in vulnerable situations. This
program has two phases:
1.
In the first phase, we offer
laboratory tests to evalu
ate the children’s health.
2.
In the second phase,
a team of physicians
analyzes the results and
prescribes the appropri
ate treatment.
As part of the program, the children receive
free medicines and vitamins. We also set up
an entertainment area for the children, in
which corporate volunteers also participate.
During the year, we held 10 health days,
benefiting more than 1,400 children and
their families.
Employability of older adults
OXXO Mexico’s Huellas Mayores program
has become a flagship initiative, showcasing
our commitment to the well-being of older
adults and diversity within the team. This
program encourages their inclusion and
active participation in society, helping them
develop essential skills. We collaborate
with various organizations to ensure that
beneficiaries also have access to health and
wellness services. Additionally, we support
projects aimed at enhancing their quality of
life, creating a lasting positive impact.
This program seeks to involve older adults
actively in the community, strengthening
their support networks and promoting a
sense of belonging and purpose. In 2024,
we reached our goal by benefiting
13,000 people.
In 2024, we benefited
13,000
older adults through
Huellas Mayores.
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Economic
Development
We contribute to the economic, labor, finan
cial, and digital inclusion of the communi
ties where we operate through programs,
products, and services. This includes buying
from local suppliers, fostering entrepre
neurship by investing in start-ups, and
supporting the professionalization of infor
mal segments of the industries in which we
participate.
EMERGE renewable energy solutions
In 2024, we achieved significant progress in
existing initiatives that drive the transition
toward more sustainable energy sources in
small and medium-sized enterprises. One
example is the EMERGE program (Empresas
Minoristas con Energía Renovable y
Generación Eléctrica) for our traditional
channel clients. This initiative is a collabora
tion between Coca-Cola FEMSA, RedGirasol,
and the German Cooperation for Sustain
able Development (GIZ) in
Mexico, which encourages
clients to reduce their
operating costs, boost
their growth, improve their
financial health, and collec
tively reduce greenhouse
gas emissions related to
electricity consumption.
78 solar
systems installed
40 trained
installation partners
272 tons of
CO2eq reduced
Women entrepreneurs in Latin America
During the year, in Coca-Cola FEMSA we
promoted several initiatives to strengthen
its culture around female entrepreneur
ship in the communities we operate in,
with the aim of fostering gender equity,
supporting the economic empowerment of
women, and promoting their participation
in key sectors of the economy. Among the
most noteworthy actions, we implemented
training and skill-building programs, offer
ing tools and knowledge that would allow
female entrepreneurs to develop their skills
in areas such as business management,
innovation, and access to financing.
Countries initiatives
Costa Rica and
Nicaragua
MujeresON Program
Brazil
Emprenda Como uma Mulher
Colectivo Jovem Program
Nicaragua
Casa Productiva Program
Colombia
Emprendamos Juntos Program
Guatemala
Jóvenes Pioneras Program
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Financial education
At Spin, our goal is to become engines of change and promote the overall
well-being of our communities by strengthening their financial education.
Professionalization of farmers
The COSECHA Program by CAFFENIO has expanded its cover
age area, becoming a key project for the professionalization of
farmers. We provide financial support, training, and fertilizers.
Thanks to this program, 419 coffee farmers have received training
to improve their agricultural practices through workshops on the
management of agrochemical treatments, crop diversification, and
soil protection. This strengthens local economies by improving
the productivity and management of farmers through the tools
included in COSECHA.
•
Launched La UNI Spin by OXXO:
We introduced a public and free
financial education platform for all
Mexicans, available in 2025, aimed at
fostering informed and responsible
decision-making.
•
Participation in the National Financial
Education Week (SNEF): For the
second consecutive year, we participated
in Mexico’s most important financial
education event, with an interactive booth
and a talk on personal finance, impacting
approximately 1 million people.
•
Personal finance workshop for female
drivers in Mexico: In partnership with
FEMSA Proximity & Health and Scania
Mexico, we organized a workshop to
eleven women of the Female Drivers
Program, providing them with practical
knowledge and tools such as the Spin
card by OXXO to improve how they
manage their resources. This workshop
is a pilot of the impact we aim to achieve
in financial education.
Since the program’s creation
2,179
coffee growers have
participated and benefited
from this program.
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Sustainable Sourcing
At FEMSA, we strive to strengthen sus
tainability throughout the value chain. We
seek to ensure that our more than 27,500
suppliers operate with ethics and integrity,
minimizing the environmental and social
impact of business interactions. Our Sus
tainable Sourcing strategy is aligned with
the company’s priority topics and aspira
tions, enabling us to move together toward
a more responsible and sustainable future.
As part of the efforts to evolve the Procure
ment function, we incorporated indicators
aligned with the Sustainability Strategy
for the management of the value chain,
involving suppliers and business partners in
sustainability issues. Our aim was to iden
tify and share the best practices that most
closely resonate with our purpose.
2030 GOAL
90% of purchases from
local suppliers in all
Business Units
2024 RESULT
77% of our purchases in
2024 were made from
local suppliers
2024 Highlights
Suppliers with a signed letter of commitment regarding
FEMSA’s Guiding Principles13
Buyers trained in Sustainable Purchasing practices14
We seek to align our suppliers with best practices, driving our Sustainability
Strategy within the value chain.
We dedicate efforts to strengthening our internal sourcing practices in line
with the expected sustainability criteria.
We have made significant progress in the signing of letters of commitment:
Total number of collaborators trained on procurement/sourcing
ESG topics: 2,307
+12,000 suppliers have signed the commitment letter agreeing to our
“Supplier Guiding Principles”.
In the same way that we guide our external suppliers to comply with the
Supplier Guiding Principles, we also dedicate efforts to strengthening our
internal sourcing practices in line with the expected sustainability criteria.
Total training hours for collaborators on procurement/sourcing
ESG topics: 12,785
13. Suppliers Guiding Principles: We establish the minimum guidelines that our suppliers must comply within terms of Sustainability, in seven priority areas: Human Rights, Fundamental
Principles and Rights at Work, the Environment, Commitment to Communities, Information Management and Security, Relationships with Third Parties, and Legality Culture. Through
a standardized process in all Coca-Cola FEMSA operations, our suppliers accept these guidelines and commit to comply with them throughout all their productive activities.
14. The Supplier Guiding Principles were developed based on FEMSA’s Code of Ethics and Corporate Policies and contain the minimum expectations we expect our suppliers to manage
in key areas of Human and Labor Rights, Sustainability, Culture of Legality, Information Security: therefore, it is the supplier’s responsibility to adopt the necessary methods and prac
tices to comply with the Guiding Principles.
OBJECTIVE
Contribute to the economic and social
development of the communities we
operate in, looking to generate pros
perity and well-being among them.
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SUCCESS STORY
SUCCESS STORY
Fair Trade Coffee in Valora
Valora is a founding member of the Swiss Platform for Sustainable
Coffee, launched in 2024, reaffirming its commitment to a more
ethical and sustainable supply chain. In line with this initiative,
100% of Valora’s private-label coffee is certified by Fairtrade
International, ensuring responsible practices, better conditions
for producers, and sustainable farming methods that meet high
environmental standards.
Sustainability training for suppliers at Coca-Cola FEMSA
In 2024, we continued strengthening our commit
ment to sustainability through training programs
for suppliers at Coca-Cola FEMSA. Among other
things, we offer:
• EcoVadis Academy: A self-learning module
that offers ongoing sustainability training, with
curriculum certification, aimed at suppliers
and negotiators.
• S-LOCT: An online service structured in
collaboration with The Coca-Cola Company to
support suppliers on their journey towards net-
zero emissions by helping them reduce their
greenhouse gas emissions.
• REfresh Alliance: Training sessions on renewable
electricity solutions tailored to our suppliers’
needs, developed in partnership with Enel X. We
want to promote the transition to sustainable
energy sources.
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Bonsucro15 Certification at Coca-Cola FEMSA
At Coca-Cola FEMSA, we have made progress in ensuring a sustain
able supply chain for sugar, one of our main ingredients, through col
laboration with suppliers to obtain Bonsucro certification. By the end of
2024, 72% of our sugar consumption comes from Bonsucro-certified
suppliers. Additionally, 61% of agricultural suppliers we work with—
including sugar and high-fructose corn syrup—hold certifications
such as Bonsucro, VIVE, or SRA, representing 61% of the total volume
of these agricultural inputs.
15. Bonsucro is the leading global sustainability platform for sugarcane, focused on climate action and human rights, adding value to the supply chain.
SUCCESS STORY
Supplier engagement
Our Supplier Guiding Principles were
developed based on FEMSA’s Code of
Ethics and Corporate Policies and contain
the minimum expectations we expect our
suppliers to manage in key areas of Human
and Labor rights, Sustainability, Culture of
Legality, Information Security; therefore, it
is the supplier’s responsibility to adopt the
necessary methods and practices to comply
with the Guiding Principles contained in this
document in their relationship with FEMSA.
We ask our suppliers to be aware of and
comply with the Supplier Guiding Principles.
In collaboration with the Information
Security department, we have strength
ened awareness among Coca-Cola FEMSA
Procurement teams on the importance of
implementing cybersecurity controls with
suppliers. The goal is to mitigate latent risks
and prevent threats that could impact the
business. Our vision is to establish a specific
cybersecurity assessment process to rein
force protection measures with IT suppliers.
Currently, a pilot evaluation is underway,
including both new and existing suppliers.
In 2024, in Coca-Cola FEMSA we conducted
60 individual sessions with the indirect cat
egories team to delve into the Sustainability
Strategies of the top 20 suppliers by expen
diture. These sessions enabled buyers to
better understand value chains and each
supplier’s priority initiatives based on their
industry. As a result, we classified suppliers
by their Sustainability maturity level, estab
lishing a benchmark to encourage progress
and align it with allocated spending.
See Code of Ethics
Our Supplier Guiding Principles
are based on FEMSA’s
Code of Ethics
and corresponding
corporate policies.
For more information related
to Our Community, see
Sustainability Performance
Data in the Appendix.
Ps. 3,397 millones
invertidos en este pilar
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OUR
PLANET
•
Climate Action
•
Water Management
•
Circular Economy
•
+Ps. 680 million
invested in Our Planet pillar
80
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Commitment to the planet
At FEMSA, we are committed to preserving
the environment by actively managing our
environmental impact. We implement sus
tainable actions that range from emissions
reduction and efficient resource use to
proper waste management and the pro
motion of sustainable practices through
out the value chain. We strive to innovate
and adopt clean technologies, as well as
to foster a culture of sustainability among
collaborators and the communities in which
we operate. Through these initiatives, we
seek not only to minimize our environmental
impact, but also to contribute to the well-be
ing of the planet and future generations.
2024 HIGHLIGHTS
65.3% of total electricity consumption
came from renewable sources
+15,000 locations supplied with
renewable energy
76% of operational waste diverted
from landfills
30% recycled PET (rPET) in
Coca-Cola FEMSA
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Climate Action
We recognize that climate change is one of
the greatest challenges to global sustain
able development, and we are committed
to mitigate it by avoiding and reducing
greenhouse gas (GHG) emissions. To
achieve this, we have decreased the CO2eq
emissions intensity and energy intensity
linked to our operations through energy
efficiency projects, the use of renewable
energy, and improving the transportation
fleet’s sustainability.
FEMSA’s carbon footprint
Scope 1 emissions
Direct GHG emissions from sources con
trolled or owned by the organization:
•
Boilers
•
Emergency plants
•
Own vehicle fleet
•
Refrigerant gases
Scope 2 emissions
Indirect GHG emissions from the purchase
of electricity, steam, heat or air conditioning:
•
Offices
•
Stores, pharmacies and service stations
•
Plants (bottling plants and food
manufacturing)
•
Distribution centers
Scope 3 emissions
Emissions resulting from activities related
to assets that are not owned or controlled
by the organization, but that affect its value
chain indirectly:
•
Purchased and marketed products
•
Subcontracted vehicle fleet
•
Ingredients
•
Packaging
•
Business trips
•
Waste
2030 GOAL
85% renewable energy
in all our operations
2024 RESULT
65.3% of total electricity
consumption came from
renewable sources
OBJECTIVE
We are committed to mitigate
climate change by reducing our
GHG emissions.
FEMSA emissions intensity
Considering emissions from scope 1 and 2 sources
(ton CO2eq / $ Ps. million in sales)
1.9
2.1
2.5
2.7
2021
2022
2023
2024
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SUCCESS STORY
Advancing our emissions inventory
All Proximity businesses and regions conducted their CO2 emissions
inventory in 2024, including scope 3 emissions at Valora and OXXO
Chile. In doing so, we were able to improve the scope of the glob
al emissions inventory and align ourselves more precisely with
our emissions reduction targets.
Science-Based Targets
At FEMSA, we are still in the process of setting green
house gas (GHG) emissions reduction targets for
each Business Unit in line with the methodologies of
the Science Based Targets initiative (SBTi). In 2024,
FEMSA Health received validation for its 2030 targets.
Additionally, we continue the validation process for
the science-based emissions reduction targets of the
Proximity business.
With the aim of continuing to make progress toward
these ambitious goals set, during the year, we strength
ened initiatives focused on the use of renewable energy,
promoting sustainable mobility, and reducing GHG
emissions in the value chain. These actions not only
reinforced our climate commitment, but also consoli
dated our environmentally responsible and sustainable
performance in the long term.
Coca-Cola FEMSA performance
2021
2022
2023
2024
2035 Target
Reduce absolute scope 1 and 2 GHG emissions from our
operations by 50% by 2035, compared to the 2015 baseline
28%
29%
29%
27%
50%
Reduce absolute scope 3 GHG emissions from purchased
goods and services, as well as transportation and distribu
tion, by 20% by 2030, compared to the 2015 baseline
14%
17%
19%
12%
20%
FEMSA Health performance
2024
2030 Target
Reduce absolute scope 1 and 2 GHG emissions from our operations by 45% by 2030,
compared to the 2021 baseline.
6%
45%
Reduce absolute scope 3 GHG emissions from purchased goods and services, transporta
tion and distribution, and waste generated in operations by 25% by 2030, compared to the
2021 baseline.
0%*
25%
* FEMSA Health expanded its scope 3 inventory coverage, resulting in a 20% increase in A3 emissions compared to its 2021 baseline.
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Accumulated renewable energy during 2024
Mexico
1,724,031 MWh
765,470 tonnes of
CO2eq avoided
Guatemala
35,085 MWh
9,403 tonnes of
CO2eq avoided
Panama
9,617 MWh
1,895 tonnes of
CO2eq avoided
Ecuador
977 MWh
631 tonnes of
CO2eq avoided
Chile
11,493 MWh
2,740 tonnes of
CO2eq avoided
Costa Rica
111 MWh
10 tonnes of
CO2eq avoided
Brazil
196,093 MWh
10,687 tonnes of
CO2eq avoided
Uruguay
15,718 MWh
880 tonnes of
CO2eq avoided
Argentina
46,456 MWh
19,929 tonnes of
CO2eq avoided
Colombia
42,026 MWh
4,707 tonnes of
CO2eq avoided
For Our People, Our Community and Our Planet, we will continue
working to achieve our emission reduction goals.
Renewable energy
For nearly 20 years, we have been working on becoming a com
pany that prioritizes renewable energy consumption and energy
efficiency actions in its daily operations. As part of this, we aim to
supply 85% of our operations with renewable energy by 2030.
At the end of this year:
At FEMSA Health in Chile, the distribution centers and
laboratory related to the Intercarry and Milab operated
with 95% renewable energy during the year.
At FEMSA Health in Mexico, 100% of distribution centers
were supplied with renewable energy.
In Proximity Mexico, nearly 65% of energy consumption
came from renewable sources.
More than 15,000 locations across all FEMSA Business
Units were powered by renewable energy from
multiple sources.
Visit https://energia.femsa.com/
to see our real-time progress, including
the percentage of renewable energy
consumed by Business Unit.
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SUCCESS STORIES
We achieved significant progress in the distributed generation of clean energy and the installation of solar panels
in our operations. We encouraged the installation of solar panels through Power Supply Agreements (PSA) and, in
some cases, direct investment in equipment in countries such as Argentina, Ecuador, Costa Rica, and Guatemala.
Power Supply Agreements (PSA16)
Photovoltaic projects
•
We signed a contract for distributed
photovoltaic generation in Mexico,
installing over 7,300 kW, which will
generate 1,043 MWh annually—
equivalent to reducing more than
4,000 tons of CO2eq.
•
We have a contract that covers
21 OXXO distribution centers in Mexico,
equivalent to 1,800 MWh per year17.
•
We have photovoltaic projects in Guatemala, Costa
Rica, Panama, Argentina, and Uruguay, with a projected
generation of 80,000 kWh per month.
•
We installed 1,038 solar panels in stores.
•
We installed 664 solar panels with a generating capacity of
530 MWh at the Doña Tota plant. This accounts for 30% of the
plant’s electricity needs. We expect to reach 100% by 2025.
•
We installed solar panels in 12 OXXO GAS stations.
16. Although similar to Power Purchase Agreements (PPAs), Power Supply Agreements (PSAs) can sometimes be more flexible and
apply to different types of power supply agreements.
17. Calculation: 150,000 kWh per month x 12 months / 1000.
Solar energy at OXXO GAS
At OXXO GAS, we have made significant progress in the transition to
renewable energy. During 2024, we successfully installed photo
voltaic panels in twelve service stations, a key step toward reach
ing 88% renewable energy use in this segment by 2030. Additionally,
we secured clean energy through Distributed Solar Power Purchase
Agreements (PPA) with various companies for energy-consuming sites,
overcoming challenges such as geographical dispersion, reduced
installation spaces, and the collection of required documentation to
comply with the strict regulations governing service stations.
We understand that, given the complexity of the regulatory energy
environment in the countries where we operate and the scale of
our geographic footprint, achieving our ambitious targets—85% for
FEMSA—will require a great coordinated effort from all stakeholders.
We will continue collaborating with strategic partners to expand access
to and generation of renewable energy, including signing new PPAs for
several distribution centers.
In 2024, we contributed to avoid
the emission of
+800,000
tons of CO2eq in our electric
energy consumption.
27
30
34
38
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Sustainable mobility
We are still in the process of replacing our fleet of internal combustion utility vehicles with hybrid and electric models.
Energy efficiency
In Proximity & Health, we implemented
programs and measures focused on energy
savings to operate in an increasingly effi
cient manner. In 2024, we achieved signif
icant progress, including the use of LED
lighting in all stores and the implementation
of other energy-saving measures such as
capacitor banks, insulation, preventive main
tenance, and photocells, among others.
To define the way forward, we started by
identifying energy performance opportu
nities in operations through audits, walk-
throughs, and sessions. Once we gathered
this information, we shared best practices
across businesses and launched initiatives
like equipment renewals, process automa
tion and control, and the adoption of new
technologies. We continue to explore mea
sures to optimize operating procedures, in
vesting in the research and development of
alternatives that maximize energy efficiency.
In the Proximity Mexico business, we use
automation, control, and solar film systems,
generating an annual cumulative savings
of 1% to 3% over the past year. Thanks to
these efforts, at OXXO we have reduced
energy consumption by half over the past
15 years, reaffirming our commitment to
sustainability and operational efficiency.
At OXXO Chile, we set a goal to reduce en
ergy costs as part of our energy efficiency
project. As a first step, we prioritized un
derstanding electricity consumption, which
led us to digitize information. Thanks to
the implementation of Clickie’s wireless
technology, we can now monitor the
stores’ energy consumption constantly and
in real time, allowing for more informed
and effective decisions.
•
Throughout the year, we
conducted multiple pilot tests
in different vehicle formats,
as well as in different countries
where we operate.
•
We seek to collaborate with
different Original Equipment
Manufacturers (OEMs) in
the development of electric
vehicles that meet our
operational needs.
•
At OXXO GAS, we inaugurated
the construction of Parador
Majalca, a refueling point with
an integrated concept that
goes beyond the gas station,
including other businesses
such as OXXO, Doña Tota, and
mechanical services, among
others. In addition, this rest stop
will incorporate sustainability
elements such as efficient
equipment, photovoltaic panels,
and efficient water use.
FEMSA energy intensity
(GJ / $ Ps. million of sales)
2021
2022
2023
2024
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At Coca-Cola FEMSA, we implemented
electric boilers at the plants in Celaya and
Veracruz, Mexico, which will be powered by
photovoltaic systems, making them the first
in the Coca-Cola system to operate with
zero emissions. This initiative represents a
significant advance towards our GHG emis
sions reduction goals.
Adaptation to Climate Change
Climate change is one of the greatest
challenges of our time. We recognize
our responsibility and the need to adopt
mitigation and adaptation strategies that
ensure our business’s sustainability and the
resilience of the ecosystems we operate in.
In our Business Units we have developed
specific actions and plans that seek to antic
ipate the adverse effects of climate change.
At Coca-Cola FEMSA,
our strategy allows us
to implement effective
measures to prevent and
mitigate the physical risks
faced by operations.
At CAFFENIO, a large part of our efforts
have been focused on raising awareness
among coffee growers about the effects of
climate change, as well as specific adapta
tion actions in farms. We have developed
manuals and training for coffee growers on
the impact climate change has on biodiver
sity, providing them with recommendations
to promote the natural environment and
biological diversity. In 2024, we trained
around 2,211 coffee growers. To learn more
about our impact on coffee growers, please
visit the Community Well-being section.
To improve the coffee plantations’ produc
tivity and resistance to new pests and the
effects of climate change, we also facilitat
ed access to improved varieties of coffee
plants and fertilizers for producers. In
2024, we provided 123,934 plants covering
approximately 50 hectares.
In addition, together with Pronatura, we
have certified 24 coffee farms, covering 154
hectares, as Private Conservation Areas.
This process seeks to preserve forest areas
that serve as natural wildlife habitats,
protecting local biodiversity. Additionally,
certified farms obtain a Biodiversity Seal,
endorsing the company’s commitment to
preserving and prioritizing ecosystems.
We reiterate our commitment to these
spaces and the preservation of priority
ecosystems. We promote a comprehensive
strategy of cooperation and regeneration of
the social, commercial, and environmental
fabric in the regions where these farms
are located.
Risks and opportunities related to
climate change
In 2022, we started our efforts to identify
and quantify our main climate risks and op
portunities, including those of the Coca-Co
la FEMSA, OXXO, and OXXO GAS operations.
In 2023, we extended this analysis to inte
grate FEMSA Health and strengthened our
assessment on Coca-Cola FEMSA, including
all minor water basins. Multidisciplinary
groups from each Business Unit, including
departments like Sustainability, Strategic
Planning, Risk Management, Operations,
Real Estate, Marketing, Finance, Corporate
Affairs, Procurement, and Supply Chain,
worked together to identify, prioritize, and
quantify the main climate-related risks
and opportunities.
In 2024, we continued working on identify
ing and quantifying the main climate-relat
ed risks and opportunities within the orga
nization. Following international guidelines,
we aim to understand their potential finan
cial impact in the short, medium, and long
term. This allows us to adapt and prepare
our operations to be more resilient. Addi
tionally, it enables us to make appropriate
climate disclosures, considering different
climate-related scenarios.
We analyzed and evaluated physical risks
(acute and chronic) and transition risks
(current and emerging legislation, technol
ogy, legal matters, market, and reputation),
as well as opportunities in line with global
standards recommendations through a
5-step methodology. As a result, we defined
three scenarios for our internal analyses.
We believe this will help us assess climate
risks and opportunities, complying with
global standards and the Paris Agreement.
We detail this methodology
and share more information
on this exercise’s results in
our 2023 Integrated Annual
Report.
META 2030
Alcanzar un balance hídrico
neutro en todas nuestras
operaciones
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Water Management
2024 was a challenging year for our progress
towards our water balance, replenishment,
and water use efficiency goals. While we
made significant progress through initiatives
such as the Lazos de Agua Program and the
Source of Innovation Initiative, the growth
across all verticals brought with it new needs
and challenges. We must make an additional
effort to absorb this growth within existing
initiatives. Furthermore, as we expand the
coverage of the information we report for
greater transparency, our results reflect a
decrease compared to the previous year,
which respond to methodological rigor, as
well as to the effectiveness of the use of
resources.
We have strategically decided to focus ef
forts related to our water neutrality goal in
water-stressed locations. While we remain
committed to water efficiency across all op
erations, our efforts will be focused mostly
on these regions going forward. In 2025 we
18. 1 in Brazil (Mogi das Cruzes), 1 in Colombia (Tocancipá), 6 in Mexico (Apizaco, Morelia, Ojuelos, Pacífico, San Cristobal de las Casas and Toluca) and 1 in Nicaragua (Managua).
will conduct a review to update our water
balance target to reflect this approach.
We have water risk
assessment processes in
88%
of Coca-Cola FEMSA plants.
Among this year’s key new projects were
Agua para el Futuro in Guatemala, Costa
Rica, and Colombia; Filtros que dan vida in
Colombia; water neutrality initiatives in
Brazil; and the installation of water purifi
cation plants in Argentina and Colombia.
Additionally, Fundación FEMSA promoted
multi-year programs such as Resiliencia
Hídrica: Agua para Guerrero, the Latin
American Water Funds Alliance, and the
adoption of water credits in Mexico.
Meanwhile, CAFFENIO expanded its
Bosques de Niebla program, strengthening
its positive impact on ecosystems. These
efforts, recorded in the Social Initiatives
System (SIS), prioritize tangible benefits
for communities while aligning with key
environmental performance metrics.
Water Security
We recognize water basin resilience as a
fundamental factor in ensuring a long-
term sustainable operation. In 2024, we
continued using the established methodol
ogy to evaluate and quantify water replen
ishment projects and activities carried out
by our Business Units. Thanks to this ap
proach, we succesfully certified 8 plants18
under the Alliance for Water Stewardship
international standard in our Coca-Cola
FEMSA operations. We will continue with
the implementation and certification of
our priority manufacturing plants.
2023 GOAL
Achieve a neutral
water balance in all
our operations
2024 RESULT
70% progress
towards our goal
OBJECTIVE
We seek a more efficient
water consumption.
At Coca-Cola FEMSA, we comply with
all local water discharge parameters
and The Coca-Cola Company (KORE)
operational requirements.
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Our goal at Coca-Cola FEMSA is to make
our water consumption more efficient. We
want to replenish the water used in finished
products on an aggregate level, as well
as the total water used in water-stressed
locations.
To manage this issue, we use a water risk
evaluation tool aligned with ISO 31000 and
the MARRCO model, integrating compo
nents of the Aqueduct Water Risk Atlas
and Ecolab’s Water Risk Monetizer. This
tool identifies the root causes of water-re
lated risks, such as scarcity, treatment,
discharge issues, regulatory compliance,
and stakeholder concerns that may impact
operations or water supply. Through this
program, we are committed to safeguard
ing water resources, mitigating risks, and
promoting sustainable practices in our
operations and communities.
The future strategy focuses on the hydro
logical health of water basins, promoting
continuous and safe access to drinking
water. We seek to implement initiatives that
will have a long-term positive impact in the
regions where we operate. Additionally, we
will continue fostering a culture of water
stewardship and management across all
our Business Units.
To learn more about Fundación FEMSA’s efforts
on water security in communities, please
click here.
Water efficiency
Our corporate goal is to achieve a neutral
water balance across all operations by
2030. We want to maximize water use effi
ciency our production processes.
In August 2024, we announced the fulfill
ment of Coca-Cola FEMSA’s interim water
efficiency goal. We achieved an efficiency
ratio of 1.36 liters of water consumed per
liter of beverage produced, in line with the
commitments associated with the KOF 21-
2L sustainability bonds. This achievement
was verified by an independent external
party, reaffirming our commitment to re
sponsible water management.
Having reached our
intermediate goal, we
achieved a
4.2%
reduction in Coca-Cola
FEMSA’s Water Use Ratio
(WUR) compared to last
year, and a 14% reduction
from the 2018’s baseline.
To achieve this, in 2024, we advanced
technological innovation in water treat
ment, optimizing the efficiency of reuse
processes. As a result, we improved
process controls to ensure the proper use
of every liter of water extracted from our
industrial discharges.
Our main strategies for other Business
Units to minimize their impact on water
sources and to enhance efficiency in re
source consumption include:
•
OXXO reuses condensed water collected
from refrigeration and air conditioning
systems in stores, using it to supply
irrigation systems.
•
Farmacias YZA installed 47 condensation
recovery systems installed by the end of
the year. The recovered water is used for
cleaning processes and sanitary facilities.
•
Proximity & Health businesses have
replaced sanitary equipment with
low-consumption alternatives such as
efficient toilets and dry bathrooms.
Across all businesses, we monitor, prevent,
and correct leaks in the water systems. We
also continuously assess processes to iden
tify opportunities for improvement and con
tribute to reducing our water consumption.
-14%
2018
2020
2022
2024
1.58
1.49
1.46
1.36*
Coca-Cola FEMSA water efficiency
Liters of water per liter of beverage produced
* August 2024
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CAFFENIO’s Water Footprint
In collaboration with Tec de Monterrey, we
developed a strategy to reduce CAFFENIO DRIVE
coffee shops’ water footprint, identifying and
transforming opportunities into concrete projects
to improve water efficiency. This collaboration will
be presented at the International EduCon Congress
in London, highlighting our contribution to learn
and train professionals through the resolution of
real business challenges.
SUCCESS STORY
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Circular Economy
Our Sustainability Strategy includes
adopting and promoting Circular Economy
principles to support the environmental
health of the communities in which we
operate. Specifically, we encourage proper
waste management and recycling, prevent
ing waste from reaching landfills. A circular
economy offers opportunities from design
to disposal of products and services. Allows
resource saving and promoting proper
waste management.
Our public goal is to prevent 100% of
operational waste from reaching land
fills by 2030. Additionally, as part of the
Sustainability-Linked Bond, we have set
a sustainability performance target (SPT):
diverting 65% of operational waste from
landfills by 2025. We achieved this goal in
2022, having reached 68.7% since then. In
2024, progressing toward the 2030 goal, we
successfully diverted 76% of operational
waste from landfills.
2030 GOAL
Zero operational
waste to landfills
2024 RESULT
76% of our operation’s
waste were diverted
from landfills
To continue with this progress, throughout the year, we worked on key circular economy initiatives that
reinforced our focus on sustainability and reduced environmental impact. These efforts included:
Increasing the use of reusable and
recyclable packaging by promoting
alternatives within the value chain.
Increasing the recycled material
content in packaging, ensuring
recyclability and promoting
proper disposal.
Eliminating single-use plastics
from packaging.
Identifying opportunities for
improvement in waste management
through audits.
Strengthening the integration of
recycling programs to optimize
waste recovery.
Training and raising awareness
among collaborators on proper
waste management.
At FEMSA, we work to find solutions
focused on developing sustainable
consumption and production practices,
enabling us to do more and better things
with fewer resources.
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OXXO MEXICO
•
We surpassed a 20% recycling rate for
waste in 23,000 stores. This progress,
along with an 85% recycling rate for
waste generated in distribution centers,
brings our total recycling rate across our
operations to over 35%.
•
We implemented the eco-design of
private-label packaging, utilizing
recyclable materials in 62% of packaging.
•
We launched Metrika, a consulting
system for authorized service
providers that ensures proper waste
management in operations.
OXXO AMERICAS
(Colombia, Chile, Peru)
HEALTH
•
We mapped our waste footprint to
structure circular economy strategies.
•
At OXXO Chile, we have eliminated
100% of single-use plastics in stores.
This measure includes replacing them
with highly recyclable materials such as
paper, cardboard, wood, and poly-paper.
Thanks to this initiative, in 2024, we
removed at least 617 tons of plastic
from circulation.
•
In Ecuador, we implemented a Zero Waste
program, which in 2024 enabled more than
200 sales points to manage their waste through
partnerships with community based recyclers and
certified waste managers. Additionally, we set
up 18 Fybeca stores with Punto Azul, an initiative
allowing customers to properly dispose expired or
unused medications.
•
In Mexico, we achieved 85% recyclability rate for
waste generated in distribution centers. Additionally,
we implemented a reverse logistics system at 290
stores for cardboard recovery, recycling over 30 tons
of waste per year.
•
In Colombia, we developed the Camino a la
Circularidad program at our distribution center,
recovering over 523 tons of waste from 80 sales
points. The distribution center achieved 90% of
waste recycled, making it the site with the highest
percentage in 2024.
•
In Chile, over 80% of our distribution centers’
waste was recycled. In 2024, we launched pilot
recycling programs, including an alliance with
the Soymás Foundation to repurpose pharmacy
uniforms and a collaboration with Kyklos Chile to
reduce waste in operations.
OXXO GAS
•
We recycled 16% of waste in
operations by properly separating waste
and managing it through suppliers with
established recycling practices.
VALORA
•
85% of our private-label beverage bottles are now made
with rPET, bringing us closer to our 100% goal.
•
We expanded our Too Good To Go program, increasing the
availability of mystery bags to reduce food waste at the end
of store hours. In 2024, 749 stores participated, selling over
340 thousand bags and preventing nearly 947 tons of CO2
emissions associated with food waste.
COCA-COLA FEMSA
•
We diverted 98% of our operational
waste from landfills.
•
99% of the industrial waste from plants
was recycled.
•
We started operations at the PLANETA
recycled resin plant, which is capable
of processing approximately 50,000 tons
of post-consumer PET bottles per year.
94%
of our bottling plants
have a Zero Waste
certification.
To learn more about Fun
dación FEMSA’s efforts on
issues related to the circular
economy, click here.
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Introduction / Strategy / Operational Performance / Sustainability Performance
Sustainable Packaging
We are committed to innovate and develope
sustainable packaging to reduce the opera
tions’ environmental impact and contribute
to fostering a circular economy. By using
recycled materials and eco-designs, we aim
to minimize waste generation and optimize
resource use, promoting more efficient and
responsible solutions.
At Coca-Cola FEMSA, initiatives to reduce
material consumption have allowed us to avoid
the consumption of over 2,600 tons of plastic,
thanks to the development of lighter bottles,
caps, and labels. Additionally, 32% of our vol
ume are returnable bottles, their reuse as a key
strategy in our sustainable business model.
As part of the strategy, we also encourage
the integration of recycled materials in pack
aging. In 2024, we were able to incorporate
80% recycled aluminum and 30% recycled
glass in Coca-Cola FEMSA’s packaging, in
addition to a 30% rPET usage rate in bottles.
For more information on
this, visit 2024 Coca-Cola
FEMSA Integrated Report.
Consumer Goods Forum (CGF)
Through its Action Coalitions, the CGF and
its members focus on the most crucial
risks and opportunities for our industry,
aligning with the UN’s Sustainable Devel
opment Goals (SDGs). We take great pride
in pursuing best practices in collaboration
with retailers, manufacturers, and service
providers in the industry. We believe that
by fully understanding global trends,
we can strengthen our long-term sustain
able growth.
OXXO remains part of the CGF’s Plastic
Waste Action Coalition. Through this coali
tion, members work to promote the circular
economy by eliminating plastic from land
and sea.
As an example of this, by considering
packaging design as an opportunity for
positive impact, OXXO created the Eco-Design
Guide. This initiative not only educates and
raises awareness among partners, but also
promotes practices aligned with the Con
sumer Goods Forum’s Golden Design Rules
(voluntary guidelines). Its goal is to enhance
packaging circularity whenever possible.
Since 2018, Coca-Cola FEMSA has been part of
The New Plastics Economy Global Commitment,
an initiative led by the Ellen MacArthur
Foundation that brings together public and
private sector actors to accelerate the transition
to a circular economy
for plastics.
For more information data
related to Our Planet, please
see Sustainability Performance
Data in the Appendix.
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CORPORATE
GOVERNANCE
A solid corporate governance is essential for a responsible
business management and operation, ensuring commitment
and alignment with our stakeholders, with the aim of creating
long-term economic and social value.
•
Board of Directors, Committees, and Executive Team
•
Ethical and socially responsible conduct
•
Risk management
93
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Shareholders
Laws and
Regulations
Our
Community
Our
People
Our
Planet
Corporate Governance Structure
Our corporate governance
structure serves as the foundation
for sustainable long-term value
creation. The goal is to have
effective leaders, tools, policies,
and feedback systems distributed
across all levels of the company,
all of them tailored to different
levels of responsibility.
Company
bylaws
FEMSA
Code of Ethics
Internal
regulations
Corporate
Practices &
Nominations
Committee
Operations
& Strategy
Committee
Audit
Committee
Executive Team
BOARD OF DIRECTORS
supported by
For more information related
to our corporate governance,
please see our Sustainability
Performance Data in the
Appendix.
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Board of Directors & Committees / Ethical & Socially Responsible Behavior / Risk Management
Board of Directors, Committees, and Executive Team
The Board of Directors is responsible
for establishing our corporate
strategy, defining and overseeing the
implementation of our vision and values,
including sustainability, and approving
key decisions, including related-party
transactions that fall outside the ordinary
course of business. The Board operates
with the support of FEMSA’s specialized
committees and executive team, all of
whom are focused on driving sustainable
business growth.
In accordance with our bylaws and Article
24 of the Mexican Securities Market Law,
our Board of Directors should consist of up
to 21 members, with at least 25% desig
nated as independent. Our by-laws further
stipulate that holders of FEMSA B Shares
have the right to elect at least nine mem
bers, while holders of D Shares may elect at
least five members.
Since 2022, shareholders have been able to
vote for each member individually, instead
of voting for them as a slate. Members are
appointed for a single-year term and may
be re-elected at the end of their term.
FEMSA’s current Board of Directors was
elected at our Annual General Sharehold
ers’ Meeting (GSM) held on March 22nd,
2024. It is composed of 15 members,
supported by a Secretary and an Alternate
Secretary, who are not members of the
Board. José Antonio Fernández Carbajal has
served as Chairman of FEMSA’s Board of
Directors since 2001.
Our by-laws mandate that the Board of Di
rectors must meet at least once every three
months, with resolutions requiring approv
al by a majority of the voting members
present. The Board of Directors, appointed
at our GSM held on March 22nd, 2024, met
three times during 2024, and held one
more meeting in February 2025 (a total of
four sessions), with an average attendance
of 98.33%.
We continuously review and evaluate our
governance structures— including the
Board of Directors and Committees— to en
sure alignment with corporate governance
best practices. These evaluations focus on
structure, diversity, experience, and oper
ational efficiency. The Board also conducts
periodic self-assessments to enhance gov
ernance performance and effectiveness.
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Board of Directors & Committees / Ethical & Socially Responsible Behavior / Risk Management
Members of the Board of
Directors and Committees
The Board of Directors is committed to im
plementing the best corporate governance
practices, monitors economic, environmen
tal, and social risks, and promotes initia
tives that support sustainability, employee
well-being, and community development.
Sustainability is a key topic at every
meeting, covering performance indicators,
public goals and climate risks, relying on
the Sustainability, Diversity and Inclusion
Committee to align the company’s strategic
vision and positioning.
The following information summarizes the
current composition of our Board of Direc
tors. We believe that each Member brings
their unique areas of expertise and broad
professional experience to FEMSA.
Name
Series
Current position
Seniority
(since)
Alternate
José Antonio Fernández Carbajal
Chairman of the Board
Series B Director
CEO and Executive Chairman of the Board of
Directors of FEMSA
2001 as Chairman of
the Board
Francisco Javier Fernández Carbajal
Bárbara Garza Lagüera Gonda
Series B Director
Private investor and Chair of the FEMSA Collection
Acquisitions Committee
1998
Javier Gerardo Astaburuaga Sanjinés
Mariana Garza Lagüera Gonda
Series B Director
Private investor
2005
Jose Antonio Fernández Garza Lagüera
Francisco José Calderón Rojas
Series B Director
Chairman of Regio Franca, S.A. de C.V., Franca
Servicios, S.A. de C.V., Franca Industrias, S.A. de
C.V. and Servicios Administrativos de Monterrey,
S.A. de C.V.
2023
Diego Eugenio Calderón Rojas
Alfonso Garza Garza
Series B Director
Private investor
2016
Juan Carlos Garza Garza
Bertha Paula Michel González
Series B Director
Chairwoman of Casa Córdoba
2020
Maximino José Michel González
Alejandro Baillères Gual
Series B Director
Chairman of Grupo BAL, Chairman of the Governing
Board of the Instituto Tecnológico Autónomo
de México (ITAM) and Chairman of the Board of
Directors of Fundación Alberto Baillères, A.C.
2022
Arturo Fernández Pérez
Paulina Garza Lagüera Gonda
Series B Director
Private investor
2004
Eva María Garza Lagüera Gonda
Olga González Aponte
Series B Independent
Director
Executive Chairwoman and CEO of Wild Fork US
2024
Enrique F. Senior Hernández
Michael Larson
Series B Independent
Director
Chief Investment Officer at Cascade Asset
Management Company (William H. Gates III)
2011
Ricardo Guajardo Touché
Ricardo Ernesto Saldívar
Escajadillo
Series B Independent
Director
Private investor
2015
The independent Directors (D
Series) may be replaced by:
•
Michael Kahn
•
Francisco Zambrano Rodríguez
•
Alfonso González Migoya
•
Jaime A. El Koury
Víctor Alberto Tiburcio Celorio
Series D Independent
Director
Independent consultant
2019
Daniel Iñaki Alegre
Series D Independent
Director
CEO of Televisa Univisión Inc, previously CEO of
Yuga Labs, Inc
2023
Gibu Thomas
Series D Independent
Director
Executive Vice President of Online at The Estée
Lauder Companies Inc.
2023
Elane Stock
Series D Independent
Director
Business consultant
2024
Alejandro Gil Ortiz
Secretary (non-member)
General Counsel and Secretary of the Board of
Directors (non-member)
Sergio Rodríguez Pérez
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Board of Directors & Committees / Ethical & Socially Responsible Behavior / Risk Management
Supporting Committees
of the Board
FEMSA’s Board of Directors is supported
by three committees with different re
sponsibilities and oversight areas. Accord
ing to their respective focus areas, these
committees provide expert advice and
recommendations on critical strategic is
sues for the company’s success, including
recommendations regarding sustainability
strategies, objectives, and goals.
The committees’ recommendations are
submitted for the Board’s consideration
and approval. The current members of
each board committee were elected at our
GSM held on March 22nd, 2024.
More information
Audit Committee
The Audit Committee supports the Board of
Directors by carrying out activities to ensure
the integrity, reliability, and transparency of
our company’s financial reporting. Some of
its main support functions are:
•
Overseeing the management, conduct, and
execution of the businesses carried out by
FEMSA and its Business Units.
•
Reporting on the status of the Company’s
business risk management and internal
control systems.
•
Supervising External and Internal Audit
functions.
•
Reviewing financial statements and
the information issued to third parties,
both interim and annual, as well as the
accounting policies and criteria used for
their preparation.
•
Assessing judgments and contingencies
the Company may be involved in and
ensuring that they have been considered
in the preparation of the financial reports
and in the communications to third
parties issued by the Company in
this regard.
•
Reviewing the effectiveness of the
program established by the Company to
ensure compliance with applicable laws,
regulations and accounting, tax and legal
regulations, as well as reports of the
results of investigations by Management
of any cases of non-compliance, including
appropriate disciplinary actions.
•
Reviewing unusual or non-recurring
transactions, as well as the acquisition and
sale of assets that exceed five percent of
the Company’s total assets. And support it
in the review and granting of guarantees
or assumption of liabilities that exceed five
percent of the assets.
•
Ensuring compliance with the Code of
Ethics’s provisions and the proper operation
of the Ethical Compliance System established
therein.
•
Performing any other specific
responsibility assigned to it by the Board
of Directors.
Operation:
The Committee is composed solely of inde
pendent members, in line with the Mexican
Securities Market Law, the U.S. Securities Act
of 1933 provisions, and the rules of the New
York Stock Exchange Standards.
Members:
Víctor Alberto Tiburcio Celorio
Chairman, Independent and
Financial Expert
Alfonso González Migoya
Independent
Francisco Zambrano Rodríguez
Independent
Olga González Aponte
Independent
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Board of Directors & Committees / Ethical & Socially Responsible Behavior / Risk Management
Operation and Strategy Committee
This committee plays a key role in FEMSA’s
corporate governance, providing strategic
support to the Board of Directors. As of 2022,
it expanded its scope to include oversight of
the company’s operations and its Business
Units. Some of its main functions include:
•
Making recommendations to the Board
of Directors regarding the annual
operating plans and the Business Units’
strategic projects.
•
Strategically analyzing Business Unit
operations, evaluating growth alternatives
and overseeing long-term plans and
organizational transformation projects.
•
Issuing opinions on investment,
financing and risk management policies.
•
Reviewing and, if necessary,
recommending the dividend policy
for approval at the General
Shareholders’ Meeting.
•
Collaborating in the review of strategic
projects expressly requested by the
Board of Directors.
Operation:
The committee is primarily composed of inde
pendent members and is chaired by FEMSA’s
Executive Chairman of the Board.
Corporate Practices and Nominations Committee
The Corporate Practices and Nominations
Committee’s main mission is to mitigate
risks associated with transactions that may
affect the value of the company or favor
specific stakeholder groups. In addition,
it oversees the hiring and compensation
processes for the CEO and other key
executives. Since 2022, the Corporate
Practices and Nominations Committee has
incorporated supporting the Board in the
nomination and evaluation of independent
members into its activities. Some of their
main support activities to the Board are:
•
Express an opinion on the remuneration
packages of the executive president
and the CEO, as well as the policies for
the appointment and remuneration
of FEMSA Relevant Executives or
Subsidiaries.
•
Conducting the search, evaluation, and
nomination of D-Series and independent
members to ensure they meet the
necessary qualifications and experience
to support corporate decision-making.
•
Proposing new independent members
to the Board of Directors and D-Series
shareholders, providing detailed
information on their competencies and a
summary of the selection process.
•
Review and give an opinion on FEMSA’s
organizational structure, including
talent management processes and the
succession of the CEO, as well as the
directors two levels immediately below
the CEO.
•
Review and suggest the approval of
internal policies related to the use
of assets and transactions with
related parties.
Operation:
The Committee is composed exclusively of
independent Directors.
Members:
José Antonio Fernández Carbajal
Chairman
Francisco Javier Fernández Carbajal
Javier Gerardo Astaburuaga Sanjinés
Jose Antonio Fernández Garza Lagüera
Michael Larson
Independent
Enrique F. Senior Hernández
Independent
Ricardo E. Saldívar Escajadillo
Independent
Michael Kahn
Independent
Daniel Alegre
Independent
Gibu Thomas
Independent
Elane Stock
Independent
Members:
Ricardo E. Saldívar Escajadillo
Chairman, Independent
Gibu Thomas
Independent
Jaime A. El Koury
Independent
Ricardo Guajardo Touché
Independent
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Board of Directors & Committees / Ethical & Socially Responsible Behavior / Risk Management
Executive team
Our executive team
oversees growing our
business by creating
economic, social, and
environmental value for
our stakeholders.
All executive leaders have extensive
professional experience in the industries
related to our businesses.
José Antonio Fernández
Carbajal
Executive Chairman of the Board of
Directors and Chief Executive Officer
(CEO) of FEMSA
He began his career at FEMSA in
1988, serving in various positions,
including CEO of OXXO. He was
appointed CEO of FEMSA in 1995
and Chairman of the Board in 2001,
serving in both positions until Decem
ber 2013. He is also Chairman of the
Board of Coca-Cola FEMSA, Chairman
of the Board of trustees of Fundación
FEMSA, A.C., and board member of
Industrias Peñoles, S.A.B. de C.V. He
has been a member of the Board of
Trustees of Tecnológico de Monter
rey since 1990, where he served as
Chairman of the Board from 2012 to
2023. In 2017, he was elected as a
member of MIT Corporation, where
he participates in the Student Life
Committee and the Undergraduate
and Graduate Education Committee.
He is also a member of the Board
of Global Advisors of the Council on
Foreign Relations. He holds a degree
in Industrial and Systems Engineering
from Tecnológico de Monterrey,
where he earned an MBA in 1978 and
has been a professor for more than
20 years.
Jose Antonio Fernández
Garza-Lagüera
Chief Executive Officer,
FEMSA Proximity & Health
He assumed his role since November
2023, driving the expansion in retail
formats including convenience stores,
discount stores, pharmacies, and gas
stations, operating iconic brands such
as OXXO, Farmacias YZA, Cruz Verde,
and Tiendas Bara, among others. He
was the Digital Division’s Director
from 2022, where he developed Spin,
the loyalty and B2B finance platform.
His career at FEMSA began in 2018
as Head of Strategic Planning for
OXXO Mexico. Before joining FEMSA
Comercio, he led the Central Ameri
ca Division of Coca-Cola FEMSA from
2015 to 2018. Previously, he held key
roles such as CEO of FEMSA’s Plastics
Division and Sales and Operations
Manager at HEINEKEN Mexico in Mex
ico City. He holds a degree in Indus
trial Engineering from Tecnológico de
Monterrey and an MBA from Stan
ford. He is known for his commitment
to education and entrepreneurship,
teaching a class on entrepreneurship
and serving as the founding president
of the Entrepreneurship Institute
Council at Tecnológico de Monterrey.
Ian Craig
Chief Executive Officer,
Coca-Cola FEMSA
Mr. Craig joined Coca-Cola FEMSA
in 2003 and was appointed to his
current position in 2023. With over
30 years of experience in the bever
age industry, he previously served in
several senior management positions,
including Chief Operating Officer
of Brazil, Chief Operating Officer of
Argentina, CFO and Strategic Planning
Director of South America Division,
CFO, Planning and Corporate Affairs
Director of Mercosur Region, and Cor
porate Finance and Treasury Director
of Coca-Cola FEMSA.
Mr. Craig earned a bachelor’s degree
in Industrial and Systems Engineering
from ITESM, an MBA from the Uni
versity of Chicago Booth School of
Business, and a master’s degree in
international Commercial Law
from ITESM.
Juan Carlos Guillermety
Chief Executive Officer, Spin
(formerly Digital@FEMSA)
In November 2023, Juan Carlos
Guillermety became CEO of
Digital@FEMSA. Having worked in the
financial industry for over 15 years,
he has held executive and manage
ment roles in planning, business
development, and innovation, among
others. He also has experience in
consulting, banking, and investment
banking with BCG and JPMorgan.
He was Vice President and General
Manager of Nu+ and Marketplace at
Nubank for more than four years. He
previously spent more than ten years
in key management roles at VISA,
including key Director of Emerging
Digital Markets in Latin America and
Vice President of Products and Inno
vation. He holds degrees in Industrial
Engineering from Purdue University
in the United States and Universidad
de los Andes in Colombia. He holds
an MBA at Northwestern University’s
Kellogg School of Management and
completed executive studies there
and at Harvard Business School in the
United States.
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Martín Arias Yániz
Chief Financial Officer (CFO), FEMSA
Since April 2024, he is the Chief Finan
cial Officer of FEMSA. From 2003 to
2014, he had various responsibilities
for mergers and acquisitions, or M&A,
as well as Corporate Treasury and
Strategic Planning at Coca-Cola FEMSA.
From 2014 to 2019, he was Director
of Strategic Planning and Corporate
Development at FEMSA. In 2019, he left
FEMSA and worked as a financial and
strategic advisor and board member
for several companies, including Copa
Airlines, Grand Bay Group, focused on
consumer paper products, and Haci
enda El Limon, which focuses on real
estate. In addition, during this time,
he continued to serve as an external
advisor to FEMSA and worked on all
transactions relating to FEMSA Forward.
From 1992 to 1996, he worked at
Cleary Gottlieb Steen & Hamilton as
a corporate attorney in New York,
specializing in Latin America M&A
and capital markets. Subsequently,
he worked at Morgan Stanley as an
Associate, Vice President and Execu
tive Director in Latin American M&A
based in New York from 1996 to 2003,
specializing in the consumer, telecom
and utilities industries.
Roberto Campa Cifrián
Corporate Affairs Officer, FEMSA
He joined FEMSA in 2019, after a long
career in the public, private, and social
sectors. He has served as Secretary
of Labor and Social Welfare, Deputy
Secretary, and Head of the Federal
Consumer Protection Agency. He has
also served as a representative in the
Mexico City Legislative Assembly and
as a federal congressional represen
tative. He holds a law degree from
Universidad Anáhuac, where he is also
a professor of macroeconomic theory
and President of the Federation of
Student Societies.
Gerardo Estrada Attolini
Administration and Corporate Control
Officer, FEMSA
He joined FEMSA in 2000 and was ap
pointed to his current position in 2020.
Previously, he served as Chief Financial
Officer of FEMSA Cerveza and Corpo
rate Finance Vice President of FEMSA.
Prior to FEMSA, he served in various
executive level positions in the finan
cial and industrial sectors of Mexican
companies. He holds an Accounting
degree and an MBA from Tecnológico
de Monterrey.
Enrique González Zorrilla
Vice President of Projects, FEMSA
Enrique has more than two decades of
diverse leadership experience within
FEMSA. He joined in 2000, after spend
ing 4 years at Grupo Alfa and 6 years of
strategic consulting at Boston Consult
ing Group (BCG). Enrique began his ca
reer at OXXO, where he led initiatives
in e-commerce and technology. He
was part of the team that accelerated
OXXO´s growth and transformation,
serving as Supply Chain Director for 5
years and National Director of Oper
ations in Mexico for 6 years. He has
been involved in the development of
new business platforms, leading the
creation of the Health Division in Mex
ico and Latin America, as well as the
distribution platform Envoy Solutions
in the US, which is now Bradyplus,
where he is a board member. Enrique
currently leads several enabling busi
nesses at FEMSA and key projects for
the company. Enrique holds a bache
lor’s degree in Mechanical Engineering
Management from Tecnológico de
Monterrey and an MBA from Wharton
Business School.
Jessica Ponce de León Gaitán
Chief Sustainability Officer, FEMSA
As of May 1st, 2024, Jessica Ponce is
FEMSA’s Chief Sustainability Officer.
She has over 20 years of experience.
She has worked in the logistics indus
try, as well as in the FMCG industry
and on projects in various countries
in Latin America, both within FEMSA
and in companies outside the group.
She has worked in several functions
including commercial, operations, hu
man resources, strategic planning and
supply chain. Prior to her current po
sition, she was Chief Executive Officer
of Solistica, a logistics operator with
presence in 7 Latin American countries
and over 22,000 employees, where she
also held the position of Global Trans
portation Director from 2020 to 2022.
She holds a degree in Industrial and
Systems Engineering from Tecnológico
de Monterrey.
Raymundo Yutani Vela
Vice President of Human
Resources, FEMSA
He was appointed Vice-President of
Human Resources at FEMSA in 2018.
He joined FEMSA Comercio in 1999
as Director of Human Resources, a
position he held until 2014. Between
2014 and 2018, he was Director of
Human Resources at Coca-Cola FEMSA.
Before joining the company, he was
Director of Human Resources North
at Banca Serfín, today, Santander.
He graduated as a Public Accountant
and has a master’s degree in Business
Administration from the Universidad
Regiomontana. Additionally, he
completed the AD1 program at IPADE
and is certified as a Coach by
Newfield Consulting.
Executive team (continued)
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Ethical and socially responsible conduct
We foster ethical and
socially responsible conduct
throughout the organization,
focusing on establishing a
culture of integrity and legal
compliance, expanding risk
management strategies and
reinforcing sustainability,
always ensuring respect for
human rights.
We comply with all applicable Mexican and
U.S. laws, rules and regulations, including the
Mexican Securities Market Law and the U.S.
Sarbanes-Oxley Act, as applicable for foreign
issuers, as well as the laws of all countries
where we operate.
Ethical System
FEMSA’s Ethics System is comprised of five
main areas: the Code of Ethics, the Internal
Regulations Framework, the Ethics Line, the
Ethics Committee, and Communication and
Training activities, which guide our manage
ment approach to foster an ethical culture.
Code of Ethics
Corporate guidelines for conduct and
behavior in the work environment
expected from all collaborators so that,
in case any conflicts should occur, the
right decisions are made according to
our values.
FEMSA’s
Ethics
System
Regulatory Framework
Set of policies and procedures that
regulate the operations of FEMSA and
its Business Units.
Ethics Line
A tool for reporting alleged actions
or possible situations contrary to
the ethics and integrity expectations
established in our Code of Ethics and
Regulatory Framework.
Ethics Committee
Body responsible for promoting an inte
grated culture across all Business Units,
as well as for managing, monitoring, and
enforcing compliance with ethics and
integrity expectations.
Communication
& Training
Annual training sessions covering various
essential topics, such as anti-corruption
measures and conflict-of-interest
policies, to support our collaborators
in complying with FEMSA’s internal
guidelines.
The Ethical System focuses on:
Mitigating risks through
guidelines that promote
transparency and honesty
in behavior.
Overseeing that Business Units
comply with the established
standards, through FEMSA’s
Ethics Committee.
Analyzing and following up
on any suspicious actions or
conduct in accordance with
current procedures.
Evaluating the effectiveness
of our strategies, providing
progress reports, internal
indicators, and other relevant
actions for the organization.
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The Board also keeps our Code of Ethics up to
date, overseeing the management of the system
to ensure that it is observed and complied with.
Code of Ethics
The Code of Ethics represents the central pillar of
our commitment to ethics, integrity, and corpo
rate responsibility. It serves as a key reference for
the policies, standards, and procedures we follow
aimed at responsible business performance.
This Code defines the essential values and
principles that guide our conduct in relation to
shareholders, customers, suppliers, authorities,
civil organizations, communities, the environ
ment, and any person or entity that interacts with
FEMSA. It also outlines the process of reporting
potential violations, inappropriate practices, or
non-compliance with the guidelines contained in
the Code and our other Internal Guidelines.
Our Code of Ethics has been approved by the
Board of Directors, which has also authorized
its issuance and its permanent updating, nec
essary by virtue of the changes observed in the
social environment.
See more here
Internal Regulations
& Supplier Guiding Principles
FEMSA’s Supplier Guiding Principles establish
basic expectations our suppliers must meet in
key areas such as human rights, labor conditions,
sustainability, legality, and information security. It
is each supplier’s responsibility to adopt appro
priate practices and methods to adhere to these
principles in their relationship with FEMSA.
Additionally, FEMSA has mandatory corporate
policies for all collaborators. These policies are
supported by controls designed to prevent,
identify, investigate, sanction and correct any
non-compliance risk that may arise.
•
Human and Labor Rights Policy
•
Occupational Health and Safety Policy
•
Sustainability Policy
•
Environment Policy
•
Community Accountability Policy
•
Anti-Corruption Policy
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Ethics Line
We take any report of misconduct
or non-compliance with the Code of
Ethics very seriously. We offer a secure,
independent, and reliable channel
where anyone, whether internal or
external, can report concerns related
to possible misconduct, with the
assurance that they will not
face
retaliation.
Since 2023, the Ethics Line was integrated as an essential component of the Human
Rights Due Diligence Model, reflecting our ongoing commitment to improve and
strengthen our capabilities in this area. That same year, two questions on ethics were
added to the Organizational Climate Survey. In 2024, we asked these questions
again and obtained favorable results:
Concerns may also be sent directly to
the Ethics Department at
lineaeticafemsa@femsa.com
93%
consider that the values
and expected behaviors
are clear.
87%
perceive a strong ethical
culture at FEMSA.
85%
are confident in reporting
unethical behavior or
non-compliance.
These results underscore
FEMSA’s commitment to a
transparent
and ethical
work environment.
Ethics Committee
The Ethics Committee’s mission is to fos
ter and strengthen the ethical culture
throughout the organization. It also
oversees and manages expectations of
integrity and behavior aligned with the
company’s values.
This committee acts as a monitoring, con
sulting and advisory body for all FEMSA
Business Units. Its main responsibility is to
ensure compliance with the Code of Ethics.
Our Ethics Committee meets four times
a year and reports its activities to the
Audit Committee, providing visibility and
ensuring ethical compliance at the organi
zational level.
Our Ethics Line includes a Web Intake Site (WIS) and more
than 30 additional access channels, tailored to each Business
Unit and location. This channel, managed by an independent
external company, is available 24/7 and allows for confiden
tial reporting of any non-compliance.
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What happens when reports are submitted to the Ethics Line?
Communication and Training
When reports are submitted to the Ethics System
through any of its service channels, it is received
by an external, independent company responsi
ble for compiling all related information. As part of
the process, additional evidence such as photos,
emails, documents, or videos can be attached.
Upon completing the report, a unique access
number is provided, along with the option to
create a password to add further information later
and track the report’s progress.
All reports, complaints, or inquiries received
are processed and analyzed by our Ethics
System. Investigations are conducted following
established internal protocols designed to ensure
impartial, objective, and consistent results. This
approach preserves the integrity and credibility of
the entire investigation process.
Over the last three years, we have made signifi
cant efforts to raise awareness and communicate
on FEMSA’s Ethics Line, aiming to inform people
about the institutional channels available to report
breaches of our Code of Ethics, corporate policies,
and other internal guidelines.
In 2024, a total of 8,177 reports were submit
ted through the Ethics Line, representing a 24%
increase over the previous year. These reports
covered various subcategories, including work
environment, operations, and financial informa
tion. From the total number of cases, 2,875 were
closed as substantiated following their investiga
tion processes. To ensure compliance with our
protocols and strengthen our ethical culture, all
reports result in some form of preventive and/
or corrective action, depending on the investiga
tion’s outcome.
•
At least every two years, our
collaborators reaffirm their commitment
to comply with FEMSA’s Internal
Guidelines, which include their alignment
with the Code of Ethics.
•
We request periodic declarations from
collaborators to identify conflicts
of interest.
•
We conduct regular communication
campaigns and training sessions for
collaborators on topics such as anti-
corruption, money laundering, personal
data protection, conflicts of interest,
and more.
•
Those conducting investigations receive
specific training, including investigation
methodology, technical training for
investigators, and investigations on
sexual harassment, among other topics.
During 2024, we provided
+48 thousand
hours of training on ethics and other topics related
to a culture of legality to our collaborators.
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Risk Management
In a constantly changing global business
environment, we recognize that
Risk Management is a strategic issue of
great importance to our stakeholders.
The ability to face and manage the risks
that arise in the environment we operate
in is essential for creating value in
our business.
Given the nature of FEMSA’s operations,
which span various countries and regions
worldwide, we are subject to multiple laws
and regulations, as well as risks inherent to
the sectors in which we participate. To ad
dress these challenges, our Business Units
have a comprehensive risk management
process. This structured approach allows
them to identify, manage, and mitigate
current and potential risks.
To achieve these objectives, we use risk
matrices and other tools and processes to
identify and manage economic, environ
mental, and social risks to which our busi
nesses and brands may be exposed to.
We have also established processes, fo
rums, and governance bodies responsible
for defining, managing, and promoting
FEMSA’s Sustainability Strategy. A key
part of this effort is Incident Management
and Crisis Resolution MIRC (by its Spanish
acronym), a methodology for managing
incidents and crises. This methodology
includes risk identification, evaluation of
potential impacts, probability of occurrence,
emergency plans, and mitigation strategies.
MIRC is applied across all Business Units
and organizational levels.
Additionally, our Risk Attention and
Community Relations Model (MARRCO)
is the specific framework we use to manage
risks and strengthen community relations.
Through MARRCO, we aim to build and
maintain positive engagement with local
communities, promoting dialogue and
fostering collaboration opportunities that
generate mutual benefits.
Climate-related risks
and opportunities
In 2022, we published our first report aligned
with the Task Force on Climate-Related
Financial Disclosures (TCFD) guidelines after
identifying and quantifying climate risks and
opportunities for Coca-Cola FEMSA, OXXO,
and OXXO GAS.
In 2023, we conducted a second phase of
this assessment, focusing on FEMSA Health
and Coca-Cola FEMSA. During this process,
we identified and updated the risks and op
portunities associated with climate change.
Additionally, we reviewed the climate
scenario frameworks, quantified these risks
and opportunities, and prepared detailed
reports on the results.
For more information
related to our analysis
under these guidelines,
please see the 2023
Integrated Annual Report.
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Responding to Hurricane John in Guerrero
In 2024 we faced the impact of Hurricane John in Guerre
ro, one year after Hurricane Otis. Since then, working with
FEMSA, Fundación FEMSA, The Coca-Cola Company,
Fundación Coca-Cola and Coca-Cola FEMSA, we have con
tinuously monitored the region’s situation, activating
emergency protocols to ensure the safety of our collab
orators and their families. These protocols are designed
to protect the organization’s key assets, including people,
products, infrastructure, and information. With this approach,
we ensured a timely and effective response to critical events,
strengthening operational resilience.
SUCCESS STORY
SUCCESS STORY
Resilience against Brazilian floods
This year, we also saw flooding in Brazil, leading to the tem
porary suspension of operations at the Porto Alegre plant,
located in the state of Rio Grande do Sul in Brazil. This event
tested our capabilities and resilience. Operationally, we had
to move products between units and even purchase products
from other bottlers to meet demand. Throughout the crisis,
we prioritized the well-being of our team and the com
munities where we operate, working closely with FEMSA,
Fundación FEMSA, The Coca-Cola Company, Fundación
Coca-Cola and Coca-Cola FEMSA to help them recover their
assets and maintain their well-being and that of their families.
For more information related to
Corporate Governance, please
see Sustainability Performance
Data in the Appendix.
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Financial Summary / Management Discussion & Analysis
Financial Highlights
Millions of pesos
Millions of
dollars
20241
2024
2023
% Change
2022
% Change
Total revenues
37,476
781,585
702,692
11.2%
597,008
17.7%
Income from operations2
3,388
70,667
58,985
19.8%
63,870
-7.6%
Operating margin
9.0%
8.4%
10.7%
Consolidated net income
1,930
40,236
76,677
-47.5%
34,743
120.7%
Controlling interest net income3
1,283
26,735
65,689
-59.3%
23,909
174.7%
Controlling interest earnings per BD unit4
0.4
7.5
18.4
-59.2%
6.7
174.6%
Controlling interest earnings per ADS5
3.6
74.7
183.6
-59.3%
66.8
174.9%
EBITDA
5,543
115,593
95,864
20.6%
94,491
1.5%
EBITDA margin
14.8%
13.6%
15.8%
Total assets
40,829
851,536
805,856
5.7%
798,815
0.9%
Total liabilities
22,554
470,405
427,487
10.0%
461,014
-7.3%
Total equity
18,275
381,131
378,369
0.7%
337,801
12.0%
Capital expenditures
2,449
51,074
38,958
31.1%
32,854
18.6%
Total cash and cash equivalents6
6,705
139,834
165,112
-15.3%
83,439
97.9%
Short-term debt
9,729
202,930
182,381
12.5%
176,922
3.1%
Long-term debt
12,825
267,475
245,106
8.2%
284,092
-13.7%
Headcount7
388,999
392,968
-0.4%
354,344
10.9%
1. U.S. dollar figures are converted from Mexican pesos using the noon-buying rate published by U.S. Federal Reserve Board, which was Ps. 20.8557 per US$1.00 as of December
31, 2024.
2. Company’s key performance indicator.
3. Represent the net income that is assigned to the controling shareholders of the entity.
4. “BD” units each of which represents one series “B” share, two series “D-B” shares and two series “D-L” shares. Data based on outstanding 2,161,177,770 BD units and
1,417,048,500 B units.
5. American Depositary Shares, a U.S. dollar-denominated equity share of a foreing-based company available for purchase on an American stock exchange.
6. Cash consists of non-interest bearing bank deposits and cash equivalents consist principally of short-term bank deposits and fixed rate investments.
7. Includes headcount from Coca-Cola FEMSA, Proximity, Fuel and Health Division, and Other Business of FEMSA.
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Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
Income Statement
2024
2023
2022
2021
2020
Net sales
Ps. 775,551
Ps. 699,640
Ps. 595,543
Ps. 504,122
Ps. 490,425
Total revenues
781,585
702,692
597,008
505,460
492,966
Cost of goods sold
460,072
423,185
355,490
299,276
303,313
Gross profit
321,513
279,507
241,518
206,184
189,653
Operating expenses
250,846
220,522
177,648
152,414
148,150
Income from operations1
70,667
58,985
63,870
53,770
41,503
Other non-operating expenses (income), net
5,864
(6,568)
1,227
(2,263)
7,656
Financing expenses, net
-1,938
7,502
15,955
13,043
14,911
Income before income taxes and share of the profit of equity accounted investees
66,741
58,051
46,688
42,990
18,936
Income taxes
25,433
12,971
13,275
13,566
14,819
Share of the profit of equity accounted investees, net of taxes
(1,187)
(641)
(93)
(10)
(361)
Net income from continuing operations
40,121
44,439
33,320
29,414
3,756
Net income from discontinuing operations9
115
32,238
1,423
8,264
-
Consolidated net income
40,236
76,677
34,743
37,678
3,756
Controlling interest
26,735
65,689
23,909
28,495
(1,930)
Non-controlling Interest
13,501
10,988
10,834
8,264
5,686
Financial ratios (%)
Gross margin
41.1%
39.8%
40.5%
40.8%
38.5%
Operating margin
9.0%
8.4%
10.7%
10.6%
8.4%
Consolidated net income
5.1%
6.3%
5.6%
5.8%
0.8%
Other information
Depreciation
35,199
31,378
26,109
25,294
25,006
Amortization and other non cash charges to income from operations
9,728
5,502
4,512
5,134
5,464
Operative Cash Flow (EBITDA)
115,593
95,864
94,491
82,422
71,973
Capital expenditures2
51,074
38,958
32,854
24,055
20,893
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Balance Sheet
2024
2023
2022
2021
2020
Assets
Current assets
Ps. 342,311
Ps. 356,159
Ps. 226,449
Ps. 230,718
Ps. 201,269
Equity accounted investees
28,697
26,247
103,669
107,299
98,270
Property, plant and equipment, net3
177,511
141,530
134,001
115,147
113,106
Intangible assets,net
146,336
143,218
190,772
158,138
155,501
Right-of-use asset
97,960
87,941
83,966
56,994
54,747
Other assets, net
58,721
50,761
59,958
69,204
61,955
Total assets
851,536
805,856
798,815
737,500
684,848
Liabilities
Short-term bank loans and current portion of long-term bank loans and
notes payable
6,722
8,451
18,341
4,640
8,801
Current portion of leases
13,796
12,236
12,095
7,306
6,772
Other current liabilities
182,412
161,694
146,486
124,777
102,840
Long-term bank loans and notes payable
141,482
128,373
173,400
185,945
179,864
Long-term lease liabilities
94,299
83,837
81,222
55,049
51,536
Employee benefits
8,968
6,920
7,048
7,600
7,253
Deferred tax liabilities
8,693
7,371
6,823
6,042
6,033
Other non-current liabilities
14,033
18,605
15,599
11,024
14,562
Total liabilites
470,405
427,487
461,014
402,383
377,661
Total equity
381,131
378,369
337,801
335,117
307,187
Controlling interest
297,502
303,860
262,604
262,601
237,743
Non-controlling interest
83,629
74,509
75,197
72,516
69,444
Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
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Balance Sheet
2024
2023
2022
2021
2020
Financial ratios (%)
Liquidity
1.810
2.093
1.374
1.803
1.336
Leverage
1.234
1.127
1.365
1.229
0.959
Capitalization
0.28
0.27
0.38
0.39
0.28
Data per share
Controlling interest book value4
16.628
16.984
14.678
13.288
14.085
Net controlling interest income5
1.494
3.672
1.336
(0.108)
1.157
Dividends paid6
Series B shares
0.611
0.566
0.383
0.517
0.483
Series D shares
0.763
0.709
0.479
0.646
0.604
Number of employees7
388,999
354,344
320,808
(2,924)
314,656
Number of outstanding shares8
17,891.13
17,891.13
17,891.13
17,891.13
17,891.13
1. Company’s key performance indicator.
2. Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.
3. Includes bottles and cases.
4. Controlling interest divided by the total number of shares outstanding at the end of each period.
5. Net controlling interest income divided by the total number of shares outstanding at the end of the each period.
6. Expressed in nominal pesos of each period.
7. Includes incremental employees resulting from mergers & acquisitions made during the period.
8. Total number of shares outstanding at the end of each period expressed in millions.
Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
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Management Discussion & Analysis
Results from our Operations for the Year Ended December 31st, 2024 compared to the Year Ended December 31st, 2023.
FEMSA Consolidated
FEMSA’s consolidated total revenues
increased 11.2% to Ps. 781,585 million in
2024 compared to Ps. 702,692 million
in 2023, reflecting growth across all
of our Business Units. On an organic19
basis, total revenues grew 10.7%.
Coca-Cola FEMSA’s total revenues in
creased 14.2% to Ps. 279,793 million.
Proximity Americas Division’s revenues
increased 10.3% to Ps. 307,197 million,
driven by an average increase of 4.2%
in same-store sales and the addition
of 1,596 net new stores during the
year. Proximity Europe Division’s rev
enues increased 14.2% to Ps. 49,755
million for the consolidated period of
2024, reflecting growth across our B2B
foodservice and retail business. The
Health Division’s revenues increased
5.8% to Ps. 79,755 million, reflecting
the addition of 187 net locations
across the Health Division’s territories,
and a decrease of 0.3% in same-store
sales. The Fuel Division’s revenues
increased 11.7% to Ps. 65,365 million
in 2024, driven by a 9.9% increase in
same-station sales.
19. Excludes the effects of significant mergers and acquisitions in the last twelve months.
Consolidated gross profit increased
15.0% to Ps. 321,417 million in 2024
compared to Ps. 279,507 million in
2023. Gross margin increased 130
basis points to 41.1% of total revenues
compared to 2023, reflecting gross
margin expansion in Health, Proximity
Americas and Coca-Cola FEMSA, offset
by margin contractions at the Fuel and
Proximity Europe Divisions.
Consolidated administrative expens
es increased 21.0% to Ps. 39,091 mil
lion in 2024 compared to Ps. 32,307
million in 2023. As a percentage of
total revenues, consolidated admin
istrative expenses increased 40 basis
points, from 4.6% in 2023 to 5.0%
in 2024.
Consolidated selling expenses in
creased 12.3% to Ps. 211,864 million in
2024 as compared to Ps. 188,732 mil
lion in 2023. As a percentage of total
revenues, selling expenses increased
20 basis points, from 26.9% in 2023 to
27.1% in 2024.
Some of our subsidiaries pay man
agement fees to us in consideration
for corporate services we provide
to them. These fees are recorded as
administrative expenses in the respec
tive business segments. Our subsid
iaries’ payments of management fees
are eliminated in consolidation and,
therefore, have no effect on our con
solidated operating expenses.
During 2024, other income decreased
to Ps. 3,588 million from Ps. 13,102
million in 2023, mainly driven by insur
ance rebates, recoveries of other years
taxes, foreign exchange gains, and this
was offset by lower investment in equi
ty instruments, lower gain on sales of
long-lived assets, and lower dividends
received from HEINEKEN, as compared
to 2023. See Note 20 of our Consolidated
Financial Statements.
FEMSA Consolidated
2024 amounts in millions of Mexican pesos
Total
Revenues
% Growth
vs’ 23
Gross
Profit
% Growth
vs’ 23
FEMSA Consolidated
781,585
11.2%
321,513
15.0%
Coca-Cola FEMSA
279,793
14.2%
128,736
16.1%
FEMSA Proximity Americas
307,197
10.3%
136,993
17.0%
FEMSA Proximity Europe
49,755
14.2%
21,344
14.6%
Fuels
65,365
11.7%
7,935
8.0%
FEMSA Health
79,755
5.8%
24,041
6.9%
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Financial Summary / Management Discussion & Analysis
During 2024, other expenses increased
to Ps. 9,440 million from Ps. 6,252
million in 2023. This increase reflects,
higher impairments of long-lived as
sets and severance payments. Addi
tionally, other expenses include loss on
sale of property, plant and equipment,
donations, foreign exchange loss, re
covery from prior years, items without
tax requirements and contingencies
associated with prior acquisitions.
See Note 20 of our Consolidated Finan
cial Statements.
Foreign exchange gain was Ps. 11,929
million in 2024 as compared to a loss
of Ps. 9,849 million recorded during
the same period of 2023, related to
the effect of FEMSA’s U.S. dollar-de
nominated cash position impacted by
the depreciation of the Mexican peso
during 2024. In addition, we recog
nized a higher gain in monetary posi
tion recording Ps. 209 million in 2024,
compared to a Ps. 94 million during
the previous year. The market value
of financial instruments registered a
loss of Ps. 2,109 million during 2024, as
compared to a loss of Ps. 440 million in
2023. Net interest expense in 2024 was
Ps. 8,092 million, compared to a net
interest income of Ps. 2,693 million in
2023, mainly driven by a higher inter
est expense and a decrease in interest
income from our cash position.
20. FEMSA 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 December 31, 2024, was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
Our provision for income taxes in 2024
was Ps. 26,617 million which includes
the provision for income taxes from
continued operations of Ps. 24,661
million, and Ps. 1,956 million from
discontinued operations. The effective
tax rate from continued operations in
2024 was 35.9%, compared to 22.7%
in 2023 when a deferred tax asset
was recognized, which reduced the
effective tax rate for that year. The in
crease for 2024 was mainly explained
by a combination of one-time charges,
namely (i) a higher marginal rate at
Coca-Cola FEMSA, (ii) non-recoverable
tax losses from our Spin business
and (iii) non-deductible impairment
charges in the Proximity & Health Di
visions, as well as a structurally higher
effective tax rate due to an increased
in non-deductible expenses related
to payroll. The effective tax rate from
discontinued operations was 2.9% in
2024. See Note 25.8 of our Consolidated
Financial Statements.
Share in the loss of equity account
ed investees, net of taxes, resulted
in a loss of Ps. (993) million in 2024
compared to Ps. (406) million in 2023,
reflecting a loss in Grupo Nós, our
joint venture in Brazil.
Consolidated net income was
Ps. 41,687 million in 2024 compared
to Ps. 76,677 million in 2023, reflect
ing a decrease compared to 2023
explained by; (i) a challenging com
parative base from full year 2023,
which included the reclassification of
FEMSA’s investment in HEINEKEN to
discontinued operations and subse
quent sale; (ii) a lower interest income
of Ps. 11,910 million compared to
Ps. 17,609 million in 2023 attributable
a gain from the purchase of US$1.7
billion of debt during 2023; and (iii) a
higher interest expense amounting to
Ps. 20,002 million compared to
Ps. 14,916 million, net of interest
gains, reflecting a tough comparison
base from gains on derivative in
struments in 2023. Consolidated net
income was partially offset by a Ps.
11,929 foreign exchange gain, related
to FEMSA’s U.S. dollar-denominated
cash position positively impacted by
the depreciation of the Mexican peso.
Controlling interest income amounted
to Ps. 26,735 million in 2024
compared to Ps. 65,689 million in
2023. Controlling interest income
in 2023 per FEMSA Unit20 was
Ps. 7.47 (US$ 3.59 per ADS).
Coca-Cola FEMSA
The comparability of Coca Cola
FEMSA’s financial and operating perfor
mance in 2024 as compared to 2023
was affected by the following factors:
(1) translation effects from fluctu
ations in exchange rates and (2) its
results in Argentina, whose economy
meets the criteria to be considered a
hyperinflationary economy. To trans
late the full-year results of Argentina
for the years ended December 31st,
2024, and 2023, Coca-Cola FEMSA
used the exchange rate at December
31st, 2024, of 1,032 Argentine pesos
per U.S. dollar and the exchange rate
at December 31st, 2023, of 808.45
Argentine pesos per U.S. dollar. The
depreciation of the exchange rate of
the Argentine peso between Decem
ber 31st, 2023 and December 31st,
2024, was 27.7%. In addition, the aver
age depreciation of currencies used in
its main operations relative to the U.S.
dollar in 2024, as compared to 2023,
was 7.9% for the Brazilian real and 3.0%
for the Mexican peso. There was an
appreciation of 5.8% for the Colombian
peso, relative to the U.S. dollar.
Coca-Cola FEMSA’s total consolidated
revenues increased 14.2% to
Ps. 279,793 million in 2024, compared
to 2023, primarily because of volume
growth, revenue management initia
tives, and favorable mix effects.
Total sales volume increased 4.4%
to 4,224.6 million unit cases in 2024,
compared to 2023. This was mainly
driven by growth in most territories,
including Mexico, Brazil, and Guatema
la, although partially offset by volume
declines in Argentina and Uruguay.
Gross profit increased 16.1% to
Ps. 128,736 million in 2024, compared
to 2023. This implied a gross margin
increase of 80 basis points, reaching
46.0%. This gross margin increase was
mainly driven by top-line growth, favor
able packaging and sweetener costs,
and hedging initiatives. These effects
were partially offset by an increase in
fixed costs, the depreciation of most of
Coca-Cola FEMSA’s operating curren
cies, and inventory write-offs in Brazil.
Administrative and selling expenses
(SG&A) increased 15.8% to Ps. 88,101
million in 2024, compared to 2023. As
a percentage of total revenues, SG&A
increased by 50 basis points to 31.5%
in 2024. This was mainly driven by in
creased marketing, maintenance, and
labor expenses. These effects were
partially offset by an operating foreign
exchange gain in Mexico because of
the appreciation of the average Mex
ican peso rate. In addition, Coca-Cola
FEMSA’s recognized additional expens
es related to the impact of hurricanes
in Mexico and floods in Brazil.
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Coca-Cola FEMSA reported a net con
trolling interest income of Ps. 23,729
million in 2024, compared to
Ps. 19,536 million in 2023.
Proximity Americas Division
Proximity Americas Division’s total
revenues increased 10.3% to
Ps. 307,197 million in 2024 compared
to Ps. 278,520 million in 2023, reflect
ing an average increase in same-store
sales of 4.2%, resulting from mixed
performance of the gathering consum
er goods category, including a chal
lenging demand environment in beer
and groceries, which was offset by
continuous growth in soft drinks, and
other hydration beverages, as well as
the addition of 1,596 net new stores.
This includes 249 stores from our ac
quisition of Delek’s retail operations in
the USA, which we started consolidat
ing in the fourth quarter of 2024. As of
December 31, 2024, there were a total
of 24,462 OXXO stores. As referenced
above, OXXO same-store sales in
creased an average of 4.2% compared
to 2023, driven by a 5.7% increase in
average ticket, and by a 1.5% decrease
in same-store traffic.
Cost of goods sold increased 5.4% to
Ps. 170,204 million in 2024, compared
to Ps. 161,458 million in 2023. Gross
margin increased 260 basis points to
reach 44.6% of total revenues. This
increase reflects higher income from
financial services, and strong commer
cial income dynamics. As a result, gross
profit increased 17.0% to Ps. 136,993
million in 2024 compared with 2023.
Administrative expenses increased
32.7% to Ps. 8,642 million in 2024,
compared to Ps. 6,514 million in 2023.
As a percentage of sales, administra
tive expenses increased to 2.8% in
2024, from 2.3% in 2023. This increase
reflects higher expenses related to the
expansion of our store base. Selling ex
penses increased 16.8% to Ps. 98,653
million in 2024 compared with
Ps. 84,493 million in 2023. As a
percentage of sales, selling expenses
increased to 32.1% in 2024 from 30.3%
in 2023. This was driven by an increase
in labor expenses resulting from labor
reforms implemented in Mexico,
including the minimum salary increase
during 2024, partially offset by efficien
cies within the store operations.
Proximity Europe Division
Proximity Europe Division’s total reve
nues for 2024 amounted to Ps. 49,755
million compared to Ps. 43,552 million
in 2023, reflecting strong promotional
income, positive results in B2B food
service and retail, and a relevant im
pact from the appreciation of curren
cies against the Mexican peso. As of
December 31, 2024, the Proximity
Europe Division network was com
prised of 2,778 sales points.
Cost of goods sold amounted to
Ps. 28,412 million, compared to
Ps. 24,930 million in 2023. Gross
margin was 42.9% of total revenues.
As a result, gross profit amounted to
Ps. 21,344 million in the consolidated
period of 2024 compared with 2023,
reflecting a positive result in the B2B
foodservice business during the year,
that represented a positive price-mix
effect, and higher promotional income.
Administrative expenses increased
to 17.4% to Ps. 3,793 million in 2024,
compared to 3,231 million in 2023. As
a percentage of sales, administrative
expenses amounted to 7.6% in 2024
from 7.4% in 2023. This increase
reflects higher lease and labor costs.
Selling expenses amounted to
Ps. 15,748 million compared
to Ps. 14,371 million in 2023. As a
percentage of sales, selling expenses
amounted to 31.7% in 2024, from
33.0% in 2023. This decrease was
explained by higher total revenues
reflecting higher operating leverage
and effective expense control.
Health Division
Health Division total revenues in
creased 5.8% to Ps. 79,755 million
compared to Ps. 75,358 million in 2023,
reflecting the addition of 187 net new
locations during the period, as well as
favorable currency dynamics. During
2024 same-store sales decreased
0.3%, reflecting a challenging com
petitive environment in Mexico and
stable trends in Ecuador, offset by: i)
a positive foreign currency exchange
effect against the Mexican peso; ii)
our expansion of our retail format in
Colombia; iii) and a sustained positive
performance in Chile.
Cost of goods sold increased 5.4% to
Ps. 55,714 million in 2024, compared
with Ps. 52,859 million in 2023. Gross
margin increased 20 basis points to
reach 30.1% of total revenues, which
was mainly driven by: (i) strategic
commercial efforts, and proactive
cost management, (ii) and sustained
efficiencies leveraged through our cen
tralized purchasing office, that enabled
to optimize procurement, and (iii)
higher retail sales in Colombia which
benefit from structurally higher mar
gins, partially offset by lower sales in
our operations in Mexico. Gross profit
increased 6.9% to Ps. 24,041 million in
2024 compared with 2023.
Administrative expenses increased
56.0% to Ps. 4,348 million in 2024,
compared with Ps. 2,788 million in
2023. As a percentage of sales, admin
istrative expenses increased to 5.5% in
2024 from 3.7% in 2023. This increase
reflects expenses incurred from higher
labor costs, utilities and expansion of
stores. Selling expenses decreased
1.6% to Ps. 16,144 million in 2024
compared with Ps. 16,402 million in
2023. As a percentage of sales, selling
expenses reached 20.2% in 2024 from
21.8% in 2023. This decrease was
explained by a higher comparison base
against 2023, that was mostly ex
plained by a reserve for potential un
collectible accounts receivables in the
aggregate amount of Ps. 527 million
pesos in Colombia recorded in 2023.
Fuel Division
Fuel Division total revenues increased
11.7% to Ps. 65,365 million in 2024
compared to Ps. 58,499 million in 2023,
reflecting a 9.9% average increase
in same-station sales, and increases
in our institutional and wholesale
customers and growth in volume
and price throughout the year. As of
December 31, 2024, there were a total
of 571 OXXO GAS service stations. The
same-station sales increase reflected a
5.0% increase in the average price per
liter, coupled with a 4.6% increase in
average volume.
Cost of goods sold increased 12.3% to
Ps. 57,430 million in 2024, compared to
Ps. 51,155 million in 2023. Gross mar
gin decreased 50 basis points to reach
12.1% of total revenues. This decrease
reflects a negative mix impact driven
by an increase in our institutional and
wholesale customer sales, partially
offset by cost efficiencies and revenue
management initiatives. Gross profit
increased 8.0% to Ps. 7,935 million in
2024 compared with 2023.
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Administrative expenses increased
14.8% to Ps. 343 million in 2024,
compared to Ps. 299 million in 2023. As
a percentage of sales, administrative
expenses remained stable to 0.5% in
2024 compared to 0.5% in 2023, reflect
ing a positive operating leverage. The
increase in aggregate administrative
expenses reflects OXXO GAS organic
growth, offset by tight expense control
and increased expense efficiencies.
Selling expenses increased 5.4% to
Ps. 4,792 million in 2024 compared with
Ps. 4,548 million in 2023. As a percent
age of sales, selling expenses decreased
50 basis points to 7.3% in 2024.
Key Events during 2024
The following text reproduce our press
releases as they were published.
Advancing FEMSA Forward:
Revamping capital allocation
strategy to drive long-term
intrinsic per-share value
On February 15, 2024, FEMSA provided
additional information regarding its
future capital allocation plans. These
plans have been approved by the
Board of Directors of FEMSA and are
an integral part of, and fully consistent
with, the FEMSA Forward strategy pre
sented in February of 2023.
FEMSA’s capital allocation strategy is
focused on driving the long-term in
trinsic per-share value. FEMSA believes
they have abundant attractive capital
deployment opportunities. Over the
next five years they expect to invest
capital in core organic growth initia
tives in excess of Ps. 237,000 million,
with close to Ps. 170,000 million of
that deployed in Mexico, where they
are one of the largest employers (over
280,000 employees), and taxpayers,
expecting to pay over Ps. 100,000 mil
lion in aggregate income taxes for the
period between fiscal 2023 and 2028.
Considering the remarkable speed
and success with which the FEMSA
Forward-related divestments have been
executed, and after accounting for
expected organic and inorganic capital
needs, FEMSA believes that returning
capital to shareholders should be an
important part of the overall strategy.
For more information, please see here.
FEMSA announces a redefined
corporate organization and
senior leadership changes
On February 23, 2023, FEMSA an
nounced that, as part of its commit
ment to the FEMSA Forward strategy, it
is implementing changes in its corpo
rate organization.
Consistent with the FEMSA Forward
strategy, each of the three core busi
ness verticals will continue strength
ening their already robust teams to
ensure they capture the significant
growth opportunities ahead of them.
Their size and complexity require a
strong team, dedicated to the exe
cution of their strategies, and the
achievement of their business objec
tives. FEMSA corporate organization
will focus on setting the overall strate
gic direction and providing guidance
and support for the core businesses,
including all major strategic, financial,
and capital market-related matters.
In this context, and having largely
concluded the transformational trans
actions stemming from FEMSA Forward,
FEMSA announces two changes in
FEMSA’s senior leadership team.
For more information, please see here.
FEMSA Announces Accelerated
Share Repurchase Agreement
On March 15, 2024, FEMSA announced
that, consistent with its capital alloca
tion framework and commitment to en
hance capital returns to shareholders,
it has entered into a derivative instru
ment known as an accelerated share
repurchase (“ASR”) agreement with a
financial institution in the United States
of America, to repurchase the Compa
ny’s shares through the acquisition of
American Depositary Shares (“ADS”).
Under the terms of the ASR agreement,
FEMSA has agreed to repurchase from
such financial institution an aggregate
amount of US$ 400 million of its ADS.
The ASR contemplates an initial delivery
of approximately 20% of the ADS on or
about March 19, 2024.
The total number of ADS ultimately
repurchased under the ASR agree
ment will be based on the daily
volume-weighted average price of
the Company’s ADS during the term
of the agreement, subject to certain
limitations. The final settlement of
the ASR agreement is expected to
be completed no later than the third
quarter of 2024.
FEMSA Shareholders’ Meeting
Resolutions
On March 22, 2024, FEMSA announced
that it held its Annual Shareholders’
Meeting today (“the Shareholders’
Meeting”), during which the share
holders approved the consolidated
financial statements for the year end
ed December 31, 2023, the 2023 CEO’s
annual report and the opinion of the
Board of Directors for the year 2023.
The Annual Shareholders’ Meeting
elected the members of the board
of directors and the members of
each of the Audit Committee, the
Corporate Practices and Nominations
Committee and the Operations and
Strategy Committee of the Board
for 2024. In line with our goal of
setting the standard for corporate
governance best practices, the
shareholders’ meeting elected Elane
Stock and Olga Gonzalez Aponte as
new independent directors. With these
additions, our board of directors has
46% representation of independent
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directors, and 40% participation of
women on the board. The list of the
elected directors can be found in the link:
https://femsa.gcs-web.com/
corporate-governance/board-of-
directors
For additional information, please
refer to the Summary of Resolutions
in the Shareholders Meeting section of
our corporate website at:
https://femsa.gcsweb.com/sharehold
er-meeting-information.
FEMSA completes Accelerated
Share Repurchase Agreement,
and announces new Agreement
On June 10, 2024, FEMSA announced
that it has entered into a new deriv
ative instrument in the form of an
accelerated share repurchase transac
tion (“ASR”) to repurchase the Com
pany’s American Depositary Shares
(“ADSs”). Under the terms of this new
ASR, FEMSA has agreed to repurchase
up to USD $600 million of its ADSs. The
total number of ADSs ultimately repur
chased under this ASR will be based
on the daily volume-weighted average
price of the Company’s ADSs during
the term of the ASR and subject to
certain limitations. The final settlement
of the ASR is expected to be complet
ed, at the latest, in the fourth quarter
of 2024.
Additionally, the Company announces
the completion of the ASR announced
in March 2024, with the final delivery
of the shares repurchased thereunder
made on May 28, 2024. The Company
repurchased a total of approximately
3.2 million ADSs at an average price of
US$ 123.27 per ADS, for a total amount
of US$ 400 million.
FEMSA made a partial buyback
offer of debt securities in
US dollars
On July 8, 2024, FEMSA announced
that on June 4, 2024, it made a partial
buyback offer in international markets
(the “Repurchase Offer”), with respect
to debt securities denominated in
United States dollars, issued previously
by FEMSA, through which it agreed to
repurchase debt securities due 2050
for a principal amount of US$ 206.7
million. The settlement of the buyback
was carried out on June 20, 2024, and
simultaneously FEMSA canceled the
total amount of securities repurchase.
FEMSA announces agreement
with Mill Point Capital to
divest FEMSA’s refrigeration
and foodservice equipment
operations
On July 17, 2024, FEMSA announced
it has reached a definitive agreement
with Mill Point Capital LLC, a US based
private equity firm, to divest FEMSA’s
refrigeration and foodservice equip
ment operations, Imbera and Torrey,
for a total amount of Ps. 8,000 million
(approximately US$ 450 million), on a
cash-free, debt-free basis.
This transaction represents an addi
tional step in the continued execution
of the FEMSA Forward plan that was
communicated in February of 2023.
The transaction is subject to regulatory
approvals and other customary condi
tions, and is expected to close by the
end of the year.
FEMSA to enter the
Convenience Store Industry
in the United States
On August 1, 2024, FEMSA announced
that it has entered into definitive
agreements with Delek US Holdings,
Inc. (“Delek”) (NYSE: DK), to acquire
Delek’s retail operations, consisting of
249 convenience stores located mainly
in Texas, for a total amount of US$ 385
million on a cash-free, debt-free basis,
including the purchase of inventories.
FEMSA completes Accelerated
Share Repurchase Agreement
launched in May
On September 4, 2024, we received the
equivalent of 54,072,460 FEMSA UBD
shares from the second ASR program
launched in May, for a total amount
of US$ 600 million. These shares are
currently held in treasury.
FEMSA announces retirement of
Carlos Arenas after remarkable
40-year career, and welcomes
Carlos Arroyo as CEO of
OXXO Mexico
On September 26, 2024, FEMSA
announced that, after a remarkable
40-year career with the Company
during which he played a pivotal role
in shaping its growth and transforma
tion, Carlos Arenas Cadena is stepping
down and retiring from his position as
CEO of OXXO Mexico.
Concurrently, FEMSA welcomes Carlos
Arroyo Rico, who will become CEO of
OXXO Mexico effective November 19th.
From this date and until March 31st,
2025, both executives will work togeth
er implementing a smooth transition,
and ensuring a seamless handover of
responsibilities and continuity in strate
gic initiatives. Carlos Arroyo will report
to José Antonio Fernández Garza, CEO
of FEMSA Proximity & Health.
Carlos brings more than 25 years
of leadership experience in Retail,
including holding key roles with
Walmart and The Coca-Cola Company
in Mexico and Central America. Most
recently, he served as CEO of Grupo
Diagnóstico Proa.
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FEMSA successfully finalizes
the acquisition of Delek’s retail
operations in the United States
On October 1, 2024, FEMSA announced
that it has successfully closed the
transaction previously announced
on August 1, 2024, with Delek US
Holdings, Inc. (“Delek”) (NYSE: DK),
to acquire Delek’s retail operations,
consisting of 249 convenience stores
located mainly in Texas.
This acquisition represents an import
ant milestone for FEMSA as it stra
tegically expands its retail footprint
into the U.S. market. Over time, and
with a permanent focus on the con
sumer, FEMSA has developed robust
capabilities such as store operation,
segmentation, procurement, and
supply chain management, which will
be essential in the integration of the
Delek stores.
FEMSA announces agreement
with TRAXIÓN to divest certain of
FEMSA’s logistics operations
On October 10, 2024, FEMSA an
nounced it has reached a definitive
agreement with Grupo Traxión, S.A.B.
de C.V (BMV: TRAXIONA), a leading
transportation and logistics company
based in Mexico, to divest certain of
FEMSA’s logistics operations doing
business as Solistica. The transac
tion includes FEMSA’s transportation
management operations in Mexico, as
well as its contract logistics operations
in Mexico, Colombia and Brazil. The
transaction does not include FEMSA’s
LTL (less-than-truckload) operations
in Brazil. Total consideration for this
transaction will be of approximately
Ps. 4,060 million, on a cash-free,
debt-free basis.
FEMSA announces agreement
with AMMI, affiliate of Milenio
Capital, to divest FEMSA’s plastics
solutions operations
On October 28, 2024, FEMSA an
nounced it has reached a definitive
agreement with AMMI, a leading hold
ing company focused in the production
of non-GMO corn and sustainable
plastic packaging, affiliate of Milenio
Capital, to divest FEMSA’s plastics solu
tions operations, for a total amount of
Ps. 3,165 million, on a cash-free, debt-
free basis
FEMSA completes divestiture of
its refrigeration and foodservice
equipment operations to Mill
Point Capital
On November 4, 2024, FEMSA an
nounced the successful closing of its
previously disclosed divestiture on July
17, 2024, of its refrigeration and food
service equipment operations, Alpunto
(including Imbera and Torrey), to Mill
Point Capital LLC, for a total amount of
Ps. 8,000 million, on a cash-free, debt-
free basis.
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•
About this report
•
Scope and boundaries of non-financial information
•
Sustainability performance data
•
GRI table of contents
•
SDGs contribution
•
Sustainability-linked bond (SLB)
•
Independent Limited Assurance Report
•
Contact
APPENDIX
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About this Report / Scope information / Sustainability Performance Data / GRI Table of Contents / SDGs contribution / Sustainability-linked bond (SLB) / Independent Limited Assurance Report / Contact
1. About this Report
We present this 2024 Integrated Annual Report to share FEMSA’s performance during the last fiscal
year. It reflects our commitment to sustainability and the actions that have driven profitable and sus
tainable growth, always in line with our business strategy. In addition, this report reaffirms our align
ment with our Sustainability Strategy and the public goals we have set since 2021 as part of our positive
impact toward 2030.
The preparation of the report was carried out through an internal consultation process, where
different corporate areas and Business Units contributed their expertise to ensure a comprehensive
approach from start to finish. Subsequently, the report was reviewed by representatives from each
Business Unit before receiving final approval from key directors prior to its publication. This report’s
structure responds to our Sustainability Strategy’s strategic pillars and priority topics, ensuring that
the information presented is clear, relevant, and aligned with our objectives.
In our effort to ensure transparency, this report includes financial and non-financial data, highlighting
some of the most requested indicators by international sustainability rating agencies, as well as interna
tional reporting frameworks and standards such as those defined by:
•
Global Reporting Initiative (GRI), available in the Appendix GRI Content Index.
•
Sustainable Development Goals (SDGs) of the United Nations and
•
The Ten Principles of the United Nations Global Compact (UNGC), to demonstrate our
contribution to these global initiatives.
In addition, we share a complete and detailed appendix of Sustainability performance indicators,
including historical data, as well as an appendix with the results of independent verification of selected
indicators by a third party, with the objective of improving transparency about our performance and
progress to date.
Since a couple of years ago, we have adopted an integrated reporting approach that brings together our
financial and non-financial results, including economic, social, environmental, and corporate gover
nance aspects. This model allows us to offer a more complete and coherent view of our performance,
thus consolidating a more robust accountability effort.
We continue to move forward with the firm purpose of improving the way we communicate our impact
and value generation, ensuring increasingly robust and transparent reporting.
This report should be read in conjunction with our financial documents, which are available at:
https://FEMSA.gcs-web.com/.
Previous years’ annual reports are available at:
https://FEMSA.gcs-web.com/financial-reports/annual-reports.
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About this report / Scope information / Sustainability Performance Data / GRI Table of Contents / SDGs contribution / Sustainability-linked bond (SLB) / Independent Limited Assurance Report / Contact
2. Scope and boundaries of non-financial information
This report consolidates the non-financial information of our operations for the period from January 1 to
December 31, 2024.
Aware of the importance of accuracy and transparency, we continue to strengthen our data collection
and reporting processes, ensuring clearer and more structured communication in each edition of this
report. The information presented comes from a variety of sources, including management systems,
databases, among others.
The scope of the non-financial information includes both the businesses within the FEMSA Forward
structure and, in certain cases, those within the Strategic Businesses Division, which continue to be un
der a phased disincorporation process. In these cases, they have been clearly marked to facilitate their
identification in the “Sustainability Performance Data” appendix.
FEMSA Forward Businesses
• Proximity & Health:
›
Proximity Américas responsible for operating OXXO and other related retail formats.
›
Proximity Europe includes Valora, our Business Unit focused on Convenience and food
in the region.
›
Health Division encompasses pharmacies and related activities in four countries.
›
OXXO GAS is in the fuels sector that manages retail service stations in Mexico, offering
gasoline and diesel.
• Coca-Cola FEMSA: the largest public bottler of Coca-Cola products in the world in
terms of sales volume.
• Spin: which includes Spin by OXXO and Spin Premia, among other digital financial services
initiatives.
The environmental and social indicators included in the FEMSA 2024 Integrated Annual Report rep
resent at least 90% of the company’s revenues. Only some environmental and social indicators do
not include Proximity Europe (Valora), our recently acquired retail operations in Europe, which are
still aligning certain information. On the other hand, Delek US Holdings, due to its recent incorpo
ration, is only included in the personnel balance sheet, not in any other non-financial indicator in
this report.
Finally, we present a limited assurance statement from
Mancera, S.C., a member of Ernst & Young Global Limited, as an
independent entity for the verification of selected non-financial
information, with a limited assurance, in this report. Each
indicator and its particular details are included in GRI 2-5 and/or
in the “Independent Limited Assurance Report”.
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3. Sustainability Performance Data
We consolidate information for all our operations considering the performance period from January 1, 2024 to December 31, 2024. Unless indicated, the information provided in this report is for the
company as a whole.
OUR PEOPLE TOPICS
2024
2023
2022
Investment ($ Ps. million)**
3,855
3,397
4,100
Collaborators
Total (No.)**¹
388,999
392,932
354,346
Internal
328,630
323,789
290,312
External
62,639
69,147
64,034
By gender (%)*
Women
45
43.5
41
Men
55
56.5
59
By age group (%)*
Under 30 years old
45
41
58
30 to 39 years old
30
31
ND
40 to 49 years old
16
18
ND
50 to 59 years old
8
8
16
60 and over
1
2
1
By country (No.)**¹
Mexico
268,407
284,066
252,250
Brazil
46,016
41,890
37,566
Colombia
25,563
24,734
22,820
Chile
14,457
14,450
13,141
Ecuador
4,432
4,512
4,519
Argentina
4,207
4,365
4,222
Guatemala
4,550
4,184
3,805
Costa Rica
2,380
2,284
2,001
Uruguay
1,584
1,718
1,686
OUR PEOPLE TOPICS
2024
2023
2022
Panama
1,712
1,711
1,614
Nicaragua
1,661
1,621
1,214
Peru
1,584
1,105
588
United States of America
1,847
221
3,996
Germany
8,138
4,097
3,294
Switzerland
1,515
1,663
1,498
Austria
238
91
71
Luxembourg
44
45
13
Netherlands
660
151
13
Others
4
ND
ND
By nationality (%)**¹
Mexican
69
72
71
Brazilian
12
11
11
Colombian
6
6
6
Chilean
4
4
4
German
2
NA
NA
Other
7
6
7
By women (%)*
In executive positions
33
30
27
Managers
35
30
NA
Directors
23
21
NA
In senior management positions reporting directly to the CEO
18
11
NA
In senior management positions
(maximum of two levels below the CEO)
23
19
16
In senior management positions in commercial areas²
30
NA
NA
In STEM positions³
21
NA
NA
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OUR PEOPLE TOPICS
2024
2023
2022
By minority groups and people in vulnerable situations.
Working at the end of the year (No.)*
60 years and over
5,686
5,046
4,700
With disabilities
2,621
2,994
2,000
Refugees
1,359
730
1,500
Hires
Total (No.)*
226,752
NA
NA
By gender (%)*
Female (%)
49%
NA
NA
Male (%)
47%
NA
NA
Gender not stated (%)
4%
NA
NA
Total by gender, internal transfers (No.)*⁴
24,762
NA
NA
Women (%)
45%
NA
NA
Men (%)
51%
NA
NA
Gender not stated (%)
4%
NA
NA
By internal and external position (%)*
Executive
1
NA
NA
Manager
2
NA
NA
Employee⁴
5
NA
NA
Unionized⁵
92
NA
NA
By internal and external age (No.)*
Up to 30 years
65%
NA
NA
31 to 40 years
21%
NA
NA
41 to 50 years
9%
NA
NA
51 to 60 years
4%
NA
NA
60 and over
1%
NA
NA
Unionized Collaborators (Collective bargaining agreements)*
Number (No.)
215,208
224,631
214,434
Covered by a collective bargaining agreements (%)
100
100
100
OUR PEOPLE TOPICS
2024
2023
2022
Occupational Health and Safety
Total Investment ($ Ps. million)*
3,163
2,831
1,758
Workers covered by an occupational safety and health management system (%)*
Employees covered
100
100
100
Indirect Employees (external)
100
100
100
Occupational injuries and fatalities
Lost Time Injury Frequency Rate (LTIFR) per
1,000,000 worked hours*
Direct Employees
6.17
6.40
5.38
Contractors (third parties)
6.58
2.90
3.75
Fatalities attributable to the company (No.)*
Direct Employees
2
9
2
Contractors (third parties)
2
4
8
Occupational diseases
Frequency rate of occupational illnesses among collaborators*
Per 1,000,000 working hours
0.05
0.10
0.08
Parental Leave
Collaborators who took parental leave (No)*
2,626
5,257
4,251
Women
1,593
4,596
3,210
Men
1,033
661
1,041
Collaborator training
Total Investment ($ Ps. million)**
476
353
293
Hours (No.)**
6,181,088
9,787,020
7,011,819
Average hours**
Per collaborator (No.)
16
25
20
By gender (%)
Female
42
45
NA
Male
55
55
NA
Gender not stated (%)
3
NA
NA
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OUR PEOPLE TOPICS
2024
2023
2022
Training hours**
By category (No.)
C-Suite
17,626
10,143
5,606
Management
161,081
65,776
74,312
Collaborators
1,928,605
2,093,751
1,323,783
Unionized
1,786,295
6,380,218
3,646,240
Other⁶
2,287,481
1,237,132
1,961,878
By topic (No.)
Values and civics, social connections
32,489
NA
NA
Energy efficiency
636
NA
NA
Electric mobility
2,816
NA
NA
Low-carbon products
408
NA
NA
Sustainable packaging
1,499
NA
NA
Financial education
7,457
NA
NA
Others
300,508
NA
NA
No harrassment
1,119
NA
NA
Human rights
6,757
NA
NA
Culture and leadership
737,386
NA
NA
Technical nowledge
4,242,222
NA
NA
Health and safety
507,313
NA
NA
Suatainability
19,353
NA
NA
Code of Ethics
25,509
NA
NA
No discrimination
806
NA
NA
Anticorruption
16,790
NA
NA
IT Security/Cybersecurity
28,907
NA
NA
Climate change/CO2 reductions
4,574
NA
NA
Water efficiency and security
8,452
NA
NA
Diversity and gender equity
39,355
NA
NA
Physical and psychological well-being
101,568
NA
NA
Waste management and circular economy
73,599
NA
NA
Risk and crisis management
21,565
NA
NA
OUR PEOPLE TOPICS
2024
2023
2022
Performance and professional development assessments
Periodic reviews completed (No.)*
360°⁷
45
5,754
NA
9-box
20,047
17,478
NA
Completed forms of the total subject to assessment (%)*
360°
72.6
98
NA
9-box
97.7
94
NA
Integral Well-being
Total Investment ($ Ps. million)**
215
232
1,776
Total activities (No.)**
8,464
7,235
5,312
Social connections
1,686
2,321
1,767
Healthy body
2,506
1,828
1,136
Work life
2,126
2,058
1,485
Financial well-being
408
440
434
Psychological well-being
1,738
588
490
Total participants in Integral Well-being activities (No.)**
Collaborator participations
3,667,138
1,461,335
296,964
External participants
90,749
49,619
36,988
Volunteers (No.)*
Volunteering activities
2,086
2,517
2,679
Volunteer Collaborators
163,263
121,806
100,743
Volunteering hours
423,313
355,652
735,570
Integral Well-being Survey*⁸
Well-being / Happiness
86
84
NA
Purpose
87
86
NA
Assessment of organizational environment*
Participation rate (%)
88
90
70
Components and results of the assessment (% favorable)*
Commitment
88.5
88
87
Pride (Job Satisfaction)
92
91
91
Intrinsic motivation (Purpose)
84
82
87
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OUR PEOPLE TOPICS
2024
2023
2022
Intention to stay⁹
88
89
81
Company recommendation⁹
89
88
90
Stress
44
46
69
Employee empowerment¹⁰
82
80
NA
Collaborator training on Human Rights policies or
procedures
Total hours (No.)
6,757
NA
NA
Participants (No.)
5,522
NA
NA
Security personnel trained in Human Rights**
Total
96
NA
NA
Non-discrimination
Total reports received confirmed as discrimination or
harassment (No.)**¹¹
573
1,939
1,505
OUR COMMUNITY TOPICS
2024
2023
2022
Investment in Community Well-being Initiatives
($ Ps. million)*
647
380
260
Community well-being Initiatives
Total initiatives (No.)*
1,324
1039
690
People directly benefited (No.)
2,445,731
2,861,280
3,702,343
Cumulative number of people benefited since 2021 (No.)
11,986,171
9,540,441
6,679,161
Suppplier Practices
Total suppliers by country (No.)**
27,793
27,569
NA
Argentina
1,051
1,108
NA
Brazil
6,483
4,222
NA
Chile
4,013
3,315
NA
Colombia
5,434
3,921
NA
Costa Rica
797
841
NA
Ecuador
1,255
501
NA
Guatemala
1,144
965
NA
Mexico
5,708
10,184
NA
Nicaragua
492
388
NA
Panama
575
458
NA
Uruguay
841
747
NA
Expense**
Purchases from local suppliers (%)
77
69
67
Training for collaborators in purchasing/sourcing**
Total training hours on ESG topics
12,785
NA
NA
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OUR PLANET TOPICS
2024
2023
2022
Investment ($ Ps. million)**
681
727
7,166
Materials used (tonnes)*
Total
582,453
609,564
593,122
Of virgin origin
367,551
383,647
438,239
Of recycled origin
214,902
225,917
154,883
Of virgin origin used in products
19,269
56,602
40,405
Of recycled origin used in products
35,686
57,080
46,262
Of virgin origin used in packaging
348,282
327,045
397,834
Of recycled origin used in packaging
179,216
168,837
108,621
Main packaging materials*
Wood/paper fiber
Total (tonnes)
5,573
15,658
6,671
Recycled origin (%)
5
8
25
Aluminum or iron
Total (tonnes)
41,398
38,991
33,608
Recycled origin (%)
80
69
63
Glass
Total (tonnes)
128,122
105,511
135,711
Recycled origin (%)
30
28
30
Plastic
Total (tonnes)
352,226
331,851
329,344
Recycled origin (tonnes)
107,359
110,618
85,686
Recycled origin (%)
30
33
26
Recyclable (tonnes)
352,141
327,313
329,029
Recyclable (%)
99
99
99
Energy consumption
Total energy consumed (GJ)**
20,948,731
21,132,119
22,892,310
From renewable sources
7,588,556
7,282,100
6,303,486
From non-renewable sources
13,360,175
13,850,019
16,588,824
OUR PLANET TOPICS
2024
2023
2022
Indirect energy**
11,474,606
11,550,578
10,795,014
From renewable sources
7,493,782
7,209,385
6,259,078
From non-renewable sources
3,980,824
4,341,193
4,535,936
Sustainability-linked bond:
KPI 2: Percentage of total energy consumption from
renewable sources (%)
65.3
62.4
58
Direct energy (GJ)*
9,474,124
9,581,541
12,097,296
Direct fixed source energy (GJ)
From renewable sources
41,813
41,700
20,312
From non-renewable sources
1,733,954
1,715,644
1,399,317
Direct mobile source energy (GJ)
From renewable sources
52,960
31,015
24,096
From non-renewable sources
7,645,397
7,793,183
10,635,570
Energy intensity
GJ / $ Ps. million
27
30
34
Water consumption (1,000 m3)*
Total water withdrawn from all sources
42,734
39,217
37,210
Underground
22,494
21,251
19,399
Third parties
19,464
17,356
16,164
Superficial
776
603
1,637
Produced
0
7
10
CO2eq emissions (tonnes CO2eq)
Total CO2eq emissions
1,447,630
1,474,689
1,732,708
Scope 1 (direct)*
1,003,012
1,017,510
1,258,178
Fixed Sources
439,282
445,129
475,572
Mobile Sources
563,730
572,381
782,606
Scope 2 (indirect)**
Market based
444,618
457,180
474,530
Location based
1,260,970
1,218,807
1,153,774
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OUR PLANET TOPICS
2024
2023
2022
Emissions intensity (tonnes CO2eq/$ Ps. million)
1.9
2.1
2.5
Waste (tonnes)*
Total waste
326,038
308,768
289,692
Hazardous
4,705
12,096
8,992
Non-hazardous
321,333
296,672
280,700
Non-hazardous waste diverted from the landfill
245,640
217,821
192,949
Sustainability-linked bond:
KPI 1: Percentage of total operational waste diverted
from landfill (%)
76.4
73.4
68.7
Hazardous and non-hazardous waste disposal
(tonnes)*
Recycled or reused
247,323
198,091
172,699
In landfills
76,273
78,942
87,751
Incinerated (with energy recovery)
1,764
21,356
21,335
Incinerated (without energy recovery)
163
1,194
304
Hazardous waste with special handling
515
9,186
7,604
Management of significant impacts related to
waste (%)*
Coca-Cola FEMSA plants with Zero-Waste certification
94
84
77
Coca-Cola FEMSA distribution centers with Zero-Waste
certification
7
1
0
CORPORATE GOVERNANCE TOPICS
2024
2023
2022
Training
Members of the corporate governance body who
received information on anti-corruption policies
and procedures
Percentage
100
100
100
Memberships and affiliations (No. of members)
Total memberships and affiliations
281
280
766
Code of Ethics - Report System**
Substantiated reports
Total (No.)
2,875
6,571
3,927
Main categories (No.)
Our People¹²
2,503
NA
NA
Operations
347
NA
NA
Financial Information¹³
20
NA
NA
Queries/Doubts
5
NA
NA
Anonymous or non-anonymous reports (%)
Anonymous
70
71
72
Non-anonymous
30
29
28
Corrective actions taken of cases closed (No.)
Administrative actions
88
389
247
Feedback
247
1,844
999
No action required
22
1,465
857
Review of policies and/or processes
43
120
147
Suspension
5
13
9
Dismissal
255
596
407
Training
10
153
64
Others
107
635
284
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NOTES
* Data coverage scope is FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin).
** Data coverage scope is FEMSA (Proximity & Health, Coca-Cola FEMSA, Spin and FEMSA Strategic Businesses).
1 Data from Valora, a recently incorporated business, is included.
2 Does not include information on FEMSA Health.
3 Does not include information on FEMSA Health and Xpertal.
4 Internal hiring is only administrative.
5 For operational personnel only.
6 Third-party collaborators, for fees, interns, commission agents and others.
7 In 2024, the contribution levels that underwent their 360 process were only Strategic Leaders and Tactical Leaders, since according to FEMSA’s process the 360 evaluation is carried out every 2 years.
8 This survey was applied to the Coca-Cola FEMSA, Armur, and FEMSA Health businesses during 2024.
9 In our Organizational Climate survey we include these two dimensions that allow us to measure the level of happiness of our collaborators, in accordance with FEMSA’s methodology. Only includes FEMSA Forward + Holdings.
10 Additional question incorporated into our Organizational Climate 2024 diagnosis. Only includes FEMSA Forward + Holdings.
11 The subcategories of “discrimination and/or lack of inclusion or diversity” + “harassment” + “sexual harassment” + “workplace bullying” were added together. The reported figure refers only to confirmed reports.
12 In addition to “discrimination and/or lack of inclusion or diversity” + “harassment” + “sexual harassment” + “workplace bullying”, it includes other labor categories.
13 The subcategories of “conflict of interest between collaborators” + “conflict of interest with third parties” were added.
NA: Not Available
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4. GRI Content Index
FEMSA has presented the information cited in this GRI content index for the period between January 1, 2024 to December 31, 2024 using the GRI Standards as a reference.
GRI
Disclosure
Comments
SDG
UNGC
GRI 1: FOUNDATION 2021
GRI 2: GENERAL DISCLOSURES 2021
1. Organizational details
1. The organization and its reporting practices
2-1
Organizational details
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) is a Mexican holding company based in Monterrey,
Mexico. BMV: FEMSA UBD; NYSE: FMX.
The Company’s main activities are grouped under the following subsidiaries (“Subsidiary Companies”):
(1) Coca-Cola FEMSA, S.A.B. de C.V. (“Coca-Cola FEMSA” or “KOF”) (NYSE: KOF; BMV: KOFUBL), which is
engaged in the production, distribution, and sale of beverages;
(2) Proximity & Health, which operates OXXO, a chain of small format stores, OXXO GAS, a gas station chain;
and Valora, an operator of convenience stores and grocery formats in 5 countries in Europe. In Healthcare,
it includes pharmacies and related activities; and,
(3) Spin, which includes Spin by OXXO and OXXO Premia, among other loyalty and digital financial services
initiatives.
2-2
Entities included in the organization’s sustainability reporting
See “About this report”
2-3
Reporting period, frequency and contact point
The report contains information from January 1st to December 31st, 2024, and is reported on an annual
basis.
2-4
Restatements of information
2-5
External assurance
See Appendix “Independent Limited Assurance Report”
See table in Notes, page 141.
2. Activities and workers
2-6
Activities, value chain and other business relationships
See “Operational Performance” and “Sustainable Sourcing” sections
See “Sustainability Performance Data” Appendix
2-7
Employees
See “Justice, Equity, Diversity, and Inclusion” section
See “Sustainability Performance Data” Appendix
2-8
Workers who are not employees
See “Sustainability Performance Data” Appendix
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Disclosure
Comments
SDG
UNGC
3. Governance
2-9
Governance structure and composition
See websites:
https://femsa.gcs-web.com/corporate-governance/board-of-directors
https://femsa.gcs-web.com/corporate-governance/committees
See “Corporate Governance” section
2-10
Nomination and selection of the highest governance body
See “Corporate Governance” section
2-11
Chair of the highest governance body
In 2001, José Antonio Fernández Carbajal was appointed Chairman of FEMSA’s Board of Directors.
See website: https://femsa.gcs-web.com/corporate-governance/board-of-directors
See “Our Board of Directors, Committees and Executive Team” section
2-12
Role of the highest governance body in overseeing the
management of impacts
See “Our Board of Directors, Committees and Executive Team” section
See websites:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
https://www.femsa.com/en/sustainability/sustainability-strategy/estrategy/
https://www.femsa.com/en/about-femsa/corporate-governance/
https://www.femsa.com/en/sustainability/sustainability-strategy/our-vision/
2-13
Delegation of responsibility for managing impacts
See “Evolving our Sustainability Governance” section
2-14
Role of the highest governance body in sustainability
reporting
See “Evolving our Sustainability Governance” section
FEMSA’s CEO, FEMSA’s Chief Sustainability Officer, FEMSA’s Chief Sustainability and Energy Strategy Officer, and
Coca-Cola FEMSA’s CEO have performance metrics directly related to the integration and execution of sustainability
into the overall business strategy, called Critical Success Factors. Successful achievement of these Critical Success
Factors contributes varying percentages to their annual variable performance-based compensation.
FEMSA’s Sustainability Strategy and Public Goals for 2030 commit the company to: reducing the amount of
operational waste sent to landfills to zero; increasing the consumption of electricity from renewable sources to
85%; achieving a neutral water balance in all its operations; achieving 40% female representation in management
positions, among other goals and actions related to water, circular economy, social value, among others.
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Disclosure
Comments
SDG
UNGC
2-15
Conflicts of interest
At FEMSA, we conduct all our activities with integrity and professional ethics, always placing FEMSA’s interests above
any personal interest, avoiding obtaining undue personal benefits.
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
2-16
Collective knowledge of the highest governance body
The mission of the Ethics Committee is to promote and strengthen the ethical culture throughout the organization.
It also oversees and manages the expectations of integrity and behavior consistent with the company’s values.
This committee acts as a monitoring, advisory, and consultative body in all of FEMSA’s Business Units. Its main
responsibility is to ensure compliance with the Code of Ethics.
The Ethics Committee meets four times a year and reports on its activities to the Audit Committee, which
in turn reports to the Management Committee, providing visibility and ensuring ethical compliance at the
organizational level.
2-17
Evaluation of the performance of the highest governance
body
Our Board of Directors constantly strives to implement good corporate governance practices, identify
economic, environmental and social risks, and promote sustainability, employee well-being and community
development goals. Since 2023, sustainability has been a key topic at every meeting, covering performance
indicators, public goals and climate risks, and relying on the Sustainability, Diversity, Equity and Inclusion
Committee to align the company’s strategic vision and positioning.
2-18
Remuneration policies
See “Our Board of Directors, Committees and Executive Team” section
2-19
Process to determine remuneration
See “Our Board of Directors, Committees and Executive Team” section
2-20
Annual total compensation ratio
See “Our Board of Directors, Committees and Executive Team” section
See website: https://femsa.gcs-web.com/financial-reports/20fs
2-21
Annual total compensation ratio
Not available
4. Strategy, policies and practices
2-22
Statement on sustainable development strategy
See “Dear stakeholders” section
2-23
Policy commitments
See website: https://femsa.gcs-web.com/financial-reports/20fs
See website: https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
FEMSA’s values:
https://www.femsa.com/en/about-femsa/organizational-culture/
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
2-24
Embedding policy commitments
See website https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
2-25
Processes to remediate negative impacts
See: “Sustainability Strategy” section
See: “Sustainability Performance Data” section
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2-26
Mechanisms for seeking advice and raising concerns
FEMSA has developed an Ethical Compliance System, which is managed by a third party and is available 24
hours a day, 365 days a year, for both employees and our stakeholders, through four different, confidential,
and anonymous channels: telephone, website, e-mail and chat.
Ethics Line website:
https://secure.ethicspoint.com/domain/media/en/gui/80470/index.html
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
2-27
Compliance with laws and regulations
FEMSA has not identified any significant fines or penalties received for non-compliance with
environmental laws/regulations in 2024. By “significant” we mean a fine/sanction that individually costs
more than US$ 10,000 (or its equivalent in Mexican Pesos). The information contained in this document
is presented in good faith and is intended to enhance understanding of the company’s non-financial
performance. Although the information is believed to be accurate at the time of publication, we cannot
accept any liability for any loss or damage caused to any person or organization acting or not acting on
the basis of the information contained in this document.
2-28
Membership associations
We actively participate in the United Nations Global Compact and are part of the first United Nations
Business Accelerator program. During 2024, we recorded 281 affiliations of associations in Latin American
and European countries by FEMSA companies.
5. Stakeholder engagement
2-29
Approach to stakeholder engagement
At FEMSA, we engage with a number of stakeholders and maintain constant communication with them.
These include: non-profit organizations, investors, industry players, specialized institutions, government,
consumers and customers, suppliers, employees, society, and the media.
See website: https://www.femsa.com/en/sustainability/sustainability-strategy/estrategy/
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MATERIALITY
3-1
Process to determine material topics
See “Materiality” section
3-2
List of material topics
See “Sustainability Strategy and commitments” section
OUR PLANET
Climate action
Material Topics 2021
3-3
Management of material topics
See “Materiality” section
See “Sustainability Strategy and commitments” section
See “Climate Action” section
Energy 2016
302-1
Energy consumption within the organization
See “Sustainability Perfomance Data” section
See “Climate Action” section
7.1
7, 8
and 9
302-3
Energy intensity
See “Sustainability Perfomance Data” section
See “Climate Action” section
7.3
7 and 8
302-4
Reduction of energy consumption
See “Sustainability Perfomance Data” section
See “Climate Action” section
7.a
302-5
Reductions in energy requirements of products and services
See “Sustainability Perfomance Data” section
See “Climate Action” section
7, 8
and 9
Emissions 2016
305-1
Direct (Scope 1) GHG emissions
See “Sustainability Perfomance Data” section
See “Climate Action” section
13.2
7 and 8
305-2
Energy indirect (Scope 2) GHG emissions
See “Sustainability Perfomance Data” section
See “Climate Action” section
13.2
7 and 8
305-3
Other indirect (Scope 3) GHG emissions
Scope 3 emissions data for 2024 is still being calculated, given the complexity of the calculation due to our
Business Units' different sectors, countries of operation, and the interaction of various multidisciplinary
teams. We follow the average data method of the GHG Protocol's categories 1 to 15 for Scope 3.
305-4
GHG emissions intensity
See “Sustainability Perfomance Data” section
See “Climate Action” section
13.2
8
305-5
Reduction of GHG emissions
See “Sustainability Perfomance Data” section
See “Climate Action” section
13.2
8 and 9
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Water management
Material Topics 2021
3-3
Management of material topics
See “Water management” section
Water and effluents 2018
303-1
Interactions with water as a shared resource
See “Sustainability Perfomance Data” section
See “Water management” section
6.1 and
6.2
7, 8
and 9
303-3
Water withdrawal
See “Sustainability Perfomance Data” section
7, 8
and 9
303-5
Water consumption
See “Sustainability Perfomance Data” section
6.4
Circular economy
Material Topics 2021
3-3
Management of material topics
See “Circular Economy” section
Materials 2016
301-1
Materials used by weight or volume
See “Sustainability Perfomance Data” section
12.2 and
12.5
7, 8
and 9
301-2
Recycled input materials used
See “Sustainability Perfomance Data” section
12.5
7, 8
and 9
301-3
Reclaimed products and their packaging materials
See “Sustainability Perfomance Data” section
12.5
7, 8
and 9
Waste 2020
306-1
Waste generation and significant waste-related impacts
See “Sustainability Perfomance Data” section
See “Circular Economy” section
7, 8
and 9
306-2
Management of significant waste- related impacts
See “Sustainability Perfomance Data” section
See “Circular Economy” section
7, 8
and 9
306-3
Waste generated
See “Sustainability Perfomance Data” section
306-4
Waste diverted from disposal
See “Sustainability Perfomance Data” section
12.5
7, 8
and 9
306-5
Waste directed to disposal
See “Sustainability Perfomance Data” section
12.6
7, 8
and 9
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Other relevant topics
Environmental compliance 2016
307-1
Non-compliance with environmental laws and regulations
FEMSA has not identified any significant fines or penalties received for non-compliance with environmental laws/
regulations in 2024. By “significant” we mean any fine or penalty that individually costs more than US$10,000 (or
its equivalent in Mexican Pesos). The information contained in this document is presented in good faith and is in
tended to provide a better understanding of the company’s non-financial performance. Although the information
is believed to be accurate at the time of publication, we cannot accept any liability for any loss or damage caused
to any person or organization acting or not acting on the basis of the information contained in this document.
7 and 8
Supplier Environmental Assessment
308-1
New suppliers that were screened using environmental criteria
See “Sustainable Sourcing” section
See “Sustainability Perfomance Data” section
7, 8
and 9
308-2
Negative environmental impacts in the supply chain and
actions taken
We promote good practices in the areas of human rights, environment, community, ethics, and values
among our suppliers through our code of ethics, “Guiding Principles for Suppliers”, and we seek to ensure
that they are all aware of them.
7, 8
and 9
OUR COMMUNITY
Community welfare
Material Topics 2021
3-3
Management of material topics
See “Materiality” and “Our Community” sections
Local Communities 2016
413-1
Operations with local community engagement, impact
assessments, and development programs
See “Our Community” section
11.a
1
413-2
Operations with significant actual and potential negative
impacts on local communities
See “Our Community” section
1
Customer Health and Safety 2016
416-1
Assessment of the health and safety impacts of product and
service categories
Our production processes comply with the highest quality standards and our ingredients comply with each
of our operations’ local standards, as well as with those of other regulatory agencies.
Marketing and Labeling 2016
417-1
Requirements for product and service information and
labeling
In order to enable our consumers to make informed choices in each of our operations, our product labels
feature clear and accessible nutritional content information.
12.8
Economic development
Material Topics 2021
3-3
Management of material topics
See “Materiality” section
Indirect Economic Impacts 2016
203-1
Infrastructure investments and services supported
See “Our Community” and “Community Welfare”
See “Sustainability Perfomance Data” Appendix
9.1, 9.5
and 11.2
9
203-2
Significant indirect economic impacts
See “Our Community” and “Community Welfare”
See “Sustainability Perfomance Data” Appendix
1.2, 3.8,
8.2, 8.3
and 8.5
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Sustainable sourcing
Material Topics 2021
3-3
Management of material topics
See “Our Community” and ”Sustainable Sourcing” sections.
See “Materiality” section
In addition to the principles included in the document “Guiding Principles for Suppliers”, all FEMSA suppliers
are also expected to comply, through their operations, with “Pollution Prevention and Waste Management
(Circular Economy)” and “Care for Biodiversity, No to Deforestation and Land Conservation”.
Procurement Practices 2016
204-1
Proportion of spending on local suppliers
See “Sustainability Perfomance Data” section
8.3
Supplier Social Assessment 2016
414-1
New suppliers that were screened using social criteria
We promote good practices in the areas of human rights, environment, community, ethics and values
among our suppliers through our code of ethics “Guiding Principles for Suppliers” and we seek to ensure
that they are all aware of them.
8.8 and
16.1
2.6
414-2
Negative social impacts in the supply chain and actions taken
We promote good practices in the areas of human rights, environment, community, ethics and values
among our suppliers through our code of ethics “Guiding Principles for Suppliers” and we seek to ensure
that they are all aware of them.
5.8, 8.8,
and 16.1
2
OUR PEOPLE
Human and labor rights
Material Topics 2021
3-3
Management of material topics
See “Our People” section
See website: https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See “Materiality” section
At FEMSA we recognize that, in the current environment, there are topics that are fundamental both
for our operations and stakeholders. Therefore, through our due diligence process, and in line with our
Sustainability Strategy, we have identified and mapped 6 topics, addressing them preventively and with
an interdisciplinary approach within the organization from a human rights perspective. Our commitment
ensures a proactive approach aligned with best practices and our stakeholders’ expectations.
See table in Notes page 142.
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Employment 2016
401-1
New employee hires and employee turnover
Given the different and diverse industries of the companies that make up FEMSA, turnover is measured in
each business.
401-2
Benefits provided to full-time employees that are not
provided to temporary or part- time employees
At FEMSA, benefits and compensation for full-time and temporary employees are the same. Example of
benefits for FEMSA employees: Christmas bonus, vacation bonus, supplementary compensation, pension
plan, retirement savings plan, annual medical exam, savings account, life insurance, cafeteria service,
scholarships.
The Annual Performance Bonus for our employees is calculated by considering multiple factors, including
the individual’s performance, and their adherence to the organization’s core values in their daily actions.
We believe that an employee’s contribution goes beyond mere job performance, extending to the
materialization of our values and ethical principles in their work.
8.5
401-3
Parental leave
See “Sustainability Performance Data” section
Child Labor 2016
408-1
Operations and suppliers at significant risk for incidents of
child labor
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
See GRI 3-3 Our People - Human and Labor rights
8.7 and
16.2
5
Forced or Compulsory Labor 2016
409-1
Operations and suppliers at significant risk for incidents of
forced or compulsory labor
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
See GRI 3-3 Our People - Human and Labor rights
8.7
4
Security Practices 2016
410-1
Security personnel trained in human rights policies or
procedures
See “Sustainability Performance Data” Appendix
Human Rights Assessment 2016
412-1
Operations that have been subject to human rights reviews
or impact assessments
See GRI 3-3 Our People - Human and Labor rights
8.8
412-2
Employee training on human rights policies or procedures
See “Sustainability Performance Data” Appendix
8.8
412-3
Significant investment agreements and contracts that include
human rights clauses or that underwent human rights
screening
Through the “Supplier Guiding Principles”, which contains five pillars, we promote good practices in the
areas of human rights, environment, community, ethics and values. We include the Guiding Principles for
Suppliers in the various interactions we have, whether through purchase orders, contracts, etc.
See website:
https://www.femsa.com/en/press-room/documents/suppliers-guiding-principles/
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Diversity, equity and inclusion
Material Topics 2021
3-3
Management of material topics
See “Justice, Equity, Diversity and Inclusion (JEDI)” section
Diversity and inclusion 2016
405-1
Diversity of governance bodies and employees
See website: https://www.femsa.com/en/about-femsa/corporate-governance/
See “Sustainability Performance Data” Appendix
5.5 and
8.5
6
Non-discrimination 2016
406-1
Incidents of discrimination and corrective actions taken
FEMSA has developed an Ethical Compliance System, which is managed by a third party and is available 24
hours a day, 365 days a year, for both employees and our stakeholders, through four different, confidential
and anonymous channels: telephone, website, e-mail and chat.
Ethics Line website:
https://secure.ethicspoint.com/domain/media/en/gui/80470/index.html
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
See “Sustainability Performance Data” Appendix
5.1 and
8.8
6
Integral well-being
Material Topics 2021
3-3
Management of material topics
“See “Our People” section
At FEMSA, we have a system for determining and managing the compensation and benefits our
collaborators receive for their work. We establish fair and competitive salary structures, provide incentives,
and administer employee benefits and bonuses.
The annual performance bonus for our collaborators is calculated based on several factors, including the
individual’s performance and adherence to the organization’s core values in their daily actions. We believe
that an employee’s contribution goes beyond mere job performance and extends to how they incorporate
our values and ethics into their work.
By including both performance and values in the calculation, our goal is to recognize and reward employees
who not only excel at their jobs, but also consistently demonstrate behaviors that align with our shared
principles. We believe this holistic approach to evaluating employee contributions fosters a culture of
excellence, integrity and a strong sense of shared purpose within our organization.”
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Occupational Health and Safety 2018
403-1
Occupational health and safety management system
All FEMSA’s Business Units have Industrial Safety and Occupational Health management systems according
to their activities and line of business, in compliance with FEMSA’s Corporate Policies and the legal
framework of the countries in which we operate. Their main objective is to create safe work spaces and
healthy lifestyles.
403-2
Hazard identification, risk assessment, and incident
investigation
All of FEMSA’s Business Units have certified professionals in charge of the administration of the Occupational
Health and Safety Management Systems, such as:
• Compliance with applicable regulations according to its line of business.
• Compliance with internal Occupational Health and Safety policies.
• Identification and mitigation of risks in the work centers.
• Compliance with the Industrial Safety and Occupational Health programs.
• Monitoring the health and safety of employees.
• Management of different communication mechanisms so that employees, customers and third parties
can report activities or conditions and/or unsafe acts at work.
• Management of internal and corporate evaluations to monitor compliance with management systems.
6
403-3
Occupational health services
At FEMSA we have medical care services that contribute to the supervision and surveillance of our employees’
health in a preventive manner, such as the early detection of illnesses associated with working conditions, as well
as providing quality medical care to employees who experience any discomfort during their workday.
Main Activities:
• Medical attention to collaborators.
• Application of entrance and periodic medical examinations.
• Elaboration of clinical history according to exposure risks.
• Emergency medical attention.
• Accident investigation.
• Evaluations of the work environment (industrial hygiene).
• Vaccination campaigns.
• Periodic reviews are scheduled to audit and contribute to the improvement of the quality and compliance
of the service.
3.8 and
8.8
6
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403-4
Worker participation, consultation, and communication on
occupational health and safety
FEMSA has Industrial Safety and Occupational Health Committees made up of representatives from all the
Business Units, through which different topics are addressed, such as:
• Updates in Health and Safety programs.
• KPIs (Indicators of Absenteeism, Risk Premium, Fatalities)
• Update of policies and guidelines
• Communication of relevant health and safety information.
We have tools, like the Organizational Climate Surveys, that allow us to understand our employees’
perceptions regarding management systems, work environment, their relationships with their bosses,
processes, and assigned tasks.
403-5
Worker training on occupational health and safety
See “Sustainability Performance Data” Appendix
403-6
Promotion of worker health
FEMSA promotes different health care programs internally and in collaboration with public and private
institutions, such as:
• Vaccination campaigns
• Nutritional consultations
• Psychosocial support consultations
• Workshops oriented to romoting mental
• Awareness and prevention campaigns (e.g. breast cancer, prostate cancer, smoking, cardiovascular risk
factors, etc.).
• Activities that promote physical activity (running, cycling, pilates, zumba, yoga, etc.).
In the organizational climate survey conducted at FEMSA, we considered several dimensions to measure
our employees’ perception, highlighting the measures of favorability in their job satisfaction, purpose,
happiness, and stress.
3.8
403-7
Prevention and mitigation of occupational health and safety
impacts directly linked by business relationships
FEMSA seeks to create safe work spaces and healthy lifestyles in all its work centers, as well as to promote
continuous improvement in its processes through Occupational Health and Safety Programs, having
the Management Systems implemented in each Business Unit by professionals as a fundamental tool in
Occupational Health and Occupational Risk Prevention.
403-8
Workers covered by an occupational health and safety
management system
See “Sustainability Performance Data” Appendix
403-9
Work-related injuries
See “Sustainability Performance Data” Appendix
8.8
403-10
Work-related ill health
See “Sustainability Performance Data” Appendix
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Training and Education 2016
404-1
Average hours of training per year per employee
See “Sustainability Performance Data” Appendix
4.4, 4.5,
8.2, 8.5
and 8.6
6
404-2
Programs for upgrading employee skills and transition
assistance programs
We have programs to achieve this goal. In Mexico, we promote the Life and Development Plan and Retirement
Preparation Program (PLAVIDE). The program is designed to help employees nearing retirement prepare for this
new stage of their lives, with the understanding that it is part of a natural life process. In Cruz Verde Colombia, we
have the programs “Motivation to Change” and “Family System”, which provide tools to facilitate the adaptation
and change to the stage of retirement.
We offer access to the LinkedIn Learning Content Platform, which provides high quality content materials de
veloped by industry experts. This platform allows employees to choose what and when to learn based on their
professional and personal needs.
We invested to strengthen the understanding of the self-development culture and the FEMSA Learning Model for
participating employees. This program includes topics such as leadership, communication skills, agililty, innova
tion, design thinking, among others.
Another important initiative is the FEMSA Mentoring Program, designed to facilitate the growth of employees
with executive-level potential. The objective is to support mentees in their professional development by providing
them with new perspectives, guidance, and skills related to leadership challenges. To ensure the success of this
program, we carefully select a small number of senior executives as mentors.
8.2, 8.3
and 8.5
404-3
Percentage of employees receiving regular performance and
career development reviews
See “Sustainability Performance Data” Appendix
5.1, 8.5,
and 10.3
6
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CORPORATE GOVERNANCE
Other relevant topics
Anti-corruption 2016
205-1
Operations assessed for risks related to corruption
As is the case every year, we carried out the process of reviewing, updating, and communicating our Code of
Ethics to all collaborators.
16.5
10
205-2
Communication and training about anti-corruption policies
and procedures
See “Sustainability Performance Data” Appendix
16.5
10
205-3
Confirmed incidents of corruption and actions taken
FEMSA has developed an Ethical Compliance System, which is managed by a third party and is available 24
hours a day, 365 days a year, for both employees and our stakeholders, through four different, confidential
and anonymous channels: telephone, website, e-mail and chat.
Ethics Line website:
https://secure.ethicspoint.com/domain/media/en/gui/80470/index.html
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
16.5
10
Anti-competitive Behavior 2016
206-1
Legal actions for anti-competitive behavior, anti-trust, and
monopoly practices
See our 20-F Form
https://femsa.gcs-web.com/static-files/ab8f0e09-4777-4d54-aaf7-f7945103462d
16.6
Labor/Management Relations 2016
402-1
Minimum notice periods regarding operational changes
Notices of operational changes are made in accordance with the applicable laws of the countries in which
we operate.
16.6
Public Policy 2016
415-1
Political contributions
We comply with the laws of the countries in which we operate.
16.6
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NOTES
1. The organization and its information practices
2-5 External verification
Indicator
Number Unit
Considerations
Substantiated reports to the Code of Ethics
2,875 Reports
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola Femsa) and FEMSA Strategic Businesses
(Al Punto and Solistica), except Valora.
Gross value of direct GHG emissions (scope 1)
1,003,012 tonnes CO2eq
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola FEMSA) and FEMSA Strategic Businesses
(Al Punto, Solistica) Includes Valora.
Gross value of indirect GHG emissions associated with
energy (scope 2) marked based
444,618 tonnes CO2eq
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola Femsa) and FEMSA Strategic Businesses
(Al Punto and Solistica) except Valora.
Total energy consumption within the organization
20,948,731 GJ
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola FEMSA) and FEMSA Strategic Businesses
(Al Punto, Solistica) Includes Valora.
Percentage of employees with access to psychosocial
support system
85 % of collaborators
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Sustainability Linked Bond. SPT KPI2. Percentage of total
renewable electricity.
65.3 % of electric energy
renewable consumed
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola Femsa) and FEMSA Strategic Businesses
(Al Punto and Solistica) except Valora and Coca-Cola FEMSA Venezuela.
Number of people directly benefiting from our community
wellbeing initiatives
2,445,731 Direct beneficiaries
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Percentage female representation in executive positions
33 % of women in
executive positions
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Percentage of purchases from local suppliers across all
Business Units
77 % of purchases from local
suppliers
Includes FEMSA Forward (Proximity & Health, Spin and Coca-Cola Femsa) and FEMSA Strategic Businesses
(Al Punto and Solistica) except Valora.
Lost time injury frequency rate per 1,000,000 direct
employee hours
6.17 Frequency rate
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Frequency rate of occupational illnesses per 1,000,0000
direct employee hours
0.05 Frequency rate
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Number of fatalities
2 Fatalities of own
collaborators
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Result of organizational climate survey: percentage of
commitment
88.5 % of committed
collaborators
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Total weight of waste generated in metric tonnes
326,038 tonnes
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Sustainability Linked Bond. SPT KPI1. Percentage of total
operational waste diverted from landfills.
76.4 % of waste diverted from
landfills
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Total water extraction from all areas
42,734 Thousands of cubic
meters
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Groundwater Extraction
22,494 Thousands of cubic
meters
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Water extraction from third parties
19,464 Thousands of cubic
meters
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
Surface Water Extraction
776 Thousands of cubic
meters
Includes FEMSA Forward (Proximity & Health, Coca-Cola FEMSA and Spin) Except Valora.
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Human and labor rights
3-3 Management of material topics
Relevant topic for our stakeholders
Management, Prevention and Mitigation Measures
Forced Labor and Child Labor
1. Prohibition of forced labor in our operations and to our suppliers through our Internal Regulations and Supplier Guiding Principles.
2. Prevention controls through internal audits at our work centers.
3. FEMSA Code of Ethics. See chapter Our People - Human Rights - Fundamental Principles and Rights at Work.
Adequate Salaries and Compensation
1. We have focused on providing our collaborators with living wages that guarantee an adequate standard of living in the different geographies
where we operate. At FEMSA, benefits and compensation for full-time and temporary employees exceed the minimum established by the relevant
regulations.
2. We consider both job performance and values in the calculation, our goal is to recognize and reward Employees who also consistently exhibit
behaviors that align with our shared principles.
Personal Data Protection
1. FEMSA Code of Ethics. See chapter Our Resources - Information Management - Personal Data.
Equity and Inclusion / Non-discrimination
1. Justice, Equity, Diversity and Inclusion Model See JEDI Section.
2. FEMSA Code of Ethics. See chapter Our People - Human Rights - Justice, Diversity, Equity and Inclusion.
3. 2030 corporate goal: 40% of women in executive positions. 2024 Progress: 33%.
4. Corporate Standard on Fairness, Equity, Diversity and Inclusion.
Water access
1. 2030 corporate goal: Achieve a neutral water balance in all our operations. 2024 Progress: 70%.
2. Mitigation Plans in 100% of our operations
See section: Water Management. Lazos de Agua Program and the Source of Innovation Initiative.
3. Water efficiency at Coca-Cola FEMSA: Liters of water per liter of beverage produced: 12.6% improvement since 2018.
Contribution to climate change
1. 2030 corporate goal: 85% renewable electricity in all our operations. 2024 Progress: 65.3%.
2. See section: Climate Action
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5. SDGs contribution
In alignment with our commitment to sustainable development, we present a table below indicating where relevant information on our efforts in
relation to the UN Sustainable Development Goals (SDGs) can be found in this report. This guide makes it easy to consult our actions on key topics
such as the environment, social inclusion and corporate governance.
Pages: 67, 68
and 69.
Pages: 76,
78, 90, 91
and 92.
Pages: 61,
62, 63, 64, 71
and 73.
Pages: 53, 54,
55, 56, 61, 62,
63, 64, 65, 74
and 75.
Pages: 56,
57, 58, 59
and 60.
Pages: 56, 57,
58, 59, 60, 68,
69, 70, 71, 72,
73, 74 and 75.
Pages: 68, 69,
70, 71, 72,
73, 74, 75, 76
and 78.
Pages: 101,
102, 103
and 104.
Page: 71.
Pages: 81,
82, 83, 84, 85
and 86.
Pages: 79, 80,
81, 82, 83, 84,
85 and 86.
Pages: 65, 66,
75 and 77.
Pages: 74, 84,
85 and 91.
Pages: 72, 78
and 89.
Pages: 87, 88
and 89.
Pages: 14,
15, 16, 17
and 44.
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6. Sustainability-linked bond (SLB)
1 Measured as tons of waste recycled or reused divided by tons of total operational waste.
2 Inorganic growth is not included as part of the Sustainability Performance Targets (SPT).
3 A sample of the scope the information was verified with a limited assurance by Ernst & Young (EY) as an independent third party. See “Independent Limited Assurance Report”.
4 Due to local regulatory requirements, it must be disposed of in landfills and/or incinerated without energy recovery.
ABOUT FEMSA’S SUSTAINABILITY-LINKED BOND
In 2022 and 2021, we announced the issuance of sustainability-linked notes denominated in Mexican
pesos and Euros in the Mexican and international capital markets, respectively. The 2022 issuance was
Ps. 9,273,843,400.00. These bonds were purchased by 33 institutional investors and the issuance was
oversubscribed 1.9x times. The transaction was completed through a dual-tranche format with the ticker
symbols FEMSA 22-2L and FEMSA 22L. The first tranche was issued at a fixed annual rate of 9.65% (Mbo
no+0.45%) for an amount of Ps. 8,446,384,600.0 with maturity in 2032. The second, are notes issued at an
annual floating rate of TIIE 28+ 0.10% for an amount of Ps. 827,458,800.0 with maturity in 2027.
Pursuant to the terms of both Bonds, they are linked to our Sustainability Bond Framework, which
was adopted and published by the Company in connection with the issuance of the Euro-denom
inated sustainability bond issued in 2021 in the international market. This Framework was pre
pared in accordance with the 2020 Sustainability-Linked Bond Principles (“SLBP”), administered by
the International Capital Market Association. The Sustainability-Linked Bond Framework includes
certain Sustainability Key Performance Indicators for the Company, which are aligned with our
strategic sustainability priorities for 2030. Under the Bond’s terms, satisfactory compliance with
the Sustainability Performance Targets will be verified by an accredited third party and can be
viewed at the following link: https://femsa.gcs-web.com/sustainable-finance/.
1.
Selection of Key Performance Indicators (KPIs)
KPI 1: Percentage of total operational waste diverted
from landfills1.
1.1.
Zero operational waste to landfill (Circular Economy).
SCOPE
This KPI applies to 100% of FEMSA’s Business Units, including all organic growth over the bond’s life
time2. As of 2024, this KPI had a data coverage of 98% of FEMSA’s total work centers3. We continue to
work on increasing the percentage of work centers with available information. As of 2024, we already
considered OXXO Peru and Colombia operations, in addition to the Doña Tota plant.
METHODOLOGY
This KPI is calculated in accordance with our Corporate Information Policy and our internal non-financial
reporting consolidation manual. Business Units report the total waste generated by type (Non-Hazard
ous and Hazardous Waste) and disposal methods on a quarterly and annual basis. For Non-Hazardous
Waste, disposal methods consider reuse or recycling (including composting or anaerobic digestion,
incineration - with and without energy recovery - and landfilling). For Hazardous Waste, the above
disposal methods are applied together with special management disposal and confinement. All these
alternatives are in accordance with environmental regulations.
•
Total operational waste (in Tons): sum of all types of waste, excluding hazardous waste4.
•
Total waste recycled or reused (in Tons): sum of the final disposal of each type of operational
waste classified as reused or recycled.
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KPI 2: Percentage of total electricity consumption coming from
renewable sources.
1.2. Renewable energy
SCOPE
This KPI applies to 100% of FEMSA’s Business Units at the time of the bond issuance, including all organ
ic growth during the bond’s lifetime. By 2030, we expect to have an annual electricity consumption of
more than 3.7 TWh (a 40% increase over our 2020 consumption of 2.6 TWh).
During 2024, this KPI maintained a 99% data coverage in all FEMSA’s work centers.
METHODOLOGY
This KPI is calculated in accordance with our Corporate Information Policy and our non-financial infor
mation consolidation manual. Business Units report their total electricity consumption by type (renew
able or non-renewable) on a monthly, quarterly, and annual basis.
•
Total electricity consumption (in MWh): sum of all FEMSA’s electricity consumption.
•
Total electricity consumption from renewable energy (in MWh): sum of total electricity
consumption generated by renewable sources. As of March 2024, FEMSA uses the following
generation technologies: wind energy, solar energy, and biomass from organic waste5.
In 2023, FEMSA started to use energy attribute certificates (e.g., renewable energy certificates,
“RECs”) or similar. Our strategy to achieve our renewable energy targets will prioritize self-gener
ation and power purchase agreements (PPAs). FEMSA may use other methods of sourcing renew
able energy in select markets in the future, only when self-generation or PPAs are not available or
appropriate for our operations.
5 In the future, FEMSA may use other renewable energy sources, such as tidal power, small-scale hydroelectric power (less than 25MW), or biomass from sustainably sourced feedstocks that do not compete with food sources. In some ge
ographies, FEMSA may not be able to acquire renewable energy through power purchase agreements, on-site generation, or distributed energy. In those contexts, FEMSA may choose to purchase green tariffs or renewable energy credits.
We will disclose the sources of renewable energy consumed in our integrated annual report.
6 Since 2022, KPI 1: Zero operational waste to landfill; no longer considers hazardous waste in the calculation.
2.
Calibration of Sustainability Performance Targets
2.1.
Zero operational waste to landfill (Circular Economy)
SPT 1.1: Increase the percentage of waste diverted from landfills
to 65% by 2025,
SPT 1.2: Increase the percentage of waste diverted from landfills
to 100% by 2030.
Baseline
In 2019, we set out a plan to commit to achieving zero operational waste to landfill in 2030. The baseline year for
this plan is 2019, due to the validation of the data collection methodology used.
2024 Result
In 2024, we increased reporting coverage to include OXXO Peru, OXXO Colombia, and certain Doña Tota
operations. In addition, the Proximity & Health division continued to collaborate with its waste collection
service providers by adopting recycling strategies in OXXO Mexico stores. This led to significant prog
ress in diverting waste from landfills at both stores and distribution centers. As a follow-up and as a
practice for the other businesses, OXXO developed the “Metrika” platform for the management of waste
collection suppliers in Mexico, achieving 100% coverage. In the case of our Coca-Cola FEMSA division, we
made efforts to certify our plants and distribution centers as “Zero-Waste”, successfully certifying more
than 94% of our plants by the end of 2024.
KPI 1:
Zero operating waste
to landfills6 (%)
2019
(Baseline
year)
2020
2021
2022
2023
2024
Target
2025
Target
2030
53.0
65%
100%
76.4
73.4
68.7
53.0
52.0
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2.2.
Renewable energy
SPT 2.1: Increase the annual sourcing of renewable electricity
to 65% by 2025.
SPT 2.2: Increase the annual sourcing of renewable electricity
to 85% by 2030.
Baseline
At FEMSA we set 2017 as the baseline year to include a track record of at least a 3-year baseline before setting
2021 as the commitment year. This commitment was set at 2020 to align a 10-year timeline for this goal with
the United Nations Sustainable Development Goals’ timeline.
2024 Result
In 2024, we increased the percentage of renewable energy consumption through photovoltaic projects
in the Proximity & Health businesses (OXXO CEDIS, OXXO GAS, Bara, Doña Tota, and Health Mexico) and
in Coca-Cola FEMSA’s Guatemala, Costa Rica, Argentina, and Uruguay operations. Additionally, to cover
facilities in countries where regulations do not allow us to purchase renewable energy from the grid, we
acquired renewable energy certificates.
KPI 2:
Renewable
Energy7 (%)
2017
(Baseline
year)
2018
2019
2020
2021
2022
2023
2024
Target
2025
Target
2030
Since 2024, the consumption of renewable and non-renewable energy of Coca-Cola FEMSA Venezuela
is not considered within KPI 2 results, to align this KPI with our financial approach where Venezuela is
reported as an equity investment and not as a consolidated operation.
7 Historical data varies slightly from the data reported on FEMSA’s website, largely because data from Venezuela is excluded from reporting on our website. Venezuela is no longer included for the purposes of calculating the KPI 2 of our SPT.
3.
Bond characteristics
Unless otherwise indicated in the specific offering documents, we are not obligated to use the net
proceeds from our sustainability-linked bonds for investments in green or social projects. If our Sus
tainability Performance Targets (SPT) are not achieved in their target years, according to the annual
report published after the target observation date, we would have to pay a higher interest rate on these
securities. The payment mechanism for such an interest rate will be specified in the final terms of the
securities offered.
POTENTIAL CHANGES IN CALCULATION
Both indicators apply to 100% of our Business Units as of the Sustainability-Linked Bond’s issuance
date, and organic growth projections for the following years apply. For purposes of the Sustain
ability Performance Targets and the calculation of zero operational waste to landfill and renew
able energy percentages, certain potential events, such as significant acquisitions or divestments,
or changes in the regulatory environment, may materially affect the KPI calculation, and require
reformulation of the Sustainability Performance Targets (SPT) and/or pro-forma adjustments to
the baselines or scope of the KPI. Any such adjustments will be communicated in our annual KPI
reporting.
4.
Reports
•
Performance information will be kept publicly available in the Integrated Annual Report until
the Sustainability Performance Targets (SPTs) for each key performance indicator (KPI) are
achieved. The report will include:
•
Information on the performance of the selected KPI;
•
External verification report regarding the SPT describing the SPT’s performance and related
impacts, as well as the timing of such impacts on the bond’s financial performance; and,
•
Any relevant information that allows investors to monitor the SPT’s progress.
•
The information may also include, whenever feasible and possible:
›
Illustration of the positive sustainability impacts of improved performance; and/or
›
Any reassessment of KPIs and/or restatement of the SPT and/or pro forma adjustments to
baselines or scope of KPIs.
60.0
65%
85%
23.0
62.4
65.3
58.0
61.0
48.0
22.0
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5.
Verification
FEMSA’s Sustainability-Linked Bond Framework was reviewed by Sustainalytics, who provided a second party opinion (SPO), confirming the Framework’s alignment with Sustainability-Linked Bond Principles (SLBP)
2020 as administered by ICMA. The SPO is available on the Sustainalytics website and at the following link:
https://femsa.gcs-web.com/sustainable-finance/
Our performance on the waste diverted from landfill and renewable electricity consumption KPIs during 2024 was reviewed under limited assurance by Mancera, S.C. Ernst and Young (EY) as an independent third
party. For details of EY’s review, please see the “Independent Limited Assurance Report” section of this report.
DISCLAIMER
This Framework does not constitute a recommendation regarding any securities of FEMSA or any affiliate of FEMSA. This Framework is not, does not contain and may not be deemed to constitute an offer to sell
or a solicitation of any offer to buy any securities issued by FEMSA or any affiliate of FEMSA. Neither this document nor any other related material may be distributed or published in any jurisdiction in which it is
unlawful to do so, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession such documents may come must inform themselves about
and observe any applicable restrictions on distribution. Any bonds or other securities that may be issued by FEMSA or its affiliates from time to time, including any Sustainability-Linked Securities, shall be offered
by means of a separate prospectus or offering document in accordance with applicable laws, and any decision to purchase any such securities should be made solely on the basis of the information contained in
any such prospectus or offering document provided in connection with the offering of such securities, and not on the basis of this Framework.
The information and opinions contained in this Framework are provided as of the date of this Framework and are subject to change without notice. Neither FEMSA nor any of its affiliates assumes any responsibil
ity or obligation to update or revise such statements, regardless of whether those statements are affected by the results of new information, future events or otherwise. This Framework represents current FEMSA
policy and intent, is subject to change and is not intended to, nor can it be relied on, to create legal relations, rights, or obligations. This Framework is intended to provide non-exhaustive, general information.
This Framework may contain or incorporate by reference public information not separately reviewed, approved or endorsed by the FEMSA and accordingly, no representation, warranty or undertaking, express or
implied, is made and no responsibility or liability is accepted by the FEMSA as to the fairness, accuracy, reasonableness, or completeness of such information. This Framework may contain statements about future
events and expectations that are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion
of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “strategy,” “target” and “will” or similar statements or variations of such terms and other similar
expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements. None of the future projections,
expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such
future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of assumptions, fully stated in the Framework. No representation is made as to the suitability
of any Sustainability-Linked Securities to fulfil environmental and sustainability criteria required by prospective investors.
This Framework does not create any legally enforceable obligations against FEMSA; any such legally enforceable obligations relating to any Sustainability-Linked Securities are limited to those expressly set forth in
the legal documentation governing each such series of Sustainability-Linked Securities. Therefore, unless expressly set forth in such legal documentation, FEMSA’s failure to adhere to or comply with any terms of
this Framework, including, without limitation, failure to achieve any sustainability targets or goals set forth herein, will not constitute an event of default or breach of contractual obligations under the terms and
conditions of any such Sustainability-Linked Securities. Factors that may affect FEMSA’s ability to achieve any sustainability goals or targets set forth herein include (but are not limited to) market, political and eco
nomic conditions, changes in government policy (whether with the continuity of the government or on a change in the composition of the government), changes in laws, rules or regulations, and other challenges.
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7. Independent Limited Assurance Report
Member Practice of Ernst & Young Global Limited
Mancera S.C.
Torre EQUUS I
Av. Ricardo Margain Zozaya 335
Col. Valle del Campestre
San Pedro Garza García, N.L 66265
Tel: (81) 8152 1800
Fax: (81) 8152 1839
www.ey.com/mx
Independent Limited Assurance Report
To the Board of Directors of Fomento Económico Mexicano, S.A.B de C.V.
1.
Scope of our Work
We have been engaged by FEMSA Servicios S.A. de C.V., to perform a ‘limited assurance engagement,’ as
defined by ISAE 3000, Assurance Engagements other than Audits or Reviews of Historical Financial
Information, issued by the International Auditing and Assurance Standards Board (IAASB) of the
International Federation of Accountants (IFAC), here after referred to as the “Engagement”, to report
onselected sustainability performance indicators (“Subject Matter”) contained in the Integrated Annual
Report (the “Report”) of Fomento Económico Mexicano, S.A.B. de C.V., (The Company) and subsidiaries
and mentioned in the Annex 1; for the period from January 1 to December 31, 2024.
Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did
not perform assurance procedures on the remaining information included in the Report, and accordingly,
we do not express a conclusion on this information.
2.
Criteria applied by Fomento Económico Mexicano, S.A.B. de C.V.
In preparing the selected sustainability performance indicators mentioned in the Annex 1, Fomento
Económico Mexicano, S.A.B. de C.V., and subsidiaries applied the criteria in reference to the Global
Reporting Initiative Standards (GRI Standards) and criteria established by FEMSA included in Annex 2 of
this Report, henceforth “the Criteria”.
3.
Fomento Económico Mexicano, S.A.B. de C.V. responsibilities
Fomento Económico Mexicano, S.A.B. de C.V., management and subsidiaries are responsible for selecting
the Criteria, and for presenting the selected sustainability performance indicators in accordance with the
Criteria, in all material respects. This responsibility includes establishing and maintaining internal controls,
maintaining adequate records, and making estimates that are relevant to the preparation of the subject
matter, such that it is free from material misstatement, whether due to fraud or error.
4.
EY’s responsibilities
Our responsibility is to express a conclusion on the presentation of the Subject Matter based on the
evidence we have obtained.
We conducted our engagement in accordance with the International Standard for Assurance Engagements
Other Than Audits or Reviews of Historical Financial Information (‘ISAE 3000’, Assurance Engagements
other than Audits or Reviews of Historical Financial Information), and the terms of reference for this
engagement as agreed with FEMSA Servicios S.A. de C.V., on January 31st 2025. Those standards require
that we plan and perform our engagement to express a conclusion on whether we are aware of any
material modifications that need to be made to the Subject Matter in order for it to be in accordance with
the Criteria, and to issue a report. The nature, timing, and extent of the procedures selected depend on
our judgment, including an assessment of the risk of material misstatement, whether due to fraud or error.
Member Practice of Ernst & Young Global Limited
We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited
assurance conclusions.
5.
Our Independence and Quality Management
We have maintained our independence and confirm that we have met the requirements of the Code of
Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants
(IESBA) together with the ethical requirements that are relevant in Mexico according with the ”Código de
Ética Profesional del Instituto Mexicano de Contadores Públicos” (“IMCP Code”) and have the required
competencies and experience to conduct this assurance engagement.
EY also applies International Standard on Quality Management 1, Quality Management for Firms that
Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services engagements,
which requires that we design, implement and operate a system of quality management including policies
or procedures regarding compliance with ethical requirements, professional standards, and applicable
legal and regulatory requirements.
6.
Description of procedures performed
Procedures performed in a limited assurance engagement vary in nature and timing from and are less in
extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained
had a reasonable assurance engagement been performed. Our procedures were designed to obtain a
limited level of assurance on which to base our conclusion and do not provide all the evidence that would
be required to provide a reasonable level of assurance.
Although we considered the effectiveness of management’s internal controls when determining the nature
and extent of our procedures, our assurance engagement was not designed to provide assurance on
internal controls.
Our procedures did not include testing controls or performing procedures relating to checking aggregation
or calculation of data within IT systems.
A limited assurance engagement consists of making enquiries, primarily of persons responsible for
preparing the selected sustainability performance indicators and related information and applying
analytical and other appropriate procedures.
Our procedures included:
1.
Interviews with responsible persons to obtain an understanding of the data management systems
and processes used to generate, disaggregate, and report information related to each Criteria.
2.
Verify that the calculation Criteria have been correctly applied in accordance with the
methodologies described in the Criteria.
3.
Inspection of documentary evidence to support the indicators to be assured
4.
Analytical procedures such as validations of reasons and ratios or expected results and trends
considering the correct application of calculations and formulas in the documentation submitted
for the Criterion in question.
5.
Identify and verify the assumptions supporting the calculations.
6.
Inquiries to responsible persons regarding each of the Criteria to explain deviations from expected
results and trends and to correct or document them.
We also performed such other procedures as we considered necessary in the circumstances.
2.
Member Practice of Ernst & Young Global Limited
7.
Conclusion
Based on our procedures and the evidence obtained, except for the possible effects of the matter
mentioned in our report in the section "Basis for Qualified Conclusion", we are not aware of any material
modifications that need to be made to the selected performance indicators, which are detailed in Annex
1 of the Report, for the period from January 1 to December 31, 2024, to be in accordance with the
Criteria.
"Basis of the conclusion with qualifications"
The indicator "GRI 204-1 Proportion of spending on local suppliers" is included in FEMSA's Integrated
Annual Report for the period from January 1 to December 31, 2024. In this regard, we were unable to
obtain sufficient and appropriate information on this indicator for companies that were divested from
FEMSA because of the "FEMSA Forward" strategy during 2024. Consequently, we were unable to
determine whether any material modifications were necessary to bring this indicator into line with the
Criteria.
8.
Use of this Assurance Report
This report is intended exclusively for the information and use of Fomento Económico Mexicano, S.A.B. de
C.V., and other parties, including investors, rating agencies, and other relevant entities, for their use in
evaluating the Company's sustainability information in the context of reports, questionnaires,
assessments, and other similar requirements and is not intended to be used, nor should it be, by anyone
other than those specified parties.
Our responsibility, in carrying out the assurance activities, is solely to the Company's Management;
therefore, we do not accept or assume any responsibility for any other purpose or to any other person or
organization.
3.
149
FEMSA 2024 INTEGRATED ANNUAL REPORT
FINANCIAL STATEMENTS
APPENDIX
CORPORATE GOVERNANCE
MANAGEMENT REPORT
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Annex 1
Subject Matter
All criteria presented under the GRI Standards are reported in reference, while the criteria developed
internally by Fomento Económico Mexicano, S.A.B de C.V. and subsidiaries are presented as Own Indicators
(PI). For more details on the methodology of each one of them, see Annex 2.
The sustainability information identified in the indicators included in the printed Report and included by
Fomento Económico Mexicano, S.A.B de C.V. and subsidiaries on its website1 is presented in the following
table:
Index
Pillar
Material Issue
Criterion
Indicator
Assured
Value
Unit
1
Our
community
Proportion of
spending on
local suppliers
GRI 204-1
a.
Percentage of purchases
from
local
suppliers
across all business units.
77
Percentage (%)
2
Our planet
Energy
consumed by
the
organization
GRI 302-1
e
Total energy consumption
within the organization.
20,948,731
Giga Joules (GJ)
3.
Our planet
Water
extraction
GRI 303-3
a.
Total water extraction
from all areas
42,734
Thousands
of
cubic meters.
a.i.
Surface water extraction.
776
Thousands
of
cubic meters.
a.ii.
Groundwater extraction.
22,494
Thousands
of
cubic meters.
a.v
Water extraction from
third parties.
19,464
Thousands
of
cubic meters.
4
Our planet
Direct GHG
emissions.
GRI 305-1
a.
Gross value of direct GHG
emissions (Scope 1).
1,003,012
Tonnes
of
CO2
equivalent (tCO2e)
5
Nuestro
Planeta
Indirect GHG
emissions
(scope 2)
GRI 305-2
a.
Gross value of indirect
GHG emissions associated
with energy (scope 2)
market based.
444,618
Tonnes
of
CO2
equivalent (tCO2e)
6
Our planet
Total waste
generated
GRI 306-3
a.
Total weight of waste
generated
in
metric
tonnes
326,038
Toness
7
Our people
Work-related
injuries
GRI 403-9
a.
Lost
Time
Injury
Frequency
Rate
per
1,000,000
direct
employee hours
6.17
Lost Time Injury
Frequency
Rate
per
1,000,000
direct
employee
hours
8
Our planet
Percentage of
renewable
electricity
consumed
(Without
IP-2
1
Percentage of renewable
electric energy consumed
65.3
Percentage (%)
1
The maintenance and integrity of The Company's (femsa.com) website repository of the Report, is the responsibility of the Management of FEMSA.
The work carried out by EY does not include consideration of these activities and, therefore, EY accepts no responsibility for any difference between
the information presented on such website and the Subject Matter contained in the Report on which the Commitment was made and the conclusion
was issued.
Other than as described in the table, which sets out the scope of our work, we do not apply assurance procedures on the remaining information
included in the Report and, accordingly, we do not express a conclusion on that information.
Member Practice of Ernst & Young Global Limited
Index
Pillar
Material Issue
Criterion
Indicator
Assured
Value
Unit
Valora) (SLB
FEMSA SPT
KPI2).
9
Our planet
"Percentage of
total
operational
waste diverted
from landfills
(SLB FEMSA
SPT KPI1).
IP-9
1
Percentage of operational
waste
diverted
from
landfills
76.4
Percentage (%)
10
Corporate
governance.
Substantiated
reports to the
Code of Ethics
IP-3
1
Total
number
of
confirmed
reports
received.
2,875
Number of reports
11
Our people.
Result of the
organizational
climate survey
(Engaged
Employees)
IP-4
1
Result of Organizational
Climate
Survey:
Percentage
of
commitment
88.5
Percentage (%)
12
Our people
Fatalities
attributable to
the company.
IP-5
1
Number of fatalities
2
Number
of
fatalities
13
Our people
Percentage of
employees with
access to a
psychosocial
support system
IP-6
1
Percentage of employees
with
access
to
a
psychosocial
support
system
85
Percentage (%)
14
Our
community
People directly
benefiting from
our Community
Wellbeing
initiatives
IP-7
1
Number of People directly
benefiting
from
our
Community
Wellbeing
initiatives
2,445,731
Number of direct
beneficiaries
15
Our people
Female
representation
in executive
positions.
IP-8
1
Percentage
Female
representation
in
executive positions.
33
Percentage (%)
16
Our people
Frequency rate
of Occupational
illnesses per
1,000,0000
direct
employee
hours
IP-10
1
Frequency
rate
of
Occupational illnesses per
1,000,0000
direct
employee hours
0.05
Frequency rate of
Occupational
illnesses
per
1,000,0000
direct
employee
hours
Annex 2
GRI Content Criteria
The assurance criteria that are applicable to the Subject Matter and the declaration of presentation in
reference, are defined based on the provisions of the document:
GRI 1 Foundation 2021, its thematic contents on the page:
https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/
Criteria for own indicators
The following are the assurance criteria that are applicable to the company’s own indicator, which are
subject to limited assurance in order to make them available to stakeholders.
These evaluation criteria form an integral part of our independent accountant's limited assurance
report.
Indicator
Criterion
IP-2
Percentage of renewable electricity consumed (SLB FEMSA SPT KPI2):
•
Percentage of total electricity consumption from renewable sources (measured as MWh, the sum of
all electricity consumption by FEMSA from renewable sources divided by the total sum of electricity
consumption by FEMSA)
IP-9
"Percentage of total operational waste diverted from landfills (SLB FEMSA SPT KPI1):
•
Percentage of total operational non-hazardous waste diverted from landfills (measured as tons of
waste recycled or reused divided by total tons of operational waste).
IP-3
Number of confirmed reports received to the Ethics Hotline:
•
Total number of reports received for alleged violations of FEMSA's Code of Ethics
IP-4
Result of the organizational climate survey (Engaged Employees):
•
The result of the organizational climate survey is calculated in each Business Unit (BU) using a
weighted average per employee, derived from the responses to 4 key questions. Subsequently, a
simple average of these values is applied across the BUs to obtain FEMSA's Engagement result. This
is to ensure that each business has an equitable weight in the overall result, regardless of its
population, given the Group's equity premise.
IP – 5
Fatalities attributable to the company:
The total sum of fatalities attributable to the company includes the following cases:
•
A fatality occurs within facilities owned or leased by FEMSA and affects any person.
•
The fatality occurs outside FEMSA's facilities and affects employees, suppliers, or the community
due to work assigned or performed by or on behalf of FEMSA.
•
The fatality occurs in one of our employees and is a result of an occupational disease.
Member Practice of Ernst & Young Global Limited
IP-6
Percentage of employees with access to a psychosocial support system:
The following five components are considered and assigned a proportional weight within the goal:
1.
Percentage of internal employees with access to a psychosocial risk diagnostic tool (30%).
2.
Percentage of employees with measurement of Severe Traumatic Events (STE) (10%).
3.
Percentage of employees with access to a psychologist within the company (30%).
4.
Percentage of employees with access to enablers focused on promoting psychological well-being
(10%).
5.
Percentage of employees with access to protocols and procedures for psychosocial care and follow-
up (20%).
IP-7
Direct beneficiaries of our wellness initiatives:
•
Total sum of individuals directly benefited by FEMSA's wellbeing social initiatives
IP-8
Female representation in executive positions:
•
Percentage of the total number of women managers and directors divided by the total number of
individuals in managerial and executive positions.
IP-10
Work-related diseases: Frequency rate of occupational diseases per 1,000,0000 direct employee hours
Annex 2
GRI Content Criteria
The assurance criteria that are applicable to the Subject Matter and the declaration of presentation in
reference, are defined based on the provisions of the document:
GRI 1 Foundation 2021, its thematic contents on the page:
https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/
Criteria for own indicators
The following are the assurance criteria that are applicable to the company’s own indicator, which are
subject to limited assurance in order to make them available to stakeholders.
These evaluation criteria form an integral part of our independent accountant's limited assurance
report.
Indicator
Criterion
IP-2
Percentage of renewable electricity consumed (SLB FEMSA SPT KPI2):
•
Percentage of total electricity consumption from renewable sources (measured as MWh, the sum of
all electricity consumption by FEMSA from renewable sources divided by the total sum of electricity
consumption by FEMSA)
IP-9
"Percentage of total operational waste diverted from landfills (SLB FEMSA SPT KPI1):
•
Percentage of total operational non-hazardous waste diverted from landfills (measured as tons of
waste recycled or reused divided by total tons of operational waste).
IP-3
Number of confirmed reports received to the Ethics Hotline:
•
Total number of reports received for alleged violations of FEMSA's Code of Ethics
IP-4
Result of the organizational climate survey (Engaged Employees):
•
The result of the organizational climate survey is calculated in each Business Unit (BU) using a
weighted average per employee, derived from the responses to 4 key questions. Subsequently, a
simple average of these values is applied across the BUs to obtain FEMSA's Engagement result. This
is to ensure that each business has an equitable weight in the overall result, regardless of its
population, given the Group's equity premise.
IP – 5
Fatalities attributable to the company:
The total sum of fatalities attributable to the company includes the following cases:
•
A fatality occurs within facilities owned or leased by FEMSA and affects any person.
•
The fatality occurs outside FEMSA's facilities and affects employees, suppliers, or the community
due to work assigned or performed by or on behalf of FEMSA.
•
The fatality occurs in one of our employees and is a result of an occupational disease.
Independent Limited Assurance Report
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150
FEMSA 2024 INTEGRATED ANNUAL REPORT
FINANCIAL STATEMENTS
APPENDIX
CORPORATE GOVERNANCE
MANAGEMENT REPORT
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Contact
FEMSA Corporate Offices
Monterrey
General Anaya Nº 601 Pte.
Col. Bella Vista C.P. 64410
Monterrey, Nuevo León, Mexico
Mexico City
Lago Alberto Nº 442 Edificio A, Piso 2
Col. Anáhuac II Sección Miguel Hidalgo
C.P. 11320
Mexico City, Mexico
Fundación FEMSA
General Anaya Nº 601 Pte.
Col. Bella Vista C.P. 64410
Monterrey, Nuevo León, Mexico
General Counsel
Alejandro Gil Ortiz
General Anaya Nº 601 Pte.
Col. Bella Vista C.P. 64410
Monterrey, Nuevo León, Mexico
Investor Relations
Juan Fonseca Serratos
Pamela Ortiz Sánchez
investor@FEMSA.com
Corporate
Communications
Mauricio Reyes López
Erika de la Peña Ibarra
comunicacion@FEMSA.com
Sustainability
Víctor Manuel Treviño Vargas
Gabriel Adrián González Ayala
sostenibilidad@FEMSA.com
External Auditors
Mancera, S.C. Member of
Ernst & Young Global Limited
Av. Ricardo Margain Zozaya Nº 335,
14th Floor Col. Valle del Campestre,
C.P. 66265 San Pedro Garza García,
Nuevo León, Mexico
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