COCA-COLA FEMSA

2023 INTEGRATED REPORT

FUTURE-READY
DRIVING GROWTH
At Coca-Cola FEMSA, we are building a future-ready
organization focused on implementing a long-term
sustainable growth model, with a refreshed vision
of being our customers’ and partners’ preferred
commercial platform and ally for growth, fostering a
sustainable future.

Our strategy is grounded in six strategic priorities that

underscore our growth ambitions, rights-to-win in
the B2B space, digital capabilities, customer-centric
culture, and industry-leading sustainable business
developments.

Fueled by our progress across these priorities, we are

not only escalating our transformation with technology,
enhanced capacity, and digital capabilities across our
value chain—but also driving growth.
 CONTENTS

STRATEGIC ETHICS AND

OVERVIEW SUSTAINABILITY APPENDICES
PRIORITIES GOVERNANCE

Coca-Cola FEMSA at a Glance 4 Grow the Core 22 Foster a Sustainable Future 48 Corporate governance 94 Financial Summary 114
Letter to Our Stakeholders 5 Be the Preferred Commercial Q&A with Our Corporate Affairs Ethical system 101 Management Discussion and
Financial Highlights 11 Platform 31 and Supply Chain and Engineering Human Rights 104 Analysis 116
Our Future-Ready Strategy 13 De-Bottleneck Our Infrastructure 37 Officers 49 Cybersecurity 105 Capital and Company
Our Strategic Priorities 14 Strengthen Our Customer-Centric Water Stewardship 62 Supply chain 107 Engagement 120
Achievements in Our Culture 42 World Without Waste 66 Risk management 109 TCFD Disclosures Report 121
Strategic Priorities 15 Purpose, Vision and Coca-Cola Climate Action 71 Performance in Detail 125
Our Sustainability Goals 16 FEMSA Principles 43 Integral Employee Well-being 75 SASB Content Index 133
Q&A with Our CFO 18 Community Development 89 GRI Content Index 135
Independent Assurance Report 144
COCA-COLA
FEMSA AT A GLANCE
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CHAIRMAN’S AND CEO’S LETTER TO STAKEHOLDERS

DEAR FELLOW
WE ARE CONFIDENT THAT THE RESULTS OF 2023
SHOW THAT WE ARE ON THE RIGHT PATH.

STAKEHOLDERS JOSÉ ANTONIO

FERNÁNDEZ CARBAJAL
IAN CRAIG
CHIEF EXECUTIVE
At Coca-Cola FEMSA, we have embarked on a transformative journey focused on implement- CHAIRMAN OF THE BOARD OFFICER
ing a long-term sustainable growth model. During 2023 we set the foundations of this model
by defining and implementing six strategic priorities: i) Grow the Core, ii) Be the preferred
commercial platform, iii) Strategic M&A, iv) De-bottleneck our infrastructure & digitize the
enterprise, v) Strengthen our customer centric culture, and vi) Foster a sustainable future.

In addition, as a reflection of Coca-Cola FEMSA’s solid talent pipeline, we achieved a

seamless transition with a renewed senior leadership team, placing the right talent in key
roles. Notably, we filled these key positions with internal talent that has been developed
along successful careers within our company.

Moreover, during the year we worked on defining a renewed Vision and setting Coca-Cola
FEMSA’s Principles, which will steer our organizational culture and ways of working, as we
begin its deployment across our company during 2024.

We are confident that the results of 2023 show that we are on the right path. With that in
mind, we would like to share with you the progress we are making across our key priorities:
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 6

Grow the Core Be the Preferred Commercial Platform

We prioritized growing our core business by adjusting towards We established solid foundations towards being the preferred
a long-term sustainable growth model. This model is focused commercial platform for our customers and partners by com-
on effectively responding to and driving consumer demand for pletely revising the IT architecture of Juntos+, our B2B omni-
our products, capturing the fair share of The Coca-Cola portfolio channel platform. The increasing adoption of Juntos+ is evi-
across all markets and channels, developing growth opportuni- denced by the number of monthly active buyers: over 1.1 million,
ties in low per-capita markets, and achieving the full potential of a rise of 35% compared to last year.
profitable non-carbonated beverage categories.
In addition, during the year we successfully launched Juntos+
Our results in 2023 allowed us to gain share in most of our op- version 4.0 in Brazil. This new version of the app is fully web
erations and achieve a turnaround in Mexico, where we reversed native and enhances customer experience, accessibility, and
a long-term trend of declining market share. This achievement convenience.
underscores our commitment to strengthening our presence and
further growing our position in one of our key markets. Addition- We also strengthened our multi-category platform during the
ally, our operation in Argentina was honored by The Coca-Cola year, focusing on having a curated portfolio to better serve our
Company with the Candler Cup. This recognition, named after customers while increasing our ROIC. The year saw us exceed
Asa Candler, founder of The Coca-Cola Company, and the person US$150 million in multi-category sales, excluding beer, surpass-
who granted the first Coca-Cola franchise, is an important award ing 1% of our total sales—a milestone in our progression towards
given to a bottler in recognition for its excellence in execution, our long-term target of reaching 5% of total sales.
coupled with its investments behind its people's development,
training, and culture. The synergy between Juntos+ and our multi-category portfolio
not only streamlines operations but also enhances the overall
These achievements also emphasize our significance within value we provide for our customers, further accelerating our
the broader Coca-Cola System. Moreover, in 2023 Coca-Cola growth as the preferred omnichannel commercial platform for
OVER 1.1 MILLION MONTHLY ACTIVE
USERS IN JUNTOS+, A RISE OF 35%
FEMSA accounted for 44% of the total volume growth of the our clients and partners.
Coca-Cola System. Our enhanced cooperation framework with
COMPARED TO LAST YEAR. The Coca-Cola Company has been instrumental in driving growth Strengthen our customer-centric culture
in our core portfolio. Our cooperative efforts are more than just Our Vision has evolved to emphasize our commitment to being
a strategic alignment; they represent a unified approach to not only the preferred commercial platform but also a trusted
pursuing profitable sustainable growth. ally for our customers’ and partners’ growth. This evolution
underscores our dedication to building lasting relationships and
While we are encouraged by these accomplishments, we also drive mutual success. Additionally, our Principles will steer our
remain enthusiastic about the potential for further growth. As we organizational culture and ways of working, nourishing behaviors
continue to prioritize customer-centricity, we are confident in our essential for achieving our long-term objectives and succeed in
ability to unlock more growth opportunities across our markets. our transformation journey.
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Additionally, we continue to emphasize the use of recycled PET

in our packaging. For the year, we increased our mix of recycled
resin in our bottles to 33%. Furthermore, the construction of PLA-
Our Purpose NETA, our new food-grade PET recycling plant in Tabasco, Mexico,
Remains continues progressing towards its inauguration in 2024. With the AS PART OF OUR COMMITMENT TO
TO REFRESH THE WORLD capacity to process approximately 50,000 tons of post-consum-
er PET bottles annually, the plant will significantly contribute to FOSTER A SUSTAINABLE FUTURE, WE
ANYTIME, ANYWHERE strengthening our collection capabilities in Mexico as we advance CONTINUED IMPROVING OUR WATER
towards our collection and recycled content objectives.
Our New Vision USE RATIO TO 1.42 LITERS OF WATER
BE OUR CUSTOMERS’ AND PARTNERS’ As our company grows, we want to be preferred by diverse tal- PER LITER OF BEVERAGE PRODUCED.
PREFERRED COMMERCIAL PLATFORM AND ent. In 2023, we made strides in increasing the representation
of women across all levels, with female talent in leadership roles
ALLY FOR GROWTH, FOSTERING A
reaching 29%. Notably, this is the sixth consecutive year that
SUSTAINABLE FUTURE. our company is part of the Bloomberg Gender-Equality Index.
Looking ahead, our 2030 goal is for women to comprise 40% of
our leadership and management positions.

Financial and Operating Highlights

→ For details about Coca-Cola FEMSA Principles see page 43 Our focus on driving sustainable long-term growth enabled us
to deliver 7.8% year-over-year volume growth to reach 4,047.8
From our frontline staff to our senior leadership team, we are million unit cases—surpassing four billion unit cases for the first
promoting a growth mindset across our operations. Fostering a time in our company’s history. Our consolidated growth was driv-
workplace that provides psychological safety helps ensure that en by positive results across all territories and primarily fueled by
everyone feels valued, respected, and encouraged to take an strong performances in Mexico, Brazil, Colombia, and Guatema-
active role in our growth. We are also committed to cultivating a la. Thanks to our portfolio initiatives and point-of-sale execution,
multiplier leadership style, guiding leaders not only to lead effec- we continued gaining share across key markets and categories.
tively but also to empower others.
Our solid volumes and revenue growth management capabilities
Foster a sustainable future drove healthy top-line growth. For the year, total revenues in-
As part of our commitment to foster a sustainable future, we creased by 8.1% to Ps. 245.1 billion. Operating income improved
continued improving our water use ratio to 1.42 liters of water by 10.8% to Ps. 34.2 billion. Adjusted EBITDA increased by 7.9%
per liter of beverage produced—an industry benchmark— and to Ps. 46.4 billion. Controlling net income rose by 2.6% to Ps.
advanced in our comprehensive water strategy with replenishing 19.5 billion, achieving earnings per share of Ps. 1.16 and per unit
actions and enhancing water access for our local communities. of Ps. 9.30 (Ps. 92.99 per ADS).
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 8

Remarkably, our return on invest- partners to provide immediate access to clean water and essen- In memoriam
ed capital improved for the sixth tial supplies. Our robust risk management plans also enabled
consecutive year. Furthermore, us to restore local production capacity, and our investment of The members of the Board of Directors, executives,
we ended the year with a net- Ps. 575 million in facility rebuilding and community support un- and employees of Coca-Cola FEMSA deeply mourn
debt-to-EBITDA ratio of 0.8 derscores our commitment to long-term local economic recovery the loss during 2023 of two extraordinary leaders of
times, while our cash position and job security for our employees. FEMSA who helped shape Coca-Cola FEMSA’s his-
was more than Ps. 31 billion. tory: Daniel Alberto Rodríguez Cofré and Othón Ruiz
These achievements reflect What’s next? Montemayor.
our robust financial position As we enter a second chapter of our journey in 2024, we expect
and underscore our readi- to focus on four key priorities: i) continue building on the growth Daniel Rodríguez Cofré (1965-2023) served as
ness for continued growth. momentum of our core business, ii) take Juntos+ to the next lev- FEMSA’s Chief Executive Officer from January 1, 2022
el, with the deployment of advanced AI capabilities, iii) continue until just before his passing in August 2023. Daniel’s
To support these results, we in- developing the culture that embodies and projects our refreshed clarity of purpose, strategic foresight, and consistent
vested a record CAPEX of $21.4 purpose, vision, and principles across our operations, and iv) professionalism contributed to FEMSA’s strong growth
billion pesos, representing 8.7% of foster a sustainable future. trajectory and the FEMSA Forward strategy, of which
revenues. These investments enable Coca-Cola FEMSA is a significant part. We offer our
us to continue adding the necessary On behalf of our employees, we thank you for your continued deepest condolences and prayers to the Rodríguez
capacity to support our growth ambitions. confidence in our ability to deliver economic value and to gener- Cofré and Rodríguez Scheel families.
ate social and environmental well-being for all our stakeholders.
Notably, the year also put our resilience and risk management Othón Ruiz Montemayor (1943-2023) was
protocols to the test, as our company faced a cybersecurity appointed FEMSA’s Chief Executive Officer in 1985.
incident that was promptly addressed by our cybersecurity pro- During his ten-year tenure, he navigated many
tocols. The measures we took were preventive, and we did not complex decisions and, among other achievements,
experience any material negative impacts. Throughout the year, initiated FEMSA’s partnership with The Coca-Cola
our IT team worked to enhance our cybersecurity risk manage- Company in 1993, accelerating the growth and
ment program according to lessons learned, underscoring our globalization of Coca-Cola FEMSA. Othón was a
pledge to rigorous cybersecurity standards. JOSÉ ANTONIO FERNÁNDEZ CARBAJAL generous and visionary leader who offered his
CHAIRMAN OF THE BOARD talent, experience, creativity, and passion to his
As important as community support is for our company, in the community and country for more than five decades.
aftermath of Hurricane Otis, we swiftly mobilized to support the IAN CRAIG We offer our deepest condolences and prayers to
recovery of Acapulco, collaborating with local authorities and CHIEF EXECUTIVE OFFICER the Ruiz Nájera family.
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272
million people
MEXICO
77 million people served
884K points of sale TRANSACTIONS
million
served 28 plants
136 distribution centers 23,743.2

OUR
 Mexico 9,729.0

2.1
VENEZUELA1  Guatemala 1,328.5
 CAM South 1,287.4
CENTRAL AMERICA  Colombia 2,656.5
(Guatemala, Nicaragua, Costa Rica and Panama)  Brazil 7,523.9
35 million people served  Argentina 974.4
million points

FOOTPRINT
Uruguay 243.6
213K points of sale


of sale 7 plants
37 distribution centers

COLOMBIA
52 million people served

252
480K points of sale
We have the privilege to serve 7 plants
23 distribution centers TOTAL VOLUME
272 million people through million unit cases1
4,047.8
2.1 million points of sale in 9 distribution
markets of Latin America with a centers2 BRAZIL
91 million people served
wide portfolio of leading brands. 487K points of sale
11 plants
 Mexico 2,052.9
49 distribution centers  Guatemala 174.2
 CAM South 167.7

56
 Colombia 347.6
 Brazil 1,075.1
ARGENTINA  Argentina 178.7
14 million people served URUGUAY  Uruguay 51.7
64K points of sale 3 million people served
1. As of December 31, 2017, Venezuela is
reported as an investment in shares, as plants 2 plants 25K points of sale
a non-consolidated operation. 4 distribution centers 1 plant
2. For purposes of this table, we have 3 distribution centers
considered owned and third-party 1. Unit case is a unit of measurement that equals
distribution centers managed by us. 24 eight-ounce servings of finished beverage.
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OUR BUSINESS
SPARKLING BEVERAGES WATER AND BULK WATER STILL BEVERAGES
3,045 Volume 1
689 Volume 1
314 Volume1
18,723 Transactions 2,212 Transactions 2,809 Transactions

1. Volume is measured in million unit cases

PRODUCT MIX BY CATEGORY PRODUCT MIX BY SIZE PRODUCT MIX BY PACKAGE

7% 6%

JUNTOS+: OUR B2B COMMERCIAL

69% 18% 69% 31% 62% 38%
Mexico Mexico Mexico
4% 1%

Central America
86% 9%
Central America
61% 39%
Central America
64% 36% PLATFORM
4% Building upon the outstanding personal
76% 9% 11% 70% 30% 74% 26% customer experience our clients enjoy,
Colombia Colombia Colombia Juntos+, our B2B commercial platform,
7% 1%
84% 8% 76% 24% 82% 18%
provides an omnichannel experience
Brazil Brazil Brazil to 1.1 million of our traditional trade
3%
clients that want to interact with us and
76% 9% 12% 80% 20% 79% 21%
Argentina Argentina Argentina
place orders anytime, anywhere.
5%
79% 17% 81% 19% 80% 20%
Uruguay Uruguay Uruguay

■ Sparkling ■ Still ■ Water2 ■ Bulk water3 ■ Multi-serve ■ Single-serve ■ Non-Returnable ■ Returnable

2. Excludes still bottled water in presentations of 5.0 Lt. or larger. Includes flavored water.
3. Bulk water - still water in presentations of 5.0 Lt. or larger. Includes flavored water.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 1

FINANCIAL HIGHLIGHTS

4,048

245.1
3,755

226.7
3,458
3,284

194.8
183.6
+7.8%
vs. 2022
+8.1%
vs. 2022
2023 2023 2022 %
USD1 MXN MXN CHANGE

Sales Volume (million unit cases) 4,047.8 4,047.8 3,755.2 7.8%

Total Revenues 14,502 245,088 226,740 8.1%

2020 2021 2022 2023 2020 2021 2022 2023

Operating Income 2,023 34,180 30,838 10.8% SALES VOLUME TOTAL REVENUES
million unit cases 1 billion Mexican Ps.
Controlling Interest Net Income 1,156 19,536 19,034 2.6% 1. Unit case is a unit of measurement that equals
24 eight-ounce servings of finished beverage.

Total Assets 16,185 273,520 277,995 -1.6%

Long-term bank loans and notes payable 3,851 65,074 70,146 -7.2%

34.2

5.80
5.43
Controlling Interest 7,516 127,025 125,384 1.3%

30.8

5.04
27.4

4.86
Capital Expenditures 1,266 21,396 19,665 8.8%

25.2
Earnings Per Share2 0.07 1.16 1.13 2.6%
+10.8%
vs. 2022
+6.8%
vs. 2022

2020 2021 2022 2023 2020 2021 2022 2023

Millions of Mexican pesos and U.S. dollars as of December 31, 2023 (except volume and per share data). Results under International
Financial Reporting Standards.
1. U.S. dollar figures are converted from Mexican pesos using the exchange rate for Mexican pesos published by the U.S. Federal Reserve
Board on December 31, 2023, which exchange rate was 16.8998 to U.S.$1.00.
OPERATING INCOME DIVIDEND PER SHARE
2. Based on 16,806.7 million outstanding ordinary shares as of December 31, 2023 and 2022. billion Mexican Ps. Mexican Ps.
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OUR VALUE CHAIN

Manufacturing Secondary Distribution
Enabled by our Digital Distribution Center Once a pre-sale order is Consumption
Manufacturing Platform 2.0, we In our digital warehouse placed, we use our Digital We serve more than 272
produce high-quality beverages process, we integrate Distribution Platform to million people, offering a
in our facilities, with efficient pre-sale with secondary define an optimal Route- portfolio with choices for
use of water and energy. distribution processes. To-Market. every lifestyle.

2 4 6 8

1 3 5 7 9

Ingredients Primary Distribution Pre-Sale Points of Sale Recycling

We work with From our manufacturing Powered by digital platforms, We reach more than 2.1 million We encourage and help
our suppliers to facilities, we ship we serve our clients in points of sale with targeted consumers to properly
obtain the best beverages to our 252 traditional and modern commercial initiatives, and dispose and recycle
raw materials. distribution centers. channels, offering a winning we use Market Analytics to packages used in our
portfolio of leading brands. maximize the value proposition beverages.
for each client.
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OUR
FUTURE-READY
STRATEGY
OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14

We have defined a set of very clear priorities to chart

FUTURE-READY STRATEGY our next growth chapter, leveraging our rights-to-win
and channeling our positive momentum:

De-bottleneck
our infrastructure
Grow the core
& digitize the
enterprise

Strengthen
Be the
preferred STRATEGIC our
customer
GROWTH ENABLERS
commercial
platform PRIORITIES centric
culture

Foster a
Strategic M&A sustainable
future
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Grow the Core. Capturing the fair share of Coca-Cola trademark in • +4 billion-unit cases sold, a record for the
all markets and channels; accelerating the growth of Coca-Cola Zero company
Sugar; developing growth opportunities in low per-capita markets; • Gained share in most of our operations and
and achieving the full potential of profitable non-carbonated beverage achieved a turnaround in Mexico
categories. • 15% annual increase in Coca-Cola Zero
Sugar volumes
• Double-digit growth in Energy and Sports

ACHIEVEMENTS
Drinks

Become our customer’s preferred omnichannel commercial • 1.1 million monthly active users in Juntos+
platform. Growing our total and digital client base across our markets • US$2.4 billion in digital sales recorded
and enhancing our value proposition by leveraging a curated portfolio • 32% of total orders are digital

IN OUR
of our customer’s and consumer’s favorite brands together with The
Coca-Cola Company and our multi-category partners.

De-bottleneck our infrastructure and digitize the enterprise. Unlock • US$1.2 billion in annual CAPEX, a record for

STRATEGIC
growth by increasing manufacturing and distribution capacity and the company.
implementing best-in-class logistics and distribution enablers. We will • 5 new lines and upgrades installed
continue digitizing our company, including the migration of our legacy • 99,100 additional pallet positions
ERP System into cloud-based platform-as-a-service. • +11% warehouse capacity vs. 2022

PRIORITIES
Strengthen our customer-centric culture. Promoting a growth • Defined Coca-Cola FEMSA's principles
mindset, building a multiplier leadership style, and empowering • Updated our vision focusing on our
leaders to develop our people. consumers, customers, and growth

Strategic mergers and acquisitions. Leveraging our disciplined • We continue actively seeking value-

IN 2023
approach, we will focus on value-enhancing, synergistic acquisitions enhancing inorganic opportunities
as a priority while strengthening our commercial platform capabilities.

Foster a Sustainable Future. Reinforcing our industry-leading • 1.42 liters of water per liter of beverage
environmental initiatives and bolstering our social programs, including produced
community development and diversity and inclusion, with a strong • 77% of electricity from renewable sources
governance framework. • 29% of women in leadership positions
• 33% recycled resin in our packaging
• 84% bottling plants certified as zero waste
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OUR SUSTAINABILITY GOALS

Topic Key Performance Indicator 2023 Goal
Water Use Ratio (water used per liter of beverage produced)1 1.42 1.36
Water

1.42
Replenish water used in production, focus on medium and high stress sites +100% 100%
Collect the PET bottles we place in the market
Recycled resin in our packaging
31%
33%
100%
50% liters of water per liter of
84%
of our bottling plants
World Without beverage produced, an
Waste
Returnable/refillable bottles from total volume 32% 25% facilities have earned
industry benchmark Zero Waste certification
Distribution centers certified as zero waste 1% 100%
Bottling plants certified as zero waste 2
84% 100%

Climate Action
Absolute Scope 1 and 2 GHG emissions reduction
Absolute Scope 3 GHG emissions reduction 4
29%
19%
50%
20% 359 29%
Electricity from renewable resources 77% 100% thousand beneficiaries women in
Human Rights, DEI Women in leadership and management positions 29% 40% of activities focused on our leadership
environmental and social positions
Fatalities 3
8 0 pillars
Lost Time Incident Rate – LTIR 3
0.88 0.4
Total Incident Rate – TIR 3
1.60 0.8
Integral Employee
Well-being, Health
and Safety
Serious incidents reduction
High potential serious incidents reduction
3, 5

3, 5
14%
53%
75%
40%
19% 77%
reduction of absolute GHG electricity from
Crash Rate3 7.25 6.5 emissions from Scope 3 renewable resources
Major Crash Rate3 0.45 0.5 vs. 2015 base line
Community Priority plants implementing community engagement plans using the MARRCO
4 19
Development methodology
All are 2030 goal, except for:
1. 2024 - intermediate goal / WUR of 1.26 by 2026
2. 2025 Goal
3. 2027 Goal
4. Purchased goods and services and upstream transportation and distribution
5. 2022 Baseline
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PIONEERING SUSTAINABLE FINANCING DELIVERING AGAINST OUR SUSTAINABLE FINANCING GOALS

Demonstrating financial and sustainability discipline, our ongoing reporting
commitment ensures transparency and impact assessment, setting a
benchmark for corporate stewardship.
Our approach to sustainable financing aligns our fi- resilience, our SLB is committed to the achievement of a
nancial strategy with environmental and social goals, water use ratio of 1.26 by 2026, in accordance with our
amplifying positive impact and contributing to the UN →Sustainability-Linked Bonds Framework. Current-
Sustainable Development Goals. While eligible projects ly at 1.42 liters, our use water ratio is a benchmark of
under our sustainable financing strategy are focused on efficiency, with specific plants within Coca-Cola FEMSA

33%

1.52

77%
31%
29%

1.49
a variety of solutions, they share the common objective leading the way in the Coca-Cola System.

1.47

1.46
27%

66%
of advancing our company’s mission to simultaneously

1.42
24%
create economic, environmental, and social value while
generating well-being across our value chain.
GREEN

314.74
Green Bond: Leading the Charge in Latin America
In 2020, we set a milestone with our Green Bond, BOND
valued at US$705 million—then the largest for a Latin
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2022 2023
American corporation and a first for the Coca-Cola Sys-
tem. As of 2023, 100% of the net proceeds have been 100% RECYCLED CONTENT WATER EFFICIENCY RENEWABLE ENERGY
allocated to eligible projects according to our →Green of the Green Liters of water per liter
IN MANUFACTURING

114.64

41.01
Bond Framework. The net proceeds drive progress bond of beverage produced
83.27
78.27

73.95
toward our sustainability goals, including increased proceeds
allocated
recycled content in PET packaging, improved water ef- 2018 2019 2020 2021 2022 2023
ficiency, and reduced CO2e emissions. Our commitment
to 100% renewable energy by 2030 saw a significant
SPEND BY YEAR Social and Sustainability Bonds: A Milestone in Corporate Responsibility
US$ million Breaking new ground, in 2022 we issued in the Mexican market Ps. 6,000 million
increase, rising from 66% in 2022 to 77% in 2023.
in Social and Sustainability Bonds—becoming the first company in the Coca-Co-
Sustainability-Linked Bond: Charting a Water- la System to do so. These bonds will be used to finance eligible projects in ac-
Efficient Future
ALLOCATION DETAIL BY ELEGIBLE CATEGORY cordance with our →Sustainability Bonds Framework, empowering social and
In 2021, we pioneered Sustainability-Linked Bonds economic development by supporting underrepresented groups, offering entre-
(SLB) in the Mexican market, committing Ps. 9,400 mil- Circular Water Climate preneurial skills, providing financial solutions to store owners, and investing in
lion to water stewardship. Recognizing that water is not Economy Stewardship Action sustainable community development, including water replenishment and access
only an invaluable resource for our company and indus-
try but also an indispensable element of climate change
69% 5% 26% projects. In 2023, 100% of the sustainability bond proceeds was allocated (Ps.
500 million), and Ps. 224.68 million of the social bond were allocated: 75% for
microcredits, 5% in human resources, and 20% for social license.
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INTERVIEW
1. Gerardo, could you provide an overview of market— especially in more affordable, larger
how our Grow the Core strategic priority presentations. This approach has begun to yield
bolstered our market position in 2023? positive shifts in market share.

WITH
OUR
Our resolve to grow our core business drove Moreover, we are capitalizing on opportunities
encouraging results in 2023. We achieved a to enhance per capita consumption across our
remarkable volume growth of 7.8% compared territories, deploying and strengthening our
to last year, crossing the threshold of 4 bil- integrated consumer-centric winning portfolio
lion-unit cases sold during a year—a milestone designed to meet diverse needs and trends. Key
for our company— and registered record levels to this approach is our goal to grow Coca-Cola

CFO
of volume growth in some of our most relevant Zero Sugar and reach the full potential of non-
markets such as Mexico, Brazil, Colombia and carbonated beverages, which registered 15%
Guatemala. These results not only underscore and 6% growth in volumes compared to last
our strategic success but also reinforce our year, respectively.
leadership across our regions.
A pivotal element to boost our Grow the Core
Our achievements stem from focused efforts to strategic pillar has been our Juntos+ B2B
not only regain market share but also to boost digital platform, which now serves 1.1 million
per capita consumption, thereby capturing the recurring customers in the traditional trade, an
GERARDO CRUZ CELAYA fair share of the Coca-Cola trademark across all increase of 35% from last year. Juntos+ has sig-
CHIEF FINANCIAL OFFICER markets and channels. nificantly catalyzed our achievements by driving
digital sales growth, which now represent 15%
For instance, by prioritizing sustainable volume of our total sales, doubling the percentage from
growth, we have adapted to intensified com- last year.
petition, particularly in Mexico —our largest

OUR ENHANCED COOPERATION FRAMEWORK WITH THE COCA-COLA

COMPANY WAS INSTRUMENTAL IN DRIVING GROWTH IN OUR CORE
PORTFOLIO IN 2023.
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2. Could you elaborate on the advantages Coca-Cola As we continue to develop our digital platform, also strength-
FEMSA has gained from its accelerated digitalization en the digitalization of supply chain, thereby enhancing our
strategy, given its strategic importance? company's agility and bottom line. Digitalization leads to im-
proved supply chain management. By digitizing our processes,
Before diving into the details of our digitalization strategy, I we aim to optimize inventory management, cut down waste,
would like to offer some perspective. We have the largest cus- and reduce stockouts, leading to cost savings and allowing
tomer base in LATAM's traditional trade, serving over 2 million us to anticipate demand more accurately. Furthermore, the
customers and visiting them on average 1.8 times per week. implementation of digital solutions not only optimizes route
Our goal is to build upon the exceptional personal interactions planning for deliveries but also ensures more efficient distri- US$80 MILLION IN SAVINGS
and strong relationships that our clients value, bridging the bution to our more than 2 million customers. We are lever- FROM OUR EFFICIENCY PROGRAM
gap between face-to-face and digital interactions to offer an aging technology to implement dynamic routes, making the
omnichannel commercial platform. By developing this com- distribution process as efficient as possible. These initiatives
IMPLEMENTED IN 2023.
prehensive commercial ecosystem, we aim to better serve our not only translate into improved customer satisfaction but
clients, address their pain points, expand our product offer- also reduce transportation costs and the carbon footprint of
ings, create value, and enhance the overall customer experi- our distribution process.
ence and engagement.
Beyond market insights and an improved supply
This digitalization effort can deliver a significant contribution chain, our robust digital infrastructure is providing
to the improvement of our top-line quality from both direct the agility and resilience essential for navigating
and indirect data monetization, as we are currently witnessing. challenges, including those posed by Hurricane
Take customer and consumer insights, for example. We have Otis and the COVID-19 pandemic. This capacity
been gaining access to more granular customer data, which for quick adaptability has been crucial in main-
can be leveraged to better understand consumer preferences taining our competitive edge, enabling rapid
and behaviors. This enables the development of more per- response to changing conditions and ensuring
sonalized product offerings. Such initiatives not only improve uninterrupted operations.
customer satisfaction but can also lead to suggested orders,
cross-selling opportunities, mix improvements, a higher aver-
age ticket, and increased overall sales. Furthermore, the data
we gather, combined with the potential of big data analytics,
provides insights that can inform strategic decisions, product
development, marketing, and affordability initiatives.
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3. In light of the cybersecurity attack we experienced in 2023, could you discuss the key
lessons learned and how we are bolstering our cybersecurity framework amidst our digital
expansion?

In response to the cybersecurity incident, timely identification was crucial for us. We immediately
took action to mitigate its impact. The proactive role of our team was essential in minimizing oper-
ational disruption, and although we were not materially affected, we acknowledge that cybersecu-
rity presents an ongoing challenge that requires continuous monitoring and the implementation of
robust security practices.

Like all challenges, this incident helped us identify vulnerabilities which gave us important learn-
ings for the future. We are stepping up investment in strengthening our systems and infrastructure,
training our employees, reinforcing our cybersecurity team, and proactively adopting new mea-
sures to safeguard the integrity of our operations.

4. Could you elaborate on the return on invested capital at Coca-Cola FEMSA and outline what
shareholders can anticipate going forward from our strategy?

First, I want to emphasize that our strategy going forward remains firmly rooted in financial disci-
pline. We are dedicated to sustaining robust cash flow generation and adhering to a diligent capital
allocation framework. Our focus extends to managing operational risks through meticulous cur-
rency and commodity hedging strategies. This approach reflects our ongoing resolve to maintain
the financial health and profitability of our business, ensuring we remain well-positioned to seize
organic and inorganic growth opportunities and navigate market challenges, thereby laying a solid
foundation for continuous sustainable growth and value creation for our shareholders.

CAPEX TO SALES RATIO INCREASED TO 8.7%

TO FUEL OUR DIGITALIZATION EFFORTS AND
FULFILL UNSERVED DEMAND, LAYING THE
FOUNDATION FOR SUSTAINABLE GROWTH.
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Turning to ROIC, this is a key metric that reflects our effec- 5. Lastly, what are the highlights of your first year as
tiveness in using capital to foster sustainable growth and Coca-Cola FEMSA’s CFO?
WE HAVE MADE SIGNIFICANT STRIDES IN
maximize shareholder value. Over the past six years, we EMBEDDING A GROWTH CULTURE THAT
have achieved a consistent annual increase in our ROIC, In my first year as CFO of Coca-Cola FEMSA, the standout REFLECTS THE COMPANY’S ASPIRATIONS.
thanks to a multifaceted strategy that includes: highlight has been the synergy created among the renewed
senior leadership team, which has set a solid foundation
• Improving the Quality of Top-line Growth: We have ex- for our collective efforts towards achieving the company’s
panded our customer base, increased the average transac- ambitious growth goals.
tion size, and focused on more profitable SKUs, alongside
implementing effective revenue management strategies This collaboration has been crucial for steering our growth
and improving our market share. trajectory and pivotal in aligning all teams, across our cor-
• Cost Reduction and Efficiency Gains: Through optimizing porate functions and operating countries, with Coca-Cola
our supply chain and distribution processes and imple- FEMSA’s long-term vision. This has involved not only leading
menting hedging strategies, we have enhanced our effi- together with commitment but also facing and navigating
ciency, even amid external cost pressures. through challenges together, which has reinforced our
• Strong Balance Sheet: By efficiently managing our assets, company’s resilience and determination.
optimizing inventory levels, and maintaining a disciplined
approach to our capital structure we have fortified our As we continue implementing a sustainable growth
financial foundation. model, our collective vision remains clear and driv-
en by the desire to enhance shareholder value, and
As I mentioned earlier, looking ahead we are committed to contribute positively to the communities in which
continue looking for opportunities to optimize our cost and we operate.
expense structure and investing in innovation and digitaliza-
tion to improve our efficiency.

SIXTH CONSECUTIVE YEAR OF IMPROVED

RETURN ON INVESTED CAPITAL.
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GROW
THE CORE
Our grow the core strategic priority is driven by
the implementation of a sustainable growth model
aiming to continue increasing the share position of
The Coca-Cola portfolio, accelerate the growth of
Coca-Cola Zero Sugar across our territories, develop
growth opportunities in low-per capita markets,
and achieve the full potential of our profitable non-
carbonated beverage categories.
OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 23

WE SEE MORE RUNWAY TO GROW OUR CORE BUSINESS

ENHANCED COOPERATION
We enjoy a solid position in an industry with consistent growth. Moreover, Achieving Record Results FRAMEWORK HELPS BOOST GROWTH
we continue to see vast opportunities to satisfy the evolving beverage daily In 2023, we achieved record levels
needs from our customers and consumers, resulting in more runway to of more than 4 billion-unit cases
grow our core business. sold, a 7.8% increase from last Our enhanced cooperation framework
year, driven by volume growth with The Coca-Cola Company has been
Harnessing Every Lever to Grow Our Core Business across all of our territories, with instrumental in driving growth in our
From our winning portfolio, unparalleled distribution network, and point- an outstanding volume growth core portfolio in 2023. By capitalizing
of-sale execution, our digital omnichannel commercial platform, we are in Mexico, Brazil, Colombia and on our combined strengths and
using every lever to ensure we capture the fair share of the Coca-Cola Guatemala. shared vision, we continue to execute
portfolio, accelerate the growth of Coca-Cola Zero Sugar, develop significant strategic investments in
growth opportunities in low-per capita markets, and achieve the full In Mexico, our strategies allowed the market that bolster our ambitious
potential of our profitable non-carbonated beverage categories. us to regain share in a highly growth plans. Our cooperative
competitive landscape within the efforts are more than just a strategic
At the heart of our strategy is an obsessive focus on our consumers Colas category. This achievement alignment; they represent a unified
and customers that guides every decision we make. For our consum- underscores our commitment approach to innovatively responding to
ers, our strategy aims to continuously align our portfolio with evolv- to strengthen our presence and market demands and shaping the future
ing preferences, to not only satisfy current demands but also antici- further grow our position in one of of our industry with a clear focus on
pate future trends. Our commitment spans innovation, affordability, our key markets. Our operations pursuing profitable sustainable growth.
and enhancing our product mix to suit diverse tastes and needs, in Colombia and Guatemala also
catering to every occasion. demonstrated remarkable growth,
setting new record level volumes for the second and sixth consecutive
Similarly, for our customers, we are dedicated to expanding our value years, respectively. Additionally, as a testament to our relentless efforts,
proposition and continuously enhancing their experience with us. Our goal our operations in Argentina were honored by The Coca-Cola Company with
extends beyond meeting expectations to exceeding them, offering unpar- the prestigious Candler Cup. This award not only highlights our operational
alleled service and generating value to our clients through a one-stop shop excellence but also recognizes our investments in the development of our
solution with a curated portfolio. The close relationship we have developed unique culture.
with our customers over the years is a key driver in achieving growth in per
capita consumption and market share. Currently, we serve more than 2.1 In Brazil, we also had a solid result, surpassing the mark of one billion-unit
million customers across our territories, the largest distribution network in cases produced for the first time. Furthermore, we achieved volume re-
Latin America, and we visit them on average 1.8 times a week. Our un- cords in Non-Alcoholic ready to drink category and achieved record share
matched distribution network gives us an edge, particularly in the tradi- in five categories, including Carbonated soft drinks, Teas, Energy, Sport
tional trade that undergirds Latin America’s commercial model. Drinks and Plant-based beverages.
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ACCELERATING THE GROWTH ZERO SUGAR GROWTH BEYOND COCA-COLA

OF COCA-COLA ZERO SUGAR Building on the success of Coca-Cola Zero Sugar, we are
dynamically driving growth across the no- and low-sug-
ar flavored sparkling beverages portfolio. This growth
trajectory is marked by strategic initiatives such as the
In actively expanding our portfolio of zero- relaunch of Sprite Lime SOS, the acceleration of Sprite
and low-sugar sparkling beverages, we are Fenix in Argentina, the launch of Schweppes Toronja Zero
Sugar in Uruguay, and the introduction of Sprite and Fanta
simultaneously responding to and driving Zero Sugar in movie theater vending machines. Uruguay
consumer demand for our products. This single handedly represents our benchmark on Coca-Cola Zero
strategic approach not only caters to evolving Sugar mix with 30.7%.

tastes but also underscores our commitment These targeted product launches and relaunches cater to evolving consum-
to meeting diverse consumer needs while er preferences toward low-calorie options, aligning with regional tastes and
fostering sustainable growth. Impressively, trends. A testament to the success of this strategy is evident in Colombia,
where the no- and low-sugar flavored sparkling beverages portfolio regis-
our Coca-Cola Zero-Sugar volumes have tered volume growth of 6.8% versus the previous year.
surged almost 60% beyond our 2019 base-
line, demonstrating our ability to adapt our
offerings in line with consumer preferences
toward low-calorie options.

COCA-COLA CREATIONS: ENHANCING CONSUMER ENGAGEMENT

During the year, we introduced limited edition, sequential releases from
Coca-Cola Creations, The Coca-Cola Company’s innovation platform,
across key markets to enhance consumer engagement. These exciting
new creations— featuring a collaboration with Spanish popstar Rosalía for
BOLSTERING THE SUCCESS OF COCA-COLA ZERO SUGAR a Limited-Edition Coca-Cola—enabled us to launch creative new products
and experiences successfully across physical and digital worlds.
Coca-Cola Zero Sugar continues to offer consumers a sugar- and calorie-free alterna-
tive for one of the world’s most beloved brands. The new formula and visual identity of
In Brazil, we harness the power of our innovation platform to captivate
Coca‑Cola Zero Sugar continued to outperform the sparkling beverage category across
our Gen Z consumers through Coca-Cola Ultimate XP, an exclusive part-
our territories, growing 15.0% of volumes year over year. To drive this growth, we are
nership with the popular online game League of Legends. This initiative
continuously leveraging a consistent value proposition and enhancing point-of-sale
blends the iconic Coca-Cola experience with the dynamic world of gaming,
execution through initiatives in sampling, innovation, and customer experience.
creating a memorable experience.
In Brazil, Coca-Cola Zero Sugar has emerged as the preferred choice among consumers,
achieving 91 million-unit cases, a 28.4% annual growth. In Mexico, Coca‑Cola Zero
Sugar achieved 9.1% volume growth year over year. Argentina, Uruguay, and Costa Rica
have the largest mix of Coca-Cola Zero Sugar in their sparkling beverage portfolio, with
the mix continuing to grow in 2023, setting the benchmark for the company.
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MEXICO: DRIVING PROFITABLE SINGLE-SERVE MIX WITH MULTIPACKS

Our popular portfolio of multipacks facilitates better interaction with
our consumers in Mexico while also growing our profitable single-serve
mix, transactions, and revenues across the modern trade channel.

For the year, our multipacks volume in Mexico grew double-digits

across channels, with approximately 85% of the incremental volume
through the modern channel. Our successful strategy with multipacks
in Mexico allowed us to reach a single serve mix in multipacks of 75%,
becoming a very profitable strategy.

ACCELERATING SINGLE SERVE In 2023, we focused on streamlining our multipack portfolio and
refining its pricing architecture, aiming to enhance our market posi-
tioning and better meet consumer needs. Our multipack portfolio in
We are actively driving growth in our profitable sin- Mexico's modern trade channel offers popular brands like Coca-Cola,
gle-serve mix. Our strategy involves leveraging the Coca-Cola Zero Sugar, Sprite, Mundet, Fanta, Ciel, Seagram’s, and
popularity of multipacks, widening cooler availability, Monster. Furthermore, we meticulously tailor our 6, 8, and 12-pack
offerings to meet the diverse needs of our customers and consumers—
and deploying tailored strategies across our territo- from wholesalers to supermarkets and price clubs.
ries. This approach not only resonates with customer
preferences but also has been instrumental in boost-
ing our volumes in both sparkling and still beverages,
particularly in our zero- and low-sugar portfolio. Our
strategy to enhance single serve has shown signif-
icant results. Overall, in 2023 we reached a sin-
gle-serve mix of 31.1%, exceeding our 2019 baseline
by more than 100 basis points. ARGENTINA, CENTRAL AMERICA, COLOMBIA
AND URUGUAY: RAPID COOLER ROLLOUT
Our focus on relentless point-of-sale exe-
cution drove us to install over 66,000 new
coolers in record time across our operations
in 2023. This investment reinforces our con-
tinued commitment to enhancing customer
experience and product accessibility.
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LEVERAGING AFFORDABILITY TO DRIVE UNIVERSAL BOTTLE GROWTH BOLSTERS AFFORDABILITY STRATEGY

SUSTAINABLE GROWTH The successful rollout of our refillable universal bottle has led to an in-
crease in our returnable volume. The universal refillable bottle provides
consumers with savings making our products more accessible. Envi-
Affordability is an important driver of our sustainable growth ronmentally, the returnable bottle could reduce single-use packaging
strategy. We continue to execute to win in the “away from waste and helps ensure high levels of collection of beverage containers.
home” and “at home” consumption occasions with strategic This approach aligns with our goals of fostering a sustainable future
and meets consumer demand for greener packaging solutions.
market initiatives that enable us to provide our consumers
with unmatched affordability. This approach not only responds This refillable universal bottle has been instrumental in driving share
to our consumers' changing needs and preferences but also of sales gains in the territories where it has been introduced, mark-
aligns with our commitment to environmental sustainability. ing a significant success in our market strategy. The versatility of this
packaging innovation has not only streamlined our operations but also
enhances our competitiveness, resonating positively with consumers
and contributing to our ongoing growth and market penetration.

In Mexico, we continued expanding our 2.5-liter returnable PET

universal bottle across new territories. Now covering nearly all of our
franchise territory, the universal bottle plays a versatile role, enabling
refillable packaging for our core flavored sparkling beverages and
juice brands. This includes everything from Fanta, Sprite and Valle Frut
to local favorites like Escuis and Victoria. Moreover, we significantly
expanded our refillable capacity and coverage of our 3-liter returnable
PET presentation of Coca-Cola Original.

In Colombia, we continued to expand the refillable universal bottle to

now cover more than 10% of the country, enabling us to offer afford-
able refillable PET presentations not only of brand Coca-Cola, but
also of our flavored sparkling and still beverage brands. The rollout
has led to notable increases in volume and share of sale in the cities
where it has been introduced. Finally, in Guatemala and Costa Rica, we
launched a new 500 ml universal bottle in 2023.
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ARGENTINA: GROWING CONSUMER BASE AND VOLUME THROUGH

AFFORDABILITY STRATEGY
Under our affordability strategy, we continued to regain share
and expand our consumer base in the context of Argentina’s
dynamic competitive and economic environment. Our evolving
market segmentation strategy, which capitalizes on our com-
prehensive value proposition and execution excellence, allowed
us to offer the right product at the right price across segments.
This approach not only improved our household penetration but
also contributed to volume growth year over year.

BRAZIL: CONSOLIDATING RETURNABLE GROWTH

Through our returnable strategy and refillable universal
bottles, we continue to consolidate our volume growth
and competitive advantage across the sparkling bev-
erage category in Brazil—our returnable volume grew
year over year while increasing our returnable asset
management. For the year, returnable presentations
amounted to close to 165 million-unit cases, or more
than 18% of our sparkling beverage mix.
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REACHING FULL POTENTIAL IN MEXICO: OUTPERFORMING THE INDUSTRY WITH WATER AND
POWERADE'S MARKET SUCCESS
NON-CARBONATED BEVERAGES The stills beverage category continues as a relevant growth
lever in Mexico, with our brands and portfolio outper-
We continue to capture market share across forming the industry. Water continues its growth
emerging still beverage categories —from trajectory, gaining share and registering a revenue
hydration to energy, tea, and sport drinks— growth of 28.7% year on year. Powerade ended
aiming to achieve the full potential of our the year as the market leader, increasing share
profitable non-carbonated beverage categories. of sales in the sports drink segment with 23%
volume growth as compared to last year.

BRAZIL: TOP 10 IN GLOBAL COCA-COLA STILLS

In 2023, our operation in Brazil introduced several new flavors to further cater
to evolving consumer tastes, thereby sustaining the growth momentum in the
sports drinks and energy segments. Powerade launched Powerade Passion Fruit
and Powerade Tangerine, aiming to refresh consumers with innovative flavors.
Monster responded to the increasing demand for unique flavors by launching
Monster Khaotic, Monster Mango Loco, Monster Pipeline Punch, and Monster Water-
melon. These launches reflect our commitment to tapping into new market segments,
ensuring our products remain at the forefront of consumer choices.

Overall, our operation in Brazil has seen consistent growth within the non-carbonated
beverage category, marked by significant contributions across various segments. Juices
and sports drinks experienced growth rates of 16% and 28% respectively over the past
year. This performance has contributed to Brazil becoming one of the Top 10 Stills mar-
kets for Coca-Cola worldwide.
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COLOMBIA: 3X GROWTH IN FLAVORED WATER CATEGORY

Building on the remarkable success of Brisa Manzana
sparkling water, we have continued to expand our
offerings with the introduction of Brisa Maracuyá.
This latest addition to our Brisa range is a testament
to our commitment to aligning with consumer trends
towards no-calorie beverages. This approach has
significantly paid off, as evidenced by the staggering
threefold growth in our flavored water category this
year in Colombia. These refreshing, flavor-infused
waters are more than a triumph of innovation, they
reflect our understanding of consumer preferences,
helping solidify our position in the competitive fla-
vored sparkling water segment.

URUGUAY: A ROBUST STILLS PORTFOLIO THAT

DRIVES MARKET LEADERSHIP
By leveraging our consumer-centric approach,
we are further enhancing the strength of our
stills portfolio in Uruguay. The energy segment
expanded its share of sales as compared to
last year. Moreover, our isotonic portfolio, with
local production and launch of new flavors,
drove a 58% increase in volume year-on-year,
increasing share of sales vs. the previous year.
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COCA-COLA FEMSA'S COMMITMENT TO RESPONSIBLE MARKETING, INFORMED CHOICES, AND QUALITY

Our Consumers Are at The Center of Everything We Do Responsible Marketing
Embracing principles of transparency, fact-based informa- As part of our commitment to the well-being of our con-
tion, and authenticity, we consistently align our commercial sumers and customers, our advertising strictly adheres to
practices with our values and our sustainability and business The Coca-Cola Company’s Responsible Marketing Policy
goals. As we evolve and respond to consumers’ desires for and Global School Beverage Guidelines. As a member of the
more choices across categories, we are reducing added sugar Coca-Cola System, we rigorously implement and enforce
and offering more beverages with enhanced nutritional bene- these policies, respecting the role of parents and caregivers
fits. Additionally, we are optimizing our product mix, introduc- by not marketing directly to children under 13. Moreover, we
ing more small packaging options, and providing our consum- steadfastly promote respect for ethical marketing practices,
ers with access to transparent nutritional information. in alignment with The Coca-Cola Company's guidelines. For
more information see:
Informed Nutritional Decisions →The Coca-Cola Company’s Responsible Marketing Policy
To enable our consumers to make healthy informed choices, →Hateful Activity Policy
our upfront product labels include clear nutritional content →Responsible Digital Media Principles
information. Our nutritional labeling strategy across our
operations is based on providing consumers with easy-to- Highest Quality
find and complete information in compliance with applicable Our production processes meet the highest quality standards,
regulations in the countries we serve. Our goal is to provide and our ingredients adhere to local regulations and interna-
our consumers with high-quality information, enabling them tional standards set by agencies such as CODEX, FDA, JEFCA,
to make informed decisions about their beverage choices. and EFSA in each of our geographies. We conduct our pro-
cesses in state-of-the-art bottling facilities, all of which are
FSSC 22000 certified1, ensuring the finest quality products
for our consumers.

1. Does not include the 7 plants acquired in Mexico at the end of 2022, which are still in
the required one-year alignment process to Coca‑Cola FEMSA's standards.
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This year, we set the foundations

towards becoming the preferred

BE THE
omnichannel commercial platform
with Juntos+, by completely
revising its IT architecture
and successfully rolling out

PREFERRED
our version 4.0 in Brazil
which significantly improves
customer experience.

COMMERCIAL
PLATFORM
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JUNTOS+ V4.0 B2B OMNICHANNEL EXPERIENCE UNLEASHED

We are building an omnichannel B2B commercial Juntos+ offers much more than flexibility and conve-
platform, placing the customer at the core of every nience. This state-of-the-art digital shop allows us to
interaction. dynamically tailor cross-selling and up-selling oppor-
tunities with a recommendation system, promotions,
Our New Juntos+: Revolutionizing Industry and discounts, leveraging advanced AI algorithms and
Standards real-time insights for personalization harnessing user
In 2023, we launched an improved mobile app and web behavior and surrounding data. By leveraging the pow-
experience for Juntos+ in Brazil, marking a significant er of data-driven decision-making, we can optimize
milestone. The new architecture of Juntos+ enhances sales strategies and enhance customer engagement,
the user experience and supports the continuous de- ultimately driving incremental revenue and maximizing
ployment of analytical solutions in our digital products. the average transaction value.
Built on a cloud-native, decoupled, and composable
architecture, our new Juntos+ mobile app and website During 2024, we will continue deploying our new
offer the flexibility needed to further expand our suite Juntos+ app and web across the countries where we
of digital and analytical products. operate. Moreover, we will be scaling up the use of
AI, further enhancing our capabilities and offerings to
Fulfilling customer demand for a one-stop shop better serve our customers.
solution, Juntos+ enables our large base of clients to
not only place an order for their favorite brands and Juntos+ v4.0 is born-digital, seamlessly offering an
categories whenever, wherever, and whichever way array of new features
they choose, but also to take advantage of a constantly
evolving array of features.

Loyalty AI Order Loyalty plan Push

program suggested tracking in shopping notifications
order cart
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IT HAS BEEN A
FULFILLING JOURNEY
JUNTOS+ RAPID ADOPTION GROWTH
The adoption of Juntos+ has been remarkable, achieving 1.1
million monthly active users as of 2023, an increase of over 35% NEW APP IN
compared to last year. Across our markets, the growth of Juntos+ is BRAZIL USING AI
reflected in increased orders and the resulting amplification of the
performance of our core business and multi-category portfolios. 2023
THREEFOLD
+1M MAU
In 2023, the more than 31.1 million orders we processed on OUR MAU
digital channels represented approximately 15% of total sales—a 2022
71% increase over 2022—and generated approximately US$2.4 ACCELERATED THE
billion in digital revenue. These results underscore the resounding ~810K MAU
EVOLUTION OF OUR
success of our omnichannel strategy, which is shaping the future
of B2B commerce in our industry. CHATBOT-ENABLED PLATFORM
PLATFORM 2021
What is next for Juntos+?
2020 ~270K MAU The future of Juntos+ is filled with exciting
1.1 31.1 US$2.4 FIRST LAUNCH
2019
~140K MAU developments aimed at enhancing our omni-
channel experience further.
MILLION
monthly active
MILLION
orders processed
BILLION
in digital
~1K MAU Built on a modular and flexible architecture,
Juntos+ integrates a newly developed analyt-
users, +35% vs. on digital channels, revenue. ical stack to create and deploy big AI models,
2022. 15% of total sales—
enabling the continuous deployment of cli-
+71% vs. 2022. Monthly active
users (MAU) ent-centric solutions to better serve our clients
and deliver the best customer experience.
In the near future, we plan to test and release
AI-powered solutions for both our clients and
pre-sellers alike.
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TRANSFORMING TRADITIONAL TRADE DYNAMICS

Seamless Synergy: The Juntos+ Experience JUAN’S JOURNEY
As our business thrives on strong relationships, we are dedicated
AS A HAPPY
to ensuring that our B2B omnichannel platform, Juntos+, delivers
a comprehensive experience that is built upon the exceptional
JUNTOS+ USER 10:00 am, Monday 3:30 pm, Monday
Juan, our client for many Juan realizes he forgot to order a
personal interactions our client’s value. We are bridging the gap years, is visited by Mario, specific product and decides to
3:35 pm, Monday
between face-to-face interactions and digital by offering a suite of his regular pre-seller, and quickly use Coca-Cola FEMSA’s
places his weekly order. Chatbot to place Mario receives a
digital products through which our clients can contact us, including a new order. notification on his
our chatbot-enabled conversational commerce solution as well handheld and calls
Juan to confirm his
as an evolving web portal and mobile app. We also enhance our new order.
clients' experience through features like our Premia Juntos+ loyalty
program and analytical products like our suggested order solution,
which enables clients to quickly place orders with a few clicks driv-
en by AI, helping our clients reduce lost sales by avoiding stockouts.
8:05 pm, Monday 8:00 pm, Monday
Juan receives confirmation from Juan reports a cooler
Juntos+ seamlessly connects over 1.1 million monthly active 10:30 am, Tuesday Coca-Cola FEMSA’s Contact malfunction via Coca-Cola
users with us in real time, leveraging digital touchpoints to en- Juan uses Coca-Cola Center for a technician visit FEMSA’s Mobile App.
FEMSA’s Mobile within hours.
hance customer service and allowing our clients to commercially App Order Tracking
interact with us anytime, anywhere, and through an omnichannel Function to confirm
experience. For this reason, we assess our processes from sales to that his orders will
be delivered in the
delivery. To measure customer satisfaction, we use a comprehen- afternoon.
sive set of metrics ensuring that our approach is both thorough and
effective. This exemplifies our commitment to listening and acting
on customer feedback, solving their pain points through a homolo-
gated close the loop process, making every interaction count. As 12:55 pm, Tuesday 1:50 pm, Tuesday
Juan receives a notification: Juan receives both orders
a result, we have achieved remarkable improvements in customer “You are our next customer and uses Coca-Cola
satisfaction versus previous years. on our service route.” FEMSA’s Mobile App
e-payment system to verify
and pay his total balance.
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SETTING THE BENCHMARK FOR D2C ENGAGEMENT

UNLOCKING DIGITAL-DRIVEN
Our mission is to be the preferred D2C service and direct support from customer
multi-category platform in households, call centers and delivery route drivers.
MULTI-CATEGORY GROWTH IN D2C
delivering top-class products and HOME DELIVERY
services. In parallel, we concentrated on signifi-
cantly enhancing our service experience.
Driving D2C Home Delivery Expansion in A testament to our efforts is the growth of The success of our D2C platform is fur-
Mexico our on-time in-full metric, which continued ther reflected in the growing acceptance
In 2023, we dedicated our efforts to increasing in 2023, underscoring our com- of digital and multi-category orders
expanding the reach of our D2C multicat- mitment to delivering exceptional custom- among home consumers, improving the
egory platform, providing an omnichannel er service and reliability. productivity of our home delivery routes,
experience that emphasizes the conve- average ticket, and sales.
nience of delivering a wide range of prod- As we move forward, our commitment is
ucts from both The Coca-Cola Company to continually enhance and develop the
and other consumer goods companies functionalities of our evolving D2C omni-
directly to customers’ homes.

Through the Coca-Cola en Tu Hogar

channel platform while assuring best-in-
class delivery service. From integrating
web-based digital payment platforms and
1,750
total D2C
~600K
households
app, alongside our website and chatbot, expanding multi-category offerings to routes. served in Mexico.
accessible across 75% of our routes, we launching a new visual image and intro-
have significantly broadened our digital ducing our loyalty plan, our focus remains

+1.7
footprint, elevating our monthly digital on improving our value proposition and

~110K
purchasing customer base to over 110 broadening household penetration in sync
thousand digital households. Consum- with our consumer-centric priority. More-
million digital home
ers benefit from a 24/7 digital shopping over, we are evaluating the potential to
digital delivery orders,
experience, allowing them to access our expand our home delivery model to other households. +2.8x in the
complete portfolio, explore promotions, countries based on their market potential average ticket.
discount opportunities, “Only Coke Can and digital maturity.
Do” experiences, and receive personalized
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DELIVERING MORE VALUE-TO-MARKET WITH MULTI-CATEGORY

Our multi-category offering is a pivotal element in our growth this success, including suggested cross-selling recommenda- Although growing from a small base,
strategy, characterized by its accretive nature to revenues and tions within Juntos+, prioritizing SKUs with higher turnover rates. total sales from our multicategory
the strategic leverage of our existing logistics and distribution Fueled by these advances, we are not only escalating our trans- portfolio, excluding beer,
capabilities, enhancing our value proposition by addressing cus- formation into a digitalized company—adopting technology and
tomers’ pain points through Juntos+ as an integrated solution
that ultimately drives additional sales of our core portfolio.
digital capabilities across our value chain—but also accelerating
our growth into an omnichannel, multi-category player, position-
DOUBLED VS. 2022
representing more than 1%
ing us for success as the preferred commercial platform. of our total consolidated revenues.
Enhancing Value: The Role of Multi-Category Strategy in
Growth Advancing Our Curated Multi-Category Strategy
Our multi-category strategy is implemented through an omni- This year we continued to strengthen our multi-category strategy
channel platform that offers our customers a diverse portfolio of by exploring complementary revenue streams through distri-
products. By harnessing our installed logistics and distribution bution agreements and pilot programs with partners in specific
capacity, this strategy boosts return on invested capital. markets.

We implement our multi-category strategy by integrating end- We prioritize leading brands across adjacent categories in beer,
to-end processes within our commercial and supply chain spirits, alcoholic ready-to-drink beverages, home and personal
functions, creating a seamless ecosystem that facilitates collab- care, snacks, and consumer packaged goods. Regarding beer
oration with our partners. The role of our pre-sellers is funda- in Brazil, we expect to continue capitalizing our brands and
mental to inform our traditional trade clients about our growing strengthening our portfolio as the premium segment continues
multi-category portfolio, while our digital capabilities serve as a to outperform.
catalyst to reach more customers faster.
This tailored approach enables us not only to meet the evolving
The synergy between Juntos+ and our multi-category portfolio needs of our clients, ensuring that we cater to their preferences
not only streamlines operations but also significantly improves effectively, but also contributes to boosting our presence and
the overall value we offer to our clients and partners. Our focus visibility at the point of sale through targeted cross-promotion
on enhancing customer experience also plays a crucial role in and execution opportunities across physical and digital realms.
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DE-BOTTLENECK
OUR INFRASTRUCTURE
As our company continues to grow, we aim to
efficiently keep our infrastructure and digital
operational capabilities ahead of the curve.
This approach not only empowers the effective
execution of our strategic pillars, but also
enables us to optimize resource management
and enhance customer satisfaction.
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GROWING, OPTIMIZING, AND DIGITALIZING OUR INFRASTRUCTURE

We are making unprecedented investments to enhance our infrastructure and processes with the
power of digital enablers, significantly expanding and optimizing our production and distribution DEMAND PLANNING EXCELLENCE
capacity. This approach guarantees the required flexibility to continue growing and position our-
selves as the preferred commercial platform for our clients. At Coca-Cola FEMSA, our commitment
to understanding and anticipating
Investments in Capacity in 2023 And Beyond customer’s evolving preferences un-
We plan to continue investing in production and warehouse capacity to meet growing demand. No- derscores our dedication to exceptional
tably, over the next three years, we aim to increase our production capacity by 15% and our ware- service and operational agility. De-
house capacity by 30% to accommodate demand increases across the territories where we operate. mand Planning 360 is our response to
the company's rapid growth, enabling
Digitalizing our Plants for Enhanced Performance, Safety, and Environmental Impact prompt adjustments to the complexities
We are implementing cost-effective and insightful digital initiatives that enhance our core manu- of dynamic market demands. This ini-
facturing processes. By focusing on minimizing risks, increasing agility, and improving operational tiative leverages automation, analytics,
efficiency, these initiatives ensure the seamless delivery of high-quality products to our customers. and cutting-edge technologies to swift-
As part of our digital manufacturing strategy, we have identified the technological tools and appli- ly adapt our infrastructure to market
cations that underpin our Manufacturing 4.0 strategy. This ensures efficient manufacturing perfor- requirements and the seamless integra-
mance and focuses on developing capabilities for operational responsiveness and efficiency. tion of new product categories into our
offerings, while maintaining a superior
Manufacturing 4.0 at Coca-Cola FEMSA service delivery.
Line Performance Connected Workforce Digital Maintenance Digital QSE
Improve bottling line Digitize and automate Advance mainte- Drive the evolution
reliability and pro- operational activities nance planning and of Quality and Safety
ductivity with a line to boost execution execution with digital standards through
visualization platform. efficiency. solutions that min- the use of digital
imize risk and en- solutions.
hance asset produc-
tivity and reliability.
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REVOLUTIONIZING WAREHOUSE MANAGEMENT WITH AI

In 2023, we advanced our warehouse optimization enhancing pallet and case slotting, staffing, and dock
efforts to enhance our storage density and produc- optimization. We are further planning to expand these
tivity without incurring significant CAPEX. We are advancements to all territories, leveraging our infra-
revolutionizing our approach to warehouse growth structure investments to optimize our entire supply
and management by implementing new strategies for chain, from inventory management to distribution.
space utilization—maximizing height, optimizing layout
for more accessible fronts and minimized depths, and New Investments in Our Primary and Secondary
reducing the honeycombing effect. These innovations Fleet During 2023
have increased our warehousing capacity by approx- We have made significant investments in both our T1
imately 71 thousand pallet positions, saving us an and T2 fleets, aiming to tackle two important chal-
estimated US$44.1 million in capital expenditures. We lenges: the increase in production volume and the
also increased a further 28 thousand pallets positions need to substitute older equipment. These actions
through new distribution centers and expansions. have been carried out to strengthen operational con-
tinuity and maintain a high level of customer service.
Through our customized AI platform, we have de- During 2023, we invested in 139 T1 units, and 908 T2
veloped and applied algorithms that improve ware- units, which cover more than 12,000 routes.
house processes, resulting in notable efficiencies by

• 87 MM UC/Year manufacturing capacity increase achieved through upgrades

to existing lines and acquisition of new lines.
• 5 new lines and upgrades installed.
• 99 thousand pallet positions added to storage capacity through innovative
space utilization strategies, new CEDIS, and expansion of existing ones.

1. T1: Primary distribution trucks.

2. T2: Secondary distribution trucks.
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NEW SUPPLY CHAIN CAPABILITIES Our omnichannel strategy leverages the strengths of our leading-edge supply chain new capa-
bilities to deliver on our vision of becoming our customers’ and partners’ preferred commercial
EMPOWERING JUNTOS+ platform and ally for growth. Our goal is to build a future-ready omnichannel commercial plat-
form backed with a safe, digital, flexible, and resilient supply chain operation. Through our use
of digital tools and increasing operational discipline, we seek to continuously improve customer
service and the productivity of our delivery teams.

ACHIEVING INCREASED EFFICIENCY AND CUSTOMER SATISFACTION FROM ORDER TO DELIVERY

ROUTING AND TRUCK LOAD DIGITAL DISTRIBUTION AND

DESIGN OPTIMIZATION REAL TIME ROUTING MI RUTA KOF

1 2 3 4 5 6

ORDER ENTRY AND VOICE PICKING ORDER TRACKING

FLEXIBLE DISTRIBUTION

WAREHOUSE DESIGN • OPERATING MODELS • DISTRIBUTION PLANNING OPTIMIZATION

1 Order entry and flexible distribution 2 Routing and truck load design optimization
We can offer 24/7 order entry to our customers by leveraging both We carefully plan delivery paths to navigate mobility and other con-
real-time and dynamic routing across our secondary distribution fleet in straints efficiently. Moreover, our refined truck loading approach focuses
Argentina, Brazil, Colombia, Costa Rica, Guatemala, Mexico, Panama, and on enhancing safety, reducing waste, and improving productivity. This
Uruguay. Through our Customer Control Tower, we monitor and manage streamlined process ensures timely, efficient, and safe deliveries, reflect-
our entire commercial and distribution operation, enabling the flexibility ing our commitment to operational excellence and sustainability.
to plan vehicles’ routes on a daily, weekly, and monthly basis, thereby
optimizing available delivery resources and distances traveled to serve
our customers.
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3 Voice picking; Advancing Picking with customers to track their orders. We have
Solutions for Optimal Warehousing completed the rollout of digital distribution
In our quest for operational excellence, we across our Brazil, Mexico, Costa Rica and Uru- ENSURING A CONSISTENT AND HIGH-
strategically implemented advanced picking guay operations. QUALITY CUSTOMER EXPERIENCE
solutions, seamlessly merging real and optimal
picking methodologies. Leveraging cutting-edge 5 Order tracking
ACROSS ALL TOUCHPOINTS
technology such as voice commands and digital Consistent with our omnichannel multi-cat-
imagery, these solutions elevate our warehouse egory strategy, we further deployed our or-
services, enabling the meticulous assembly of der-tracking platform to enable customers to We are focused on developing stan-
mixed pallets tailored to individual client re- track their orders— created on any commercial dardized metrics to calculate customer
quirements, achieving maximum load and route channel—from the moment of shipment to service across our operations. By aligning
optimization, and driving enhanced accuracy delivery. metrics, we aim to gain a more compre-
and productivity. We continued the rollout of hensive understanding of our customer
voice picking capabilities across our Brazil and 6 Mi Ruta KOF service performance, enabling us to
Mexico operations. In Mexico, we implemented the Mi Ruta KOF, a identify areas for improvement, enhance
business initiative that processes key informa- customer satisfaction, and ultimately
4 Digital distribution and real time routing tion from different strategic areas to generate drive growth in critical market segments.
Our updated Digital Distribution platform added value and facilitate integrated operation-
addresses the entire strategic and tactical al management. It tracks performance through-
planning cycle of our secondary distribution out the logistics process, enabling supervisors
process—from analytics to delivery route plan- to conduct more detailed tracking, including
ning and execution. The platform features route safety indicators, customer service, and pro-
traceability, a web-based app for supervisors, ductivity metrics. Mi Ruta KOF is now active in
end-to-end supply chain network analysis, over 20 thousand routes.
digital real-time routing control, and interaction
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STRENGTHEN
OUR CUSTOMER-CENTRIC
CULTURE
At Coca-Cola FEMSA, we are on an exciting path to growth, where every
single employee plays a pivotal role in shaping our future. To this end, we are
strengthening our customer-centric culture and reorganizing the way we work into
a more insight driven, agile, and effective organization.

Our journey is rooted in customer centricity, ensuring that we deeply understand

and meet the evolving needs of our customers and consumers. Alongside, we
embrace a multiplier leadership style, empowering our team members to amplify
their impact by leveraging their strengths and developing our people. Supporting
these efforts is our commitment to psychological safety—a foundational element
that allows our employees to voice their ideas, challenge norms, and contribute
meaningfully without fear of retribution.
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Ten principles to drive Coca-Cola FEMSA towards its growth ambition and create the desired culture and work
environment. We relate these principles to the human body: The head, focused on placing our customers first.
CULTURAL EVOLUTION The heart, encompassing 5 principles that relate to our employees, our people. And finally, the hands, with 4
principles that represent what and how we want to do things.

We refreshed our Vision and defined

Coca-Cola FEMSA Principles to establish COCA-COLA FEMSA PRINCIPLES
the cultural foundation of our customer
centricity and growth transformation. 1. Place Customers First 6. Foster Psychological Safety
We place our customers and consumers at the We foster environments where our people feel
center of our decisions. We strive to provide them included, able to voice their honest opinion and
with an exceptional experience and earn their debate openly without fear of being punished.
preference. We earn trust by communicating honestly and
2. Value Our People transparently with each other. Leaders must foster
Nothing is more important than the safety of our two-way feedback.
Purpose people. We build high performance teams by 7. Operate with Excellence
hiring, developing, and promoting the best talent. We operate at the highest standards and are
TO REFRESH THE WORLD Our leaders foster the continuous development of disciplined in everything we do. We continually
ANYTIME, ANYWHERE our people. We value diversity within our teams. raise the bar in our teams to improve our products,
3. Do the Right Thing services, and processes. Leaders operate at all
We conduct ourselves ethically and always do the levels and no task is beneath them.
Refreshed Vision
right thing. In all our actions, we take care of the 8. Leverage Technology and Innovation
BE OUR CUSTOMERS’ AND PARTNERS’ impacts we have on our planet, communities, and We foster innovation, the use of new technologies
PREFERRED COMMERCIAL PLATFORM AND people. and ideas that give us an edge in our business.
4. Act as A Founder We harness data and AI to generate a competitive
ALLY FOR GROWTH, FOSTERING A We think and act to maximize the long-term health advantage.
SUSTAINABLE FUTURE. of the business and not for short term results. We 9. Act Swiftly
do what is best for the company as a whole vs. We are action oriented. We challenge bureaucracy
personal or functional agendas. and streamline our processes to achieve the
5. Promote A Growth Mindset fastest response time.
We promote thinking big across our business. We 10. Deliver Results
value lifelong learning and self-development. We We execute consistently on the metrics that matter
encourage our people to be curious and explore to our business. We take full accountability for the
new possibilities. results we deliver.
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DRIVING GROWTH THROUGH CUSTOMER CENTRICITY

Placing Our Consumers and Clients at The Core of At Coca-Cola FEMSA, measuring customer service is
Everything We Do a meticulous process that leverages a blend of key
At the heart of our growth ambition lies our com- performance indicators. This comprehensive approach
mitment to customer centricity. Understanding and includes customer service metrics for key moments
meeting the ever-evolving needs of our customers are in the sell-to-delivery process, a Net Promoter Score
paramount, as it fuels innovation, enhances satisfac- (NPS), and sentiment analysis powered by AI. This ap-
tion, and strengthens loyalty. proach guides us to foster long-term customer loyalty.

By placing our consumers and clients at the core of ev- • Customer Service Metrics enable us to assess and
erything we do—from product development to service optimize every interaction with our customers, from
delivery—we forge deeper connections, anticipate their the initial order to the final delivery. This granular
needs, and exceed their expectations. This dedication insight helps us identify areas for improvement and
not only sets us apart in the competitive landscape ensure consistent service excellence.
across our regions but also propels our growth, ensur- • Net Promoter Score (NPS) gauges customer loyalty
ing we remain at the forefront of the beverage industry. and satisfaction by measuring their willingness to
Our focus on customer centricity is a powerful driver of recommend our products and services. This met-
shaping a future where we continue to deliver value to ric provides a clear indication of our relationship
every customer we serve. strength with customers and the overall health of our
customer service.
Key Customer Experience Indicators • Sentiment Analysis, utilizing AI, allows us to un-
We have a customer centric focus, where understand- derstand the emotions behind customer feedback
ing our customers through robust measurement is across various channels. This advanced analysis
essential to shaping our strategies and decisions. offers us a deeper understanding of customer per-
ceptions and needs, enabling us to tailor our services
and communications more effectively.
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ENABLING A NEW WAY OF WORKING

Fueled by technology and digital agility, Coca-Cola FEMSA’s Digital and Analytics Hub serves as a catalyst for a new
Way of Working across the company, aligning the needs of customers, consumers, and business.

Our Digital and Analytics Hub spearheads cultural transformation and strategic capability building. With a cus-
tomer-centric mindset, we co-create digital and analytical solutions that seamlessly integrate across our com-
mercial platforms—from Juntos+, direct-to-consumer, and indirect omnichannel platforms to digital payments,
pricing, and promotions.

Fostering a co-creation process, our Digital and Analytics Hub assembles agile innovation cells with diverse profiles
and skills, ensuring active participation from conception to delivery. Leveraging frameworks like scrum or kanban,
we facilitate continuous value delivery in short time spans. Collaborative workspaces encourage teamwork, creating
an environment conducive to innovation. Our agile innovation cells not only accelerate omnichannel platform expan-
sion but also yield positive value through an aggressive pipeline of digital and analytical solutions.

Agile Cells: Solutions Focused on Customer Centricity

Through our co-creation model, our agile cells are generating positive value through an aggressive pipeline of cus-
tomer centricity digital and analytical solutions.

Boosting Sales Optimizing Distribution Dynamics Elevating User Experience

One of our agile cell’s innovations Another agile cell’s innovation Our Juntos+ app agile innovation
uses machine-learning algorithms optimizes distribution planning using cell leverages customer knowledge
to revolutionize inventory machine learning. This innovation to optimize the user interface,
management. This solution for our accelerates delivery response addressing frictions, expectations,
Juntos+ B2B platform enables us to capacity, amplifying customer and objectives. The result is a
predict the number of products our service, and business profitability. refined customer experience across
clients need to prevent out of stocks, Artificial intelligence, employed every journey stage—from search
leveraging the suggested order for calculating delivery times, has and browse to product knowledge,
feature to boost sales performance. significantly elevated customer ordering, and delivery status
service levels. confirmation.
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BUILDING A PSYCHOLOGICALLY SAFE WORKPLACE

Why is Fostering a Culture of Psychological Safety Crucial Achieving Outstanding Results
for Driving Our Growth Mindset? By systematically measuring psychological safety within the
Fostering a culture of psychological safety is fundamental organization, we aim to develop targeted strategies that help
for empowering every employee to assertively contribute to us advance in our goals.
Coca-Cola FEMSA’s growth journey. By ensuring an environ-
ment where team members feel safe to express ideas, raise In 2023, we launched our company's first psychological safety
concerns, and challenge processes, we unlock the full po- survey to measure the level of comfort employees feel in four
tential of our workforce. This not only encourages innovation, key safety areas that drive performance: inclusion, learner,
productivity, and collective problem-solving but also deepens contributor, and challenger. Over 10,000 employees par-
our understanding of our customers’ needs and expectations, ticipated in the survey, achieving an overall score of 61
driving our customer-centric culture.

Transforming Company Culture: The Path to Psychological

points, with a standout score of 76 in inclusion safety.
This result is an useful starting point, as we aim to
build on these areas further.
61%
points achieved in our
Safety
company's overall score
In 2023, we embarked on a thorough program to immerse the Moreover, we implemented our biennial employee
on the first psychological
entire company in a cultural evolution toward psychological engagement survey throughout our operations during
safety survey.
safety. This comprehensive strategy encompassed a suite 2023. With 93% participation, the survey showed par-
of training programs, cultural dynamics, and communication ticularly outstanding results in two dimensions: com-
campaigns designed to permeate every level of the company. mitment with 89% and enablement with 83%.

Action plans were tailored for implementation, with a special These results offer a clear direction for where we need to
toolkit developed to facilitate management’s engagement with concentrate our efforts to continue creating an even better
teams effectively across our operations. The initiative also in- workplace for everyone.
cluded leadership summits and campaigns promoting appro-
priate behaviors, all aimed at nurturing an environment where
collaboration thrives. Through these coordinated efforts, we
are laying the groundwork for an organizational culture where
every employee feels that they belong, safe, valued, and em-
powered to contribute to our collective growth and success.
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DRIVING MULTIPLIER LEADERSHIP

How Does a Multiplier Leadership Approach Unleash our
Company’s Potential?
At Coca-Cola FEMSA, we embrace a multiplier leadership approach
as a catalyst for growth and innovation. This leadership model ampli-
fies the collective intelligence, capabilities, and engagement of our
teams by empowering individuals to lead. Multiplier Leaders foster
an environment where ideas flourish, challenges are embraced as
opportunities for learning, and everyone is encouraged to contribute
to their fullest potential. By leveraging the collective creativity of our
workforce, we accelerate our progress towards
achieving our strategic goals, enhancing our
competitive edge, and ensuring we can
deliver long term sustainable value in
the evolving beverage industry.

At the intersection of
psychological safety and
multiplier leadership lies an
accelerated sustainable growth:
psychological safety lays the
groundwork for growth,
and multiplier leadership
accelerates it.
FOSTER A
SUSTAINABLE
FUTURE
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INTERVIEW WITH OUR

CORPORATE AFFAIRS AND RAFAEL RAMOS

SUPPLY CHAIN AND CATHERINE REUBEN

CHIEF SUPPLY CHAIN AND
ENGINEERING OFFICER

ENGINEERING OFFICERS
CHIEF CORPORATE AFFAIRS OFFICER

1. Catherine, Rafael, can you share insights about Coca-Cola FEMSA’s new
Sustainability Framework?

The new design of our Sustainability Framework marks an evolution in our commitment to
fostering a sustainable future. At the heart of this framework are seven key pillars: Water
Stewardship, World Without Waste, Climate Action, Product Portfolio, Sustainable Sourc-
ing, Integral Employee Well-being, and Community Development. This comprehensive
approach fortifies the integration of social, economic, and environmental value creation
into every facet of our operations, acknowledging the link between sustainable practices
and the ability to generate long-term value for all stakeholders.

Underpinning these pillars are three transversal concepts that serve as the bedrock of our
framework: Culture, Human Rights, Diversity, Equity, and Inclusion, and Ethics and Gover-
nance. These concepts ensure that sustainability permeates across our organization. They
highlight our commitment to creating a workplace and a world that respects human rights,
celebrates diversity, and upholds the highest ethical standards.
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Our holistic view of sustainability recognizes that real and supporting the development of our communities,
progress can only be achieved by addressing challeng- we strengthen the foundation upon which our company
es collectively. For example, our water stewardship ini- and people thrive.
tiatives go beyond conserving water in our operations
to include actions that contribute to water security for Our pioneering financing strategy closely aligns with
communities and ecosystems. Similarly, our efforts to our Sustainability Framework, ensuring our financial
build a World Without Waste extend to creating a circu- endeavors directly contribute to achieving our ambi-
lar economy that reduces our footprint and encourages tious sustainability goals. These efforts not only drive
recycling and reuse in our communities. Climate Action us towards our environmental and social objectives,
is also a critical pillar in our framework. Coca-Cola such as enhancing water efficiency, increasing renew-
FEMSA is committed to reducing its carbon footprint able energy use, and reducing carbon emissions but
through energy efficiency, renewable energy adoption, also reinforce our commitment to fostering economic,
sourcing, and sustainable logistics. environmental, and social well-being across our value
chain. Through our pioneering Green Bond and the
In parallel, we continue to explore and offer zero and introduction of our Sustainability-Linked and Sustain-
lower calorie products in our Product Portfolio as well ability Bonds in Mexico, we are investing in the future.
as leveraging sustainable packaging solutions, demon-
strating our dedication to both environmental steward- Coca-Cola FEMSA's new Sustainability Framework is
ship and consumer well-being. more than a commitment; it is a comprehensive strate-
gy that embeds our social, economic, and environmen-
The Integral Employee Well-being and Community De- tal commitments into the core of our business model,
velopment pillars reinforce our belief that sustainabil- enabling us to face today's challenges while paving the
ity extends to creating a positive impact on the lives of way for a sustainable and inclusive future.
our people and the communities we serve. By investing
in the health, safety, and well-being of our employees
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 51

2. Catherine, can you share how Coca-Cola FEMSA's commitment to community

development drive both local well-being and the company's sustainability goals?

At Coca-Cola FEMSA, we understand that our success is inherently linked to the devel-
opment of our local communities. Our approach to community engagement is not just
about being a good neighbor; it is also about fostering partnerships that yield lasting
benefits for the community and our business. Moreover, this commitment extends
throughout our entire value chain, from suppliers to clients and business partners,
ensuring we continue to deliver economic value while generating social development
across our operations.

Our Model for Addressing Risks and Relations with Our Community (MARRCO) method-
ology is the backbone of our efforts to build strong, win-win relationships with nearby
communities. MARRCO guides us in developing comprehensive Community Engage-
ment Plans, focusing on programs and activities that respond directly to community
needs while ensuring our business's sustainability and growth. By 2030, our goal is to
implement Community Engagement Plans based on the MARRCO methodology at every
priority site, underscoring our dedication to this collaborative approach.

By working closely with our communities, we not only enhance local development but
also contribute to achieving our ambitious environmental objectives, including our
BY WORKING CLOSELY WITH OUR water stewardship, PET collection, and climate action goals. Moreover, understanding
COMMUNITIES, WE NOT ONLY that achieving our sustainability vision requires collective action, we also aim to build
ENHANCE LOCAL DEVELOPMENT alliances beyond our local communities, including governmental bodies, industry peers,
and environmental organizations. These partnerships are pivotal, enabling us to amplify
BUT ALSO CONTRIBUTE TO our impact.
ACHIEVING OUR AMBITIOUS
ENVIRONMENTAL GOALS.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 52

3. Catherine, Rafael, can you outline the broader impact of our company's water
stewardship strategy?
WE ARE A GLOBAL BENCHMARK IN WATER
At Coca-Cola FEMSA, we have embarked on a comprehensive water stewardship strategy that EFFICIENCY WITH 1.42 LITERS OF WATER USED
transcends our operations. Our goal has a dual commitment: to enhance water efficiency within
our bottling plants and to extend our efforts far beyond, protecting the vitality of watersheds
PER LITER OF BEVERAGE PRODUCED.
and fostering water access and resilience in the communities where we operate.
+100% OF WATER USED IN 2023 BEVERAGES
Our dedication to operational efficiency is relentless. Every year, we invest in cutting-edge tech- RETURNED VIA REPLENISHMENT PROJECTS.
nologies and best practices aimed at reducing our Water Use Ratio (WUR), a testament to our
resolve to minimize our environmental footprint. Yet, our ambition is driven by the fundamental
understanding that true stewardship encompasses not just conservation but active replenish-
ment and community engagement.

In collaboration with valued partners, including local governments, NGO, and international alli-
ances, we are leading projects that revitalize local watersheds. From reforestation initiatives to
the construction of sustainable water infrastructure, our projects are designed to replenish more
water than we consume. We are steadfast in our determination to achieve a net-positive impact.

Central to our strategy is the belief that water is vital for the communities. In regions affected
by water scarcity, we actively collaborate with The Coca-Cola Company, The Coca-Cola Foun-
dation, and FEMSA Foundation to co-create innovative programs that provide access to clean
and safe water, sanitation, and hygiene (WASH) solutions. Through these initiatives, we are
not just enhancing water access but also nurturing community development. In a world where
water scarcity poses a growing challenge, our journey in water stewardship is one of innovation,
collaboration, and profound commitment to our communities.
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4. Catherine, Rafael, what is Coca-Cola FEMSA's composed of 98% recyclable materials. This includes the
approach to advancing its World Without Waste transformation of Sprite bottles in 2023 from green to trans-
strategic pillar? parent to improve recycling efficiency.

Our first approach has been our dedication to extending the Our efforts to incorporate recycled materials extend beyond
lifecycle of our packaging. In 2023, 32% of our volume was PET; we utilized 36% recycled glass, with our operations in
generated from returnable/reusable bottles, surpassing the Colombia and Central America leading the way, and 64%
Coca-Cola System's 25% target by 2030. We are commit- recycled aluminum, with Brazil and Argentina reaching an
ted to enhancing this initiative, ensuring that the benefits of impressive 76%.
returnable/refillable packaging for the environment and our
consumers continue to grow. We recognize that through collective action, we can achieve
greater impact in our efforts to build a World Without Waste.
Additionally, we aim to use at least 50% recycled PET resin in For instance, through our longstanding partnership with
our packaging by 2030. In 2023, we set a new benchmark by ECOCE, we have contributed to elevating Mexico to a nation-
using 109,889 thousand tons of rPET in our packaging, mark- al PET collection rate of 62.8%, on par with the European
ing a 32% increase from the previous year and keeping us on Union. This collective approach also includes educating
track to achieve our goal. Our efforts also extend to designing communities on proper waste separation, enhancing recy-
lighter and more efficient bottles that require less material, cling processes, and establishing effective PET collection
while maintaining the quality and integrity of our products. systems. By fostering community involvement and strength-
ening partnerships, we aim to increase recycling infra-
The start of operation of PLANETA in 2024, our new PET structure and support local PET collectors, a critical step
recycling facility in Tabasco, Mexico, together with ALPLA, to achieve our ultimate goal of collecting the equivalent of
stands as a significant milestone. Designed to process 100% of the PET we use.
50,000 tons of PET annually, it will make a significant
contribution toward our goal of achieving self-sufficiency in Through these extensive and comprehensive initiatives, we
sustainable packaging materials. are not merely working toward a World Without Waste; we
WE ARE ADVANCING THE CONSTRUCTION OF PLANETA, are demonstrating the effectiveness of a holistic approach in
OUR NEW FOOD-GRADE PET RECYCLING FACILITY IN In addition to increasing the use of recycled resin, we also building a resilient circular economy.
prioritize the recyclability of our packages. Our bottles are
MEXICO, WITH THE CAPACITY TO PROCESS 50,000
TONS OF POST-CONSUMER PET BOTTLES ANNUALLY.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 54

WE ARE PILOTING IN MEXICO CITY THE WORLD'S FIRST

ELECTRIC TRUCK DESIGNED SPECIFICALLY FOR THE UNIQUE
5. Rafael, how is Coca-Cola FEMSA advancing its sustainable mobility strategy, especially DEMANDS OF THE BEVERAGE INDUSTRY.
with the introduction of a new electric vehicle designed specifically for the beverage
industry?

In October 2023, Coca-Cola FEMSA took a significant leap forward in its ambitious journey toward
green mobility by launching an eight-month pilot program featuring a new electric truck developed
in partnership with BYD. This vehicle, the first of its kind in the world tailored specifically for the
beverage industry, embodies our vision of combining customer-centric delivery processes with
environmental stewardship. The truck's design caters to the unique demands of our operations, ac-
commodating standard 14 low-bed pallets with flexibility for other configurations. This innovation,
co-developed with BYD, represents a significant step in our commitment to green mobility.

Given the extensive scale of our operations, with over 1,750 D2C delivery routes, the adoption of
electric vehicles into our fleet would represent a significant step toward substantially lowering our
carbon footprint and this pilot program stands as a promising component of our sustainable mobil-
ity strategy.

In addition to electric mobility alternatives, our pursuit of operational excellence through dynamic
route optimization, advanced telemetry, and digital technologies continues to refine our distribu-
tion strategies, enhancing fleet utilization, safety, and reducing environmental impact. By integrat-
ing global partnerships, advanced analytics like Total Cost of Ownership, and standardized testing
protocols, we are steering our fleet toward a holistic approach to sustainable mobility.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 55

6. Catherine, can you share how Coca-Cola FEMSA responded to the challenges
posed by Hurricane Otis in Acapulco?

Coca-Cola FEMSA has a long-standing history of stepping up and demonstrating a

deep-rooted commitment to aiding communities affected by natural disasters across
our operational footprint. This permanent commitment is a cornerstone of our corporate
ethos, guiding our actions and initiatives. It is with this same spirit of responsibility that
we approached the catastrophic impact of Hurricane Otis on Acapulco, the strongest
hurricane on record to strike Mexico’s Pacific coast.

Following the unprecedented devastation brought by Hurricane Otis, Coca-Cola FEMSA

has taken a proactive stance in contributing to the recovery and resilience efforts in Aca-
pulco, mobilizing resources and reaffirming our integral connection to the community.

In the immediate aftermath, recognizing the urgent need for clean drinking water, we
rapidly provided over 120,000 liters of bottled water to those affected. Moreover, to ad-
dress the ongoing water scarcity, we deployed two VenXAgua Water Treatment Vehicles,
each with the capacity to purify 48,000 liters of water daily, facilitating access to clean
water for drinking and food preparation.

We are now investing Ps. 575 million into reconstructing our Acapulco facilities and
supporting the communities. This investment is not only about restoring our operational
capacity but serves as a cornerstone of our efforts to contribute to revitalize the local
OUR SUSTAINABILITY EFFORTS ARE INSPIRED BY economy. Through these actions, Coca-Cola FEMSA is demonstrating our unwavering
OUR COMPANY’S COMMITMENT TO SIMULTANEOUSLY dedication to the economic, social, and environmental well-being of the communities
where we operate.
CREATE ECONOMIC AND SOCIAL VALUE WHILE
GENERATING ENVIRONMENTAL WELL-BEING.
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COCA-COLA FEMSA’S PATH

TO SUSTAINABLE AND INCLUSIVE GROWTH
Sustainable Growth: Core Priority and Guiding Our Culture of Action
Principle at Coca-Cola FEMSA In recent years, we have carried out a thorough
THE KEY CONSIDERATIONS IN OUR SUSTAINABILITY
At Coca-Cola FEMSA, our strategic priorities in- sustainability transformation involving every part TRANSFORMATION:
corporate sustainability principles in two comple- of our operation. Our goal was to align not only 1. Embed sustainability in all critical business actions to
mentary ways. with local standards but also with global best ingrain a new way of working at Coca‑Cola FEMSA.
practices, setting new benchmarks in our markets.
2. Balance best-in-class efforts across environmental,
First, these principles serve as a foundational To this end, we have set sustainability priorities
social, and governance priorities.
guideline, ensuring that every decision and its based on materiality assessments and adapted
subsequent impact adheres to sustainable prac- our capital strategy to support sustainable devel- 3. Drive change from the top, encouraging bold decision-
tices. This commitment ensures that our growth is opment, partly through green, social, and sustain- making and shared responsibility in advancing
both sustainable and inclusive, and works to the ability-linked bonds. sustainability initiatives.
benefit of all stakeholders involved. 4. Consider all sources of value and the costs of inaction,
A dedicated Sustainability Committee directed balancing immediate financial incentives with the long-
Second, sustainability stands as a core priority in this transformation. Top executives helmed the term value of sustainability progress.
its own right: a commitment to actively making a project, including our CEO, CFO, a COO, CHRO,
5. Ensure transparency and define clear metrics that can be
difference. We purposefully distinguish this from Supply Chain and Engineering Officer, and Cor-
quickly cascaded throughout the organization.
our broader guidance on sustainability in order to porate Affairs Officer, along with members from
emphasize our dedication to proactive steps to- the FEMSA Sustainability team. The committee’s 6. Amplify change management through training, conveying
wards a more sustainable future. Our commitment diverse, informed perspectives ensured a com- the corporate sustainability strategy to key stakeholders
extends beyond compliance, to the intentional fos- prehensive approach and integrated a culture of and empowering them to implement change.
tering of a culture of action that achieves tangible action into our sustainability vision.
results across our organization and value chain.
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N CE

SUSTAINABLE FUTURE N A C
ER U
OV

L
G
FRAMEWORK

T
&

U
Water

ICS
Community
stewardship

R
development

ETH

E
The Evolution of Coca-Cola FEMSA’s Sustainability Framework

We have recently updated our Sustainable our operational countries. This process
Future Framework, building upon the foun-
dation laid by our previous strategic model.
included interviews with our corporate and
senior leadership team executives, along
Integral
employee
well-being
SUSTAINABILITY World without
waste
This enhanced Framework now more pre- with their respective teams, to gain in-
cisely aligns with the strategic directions of
both FEMSA and The Coca-Cola Company,
depth insights. Furthermore, we organized
work sessions with organizational leaders
FRAMEWORK
ensuring a cohesive approach to sustain- whose roles significantly influence sustain-
ability that resonates with our core values ability practices across the company, and
and business objectives. By refining our conducted forums involving key corporate
focus, we are better positioned to address functional areas to foster broad engage- Climate
current challenges and seize future oppor- ment. External perspectives were also Sustainable action
tunities, driving sustainable growth and integrated through interviews with investors sourcing
impact across all aspects of our operations. and other research tools, ensuring a holistic
view. Finally, FEMSA actively participated Product

ON
MA

HU
To update our Sustainable Future Frame- in the conclusive review of priorities, with portfolio

SI
work, we undertook a comprehensive study a special focus on governance, to align our N L U
in partnership with an independent third
party, engaging over 300 individuals across
sustainability efforts with strategic objec-
tives and stakeholder expectations.
RI
GH I NC
TS, &
D I V E R S I T Y, E Q U I T Y
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OUR SUSTAINABILITY
Materiality Assessment FEMSA’s governance structure and our reviewed, and approved by the senior
Our detailed materiality assessment priorities with The Coca-Cola Com- management team.
aligns our sustainability priorities with pany. We also considered key topics
both stakeholder expectations and the for the beverage industry according We are currently in the process of up-

PRIORITIES
long-term objectives of our Sustain- to sustainability experts, performed a dating our materiality matrix and prior-
able Future Framework. This approach detailed peer benchmark, and included ities. While this process is ongoing, we
ensures a targeted and impactful sustain- considerations from external stakehold- have made significant progress, refining
ability strategy and actions, appropriate ers such as NGOs and public opinion. our methodology and criteria to ensure
to the evolving dynamics of our business This assessment’s outcome led to the comprehensive stakeholder engage-
environment and stakeholder community. strategic mapping and identification of ment and robust analysis. An updated
45 key topics and 17 material priorities matrix and priorities will be published in
In the process of identifying material within our Sustainable Future Frame- our 2024 Integrated Report.
3 issues, we conducted an analysis of our work. These were integrated into the
1 business risk matrix and revised both company’s risk management process,
10 4 8
17 15 13
9
16 7 2
6  CLIMATE ACTION  SUSTAINABLE SOURCING  ETHICS AND GOVERNANCE
18 14
26 12 4 GHG Emissions Reduction 28 GMOs and Traceability of Ingredients 3 Global Integrity and Compliance
STAKEHOLDER RELE VANCE

5 Sustainable Mobility 36 Support of Local Supply Chains 8 Relationship with Government

28 21
19 11 5 6 Climate Change Adaptation 41 Supplier Relationship Management 23 Standards for Contractors
31 22 9 Energy Management: Renewables and 43 Environmentally Responsible Dairy Farming 24 Best-in-Class Board Practices
29 27 23 Efficiency 25 Information Security and Cybersecurity
37
34 20  COMMUNITY DEVELOPMENT 27 Partnerships for Sustainability
38 36 25  WATER STEWARDSHIP 14 Supporting Small Businesses
24 29 Digitalization in Customers’ Processes
10 Water Access, Sanitation, and Hygiene (WASH) 19 Women’s Empowerment 30 Comprehensive Risk Management
45 35 11 Context-Based Hydrological Safety 22 Local Community Relationships 35 Code of Conduct
41 17 Water Efficiency 39 Customer Satisfaction Measurement
43 42 30
44
 INTEGRAL EMPLOYEE WELL-BEING 40 Quality of Service for Customers
33  WORLD WITHOUT WASTE 16 Safety, Health, and Wellness 42 Mechanism for Consumers to Raise Concerns
39 1 Packaging Circular Economy 21 Labor Relations
32
12 Consumer Engagement for Circular Economy 32 Talent Attraction  HUMAN RIGHTS, DIVERSITY, EQUITY, AND INCLUSION
40
26 Industrial Waste Circular Economy 33 Compensation and Benefits 13 Human and Labor Rights
34 Customer Engagement for Circular Economy 44 Training and Development 15 Diversity and Inclusion
45 Opportunities for Youth
 PRODUCT PORTFOLIO  CULTURE
2 Nutritional Attributes of Product Portfolio 20 Culture, Ethics, and Values
7 Product Portfolio Diversification 37 Road Safety
18 Advertising and Commercial Practices
31 Promotion of Healthy Habits
38 Information and Quality of Products
BUSINESS SUCCESS
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CONTRIBUTION TO
THE UNITED NATIONS SUSTAINABLE
We are committed to contributing to the achievement
of the United Nations Sustainable Development Goals
(SDGs). While many of our actions contribute to the
17 SDGs, the greatest impact opportunities as we

DEVELOPMENT GOALS carry forward our Sustainable Future Framework and

initiatives lie within these fourteen goals:

We are collaborating with FEMSA We maintain a focus on the health, safety, Aligned with our ambition to improve gender
Foundation on social initiatives in and well-being of our employees, customers, diversity at all levels of the organization, we
our communities, focusing on early consumers, and communities through our are deploying initiatives to increase women's
childhood and healthy lifestyles. internal and external social priorities. In representation across our operations. By 2030,
so doing, we reinforce our commitment to our ambition is for women to represent 40%
economic value, social and environmental well- of leadership and management positions.
being. Additionally, we offer a diverse beverage We are also implementing programs to foster
portfolio—including our expanding zero- and women's financial and digital empowerment in
low-sugar options—and implement responsible traditional trade.
marketing strategies.

We’re dedicated to efficient water use, We strive for a broad energy efficiency We pursue sustainable economic growth
conserving watersheds, and contributing strategy across our operations and our by efficiently using resources, fostering
to safe drinking water access for our entire value chain, integrating renewable a work environment for comprehensive
communities. By 2025, our ambition energy sources and technologies to cut professional development, creating
is to develop with our communities CO2e emissions in line with our climate jobs in emerging markets, and applying
and stakeholders one water access or action commitment. sustainable sourcing. Additionally, we
replenishment project at each priority site, develop community initiatives focused
returning locally 100% of the water we use. on empowerment to boost resilience and
reinvigorate local economies.
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We integrate digital innovation Our work with small local Aligned with our community With support and shared
to bring added value to our businesses across our engagement priority, we are responsibility of stakeholders
value chain, including training extensive value chain of focused on advancing the across our value chain, we are
programs designed to empower suppliers, customers, and other development of the communities poised to effectively implement a
customers with technological stakeholders seeks to improve where we operate and serve. comprehensive circular economy
advancements that enhance their financial and digital Our mindset and approach for strategy. Our ambitious 2030
overall efficiency. Additionally, inclusion. Simultaneously, we all collaborative endeavors goal involves not only collecting
we work to enhance our focus on contributing to our across our operations is to create the equivalent of 100% of the
sustainability performance communities with safe water, sustainable solutions tailored to PET bottles we place in the
and drive industry innovation, improved sanitation, and local needs. market but also implementing a
focusing on key areas like water hygiene education. broader market-based circular
stewardship, energy efficiency, economy approach by using
and reducing our carbon other packaging materials
footprint across the value chain. like glass and aluminum cans,
ensuring sustainable practices
across our entire portfolio.

By 2030, we are committed to Given the growing urgency of Our corporate governance and We recognize that complex, evolv-
decreasing our Scope 1 and 2 shared water action across the business conduct not only ing challenges demand innovative,
emissions by 50% and reducing value chain, our comprehensive fully comply with applicable collaborative solutions. Embracing
our Scope 3 value chain emissions water strategy is focused on regulations in our countries of this, we partner with companies,
by 20% vs. 2015, aligned to water efficiency, replenishment, operation, guided by our Code of governments, NGOs, and institu-
Science Based Targets initiative. and access. By leading our Ethics, but also serve as a model tions to maximize our impact.
To meet these ambitions, we set industry in water efficiency, we for other institutions. In dealing
initiatives to transition relevant contribute to the preservation of with suppliers, we apply guiding
operational assets to lower natural habitats and biodiversity, principles that concentrate
emission alternatives and are which rely on balanced water on strategic input categories,
launching various initiatives to ecosystems. Moreover, our social which cover human rights,
address emissions throughout our water stewardship commitment environmental protection, and
value chain. safeguards people’s right to labor rights, setting a standard in
water and aims to contribute to ethical practices and responsible
its availability for present and business conduct that we hope
future generations. will inspire and influence others
in our industry and beyond.
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SUSTAINABILITY CREDENTIALS
1ST MEXICAN COMPANY DJSI 4TH 5TH 4TH YEAR
to secure
approval of
the Science
Coca-Cola FEMSA was named to the Dow
Jones Sustainability MILA Pacific Alliance
Index for the sixth consecutive year.
CONSECUTIVE YEAR CONSECUTIVE of recognition as
one of the Best
Places to Work for
Based Targets
Initiative (SBTi)
and 6th in a decade of inclusion in S&P
Global’s Sustainability Yearbook YEAR LGBTQ+ Equality
by the Human
for our GHG of inclusion in the Rights Campaign
emissions Bloomberg Gender-Equality Foundation and HRC Equidad MX:
reduction goals Index Global Program for Labor Equity

Issued the largest Green Bond

for a Latin American company
and first in the Coca-Cola
System. First company in the
consumer sector in
First bottle-to-bottle First Mexican company and the Americas and the
recycled PET plant in Established our 2020 third in Latin America to obtain Coca‑Cola System to
Latin America. Sustainability Goals. SBTi approval. issue Social Bonds.

2004 2015 2020 2022

2012 POSITIVELY TRANSFORMING

OUR COMMUNITIES

2017 2021 2024

Included in the Dow Jones OUR
Published the First Issued a Sustainability- New food-grade
Sustainability™️ Emerging Coca-Cola FEMSA Linked Bond in the PET recycling plant
COMMUNITY

Diversity
Equity and
Inclusion

Markets Index and the Annual Integrated Mexican market, focused in Tabasco, Mexico,
OUR OUR
PEOPLE PLANET

Sustainability Index of the Report. on water efficiency. known as PLANETA.

Mexican Stock Exchange. OUR ETHICS AND VALUES

GOVERNANCE
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 62

Setting the Global Standard for Water Efficiency in Our Industry

Our commitment is to accelerate the actions needed to 1. Enhancing water efficiency in our operations.
ensure sustainable water security in our operations, water- 2. Replenishing water in our geographies.
sheds, and the communities we serve. In line with this com- 3. Providing access to water, sanitation, and hygiene (WASH)
mitment, we have established three objectives for our Water for local communities.
Stewardship Strategy:
Our Focus Our Goals How do we identify our water risks? Our Standard
WUR 1.36 liters of water per liter of Water Risk Assessment Alliance for Water Stewardship
beverage by 2024. Focus on water availability, (AWS)
Efficiency infrastructure, regulatory compliance, Guidelines for responsible

WATER
100% compliance with The Coca‑Cola
Company/local water discharge community perception, well status and water stewardship through a
parameters. water cost. comprehensive framework and
MARRCO certification system.
100% Priority Manufacturing Plants with
Access AWS Certification in 2026. The MARRCO model comprises

STEWARDSHIP
managing risks and community
Ensure by 2030: engagement, which helps to guide and
• 100% replenish in high stress areas. inform our value-generating engagement
• Water access in Coca-Cola FEMSA activities and programs with our local
Replenishment operations. communities.
• Contribute to promote water access to
At Coca-Cola FEMSA, we not only key communities in priority sites.
strive to enhance water efficiency in
our operations but also contribute
to water replenishment and access JOINING THE CEO WATER MANDATE
in the communities we serve. Our
multifaceted approach includes
In 2023, we deepened our Coca-Cola FEMSA does not operate within any protected natural
rigorous water risk assessments, CEO commitment to the careful areas. However, in alignment with the CEO Water Mandate and
targeted replenishment efforts, and WATER and efficient use of water the Alliance for Water Stewardship, we ensure to identify natural
fostering community resilience, MANDATE resources by joining the CEO areas within the watershed that are in proximity to our operations.
underlining our dedication to Water Mandate. This initiative,
aimed at mobilizing business leaders, works in collaboration We remain aligned with our commitment to maintaining sustain-
safeguarding water resources for
with the United Nations and other entities to tackle global water able water management practices based on the 5 outcomes of
future generations. challenges. Through the initiative, we will collaborate to enhance Alliance for Water Stewardship (AWS): Good Water Governance,
water resilience across operations and supply chains, and work to Sustainable Water Balance, Good Water Quality Status, Important
achieve collective positive impact on water resources in at least Water-Related Areas and Safe Water, Sanitation And Hygiene For
100 vulnerable water basins by 2030. All (WASH).
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 6 3

REGENERATIVE OPERATIONS: LEADING OUR INDUSTRY IN WATER EFFICIENCY

Achieving New Milestones in Water Use Ratio Reduction efficiency programs across our operations, guided by our Top 20
As our company grows and adapts its portfolio to promote return- Water Saving Strategies. These initiatives include a range of actions
able/reusable bottles across our geographies, we remain commit- from detecting and fixing leaks to efficiently managing water use in
ted to our vision of pushing the boundaries of water efficiency. our plants and improving our water recovery systems.

We use a dual approach in our water efficiency strategy that Achieving New Milestones in Water Use Ratio Reduction

17.4%
underscores our commitment to responsible water use and As a result, we continued to improve water efficiency in our opera-
environmental protection. First, we are dedicated to reducing the tions to an industry leading WUR of 1.42 at the end of 2023, an im-
Water Use Ratio (WUR)—the amount of water utilized per liter of provement from 1.46 in 2022. Our 2023 WUR represents a 17.4%
beverage produced. Second, at the end of our production process, enhancement in efficiency since our baseline in 2016, establishing enhancement in water
we treat 100% of the water we discharge according to local and us as a leader in water efficiency in the beverage industry. We want efficiency since our
baseline in 2016.
The Coca-Cola Company requirements, providing sufficient water to call attention to the fact that 12 of our plants in Brazil, Colombia,
quality to support aquatic life. and Mexico are already well below our intermediate goals and 2026
ambition. Our Tocancipá plant in Colombia is leading the group of
In accordance with our →Sustainability-Linked Bonds Framework carbonated beverage plants, with a remarkably low WUR of 1.18 at
issued in 2021, the company has a 2024 goal to achieve a WUR of the end of 2023.
1.36. Accordingly, in 2023, we invested US$10.35 million in water
1.72

1.47

1.46

1.42

Water Efficiency – Progress & 2023 Highlights

1.36

This year, we used a total of 30,986 megaliters of water, discharging 8,381 megaliters back. We treated 100% of this discharged water to
quality levels that could sustain aquatic life.

Total water
Municipal water Rainwater Well water River water withdrawal
2016 2021 2022 2023 2024 Total (ML) 9,239.36 7.28 21,739.13 0.26 30,986
GOAL
Water discharged Water discharged Total water
WATER USE RATIO (WUR) to sewers into rivers discharged
Liters of water used per Total (ML) 4,461.77 3,819.66 8,381.43
liter of beverage produced
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FROM CONSERVATION TO REPLENISHMENT: OUR WATER SECURITY COMMITMENT

Ecosystem Conservation for Water Resilience our Water Risk Assessment tool to identify the root → Visit page 89 to learn more about
Beyond our commitment to water efficiency in our causes of vulnerabilities in the watershed, ensuring our Model for Addressing Risks and
operations, we are steadfast in our pledge to replen- proactive risk management. Relations with Our Community.
ish more water to the environment than we use to
produce our beverages. The conservation of ecosys- Updated Water Risk Assessment Tool Focus on Priority Sites
tems within the watersheds where we operate stands In 2023, we significantly upgraded and digitalized In 2023, using our WRA annual
as one of the most important elements for enhancing our Water Risk Assessment tool (WRA), adopting a assessment, we analyzed water
water resilience for both our operations and the com- comprehensive approach for effective water re- risks across 100% of our opera-
munities we serve, as these ecosystems directly influ- source risk management. The tool is now aligned tions, finding that none are situat-
ence the aquifer's water infiltration capacity through with ISO 31000's Risk-Consequences Matrix and ed in protected natural areas. Out
the biogeochemical cycle. To this end, we implement incorporates ESG risk factors from the Sustainabil- of our 56 plants, 30 were identified
nature-based solution projects that not only boost ity Accounting Standards Board (SASB), as well as as priority sites located in areas
water infiltration but also mitigate climate related risk components from the Aqueduct Water Risk Atlas of medium to high water stress. We
of biodiversity loss and natural disasters. and Water Risk Monetizer from Ecolab, among oth- developed enhanced mitigation plans
ers. The WRA tool focuses on identifying root causes for both identified and potential water
In 2023, our efforts positively impacted over 48 of water-related risks such as water scarcity and challenges and are advancing the imple-
thousand hectares through conservation, protec- treatment or discharge issues, alongside water man- mentation of the AWS Standard at these
tion, and reforestation, enabling us to replenish over agement, regulatory compliance, and ESG concerns sites. The total water withdrawal in high water
100% of the water we use in our beverages. Our that could impact operations or water supply. It also stress areas reached 10.8 thousand megaliters
programs are aligned with the Alliance for Water accounts for biodiversity, climate change vulnerabil- in 2023, representing less than 35% of our total
Stewardship (AWS) certification approach, utilizing ity, and utilizes our Model for Addressing Risks and water withdrawal.
Relations with Our Community (MARRCO) to identify
and engage with key stakeholder groups. We have set a goal to replenish locally 100% of the
water we utilize in production at medium and high-
In 2023, we
Annually, we evaluate 100% of our operations for stress sites. Our ambition for these locations goes
replenished over water-related risks. Additionally, we conduct Source beyond water neutrality to promote basin protection

100%
of the water used
Vulnerability Assessment studies across 100%
of our operations to address environmental risks,
including climate variability and watershed ecosys-
and ecosystem regeneration. Through our partner-
ship with The Coca Cola Company, The Coca-Cola
Company Foundation, FEMSA, FEMSA Foundation,
tem deterioration, as well as social, economic, and and various consultancies and organizations, we
in our beverages. institutional factors. have implemented replenishment and WASH proj-
ects in these locations.
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ENHANCING ACCESS TO WATER, SANITATION, AND HYGIENE SUPPORTING PARTNERSHIPS AND

Contributing to Building Resilient • Colombia: provided water filters to 350 COLLABORATION FOR WATER SECURITY
Communities families through the Filtros que Dan Vida
The human right to water is essential not project that do not have access to safe We believe that collective action is fundamental to providing
only for living with dignity but also as a vital drinking water, contributing to improving water security and therefore to the success of water replen-
precondition for the fulfillment of other their well-being and quality of life. ishment projects. For more than 12 years, together with
human rights. A key element of our Water • Costa Rica and Colombia: the Agua por el FEMSA and FEMSA Foundation, we have supported the Latin
Stewardship Strategy is collaboration with Futuro Replenishment Program focuses on American Water Funds Alliance, a collaboration with organi-
neighbors, governments, and other institu- conservation, reforestation, and regenera- zations like the Inter-American Development Bank and The
tions to foster water resilience in the com- tion activities to enhance water absorption Nature Conservancy. This Alliance focuses on water security
munities where we operate. in the company's impact basins. by establishing water funds that foster multi-stakeholder
• Guatemala: supported the enhancement partnerships, aligning distinctive visions and pooling resourc-
Throughout our annual Water Risk Assess- of the María Linda river sub-basin, the es for nature- and science-based solutions. The Alliance has
ment, we have identified 14 priority sites for Ocosito sub-basin, and the improvement formed over 300 partnerships and initiated 26 water funds
the deployment of access to water, sanita- of the Pasabien basin, to contribute with in the countries where we operate. These funds are mecha-
tion, and hygiene initiatives. Our journey in water availability for the local communities. nisms for collective action at the local level aimed at aligning
enhancing water accessibility is ongoing. We • Mexico: through the Escuelas de Lluvia visions among different stakeholders in the basins and pool-
are dedicated to finding innovative solutions program, we addressed water scarcity in ing resources to implement nature-based and science-based
and forging new partnerships to enhance schools by installing rainwater harvesting solutions to contribute to water security.
water access and support the long-term systems and running environmental edu-
health and prosperity of the communities cation programs. We also collaborate with The Coca-Cola Company, The
where we operate. Currently, we have ac- • Panama: collaborated with the commu- Coca-Cola Foundation, and FEMSA Foundation to co-create
cess projects in Argentina, Brazil, Colombia, nity for the rescue, reforestation, and res- initiatives aimed at enhancing community well-being by facil-
Costa Rica, Guatemala, and Mexico. toration of the mangrove. Our volunteers, itating access to water, sanitation, and hygiene (WASH), am-
along with external volunteers, planted plifying our collective positive impact. By supporting commu-
Some of Our Community Water Replenish 1,000 trees. nities in getting access to water and using it more efficiently,
and WASH Projects In 2023 • Uruguay: contributed to establishing the we contribute to reducing demand from watersheds and their
• Argentina: enhanced water efficiency in Uruguayan Water Alliance Foundation, long-term protection.
agricultural areas through Kilimo software. aimed at fostering public-private
Utilizing Big Data and AI, it predicts crop partnerships for nature-based projects to
demand and provides irrigation recom- achieve regional water security.
mendations, enabling savings of 20-25%
in water usage.
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Distribution Smart
Circular Approach Across Our centers design Using

WORLD
recycled
Business
material
Our commitment to building a World
in our
Without Waste extends to overseeing packaging
our operations and the entire lifecycle

WITHOUT
Bottling
of our packaging. This holistic ap- plants
proach is central to our environmental Recyclable
strategy, ensuring our business prac- packaging
tices are sustainable across all areas ZERO WASTE SUSTAINABLE

WASTE through four key elements: IN OPERATIONS PACKAGING DESIGN

1. Adopting sustainable designs with PROMOTE RETURNABLE / ENHANCING WASTE COLLECTION

lighter solutions and higher use of REFILIABLE BOTTLES AND RECYCLING
Our aim is to build a circular economy recycled materials.
that minimizes waste by making the Universal Growing our
2. Enhancing waste collection and Bottle
most of current resources. We see this recycling
recycling directly and through
capabilities
as the best solution to overcome the partnerships.
environmental and climate challenges 3. Promoting the use of returnable/
associated with our packaging and refillable bottles.
operations. 4. Striving for zero waste in our PET and Glass
Building new
operations. returnable /
partnerships
refillable bottles
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32%
In 2023, we used
Our PET packaging in
of our volume
come from returnable/
refillable packaging,
109.89
thousand tons of
2023 included

33% RECYCLED RESIN,

We used

36% RECYCLED GLASS,

surpassing the Coca-Cola recycled PET resin in our with Colombia and Central
aiming for our 50% goal
System's 25% packaging, a 32% annual America leading.
by 2030.
target by 2030. increase.
OUR CIRCULAR ECONOMY
APPROACH OVERSEES
We used Our bottles are composed Since 2002,
THE ENTIRE LIFECYCLE
64% of 98% recyclable
PLANETA, we partner with
OF OUR PACKAGING AND
OPERATIONS, AIMING
recycled aluminum,
with Brazil and Argentina
materials, including
a shift from
GREEN TO TRANSPARENT
our new PET recycling
facility in Tabasco, Mexico,
ECOCE,
contributing to a national
will process 50,000 tons
reaching an Sprite bottles to improve PET collection rate of
of PET annually.
TO REUSE, REDUCE, impressive 76%. recycling efficiency. 62.8% in Mexico.

AND RECYCLE WASTE,

AS WELL AS MITIGATE Our MY ZERO WASTE STORE 3 additional bottling
ENVIRONMENTAL IMPACT program in Mexico
integrates waste
plants achieved zero We recycled
100%
98%
waste status in 2023,
collection into small bringing the total to zero waste certification
business operations,
84%
for plants by 2025 and
enhancing community of our industrial solid
distribution centers by
environmental waste in 2023.
2030.
of all our plants.
stewardship.
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ENHANCING WASTE COLLECTION AND RECYCLING

Returnable/Refillable Bottles: Results Ahead of Schedule leading the way at 45% and 42% respectively. Additionally, we
We lead the charge in promoting the use of returnable/refillable achieved a milestone in using 64% recycled aluminum, with our
bottles across our geographies, with 32% of our volume coming Brazil and Argentina operations reaching an impressive 76%.
from this packaging option, surpassing The Coca-Cola System's
target of 25% adoption by 2030. This result is bolstered by our Recyclable Packaging
universal bottle and affordability initiatives that can be used In addition to prioritizing rPET in our packaging, we also want
across multiple beverage categories. →For more information the materials in our bottles to be easily recyclable. This year, our
see Portfolio. bottles were composed of 98% recyclable materials.

The use of returnable/refillable packaging plays an important In partnership with The Coca-Cola Company, in 2023 we com-
role in reducing the environmental impact of supply chains by pleted the switch from green to transparent Sprite bottles in
not only reducing waste but also contributing to the conservation Latin America. This change represents an increase in PET bale
of natural resources. collection efficiency up to 15%, significantly improving the ef-
fectiveness and quality of both the collection and production of
Using Recycled Materials in Our Packaging recycled resin.
We encourage the use of recycled materials when manufactur-
ing packaging for our products, reflecting our commitment to Growing Our Recycling Capabilities
circularity, reducing waste, and promoting the responsible use of We continue to advance the construction of our new food-grade
resources in our operations. PET recycling facility in Tabasco, Mexico known as PLANETA, in
a joint venture with ALPLA. This facility will have the capacity
We continue to advance the use of rPET in our packaging. In to process approximately 50,000 tons of post-consumer PET
total, we used 109.89 thousand tons of recycled resin in 2023, bottles annually, which we plan to supply from 18 collection cen-
a 32% annual increase. In the year, we used 33% recycled resin ters. The PLANETA recycling plant will join the IMER food-grade
across our beverage portfolio. This result keeps us on track to PET recycling system, which we launched in 2005 as a joint
achieve our goal of using 50% recycled resin in our packaging venture with The Coca-Cola Company.
by 2030.
The new plant, together with the collection centers, will help us
Parallel to our efforts with rPET, we have made significant strides optimize the rPET production cycle in the Southeast region of the
in incorporating other recycled materials into our packaging country and keep us on track to achieve our goal of using at least
solutions. In 2023, we used 36% recycled glass across our 50% rPET in our plastic bottles and collect the equivalent to
operations, with our operations in Colombia and Central America 100% of the PET volume we place in our markets by 2030.
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STRENGTHENING RECYCLING ECOSYSTEMS ACROSS OUR OPERATIONS

Building Strong Partnerships Some of Our Community Recycling Projects In 2023
In addition to advancing our recycling capabilities internally, • Argentina: we are collaborating with private waste man-
we recognize the benefits of partnering with communities, agement entities that sell to the recycling industry to
the public sector, regulators, industry allies, and NGOs, to enhance the economic viability and efficiency of recycling
ensure a sustainable supply of recycled PET. By building processes.
strategic partnerships, we are not only implementing commu- • Colombia: our Reciclaje Motocargueros program provided
nity-based collection and recycling programs but also raising 60 motorized cargo vehicles to recyclers, enhancing their
awareness about post-consumer waste management and work dignity and increasing recyclable material collection
educating consumers on proper waste disposal practices. rates by 5%.
• Costa Rica and Nicaragua: we focused on the recovery
In collaboration with the Mexican non-government associa- of post-consumer PET waste, working with specialized
tion ECOCE, we lead our industry since 2002 in the creation organizations to collect, process, and utilize waste, aiming
of a robust national market for recycling through collection to reclaim post-consumer materials nationwide.
and recycling programs. The ECOCE Model has resulted in an • Guatemala: through recycling bins located in shopping
impressive national PET collection rate of 62.8% in Mexico, centers, supermarkets, and universities, the Ecobots pro-
equivalent to the levels achieved by the European Union. Go- gram encourages consumers to recycle their PET bottles
ing forward, we will continue to evaluate new opportunities by offering discount coupons.
to engage proactively in new collaborations with the aim of • Mexico: our My Zero Waste Store engages local business-
boosting PET collection and recycling across our regions. es, to promote more efficient reclaimable waste manage-
ment and significantly contributing to our environmental
Promoting Effective Waste Management and Recycling sustainability efforts.
Across Our Communities
Our partnership with PET collectors is focused on promoting
their economic development. We aim to provide access to
necessary resources, enhance their skills, and ensure com-
pliance with local regulations as well as The Coca-Cola Com-
pany's guidelines. These efforts are designed to empower
them and contribute meaningfully to their communities.
Going forward, we will continue integrating recycling into our
operations and the fabric of community interactions with a
multidimensional approach that adapts to local conditions
across the countries where we operate.
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ZERO WASTE IN OUR OPERATIONS

Certifying Our Operations as Zero Waste
In addition to our circular packaging initiatives, we have also made
strides in our operational waste management.

Our ambition is to have 100% of our bottling plants achieve zero

waste status by 2025 and 100% of our distribution centers by 2030.
In 2023, three additional bottling plants achieved zero waste status,
bringing the total to 41, reaching 84% progress toward our goal.
The year also marked a milestone with the certification of the first
zero waste distribution center in the Americas within The Coca-Cola
Company system.

In 2023, we achieved a waste ratio of 8.17 grams of waste per liter

of beverage produced. Most significantly, we recycled 98% of our
industrial solid waste, while correctly disposing the rest.
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Carbon Reduction Levers: Transforming Our Operations and Value Chain

We adopt a holistic approach to assess emission reduction opportunities, aiming to minimize the carbon footprint in our
operations and throughout our entire value chain.

INGREDIENTS MANUFACTURE PACKAGING DISTRIBUTION COOLERS

(Scope 3) (Scope 1 & 2) (Scope 3) (Scope 1, 2 & 3) (Scope 1 & 3)

CLIMATE 25%
• Strategic suppliers
development
3%
• Renewable energy
• Energy efficiency
28%
• Sustainable
packaging and light
17%
• Renewable energy
• Energy efficiency in
27%
• Renewable energy
in SMEs

ACTION • Migrate boilers to

natural gas
weighting own and third party
fleet
• Promote the use of
electric vehicles in
• Energy efficiency
• Refrigerant gases
confined and/or
recirculated
At Coca-Cola FEMSA, we acknowledge our fleet
the significant and pressing
challenge posed by climate change.
Science Based Targets
Our commitment is rooted in the
We are committed to a 50% reduction in Scope 1 and 2 emissions,
understanding that this urgent matter along with a 20% reduction in Scope 3 emissions by 2030 vs. 2015.
affects us all, and it is only through We firmly believe that combating climate change requires a sci-
Greenhouse
united, well-informed actions that we gas emissions
ence-based approach, involving collaborative efforts from multiple 3,462 kton
can effectively address the impacts of stakeholders. Notably, in 2020 we became the first Mexican compa- CO2e
climate change.
8.6%
in 2023
ny and the third in Latin America to receive Science Based Targets
initiative (SBTi) approval for aligning our greenhouse gas reduction
goals with the 2015 Paris Agreement. Our approach aligns with the
annual reduction in
SBTi, prioritizing emission reduction over offsetting. Moreover, we  Scope 1 17% our CO2e emissions
meticulously report our emissions to the Carbon Disclosure Project  Scope 2 1% across the value
(CDP) in accordance with their guidelines enhancing transparency  Scope 3 82% chain in 2023.
regarding our emission sources and progress to date.
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CLIMATE ACTION IN OUR OPERATIONS

Reducing Scope 1 and 2 Emissions Increasing Renewable Electricity and Efficiency
In 2023, we achieved a reduction of 29% in our Our advancements in Scope 2 emissions stem from
Scope 1 and 2 emissions from our 2015 baseline. strategic investments and Power Purchase Agree-
Scope 1 and 2 emissions, accounting for 18% of ments (PPAs) in renewable sources and efficiency
our total CO2e emissions in the year, include energy projects. In 2023, we began to receive renewable
consumption in our bottling plants and distribution energy from solar sources in Uruguay. In addition to
centers, emissions from refrigerant gases, and fuel this, we invested US$3.04 million for the installa-
consumption in our fleet. tion of solar panels directly in 17 operating loca-
tions of six countries, including Guatemala, Costa
Leveraging Cleaner Refrigerants Rica, Nicaragua, Panama, Argentina and Uruguay.
We actively reduce Scope 1 emissions by upgrading This new contract keeps us on track toward achiev-
coolers with cleaner refrigerants at the point of sale ing our 2030 goal of using 100% renewable energy
and enhancing end-of-life gas confinement. across our operations, with a 77% rate in 2023.
Furthermore, we invested US$4.6 million in 2023 to
increase energy efficiency, achieving to 6.11 liters
of beverage per MJ consumed, a 45% improvement
from our 2015 baseline.

100%
50%

6.11
5.97
5.66
77%

4.2
66%

Our scope 2 emissions

29%
28%

reduced by

48%
2022 2023 2030 2022 2023 2030 2015 2021 2022 2023
GOAL GOAL

SCOPE 1 AND 2 REDUCTION RENEWABLE ELECTRICITY ENERGY EFFICIENCY

Liters of beverage
Performance on CONSUMPTION produced per MJ
our SBTi goals
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SUSTAINABLE MOBILITY
Driving the Beverage Industry Fleet to Electro-mobility
In pursuing our goal of providing a superior customer-cen-
tric delivery process, we are also driving transformative
changes across our fleet to reduce its carbon footprint. Our
goal is to assert our position as the preferred commercial
platform while continuing to lead in vehicle efficiency, envi-
ronmental stewardship, and safety in Latin America.

In October 2023, we launched an eight-month pilot pro-

gram to evaluate the performance of the first electric truck
designed specifically for the beverage industry, developed
in collaboration with BYD. The aim is to evaluate its per-
formance under varied road conditions, a crucial step in
our broader strategy to convert a significant portion of our
fleet to green. The electric truck was developed based
on specific requirements from Coca-Cola FEMSA. It has a
chassis design for the standard 14 low-bed pallets and is
Pursuing Operational Excellence
In addition to expanding our electric
530
electric vehicles
This technological integration also
facilitates a detailed analysis of route
also suitable for configurations of 8, 10, and 12 pallets as vehicle fleet, in 2023 we continued pur- in our fleet. execution patterns, allowing us to en-
an alternative for delivery on traditional market routes. De- suing operational excellence by deploying hance our route planning methodologies.
signed with safety standards from both Coca-Cola FEMSA robust route optimization strategies. To this For instance, the deployment of dynamic
and The Coca-Cola Company, the vehicle runs on a battery end, we are leveraging the Coca-Cola FEMSA routing across our secondary distribution
with a charging time of between 1.5 and 2 hours. Digital Distribution Platform across Argentina, fleet in Brazil, Colombia, and Mexico provides
Brazil, Colombia, Central America, Mexico, and Uru- us with the agility to chart vehicle routes dynam-
Our Sustainable Mobility Community is steering the compa- guay, and cutting-edge vehicle telemetry systems installed ically on a daily, weekly, and monthly basis, optimizing
ny’s electric vehicle strategy, partnering with global suppli- in our primary and secondary distribution fleet. The synergy our fleet resources and travel distances. This systematic
ers and deploying tools like Total Cost of Ownership (TCO) between truck telemetry data and our advanced mobile de- approach has yielded tangible benefits—enhancing our
analysis and standardized testing protocols to enhance livery devices empowers us to swiftly resolve deviations from fleet's utilization rate, elevating road safety, and curbing
fleet efficiency across our operations. Going forward, we the planned distribution routes, saving fuel while enhancing fuel consumption and CO2e emissions, while offering our
will continue our efforts to transition our own fleet to elec- operational efficiency, which in turn improves customer sat- highest standards of customer service.
tric vehicles, prioritizing areas with restricted mobility. isfaction by ensuring timely deliveries.
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ENGAGING OUR VALUE CHAIN

SUSTAINABLE ENERGY ACCESS FOR SMALL BUSINESSES
Reducing Scope 3 Emissions Partnering with Suppliers

20%
19%
In 2023, we achieved a re- We are taking further steps to reduce Scope 3 emis-

17%
duction of 19% in our Scope sions by forming new partnerships in our value
3 emissions from our 2015 chain and enhancing supply chain management. For
baseline. Scope 3 emissions, instance, we are integrating Scope 3 considerations
which account for about 82% into our agreements with suppliers, exploring innova-
of our total CO2e emissions, tive collaboration models to mitigate carbon emis-
In 2023, we expanded in Mexico our Renewable Energy for Retailers
come from our value chain, sions across our value chain.
Program (EMERGE), implemented in collaboration with a crowdfunding
and include cold drink equip-
2022 2023 2030 partner and the German Agency for International Cooperation (GIZ).
ment operations at the point Among our top 25 suppliers, representing 51% of
GOAL
of sale, ingredient and pack- our Scope 3 emissions, 52% have established sci-
EMERGE offers an innovative crowdfunding financing model to enable
aging embodied emissions, SCOPE 3 REDUCTION ence-based targets, and an additional 12% are com-
Performance on small retailers in our network, who often have limited access to financ-
and fuel consumption in our mitted and in progress to establishing targets with the
our SBTi goals ing, to install photovoltaic solar systems on their stores. This initiative
subcontracted fleet. Science Based Targets initiative (SBTi) to reduce their
not only significantly reduces their electricity bills, which can represent
greenhouse gas emissions in alignment with global
up to 70% of their total monthly operational costs but also helps to low-
Reducing Carbon Footprint at Point of Sale efforts. Collaborating with our suppliers is crucial in
er greenhouse gas emissions from their operations.
We are continuing to upgrade our cold drink equip- reducing our Scope 3 emissions, which constitute a
ment to higher-efficiency models that use state of the significant portion of our overall carbon footprint. By
art technologies to reduce energy consumption. Since engaging closely with them, we can extend our sus-
2020, this initiative not only contributes toward our tainability efforts beyond our direct operations, driving
Scope 3 emission goals by reducing electricity-relat- collective action towards environmental responsibility.
ed emissions at the point of sale but also supports
small and medium-sized enterprises by lowering their
54
solar systems installed
energy expenses. We collaborate closely with Im-
bera, a FEMSA subsidiary, to enhance the efficiency at small retailers,
of cooling equipment and engage in circular economy with 202 tons of CO2e
initiatives. This includes the use of plastic waste in avoided in 2023.
products like Upcycool and the recovery of materi-
als from decommissioned refrigerators through the
EOS-REPARE program.
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Driving Our Company’s Growth

As our company grows, we are transforming our approach These efforts are supported by our innovative Human Re-
to managing talent into a more flexible, agile, and efficient sources Platform, which provides simplified, standardized,
system that promotes a future-ready, people-centric, digi- and easily accessible processes in the Cloud to significantly
tal-savvy culture. Shaping the organization of the future and enhance the employee experience. The advanced digital
developing a strong talent pipeline, the human resources capabilities of this platform enable us to efficiently deliver
function plays a pivotal role in driving our growth strategy. on our Employee Value Proposition, placing our people at
the heart of the organization.

INTEGRAL SHARED PURPOSE

We empower our employees to
be protagonists in our business Our Sustainability Framework

EMPLOYEE
transformation and in driving
sets our ambition for our
meaningful change in our
communities. employees’ development,
holistic well-being, work

WELL-BEING
flexibility, compensation and
INTEGRAL WELLNESS POSITIVE WORK ENVIRONMENTS
Options for physical, Our workplaces are flexible, benefits, and internal diversity,
emotional, and family collaborative, innovative, equity, and inclusion objectives.
well-being are available, EMPLOYEE and trusting, fostering
supporting a balanced and VALUE productivity and creativity
We want our people to grow in healthy life in all aspects. among team members.
PROPOSITION
tandem with our company, advance
in their careers, and feel increasingly
engaged, valued, and secure in voicing
PEOPLE-CENTERED CULTURE CONTINUOUS LEARNING
their ideas and concerns within our Our environment is built We create pathways for
organization. on respect, inclusion, holistic personal and
and collaboration, professional growth,
ensuring that every voice enabling employees to
is valued and heard. reach their full potential.
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OUR WORKFORCE EMPLOYEES BY CONTRIBUTION LEVEL

Strategic leaders
73% 27% 127
(senior management)

Tactical leaders
71% 29% 934
(middle management)
Employees
by gender People leaders
69% 31% 2,427
(junior management)

Individual contributors 72% 28% 27,553

 Male 84%
 Female 16% Operational contributors 91% 9% 55,770

86,811
■ Male ■ Female

BY BY NATIONALITY IN
COUNTRY NATIONALITY MANAGEMENT POSITIONS
Mexico 57% Mexico 56% 58%
EMPLOYEES Employees
Brazil
Colombia
28%
4%
Brazil
Colombia
27%
4%
21%
8%
by age group
Guatemala 4% Guatemala 4% 2%
Argentina 3% Argentina 3% 5%
Costa Rica 2% Costa Rica 1% 2%
 < 30 34% Panama 2% Panama 1% <1%
 30-39 37% Nicaragua 1% Nicaragua 1% <1%
 40-49 21% Uruguay 1% Uruguay 1% 1%
50-59 8%
Venezuela <1% 2%


 >60 1%
Other <1% 1%
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HUMAN CAPITAL DEVELOPMENT

Committed to Best-in-Class Training
Developing our company's human capital is vital for our growth strategy, as it not
only enhances individual competencies but also drives innovation, productivity, and
25 HOURS
long-term sustainable success. of training per
employee provided
Recognizing that effective career development benefits from having the right tools, in 2023.
we continue to tailor our training agenda to match the specific knowledge levels
required at each contribution level. Moreover, we provide targeted training formats,
customizing both the content and duration of the programs, to guarantee an opti-
mal learning experience through a mix of synchronous, asynchronous, digital, and
in-person configurations.

Average training hours by gender, As part of our efforts, we also have set Steering Sustainable Growth
age group, and level of contribution ambitions to maintain our training hours We are constantly deploying training and employee experience initiatives that are directly designed to support
Male 24 at leading standards, ensuring equal our company’s strategic priorities. Our focus on these areas, allow us to enhance our team's skills while also
Female 29 access for all employees no matter ensuring that our workforce is fully equipped, aligned, and motivated to drive our sustainable growth.
18-29 30 their level of contribution or gender. In
30 - 50 24 2023, we provided our workforce with Commercial Excellence Digital and Agile Innovation Sustainable Future
51+ 16 an average of 25 hours of training. We
Our Commercial Academy focus- In 2023, we launched our Digital Aiming to transform our company
Strategic leaders 24 aim to enhance professional growth es on the behavioral evaluation of and Agile Innovation Academy, into a global sustainability leader,
opportunities for our employees to fulfill commercial roles and defining the dedicated to exploring cut- we provide top-level management
Tactical leaders 33
their individual career aspirations and key competencies necessary to ting-edge digital technologies and with training on our Sustainabil-
People leaders 39
become the true protagonists of their drive the sales force’s transforma- their agile practical applications ity Framework and have created
Individual contributors 30
own careers. tion. This involves a comprehensive within our organization. With specialized training programs for
Operational contributors 17
assessment of how sales personnel contents specifically designed to different functional areas. These
adapt to changing market dynamics meet the unique needs of each programs emphasize a deeper un-
and the cultivation of skills that align contribution level, the Academy derstanding of environment, social
with our evolving sales strategies. achieved a 70% participation rate and governance concepts and align
from our target group, reflecting with our overarching goals.
a strong engagement and enthu-
siasm for digital advancement
across the company.
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DEVELOPING A ROBUST PIPELINE OF TALENT

Recognizing the wealth of talent across our Talent Management Processes: Our talent
company, we constantly reinvent ourselves and management processes contribute to developing SENIOR LEADERSHIP TEAM SUCCESSION
mobilize the entire organization to unleash its our leadership team through comprehensive as- Committed to fostering
full potential. In doing so, we effectively man- sessment programs. For instance, in 2023, 79% employee development:
Our well-established succession planning process is
age, attract, develop, and inspire our people, of our tactical and strategic leaders participated designed to efficiently mobilize internal talent, as well
thereby preparing today's workforce to become
tomorrow's leaders.
in our annual 9-Box Talent Assessment, which is
instrumental in assessing performance, enabling
us to identify key talents.
as to identify key talent from other FEMSA business
units and the broader market when needed. This
approach is pivotal in maintaining seamless operational
93%
of director-level roles were
Early Career Programs: We designed an um- continuity across all levels of leadership. filled internally in 2023,
brella of early career programs, including col- Performance Evaluation: Performance man- plus, an additional
lege scholarships, internship programs, and our agement at Coca-Cola FEMSA is a system that In 2023, we successfully completed a smooth transition

4%
new trainees’ talent program to increase talent aligns strategic objectives with development of key senior management roles leveraging our robust
injection and to prepare future generations of metrics to fulfill the company’s vision. It aims to internal talent pool, including our CEO and 63% of
talent. Moreover, we also continuously improve link operational results with organizational goals our senior leadership team members. This successful of director-level hires from
our employer brand to attract the best talent. through a model that includes defining Critical transition is a testament to our proactive and strategic other FEMSA units.
Success Factors, conducting periodic reviews, approach to leadership development and stability.
Internal Mobility: We understand that profes- self-assessments, and end-of-cycle evaluations.
sional growth is driven by opportunities to gain The process involves a definition stage, con-
new experiences. To this end, we are committed tinuous and bidirectional feedback, and a final
to expanding the availability of internal career performance review. This streamlined approach
mobility opportunities across different func- ensures continuous alignment between individ-
tions, countries, and business units. In 2023, ual contributions and company goals, fostering a
64 of our employees embraced new interna- culture of growth and achievement, emphasizing
tional challenges by assuming roles in different each employee's value generation and their con-
geographic locations across our operations tribution to our business strategy. In the annual
performance evaluation process, not only is
the achievement of business objectives consid-
ered, but also the manner in which they were
achieved is assessed through the evaluation of
behaviors and values aligned with the Coca-Cola
FEMSA Principles. This year, 98% of our employ-
ees underwent performance evaluations.
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SAFETY AND HEALTH COMMITMENT

A Strong Safety Culture: Zero Is Possible Our Safety 0.0 Strategy aims to build the essential capabilities
Integral to our growth ambitions and organizational strategy, our and processes required to materialize our vision. The strategy
guiding safety vision Zero Is Possible is founded on the belief that encompasses five pillars, underpinned by 20 actions directly
nothing is more important than the safety and well-being of our linked to our core activities. Additionally, we have identified sev-
people. This vision empowers our leaders to advance safety as a en key initiatives vital for upholding our safety commitments.
core company value, recognizing the crucial role every employee
plays in maintaining both physical and psychological safety. Coca-Cola FEMSA Safety 0.0 Strategy
We have defined 5 Pillars and 20 actions to elevate, accelerate
the performance, and continue enabling our safety strategy.

Cultural and Leadership Risk Management, Capability and Talent Infrastructure and Performance Management
Transformation Process, And Systems Development Technology; Processes Improvement and
Digitalization Innovation
Communication strategy. Serious injuries and Safety expert’s Technology in RTM. Safety lead indicators in
fatalities program evolution. development. operating models.
Roles, responsibilities, Compliance and Organizational structure Safety machinery lock out Bottom-up evolution.
safety accountability, and commitment with standards reinforcement. and tag out for maintenance.
unbreakable rules. and lifesaving rules.
Safety culture plan with Be focused on 3rd party QSE Academy. Safety digital strategy. Model of behaviors,
focus on beliefs and management, safety RTM, recognitions, consequences,
behaviors transformation. and ergonomics. and best practices.
Evolve to a congruent Management system, Simulators. Ensure infrastructure in Safety and health within the
leadership through operational models, and machinery and equipment. Sustainability Framework.
psychological safety and safety audit model E2E.
human and organizational
performance philosophy.
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Safety and Health Management System Safety and Health Policy

In 2023, we continued certifying our Safety and Health Our Safety and Health Policy is the foundation of our
Management System in manufacturing plants accord- Safety and Health Management System and sets out
ing to the ISO 45001 standard. To date, 88% of our clear expectations to take the necessary actions to pre-
operations have been certified. The remaining sites, vent and mitigate risks, injuries and/or work-related ill-
recently incorporated into our operations, are in the nesses, promoting and encouraging the safety, health,
process of certification during 2024. and well-being of our employees, strategic partners,
and the communities where we operate and interact.
Our ISO 45001 standardized Health and Safety Man-
agement System enables us to: The Policy is centered on fostering a culture of self-
care, prevention, improvement, and overall well-being
• Conduct risk and hazard assessments to identify among employees by ensuring safe working conditions,
potential harm in the workplace. facilities, and processes through our Management Sys-
• Prioritize and integrate action plans with quantified tem. It involves engaging employees in open, proac-
targets to mitigate those risks. tive, and transparent dialogue. Our approach includes
• Incorporate measures to prepare for and respond to managing incidents to prevent risks, injuries, and occu-
emergency situations. pational diseases, incorporating risk assessments and
• Evaluate progress in reducing or preventing health best practices into new projects, and setting objectives
issues and risks against set targets. and performance indicators. The Policy emphasizes
• Perform internal inspections. developing employee skills for safe and healthy work
• Establish procedures for investigating work-related practices and encourages participation and account-
injuries, illnesses, diseases, and incidents. ability. Additionally, it establishes strategic initiatives to
sustainably manage risks and opportunities, continu-
Additionally, we continue to implement internal ously evaluating and enhancing our processes to adapt
performance audits on our Safety and Health to changing contexts and stakeholder needs.
Management System, focusing on compliance,
safety and strategy-based management, and → See our Safety and Health Policy
aspects of culture and leadership. These audits are
complemented by third-party audits conducted by
FEMSA and The Coca-Cola Company.
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3.06
1.77
Focus on Zero Incidents
In 2023, we implemented stricter controls for recording Innovative approach to incident prevention: Our com-

1.6
0.88
incidents, leading to a more accurate and comprehensive mitment to safety is further reinforced by the ongoing
understanding of accident frequencies. This enhanced implementation of our Incident Management Process.

1.06
0.66

0.9
0.61

0.8
visibility, while initially reflecting an increase in recorded This process distinctly categorizes incidents into four

0.4
incident rates, has empowered us to address the root levels based on their risk consequence and probability.
2016 2021 2022 2023 2027 2016 2021 2022 2023 2027
causes of accidents more effectively and in alignment As of now, all our operations have successfully adopted
GOAL GOAL
with our core values. We remain dedicated to refining and are implementing this new standard in managing and
our safety strategies, leveraging these insights to return preventing serious and potentially serious incidents. LOST TIME INCIDENT RATE TOTAL INCIDENT RATE
to the positive trend of previous years. Our goal is to Cases per 200,000 worked hours Cases per 200,000 worked hours
achieve a Lost Time Incident Rate of 0.4 and a Total Inci- Recurrent risks mitigation: We continued to deploy our
dent Rate of 0.8 by 20271. This commitment underscores two-year initiative focused on the audits and maintenance
our goal of achieving zero incidents across all operations, of active and passive safety infrastructure. This US$20
emphasizing our dedication to maintaining the highest million investment program is designed to mitigate two
safety standards. recurrent risks in our manufacturing operations: machin-
ery intervention and hazardous energy management.
To achieve our goal, we are strengthening a mix of legacy
programs, pioneering initiatives, thorough risk mitigation Continuous training: As part of our ongoing commitment
efforts, comprehensive training, insights from leading to workforce training, in 2023 we successfully started the
indicators, and advanced technologies. roll-out across our operations of the new six safety mod-
ules for our QSE Academy and 20 modules for our RTM
Robust foundations: In our continued efforts to reduce Academy. These programs have significantly enhanced
serious incidents, we persistently deploy our 14 Life our employees' safety awareness and skills, contributing
Saving Rules. To ensure their effectiveness, each operat- to a more informed and safer working environment. The
ing unit in manufacturing, warehousing, distribution, and widespread adoption of these modules across different
sales conducts a quarterly review of their action plan's regions has also facilitated a unified approach to safety
progress. In 2023, all units completed this self-assess- standards within the company.
ment, reaching an implementation rate of 84% in manu-
facturing plants and 72% in distribution centers. 240,694 HOURS
dedicated to health and safety training in 2023, underscoring
our commitment to raising awareness and competences among
1. In 2023, after discussions with management, we adjusted our occupational our employees in these essential areas.
health and safety targets from 2025 to 2027 due to discrepancies in incident
classification criteria in Mexico and Colombia, affecting our indicator calculations.
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Road Safety
Our dedication to road safety strengthens as we Reinforcing safe behaviors: The main goal of

7.25
7.05
continue to grow and travel every year more than our RTM 0.0 initiative is to train expert drivers

6.5
9,000 times around the Earth's circumference to with behaviors needed to prevent incidents in
deliver our products. our route-to-market processes, distribution, and
logistics operations. To strengthen our employees'
In 2023, our vehicle crash rate remained practical- and third parties' safety skills, we consistently
ly unchanged compared to the previous year and invest in enhanced risk management initiatives
our major crash rate was reduced by 26%. Re- and advanced equipment such as road simulators,
grettably, in the past year eight individuals, either telemetry systems, monitoring devices, and vehicle 2022 2023 2027
GOAL
employees of Coca-Cola FEMSA, contractors, or safety infrastructure. We also prioritize vehicle
community members, lost their lives in incidents safety while developing processes, infrastructure, CRASH RATE
involving our operations or vehicles. We extend our and work environments that help our workforce crashes x 100/total fleet
deepest condolences to the families and everyone manage daily risks effectively.
affected by these events. We view any fatality as
unacceptable, and are intent on achieving our goal Leveraging cutting-edge technology: We have be-

0.61
of zero incidents. come one of the private companies with the largest
capacity for simulation training and a benchmark

0.5
We are constantly seeking and adopting best prac- for safety simulation in our industry. In the past

0.45
tices to enhance road safety. Moreover, we proac- two years, we invested over US$2.2 million in road
tively share our expertise with external entities, simulators, with 12 now operational in Argentina,
such as companies, governments, and non-govern- Brazil, Costa Rica, Guatemala, Mexico, and Uru-
mental organizations, to facilitate broader imple- guay. They replicate handling heavy vehicles in
mentation of these practices, benefiting both our our primary and secondary fleet, as well as other
2022 2023 2027
communities and beyond. motorized vehicles. Road simulators are a key tool
GOAL
in our capabilities’ development strategy across
New leading indicators: We have broadened our our operations and our ongoing investment under- MAJOR CRASH RATE
metrics to include leading indicators for Serious scores our commitment to enhancing safety and major crashes x 100/total fleet
and Potentially Serious Incidents, which are now operational efficiency.
part of our performance tables. These indicators
aid in risk detection and the management of
mitigation strategies. Furthermore, our Behavior-
Based Safety program is connected to these
metrics, encouraging employees to actively
contribute to their reduction organization-wide.
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EMPLOYEE WELL-BEING
New Comprehensive Well-being Model Building on a 30-year legacy of prioritizing em-
At Coca-Cola FEMSA, we seek to enhance our ployee welfare, in 2023 we introduced a new TAILORING PROGRAMS TO MEET DIVERSE NEEDS AND EXPAND REACH
employees’ physical and psycho-emotional Comprehensive Well-being Model, further align-
health, and foster engagement and a sense of ing with our holistic approach to enhancing the We use feedback from our biennial employee engagement survey to tailor
belonging within the organization for an im- quality of life of our people. This model is inno- and enhance our well-being offerings. Our engagement survey includes
proved work environment. We want to foster a vatively structured around five bio-psychosocial questions covering aspects such as purpose, satisfaction, well-being, and
culture of well-being based on a holistic view of dimensions, each targeting different yet intercon- questions aimed at measuring positive and negative feelings.
self-care and prevention. nected aspects of well-being:
In 2023, we achieved a 93% participation and 89% engagement levels in
the survey, highlighting five key areas: quality and customer orientation,
Healthy Body: We
develop healthy habits
clear and promising path, sustainability, ethics, and psychological safety.
that contribute to physical
fitness, prevention and Throughout the year, we diligently analyzed the results by country and
reduction of diseases.
department, formulating targeted action plans to address any gaps.
Social Connections: We facilitate Psychological Well-being: Moving forward, our goal is not only to sustain high engagement levels in
the development of meaningful We foster the psychological the next survey but also to make strides in improving the areas identified,
interpersonal relationships that well-being of employees so
ensuring we meet evolving needs and preferences and gradually expand
promote family and employee that they can experience a
integration, as well as citizen Healthy satisfying and purposeful life. our well-being offerings to include a wider portion of our workforce across
participation to improve the Body geographies, functional areas, and levels.
community and the environment.

Social Psychological
Well-being
Connections
89%
level achieved
in our biennial
Financial Well-being: We Professional Life: We promote employee
promote financial education to Financial Professional commitment and excellence at engagement
generate a culture of savings Well-being Life work within a positive, inclusive,
that protects and builds constructive, healthy and safe survey.
personal and family assets. environment.
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Robust Occupational Health and Well- Conscious Leadership Program

being Management System In 2023, over 6,000 leaders across our
We monitor absenteeism rates in our workforce
Our Occupational Health and Well-being operations participated in our Conscious
as a crucial indicator of our employees'
Management System outlines the strat- Leadership Program, designed to broaden

27%
physical and mental health. In 2023, we saw
egy we use to enhance work life quality the understanding of health beyond the
a 27% improvement in our Lost Days Due to
for employees at all our company's work physical to a holistic perspective that in-
General Illness Index compared to 2022. This
centers and strategic business units. This cludes physical health, emotional welfare, Reduction in progress was primarily driven by our global
comprehensive system includes health and spiritual self-development. Lost Days disease prevention strategy, epidemiologic
and well-being processes and programs,
surveillance systems, local health programs, and
which we adapt based on relevant risk Employee Support Program
comprehensive well-being activities.
matrices, local legislation, and operational We want to offer our employees support
requirements. Our Corporate Occupation- when they need it the most. Our Employee
al Health team is tasked with regularly up- Support Program offers emotional sup-
dating our Global Safety and Occupational port to our employees and their families,
Health Policy and Human Rights Policy. helping them manage stress, anxiety, de-
The revisions are approved by our Labor pression, and other emotional challenges.

545

534
and Social Development Director and This program is a key component of our
Director of Human Resources. Addition- Comprehensive Well-being Model, aimed

468
ally, our internal audit team checks these at reducing psychosocial risk factors both
policies to ensure they are effectively in and out of the workplace through our

340
shared and implemented throughout our Management System and via counseling
operations. from health professionals specifically
trained in addressing our employees'
diverse needs. 2020 2021 2022 2023
GENERAL ILLNESS INDEX
Lost days per 100 employees
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Empowering our Workforce Through Meaningful Volunteer Initiatives

Our company’s commitment to well-being extends to help- The Coca-Cola FEMSA Volunteers program champions initia-
ing employees lead meaningful lives. We continuously invest tives that positively influence the quality of life and well-be-
in providing our people and their families with opportunities ing of the communities in which we operate, simultaneously
to participate in volunteer initiatives, allowing them to make strengthening our bonds with these communities and enhanc-
a significant environmental and social impact beyond their ing our corporate position and reputation.
everyday job functions.

Coca-Cola FEMSA’s Volunteers program champions six different causes

Community Natural Human
Environment Health Education
Development Disasters Rights
We unite in We are focused We engage We undertake Our activities We seek to
collective action, on environmental in prevention activities that aim to improve generate positive
working together stewardship, activities to raise promote healthy educational levels volunteer
to find solutions especially on awareness, as well physical and and promote experiences based
to common issues such as as in solidarity biopsychosocial cultural, creative, on respect and
challenges. Our water, energy, efforts in the lifestyles, as well and technological compliance with
goal is to take part carbon emissions, event of natural as initiatives development. Fundamental
in the development waterway disasters, with a related to Human Rights.
of stronger and cleanups, and particular focus on humanitarian aid.
more thriving reforestation. the communities
communities. where we operate.

OUR VOLUNTEER
PROGRAM
2,181 129,388 US$ 1.5 302,531
volunteer volunteers, including million hours
DURING 2023: initiatives employees and their invested
families
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Flexibility at Work Compensation and Benefits

Recognizing that work flexibility is highly important We act in accordance with obligations defined by law and
to many of our employees, we have formally declared in full respect of labor rights, exceeding the conditions and
ourselves a hybrid company, empowering our leaders to benefits established in the laws of each country where
hold discussions with their teams to determine the most we operate. Moreover, we strive to offer competitive
suitable model for each. remuneration for all employees. Based on studies
performed by international consulting firms,
Benefits include flexible hours, home office options for we can determine that our employees are
administrative positions and other roles where the function receiving an integrated salary that is equal
allows, lactation rooms to support breastfeeding at work, to or greater than the market average.
and parental leave schemes tailored to our employees' We respect our people’s right of union
interests and compliant with each country's regulations. association and, as such, our collec-
tive agreements cover approximately
Effective flexibility programs can enhance workforce pro- 65.8% of employees. These em-
ductivity, wellness, and our diversity, equity, and inclusion ployment contracts are reviewed
efforts, while also improving our standing in the talent and agreed upon with our union
market. Going forward, we aim to set clear goals regarding representatives, respecting the
flexibility, considering the needs of our administrative staff established validation periods, as
and assessing the potential to extend flexible work options well as complying with all notifica-
to our frontline employees over the medium term. Our goal tion deadlines.
is to empower our employees with greater control over
every stage of their work experience.

100%
of our employees
98.8%
of women and 93.9%
return to work after of men continue working
parental leave. at Coca-Cola FEMSA
12 months after
parental leave.
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DIVERSITY, EQUITY, AND INCLUSION

Including All in Our Company's Growth
Diversity, Equity, and Inclusion (DEI) is an integral, In Brazil, Colombia, Guatemala, and Mexico, we have
cross-cutting topic in our Sustainability Framework, reflect- focused efforts on actively recruiting people with disabili- OUR DEI ADVISORY BOARD PLAYS A CRUCIAL ROLE IN
ing its importance in all areas of our operations and commu- ties, while in other countries, we are enhancing workplace
nity relations. As a company, we aspire to be preferred by accessibility and inclusion. We are promoting the inclusion of
SHAPING AND IMPLEMENTING FIVE STRATEGIC GOALS:
diverse talent for our commitment to fostering and support- LGBTQ+ communities through ally pledges, affinity groups,
ing all our employees. and awareness programs. For the fifth consecutive year, the
Human Rights Campaign Foundation and HRC Equidad MX
As our company grows, we are identifying underrepresented recognized our company as one of the Best LGBTQ+ Places
groups within our operations, aiming to broaden our talent to Work in Mexico. 1. Engage and hold leaders
recruitment to be inclusive of everyone. Our efforts are tai- accountable throughout
lored to align with the unique needs of each country where Going forward, we are committed to attracting, developing, the organization.
we operate, ensuring that we support and foster all our and retaining a diverse workforce, including individuals from
employees effectively. indigenous or Afro-descendant backgrounds, refugees, as 2. Define both long- and
well as older adults, and people from ethnic and economi- short-term objectives
cally vulnerable groups. and strategies.

Embracing DEI in our Talent, Leadership, and Workplace Flexibility 3. Ensure functionality of
work teams at a country
Diverse Talent Inclusive Leadership Flexible Environment and regional level.
We are dedicated to creating a Our Inclusive Leadership training is Fostering a flexible and agile envi-
diverse, equitable, inclusive, and designed to ignite leaders’ roles as ronment, we adapt to local needs by 4. Ensure deployment of
respectful workplace for all. Our champions for diversity, equity, and designing and implementing adapt- an internal and external
priority is to foster safe spaces for our inclusion. Among other topics, we able processes and practices, includ- communication plan.
employees to engage in meaningful prioritize identifying and addressing ing parental and FlexKOF models. We
dialogue, ensuring all voices are heard unconscious biases in leadership and strengthen and benchmark our efforts 5. Measure, monitor, and
and respected. These efforts embody recruitment as well as raising aware- by participating in global initiatives evaluate initiatives.
our commitment to a workforce as ness and prompting action on social like the Bloomberg Gender-Equality
diverse and vibrant as the communi- issues that affect our communities. Index, UN Women, and McKinsey’s
ties we serve. Women Matter.
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Increasing Female Talent Across Our Company Equal Remuneration

Considering the industry's gender gap, we are sustain- We strive to offer competitive remuneration for all
ably enhancing the representation and inclusion of employees and equal pay conditions for both men and
female talent in our company, empowering women to women at all levels of our organization. Our compensa-
assume key leadership roles and taking actions to at- tion policies and practices consider a variety of factors
tract, develop, and retain women in front-line positions. for each role, such as experience and performance,
without gender bias.
In 2023, more than 2,000 women joined Coca-Cola
FEMSA, as a result, the representation of women In 2023, we refined our methodology for calculat-
across our organization increased from 14% to 16%. ing the gender pay gap across different levels of the
Our operations are actively developing and deploying organization, aligning with methodologies from the
initiatives to increase and support female talent. For GRI Standards and the United Nations Global Com-
instance, Brazil continued its program to train women pact. The findings revealed a 2.8% gender pay gap in
to operate forklifts, perform refrigeration maintenance, men salaries compared to women. This analysis was
and join our distribution centers. In Guatemala, we performed by calculating the average salaries for all
set up the first all-female production line. We also employees, categorized by male or female, excluding
have and continue establishing support actions and employees under collective contracts due to their
employee-resource groups through our operations. compensation structures.

Moreover, we increased the representation of women

in leadership positions to 29% in 2023; and we have a
robust plan to achieve our ambition of 40% of women
in leadership and management positions by 2030.
29%
Women in
13%
Women in
12%
Women in
management STEM-related management
AS A SIGNATORY OF THE UN WOMEN'S EMPOWERMENT positions. positions. positions
PRINCIPLES, WE ARE COMMITTED TO UPHOLDING ITS in revenue-
SEVEN PRINCIPLES ACROSS OUR OPERATIONS. generating
functions.

STEM: science, technology, engineering and math.

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Driving Change: Coca-Cola FEMSA's Community Engagement

At Coca-Cola FEMSA, we aim to serve as catalysts for By 2030, we aim to have at least one Community Engage-
positive change in the communities in which we operate, ment Plan per site based on our MARRCO methodology.
beginning with those closest to us. Recognizing our inte- These engagement plans encompass prioritized activities
gral role within these communities, we understand that aimed at addressing community needs and ensuring busi-
our business prosperity and longevity are intricately tied to ness continuity. We particularly focus on facilitating access
our capacity to collaborate with our neighbors. By actively to water, sanitation, and hygiene (WASH) in our neighboring
engaging with local stakeholders, we not only develop mu- communities and empowering social and economic devel-
tually beneficial relationships but also seize opportunities opment by supporting underrepresented groups, offering

COMMUNITY
to join forces, thereby fostering sustainable solutions that entrepreneurial skills, and investing in sustainable commu-
address prevalent challenges and promote shared pros- nity development, in accordance with our →Sustainability
perity within our environment. Bonds Framework.

DEVELOPMENT
Our Model for Addressing Risks and Relations with Our → Visit page 65 to learn more about our ongoing
Community (MARRCO), guides us in establishing and community WASH initiatives.
managing long-term productive relations with our neighbor
communities that create shared value, with an objective Coca-Cola FEMSA’s Model for Addressing Risks and
focused on: Relations with Our Community
Across our operations, we leverage our
footprint to boost sustainable growth
• Evaluating the impact of our operations on communities. Identify and
that benefits our company as well
• Understanding local circumstances that could affect our understand
as our neighboring communities and
operations. 1
value chain. In 2023, we positively • Identifying collaborative opportunities for environmental
influenced the quality of life and enhancement.
economic development of over 359 n • Co mm
thousand people through dedicated Learn and t io Analyze
improve 5 2 and plan

C o ll a b ora

i tm
local community programs.

ent • Di
t•

a
lo
gue • Trus

4 3
Evaluate Agree
and measures and act
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STRENGTHENING OUR VALUE CHAIN AND COMMUNITY TIES

We enjoy tremendous opportunities to col- Our Commitment to Local Businesses
laborate with suppliers, customers, and other Small local businesses are the heartbeat of our
stakeholders to make our robust value chain large and expanding commercial network—they
more sustainable. We are particularly committed are more than 1.9 million retailers and shop-
to building strong ties with key partners in our keepers that distribute our products to consum-
communities, including small local businesses, ers across our traditional sales channel. Among
medium-sized suppliers, and PET collectors, this number, there is a large percentage of wom-
helping to improve living standards and maxi- en shopkeepers and individuals from diverse
mize our positive contribution on our neighbor- backgrounds.
ing communities.
We proactively collaborate with small local busi-
Engaging Our Small and Medium Suppliers nesses in our regions to customize programs that
In line with our Supply Chain Management contribute to their success. These initiatives in-
ambitions, we are focused on enhancing our clude delivering business management training,
partnerships with small and medium enterprises fostering financial and digital inclusion, empow-
(SMEs) in our supplier base. Our procurement ering business owners, and creating networking
and corporate social responsibility teams are opportunities. Furthermore, we acknowledge
proactively engaging with these SME suppliers to that our vast small local business network can
explore collaborative approaches that not only have an enormous impact on our sustainability
drive socioeconomic development but also align goals. To this end, we aim to align our collabo-
with our environmental objectives. rative efforts with our company’s priority topics,
such as diversity, equity, and inclusion, and water
efficiency, PET collection, and efficient and re-
newable energy sourcing.
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EMPOWERING WOMEN ENTREPRENEURS

We are committed to empowering women entrepreneurs In Venezuela, the Women's Empowerment Network pro-
and business owners across our operations, our programs gram is designed to enhance the personal capabilities and
collectively underscore our dedication to fostering the suc- management skills of female small grocery store entrepre-
cess of women-led businesses in our region. neurs. By focusing on these key areas, the program aims to
contribute to their personal and economic empowerment,
In Brazil, the Empreenda como Uma Mulher program has fostering an environment where women can thrive.
transformed the lives of over 600 women, equipping them
with extensive technical training, essential entrepreneurship In Mexico, in collaboration with The Coca-Cola Foundation,
tools, and advanced business management skills. This ini- we initiated the Empoderamiento de mujeres y pequeños
tiative has substantially boosted their entrepreneurial skills, negocios program, aimed at fostering the social, economic,
enabling them to achieve remarkable success and growth in and digital empowerment of women and enhancing their
their ventures. small businesses. Since its inception in 2021, this program
has positively affected the lives of 18,000 women across the
In Colombia, the Emprendamos Juntos initiative stands as country, equipping them with skills needed for personal and
a holistic program designed for shopkeepers, café owners, professional success.
and small business entrepreneurs within our value chain.
Over 4.800 participants have received essential knowledge In Guatemala, we are advancing multiple initiatives to em-
and resources for self-empowerment, entrepreneurship, and power women and indigenous communities, integrating en-
business management, fostering the growth of their ventures trepreneurship and education into a cohesive support frame-
and personal goals. work. Alongside, the Casa Productiva program is dedicated
to supporting indigenous girls and adolescents by enabling
In Costa Rica and Nicaragua, the MujeresON program them to create family orchards, supplemented with informa-
supports female owners of restaurants and cafeterias in tion on nutrition and healthy lifestyles. Complementing these
metropolitan areas. The program's collaborative approach efforts, the Jovenes Pioneras program awards university
has tailored personalized support in financing, training, point scholarships to indigenous women, offering them a pathway
of sale management, and leadership empowerment for over to realize their full potential, with the added opportunity to
133 participants, providing targeted and impactful enhance- apply for an internship within Coca-Cola FEMSA, ensuring a
ment of both business and personal growth. comprehensive approach to community development.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 9 2

Rehabilitation of a sports facility

in Morelia, Mexico, undertaken
MY KOF COMMUNITY through a collaborative effort with
Fundación Placemaking México.

For Coca-Cola FEMSA, achieving sustainable growth goes hand in

hand with fostering sustainable development in the communities
where we operate.

My KOF Community is our cornerstone community engagement

pillar within our Sustainable Future Framework, reflecting our
commitment to meaningful and impactful interactions with the
communities where we operate. To this end, we actively engage
with our neighboring communities across our regions to deeply
understand their unique social conditions and tailor programs that
meet specific local needs.

In 2023, over 359 thousand people benefited through our com-

munity programs and donations contributing to quality of life
improvements and socioeconomic development across our com-
munities of operation.

→ Visit page 65 to learn more about our ongoing community

WASH initiatives.
Rehabilitation of a
→ Visit page 69 to learn more about our ongoing community PET
community park in
Collection initiatives.
Neza, Mexico.
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OUR COMMITMENT TO REBUILDING AFTER HURRICANE OTIS

In the aftermath of Hurricane Otis, we have reaffirmed Beyond water, we also distributed essential groceries
our role as a key part of the Acapulco community and hygiene kits to support the well-being of our em-
by dedicating ourselves to supporting recovery and ployees and the wider community.
fostering long-term resilience. Working closely with
government agencies and community organizations, Highlighting the power of collaboration, this endeavor
we are contributing to the local community's recovery was amplified through the support of other FEMSA
efforts. Additionally, we have taken the lead in rebuild- business units, enhancing our collective impact and
ing Coca-Cola FEMSA's infrastructure. These collective reinforcing the significance of synergies and alliances
efforts are essential for paving the way toward a stron- in our relief efforts.
ger, more resilient Acapulco.
Looking to the future, we are investing Ps. 575 million
In response to the urgent need for clean water follow- in rebuilding our facilities in Acapulco and supporting
ing the devastation caused by Otis in Acapulco, we the community, a key step in reactivating the local
swiftly acted, providing over 120,000 liters of bottled economy and safeguarding jobs for over 1,500 of our
water to the affected communities. Recognizing the di- employees. This investment is not only pivotal for the
saster's magnitude, we coordinated efforts to enhance immediate recovery of local small businesses but also
recovery, deploying two VenXAgua Water Treatment central to our long-term commitment of fostering eco-
Vehicles capable of purifying 48,000 liters of water nomic, social, and environmental value in the commu-
daily. This initiative enabled residents to refill jugs for nities where we operate. This crisis has only strength-
safe drinking water and food preparation, proving vital ened our commitment.
in quickly addressing the clean water challenge in the
most impacted areas.

Through our VenXAgua Water Treatment

Vehicles, we can swiftly respond to natural
disasters, ensuring communities in Mexico
and Colombia have access to clean water.
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Robust Corporate Governance Framework Our Board of Directors, alongside its Committees, plays a
A cornerstone of Coca-Cola FEMSA’s business success is proactive role in overseeing environmental, social, and gov-
our robust corporate governance framework; it fosters and ernance aspects. They give thoughtful attention to the sus-
promotes ethical business practices in our actions, de- tainability material topics that impact not only our opera-
cisions, and strategies, all of which are aligned to deliver tions but also our employees, clients, and the communities
value to our stakeholders. Our practices adhere to all ap- we serve. This careful consideration ensures these topics
plicable legislation, standards, and policies in the countries are effectively integrated into our Sustainability Framework.
where we are present and in the financial markets where Moreover, our Board of Directors’ oversight extends to the
we are listed: The Mexican Securities Market Law (Ley review and approval of the Company’s sustainability-re-
de Mercados de Valores Mexicana), of the Mexican Stock lated policies, ensuring they align with our core values and
Exchange, and; the US Sarbanes-Oxley Act, of the New York strategic objectives.

CORPORATE
Stock Exchange.
Furthermore, the Executive Team leads and is responsible
Advancing Our Sustainability Goals Supported by our for advancing sustainability material issues across the com-
Board of Directors and Executive Team pany. Among other topics the Executive Team performance

GOVERNANCE
At Coca-Cola FEMSA, we understand the importance of evaluation program includes Critical Success Factors re-
good corporate governance in realizing our environmental lated to achieving our sustainability goals in topics such as
and social goals. Our framework aligns our actions with water efficiency, recycled resin usage, community support,
our sustainability commitments, seamlessly integrating occupational health and safety, sustainability culture, and
environmental and social considerations into business diversity and inclusion metrics. To promote interdisciplin-
Underpinning the growth at Coca‑Cola
decisions. This approach extends beyond managing risks; ary efforts towards sustainability within the organization,
FEMSA is a strong corporate
it involves actively seizing opportunities for growth that not members from the Executive Team, including our CEO and
governance framework that promotes
only benefit our company but also positively impact the Strategic Leadership Team, are part of our internal Sus-
accountability, transparency, and broader society. This commitment to good corporate gov- tainability Committee and also take part in FEMSA’s and
ethical and sustainable business ernance helps us navigate the complexities of the modern The Coca Cola Company’s Sustainability Committees. Their
practices across all levels of the business environment, ensuring that we remain a responsi- involvement is aimed at advancing our sustainability goals
organization. ble, ethical, and forward-thinking leader in our industry. By and establishing clear accountability across areas relevant
prioritizing good governance, we are reinforcing our com- to our sustainability initiatives.
mitment to long-term sustainable growth.
→ For information about our Executive Officers’
sustainability-linked experience and compensation
program visit page 100.
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BOARD OF DIRECTORS
D I R ECTO R S A P P O I NTE D BY D I RECTO RS AP P O I N T E D B Y D I RECTO RS AP P O I N T E D B Y
BOARD COMPOSITION S ER I ES A S HA R EHO L D ER S SE RI ES D SH ARE H O LDE RS SE RI ES L SH ARE H O LDE RS
José Antonio Fernández Carbajal José Henrique Cutrale John Murphy Victor Alberto Tiburcio Celorio*
Directors: 16 Chairman of the Board of FEMSA Director of Sucocítrico Cutrale Ltda. President and Chief Financial Independent Consultant
and Chief Executive Officer of FEMSA Alternate: Graziela Cutrale Officer of The Coca-Cola Company 5 Years as a Board Member
Independent Directors*: 8 31 Years as a Board Member 2 Years as a Board Member Alternate: Stacy Lynn Apter
5 Years as a Board Member Olga González Aponte*
Other Non-executive Directors: 8 Javier Gerardo Astaburuaga Luis Alfonso Nicolau Gutiérrez* Chairman and General Director of
Sanjines Partner at Ritch, Mueller, Heather y José Octavio Reyes Lagunes Wild Fork US
Executive Directors: 0 Independent Consultant Nicolau, S.C. Retired Alternate: Jaime A. El Koury
Alternate: Martin Felipe Arias Yaniz 6 Years as a Board Member Alternate: Enrique Rapetti
8 Years as a Board Member Amy Eschliman*
Federico José Reyes García Francisco Zambrano Rodríguez* Digital Director of Crate & Barrel
Independent Consultant Independent Consultant Nikos Koumettis Holdings, Inc.
31 Years as a Board Member 21 Years as a Board Member President of Europe Operating Unit 1 Year as a Board Member
of The Coca-Cola Company
Ricardo Guajardo Touché* Luis Rubio Freidberg* Alternate: Erin L. May SEC R E TARY O F T H E B OARD
Independent Consultant Chairman of México Evalúa Centro 2 Years as a Board Member
Alternate: Alfonso González de Análisis de Políticas Públicas,
( N O N -M E M B E R)
Migoya A.C. Jennifer K. Mann Alejandro Gil Ortiz
31 Years as a Board Member 7 Years as a Board Member Corporate Senior Vice President Secretary of the Board
and President of North America for Alternate: Carlos Luis Díaz Sáenz
Enrique F. Senior Hernández* The Coca-Cola Company 2 Years as a Secretary
Managing Director of Allen & Alternate: Félix Poh
Company, LLC 1 Year as a Board Member * Independent Director
20 Years as a Board Member
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BOARD COMMITTEES
Planning and Finance Committee Audit Committee Corporate Practices Committee
• Ricardo Guajardo Touché, Chair- • Victor Alberto Tiburcio Celorio, the Audit Committee in the course • Luis Rubio Freidberg, Chairman
man Chairman of its duties. The Committee has im- • Jaime A. El Koury
• Federico Reyes García • Olga González Aponte plemented procedures for receiving • Luis Alfonso Nicolau Gutiérrez
• John Murphy • Alfonso González Migoya and addressing complaints regard-
• Amy Eschliman • Francisco Zambrano Rodríguez ing accounting, internal control, and The Corporate Practices Committee
• Enrique F. Senior Hernández auditing matters, including the sub- is responsible for preventing or re-
• Martin Felipe Arias Yaniz The Audit Committee is responsible mission of confidential, anonymous ducing the risk of performing opera-
for reviewing the accuracy and in- complaints from employees regard- tions that could damage the value of
The Planning and Finance Commit- tegrity of financial statements in ac- ing questionable accounting or au- our company or that benefit a par-
tee works with management to set cordance with accounting, internal diting matters. The internal auditing ticular group of shareholders. The
our annual and long-term strategic control, and auditing requirements. function also reports to the Audit Committee may call a shareholders
and financial plans and monitors It is directly responsible for the ap- Committee. Each member of the meeting and add agenda items it
adherence to these plans. It is pointment, compensation, retention, Audit Committee is an independent considers appropriate, approve pol-
responsible for setting our optimal and oversight of the independent director, as required by the Mexican icies on related party transactions,
capital structure and recommends auditor, who reports directly to the Securities Market Law and NYSE approve the compensation plan of
the appropriate level of borrowing, Audit Committee (subject to the standards. Pursuant to the Mexican the CEO and relevant officers, and
as well as the issuance of securities. approval of our Board of Directors). Securities Market Law, the chairman support our Board of Directors in the
Financial risk management is anoth- To carry out its duties, the Commit- of the Audit Committee is elected elaboration of related reports. The
er responsibility of the Planning and tee may hire independent counsel at our shareholders meeting. Victor Committee consists exclusively of
Finance Committee. and other advisors. We compensate Alberto Tiburcio Celorio, Chairman independent directors. As required
the independent auditor and any of the Audit Committee, is the audit by the Mexican Securities Market
outside advisor hired by the Audit committee financial expert. Law, the chairman of the Corporate
Committee and provide funding for Practices Committee is elected at
administrative expenses incurred by our shareholders meeting.
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OUR IAN CRAIG GERARDO CRUZ CATHERINE REUBEN

EXPERIENCED Chief Executive Officer
Ian Craig joined FEMSA in 1994 and Coca-Cola
FEMSA in 2003, and was appointed to his current
Chief Financial Officer
Gerardo Cruz joined Coca-Cola FEMSA in 2003
and was appointed to his current position in 2023.
Chief Corporate Affairs Officer
Catherine Reuben joined Coca-Cola FEMSA in 2014
and was appointed to his current position in 2023.

MANAGEMENT
position in 2023. With over 30 years of experience Previously, he held various senior management She has a broad background in leadership positions,
in the beverage industry, he previously held vari- positions in the company's finance area, includ- covering institutional and regulatory areas as well
ous senior management positions in the company, ing Corporate Director of Finance and Treasury, as environmental, social, and governance (ESG)
including Chief Operating Officer of Brazil, and Director of Planning and Finance for Latin Ameri- issues, throughout her career at Coca-Cola FEMSA.
prior to that, Chief Operating Officer of Argentina. ca, and Director of Finance for Coca-Cola FEMSA Before assuming her current role, she held different

TEAM He also held the positions of Director of Finance

and Strategic Planning for the South America
Division, Director of Finance, Director of Planning
and Corporate Affairs in the Mercosur Region, and
Colombia. In addition to his responsibilities as CFO,
Gerardo supervises our supplier, risk management,
and sustainable bonds strategies. Throughout his
career, Gerardo has been a strong advocate for
positions including Director of Corporate Affairs for
Coca-Cola FEMSA Mexico, Corporate Director of
Regulatory Affairs and Institutional Relations, and
Manager of Corporate Affairs for Coca-Cola FEMSA
Corporate Director of Finance and Treasury at Co- Inclusion and Diversity. As President of Coca-Cola Central America, with responsibilities in Guatema-
ca-Cola FEMSA. He holds a BS degree in Industrial FEMSA’s Inclusion and Diversity Board for the past la, Nicaragua, Costa Rica, and Panama. Previously
Engineering from the Instituto Tecnológico y de two years, he has played a pivotal role in enhanc- Catherine was Executive Director of the Costa
Estudios Superiores de Monterrey, an MBA from ing the company’s commitment to creating a more Rican-American Chamber of Commerce and worked
the Booth School of Business at the University of inclusive and welcoming workplace for all. He holds in the Foreign Investment Promotion Agency of Cos-
Chicago, and a Master's degree in International a BA degree in Economics and a Master's degree in ta Rica (CINDE) supporting companies interested
Business Law from the Instituto Tecnológico y de Applied Statistics both from the Instituto Tecnológi- in nearshoring opportunities. She holds a double
Estudios Superiores de Monterrey. co y de Estudios Superiores de Monterrey. major in Economics and Business Administration
& Finance, and has completed studies in Political
Communication, as well as a Sustainability Certifi-
cate from MIT.
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O U R E X P E R I E N C E D M A N A G E M E N T T E A M

FABRICIO PONCE EDUARDO PEREYRA AITOR OCEJO NICOLÁS BERTELLONI

Chief Operating Officer - Mexico Chief Operating Officer - Brazil Chief Operating Officer - Latin America Chief Growth Officer
Fabricio Ponce joined Coca-Cola FEMSA in 1998 Eduardo Pereyra joined Coca-Cola FEMSA in Aitor Ocejo joined Coca-Cola FEMSA in 2000 and Nicolás Bertelloni joined Coca-Cola FEMSA in 2004
and was appointed to his current position in 2019. 1996 and was appointed to his current position was appointed to his current position in 2023. and was appointed to his current position in 2023.
With over 27 years of experience in the beverage in 2023. With over 28years of experience in the With over 28 years of experience in the beverage He possesses extensive expertise in the areas of
industry, he previously served in several senior beverage industry, he previously served in several industry, he previously served in several senior Marketing and Market Intelligence, particularly in
management positions, including President and senior management positions, including Director management positions, including Director of Oper- leading teams during times of transformation and
CEO of the Philippines Operation, Director of Oper- of Operations in Colombia, Commercial Director ations in Guatemala, Director of Operations in Ven- crisis. Previously, he held various roles within the
ations in Colombia, Managing Director for Heineken in Venezuela, Brazil, and Colombia, and Regional ezuela, Commercial and Business Development in organization, including Director of Marketing for
in Brazil, Managing Director of Central America, Manager in Mexico and Colombia. He holds a BS Venezuela, and several strategic operational and the Brazil and Mexico Divisions, and Director of
Argentina, and Colombia, and Director of Strategic degree in Industrial Engineering from the Instituto marketing positions in Mexico, as well as other Operations for Argentina and Uruguay. He holds a
Planning for Latin America Region. Prior to joining Tecnológico y de Estudios Superiores de Monter- roles including Corporate Inorganic Acquisitions BA degree in Business Administration and a BA de-
Coca-Cola FEMSA, he worked as a Senior Consul- rey, an MBA from the Universidad de Adolfo Ibáñez and Corporate Commercial Development. Prior gree in Economics both from Universidad de Bue-
tant in Bain & Company. An Agricultural Engineer, in Chile, and an AMP from the Universidad de to joining Coca-Cola FEMSA, he served in several nos Aires. Additionally, he completed Advanced
providing expertise in water issues, he holds a Mas- Navarra, IESE. senior management positions at The Coca-Cola Graduate Studies in International Economics from
ter’s degree in Economics from INCAE Business Company. He holds a BS degree in Industrial Engi- Institut für Weltwirtschaft in Germany and an MBA
School in Costa Rica. neering from Universidad Iberoamericana. from Fundação Getúlio Vargas in Brazil.
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O U R E X P E R I E N C E D M A N A G E M E N T T E A M

GABRIEL COINDREAU RAFAEL RAMOS IGNACIO ECHEVARRÍA ANTONIO DÍAZ-CANEJA

Chief Strategic Planning Officer Chief Supply Chain and Engineering Officer Chief Digital and Technology Officer Chief Human Resources Officer
Gabriel Coindreau joined Coca-Cola FEMSA in Rafael Ramos joined Coca-Cola FEMSA in 1999 and Ignacio Echevarría joined Coca-Cola FEMSA in Antonio Díaz-Caneja joined Coca-Cola FEMSA in
2000 and was appointed to his current position was appointed to his current position in 2018. With 2018 and was appointed to his current position 2003 and was appointed to his current position in
in 2023. With extensive strategic planning expe- over 32 years of experience in the beverage indus- in 2021. With over 30 years of experience in the 2023. With 20 years of experience dedicated to
rience, he previously served in several strategic try, he previously served in several senior manage- IT industry, he began his professional career as a Human Resources at the company, he has overseen
positions, including Corporate Director of Stra- ment positions, including Manufacturing Director for technology consultant for consumer companies at topics including employee well-being, talent devel-
tegic Projects and Initiatives, Corporate Director Southeast Mexico, Supply Chain Director for Mexico Arthur Andersen. He joined the beverage industry opment, human rights, and diversity, equity, and
of Planning and Organizational Development, and Central America, and Supply Chain Director of 18 years ago where he has collaborated on digital inclusion. Antonio has served as Corporate Com-
Managing Director for Coca-Cola FEMSA Colombia FEMSA Comercio. As part of his responsibilities as transformation projects in 13 African countries pensation Manager, Corporate Labor Development
and Central America, as well as different positions Chief Supply Chain and Engineering Officer, Rafael (Equatorial Bottler Company), 15 European Manager, Director of Organizational Effectiveness
in the Corporate Strategic Planning and Human leads our environmental stewardship strategy countries (Coca-Cola European Partners), and 10 for Coca-Cola FEMSA Philippines, Corporate Direc-
Resources Departments. He holds a BS degree in across our operations. He holds a BS degree in Bio- countries in Latin America (Coca-Cola FEMSA). He tor of Labor and Social Development, and Director
Electronics Engineering from the Instituto Tec- chemical Engineering from and a Master’s degree in has served as a board member for several startups of Human Resources in Colombia. He holds a BA
nológico y de Estudios Superiores de Monterrey. Business Administration of Agricultural Enterprises and in the financial sector Banco Compartamos degree in Business Administration and Management
both from the Instituto Tecnológico y de Estudios and the Gentera Foundation. Ignacio holds a BS from the Universidad Iberoamericana.
Superiores de Monterrey. degree in Industrial Engineering from The School
of Industrial Engineering of Barcelona and an MBA
from IE Business School in Madrid.
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EXECUTIVE COMPENSATION
Aligning Executive Compensation with The Critical Success Factors for individual CEO Compensation
Sustainable Long-Term Value performance of our Executive Team include The compensation of our CEO is determined
Executive compensation at Coca-Cola FEMSA sustainability performance indicators aligned by various Critical Success Factors, as devised
aligns with the company’s vision of long-term with our climate action strategy, focusing on from the TOPS Methodology and the Economic
sustainable value creation. reducing absolute GHG emissions from our Value-Added Based Bonus Program. These fac-
operations (Scopes 1 and 2 emissions) by 50% tors draw upon the performance and results of
The evaluation and variable compensation and reducing absolute GHG emissions from team members within the company, ultimately
program for our CEO and Strategic Leadership purchased goods and services and upstream influencing the CEO's performance metrics.
Team, as well as other company leaders and transportation and distribution in the value Consequently, a broad range of metrics directly
individual contributors, integrates collective and chain (Scope 3 emissions) by 20%, compared to affects our CEO's compensation. The CEO's
individual Critical Success Factors, defined an- the 2015 baseline, as well as achieving 100% performance metrics include revenue growth,
nually. In line with the Corporate Practices Com- renewable electricity consumption in our opera- profitability increase, overall company growth
mittee's guidelines, half of the annual bonus is tions. Additionally, they also include key metrics (including market share, cash flow, and EBIT),
tied to the company achieving its financial ob- related to water stewardship, community devel- development of the beverage portfolio and
jectives, including Earnings Before Interest and opment, diversity, equity, inclusion, and other categories, development of our operations (in-
Taxes (EBIT) and working capital efficiency. The pillars of our Sustainability Framework. cluding market execution and margin improve-
other half is based on individual performance. ment), performance against our sustainability
The variable compensation program available goals, and comprehensive risk management
to our CEO and the Strategic Leadership Team across all operations.
combines short-term cash-based performance
bonuses with long-term, stock-based compen-
sation that vests over three years.
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NURTURING A CULTURE OF PSYCHOLOGICAL SAFETY

THROUGH OUR COMPREHENSIVE ETHICAL SYSTEM
Comprehensive Ethical System Code of Ethics
Our Comprehensive Ethical System, endorsed by the Board of Directors, The foundation of our organizational culture, the →Code
encompasses three pivotal elements: The Code of Ethics, the Coca-Cola of Ethics communicates our values, promotes good
FEMSA Ethics Line, and the Ethics Committee. Together, these compo- behavior, and guides our decision-making process-
nents actively promote ethical conduct that upholds our company's lega- es based on ethical principles. Our Code of Ethics
cy, facilitate the identification and resolution of misconduct, and encour- includes important topics such as human rights,
age open communication, ensuring the integrity of our organization. diversity, equity, inclusion, discrimination, vio-
lence, harassment, conflicts of interest, misuse
Beyond promoting ethical behavior, this structure is integral to fostering a of information, and anti-corruption.
culture of trust and psychological safety, where employees feel secure in
voicing concerns and providing honest feedback. Empowering our employ- For further information and access to the
ees within this ethical framework is crucial for enabling their active, confi- full document of our Code of Ethics please
dent participation in the company's transformative journey and growth. access one of the following links:
→Spanish
We have evolved the management of our Comprehensive Ethical System, →English
shifting from merely focusing on reports to the Coca-Cola FEMSA Ethics →Portuguese
Line to a more holistic approach that unites key elements for prevention,
surveillance, detection, and response to ethical dilemmas. Our evolved
system now includes:

• Framework with robust corporate standards and internal guidelines on

ethical issues.
• Communication strategy that reinforces ethical behavior and builds trust
in the Coca-Cola FEMSA Ethics Line.
• Management platform for the Coca-Cola FEMSA Ethics Line that enhanc-
es transparency and reliability.
• Specialized training programs for our ethics complaints investigators.
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Training and Communications on Business Ethics and Compliance

The foundation of our Comprehensive Ethics Training: The Ethics Mindset train- Preventing Discrimination and Harass-
Ethical System lies in the implementation of ing program is a key initiative designed to ment: Discrimination and harassment
strong preventive measures aimed at foster- embed ethical values and practices deeply training are key components of our Ethics
ing a culture of compliance throughout the into our organizational culture. This compre- Mindset training. Additionally, we have
organization. hensive program aims to educate and em- implemented webinars and targeted com-
power all employees, ensuring a thorough munication campaigns throughout our
Personal responsibility plays a crucial role understanding of our ethical standards. operations, specifically addressing issues of
in empowering individuals to confidently Emphasizing the importance of integrity, the workplace violence with a focus on discrimi-
contribute toward achieving our company’s program is tailored to address the specific nation and harassment. These initiatives are
goals. Key to this approach is a comprehen- ethical challenges and situations our em- designed to empower our operational teams,
sive training program that spans all levels ployees might encounter. providing clear guidance for addressing and
of responsibility across our geographies, preventing such conduct effectively.
equipping all employees with the knowl- Every employee receives frequent training
edge and tools they need to adhere to our and signs a Letter of Compliance with our Ethics Communication Campaigns: Fur-
ethical standards. In addition to our train- Code of Ethics. This step is instrumental in thermore, we are expanding our communi-
ing program, continuous communication ensuring they are not only familiar with the cation campaigns across our operations to
campaigns play a crucial role in reinforcing Code but also fully understand the specific give greater emphasis on prevention and

80%
of employees
the importance of ethical behavior. These
campaigns serve as regular reminders to
our workforce, ensuring that the principles
actions or omissions that could pose risks
to our organization. Additionally, it empha-
sizes the importance of reporting any sus-
compliance with the company’s Code of
Ethics and Policies. These enhancements
are aimed at proactively addressing poten-
completed the Ethics of integrity and accountability are deeply pected violations to the Coca-Cola FEMSA tial issues, underscoring our commitment to
Mindset course. ingrained in our corporate ethos. Ethics Line. maintaining the highest standards of ethical
conduct across the organization.
Leveraging the insights gathered from the
increased number of reports to the Co-
ca-Cola FEMSA Ethics Line, we are also
intensifying the training for members of our
Ethics Committees, equipping them with
specialized skills for nuanced investigations.
This step is key in enhancing our investiga-
tion processes for specific types of cases.
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Coca-Cola FEMSA Ethics Line Reports to the Coca-Cola FEMSA Ethics Ethics Committees Corrective measures to address situ-
Complaints for potential noncompliance Line in 2023 The Ethics Committees serve as the ations that do not align with our Code
with the Code of Ethics are received oversight and control bodies; they not of Ethics include written reprimands,
through the → Coca-Cola FEMSA Ethics only ensure adherence to the Code of dismissals, criminal prosecution by
Line. This whistle-blowing system, man- Ethics but also address the most relevant competent authorities, and the pursuit of
aged by an independent third party and ethical situations in the company. any other applicable legal actions. These
available 24/7, guarantees that employ- Complaints measures are implemented in accor-
ees, customers, suppliers, third parties, by Topic The Corporate Ethics Committee is a col- dance with the Coca-Cola FEMSA Sanc-
or any other stakeholder can submit a legiate body whose functions are delimit- tions Guidelines.
complaint anonymously. The third-party ed by the internal regulatory framework,
management ensures that these com- guaranteeing the independence of its There are Ethics Committees in each of
plaints are considered fairly, with a ded- decisions, criteria, and corrective mea- our territories that report to the Corpo-
icated group of investigators analyzing  Human resources 87% sures implemented. The Committee com- rate Ethics Committee. Their role locally
them impartially and confidentially.  Financial information 1% prises our CFO, CHRO, Legal Compliance is to oversight compliance with the Code
 Operational 12% Director, and operates under our Com- of Ethics and attend to the company’s
We are nurturing a culture where em- prehensive Ethics System. The diversity most relevant ethical situations and com-
ployee voices are not just heard but are of its members ensures impartiality in the plaints. They are instrumental in creating
influential. Supported by a system that decision-making process. across our operations an environment
guarantees psychological safety, this where employees feel secure and sup-
initiative has led to an increase in reports Among its various functions, the Corpo- ported in raising ethical concerns, con-
to the Coca-Cola FEMSA Ethics Line. Complaints rate Ethics Committee ensures that in- tributing to a transparent and account-
Employees now feel more confident in by Status vestigations into reports received through able workplace culture.
voicing concerns, indicative of a healthy, the Coca-Cola FEMSA Ethics Line (which
transparent workplace where well-being is managed by a third-party company)
and open dialogue are essential. are carried out impartially, objectively,
and confidentially. This process guaran-
In 2023, the Coca-Cola FEMSA Ethics Line  In review 32% tees the protection of those who submit
received 2,163 complaints, on topics rang-  Substantiated 30% reports. Additionally, the Committee
ing from work environment and leadership  Unsubstantiated 38% defines or authorizes criteria, and where
to operational or financial matters, with necessary, deliberates and decides upon,
none concerning human rights violations. or recommends disciplinary or corrective
actions for violations of the Code of Ethics
or Corporate Policies.
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RESPECT FOR HUMAN RIGHTS

Coca-Cola FEMSA's Approach to Human Rights Signatories to the UN Global Compact
As a bottling partner for The Coca-Cola Company and a business unit of In 2022, Coca-Cola FEMSA became a signatory to the UN Global Compact,
FEMSA, our commitment to human rights is strongly influenced by—and often the largest corporate sustainability initiative in the world. This initiative calls
directly implemented by—our major shareholders. This commitment extends on companies to integrate 10 universal principles related to human rights,
to enacting human rights policies across the entire company, including our labor, the environment, and anti-corruption into their operations and value
operations, employees, and suppliers. chain. Notably, FEMSA and The Coca-Cola Company joined the Global Com-
pact in 2005 and 2006, respectively, underscoring our shared commitment
Newly defined and adopted in 2023 in partnership with FEMSA, our Human to these global standards.
Rights Due Diligence Model aligns with the UN Guiding Principles on Business
and Human Rights. The Model has the objective to uphold our commitment Upholding Human and Labor Rights
and responsibility to Human Rights by transforming challenges into opportu- Outlined in our Human and Labor Rights Policy, we strictly forbid all forms
nities, creating business value, and generating a positive social impact in the of child and forced labor within our operations, adhering to local laws on the
countries where we operate. employment of minors. We ensure that all employment relationships are en-
tered into voluntarily and categorically reject any form of unpaid work, servi-
tude, slavery, or the compulsory retention of personal documents as employ-
FEMSA HUMAN RIGHTS DUE DILIGENCE MODEL ment conditions. Through our Supplier Guiding Principles, we delineate the
minimum standards expected from our suppliers in managing crucial aspects
1. Identification: Analysis of the Company's activities and Human of human and labor rights.
Rights that could potentially be impacted.
2. Evaluation: Classification and prioritization of Human Rights due to A Commitment Beyond Our Operations
our operations and acting on the findings. A prerequisite for becoming a new Coca-Cola FEMSA supplier is committing
3. Grievance: Effective and agile attention to complaints about to our Supplier Guiding Principles and the company’s Code of Ethics. These
negative Human Rights impacts detected through formal institutional documents clarify the values and behaviors we expect and audit within our
mechanisms, such as the Coca-Cola FEMSA Ethics Line. value chain. Additionally, during the supplier registration process, we con-
4. Remediation: Repair and avoid the repetition of said negative duct evaluations on anti-corruption and money laundering to ensure full
impacts. compliance with applicable regulations.
5. Prevention: Implementation of initiatives, processes, and policies to
prevent future Human Rights violations. → Human Rights Commitment Statement
→ Supplier Guiding Principles
→ Human and Labor Rights Policy
→ The Coca-Cola Company’s Modern Slavery Statement
→ Learn about The Coca-Cola Company Commitment to Human Rights
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CYBERSECURITY
Securing Digital Growth Moreover, our approach combines in-house and external technical expertise,
As our business continues to expand its digital footprint as part of our growth maintaining a clear separation of responsibilities between governance and
strategy, we hold a critical responsibility to protect our digital capabilities and operational roles. To this end, we conduct continuous internal cybersecurity
sensitive data. Our cyber and data security initiatives are centered on prevent- audits that report directly to the Board’s Audit Committee, while independent
ing business disruption and safeguarding our information from cyberattacks evaluations, including audits from FEMSA and The Coca-Cola Company, offer
and responsibly managing sensitive information. Without effective cyber and critical insights into our maturity and security status. Furthermore, our practic-
data security mechanisms, we face risks like operational disruptions from ran- es are aligned with The Coca-Cola Company’s Business Resilience Framework,
somware, data breaches, fraud, and others. ensuring compliance with established cybersecurity standards.

At Coca-Cola FEMSA, we diligently manage cybersecurity risks inherent to our

operations to safeguard the confidentiality, integrity, and availability of infor- CYBERSECURITY PROGRAM PROCESS
mation, whether transmitted, stored, processed, or deleted, across physical
1. Strategic Objectives: We implement a robust risk-based information
and digital media.
security strategy that supports the company's strategic objectives,
which guide our pursuit of business excellence.
Coca-Cola FEMSA Cybersecurity Program
Our cybersecurity program was developed in accordance with, and aligned to,
2. Cybersecurity Status: Our annual cybersecurity plan actively mon-
international standards, best practices, and worldwide frameworks such as
itors exposure to potential risks, aiming to establish a robust cyber-
ISO 27001 and NIST SP 800-53, among others, reflecting our commitment to
security status that protects assets and reputation against evolving
upholding the highest benchmark of information security and resilience.
digital threats. The Program also includes constant cybersecurity pos-
ture assessments executed by external parties allowing us to improve
The cybersecurity program has four pillars supporting a virtuous cycle that
continuously our protection mechanisms and processes.
drives the continuous improvement of our controls at people, technology, and
processes environments, ensuring that the organization can adapt to new
3. Pentesting and Vulnerability Management: Vulnerability scans and
threats, comply with regulatory requirements, and protect its information assets
ethical hacking exercises, conducted by a third-party, systematically
effectively. The program is supported by a robust cybersecurity internal regula-
identify and mitigate vulnerabilities to protect against evolving cyber
tory structure that consists of our Cybersecurity Policy, 14 global norms, and 15
threats.
standards. It benefits from oversight by various governance entities, including
the Board of Directors’ Audit Committee, an Executive Steering Committee, and
4. Mitigation Process: Enhance cybersecurity by executing projects and
a Chief Information Security Officer who leads our cybersecurity strategy.
tasks derived from technical and risk assessments.
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STRENGTHENING CYBER DEFENSES: LESSONS AND ACTIONS FROM COCA-COLA

FEMSA'S 2023 INCIDENT
In 2023, our company faced a cybersecurity incident, promptly addressed by
activating our cybersecurity protection and response protocols. Throughout this
period, we maintained full control over all our business applications and related
infrastructure.

The measures we took in response to the cybersecurity incident were preventative

and we did not experience any material negative impact on the company’s related
functions. Our business operations and service to customers continued seamlessly
through backup procedures, with a strong focus on safeguarding the integrity,
confidentiality, and availability of our information. Our effective controls identified
and addressed the incident promptly, and by the end of that quarter, we had
successfully resumed normal primary processes.

Data security is extremely important to us. Our team, including third-party experts,
has been working to enhance our cybersecurity risk management program and
security posture according to lessons learned from the incident. We undertook a
comprehensive forensic assessment of the incident to ensure the complete security
of our systems. This approach emphasized our commitment to rigorous cybersecurity
standards and our dedication to protecting our stakeholders' interests.

During the year, we further strengthened our controls by focusing on improving

processes, technology, and personnel, aiming at bolstering prevention, detection,
and resilience to cyber threats. Additionally, we advanced our employee training and
awareness efforts to promote secure online behaviors.

Our ambition in cyber and data security is to become a recognized leader within the
Coca-Cola System and throughout our value chain.
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SUPPLY CHAIN MANAGEMENT

Supply Chain Resilience and Sustainability
We are committed to maintaining a robust and resilient supply chain, essential for the reliable delivery
of our products to customers. This commitment entails promoting the continuous flow of inputs as
well as collaborating with our suppliers to advance our sustainability priorities. To this end, we follow a
robust process to assess our suppliers, fostering alignment of our supply chain with our sustainability
ambitions.

The Coca-Cola Company Supplier Guiding Principles

As bottlers within the Coca-Cola system, we adhere to rigorous standards enforced through audits
conducted under The Coca-Cola Company's Supplier Guiding Principles protocol. These evaluations
are carried out by an accredited external firm appointed by The Coca-Cola Company, ensuring our
operations align with their 12 Supplier Guiding Principles.
SUSTAINABLE
SUGAR SOURCING
In 2023, The Coca-Cola Company carried out 123 evaluations of strategic suppliers in our system,
aligned with The Coca-Cola Company’s Supplier Guiding Principles and Sustainable Agricultural Guid- As of 2023, 72% of our sugar suppliers
ing Principles. have obtained Bonsucro certification. Those
companies are responsible for providing 71% of
Suppliers assessed under The Coca-Cola Company’s Supplier Guiding Principles our total sugar procurement by volume. Bonsucro
serves as the foremost global sustainability platform
Country 2016 2017 2018 2019 2020 2021 2022 2023 and standard for sugarcane, aiming to expedite
Mexico 52 40 59 37 27 130 46 37 the sustainable production and use of sugarcane
Costa Rica 3 7 0 1 7 0 1 7 with a focus on climate action, human rights,
and adding value within the supply chain. This
Guatemala 5 8 7 8 7 7 7 7 indicates our strategic move towards ensuring
Nicaragua 1 0 0 1 1 0 1 1 that a significant share of our primary
Panama 0 3 3 2 1 1 3 2 agricultural input, sugar, is sourced in
an environmentally and socially
Argentina 11 19 10 10 10 25 11 11
responsible manner.
Brazil 47 102 51 42 57 65 45 45
Colombia 7 18 11 4 10 25 6 13
Total 126 197 141 105 120 253 120 123
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Assessing Suppliers’ Sustainability Performance Using Our Supplier Guiding Principles

In addition to complying with The Coca-Cola continued to encourage the use of our Supplier ADVANCING OUR SCOPE 3 EMISSIONS
Company’s Supplier Guiding Principles, a Guiding Principles for Tier 2 suppliers—the sup-
prerequisite for becoming a new supplier is pliers of our suppliers. In 2023, we assessed 50 REDUCTION GOALS
committing to Coca-Cola FEMSA’s → Supplier Tier 2 suppliers for a total of 228 assessments
Guiding Principles and the company’s Code of since 2018. Collaborating with our suppliers is cru-
Conduct. These documents clarify the values cial in reducing our Scope 3 emissions,
and behaviors we expect and audit within our Moreover, at Coca-Cola FEMSA we extend our which constitute a significant portion of
value chain. Additionally, during the supplier commitment beyond mere assessment; through our overall carbon footprint. By engag-
registration process, we conduct evaluations on the FEMSA supplier program, we actively offer ing closely with them, we can extend
anti-corruption and money laundering to ensure our suppliers the opportunity to receive train- our sustainability efforts beyond our di-
full compliance with applicable regulations. ing and support, empowering them to progress rect operations, driving collective action
on their sustainability journey. This initiative towards environmental responsibility.
In 2023, we assessed 749 suppliers, evaluating reflects our dedication not only to uphold high
their alignment with our company’s principles standards but also to foster a collaborative Among our top 25 suppliers, represent-
and values across four categories: environmen- environment that drives sustainable practices ing 51% of our Scope 3 emissions, 52%
tal stewardship, social and labor rights, commu- across our supply chain. have established science-based tar-
nity involvement, and ethical behavior. We also gets, and an additional 12% are com-
mitted with the Science Based Targets
Suppliers assessed under Coca-Cola FEMSA’s Supplier Guiding Principles initiative (SBTi) to reduce their green-
house gas emissions in alignment with
Country
Mexico
2016
198
2017
245
2018
172
2019
165
2020
164
2021
143
2022
217
2023
246
global efforts.
95%
of our procurement
Costa Rica 120 106 34 41 35 47 38 38
comes from local
Guatemala 49 34 36 35 57 68 61 suppliers.
Nicaragua 84 94 27 21 15 24 13 20
Brazil 45 66 63 245 266 187 223
Panama 36 24 30 36 34 35
Argentina 31 31 17 42 41 34
Colombia 30 51 56 45 60
Uruguay 15 27 28 22 32
Total 402 539 400 426 619 699 665 749
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RISK MANAGEMENT
Risk Management Process Embedding a sustainability perspective into these processes requires
Our Comprehensive Risk Management Process plays a crucial role us to take a longer term and broader view of our operations, con-
in managing the impact of both internal and external factors on our sidering interdependencies such as the linkage between potential
business. This involves identifying, assessing, and reporting short- ESG regulation and our ability to operate. Several of our risks can be
and long-term risks to not only quantify their potential impact but also mitigated through effective action, making their accurate mapping
craft strategic mitigation plans. Our proactive approach to risk identifi- crucial. During the latest update of our risk and control base, we
cation enables us to recognize and understand emerging risks effec- found that around 28% of the identified risks are connected to one or
tively. This proactive approach also ensures we are well-prepared to more ESG aspects.
safeguard our business continuity against unforeseen adversities.
Sustainability linked risk management calls for proactive reporting to
Key elements of our risk management framework include: maintain transparency, contributing to our stakeholders being well-in-
formed about our risk mitigation actions. Our goal is to establish a fully
• Performing sensitivity analysis on financial and non-financial risks mature, industry-leading sustainability risk management process that
to understand potential implications. quantifies and reports our sustainability impact to our stakeholders.
• Regularly reviewing our company’s risk exposure to stay ahead of
emerging threats.
• Auditing our risk management process to ensure compliance with MANAGING INCIDENTS AND CRISES EFFICIENTLY
industry standards and best practices.
Our Incident Management and Crisis Resolution (MIRC) meth-
Embedding a Sustainability Perspective odology is a comprehensive approach designed for managing
Our thorough risk management process is intricately linked to both incidents and crises efficiently. Led from FEMSA, MIRC is
our materiality analysis and Sustainability Framework. This connec- implemented across all our operations, to ensure rapid and
tion ensures that identified sustainability risks are prioritized based effective response capabilities within our work centers. This
on several key factors: their likelihood, potential impact, and the methodology encompasses the identification of incidents,
timing of their incidence on material issues. Additionally, we con- assessment of potential impacts, evaluation of occurrence
sider how these risks relate to our overall strategy and the specific probability, and the development of emergency plans and risk
measures we are implementing to mitigate them. This methodical mitigation strategies, enabling us to maintain resilience and
approach allows us to manage risks strategically and align them with operational continuity.
our broader organizational goals, reinforcing our commitment to
robust and forward-thinking risk management.
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RISK MANAGEMENT MATRIX Our company is present in different countries and regions; consequently, we are continually exposed to an en-
vironment that presents challenges and risks. Our ability to manage potential risks is vital for our business’ val-
ue creation. Accordingly, our business strategy includes a Comprehensive Risk Management Process through
which we are able to identify, measure, register, assess, prevent, and mitigate risks.

Main Risk Potential Impacts Key Mitigation Actions Main Risk Potential Impacts Key Mitigation Actions
• Termination of the bottler • Comply with the bottler agreements. • Changes in consumer • Offer affordable prices, returnable packaging,
agreements. • Work together and promote effective interaction preferences. effective promotions, access to retail outlets and
Strategic Shareholder • Actions contrary to between our strategic shareholders in order to • Lower pricing by sufficient shelf space, enhanced customer service,
Relationships the interests of our maximize value creation. competitors. and innovative products.
Our business depends shareholders other than Competition • Identify, stimulate, and satisfy consumer
on our relationship with The Coca-Cola Company Competition could preferences.
The Coca Cola Company and FEMSA. adversely affect our
and FEMSA, and changes business, financial
in this relationship may performance, and results
adversely affect us. of operations.

• Variability in the demand • Transform into a total beverage company aligned • Business disruption. • A systemic approach to cyber security based on
for our products. with consumers’ changing tastes and lifestyles. • Theft or unauthorized industry standards and The Coca-Cola Company
• Plastic pollution concerns • Build a winning multi-category portfolio of exposure of sensitive or Business Resilience Framework.
may change consumer products and presentations. confidential information. • Oversight by the Board’s Audit Committee, the
Consumer Preferences preferences regarding our • Drive our low- and no-sugar portfolio ahead of Cyber Incidents • Regulatory senior management, and a Chief Information
Changes in consumer portfolio. consumer trends. Since our business is noncompliance. Security Officer.
preferences, purchase • Offer sustainable packaging options for our highly leveraged by • Fraud. • Cybersecurity-focused organizational structure.
drivers, and consumption beverages. information systems and • Economic loss. • Risk management process supported by periodic
habits might generate digital services, it could be • Reputational damage independent assessments.
variability in the demand significantly affected in the and/or impact on share • Personnel awareness and training program
for some of our products. event of a security breach value. regarding cybersecurity, social engineering, and
or cyber incident that phishing prevention.
• Damage to Coca-Cola’s • Maintain the reputation and intellectual property
affects the confidentiality, • Continuous investment to strengthen the security
and our trademark rights of Coca-Cola trademarks and our own
availability, or integrity of existing processes and technologies.
reputation. trademarks.
of information and • Security by design approach to the new business
• Effective brand protection.
information systems. digital initiatives.
Coca-Cola Trademarks • Strictly comply with Responsible Marketing
• Continuous improvement of monitoring, incident
Coca-Cola’s and our Policies.
response, and resilience capabilities.
brand reputation or brand
violations could adversely
affect our business.
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 1 1

Main Risk Potential Impacts Key Mitigation Actions Main Risk Potential Impacts Key Mitigation Actions
• Affect and reduce • Through a risk management strategy, hedge our • Investigations and • Comply with applicable laws and regulations and
consumer per capita exposure to interest rates, exchange rates, and proceedings on tax, comply with workplace rights policy.
income, which could raw material costs. consumer protection,
Economic, Political, and result in decreased • Evaluate annually, or more frequently, when the Legal Proceedings environmental, and labor
Social Conditions consumer purchasing circumstances require, the possible financial Unfavorable outcomes of matters.
Adverse economic power. effects of these conditions and, to the extent legal proceedings could
conditions, political, • Lower demand for our possible, anticipate mitigation measures. adversely impact our
and social events in products, lower real • Develop scenarios and contingency plans for business.
the countries where we pricing of our products adverse political and social developments that
operate and elsewhere, or a shift to lower margin allow for business continuity considering, among • Impact consumer • Implement business continuity plans and safety
and changes in products. other options: alternative distribution routes, patterns and beverage protocols to protect employees and avoid
governmental policies • Negatively affect our stock management to prioritize critical SKUs, etc. sales. significant disruptions to our business.
may adversely affect company and materially Weather Conditions, • Affect plants’ installed • Insure assets and operations against such adverse
our business, financial affect our financial Natural Disasters, and capacity, road events.
condition, results of condition, results Public Health Crises infrastructure, and points
operations, and prospects. of operations, and Adverse weather of sale.
prospects. conditions, natural • Negatively affect our
• Sudden changes in disasters, and public business, financial
our production due to health crises may condition, results
last-minute regulatory adversely affect our of operations, and
adjustments, which could business, financial prospects.
imply increased costs. condition, results of
operations, and prospects.
• Increase in operating and • Identify regulatory risks and proposals of changes
compliance costs. to regulations that directly affect our operation or • Difficulties and • Integrate acquired or merged businesses’
• Restrictions imposed on financial condition. unforeseen liabilities operations in a timely and effective way, retaining
Regulations our operations. • Advocacy work to provide our views on legislators’ or additional costs key qualified and experienced professionals.
Taxes and changes in • Limitations on the use proposed regulatory changes. in restructuring and
regulations in the regions of certain ingredients or Acquisitions and integrating operations.
where we operate could packaging material (PET). Business
adversely affect our • The imposition of new Alliances
business. taxes, increases in Inability to successfully
existing taxes, or changes integrate acquisitions
in the interpretation of tax or achieve expected
laws and regulation by tax synergies could adversely
authorities that may have affect our operations.
a material adverse effect
on our business, financial
condition and results of
operations.
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Main Risk Potential Impacts Key Mitigation Actions Main Risk Potential Impacts Key Mitigation Actions
• Financial loss. • Closely monitor developments that may affect • Water supply may be • Efficient water usage.
• Increase cost of some raw exchanges rates. insufficient to meet our • Execute water conservation and replenishment
materials. • Hedge our exposure to the U.S. dollar with respect future production needs. projects.
Foreign Exchange • Adversely affect our to certain local currencies, our U.S. dollar- Water • Water supply may be • Maintain 100% legal compliance.
Depreciation of the local results, financial denominated debt obligations, and the purchase Water shortages or failure adversely affected due to • Develop a water risk index, including four issues
currencies of the countries condition, and cash flows of certain U.S. dollar-denominated raw materials. to maintain our current shortages or changes in that need to be assessed: community and public
where we operate relative in future periods. water concessions could governmental regulations perception risks, scarcity of water and other
to the U.S. dollar could adversely affect our or environmental inputs, regulatory risks, and legal risks for each of
adversely affect our business. changes. our bottling plants.
financial condition and • Water concessions • Advocacy work with Governments to provide best
results. or contracts may be practices on proposed regulations.
terminated or not • Update water risk assessment tool and work plans
• Negatively affect • Identify sources of our operations’ CO2e renewed. that contemplate aspects such as climate change,
consumer patterns and emissions. resilience to hydrological stress, media and
reduce sales. • Support and comply with climate change social vulnerabilities, as well as regulations and
Climate Change • Affect plants’ installed mitigation measures. production volumes for each of our bottling plants.
Adverse weather capacity, road • Identify and reduce our environmental footprint • Secure water concessions for our production
conditions could adversely infrastructure, raw through efficient use of water, energy, and facilities.
affect our business and material supply, and materials.
results of operations. points of sale. • Shortage or insufficient • Implement measures to mitigate the negative
availability of raw effect of product pricing on our margins such as
• Damage to our brands • Effective brand protection. materials may adversely hedging via derivative instruments.
or corporate reputation • Proactive external communication. affect our capacity • Proactively address risk of supply on our value
without affording us an Raw Materials
to ensure production chain.
opportunity for correction. Increases in the price of
Social Media continuity. • Strict compliance with our Supplier Guiding
raw materials we use to
Negative or inaccurate • Adjustments to our Principles.
manufacture our products
information on social product portfolio • Strategically adjust our product portfolio to enable
could adversely affect
media could adversely according to availability. us to minimize the impact of certain operating
our production costs.
affect our reputation. disruptions.
Insufficient availability
of raw materials could
limit the production of our
beverages.

→ For more information please see our 20-F Report.

The impacts of climate change are not only relevant for the planet, also to prepare for future climate change challenges, we identified
but also for the communities where we operate. Accordingly, identi- and quantified the main related risks and opportunities, as well as
STRATEGIC MANAGEMENT OF CLIMATE fying climate-related risks and opportunities will enable us to be pre- their potential financial impacts in the short, medium, and long term.
pared to mitigate its effects, build resilience in the communities, and
RISKS AND OPPORTUNITIES ensure that our organization’s growth is responsible and serves our → For more information please visit our 2023 Task Force on Climate-
stakeholders. To not only respond to our stakeholders’ concerns, but Related Financial Disclosures (TCFD) Report on page 121.
APPENDICES
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FINANCIAL SUMMARY Amounts expressed in millions of U.S. dollars and

Mexican pesos, except data per share and headcount.

U.S. (*) 2023 2022 (1) 2021 2020 2019

INCOME STATEMENT
Total revenues 14,502 245,088 226,740 194,804 183,615 194,471
Cost of goods sold 7,943 134,228 126,440 106,206 100,804 106,964
Gross profit 6,560 110,860 100,300 88,598 82,811 87,507
Operative expenses 4,503 76,098 68,981 60,720 56,444 60,537
Other expenses, net 75 1,272 983 807 3,611 2,490
Comprehensive financing result 278 4,697 4,549 4,219 6,678 6,071
Income before income taxes and share of the profit or of associates and joint ventures 1,704 28,792 25,787 22,852 16,077 18,409
accounted for using the equity method
Income taxes 520 8,781 6,547 6,609 5,428 5,648
Share in the profit (loss) of equity accounted investees, net of taxes 13 215 386 88 (281) (131)
Consolidated net income 1,197 20,226 19,626 16,331 10,368 12,630
Equity holders of the parent for continuing operations 1,156 19,536 19,034 15,708 10,307 12,101
Non-controlling interest net income for continuing operations 41 690 592 623 61 529
RATIOS TO REVENUES (%)
Gross margin 45.2 45.2 44.2 45.5 45.1 45.0
Net income margin 8.3 8.3 8.7 8.4 5.6 6.5
CASH FLOW
Operative cash flow 2,502 42,289 35,491 32,721 35,147 31,289
Capital expenditures (2) 1,266 21,396 19,665 13,865 10,354 11,465
Total cash, cash equivalents 1,838 31,060 40,277 47,248 43,497 20,491
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 1 5

U.S. (*) 2023 2022 (1) 2021 2020 2019

BALANCE SHEET
Current assets 4,008 67,738 79,212 80,364 72,440 56,796
Investment in shares 547 9,246 8,452 7,494 7,623 9,751
Property, plant and equipment, net 4,659 78,730 71,205 62,183 59,460 61,187
Intangible assets, net 5,986 101,162 103,122 102,174 103,971 112,050
Deferred charges and other assets, net 985 16,644 16,004 19,352 19,572 18,055
Total Assets 16,185 273,520 277,995 271,567 263,066 257,839
Liabilities
Short-term bank loans and notes payable 8 140 8,524 2,453 5,017 11,485
Interest payable 45 764 862 811 712 439
Other current liabilities 3,196 54,012 48,574 42,957 37,116 39,086
Long-term bank loans and notes payable 3,851 65,074 70,145 83,329 82,461 58,492
Other long-term liabilities 1,173 19,825 18,014 14,445 15,303 18,652
Total Liabilities 8,273 139,815 146,119 143,995 140,609 128,154
Equity 7,912 133,705 131,876 127,572 122,457 129,685
Non-controlling interest in consolidated subsidiaries 395 6,680 6,491 6,022 5,583 6,751
Equity attributable to equity holders of the parent 7,516 127,025 125,385 121,550 116,874 122,934
FINANCIAL RATIOS (%)
Current 1.23 1.23 1.37 1.74 1.69 1.11
Leverage 1.05 1.05 1.11 1.13 1.15 0.99
Capitalization 0.33 0.33 0.39 0.41 0.43 0.37
Coverage 10.80 10.80 8.68 6.11 5.13 5.51
DATA PER SHARE
Book Value (3) 0.447 7.558 7.460 7.232 6.954 7.315
Income tributable to the holders of the parent (4) 0.069 1.162 1.133 0.935 0.610 0.723
Dividends paid (5) 0.040 0.725 0.679 0.634 0.608 0.443
Headcount (6) 104,241 104,241 97,211 83,754 82,334 82,186

(1) Information considers full-year of KOF’s territories and eleven months of CVI Refrigerantes Ltda. ("CVI").
(2) Includes investments in property, plant and equipment, refrigeration equipment and returnable bottles and cases, net of disposals of property, plant and equipment.
(3) Based on 16,806.7 million ordinary shares as of December 31, 2023, 2022, 2021, 2020 and 2019.
(4) Computed based on the weighted average number of shares outstanding during the periods presented:16,806.7 million for 2023, 2022, 2021, 2020 and 2019.
(5) Dividends paid during the year based on the prior year's net income, using 16,806.7 millions outstanding ordinary shares for 2023, 2022, 2021, 2020 and 2019.
(6) Includes third-party.
* Exchange rate as of December 31, 2023 Ps. 16.8998 per U.S. dollar solely for the convenience of the reader according to the federal USA reserve.
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MANAGEMENT DISCUSSION AND ANALYSIS Results for the Year Ended

December 31, 2023
Compared to the Year
Ended December 31, 2022

Consolidated Results • Sales volume of our bottled water category, excluding bulk water, increased by 17.6% in 2023 as
The comparability of our financial and operating performance in 2023 as compared to 2022 was compared to 2022.
affected by the following factors: (1) translation effects from fluctuations in exchange rates; (2) our • Sales volume of our bulk water category increased by 24.6% in 2023 as compared to 2022.
results in Argentina, whose economy satisfied the conditions to be considered a hyperinflationary
economy and (3) the ongoing integration of mergers and acquisitions completed in recent years, Consolidated average price per unit case decreased by 0.4% to Ps. 58.54 in 2023, as compared to
specifically the acquisitions of CVI in Brazil in January 2022. To translate the full-year results of Ps. 58.75 in 2022, mainly as a result of the negative translation effect resulting from the depreci-
Argentina for the years ended December 31, 2023 and 2022, we used the exchange rate at De- ation of most of our operating currencies relative to the Mexican peso. This was partially offset by
cember 31, 2023 of 808.45 Argentine pesos per U.S. dollar and the exchange rate at December favorable price-mix effects and revenue management initiatives.
31, 2022 of 177.16 Argentine pesos per U.S. dollar. The depreciation of the exchange rate of the
Argentine peso at December 31, 2023, as compared to the exchange rate at December 31, 2022, Gross Profit. Our gross profit increased by 10.5% to Ps. 110,860 million in 2023 as compared to
was 356.3%. In addition, the average appreciation of currencies used in our main operations rela- 2022, with a gross margin increase of 100 basis points as compared to 2022 to reach 45.2% in
tive to the U.S. dollar in 2023, as compared to 2022, was 5.8% for the Brazilian real, 10.7% for the 2023. This gross margin increase was mainly driven by our top-line growth, declining packaging
Mexican peso, and of 15.3% for the Colombian peso relative to the U.S. dollar. costs, and favorable raw material hedging initiatives. These effects were partially offset by higher
sweetener costs across our territories.
Total Revenues. Our consolidated total revenues increased by 8.1% to Ps. 245,088 million in 2023
as compared to 2022, mainly as a result of volume growth, our revenue management initiatives The components of cost of goods sold include raw materials (principally concentrate, sweeteners
and favorable mix effects. These effects were partially offset by unfavorable currency translation and packaging materials), depreciation costs attributable to our production facilities, wages and
effects from most of our operating currencies into Mexican pesos. other labor costs associated with labor force employed at our production facilities and certain over-
head costs. Concentrate prices are determined as a percentage of the retail price of our products in
Total sales volume increased by 7.8% to 4,047.8 million unit cases in 2023 as compared to 2022, local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and alumi-
driven mainly by growth in all of our territories, including a strong performance in Mexico, Brazil, num, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars.
Colombia and Guatemala in 2023.
Administrative and Selling Expenses. Our administrative and selling expenses increased by
• In 2023, sales volume of our sparkling beverage portfolio increased by 5.2%, sales volume of our 10.3% to Ps.76,098 million in 2023 as compared to 2022. Our administrative and selling expenses
colas portfolio increased by 6.1%, and sales volume of our flavored sparkling beverage portfolio as a percentage of total revenues increased by 60 basis points to 31.0% in 2023 as compared to
increased by 2.0%, in each case as compared to 2022. 2022, mainly driven by increased marketing, maintenance and labor expenses. These effects were
• Sales volume of our still beverage portfolio increased by 6.5% in 2023 as compared to 2022. partially offset by an operating foreign exchange gain in Mexico as a result of the appreciation of
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the Mexican Peso. In 2023, we continued investing across our territories to support marketplace the deferred tax, compared to the favorable effects that were recognized in the previous year. For
execution, increase our cooler coverage, and increase our production capacity. more information, see Note 24 to our consolidated financial statements.

Other Expenses Net. We recorded other expenses net of Ps.1,272 million in 2023 as compared to Share in the Profit (Loss) of Equity Accounted Investees, Net of Taxes. In 2023, we recorded a
Ps.983 million in 2022, this increase was mainly as a result of an increase of provisions and pre-op- gain of Ps.215 million in the share in the profit of equity accounted investees, net of taxes, mainly
erational expenses. For more information, see Notes 19 and 25.6 to our consolidated financial due to the results of Jugos del Valle, our associate in Mexico and Fountain Agua Mineral LTDA, as
statements. compared to a gain of Ps.386 million registered during the previous year.

Comprehensive Financing Result. The term “comprehensive financing result” refers to the Net Income (Equity holders of the parent). We reported a net controlling interest income of
combined financial effects of net interest expenses, net financial foreign exchange gains or losses, Ps.19,536 million in 2023, as compared to Ps.19,034 million in 2022. This 2.6% increase was
net gains or losses on the monetary position of hyperinflationary countries where we operate and mainly driven by operating income growth, partially offset by an increase in our effective tax rate
market value gain (loss) on financial instruments. Net financial foreign exchange gains or losses during the year.
represent the impact of changes in foreign exchange rates on financial assets or liabilities denom-
inated in currencies other than local currencies, and certain gains or losses resulting from deriv- Results by Consolidated Reporting Segment
ative financial instruments. A financial foreign exchange loss arises if a liability is denominated in Mexico and Central America
a foreign currency that appreciates relative to the local currency between the date the liability is Total Revenues. Total revenues in our Mexico and Central America consolidated reporting segment
incurred and the date it is repaid, as the appreciation of the foreign currency results in an increase increased by 14.0% to Ps.149,362 million in 2023 as compared to 2022, mainly as a result of a
in the amount of local currency, which must be exchanged to repay the specified amount of the volume increase in all of our territories coupled with favorable price-mix effects.
foreign currency liability.
Total sales volume in our Mexico and Central America consolidated reporting segment increased by
Comprehensive financing result in 2023 recorded an expense of Ps.4,607 million as compared to 9.4% to 2,394.8 million unit cases in 2023 as compared to 2022, as a result of a volume increase
an expense of Ps.4,549 million in 2022. This 3.3% increase was mainly driven by a higher foreign in all our territories.
exchange loss of Ps.1,046 million as compared to a loss of Ps.324 million recorded during the same
period of 2022, as our cash exposure in U.S. dollars was negatively impacted by the appreciation • Sales volume of our sparkling beverage portfolio increased by 6.0% in 2023 as compared to
of the Mexican peso. In addition, we recognized a lower gain in monetary position in inflationary 2022, mainly driven by a 6.7% increase in our colas beverage portfolio.
subsidiaries, recording Ps.93 million during 2023, as compared to a gain of Ps.536 million during • Sales volume of our still beverage portfolio increased by 7.6% in 2023 as compared to 2022, due
the previous year. These effects were partially offset by a gain in the market value of financial to an 8.0% increase in Mexico.
instruments of Ps.169 million during 2023, as compared to a loss of Ps.672 million during 2022. • Sales volume of bottled water, excluding bulk water, increased by 17.2% in 2023 as compared to
In addition, we recorded net interest expense, of Ps.3,914 million, as compared to an expense of 2022, due to double-digit increases in both Mexico and Central America.
Ps.4,089 million in 2022, [mainly driven by increases in interest income as a result of an increase • Sales volume of our bulk water portfolio increased by 25.9% in 2023 as compared to 2022, due
in interest rates. to a double-digit increase in Mexico and Central America.

Income Taxes. In 2023, our effective income tax rate increased to 30.50%, as compared to our Sales volume in Mexico increased by 8.7% to 2,052.9 million unit cases in 2023, as compared to
effective income tax rate of 25.4% in 2022 mainly as a result of lower favorable effects in 2023 in 1,889.9 million unit cases in 2022, mainly as a result of solid volume performance.
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• Sales volume of our sparkling beverage portfolio increased 4.4% in 2023 as compared to 2022, South America
driven by a 5.2% increase in our colas portfolio and a 0.9% increase in our flavored sparkling Total Revenues. Total revenues in our South America consolidated reporting segment decreased
beverage portfolio. by 0.01% to Ps.95,726 million in 2023 as compared to 2022, mainly as a result of volume growth,
• Sales volume of our still beverage portfolio increased by 8.0% in 2023 as compared to 2022. favorable price-mix and our revenue management initiatives. These factors were partially offset by
• Sales volume of bottled water, excluding bulk water, increased by 16.6% in 2023 as compared unfavorable currency translation effects resulting from the depreciation of most of our operating
to 2022. currencies as compared to the Mexican peso. Total revenues for beer amounted to Ps. 6,117 mil-
• Sales volume of our bulk water portfolio increased by 25.3% in 2023 as compared to 2022. lion in 2023 as compared to Ps. 5,600 million in 2022.

Sales volume in Central America increased by 14.2% to 341.9 million unit cases in 2023, as com- Total sales volume in our South America consolidated reporting segment increased by 5.5% to
pared to 299.5 million unit cases in 2022, mainly as a result of solid execution, and a solid perfor- 1,653.1 million unit cases in 2023 as compared to 2022, mainly as a result of strong volume
mance in all our territories across the region. growth in Brazil, Colombia and Uruguay coupled with a slight volume growth in Argentina.

• Sales volume of our sparkling beverage portfolio increased by 14.0% in 2023 as compared to • Sales volume of our sparkling beverage portfolio increased by 4.3% in 2023 as compared to
2022, driven by a 14.7% increase in colas and 10.7% increase in our flavored sparkling beverage 2022, mainly driven by a 5.1% increase in our colas portfolio. Sales volume of our still beverage
portfolio. portfolio increased by 5.0% in 2023 as compared to 2022, driven mainly by a 46.2% increase in
• Sales volume of our still beverage portfolio increased by 6.0% in 2023 as compared to 2022. Uruguay and 14.8% increase in Argentina. Sales volume of our bottled water category, excluding
• Sales volume of bottled water, excluding bulk water, increased by 22.7% in 2023 as compared to bulk water, increased by 18.0% in 2023 as compared to 2022, driven mainly by a 52.4% increase
2022. in Brazil and a 31.1% increase in Argentina.
• Sales volume of our bulk water portfolio increased by 287.6% in 2023 as compared to 2022. • Sales volume of our bulk water portfolio increased by 10.7% in 2023 as compared to 2022, due
to an increase in Colombia and Argentina, partially offset by a 4.6% decrease in Brazil.
Gross Profit. Our gross profit in our Mexico and Central America consolidated reporting segment
increased by 15.5% to Ps.71,665 million in 2023 as compared to 2022 and gross profit margin Sales volume in Brazil increased by 5.8% to 1,075.1 million unit cases in 2023, as compared to
increased 60 basis points to 48.0% as compared to 2022. This gross margin increase was driven 1,016.2 million unit cases in 2022.
mainly by our top-line growth, declining packaging costs and the appreciation of the Mexican Peso
as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by • Sales volume of our sparkling beverage portfolio increased by 5.6% in 2023 as compared to
increases in sweeteners costs. 2022, as a result of an increase of 6.8% in our colas portfolio and an increase of 2.2% in our fla-
vored sparkling beverage portfolio.
Administrative and Selling Expenses. Administrative and selling expenses as a percentage of • Sales volume of our still beverage portfolio increased] by 3.4% in 2023 as compared to 2022.
total revenues in our Mexico and Central America consolidated reporting segment increased by • Sales volume of our bottled water, excluding bulk water, increased by 13.1% in 2023 as com-
120 basis points to 32.4% in 2023 as compared to 2022. Administrative and selling expenses, in pared to 2022.
absolute terms, increased by 18.4% in 2023 as compared to 2022 driven mainly by an increase in • Sales volume of our bulk water portfolio decreased by 4.6% in 2023 as compared to 2022.
operating expenses such as labor, marketing and maintenance.
Sales volume in Colombia increased by 5.3% to 347.6 million unit cases in 2023, as compared to
330.1 million unit cases in 2022.
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• Sales volume of our sparkling beverage portfolio increased by 4.0% in 2023 as compared to Sales volume in Uruguay increased by 10.9% to 51.7million unit cases in 2023, as compared to
2022, mainly driven by a 3.6% growth in colas and 5.7% volume growth in our flavored sparkling 46.6 million unit cases in 2022.
beverage portfolio.
• Sales volume of our still beverage portfolio increased] by 2.3% in 2023 as compared to 2022. • Sales volume of our sparkling beverage portfolio increased by 3.3% in 2023 as compared to
• Sales volume of bottled water, excluding bulk water, increased by 15.5% in 2023 as compared to 2022.
2022. • Sales volume of our still beverage portfolio increased by 46.2% in 2023 as compared to 2022.
• Sales volume of our bulk water portfolio increased by 11.5% in 2023 as compared to 2022. • Sales volume of bottled water increased by 52.4% in 2023 as compared to 2022.

Sales volume in Argentina increased by 2.7% to 178.7 million unit cases in 2023, as compared to Gross Profit. Gross profit in our South America consolidated reporting segment amounted to
173.9 million unit cases in 2022. Ps.39,195 million, an increase of 2.4% in 2023 as compared to 2022, with a 90 basis point margin
expansion to 40.9%. This increase in gross profit was mainly driven by a favorable price-mix effect,
• Sales volume of our sparkling beverage portfolio decreased] by 3.1% in 2023 as compared to our raw material hedging strategies and an increase in our top-line, partially offset by an increase in
2022, mainly impacted by a 0.9% decrease in colas and 11.7% decrease in our flavored sparkling sweeteners costs.
beverage portfolio.
• Sales volume of our still beverage portfolio increased by 14.8% in 2023 as compared to 2022. Administrative and Selling Expenses. Administrative and selling expenses as a percentage of to-
• Sales volume of bottled water, excluding bulk water, increased by 31.1% in 2023 as compared to tal revenues in our South America consolidated reporting segment decreased by 40 basis points to
2022. 29.0% in 2023 as compared to 2022 driven mainly by savings and efficiencies. Administrative and
• Sales volume of our bulk water portfolio increased by 50.7% in 2023 as compared to 2022. selling expenses, in absolute terms, decreased by 1.4% in 2023 as compared to 2022.
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CAPITAL AND COMPANY ENGAGEMENT

Capital Company Engagement Capital Company Engagement Capital Company Engagement
Human Our people are the core of our company. In Social and The development of our social ambitions and Intellectual We are accelerating our business's digital
line with our people-centric culture, we aim Relationship strategy is founded on an understanding that transformation to become the world’s pre-
to increase opportunities for all collabora- our license to operate relies on developing ferred and most sustainable commercial
tors to fulfill their careers, foster a culture of mutually beneficial relationships between platform. We collaborate to create prioritized
well-being that encompasses a holistic view our company and our internal and external digital and analytical solutions that expedite
of self-care and prevention, and ensure they stakeholders. Internally, we are guided by an the deployment of our commercial platforms
enjoy work-life balance at every stage of their understanding that our people are the core of and solutions. Our approach uses agile cells
careers. Furthermore, we are committed to Coca-Cola FEMSA, and the best way to grow to enhance our competitiveness, proactively
advancing our company's diversity, equity, is to ensure that our talent can live fulfilling tackle industry challenges, capitalize on mar-
and inclusion efforts, with respect and pro- lives—balancing their purpose in and out of ket opportunities, and promote intellectual
tection for human rights. the workplace. Externally, we are focused on growth across our organization.
Nature Our business is committed to the responsible our relationships with local communities and Manufactured Our highly experienced teams operate 56
use of natural resources. We are dedicated the value chain. Recognizing that our opera- bottling plants and 252 distribution centers
to increasing water efficiency in our opera- tions have an enormous impact on our society across nine countries, deliver more than 4.0
tions and securing water availability for our and communities close to our plants, our goal billion unit cases of beverages through a
operations; replenishing the water we use on is to continue to add shared value to ensure primary and secondary fleet to more than 2.1
the production of our beverages to its source; sustainable growth for our company and com- million points of sale, and serve a population
and improving access to water, sanitation in munity serve side by side. of more than 272 million.
our communities. We also work to increase Financial Our financial and operating discipline, robust
energy efficiency across our value chain and capital structure, financial flexibility, trans-
integrate clean and renewable energy sources formative digital initiatives, and adaptability
to reduce carbon emissions. Our commitment to changing market dynamics empower us
extends to accelerating the transition to a to capture both organic and inorganic growth
circular economy and a world without waste, opportunities in our industry. This approach
strengthening our PET collection and use of ensures the creation of sustainable long-term
recycled resin across our operations, while value for our investors.
reducing packaging and operational waste.
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TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES REPORT

The impacts of climate change are not only relevant for the planet, but also for the communities 4. Chief Financial Officer: Responsible for finance, legal, risk management, and sustainable sourcing.
where we operate. Accordingly, identifying climate-related risks and opportunities will enable 5. Chief Supply Chain and Engineering Officer: Responsible for our environmental pillars (climate
us to be prepared to mitigate its effects, build resilience in the communities, and ensure that our action, water stewardships and world without waste).
organization’s growth is responsible and serves all of our stakeholders.
The Sustainability Committee meets four times a year to review climate change-related issues,
To not only respond to our stakeholders’ concerns, but also to prepare for future climate change as well as risks and opportunities. In this way, goals, strategies, and objectives are defined and
challenges, we performed in 2023 a renewed assessment in order to identify and quantify the main integrated into our corporate strategy.
climate-related risks and opportunities, as well as their potential financial impacts in the short,
medium, and long term. This report was prepared based on the recommendations of the Task Force Risk Management
on Climate-related Financial Disclosures (TCFD). Strategy: Identification of actual and potential impacts of climate-related risks and opportunities
on the organization’s businesses, strategy, and financial planning
Governance
Organization’s Governance Around Climate-Related Risks and Opportunities Risk Management: Processes used by the organization to identify, assess, and manage cli-
At Coca-Cola FEMSA, the Chairman of the Board oversees and ensures the implementation of our mate-related risks. Coca-Cola FEMSA’s risk management methodology is based on criteria estab-
company’s Sustainability Strategy, aligning our business priorities to fulfill our commitment to lished in ISO 31000 and the Internal Control-Integrated Framework (ICIF-2013) issued by the
creating economic value and generating social and environmental well-being for our stakeholders. Committee of Sponsoring Organizations of the Treadway Commission (COSO). The assessment
includes our own operations, upstream and downstream activities.
We established a Sustainability Committee comprised of our company’s CEO, CFO, Human Re-
sources, Supply Chain, and Corporate Affairs Directors, and permanent guests from the FEMSA For more information about our risk management methodology, please visit Ethics and Gover-
sustainability team, among others. nance on page 94 and refer to the GRI index, standards 2-12 and 2-13.

1. Chief Executive Officer: Oversee and ensure the implementation of our company’s Sustain- We assess physical and transitional risks and opportunities in line with TCFD recommendations
ability Framework using a five-step method:
2. Chief Operating Officers: Supervise and ensure that our company’s Sustainability Framework
is implemented in their divisions. 1. Identification of climate risks and opportunities (qualitative analysis).
3. Chief Corporate Affairs Officer: Responsible for our company’s Sustainability Framework and 2. Definition of climate scenarios and time horizons.
our community development priorities. 3. Identification of variables associated with climate scenarios.
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4. Estimation of risk and opportunity parameters. Time Horizons: We used three-time horizons with three different scenarios, which helped us to
5. Calculation of value at risk from climate change (includes a quantitative estimate of the ex- understand the potential impact of climate-related risks and opportunities on our business. We
pected and stressed impact of risks and opportunities). chose them for scenario analysis due to the relative abundance of data available for reference
and their compatibility with our business plans and schedules. They are also aligned with national
Multidisciplinary groups in our operations (consisting of areas such as sustainability, strategic and international objectives on climate change: a “short-term” period (2030), a “medium-term”
planning, operations, marketing, finance, corporate affairs, etc.) work together to identify, prior- period (2040), and a “long-term” period (2050). Each of the three scenarios and time horizons
itize, and quantify the main climate-related risks and opportunities. As a result of our review of presents its own social, political-regulatory, economic, and technological-energy context, with
recommended scenarios and multidisciplinary working sessions, we considered three scenarios important differences and consequences regarding climate change. The IPCC and IEA scenar-
in our analysis, using a combination of those presented by the International Energy Agency (IEA), ios are those recommended by the TCFD, with wide market adoption. The vast majority of the
the Intergovernmental Panel on Climate Change (IPCC), and the Network for Greening the Finan- physical climate models follow the IPCC’s Representative Concentration Pathways (RCPs). NGFS
cial System (NGFS). scenarios are compatible with the Financial Stability Board and provide comprehensive databases
of market variables. All three sets of scenarios are consistent and must be updated frequently.
This combination will help us to assess the physical and transitional risks and opportunities within
several temperature-rise scenarios by adhering to TCFD recommendations: Risk Matrix: Please see our Risk Matrix in Ethics and Governance on page 110.
For more information please visit our →20-F report.
1. Net Zero Scenario, global temperature rises 1.5°C
Assumption: Net zero emissions are achieved globally by 2050 through international coopera-
tion and social involvement.
Selected climate scenarios: a) IPCC (SSP1 – 1.9), b) IEA (NZE), c) NGFS (Net Zero 2050)

2. “Moderate Transition” Scenario, global temperature rises 1.8°C

Assumption: Only those economies with the objective of achieving net zero emissions by
2050 will achieve it through international cooperation and social involvement.
Selected climate scenarios: a) IPCC (SSP1 – 2.6), b) IEA (APS), c) NGFS (Below 2°C)

3. “No Ambition” Scenario, global temperature rises 2.7°C

Assumption: Developed economies do not achieve net zero emissions by 2050. There is lack
of impulse for political agents, who are limited to fulfilling their commitments.
Selected climate scenarios: a) IPCC (SSP2 – 4.5), b) IEA (Stated Policies), c) NGFS (Deter-
mined Contributions)
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Risks and Opportunities Related to Climate

The next table not only summarizes, but also quantifies the main identified risks and opportunities. We identify both physical and transition risks, as well as current and emerging risks and opportunities.
The development of climate change related risks may be influenced by changes in market conditions, regulatory frameworks, technological advancements, and other external factors.

The financial impact was defined with the following ranges: Low (0 to 50), medium (from 51 to 150), and high (more than 150) million US dollars.

Type Category Risk / Opportunity Financial Description See section for information about
impact management and mitigation
Physical risks Chronic Variation of average precipitation High As rainfall decreases in the geolocations of the smaller basins, there would be Foster a sustainable future
a potential limitation of water extraction and, therefore, a decrease in beverage Water stewardship
production.
Acute Extreme rainfall and flooding Low The occurrence of floods could generate complications in production. Additionally,
damage and/or losses to fixed assets may occur.
Transition Legal / Increase in GHG emissions costs Medium Imposing a climate-related tax on business revenues could lead to significant Foster a sustainable future
risks Political additional carbon costs based on our own scope 1 and 2 emissions. Climate action
Market Increase in the cost of raw High The increase in the carbon price that impacts the cost of key raw materials (sugar, Ethics and Governance
materials associated with recycled and non-recycled PET) could mean an increase in the production costs Supply Chain Management
generated emissions given that, when a carbon tax is implemented, the producer could pass this cost
on to the business.
Increase in the cost of sugar due High The climatological changes that climate change may bring may result in the yields Foster a sustainable future
to changes in weather conditions of sugarcane crops being affected (decrease in supply) and the prices of refined World without waste
sugar may increase.
Ethics and Governance
Supply Chain Management
Opportunities Energy Use of low-emission energy High Economic benefit of using renewable energy in operations compared to the Foster a sustainable future
sources sources and new technologies in consumption of energy with a high concentration of carbon. Climate action
own consumption and promotion
of decentralized generation
Resource Improvement in the efficiency of Medium Economic benefit from the development of efficiency projects related to Foster a sustainable future
efficiency facilities and production processes packaging, energy and water. Water stewardship, World Without
Waste, Climate action

Note: Emerging regulations are described in our risk matrix.

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In addition, the following risks and opportunities were also identified: Goals and Metrics
Metrics and targets used to assess and manage relevant climate-related risks and opportunities
Transition Risks: where such information is material.
• Legal/political- Operation limits (input / output): The limits on the transit of the business's
vehicle fleet in certain geographic areas due to the implementation of regulations that promote In 2020, we became the first Mexican company and the third in Latin America to achieve the
a more aggressive reduction of emissions from mobile sources would affect the distribution official approval of our emissions reduction targets by the Science Based Target initiative (SBTi),
process. aligned with the goal of the 2015 Paris Agreement to limit global warming to well below 2°C
• Technology - Disruptive technologies in production processes: Lack of investment in new tech- above preindustrial levels. Accordingly, our 2030 commitments (compared with the 2015 base-
nologies. line) are:
• Reputation - Concern of stakeholders: new demands from stakeholders.
• Reduce 50% absolute GHG emissions from our operations (scope 1 and 2) by 2030 compared
Opportunities: with a 2015 baseline year.
• Products and services - Development and/or expansion of low-emission goods and services and • Achieve 100% renewable electricity for our operations.
diversification of the business model: The implementation of a new product distribution model, • Reduce 20% absolute GHG emissions from the value chain by 2030 compared with a 2015
aligned with the energy transition and the decarbonization of the economy. baseline year.
• Resource efficiency - Reduction in operating expenses due to recycling: The use and expansion
of recycling processes to introduce materials to a new production cycle, in addition to selling Moreover, we meticulously report and verify by a third party our progress in our integrated report
them to third parties. and to the CDP in accordance with their guidelines enhancing transparency regarding our emis-
• Resource efficiency - Improvement in the efficiency of distribution and transportation: Work sion sources and progress to date.
with suppliers to reduce scope 3 emissions from product distribution.
• Resource efficiency - Reduction of water use and consumption: Economic benefits from water To read about or plans, goals, progress, and commitments towards climate change please see
efficiency projects. Foster a Sustainable Future, page 48.
• Resilience - Increasing supply chain security through substitution/diversification: Work with
suppliers to ensure low-emission raw materials.
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PERFORMANCE IN DETAIL
The following Performance in Detail tables represent Coca-Cola FEMSA's sustainability results, meticulous-
ly aligned with our updated Sustainability Framework. This comprehensive data not only showcases our
progress in 2023 but also extends to include a detailed account from the previous two years, reflecting our
dedication to adherence to best industry practices. Through this effort, we aim to provide a clear view of
our sustainability journey, underscoring our commitment to transparency and continuous improvement.

Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
Beverage World without waste
Beverage produced thousands of Megaliters 18.97 20.58 22.21 Waste
Water stewardship Industrial waste
Water Waste generated kton 119.60 129.77 178.22
Water withdrawal Waste recycled kton 116.76 127.84 174.58
Total water withdrawal thousands of Megaliters 27.90 30.24 30.99 Waste recycled % 98% 99% 98%
Municipal water thousands of Megaliters 8.43 9.32 9.24 Waste directed to disposal kton 2.84 1.93 3.64
Rainwater thousands of Megaliters 0.01 0.01 0.01 Waste directed to disposal % 2.0% 1.5% 2.0%
Wells thousands of Megaliters 18.07 19.28 21.74 Hazardous waste (1) kton 2.05 2.36 1.69
Surface water thousands of Megaliters 1.49 1.64 0.00 Waste efficiency
Water discharged Waste per liter of beverage Grams 6.30 6.31 8.17
Total water discharged thousands of Megaliters 8.57 8.56 8.38 Zero waste
Sewer thousands of Megaliters 4.13 3.94 4.46 Bottling plants certified as zero % 46% 77% 84%
River thousands of Megaliters 4.44 4.62 3.92 waste
Distribution centers certified as % 0% 0% 1%
Efficiency
zero waste
Water efficiency Liters of water used per liter of 1.47 1.46 1.42
Materials
beverage produced
PET
Water stressed areas Total used PET kton 270.60 321.22 331.86
Water withdrawal in areas with thousands of Megaliters 12.87 13.51 13.88
Used virgin PET kton 187.50 235.71 221.97
water stress
Used recycled PET kton 83.10 85.51 109.89
Replenishment
Replenish water we use in our % 98% +100% +100% Used recycled PET % 31% 27% 33%
production, focusing on medium Other materials
and high stress sites Paper kton 0.90 0.95 2
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
Paper - recycled content % 1% 1% - Total fleet road kilometers Thousand Km NA NA 492,422.47
Aluminum kton 31.9 31.8 36.6 travelled
Environmental management
Aluminum - recycled content % 70% 70% 64%
Environmental violations
Glass kton 89.3 87.4 119.5
Number of violations of legal # 0 0 0
Glass - recycled content % 30% 30% 36% environmental obligations/
Reusable packaging / Recycling regulations > US$ 10,000
Returnable/refillable bottles from % 33.7% 31.5% 32.0% Sustainable Sourcing
total volume Supplier information
PET collected from the one we put % 45% 26% 31% Total suppliers # 14,583 16,589 14,061
in the market
Tier 1 suppliers # 14,408 16,523 13,912
Climate action (2)
Total significant suppliers (Tier 1) # 520 570 405
GHG Emissions
Absolute Greenhouse Gas kton of CO2e 3,898.64 3,788.75 3,462.48 Percentage of total spend on % NA NA 35%
Emissions significant suppliers in Tier 1
Emissions Scope 1 kton of CO2e 567.85 554.50 576.95 Total number of significant # 175 66 149
suppliers in non Tier 1
Emissions Scope 2 kton of CO2e 50.99 52.11 26.95
Total number of significant # 695 636 554
Emissions Scope 3 (3)
kton of CO2e 3,279.79 3,182.15 2,858.58 suppliers (Tier 1 and non Tier 1)
Emissions Intensity (Scope 1 + 2) grams of CO2e per liter of 32.62 29.48 27.19 Supplier assessment
beverage produced Total suppliers assessed with our # 699 665 749
Energy Supplier Guiding Principles
Total energy use TJ 3,379.07 4,165.42 3,909.35 By country
Argentina # 42 41 34
Electricity from non-renewable TJ 1,020.79 751.37 497.86
sources Brazil # 266 187 223
Electricity from renewable TJ 1,158.55 1,480.27 1,647.05 Colombia # 56 45 60
sources Costa Rica # 47 38 38
Energy from fuels TJ 1,619.22 1,933.77 1,764.44 Guatemala # 57 68 61
Global use of renewable energy (4) % 53% 66% 77% Mexico # 143 217 246
Efficiency Nicaragua # 24 13 20
Energy efficiency liters of beverage produced per 5.66 5.97 6.11
Panama # 36 34 35
megajoule of energy used
Uruguay # 28 22 32
Fleet
Assessment and development
Fleet fuel management
Total number of suppliers # 1,013 820 922
Fleet fuel consumed TJ NA NA 5,539.94 assessed
Percentage renewable % <1 <1 1.3
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
% of significant suppliers % 49% 21% 30% Suppliers with high ESG % NA NA 32%
assessed (5) compliance
Number of suppliers assessed # NA NA 43 Integral Employee Well-being
with substantial actual/potential Hires
negative impacts (6) Total hires # 17,751 20,872 29,179
Suppliers identified as having % 100% 100% 100%
By country
significant actual and potential
negative environmental impacts Argentina # NA 413 420
with which improvements were Brazil # NA 6,401 6,905
agreed upon as a result of Colombia # NA 725 779
assessment
Costa Rica # NA 256 467
Number of suppliers with # NA NA 7
substantial actual/potential Guatemala # NA 2,543 2741
negative impacts that were Mexico # NA 10,176 17,493
terminated Nicaragua # NA 138 123
Total number of suppliers # NA NA 43
Panama # NA 102 133
supported in corrective action
plan implementation (7) Uruguay # NA 118 118
% of suppliers assessed with % 100% 100% 100% By gender
substantial actual/potential Male % 79% 83% 82%
negative impacts supported Female % 21% 17% 18%
in corrective action plan
implementation By age group
Total number of suppliers in # NA NA 948 18-34 % 80% 82%
capacity building programs (8) 35-44 % 16% 25%
% of significant suppliers in % NA NA 33% 45-60 % 4% 3%
capacity building programs
60+ % 0% 0%
Certifications of Agricultural Crops
<30 % 60%
% of sugar volume from Bonsucro % 40% 52% 71%
30-39 % 30%
certified suppliers
40-49 % 8%
Local suppliers
50-59 % 1%
Buying of local suppliers vs. total % 94.69% 90.37% 95.03%
60+ % 1%
ESG maturity in suppliers
Internal hires
ESG assessment to suppliers
Open positions filled by internal % 32% 55% 31%
Suppliers with low ESG % NA NA 36%
candidates
compliance
Hiring costs
Suppliers with medium ESG % NA NA 32%
compliance Average hiring cost Mexican pesos 1,603.77 2,411.34 1,709.65
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
Turnover Guatemala % 100.50% 3.39% 2.31%
Total turnover rate % 20.20% 28.80% 30.88% Mexico (9) % 7.00% 12.09% 21.11%
Voluntary % 11.30% 9.65% 10.14% Nicaragua % 4.90% 9.24% 7.17%
Involuntary % 8.90% 19.10% 20.74% Panama % 1.90% 1.19% 1.69%
Voluntary turnover by age group Uruguay % 16.50% 9.61% 4.85%
18-34 % 16.76% Involuntary turnover by country
35-44 % 6.12% Argentina % 1.40% 8.23% 8.08%
45-59 % 3.27% Brazil % 14.50% 13.71% 15.50%
60+ % 23.39% Colombia % 5.50% 5.69% 11.19%
<30 % 16.76% 6.00% Costa Rica % 7.80% 6.39% 10.89%
30-50 % 5.75% 4.00% Guatemala % 2.10% 116.73% 81.62%
>50 % 1.37% 0.35% Mexico (9) % 8.00% 17.70% 31.93%
Involuntary turnover by age group Nicaragua % 4.70% 2.54% 2.34%
18-34 % 10.19% Panama % 5.70% 5.16% 5.34%
35-44 % 7.85% Uruguay % 2.40% 11.66% 11.20%
45-59 % 6.38% Parental leave
60+ % 20.81% Employees that returned to work % 97.0% 98.5% 100%
<30 % 28.67% 11.10% after parental leave
30-50 % 13.67% 8.80% Male % NA 97.4% 100%
>50 % 9.35% 0.80% Female % NA 98.7% 100%
Voluntary turnover by gender Employees that continue working % NA 78.7% 92.7%
12 months after parental leave
Male % 11.07% 9.17% 8.26%
Male % NA 80.6% 93.9%
Female % 13.33% 12.72% 1.88%
Female % NA 63.6% 98.8%
Involuntary turnover by gender
Health & Safety
Male % 9.10% 20.2% 18.27%
Workers covered by an OHS
Female % 7.50% 12.0% 2.47% management system
Voluntary turnover by country % of employees who are covered % 100% 100% 100%
Argentina % 9.50% 5.33% 4.26% by OHSM system
Brazil % 6.90% 6.38% 6.70%
Colombia % 16.80% 8.37% 8.35%
Costa Rica % 10.30% 11.49% 20.44%
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
% of workers who are not % 100% 100% 100% People leaders (junior # 73 34 39
employees but whose work and/ management)
or workplace is controlled by the Individual contributors # 38 29 30
organization who are covered by
Operations contributors # 22 20 17
OHSM system
Training on Health & Safety Interns # 31 10 48
Total hours of training in health # NA 339,922 240,694 By age group
and safety 18-34 # NA 25
Number of employees trained on # 35,056 41,937 41,829 35-44 # NA 20
health and safety 45-59 # NA 18
Fatalities 60+ # NA 13
Total fatalities # 17 38 34 18-29 # 30
Internal causes # 8 9 8 30 - 50 # 24
Employees # 0 0 4 51+ # 16
Contractors # 5 4 3 Total training by topic
Communities # 12 34 27 Health & Safety # NA 339,922 240,694
Incident Rate Sustainability # NA NA 32,362
Total TIR n per 200,000 hours worked 1.06 0.90 1.60 Human rights # NA NA 22,187
TIR - Employees n per 200,000 hours worked 1.04 0.88 2.02 Technical capabilities # NA NA 944,705
Leadership # NA NA 106,354
TIR - Third Parties n per 200,000 hours worked NA 0.95 0.72
Others # NA NA 894,776
Lost Time Incident Rate
Average invested amount Mexican pesos 2,098 2,257 2,806
Total LTIR n per 200,000 hours worked 0.66 0.61 0.88 per employee training and
LTIR - Employees n per 200,000 hours worked 0.58 0.60 1.06 development
LTIR - Third Parties n per 200,000 hours worked NA 0.64 0.51 Human Capital Return on HC ROI 4.57 5.12 5.03
Training Investment ((Total Revenue -
(Operative Expenses - Employee
Average training hours # 28 22 25
Related Expenses)) / Employee
By gender Related Expenses)
Male # 27 21 24 Performance
Female # 36 27 29 Employees receiving regular % 97% 97% 98%
By contribution level performance and career
development reviews
Strategic leaders (top # 53 28 24
management) Well-being
Tactical leaders (middle # 67 33 33 Lost days
management) General illness index Lost days per 100 employees 534.40 467.50 339.75
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
Climate assessment Average Tenure
Engagement level result in annual % 91% 91% 89% Average tenure of board members Years 13.40 12.81 10.93
organizational climate assessment in years
Employees who participated % 92% 92% 93% Anticorruption / Ethics / Code of Conduct
in the organizational climate Communication and training about anticorruption
assessment Employees adhered to the % 100% 100% 100%
Volunteer program company’s anticorruption process
Total volunteering initiatives # 2,432 2,337 2,181 and policies
Total volunteers (internal and # 93,012 105,958 129,388 Employees trained in % NA NA 80%
external) anticorruption and ethics
Total volunteering hours # 254,873 250,812 302,531 Ethics Line
Total investment in volunteering Million USD 0.28 8.7 1.5 Total complaints received # 1,616 1,371 2,163
Collective bargaining Complaints by category
Employees covered by a collective % 62% 62.10% 65.82% Operational % 12% 12% 12%
agreement Financial information % 0% 2% 1%
Community Development Human Resources % 88% 86% 87%
Community Investment Complaints by status
Total community investment Million Mexican pesos NA 47.2 88.6 In review % 29% 45% 32%
Total of people benefited directly by # 423,961 321,685 359,343 Substantiated % 32% 24% 30%
community initiatives
Unsubstantiated % 39% 31% 38%
Priority plants with a community # 0 3 4
Anticorruption
engagement plan with MARRCO
Methodology Cost of fines, penalties or Mexican pesos - - -
Countries with an impact % 100% 100% 100% settlements in relation to
assessment and community program corruption
Ethics & Governance Human Rights + Diversity, Equity and Inclusion
Board Employees
Board type / one-tier system Employees + Non-employee # 84,568 97,213 104,241
workers
Executive directors # 0 0 0
Employees # 74,574 80,447 86,811
Non executive directors # 8 8 8
Non-employee workers # 9,994 16,766 17,430
Independent directors # 9 8 8
Gender (internal employees)
Board by gender
Male # 65,218 68,969 73,319
Male # 17 16 14
% 87.45% 85.73% 84.46%
Female # 0 0 2
Female # 9,356 11,478 13,492
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Disclosure Unit 2021 2022 2023 Disclosure Unit 2021 2022 2023
% 12.55% 14.27% 15.54% Female % 39% 29% 31%
Age group (internal employees) Individual contributors # NA 25,651 27,553
18-34 % 54% Male % 77% 74% 72%
35-44 % 29% Female % 23% 26% 28%
45-59 % 16% Operations contributors # NA 51,721 55,770
60+ % 1% Male % 94% 92% 91%
<30 % 38% 34% Female % 6% 8% 9%
30-50 % 54% 57% Nationality (internal employees)
>50 % 7% 9% Argentina % 3% 3% 3%
Country (internal employees) Brazil % 26% 27% 27%
Argentina # 2,346 2,462 2,583 Colombia % 4% 4% 4%
Brazil # 19,278 22,034 24,090 Costa Rica % <1% 2% 1%
Colombia # 3,159 3,351 3,482 Guatemala % 4% 4% 4%
Costa Rica # 1,189 1,261 1,358 Mexico % 58% 56% 56%
Guatemala # 2,952 3,068 3,242 Nicaragua % <1% 1% 1%
Mexico # 42,291 45,565 49,224 Panama % 2% 2% 1%
Nicaragua # 712 769 819 Uruguay % <1% <1% 1%
Panama # 1,247 1,275 1,327 Venezuela % <1% 1% <1%
Uruguay # 681 662 686 Others % <1% <1% <1%
Contribution level (internal employees) Nationality (share in management positions)
Strategic leaders (top # NA 116 127 Argentina % NA 6% 5%
management) Brazil % NA 17% 21%
Male % 79% 78% 73%
Colombia % NA 7% 8%
Female % 21% 22% 27%
Costa Rica % NA 3% 2%
Tactical leaders (middle # NA 898 934
Guatemala % NA 3% 2%
management)
Male % 75% 73% 71% Mexico % NA 59% 58%
Female % 25% 27% 29% Nicaragua % NA 1% <1%
People leaders (junior # NA 2,375 2,427 Panama % NA 1% <1%
management) Uruguay % NA <1% 1%
Male % 61% 71% 69% Venezuela % NA 1% 2%
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Disclosure Unit 2021 2022 2023 Notes

Others % NA <1% 1% NA: Not Available.
Data reported for Water Stewardship, World Without Waste and Climate Action do not include the 7
Women plants acquired in Mexico at the end of 2022, which are still in the required one-year alignment process to
Share in management positions % 28.0% 28.4% 29.0% Coca‑Cola FEMSA's standards.
(strategic and tactical leaders) (1) All hazardous waste is either recycled, sent to compost or to incineration for energy recovery.
Share in total management positions % NA 28.2% 30.3% (2) Our emissions and energy performance reflect all our operations and are calculated based on the SBTi
(strategic, tactical and people methodology.
leaders) (3) Our SBTi target does not include electricity from our customers’ cold beverage equipment.
Share in top management positions % NA 0.8% 1.0% (4) Includes plants and distribution centers. In 2021, we obtained I-REC for the renewable energy supply of
(as % of total management our operations, including plants and distribution centers.
positions) (5) From total assessments made by The Coca-Cola Company to significant suppliers identified.
Total in non-managerial positions % 23.0% 26.0% 28.0% (6) Suppliers with a low performance evaluation: those who have been evaluated on several occasions and
(individual contributors) have not demonstrated a significant improvement. In-site audits are made in order to perform a root
cause analysis and a period of time is given for improvements (otherwise the supplier will be penalized).
Women in management positions in % 26.4% 15.9% 12.0%
(7) All suppliers assessed with substantial actual or potential negative impacts are supported in
revenue-generating functions
implementing corrective action plans. Additionally, all suppliers evaluated through desk or on-site
Women in STEM-related positions % 7.0% 11.6% 13.0% assessments have an action plan outlining the necessary actions to maintain their status and pursue
Gender pay gap (10) continuous improvement.
Mean gender pay gap (men vs. % NA NA 2.8% (8) All suppliers assessed participate in an ESG training program (minimum of 6 months) and additional
women) suppliers were part of the Supplier Leadership Program for Climate Transition.
Median gender pay gap (men vs. % NA NA 3.4% (9) 2021 and 2022 does not include turnover at the Mexico Corporate Head Office.
women) (10) The salary analysis does not consider unionized or tabulated (fixed value) employees.
(11) CSM is a qualitative and quantitative index that measures customer service in commercial and
Disabilities
distribution areas. In addition to this, we implement comprehensive measurement and listening tools, as
Employees with a disability # NA NA 1,132 well as standard cycles to attend customers’ requests.
Human Rights
Total hours of training in human # NA 12,293 22,187
rights
Product portfolio
Customer satisfaction (11) % 88.1% 90.9% 91.2%
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SASB CONTENT INDEX

Table 1. Sustainability Disclosure Topics & Metrics
Topic Accounting metric Code Response
Fleet Fuel Management Fleet fuel consumed FB-NB-110a.1 Performance in detail
Percentage renewable Climate action
Energy Management Operational energy consumed FB-NB-130a.1 Performance in detail
Percentage grid electricity Climate action
Percentage renewable
Water Management Total water withdrawn FB-NB-140a.1 Performance in detail
Total water consumed Water stewardship
Percentage of each in regions with High or Extremely High Baseline Water Stress

Description of water management risks and discussion of strategies and practices to mitigate FB-NB-140a.2 Foster a sustainable future
those risks Water stewardship
Health & nutrition Revenue from zero- and low-calorie or energy-free and low-energy beverages FB-NB-260a.1 Not currently reported.
Revenue from no-added-sugar beverages
Revenue from artificially sweetened beverages
Discussion of the process to identify and manage products and ingredients related to nutritional FB-NB-260a.2 Grow the Core
and health concerns among consumers Coca-Cola FEMSA’s Commitment to
Responsible Marketing, Informed Choices, and
Quality
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Topic Accounting metric Code Response

Product Labelling & Percentage of advertising impressions (1) made on children and (2) made on children promoting FB-NB-270a.1 Grow the Core
Marketing products that meet dietary guidelines Coca-Cola FEMSA’s Commitment to
Responsible Marketing, Informed Choices, and
Quality
Revenue from products labelled as (1) containing genetically modified organisms (GMOs) and (2) FB-NB-270a.2 Not currently reported.
non-GMO
Number of incidents of non-compliance with industry or regulatory labelling or marketing codes FB-NB-270a.3 Grow the Core
Total amount of monetary losses as a result of legal proceedings associated with marketing or FB-NB-270a.4 Coca-Cola FEMSA’s Commitment to
labelling practices Responsible Marketing, Informed Choices, and
Quality
Packaging Lifecycle Total weight of packaging FB-NB-410a.1 Performance in detail
Management Percentage made from recycled or renewable materials World without waste
Percentage that is recyclable, reusable, or compostable
Discussion of strategies to reduce the environmental impact of packaging throughout its lifecycle FB-NB-410a.2 Foster a sustainable future
World without waste
Environmental & Social Suppliers’ social and environmental responsibility audit (1) nonconformance rate and (2) FB-NB-430a.1 Performance in detail
Impacts of Ingredient associated corrective action rate for (a) major and (b) minor non-conformances Sustainable Sourcing
Supply Chain Ethics and Governance
Supply Chain Management
Ingredient Sourcing Percentage of beverage ingredients sourced from regions with High or Extremely High Baseline FB-NB-440a.1 Performance in detail
Water Stress Water stewardship
List of priority beverage ingredients and discussion of sourcing risks related to environmental and FB-NB-440a.2 Ethics and Governance
social considerations Risk management

Table 2. Activity Activity Metric Code Response

Metrics Volume of products sold FB-NB-000.A Coca-Cola FEMSA at a Glance
Number of production facilities FB-NB-000.B Our footprint
Total fleet road kilometers travelled FB-NB-000.C Performance in detail
Climate action
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GRI CONTENT INDEX

Disclosure Response
GRI 2: General Disclosures 2021
2-1 Organizational details Coca-Cola FEMSA at a Glance
Appendix
Shareholder and Analyst Information
About Our Integrated Report
2-2 Entities included in the organization’s sustainability Appendix
reporting About Our Integrated Report
2-3 Reporting period, frequency and contact point Appendix
Shareholder and Analyst Information
About Our Integrated Report
2-4 Restatements of information Information about any restatements is provided in the footnotes to the relevant data.
2-5 External assurance Appendix
Independent Limited Verification Report
2-6 Activities, value chain and other business relationships Coca-Cola FEMSA at a Glance

2-7 Employees Foster a Sustainable Future

2-8 Workers who are not employees Integral Employee Well-being

Appendix
Performance in detail
2-9 Governance structure and composition Ethics and Governance
2-10 Nomination and selection of the highest governance body Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/
2-11 Chair of the highest governance body
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Disclosure Response
2-12 Role of the highest governance body in overseeing the Ethics and Governance
management of impacts Risk Management
2-13 Delegation of responsibility for managing impacts
Appendix
Task Force on Climate-Related Financial Disclosures Report

The Risk Management Methodology at Coca-Cola FEMSA is based on criteria established in ISO 31000 and the Internal Control-
Integrated Framework (ICIF-2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
best practices are included in the methodology: description of the risk, likelihood and impact, description of risk appetite, prioritization
of identified risks and description of mitigation action (control activities). These risks are evaluated and registered in a Risk and
Controls Matrix.

Besides the responsibilities of our CEO to manage and monitor the risk management process, our CFO has dedicated risk management
responsibility on an operational level and our Administration and Corporate Control Officer (who reports directly to FEMSA’s audit
committee) has the responsibility for monitoring and auditing risk management performance on an operational level.
2-14 Role of the highest governance body in sustainability Ethics and Governance
reporting
Foster a Sustainable Future
Our Sustainability Priorities
2-15 Conflicts of interest Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/

Code of Conduct: https://coca-colafemsa.com/wp-content/uploads/2022/09/KOF_Codigo_de_etica_english_ALTA_sep_2022.pdf

2-16 Communication of critical concerns Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
2-17 Collective knowledge of the highest governance body Ethics and Governance

2-18 Evaluation of the performance of the highest governance body Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/
2-19 Remuneration policies Ethics and Governance
2-20 Process to determine remuneration
2-21 Annual total compensation ratio Not currently reported
2-22 Statement on sustainable development strategy Letter to Our Stakeholders
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Disclosure Response
2-23 Policy commitments Please see the following sections for references to our policies and commitments:
2-24 Embedding policy commitments
Grow the Core
2-25 Processes to remediate negative impacts Coca-Cola FEMSA’s Commitment to Responsible Marketing, Informed Choices, and Quality

Foster a Sustainable Future

Water stewardship
World Without Waste
Integral Employee Well-being

Ethics and Governance

Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
Respect for Human Rights
Cybersecurity
Supply Chain Management
2-26 Mechanisms for seeking advice and raising concerns Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
2-27 Compliance with laws and regulations Performance in detail
Climate action
Ethics and Governance
2-28 Membership associations → Associations and Memberships

2-29 Approach to stakeholder engagement Foster a Sustainable Future

Coca-Cola FEMSA’s Path to Sustainable and Inclusive Growth

Appendix
Capital and Company Engagement
2-30 Collective bargaining agreements Foster a Sustainable Future
Integral Employee Well-being

Appendix
Performance in detail
GRI 3: Material Topics 2021
3-1 Process to determine material topics Foster a Sustainable Future
3-2 List of material topics Our Sustainability Priorities
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Disclosure Response
3-3 Management of material topics Our material topics are integrated in our Sustainability Framework. For detail on the management of each material topic, please see its
corresponding section of our Annual Report with a focus on:
Grow the Core
Foster a Sustainable Future
Ethics and Governance
GRI 201: Economic Performance 2016
201-1 Direct economic value generated and distributed Appendix
Financial Highlights
201-2 Financial implications and other risks and opportunities Appendix
due to climate change Task Force on Climate-Related Financial Disclosures Report
GRI 203: Indirect Economic Impacts 2016
203-1 Infrastructure investments and services supported Foster a Sustainable Future
Water Stewardship
World Without Waste
Integral Employee Well-being
Community Development
GRI 204: Procurement Practices 2016
204-1 Proportion of spending on local suppliers Ethics and Governance
Supply Chain Management

Appendix
Performance in detail
GRI 205: Anti-corruption 2016
205-2 Communication and training about anti-corruption Ethics and Governance
policies and procedures Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
205-3 Confirmed incidents of corruption and actions taken
Appendix
Performance in detail
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Disclosure Response
GRI 301: Materials 2016
301-1 Materials used by weight or volume Coca-Cola FEMSA at a Glance
301-2 Recycled input materials used Our Sustainability Goals
301-3 Reclaimed products and their packaging materials Foster a Sustainable Future
World Without Waste

Appendix
Performance in detail
GRI 302: Energy 2016
302-1 Energy consumption within the organization Foster a Sustainable Future
302-3 Energy intensity Climate Action
302-4 Reduction of energy consumption Appendix
302-5 Reductions in energy requirements of products and Performance in detail
services
GRI 303: Water and Effluents 2018
303-1 Interactions with water as a shared resource Foster a Sustainable Future
303-2 Management of water discharge-related impacts Water Stewardship
303-3 Water withdrawal Appendix
303-4 Water discharge Performance in detail
303-5 Water consumption
All water discharged is measured against The Coca-Cola Company’s standard requirements and those required per countries’
regulations. We always use approved methods, calibrated equipment, and defined frequencies. Some of our limits within the water
discharged parameters are BOD <50 mg/L, Phosphorus <2 mg/L, Total Nitrogen <5 mg/L, Temperature variation (receiving water) ≤5 °C,
Dissolved oxygen >4 mg/L, pH 6.5 to 8, and Total Suspended Solids <50 mg/L. The analysis of water quality is performed quarterly unless
regulations require more frequent analysis. All production facilities have their own control to ensure the quality of discharged water.
GRI 304: Biodiversity 2016
304-1 Operational sites owned, leased, managed in, or adjacent Foster a Sustainable Future
to, protected areas and areas of high biodiversity value outside Water Stewardship
protected areas
304-3 Habitats protected or restored
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Disclosure Response
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions Coca-Cola FEMSA at a Glance
305-2 Energy indirect (Scope 2) GHG emissions Our Sustainability Goals
305-3 Other indirect (Scope 3) GHG emissions Foster a Sustainable Future
305-4 GHG emissions intensity Climate Action
305-5 Reduction of GHG emissions
Appendix
Performance in detail
GRI 306: Waste 2020
306-1 Waste generation and significant waste-related impacts Coca-Cola FEMSA at a Glance
306-2 Management of significant waste-related impacts Our Sustainability Goals
306-3 Waste generated Foster a Sustainable Future
306-4 Waste diverted from disposal World Without Waste
306-5 Waste directed to disposal
Appendix
Performance in detail
GRI 308: Supplier Environmental Assessment 2016
308-1 New suppliers that were screened using environmental Ethics and Governance
criteria Supply Chain Management
308-2 Negative environmental impacts in the supply chain and
actions taken Appendix
Performance in detail
GRI 401: Employment 2016
401-1 New employee hires and employee turnover Foster a Sustainable Future
401-2 Benefits provided to full-time employees that are not Internal Employee Well-being
provided to temporary or part-time employees
Appendix
401-3 Parental leave Performance in detail

Minimum number of weeks of fully paid maternity leave are 12 and minimum number of weeks of paternity leave are 2.
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Disclosure Response
GRI 402: Labor/Management Relations 2016
402-1 Minimum notice periods regarding operational changes Notices of significant operational changes are done in compliance with applicable laws in the countries where we operate.

GRI 403: Occupational Health and Safety 2018

403-1 Occupational health and safety management system Coca-Cola FEMSA at a Glance
403-2 Hazard identification, risk assessment, and incident Our Sustainability Goals
investigation
Foster a Sustainable Future
403-3 Occupational health services Integral Employee Well-being
403-4 Worker participation, consultation, and communication
on occupational health and safety Appendix
403-5 Worker training on occupational health and safety Performance in detail
403-6 Promotion of worker health
403-7 Prevention and mitigation of occupational health and
safety impacts directly linked by business relationships
403-8 Workers covered by an occupational health and safety
management system
403-9 Work-related injuries
403-10 Work-related ill health
GRI 404: Training and Education 2016
404-1 Average hours of training per year per employee Foster a Sustainable Future
404-2 Programs for upgrading employee skills and transition Integral Employee Well-being
assistance programs
Appendix
404-3 Percentage of employees receiving regular performance Performance in detail
and career development reviews
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Disclosure Response
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees Ethics and Governance
405-2 Ratio of basic salary and remuneration of women to men Board of Directors

Foster a Sustainable Future

Integral Employee Well-being

Appendix
Performance in detail
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and corrective actions taken Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System

Incidents of discrimination are reported within Human Resources complaints in the Ethics Line.
GRI 407: Freedom of Association and Collective Bargaining 2016
407-1 Operations and suppliers in which the right to freedom of None of our operations have compromised our workers’ right to freedom of association. As part of our commitment, FEMSA and
association and collective bargaining may be at risk Coca‑Cola FEMSA published a general consultation of our Labor & Human Rights policy, in which we state:
“3. Freedom of Association and Trade-Union Freedom: We respect the right of Employees to freedom of association or affiliation to
a labor union, as well as the right to form or join, voluntarily and freely, a labor union without fear of retaliation or intimidation. We
respect the autonomy, institutionally, internal administration and ancestry that trade union organizations have with their members. We
attend to the collective work relations with the legitimate trade union organizations that
affiliate and represent their Employees”.

https://coca-colafemsa.com/wp-content/uploads/2022/02/Human-and-Labor-Rights_v3.pdf
GRI 408: Child Labor 2016
408-1 Operations and suppliers at significant risk for incidents Ethics and Governance
of child labor Supply Chain Management

We value, respect, and protect the people who work at Coca-Cola FEMSA and do not allow child labor. We comply with all child labor
laws and support the eradication of child labor and exploitation. We expect the same ethical conduct from our business partners.
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Disclosure Response
GRI 409: Forced or Compulsory Labor 2016
409-1 Operations and suppliers at significant risk for incidents Ethics and Governance
of forced or compulsory labor Supply Chain Management

We value, respect, and protect the people who work at Coca-Cola FEMSA and do not allow forced labor. We comply with all labor laws
and support the eradication of forced or compulsory labor. We expect the same ethical conduct from our business partners.
GRI 413: Local Communities 2016
413-1 Operations with local community engagement, impact Foster a Sustainable Future
assessments, and development programs Community Development

Appendix
Performance in detail
GRI 414: Supplier Social Assessment 2016
414-1 New suppliers that were screened using social criteria Ethics and Governance
414-2 Negative social impacts in the supply chain and actions Supply Chain Management
taken
Appendix
Performance in detail
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 144

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INDEPENDENT
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ASSURANCE
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WĞƌĐĞŶƚĂŐĞŽĨ
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ŽƉĞƌĂƚŝŽŶƐ
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• /ŶƚĞƌǀŝĞǁƐ ǁŝƚŚ ĞŵƉůŽLJĞĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŐĞŶĞƌĂƚŝŶŐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ZĞƉŽƌƚ ƚŽ ůĞĂƌŶ ƚŚĞ

REPORT
ƉƌŝŶĐŝƉůĞƐ͕ƐLJƐƚĞŵƐĂŶĚĂƉƉůŝĞĚŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚĞƐ͘ ϳϯ WĞƌĐĞŶƚĂŐĞŽĨŵĂůĞƐƚƌĂƚĞŐŝĐůĞĂĚĞƌƐ

• ZĞǀŝĞǁŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶ͕ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂŶĚĐŽŶƐŽůŝĚĂƚŝŽŶƉƌŽĐĞƐƐĞƐ͘ Ϯϳ WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞƐƚƌĂƚĞŐŝĐůĞĂĚĞƌƐ

• ZĞǀŝĞǁŽĨƚŚĞƐĐŽƉĞ͕ƌĞůĞǀĂŶĐĞĂŶĚŝŶƚĞŐƌŝƚLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞZĞƉŽƌƚďĂƐĞĚŽŶƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌĞǀŝŽƵƐůLJ ϳϭ WĞƌĐĞŶƚĂŐĞŽĨŵĂůĞƚĂĐƚŝĐĂůůĞĂĚĞƌƐ
ŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůĂƐƉĞĐƚƐ͘
Ϯϵ WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞƚĂĐƚŝĐĂůůĞĂĚĞƌƐ
• ZĞǀŝĞǁŽĨĞǀŝĚĞŶĐĞďĂƐĞĚŽŶĂƐĂŵƉůŝŶŐŽĨŝŶĨŽƌŵĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽĂƌŝƐŬĂŶĂůLJƐŝƐ͘
• ZĞǀŝĞǁŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨǁŚĂƚŝƐƌĞƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'Z/^ƚĂŶĚĂƌĚƐ͘ WĞƌĐĞŶƚĂŐĞŽĨ ůů<K& ϲϵ WĞƌĐĞŶƚĂŐĞŽĨŵĂůĞƉĞŽƉůĞůĞĂĚĞƌƐ
/ E
 ĞŵƉůŽLJĞĞƐƉĞƌůĞǀĞů ŽƉĞƌĂƚŝŽŶƐ ϯϭ WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞƉĞŽƉůĞůĞĂĚĞƌƐ
ŽŶĐůƵƐŝŽŶ ϳϮ WĞƌĐĞŶƚĂŐĞŽĨŵĂůĞŝŶĚŝǀŝĚƵĂůĐŽŶƚƌŝďƵƚŝŽŶƐ
ĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁĂŶĚƚŚĞĞǀŝĚĞŶĐĞƉƌĞƐĞŶƚĞĚďLJ<K&͕ǁĞǁĞƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJƐŝƚƵĂƚŝŽŶƚŚĂƚĐĂƵƐĞƐƵƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞŝŶĚŝĐĂƚŽƌƐ Ϯϴ WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞŝŶĚŝǀŝĚƵĂůĐŽŶƚƌŝďƵƚŝŽŶƐ
ĐŽŶƚĂŝŶĞĚ ŝŶ KOF’s “InƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ϮϬϮϯ” ŚĂǀĞ ŶŽƚ ďĞĞŶ ƌĞůŝĂďůLJ ŽďƚĂŝŶĞĚ͕ ĂƌĞ ŶŽƚ ĨĂŝƌůLJ ƉƌĞƐĞŶƚĞĚ͕ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ĚĞǀŝĂƚŝŽŶƐ Žƌ
ŽŵŝƐƐŝŽŶƐ͕ŽƌŚĂǀĞŶŽƚďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ'Z/^ƚĂŶĚĂƌĚƐ͘ ϵϭ WĞƌĐĞŶƚĂŐĞŽĨŵĂůĞĐŽŶƚƌŝďƵƚŝŽŶƐƚŽŽƉĞƌĂƚŝŽŶ

 ϵ WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞĐŽŶƚƌŝďƵƚŝŽŶƐƚŽŽƉĞƌĂƚŝŽŶ
 &ĞŵĂůĞůĞĂĚĞƌƐŚŝƉ ůů<K& WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞĞŵƉůŽLJĞĞƐŝŶůĞĂĚĞƌƐŚŝƉ
/ E Ϯϵ
 ƉŽƐŝƚŝŽŶƐ ŽƉĞƌĂƚŝŽŶƐ ƉŽƐŝƚŝŽŶƐ
 &ĞŵĂůĞŝŶ^dD
ůů<K& WĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞ^dDĞŵƉůŽLJĞĞƐŝŶ^dD
 / ƉŽƐŝƚŝŽŶƐŽƵƚŽĨƚŽƚĂů E ϭϯ
ŽƉĞƌĂƚŝŽŶƐ ƉŽƐŝƚŝŽŶƐŽƵƚŽĨƚŽƚĂů^dDƉŽƐŝƚŝŽŶƐ
 ^dDƉŽƐŝƚŝŽŶƐ
'ĞƌĂƌĚŽ'ƵƐƚĂǀŽdŽƌƌĞƐ&ĞƌŶĄŶĚĞnj ZĞƐŝŶŵĂƚĞƌŝĂůƐƵƐĞĚ ϯϯϭ͘ϴϲ dŽƚĂůƌĞƐŝŶŝŶŬŝůŽƚŽŶƐ
ůů<K&
ŝƌĞĐƚŽƌŽĨdƌĂŶƐĨŽƌŵĂƚŝŽŶĂŶĚ^'/ŵƉĂĐƚDĞdžŝĐŽ / ďLJǁĞŝŐŚƚ;dŽŶƐŽĨ E
ŽƉĞƌĂƚŝŽŶƐ ϮϮϭ͘ϵϳ sŝƌŐŝŶƌĞƐŝŶŝŶŬŝůŽƚŽŶƐ
DĂƌĐŚϭϵ͕ϮϬϮϰ͕DĞdžŝĐŽŝƚLJ͘ ƌĞĐLJĐůĞĚWd

 
1 Own performance indicator based on GRI.

 2 The information reported does not include the operation in Venezuela.

 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 5


EĂŵĞŽĨƚŚĞ
ŽŵƉůŝĂŶĐĞůĞǀĞů
'Z/ͬ ĚŝƐĐůŽƐƵƌĞŽƌ ^ĐŽƉĞŽĨ ZĞƉŽƌƚĞĚ
ŽĨ'Z/ĐŽŶƚĞŶƚ hŶŝƚ
/ϭ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĨŽƌŵĂƚŝŽŶϮ ŝŶĨŽƌŵĂƚŝŽŶ
;ĐůĂƵƐĞƐͿ
ŝŶĚŝĐĂƚŽƌ
ƉƵƌĐŚĂƐĞĚͿ ϭϬϵ͘ϴϵ ZĞĐLJĐůĞĚƌĞƐŝŶŝŶŬŝůŽƚŽŶƐ
ZĞĐLJĐůĞĚŝŶƉƵƚ
ŵĂƚĞƌŝĂůƐƵƐĞĚ
ůů<K&
ϯϬϭͲϮ ;йŽĨƌĞĐLJĐůĞĚWd Ă ϯϯ WĞƌĐĞŶƚĂŐĞŽĨƌĞĐLJĐůĞĚƌĞƐŝŶƵƐĞĚ
ŽƉĞƌĂƚŝŽŶƐ
ŝŶĐůƵĚĞĚŝŶWd
ďŽƚƚůĞƐͿ
ϯ͕ϵϬϵ͕ϯϰϳ͘ϲϴ dŽƚĂůĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶŝŶ':
ŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ
ůů<K&
ϯϬϮͲϭ ǁŝƚŚŝŶƚŚĞ Ă͕ď͕Đ͕Ě͕Ğ Ϯ͕ϭϰϰ͕ϵϬϵ͘ϯϭ dŽƚĂůĞůĞĐƚƌŝĐĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶŝŶ':
ŽƉĞƌĂƚŝŽŶƐ
ŽƌŐĂŶŝnjĂƚŝŽŶ
ϭ͕ϳϲϰ͕ϰϯϴ͘ϯϴ dŽƚĂůƚŚĞƌŵĂůĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶŝŶ':
ŶĞƌŐLJĨƌŽŵĐůĞĂŶ ůů<K&
/ E ϳϳ WĞƌĐĞŶƚĂŐĞŽĨĐůĞĂŶĞŶĞƌŐLJƵƐĞĚ

INDEPENDENT
ƐŽƵƌĐĞƐ ŽƉĞƌĂƚŝŽŶƐ
ůů<K&
ϯϬϮͲϯ ŶĞƌŐLJŝŶƚĞŶƐŝƚLJ Ă͕ď͕Đ͕Ě ϲ͘ϭϭ >ŝƚĞƌƐŽĨďĞǀĞƌĂŐĞƉƌŽĚƵĐĞĚͬD:
ŽƉĞƌĂƚŝŽŶƐ
ϯϬ͘ϵϵ dŽƚĂůǁĂƚĞƌǁŝƚŚĚƌĂǁĂů
DƵŶŝĐŝƉĂůǁĂƚĞƌǁŝƚŚĚƌĂǁĂůŝŶƚŚŽƵƐĂŶĚƐŽĨDĞŐĂ
ϵ͘Ϯϰ
ůŝƚĞƌƐ
ůů<K&
ϯϬϯͲϯ tĂƚĞƌǁŝƚŚĚƌĂǁĂů Ă͕ď͕Đ͕Ě Ϯϭ͘ϳϰ 'ƌŽƵŶĚǁĂƚĞƌǁŝƚŚĚƌĂǁĂůŝŶƚŚŽƵƐĂŶĚƐŽĨDĞŐĂůŝƚĞƌƐ

LIMITED
ŽƉĞƌĂƚŝŽŶƐ
Ϭ͘ϬϬϳϯ ZĂŝŶǁĂƚĞƌǁŝƚŚĚƌĂǁĂůŝŶƚŚŽƵƐĂŶĚƐŽĨDĞŐĂůŝƚĞƌƐ

Ϭ͘ϬϬϬϯ ZŝǀĞƌǁĂƚĞƌǁŝƚŚĚƌĂǁĂůŝŶƚŚŽƵƐĂŶĚƐŽĨDĞŐĂůŝƚĞƌƐ
/ŶƚĞŶƐŝƚLJŽĨǁĂƚĞƌ
ůů<K&
/ ĐŽŶƐƵŵƉƚŝŽŶͲ E ϭ͘ϰϮ >ŝƚĞƌƐŽĨǁĂƚĞƌƵƐĞĚƉĞƌůŝƚĞƌŽĨďĞǀĞƌĂŐĞƉƌŽĚƵĐĞĚ
ŽƉĞƌĂƚŝŽŶƐ
ĨĨŝĐŝĞŶƚǁĂƚĞƌƵƐĞ
ŝƌĞĐƚ;^ĐŽƉĞϭͿ',' ůů<K&

ASSURANCE
ϯϬϱͲϭ Ă͕ď ϱϳϲ͕ϵϱϬ͘ϵϱ dŽƚĂůĞŵŝƐƐŝŽŶƐĨŽƌ^ĐŽƉĞϭŝŶƚKϮĞ
ĞŵŝƐƐŝŽŶƐ ŽƉĞƌĂƚŝŽŶƐ
ŶĞƌŐLJŝŶĚŝƌĞĐƚ
ůů<K&
ϯϬϱͲϮ ;^ĐŽƉĞϮͿ',' Ă͕ď Ϯϲ͕ϵϱϬ͘ϭϬ dŽƚĂůŝŶĚŝƌĞĐƚĞŵŝƐƐŝŽŶƐŝŶƚKϮĞ
ŽƉĞƌĂƚŝŽŶƐ
ĞŵŝƐƐŝŽŶƐ
','ĞŵŝƐƐŝŽŶƐ ůů<K&
ϯϬϱͲϰ Ă͕ď͕Đ Ϯϳ͘ϭϵ dŽƚĂůĞŵŝƐƐŝŽŶƐͬůŝƚĞƌƐŽĨďĞǀĞƌĂŐĞƉƌŽĚƵĐĞĚ
ŝŶƚĞŶƐŝƚLJ ŽƉĞƌĂƚŝŽŶƐ
WĞƌĐĞŶƚĂŐĞŽĨƉŽƐƚͲ

REPORT
ŝŶĚƵƐƚƌŝĂůǁĂƐƚĞ ůů<K& WĞƌĐĞŶƚĂŐĞŽĨǁĂƐƚĞƌĞĐLJĐůĞĚŽƌĚŝƐƉŽƐĞĚŽĨ
/ E ϵϴ
ƌĞĐLJĐůĞĚŽƌĚŝƐƉŽƐĞĚ ŽƉĞƌĂƚŝŽŶƐ ĂƉƉƌŽƉƌŝĂƚĞůLJ
ŽĨĂƉƉƌŽƉƌŝĂƚĞůLJ
>ŽƐƚƚŝŵĞŝŶĐŝĚĞŶƚ ůů<K&
/ E Ϭ͘ϴϴ ĂƐĞƐƉĞƌϮϬϬ͕ϬϬϬͬtŽƌŬĞĚŚŽƵƌƐ
ƌĂƚĞ ŽƉĞƌĂƚŝŽŶƐ
ůů<K&
/ dŽƚĂůŝŶĐŝĚĞŶƚƌĂƚĞ E ϭ͘ϲ ĂƐĞƐƉĞƌϮϬϬ͕ϬϬϬͬtŽƌŬĞĚŚŽƵƌƐ
ŽƉĞƌĂƚŝŽŶƐ
&ĂƚĂůŝƚŝĞƐĂƚƚƌŝďƵƚĂďůĞ ůů<K&
/ E ϴ EƵŵďĞƌŽĨĨĂƚĂůŝƚŝĞƐĨƌŽŵŝŶƚĞƌŶĂůĐĂƵƐĞƐ
ƚŽƚŚĞĐŽŵƉĂŶLJ ŽƉĞƌĂƚŝŽŶƐ
KƉĞƌĂƚŝŽŶƐǁŝƚŚůŽĐĂů
ĐŽŵŵƵŶŝƚLJ
ĞŶŐĂŐĞŵĞŶƚ͕ŝŵƉĂĐƚ ůů<K& WĞƌĐĞŶƚĂŐĞŽĨĐŽƵŶƚƌŝĞƐǁŝƚŚĐŽŵŵƵŶŝƚLJƉƌŽŐƌĂŵƐ
ϰϭϯͲϭ Ă ϭϬϬ
ĂƐƐĞƐƐŵĞŶƚƐ͕ĂŶĚ ŽƉĞƌĂƚŝŽŶƐϯ ĂŶĚͬŽƌŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚ
ĚĞǀĞůŽƉŵĞŶƚ
ƉƌŽŐƌĂŵƐ


3 The information includes the operations in Venezuela.


 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 6

DZ/ͲKZhH
D^dZD–>KEZ^–WZ/^Ͳ/^dEh>
/hDy/K–/hWED–/h'hdD>–Yh/dK

 
 /ŶĚĞƉĞŶĚĞŶƚZĞĂƐŽŶĂďůĞƐƐƵƌĂŶĐĞZĞƉŽƌƚĨŽƌŽĐĂŽůĂ&D^͕^͘͘͘ĚĞ͘s͘  ŶŶĞdž͘
 

dŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨŽĐĂŽůĂ&D^͕^͘͘ĚĞ͘s͘;ŚĞƌĞŝŶĂĨƚĞƌ“KOF”), WĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐ
 
^ĐŽƉĞ
EĂŵĞŽĨƚŚĞ
ŽŵƉůŝĂŶĐĞůĞǀĞů
ĐĐŽƌĚŝŶŐƚŽLJŽƵƌƌĞƋƵĞƐƚ͕ǁĞŚĂǀĞďĞĞŶĞŶŐĂŐĞĚƚŽƉƌŽǀŝĚĞĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞůĞǀĞůŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐƐĞůĞĐƚĞĚďLJ<K&͖ 'Z/ͬ ĚŝƐĐůŽƐƵƌĞŽƌ ^ĐŽƉĞŽĨ ZĞƉŽƌƚĞĚ
ŽĨ'Z/ĐŽŶƚĞŶƚ hŶŝƚ
included in the “Integrated Report 2023” (hereinafter “Integrated Report”) and mentioned in “Annex A”ĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĨƌŽŵ:ĂŶƵĂƌLJϭ / ƉĞƌĨŽƌŵĂŶĐĞ ŝŶĨŽƌŵĂƚŝŽŶ
;ĐůĂƵƐĞƐͿ
ŝŶĨŽƌŵĂƚŝŽŶ
ƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘ ŝŶĚŝĐĂƚŽƌ
ŶĞƌŐLJĨƌŽŵĐůĞĂŶ ůů<K&
<K&ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ / 
ϭ
E ϳϳ WĞƌĐĞŶƚĂŐĞŽĨĐůĞĂŶĞŶĞƌŐLJƵƐĞĚ
ƐŽƵƌĐĞƐ ŽƉĞƌĂƚŝŽŶƐ
<K&ŚĂƐďĞĞŶƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶ͕ĐŽŶƚĞŶƚ͕ĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞΗ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚΗ͕ƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞĐŽŶƚĞŶƚƐ /ŶƚĞŶƐŝƚLJŽĨǁĂƚĞƌ
ůů<K&
/Ϯ ĐŽŶƐƵŵƉƚŝŽŶͲ E ϭ͘ϰϮ >ŝƚĞƌƐŽĨǁĂƚĞƌĐŽŶƐƵŵĞĚƉĞƌůŝƚĞƌŽĨďĞǀĞƌĂŐĞƉƌŽĚƵĐĞĚ
;ĐƌŝƚĞƌŝĂͿƉƌŽƉŽƐĞĚŝŶƚŚĞ'ůŽďĂůZĞƉŽƌƚŝŶŐ/ŶŝƚŝĂƚŝǀĞ;'Z/Ϳ^ƚĂŶĚĂƌĚƐ͕^ƵƐƚĂŝŶĂďŝůŝƚLJ>ŝŶŬĞĚŽŶĚ;^>ͿĂŶĚŽǁŶƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐ͘ ŽƉĞƌĂƚŝŽŶƐ
ĨĨŝĐŝĞŶƚǁĂƚĞƌƵƐĞ

INDEPENDENT
dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJĐŽŶƐŝĚĞƌƐƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽĂůůŽǁ ŝƌĞĐƚ;^ĐŽƉĞϭͿ ůů<K&
ϯϬϱͲϭ Ă͕ď ϱϳϲ͕ϵϱϬ͘ϵϱ dŽƚĂůĞŵŝƐƐŝŽŶƐĨŽƌ^ĐŽƉĞϭŝŶƚKϮĞ
','ĞŵŝƐƐŝŽŶƐ ŽƉĞƌĂƚŝŽŶƐ
the information contained in the “InƚĞŐƌĂƚĞĚZĞƉŽƌƚ” ƚŽďĞĨƌĞĞŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
/ŶĚŝƌĞĐƚĞŶĞƌŐLJ
ůů<K&
sĂůŽƌĂŽŶƐƵůƚŽƌĞƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ϯϬϱͲϮ ;^ĐŽƉĞϮͿ',' Ă͕ď Ϯϲ͕ϵϱϬ͘ϭ dŽƚĂůŝŶĚŝƌĞĐƚĞŵŝƐƐŝŽŶƐŝŶƚKϮĞ
ŽƉĞƌĂƚŝŽŶƐ
ĞŵŝƐƐŝŽŶƐ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJĐŽŶƐŝƐƚĞĚŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞŝŶĚŝĐĂƚŽƌƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶůŝƐƚĞĚŝŶŶŶĞdž͕ŝŶĂĐĐŽƌĚĂŶĐĞ

ǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'Z/^ƚĂŶĚĂƌĚƐ͕ƚŚĞĐŽŵƉĂŶLJΖƐŽǁŶƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌƐĂŶĚƚŚĞ^>͘

REASONABLE
dŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƌŽĐĞƐƐŽĨŝŶĚĞƉĞŶĚĞŶƚĂƐƐƵƌĂŶĐĞŵĞĞƚƐƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨŽƵƌǁŽƌŬ
ĂƐŶŽŶͲĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƵĚŝƚŽƌƐ͕ŽƵƌǁŽƌŬǁĂƐĚĞǀĞůŽƉĞĚĂĐĐŽƌĚŝŶŐǁŝƚŚƚŚĞ/^ϯϬϬϬ^ƚĂŶĚĂƌĚ͕ƐƐƵƌĂŶĐĞŶŐĂŐĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶ
ƵĚŝƚƐŽƌZĞǀŝĞǁƐŽĨ,ŝƐƚŽƌŝĐĂů&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶ͕ŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůƵĚŝƚŝŶŐĂŶĚƐƐƵƌĂŶĐĞ^ƚĂŶĚĂƌĚŽĂƌĚ;/^ͿŽĨƚŚĞ
/ŶƚĞƌŶĂƚŝŽŶĂů&ĞĚĞƌĂƚŝŽŶŽĨĐĐŽƵŶƚĂŶƚƐ;/&Ϳ͘
WƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ
dŚĞ ƐĐŽƉĞ ŽĨ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĞǀŝĚĞŶĐĞ ŐĂƚŚĞƌŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ǁĂƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ͕ ĂŶĚ ŝŶĐůƵĚĞĚ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ

ASSURANCE
ƉƌŽĐĞĚƵƌĞƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗
• ^ĞůĞĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶƚŽƌĞǀŝĞǁďĂƐĞĚŽŶƚŚĞŵĂƚĞƌŝĂůŝƚLJĂŶĚƉƌŝŽƌŬŶŽǁůĞĚŐĞŽĨƚŚĞĐŽŵƉĂŶLJ͘
• /ŶƚĞƌǀŝĞǁƐ ǁŝƚŚ ĞŵƉůŽLJĞĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŐĞŶĞƌĂƚŝŶŐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ZĞƉŽƌƚ ƚŽ ůĞĂƌŶ ƚŚĞ
ƉƌŝŶĐŝƉůĞƐ͕ƐLJƐƚĞŵƐĂŶĚĂƉƉůŝĞĚŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚĞƐ͘
• ZĞǀŝĞǁŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶ͕ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂŶĚĐŽŶƐŽůŝĚĂƚŝŽŶƉƌŽĐĞƐƐĞƐ͘

REPORT
• ZĞǀŝĞǁŽĨƚŚĞƐĐŽƉĞ͕ƌĞůĞǀĂŶĐĞĂŶĚŝŶƚĞŐƌŝƚLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞZĞƉŽƌƚďĂƐĞĚŽŶƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌĞǀŝŽƵƐůLJ
ŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůĂƐƉĞĐƚƐ͘
• ZĞǀŝĞǁŽĨĞǀŝĚĞŶĐĞďĂƐĞĚŽŶĂƐĂŵƉůŝŶŐŽĨŝŶĨŽƌŵĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽĂƌŝƐŬĂŶĂůLJƐŝƐ͘
• ZĞǀŝĞǁŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'Z/ĂŶĚ^>^ƚĂŶĚĂƌĚƐ͘

KƉŝŶŝŽŶ
ĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁĂŶĚƚŚĞĞǀŝĚĞŶĐĞƉƌĞƐĞŶƚĞĚďLJ<K&͕ǁĞǁĞƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJƐŝƚƵĂƚŝŽŶƚŚĂƚĐĂƵƐĞƐƵƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞŝŶĚŝĐĂƚŽƌƐ
ĐŽŶƚĂŝŶĞĚ ŝŶ <K&ΖƐ Η/ŶƚĞŐƌĂƚĞĚ ZĞƉŽƌƚ ϮϬϮϯΗ ǁĞƌĞ ŶŽƚ ƌĞůŝĂďůLJ ŽďƚĂŝŶĞĚ͕ ĂƌĞ ŶŽƚ ĨĂŝƌůLJ ƉƌĞƐĞŶƚĞĚ͕ ŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚ ŵŝƐƐƚĂƚĞŵĞŶƚƐ Žƌ
ŽŵŝƐƐŝŽŶƐ͕ŽƌǁĞƌĞŶŽƚƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞ'Z/ĂŶĚ^>^ƚĂŶĚĂƌĚƐ͘





'ĞƌĂƌĚŽ'ƵƐƚĂǀŽdŽƌƌĞƐ&ĞƌŶĄŶĚĞnj
ŝƌĞĐƚŽƌŽĨdƌĂŶƐĨŽƌŵĂƚŝŽŶĂŶĚ^'/ŵƉĂĐƚDĞdžŝĐŽ
DĂƌĐŚϭϵ͕ϮϬϮϰ͕DĞdžŝĐŽŝƚLJ͘




1 KǁŶƉĞƌĨŽƌŵĂŶĐĞŝŶĚŝĐĂƚŽƌ
 2 /ŶĚŝĐĂƚŽƌďĂƐĞĚŽŶƚŚĞĐƌŝƚĞƌŝĂŽĨWƌŽŐƌĞƐƐŽĨƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJWĞƌĨŽƌŵĂŶĐĞdĂƌŐĞƚƐ;^WdƐͿŽĨƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJͲ>ŝŶŬĞĚŽŶĚ;^>Ϳ͘
 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 147

DZ/ͲKZhH
D^dZD–>KEZ^–WZ/^Ͳ/^dEh>
/hDy/K–/hWED–/h'hdD>–Yh/dK


 /ŶĚĞƉĞŶĚĞŶƚZĞĂƐŽŶĂďůĞƐƐƵƌĂŶĐĞZĞƉŽƌƚĨŽƌŽĐĂŽůĂ&D^͕^͘͘͘ĚĞ͘s͘ 


dŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨŽĐĂŽůĂ&D^͕^͘͘ĚĞ͘s͘;ŚĞƌĞŝŶĂĨƚĞƌ“KOF”),

^ĐŽƉĞ
ĐĐŽƌĚŝŶŐƚŽLJŽƵƌƌĞƋƵĞƐƚ͕ǁĞŚĂǀĞďĞĞŶĞŶŐĂŐĞĚƚŽƉƌŽǀŝĚĞĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞůĞǀĞůŽŶƚŚĞƉƌŽĐĞĞĚƐĂůůŽĐĂƚŝŽŶŽĨƚŚĞƐŽĐŝĂůďŽŶĚ
ŝŶĐůƵĚĞĚŝŶƚŚĞΗ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚϮϬϮϯΗ;ŚĞƌĞŝŶĂĨƚĞƌΗ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚΗͿĂŶĚŵĞŶƚŝŽŶĞĚŝŶΗŶŶĞdžΗĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĨƌŽŵ:ĂŶƵĂƌLJϭ
ƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘

INDEPENDENT
<K&ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KOF has been responsible for the preparation, content and presentation of the “Integrated Report” ĐŽŶƐŝĚĞƌŝŶŐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ
ƉƌŽƉŽƐĞĚĐŽŶƚĞŶƚƐ;ĐƌŝƚĞƌŝĂͿĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ^ŽĐŝĂůŽŶĚWƌŝŶĐŝƉůĞƐ͘

dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJŝŶĐůƵĚĞƐƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽĂůůŽǁƚŚĞ
information contained in the “InƚĞŐƌĂƚĞĚZĞƉŽƌƚ” ƚŽďĞĨƌĞĞŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘

REASONABLE
sĂůŽƌĂŽŶƐƵůƚŽƌĞƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJĐŽŶƐŝƐƚĞĚ ŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶůŝƐƚĞĚŝŶ ŶŶĞdž ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ
ƉƌŽĐĞĞĚƐĂůůŽĐĂƚŝŽŶŽĨƚŚĞƐŽĐŝĂůďŽŶĚ͕ďĂƐĞĚŽŶƚŚĞĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͘

dŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƌŽĐĞƐƐŽĨŝŶĚĞƉĞŶĚĞŶƚĂƐƐƵƌĂŶĐĞŵĞĞƚƐƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨŽƵƌǁŽƌŬ 
ĂƐŶŽŶͲĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƵĚŝƚŽƌƐ͕ŽƵƌǁŽƌŬǁĂƐĚĞǀĞůŽƉĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ/^ϯϬϬϬ^ƚĂŶĚĂƌĚ͕ƐƐƵƌĂŶĐĞŶŐĂŐĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶ ŶŶĞdž͘
ƵĚŝƚƐŽƌZĞǀŝĞǁƐŽĨ,ŝƐƚŽƌŝĐĂů&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶ͕ŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůƵĚŝƚŝŶŐĂŶĚƐƐƵƌĂŶĐĞ^ƚĂŶĚĂƌĚŽĂƌĚ;/^ͿŽĨƚŚĞ

ASSURANCE
/ŶƚĞƌŶĂƚŝŽŶĂů&ĞĚĞƌĂƚŝŽŶŽĨĐĐŽƵŶƚĂŶƚƐ;/&Ϳ͘ 
WƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ ^ŽĐŝĂůŽŶĚWƌŽĐĞĞĚƐůůŽĐĂƚŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
dŚĞ ƐĐŽƉĞ ŽĨ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĞǀŝĚĞŶĐĞ ŐĂƚŚĞƌŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ǁĂƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ͕ ĂŶĚ ŝŶĐůƵĚĞĚ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ
ƉƌŽĐĞĚƵƌĞƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗ 
• ^ĞůĞĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶƚŽƌĞǀŝĞǁďĂƐĞĚŽŶƚŚĞŵĂƚĞƌŝĂůŝƚLJĂŶĚƉƌŝŽƌŬŶŽǁůĞĚŐĞŽĨƚŚĞĐŽŵƉĂŶLJ͘ ĂƚĞŐŽƌLJŽĨĞůŝŐŝďůĞƉƌŽũĞĐƚ ŵŽƵŶƚ hŶŝƚ

REPORT
• /ŶƚĞƌǀŝĞǁƐ ǁŝƚŚ ĞŵƉůŽLJĞĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŐĞŶĞƌĂƚŝŶŐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ZĞƉŽƌƚ ƚŽ ůĞĂƌŶ ƚŚĞ DŝĐƌŽĐƌĞĚŝƚƐ ϭϲϳ͕ϭϳϰ͕ϲϬϮ DĞdžŝĐĂŶWĞƐŽƐ;DyEͿ
ƉƌŝŶĐŝƉůĞƐ͕ƐLJƐƚĞŵƐĂŶĚĂƉƉůŝĞĚŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚĞƐ͘ ,ƵŵĂŶƌĞƐŽƵƌĐĞƐ ϭϭ͕ϴϬϴ͕ϳϭϯ DĞdžŝĐĂŶWĞƐŽƐ;DyEͿ
• ZĞǀŝĞǁŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶ͕ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂŶĚĐŽŶƐŽůŝĚĂƚŝŽŶƉƌŽĐĞƐƐĞƐ͘
• ZĞǀŝĞǁŽĨƚŚĞƐĐŽƉĞ͕ƌĞůĞǀĂŶĐĞĂŶĚŝŶƚĞŐƌŝƚLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞZĞƉŽƌƚďĂƐĞĚŽŶƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌĞǀŝŽƵƐůLJ ^ŽĐŝĂůůŝĐĞŶĐĞ ϰϱ͕ϲϵϲ͕ϰϲϳ DĞdžŝĐĂŶWĞƐŽƐ;DyEͿ
ŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůĂƐƉĞĐƚƐ͘ dŽƚĂůŝŶǀĞƐƚŵĞŶƚ͗ ϮϮϰ͕ϲϳϵ͕ϳϴϯ DĞdžŝĐĂŶWĞƐŽƐ;DyEͿ
• ZĞǀŝĞǁŽĨĞǀŝĚĞŶĐĞďĂƐĞĚŽŶĂƐĂŵƉůŝŶŐŽĨŝŶĨŽƌŵĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽĂƌŝƐŬĂŶĂůLJƐŝƐ͘


SOCIAL BOND
• ZĞǀŝĞǁŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨǁŚĂƚŝƐƌĞƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ŽĐŝĂůŽŶĚWƌŝŶĐŝƉůĞƐ͘


KƉŝŶŝŽŶ
ĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁĂŶĚƚŚĞĞǀŝĚĞŶĐĞƉƌĞƐĞŶƚĞĚďLJ<K&͕ǁĞǁĞƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJƐŝƚƵĂƚŝŽŶƚŚĂƚĐĂƵƐĞƐƵƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞĂůůŽĐĂƚŝŽŶ
ŽĨƐŽĐŝĂůďŽŶĚƉƌŽĐĞĞĚƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶ<K&ΖƐΗϮϬϮϯ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚΗŚĂƐŶŽƚďĞĞŶƌĞůŝĂďůLJŽďƚĂŝŶĞĚ͕ŝƐŶŽƚĨĂŝƌůLJƉƌĞƐĞŶƚĞĚ͕ŚĂƐŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚƐŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŚĂƐŶŽƚďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ^ŽĐŝĂůŽŶĚWƌŝŶĐŝƉůĞƐ͘







'ĞƌĂƌĚŽ'ƵƐƚĂǀŽdŽƌƌĞƐ&ĞƌŶĄŶĚĞnj
ŝƌĞĐƚŽƌŽĨdƌĂŶƐĨŽƌŵĂƚŝŽŶĂŶĚ^'/ŵƉĂĐƚDĞdžŝĐŽ
DĂƌĐŚϭϵ͕ϮϬϮϰ͕DĞdžŝĐŽŝƚLJ͘



 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 8

DZ/ͲKZhH
D^dZD–>KEZ^–WZ/^Ͳ/^dEh>
/hDy/K–/hWED–/h'hdD>–Yh/dK


 /ŶĚĞƉĞŶĚĞŶƚZĞĂƐŽŶĂďůĞƐƐƵƌĂŶĐĞZĞƉŽƌƚĨŽƌŽĐĂŽůĂ&D^͕^͘͘͘ĚĞ͘s͘ 


dŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨŽĐĂŽůĂ&D^͕^͘͘ĚĞ͘s͘;ŚĞƌĞŝŶĂĨƚĞƌ“KOF”),

^ĐŽƉĞ
ĐĐŽƌĚŝŶŐƚŽLJŽƵƌƌĞƋƵĞƐƚ͕ǁĞŚĂǀĞďĞĞŶĞŶŐĂŐĞĚƚŽƉƌŽǀŝĚĞĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞůĞǀĞůŽŶƚŚĞƉƌŽĐĞĞĚƐĂůůŽĐĂƚŝŽŶŽĨƚŚĞŐƌĞĞŶďŽŶĚ
ŝŶĐůƵĚĞĚŝŶƚŚĞΗ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚϮϬϮϯΗ;ŚĞƌĞŝŶĂĨƚĞƌΗ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚΗͿĂŶĚŵĞŶƚŝŽŶĞĚŝŶΗŶŶĞdžΗĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĨƌŽŵ:ĂŶƵĂƌLJϭ
ƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘

INDEPENDENT
<K&ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KOF has been responsible for the preparation, content and presentation of the “Integrated Report” ĐŽŶƐŝĚĞƌŝŶŐ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ
ƉƌŽƉŽƐĞĚĐŽŶƚĞŶƚƐ;ĐƌŝƚĞƌŝĂͿĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ'ƌĞĞŶŽŶĚWƌŝŶĐŝƉůĞƐ͘

dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJŝŶĐůƵĚĞƐƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽĂůůŽǁƚŚĞ
information contained in the “InƚĞŐƌĂƚĞĚZĞƉŽƌƚ” ƚŽďĞĨƌĞĞŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘

REASONABLE
sĂůŽƌĂŽŶƐƵůƚŽƌĞƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJĐŽŶƐŝƐƚĞĚ ŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶůŝƐƚĞĚŝŶ ŶŶĞdž ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ
ƉƌŽĐĞĞĚƐĂůůŽĐĂƚŝŽŶŽĨƚŚĞŐƌĞĞŶďŽŶĚ͕ďĂƐĞĚŽŶƚŚĞĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͘

dŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƌŽĐĞƐƐŽĨŝŶĚĞƉĞŶĚĞŶƚĂƐƐƵƌĂŶĐĞŵĞĞƚƐƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨŽƵƌǁŽƌŬ 
ĂƐŶŽŶͲĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƵĚŝƚŽƌƐ͕ŽƵƌǁŽƌŬǁĂƐĚĞǀĞůŽƉĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ/^ϯϬϬϬ^ƚĂŶĚĂƌĚ͕ƐƐƵƌĂŶĐĞŶŐĂŐĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶ
ƵĚŝƚƐŽƌZĞǀŝĞǁƐŽĨ,ŝƐƚŽƌŝĐĂů&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶ͕ŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůƵĚŝƚŝŶŐĂŶĚƐƐƵƌĂŶĐĞ^ƚĂŶĚĂƌĚŽĂƌĚ;/^ͿŽĨƚŚĞ ŶŶĞdž͘

ASSURANCE
/ŶƚĞƌŶĂƚŝŽŶĂů&ĞĚĞƌĂƚŝŽŶŽĨĐĐŽƵŶƚĂŶƚƐ;/&Ϳ͘
WƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ 
dŚĞ ƐĐŽƉĞ ŽĨ ŽƵƌ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞǀŝĞǁ ĂŶĚ ĞǀŝĚĞŶĐĞ ŐĂƚŚĞƌŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ǁĂƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ͕ ĂŶĚ ŝŶĐůƵĚĞĚ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ 'ƌĞĞŶŽŶĚWƌŽĐĞĞĚƐůůŽĐĂƚŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
ƉƌŽĐĞĚƵƌĞƐĚĞƐĐƌŝďĞĚďĞůŽǁ͗

• ^ĞůĞĐƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶƚŽƌĞǀŝĞǁďĂƐĞĚŽŶƚŚĞŵĂƚĞƌŝĂůŝƚLJĂŶĚƉƌŝŽƌŬŶŽǁůĞĚŐĞŽĨƚŚĞĐŽŵƉĂŶLJ͘

REPORT
ĂƚĞŐŽƌLJŽĨĞůŝŐŝďůĞƉƌŽũĞĐƚ ŵŽƵŶƚ hŶŝƚ
• /ŶƚĞƌǀŝĞǁƐ ǁŝƚŚ ĞŵƉůŽLJĞĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŐĞŶĞƌĂƚŝŶŐ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ ZĞƉŽƌƚ ƚŽ ůĞĂƌŶ ƚŚĞ
ƉƌŝŶĐŝƉůĞƐ͕ƐLJƐƚĞŵƐĂŶĚĂƉƉůŝĞĚŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚĞƐ͘ ŝƌĐƵůĂƌĞĐŽŶŽŵLJ ϴ͕ϯϭϵ͕ϭϬϵ h^
• ZĞǀŝĞǁŽĨĚĂƚĂĐŽůůĞĐƚŝŽŶ͕ŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂŶĚĐŽŶƐŽůŝĚĂƚŝŽŶƉƌŽĐĞƐƐĞƐ͘ ůŝŵĂƚĞĂĐƚŝŽŶ ϭϴ͕ϵϰϳ͕ϱϵϯ h^
• ZĞǀŝĞǁŽĨƚŚĞƐĐŽƉĞ͕ƌĞůĞǀĂŶĐĞĂŶĚŝŶƚĞŐƌŝƚLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞZĞƉŽƌƚďĂƐĞĚŽŶƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌĞǀŝŽƵƐůLJ
tĂƚĞƌƐƚĞǁĂƌĚƐŚŝƉ ϭϯ͕ϳϰϲ͕ϰϰϰ h^
ŝĚĞŶƚŝĨŝĞĚŵĂƚĞƌŝĂůĂƐƉĞĐƚƐ͘
• ZĞǀŝĞǁŽĨĞǀŝĚĞŶĐĞďĂƐĞĚŽŶĂƐĂŵƉůŝŶŐŽĨŝŶĨŽƌŵĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽĂƌŝƐŬĂŶĂůLJƐŝƐ͘ dŽƚĂůŝŶǀĞƐƚŵĞŶƚ͗ ϰϭ͕Ϭϭϯ͕ϭϰϲ h^

GREEN BOND
• ZĞǀŝĞǁŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨǁŚĂƚŝƐƌĞƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ƌĞĞŶŽŶĚWƌŝŶĐŝƉůĞƐ͘ 


KƉŝŶŝŽŶ
ĂƐĞĚŽŶŽƵƌƌĞǀŝĞǁĂŶĚƚŚĞĞǀŝĚĞŶĐĞƉƌĞƐĞŶƚĞĚďLJ<K&͕ǁĞǁĞƌĞŶŽƚĂǁĂƌĞŽĨĂŶLJƐŝƚƵĂƚŝŽŶƚŚĂƚĐĂƵƐĞƐƵƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞĂůůŽĐĂƚŝŽŶ
ŽĨŐƌĞĞŶďŽŶĚƉƌŽĐĞĞĚƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶ<K&ΖƐΗϮϬϮϯ/ŶƚĞŐƌĂƚĞĚZĞƉŽƌƚΗŚĂƐŶŽƚďĞĞŶƌĞůŝĂďůLJŽďƚĂŝŶĞĚ͕ŝƐŶŽƚĨĂŝƌůLJƉƌĞƐĞŶƚĞĚ͕ŚĂƐŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚƐŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŚĂƐŶŽƚďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞ'ƌĞĞŶŽŶĚWƌŝŶĐŝƉůĞƐ͘








'ĞƌĂƌĚŽ'ƵƐƚĂǀŽdŽƌƌĞƐ&ĞƌŶĄŶĚĞnj
ŝƌĞĐƚŽƌŽĨdƌĂŶƐĨŽƌŵĂƚŝŽŶĂŶĚ^'/ŵƉĂĐƚDĞdžŝĐŽ
DĂƌĐŚϭϵ͕ϮϬϮϰ͕DĞdžŝĐŽŝƚLJ͘


 OVERVIEW STRATEGIC PRIORITIES SUSTAINABILITY ETHICS AND GOVERNANCE APPENDICES C O C A - C O LA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 9

INVESTOR RELATIONS
Jorge Collazo
LEGAL COUNSEL OF THE COMPANY
Carlos L. Díaz Sáenz
STOCK EXCHANGE INFORMATION
Coca-Cola FEMSA’s common stock COCA-COLA FEMSA,
Lorena Martín
Marene Aranzabal
Mario Pani Nº 100
Col. Santa Fe Cuajimalpa 05348,
is traded on the Bolsa Mexicana de
Valores (the Mexican Stock Exchange) S.A.B. DE C.V.
Emilio Villacís Ciudad de Mexico, Mexico. under the symbol KOFUBL and on the
kofmxinves@kof.com.mx Phone: (52 55) 1519 5000 New York Stock Exchange, Inc. (NYSE) Mario Pani N° 100
and Bolsa Institucional de Valores Col. Santa Fe Cuajimalpa 05348,
under the symbol KOF. Ciudad de Mexico,
SUSTAINABILITY INDEPENDENT ACCOUNTANTS
Jordi Cueto-Felgueroso Mancera, S.C. Mexico (52 55) 1519 5000
Carolina Vásquez A member firm of Ernst & Young Global TRANSFER AGENT AND REGISTRAR
sostenibilidad@kof.com.mx Antara Bank of New York
Polanco Av. Ejército Nacional Torre Bank of New York 101 Barclay Street
Paseo 843-B Piso 4 Colonia Granada 22W New York,
CORPORATE COMMUNICATION 11520 Ciudad de Mexico, New York 10286, U.S.A
Luis Carrillo
Mexico Phone: (52 55) 5283 1400
Daniel Insulza

SHAREHOLDER Aldana Solano

& ANALYST
INFORMATION KOF NEW YORK STOCK EXCHANGE Quarterly Stock Information KOFUBL MEXICAN STOCK EXCHANGE Quarterly Stock Information
U.S. Dollars per ADS 2023 Mexican Pesos 2023
Quarter ended $ High $ Low $ Close Quarter ended $ High $ Low $ Close
Dec-29 95.4 94.4 94.64 Dec-29 161.61 159.7 160.97
Sep-29 79.81 77.77 78.44 Sep-29 138.21 135.64 136.78
Jun-30 83.85 82.15 83.31 Jun-30 143.33 140.58 143.08
Mar-31 81.86 80.17 80.47 Mar-31 147.34 144.18 144.73

U.S. Dollars per ADS 2022 Mexican Pesos 2022

Quarter ended $ High $ Low $ Close Quarter ended $ High $ Low $ Close
Dec-29 68.91 67.49 67.88 Dec-29 133.22 131.05 131.84
Sep-29 59.15 57.65 58.39 Sep-29 118.81 116.02 117.67
Jun-30 56.23 54.64 55.28 Jun-30 113.16 110.56 111.34
Mar-31 55.15 53.40 54.95 Mar-31 109.80 106.28 109.53
ABOUT OUR INTEGRATED REPORT
Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker:
KOF | Ratio of KOFUBL to KOF = 10:1 Coca-Cola FEMSA files reports, including annual
reports and other information with the U.S. Securities and Exchange Commission, or
the “SEC,” and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”)
pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and
of the BMV. Filings we make electronically with the SEC and the BMV are available to the
public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.
From our headquarters in Mexico City, we present the 2023 edition of our Integrated Report.
bmv.com.mx, and our website at www.coca-colafemsa.com. Coca-Cola FEMSA, S.A.B. de
This report was developed following the guidelines of the International Integrated Reporting C.V. is the largest Coca-Cola franchise bottler in the world by sales volume. The company
Council (IIRC) and in accordance with the GRI (Global Reporting Initiative) Standards, as produces and distributes trademark beverages of The Coca Cola Company, offering a
wide portfolio of leading brands to a population of more than 272 million. With over 86
well as material indicators of the SASB (Sustainability Accounting Standards Board) for the thousand employees, the company markets and sells approximately 4.0 billion unit cases
Non-Alcoholic Beverage Industry. through more than 2.1 million points of sale a year. Operating 56 manufacturing plants
and 252 distribution centers, Coca-Cola FEMSA is committed to generating economic, so-
cial, and environmental value for all of its stakeholders across the value chain. The com-
The information contained in this report corresponds to the period from January 1 to pany is a member of Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good
December 31, 2023. It includes data from the countries where Coca-Cola FEMSA, S.A.B. Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations
de C.V. has operations or a majority share. Its operations encompass franchise territories encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina,
and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and in Venezuela through its
in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, investment in KOF Venezuela. For further information, please visit
Nicaragua, Panama, and Uruguay. www.coca-colafemsa.com

The company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, 1. For comparability purposes, the non-financial quantitative data for 2022, 2021,
FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. 2020, 2019, and 2018 is represented without Venezuela, since as of December 31,
2017, Venezuela is a deconsolidated operation reported as an investment in shares.
Moreover, the 2017 information is represented without the Philippines.
CHIEF FINANCIAL OFFICER 2. References herein to “Mexican pesos” or “Ps.” are to the lawful currency of the
United Mexican States, or Mexico
GERARDO CRUZ CELAYA