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Fomento Económico Mexicano, S.A.B. de C.V., doing business as FEMSA, is a Mexican multinational beverage and retail company headquartered in Monterrey, Mexico. It operates the largest independent Coca-Cola bottling group in the world and the largest convenience store chain in Mexico.

Key Information

FEMSA reported revenues of US$26.9 billion for 2019, making it the fifth largest company of Mexico.[3] It has operations in Latin America mainly through bottling plants, convenience stores, drugstores, fuel stations, and third-party logistic services, and in the United States, where it participates in the jan-san distribution industry. It is well known in Mexico for its convenience store chain Oxxo, it previously owned Cuauhtémoc Moctezuma Brewery (exchanged in 2010 for a 20% stake in Heineken N.V.), and for being the owner of C.F. Monterrey, a Liga MX football team.

FEMSA has been listed on the Mexican Stock Exchange since 1978 and on the NYSE through ADRs since 1998. It is a constituent of the IPC, the main benchmark index of the Mexican Stock Exchange, and of the S&P Latin America 40, which includes leading, blue chip companies from Latin America.

History

[edit]

FEMSA originated from the Cervecería Cuauhtemoc brewery, which was established by Isaac Garza Garza in 1890.[4] In 1909, Garza founded Vidriera Monterrey (now Vitro) to produce bottles for the Cuauhtémoc brewery.

The vertical strategic integration of Cervecería Cuauhtemoc began in 1936, with the establishment of Fábricas Monterrey, S.A. de C.V. for the production of bottle caps. Packaging operations expanded in 1957 with the production of labels and flexible packaging. During this period, FEMSA's operations were part of what became known as Grupo Monterrey (lit. the Monterrey Group), which also included interests in banking, steel, and other packaging operations.

In 1974, Grupo Monterrey was divided into two branches by the descendants of the founding families of Cervecería Cuauhtémoc. The steel and packaging operations gave rise to the creation of Corporación Siderúrgica S.A. (later consolidated into Grupo ALFA), which would be controlled by the Garza Sada family, and the beverage and banking operations led to the creation of FEMSA, whose control fell to the Garza Lagüera family. FEMSA was listed on the Mexican Stock Exchange on September 19, 1978.

In 1985, Cuauhtémoc merged with Moctezuma to form Cervecería Cuauhtémoc Moctezuma.[4] FEMSA then undertook an extensive corporate and financial restructuring that was completed in December 1988.[5]

In 1993, Coca-Cola purchased a 30 percent stake in FEMSA, creating the Coca-Cola FEMSA division.[6]

In January 2006, FEMSA Cerveza acquired Kaiser Cervejarias from Molson Coors Brewing Co.[7]

On December 19, 2006, Coca-Cola FEMSA announced its attempt to buy out Mexican juice producer Jugos del Valle. It was acquired in 2007.

On December 20, 2007, Cascade Investments LLC, whose main partner is Bill Gates, announced it would invest $390 million in FEMSA. The Reuters news agency stated that after this investment, "Gates owns a 1.2 percent stake in Femsa's Series B shares, a 5 percent stake in Series D-B shares, and a 5 percent stake in Series D-L shares." This investment caused the Bill and Melinda Gates' foundation to become the institutional holder possessing the most shares of FEMSA.[8]

On January 11, 2010, the Dutch brewing company Heineken International purchased FEMSA Cerveza (Cervecería Cuauhtémoc Moctezuma), the beer operations of FEMSA, in a stock swap that left FEMSA a 20% owner in the Heineken.[9]

In 2011, Coca-Cola FEMSA acquired regional Mexican Coke bottler Grupo Cimsa for 11 billion MXN (US$838 million).[10]

In July 2012, Coca-Cola FEMSA announced that it had purchased Lácteos Santa Clara, one of the largest dairy bottlers in Mexico.[11]

In August 2015, FEMSA, through its subsidiary FEMSA Comercio entered the drugstore business in South America by acquiring a majority interest in Socofar, a leading South American drugstore operator based in Santiago, Chile.[12]

In March 2017, FEMSA's Imbera division announced their shift to hydrocarbons in manufacturing their Coke beverage coolers.[13] The company enacted the manufacturing shift in order to meet higher efficiency standards. In October 2017, FEMSA Logistica rebranded to Solistica.[14]

In early 2019, FEMSA, through its subsidiary FEMSA Comercio, acquired Ecuadorean company Corporacion GPF.[15] In September 2019, FEMSA signed a deal to acquire a minority stake in Jetro Restaurant Depot.[16] In November 2019, FEMSA Logistics subsidiary Solistica completed their acquisition of Brazilian company AGV.[17] Also in November 2019, FEMSA Comercio closed the acquisition of a 50 percent stake in Raizen Conveniencias.[18]

In March 2020, FEMSA acquired a majority stake in WAXIE Sanitary Supply and North American Corporation, to form a new platform within the Jan-San, Packaging and Specialized distribution industry in the United States.[19]

In 2022, FEMSA acquired Swiss retail and food service holding company Valora, which operates multiple brands of convenience stores and quick service food outlets in Switzerland, Germany, Austria, Luxembourg, and the Netherlands.[20][21]

In May 2023, FEMSA sold €333 million in Heineken N.V. to the company. FEMSA will no longer hold any shares in Heineken N.V. and Heineken Holding N.V. other than the Heineken Holding N.V. shares underlying the exchangeable bond.[22]

Divisions

[edit]

FEMSA Comercio

[edit]

Proximity division

[edit]

FEMSA Comercio operates OXXO, the leading convenience store chain in Mexico and a growing portfolio of other small-format retail chains in Latin America.[23]

OXXO, a subsidiary of FEMSA, was established in 1978.[23] In 2010, OXXO, a subsidiary of FEMSA Comercio, partnered with Heineken Mexico. OXXO's ten-year agreement with Heineken Mexico was renegotiated in early 2019.[24]

In 2013 the FEMSA group acquired an 80% holding in the Mexican arm of restaurant chain Gorditas Doña Tota for US$120 million, their interest being limited to operations within Mexico.[25] Operations within the United States remain in the hands of the original business owners.[26] The company operates as a subsidiary of Femsa Comercio S.A. de C.V.[27] As of 2017 the company claims more than 200 restaurants in 60 Mexican cities and towns.[28][29] Gorditas Doña Tota started in 1952 when Carlota Murillo of Ciudad Victoria, Tamaulipas began selling gorditas on the street, from a cart on the sidewalk.[28]

Health division

[edit]

In November 2012, FEMSA announced it had purchased a 75 percent controlling stake in convenience store Farmacias Yza.[30] In May 2013, FEMSA announced the acquisition of another convenience store, Farmacias FM Moderna.[31]

In September 2015, FEMSA Comercio acquired a controlling stake in SOCOFAR.[32] In December 2015, FEMSA, through FEMSA Comercio, acquired SOCOFAR, a Chilean drugstore company operating the Cruz Verde drugstore network in Chile and Colombia. SOCOFAR was founded in the 1980s and is the largest drugstore chain in Chile, a strong presence in Colombia.[33]

In September 2018, FEMSA, through FEMSA Comercio, announced the acquisition of Ecuadorian drugstore chains Fybeca and SanaSana.[34]

In May 2019, FEMSA Comercio completed its acquisition of Fybeca.[35] FEMSA Comercio announced in December 2019 plans to acquire the remaining 40 percent minority stake of SOCOFAR.[36] FEMSA acquired the remaining stake in SOCOFAR in January 2020.[37]

Fuel division

[edit]

OXXO Gas is an affiliate of OXXO, and as of 2020 operates approximately 550 stations in 17 Mexican states.[38]

Coca-Cola FEMSA

[edit]
Main article: Coca-Cola FEMSA

FEMSA owns 47.9% of the world's largest bottler of Coca-Cola by volume, Coca-Cola FEMSA, S.A. de C.V. (NYSE: KOF), which operates in ten countries covering the metropolitan area of Mexico City, southeast Mexico, Central America, and South America.

Coca-Cola FEMSA is the anchor bottler of Coca-Cola and its related soft drink products in much of Latin America. The company is an important part of the Coca-Cola System. During 2019, the company produced and sold 11.1% of Coca-Cola's volume worldwide. This makes it the largest Coca-Cola bottler in the world.[39]

The company is owned 47.9% by FEMSA, 28.1% by The Coca-Cola Company and the remaining interest trades on the New York Stock Exchange and the Mexico City Stock Exchange.[40] The company is headquartered in Monterrey.

The company is the bottler of Coca-Cola in half of Mexico (including Mexico City, Oaxaca, Tabasco, Guanajuato, Querétaro, Veracruz, Puebla and Michoacan) the Buenos Aires region of Argentina, São Paulo and other areas of Brazil, greater Guatemala City, Guatemala, most of Colombia, and all of Costa Rica, Nicaragua, Panama, Venezuela and the Philippines (until 2018).

The company also distributes beer and bottled water in some of its territories.

On 29 June 2011, was announced that FEMSA will merge to the bottling division of Grupo Tampico, agreeing to pay 9.3 billion pesos (790 million dollars) in stock for the Coke bottling operations of Grupo Tampico.[41] In September 2011, Coca-Cola FEMSA acquired Grupo Cimsa, a Coke bottler in Morelos, Mexico, Guerrero and Michoacan.[10]

FEMSA Negocios Estratégicos

[edit]

FEMSA Negocios Estratégicos (formerly known as FEMSA Insumos Estratégicos) provides logistics, point-of-sale refrigeration services and plastics services to FEMSA's business units and third-party clients. It is subsequently divided into:

Solistica

[edit]

Solistica is a third-party logistics provider for a number of industries, including pharmaceuticals, automotive, technology, and consumer goods. Solistica manages primary distribution for Coca-Cola FEMSA and Heineken and secondary distribution for FEMSA Comercio's Proximity Division.[42]

Imbera

[edit]

Imbera manufactures equipment for the soft drink, beer and food service industries, including coolers, food processing, storage and weighing equipment.[42] Imbera has manufacturing plants in Mexico, Colombia, and Brazil.[43]

Plásticos Técnicos Mexicanos (PTM)

[edit]

PTM develops "plastic transformation projects" tailored to FEMSA Enterprises and third-party clients in terms of materials handling, automobiles, and food/beverages. Their capacity includes the different plastic manufacturing processes: blowing, injecting, heat forming, and extrusion.[44]

See also

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

FEMSA

View on Grokipedia
from Grokipedia
Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), is a Mexican multinational conglomerate headquartered in Monterrey, Mexico, that operates as a holding company focused on the beverage, retail, and related distribution industries. Founded in 1890 through the establishment of the Cervecería Cuauhtémoc brewery, FEMSA has evolved into a global leader, with its origins rooted in brewing before expanding into non-alcoholic beverages and convenience retail. Its primary business units include Coca-Cola FEMSA, the largest independent bottler of Coca-Cola products worldwide by volume, which produces and distributes a wide range of beverages across multiple countries; the Proximity & Health division, encompassing chains like OXXO convenience stores and other small-format retail operations; and logistics and digital services that support these segments. As of 2025, FEMSA employs more than 392,000 people and maintains operations in 18 countries, including Mexico, the United States, Brazil, Colombia, Chile, Argentina, and several in Europe such as Germany and Austria. The company emphasizes sustainability, social impact, and value creation, positioning itself as a key player in economic development while adapting to digital ecosystems for customer engagement.

Overview

Company Profile

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) is a Mexican multinational conglomerate headquartered in , . Founded in 1890 as a , it has evolved into a major player with integrated operations across key business units in retail and beverages. FEMSA operates primarily in the beverages, retail, and and distribution industries, focusing on generating economic and social value through its subsidiaries and associated companies. As of 2025, the company employs more than 392,000 people across 18 countries, underscoring its significant scale and regional influence. It holds a leading position as the largest independent bottler by volume outside the via its majority-owned , which distributes products to millions of consumers in . Additionally, FEMSA's retail arm operates more than 25,000 convenience stores, primarily in , establishing it as a dominant force in proximity retail. The conglomerate plays a pivotal economic by fostering integrated supply chains that enhance and in its operational regions. FEMSA is publicly traded on the Mexican Stock Exchange under the ticker : FMX and on the as NYSE: FMX, with a of approximately $33.6 billion as of November 2025. Its guiding principle is to create economic and social value through companies and institutions while striving to be the best employer and neighbor to the communities it serves.

Global Presence

FEMSA maintains a robust international footprint, with operations spanning 18 countries and employing over 392,000 people globally. Its primary geographic coverage centers on , including , , , , , and , where it conducts retail and beverage activities through subsidiaries like convenience stores and bottling operations. In Europe, FEMSA's presence is established via its Proximity Division affiliate Valora, which operates more than 2,600 small-format stores across , , , , , and the . Additionally, the company has initiated select operations in the United States, focusing on fuel and retail through OXXO-branded outposts in and surrounding regions. Key expansions have marked FEMSA's growth beyond Mexico. The company entered South American markets in the 1990s through , acquiring bottling franchises in countries such as in 1996 and in 1998 to build its beverage distribution network. In , FEMSA achieved its first major foothold with the 2022 acquisition of Valora for approximately $1.2 billion, integrating the Swiss-based retailer as its European retail arm and enabling adaptation of proximity store models to the continent's urban environments. More recently, in the 2020s, FEMSA launched U.S. pilots by acquiring Holdings' retail assets in 2024, converting 249 convenience stores to the format while maintaining fuel partnerships under brands like DK and Alon; by October 2025, over 50 stores had been rebranded, with plans for further conversions. In terms of market dominance, FEMSA's chain leads Mexico's convenience retail sector as the country's largest network, operating over 25,000 stores and outpacing competitors by a factor of ten in scale. Through , the company holds significant beverage market share across 10 Latin American countries, including , , , , , , , , , and Uruguay, where it distributes approximately 40% of regional sales volume. Strategically, FEMSA prioritizes emerging markets for retail expansion, leveraging its expertise in proximity formats to drive growth in fragmented sectors like Latin America's landscape. The company adapts 's model to local preferences, such as implementing smaller store footprints in Europe's dense urban areas via Valora and customizing offerings for U.S. consumers through fuel-integrated sites. This approach underscores FEMSA's focus on scalable, consumer-centric operations in high-potential regions. In 2025, FEMSA announced investments of MX$58 billion to support expansion and other initiatives.

Leadership and Governance

Executive Team

As of late 2025, FEMSA's executive team reflects a recent leadership transition emphasizing continuity and innovation within its family-controlled structure. On November 1, 2025, José Antonio Fernández Garza-Lagüera was appointed , succeeding interim CEO José Antonio Carbajal, who assumed the role in July 2023 following prior changes. This succession highlights a generational shift, with Fernández Garza-Lagüera, a descendant of the founding Garza Sada and families that established FEMSA in 1890, bringing over a decade of internal experience to the top role. Prior to his appointment, he served as CEO of the Proximity & division since November 2023, where he oversaw operations spanning more than 28,000 stores and 180,000 employees, driving expansions in convenience retail and digital services. In his new position, Fernández Garza-Lagüera leads the implementation of the FEMSA Forward strategy, launched in 2023, which prioritizes digital customer ecosystems, integration, and focused growth in retail and beverages to enhance long-term value creation. His contributions emphasize and innovation, building on achievements like transforming FEMSA's digital arm into Spin by , which served 9.9 million active users as of Q3 2025. Supporting the CEO are key executives steering FEMSA's core functions. Martín Arias Yániz has served as since April 30, 2024, managing financial planning and capital allocation with 25 years of tenure at the company, including prior roles in and control. Ian Marcel Craig García, CEO of since 2023, directs the beverage operations, leveraging 27 years of experience in the sector to expand market presence across , , and . For the retail divisions, leadership includes specialized directors such as Carlos Arroyo Rico, who heads OXXO Mexico operations, focusing on commercial strategy for the chain's 20,000+ stores, and Jacobo Caller Celestino, Director of the Health and Multi-Format Division, advancing pharmacy and fuel retail integration. This team aligns executive efforts with FEMSA's mission of sustainable value generation under board oversight.

Board of Directors

The of FEMSA consists of 15 members, elected annually and supported by a non-member Secretary and Alternate Secretary, in accordance with the company's bylaws and corporate governance standards. The board is chaired by , who has served as Executive Chairman since 2001 and oversees strategic direction while ensuring alignment with long-term objectives. The composition reflects a balance of proprietary and independent directors, with nine independent members comprising 60% of the board as of , exceeding the minimum 25% requirement under Mexican Securities Market Law. Nine members are elected by Series B shareholders, primarily representing interests such as to the Eugenio Garza Lagüera lineage, including figures like Francisco Javier Fernández Carbajal and Paulina Garza Lagüera Gonda. The remaining members are elected by Series D shareholders and include independent experts in finance, retail, and investment, such as Michael Larson, Chief Investment Officer at LLC, and Víctor Alberto Tiburcio Celorio, a financial . This structure promotes diverse perspectives, with 40% female representation on the board. Key standing committees support the board's oversight functions, including the Audit Committee, chaired by independent director Víctor Alberto Tiburcio Celorio, which supervises financial reporting, internal controls, risk management, and compliance with ethics standards. The Corporate Practices and Nominations Committee, led by Chairman José Antonio Fernández Carbajal, handles executive compensation, director nominations, and adherence to governance best practices. Additional committees include the Operations and Strategy Committee, chaired by José Antonio Fernández Carbajal, which advises on business investments, strategic planning, and sustainability integration, and the Sustainability, Diversity, and Inclusion Committee, which promotes ESG-related initiatives across operations. The Finance and Planning Committee further assists in evaluating financial strategies and risk mitigation. FEMSA's governance practices emphasize compliance with Mexican corporate laws, the U.S. Sarbanes-Oxley Act, and listing standards, as well as voluntary adherence to the Code of Best Corporate Practices issued by Mexico's Business Coordinating Council. The board integrates environmental, social, and governance (ESG) factors into decision-making, having been a signatory to the since 2005, with oversight of sustainability goals such as achieving 85% renewable electricity sourcing by 2030 (65.3% attained in 2024). Diversity initiatives, intensified post-2020, target 40% representation in executive positions by 2030, building on current board gender balance efforts.

History

Origins and Early Development (1890–1977)

The origins of FEMSA trace back to 1890, when a group of entrepreneurs including Isaac Garza Garza, Francisco G. Sada Muguerza, José A. Muguerza, José Calderón, and Joseph M. Schnaider established the Cervecería Cuauhtémoc brewery in , Nuevo León, , with an initial capital of 150,000 pesos and a workforce of 70 operators and two clerks. The brewery, initially known as Fábrica de Hielo y Cerveza Cuauhtémoc, focused on production and ice to meet regional demand in northeastern , where consumption was rising amid industrialization. Its flagship product, Carta Blanca, a light pilsner-style , was introduced in 1891 and quickly gained popularity for its crisp flavor, becoming one of Mexico's earliest exported beers and earning awards at international expositions like the 1893 . By 1893, the brewery had produced its first full barrel of , marking the start of scalable operations that reached 2,000 hectoliters annually in the early years. In the early 20th century, the brewery expanded amid turbulent times, including the Mexican Revolution (1910–1920), during which revolutionaries briefly seized the facility in October 1913 as federal forces clashed in , yet operations resumed swiftly under shifting control, demonstrating resilience. To bolster its portfolio, Cuauhtémoc introduced , a premium inspired by European styles, around 1905, targeting discerning consumers and contributing to production growth that reached 293,000 hectoliters by 1935. The company pursued by establishing packaging subsidiaries, such as a ceramics division for bottle tops in 1920 and in 1936 for metal crown caps, which enhanced efficiency and reduced reliance on imports. These innovations, including the adoption of metal bottle caps in 1903 as Mexico's first brewery to do so, supported regional dominance in the northeast, where loyalty to brands like Carta Blanca fostered a strong local market. Following , the brewery experienced accelerated growth through acquisitions, beginning with its first in 1935 and continuing with four more by 1965, establishing additional facilities in and to meet rising demand. Under the leadership of the Garza Sada family—descendants of founder Isaac Garza, including —the operations remained tightly controlled by the founding families, forming part of the influential Monterrey Group of industrialists with interests in , banking, and via Vidriera Monterrey, founded in 1909. Diversification efforts included early involvement in soft drink bottling franchises, such as initial operations in the 1920s, laying groundwork for non-alcoholic beverages, though beer remained core until later expansions. Employee welfare initiatives, like the 1918 Sociedad Cooperativa de Ahorros e Inversiones, underscored the family's paternalistic approach, fostering loyalty amid post-war economic booms. The brought economic challenges, including , currency , and oil price shocks that strained Mexico's import-dependent industries, prompting the Garza Sada group to restructure its sprawling operations. The assassination of in 1973 exacerbated leadership transitions, while rising costs led to innovations like the 1977 introduction of two-piece cans at the plant—the first in —to cut production expenses and prevent leaks. In response, the family separated businesses in 1974, with the Garza Laguera branch consolidating beverage, banking, and related assets under a new holding structure, formalized as Fomento Económico Mexicano, S.A. de C.V. (FEMSA) in 1977, to streamline management and shield core operations from broader group volatility. This pivotal shift marked the transition from a brewery-centric enterprise to a diversified holding entity poised for future growth.

Expansion and Restructuring (1978–2009)

In 1978, the predecessor entity to FEMSA, Valores Industriales S.A. (VISA), launched the convenience store chain with its first locations in , , marking the group's initial foray into retail operations alongside its established brewing and emerging soft drink activities. This move laid the groundwork for diversification, as VISA acquired its first bottling franchise in 1979, forming the basis for what would become FEMSA Refrescos. By 1988, amid broader corporate restructuring, FEMSA was established as a dedicated under VISA, consolidating operations in beer production (through FEMSA Cerveza), soft drinks, packaging, and retail to streamline management and foster growth across sectors. In 1998, VISA was officially renamed FEMSA, with its shares listed on the , enhancing access to international capital for further expansion. The 1990s saw accelerated diversification, particularly in beverages and retail. In 1991, FEMSA transferred its bottling assets to FEMSA Refrescos, S.A. de C.V., setting the stage for a strategic partnership with in 1993, where Coca-Cola acquired a 30% stake and FEMSA Refrescos listed 19% of its shares on the Mexican and New York stock exchanges, creating as a . This entity expanded internationally in 1994 by acquiring a 51% stake in Buenos Aires, establishing FEMSA's first major bottling operation outside in . Concurrently, experienced rapid growth, reaching over 1,000 stores by the late through aggressive openings in urban areas, capitalizing on demand for proximity retail formats. In 1995, FEMSA ventured into fuel retail via a partnership with Oil Co. to operate Amoxxo service centers, integrating convenience stores with gasoline sales. Entering the 2000s, FEMSA solidified its position as a diversified conglomerate through key acquisitions and operational mergers. Coca-Cola FEMSA's 2003 acquisition of Panamco for approximately $3.6 billion dramatically expanded its footprint, making it the largest bottler in by volume and adding operations in countries including , , , and . In beer operations, FEMSA repurchased a 30% stake in Cervecería Cuauhtémoc Moctezuma from Limited in 2004 and acquired controlling interest in Brazilian brewer in 2006 for $68 million, merging these assets to strengthen FEMSA Cerveza's regional presence and portfolio of brands like Sol and Tecate. Retail continued to scale, with surpassing 5,000 stores by 2007, driven by annual additions of over 700 locations and innovations in , such as the 2000 launch of Solística.com in partnership with . By 2009, FEMSA's restructuring efforts focused on , including the acquisition of Bavaria's Brisa business to bolster , while positioning its beer division for potential strategic realignment amid global industry consolidation. These moves transformed FEMSA from a primarily industrial group into a multinational conglomerate with balanced exposure across retail, beverages, and , setting the stage for future adaptations without delving into subsequent divestitures.

Recent Transformations (2010–2025)

In 2010, FEMSA underwent a pivotal strategic shift by exchanging its beer operations, FEMSA Cerveza, for a 20% economic interest in valued at approximately $7.8 billion, while retaining a 14.7% stake in the Dutch brewer. This transaction allowed FEMSA to divest from the competitive market and redirect resources toward its core retail and non-alcoholic beverage es, marking a refocus on sustainable growth in consumer-facing sectors. Throughout the , FEMSA accelerated its retail expansion, particularly with the chain, which grew from around 8,600 stores in to approximately 18,000 by the end of the decade through aggressive organic openings in and . This period also saw international diversification, including the 2022 acquisition of Valora, a leading European and service operator, for about $1.2 billion, establishing a foothold in , , and neighboring markets. In 2024, FEMSA's Proximity & Health division acquired 249 DK-branded from Holdings, marking its entry into the market. Complementing these efforts, FEMSA launched digital initiatives such as Spin by in the early 2020s, a ecosystem offering payments, loyalty programs, and that reached over 13 million users by 2024, enhancing across its retail network. Entering the 2020s, FEMSA implemented organizational changes under its FEMSA Forward long-range plan announced in 2023, restructuring FEMSA Comercio into dedicated Proximity, , and Fuel divisions to streamline operations and foster specialized growth. The 2025 iteration of FEMSA Forward further emphasized —via expansions in Spin—and sustainability initiatives, including enhanced ESG reporting and energy-efficient retail practices, aligning with broader corporate goals for value creation. In November 2025, FEMSA celebrated its 135th anniversary, reflecting on its evolution from a local to a global conglomerate. In recent developments, FEMSA reported 9.1% consolidated revenue growth in the third quarter of 2025, driven by retail and beverage segments, alongside a succession where José Antonio Fernández Garza-Lagüera assumed the CEO role on November 1, 2025, following a planned transition. To support these priorities, the company allocated MX$58 billion in capital investments for 2025, primarily targeting retail expansion and services.

Retail Operations

Proximity Division

The Proximity Division manages FEMSA's core operations, focusing on small-format retail that emphasizes accessibility, speed, and localized offerings. Its flagship brand, , operates over 25,000 stores as of September 2025, primarily in (24,057 locations), followed by (1,079 stores across , , , and ) and the (242 stores). These outlets function as 24/7 hubs providing essential food items, beverages, , and services such as bill payments and money transfers, catering to daily consumer needs in urban and suburban areas. Since launching with two stores in 1978, the network has expanded exponentially, reaching its current footprint through consistent and strategic acquisitions, including the 2024 purchase of Holdings' retail assets that added 242 U.S. locations. In 2025, the division achieved 1,370 net store additions over the prior 12 months, with plans for continued expansion including over 1,000 new store openings to enhance . In September 2025, FEMSA announced it would take full control of Brazil to accelerate store expansion in the region. Digital enhancements, such as the Spin by app, support this growth by enabling seamless payments, rewards, and delivery options, serving 9.9 million active users and processing 84.1 million monthly transactions in the third quarter of 2025. The division's revenues grew 9.2% year-over-year in that period, underscoring its role as the dominant segment within FEMSA Retail, driven by a 5.7% increase in store count and a 1.7% rise in same-store sales. Unique strategies differentiate the Proximity Division, including the development of private-label products to boost margins and , alongside high-volume sales of prepared under like Andatti, which reached nearly one million cups served daily in by 2024. Internationally, operations adapt to regional preferences; for instance, in the U.S. and , stores maintain the standard model, while the Proximity Europe unit (via Valora) employs smaller, food-focused formats suited to denser European markets, contributing to a 10.1% revenue increase in the third quarter of 2025. These approaches foster synergies across FEMSA's broader retail ecosystem, enhancing overall without overlapping into specialized or fuel services.

Health Division

FEMSA's Health Division operates a network of pharmacies focused on providing accessible healthcare products and services across and . The division manages key chains, including Farmacias YZA, Farmacias FM Moderna, and Farmacias Farmacon in , as well as Cruz Verde in countries such as , , , and . As of September 30, 2025, the division encompassed 4,391 locations, with 3,078 stores in contributing significantly to its regional footprint. The division offers a range of services centered on pharmaceutical and wellness needs, including prescription and over-the-counter drugs, generic medications, beauty and personal care products, and related health services such as flu vaccinations and basic clinical consultations. These offerings emphasize affordability through the distribution of generic drugs, which helps address healthcare demands in underserved communities by providing cost-effective alternatives to branded pharmaceuticals. Partnerships with suppliers and regulatory bodies support the expansion of generic drug availability, aligning with the division's goal of enhancing access to essential medicines in low-income areas. In terms of growth, the Health Division allocated MX$2.6 billion in capital expenditures for 2025, representing a 44% increase from the previous year to support store optimizations and service enhancements. Total revenues grew 2.9% in the third quarter of 2025 compared to the same period in 2024, with a 4.5% increase on a currency-neutral basis, driven by solid performance in , , and despite challenges in that led to the closure of 423 underperforming stores over the prior twelve months. Post-2020, the division has integrated digital tools for customer engagement, such as online ordering platforms, to complement in-store services and improve convenience within FEMSA's broader retail , including synergies with proximity stores for health products. This strategic emphasis on affordable, community-oriented healthcare positions the division as a key player in Latin America's evolving sector.

Fuel Division

FEMSA's Fuel Division operates under the Gas brand, managing a network of 558 service stations across as of September 2025. These stations provide a range of automotive services, including the retail of , lubricants, and car washes, catering primarily to individual and owners. In the third quarter of 2025, the division reported total revenues of Ps. 17,933 million, reflecting a 5.0% year-over-year increase, driven by an 8.3% rise in same-station sales and a 9.6% growth in average volume to 718 million liters. The division entered the fuel retailing market in 2009 through agreements enabling FEMSA Comercio's direct participation in fuel sales, with the first Gas-branded station opening in 2016. Key expansions have involved partnerships with , including the leasing of over 300 Pemex-franchised stations to rebrand and modernize operations. While operations remain concentrated in , FEMSA has explored international opportunities through its proximity retail network in countries like and , though fuel-specific pilots have been limited. Integrated services enhance customer engagement, with OXXO Gas joining FEMSA's Digital@FEMSA in 2023, allowing drivers to earn and redeem points from convenience store purchases for fuel discounts. This integration supports combined proximity and fuel sites under FEMSA's Proximity and Health Division. Additionally, the division has initiated (EV) support through broader FEMSA efforts, including the adoption of EV fleets for internal operations starting in 2023, though station-based charging remains in early development. Strategically, the Fuel Division diversifies FEMSA's portfolio beyond traditional retail by leveraging synergies with convenience operations and contributing to goals. By 2025, OXXO Gas has emphasized sustainable practices, with 14% of its energy sourced from renewables and initiatives to recycle 16% of waste, positioning it to explore low-carbon fuel options amid Mexico's evolving energy regulations.

Beverage Operations

Coca-Cola FEMSA

Coca-Cola FEMSA is FEMSA's core beverage bottling and distribution subsidiary, in which FEMSA holds a 47.2% economic interest and 56% voting power, making it the controlling shareholder. Formed in 1991 as a between FEMSA and , it has grown into the world's largest independent franchise bottler by sales volume. The company bottles and distributes trademark beverages across 10 Latin American countries, including , , , , , , , , , and , serving approximately 276 million consumers through more than 2.2 million points of sale. The product portfolio centers on Coca-Cola sparkling beverages, such as Trademark and flavored variants, alongside non-sparkling options including bottled waters, juices, teas, and sports drinks under licenses. In 2025, the company reported an annual sales volume of approximately 4.2 billion unit cases, reflecting its scale as a key player in the regional beverage market. Volume performance in the third quarter of 2025 showed a consolidated decline of 0.6% to 1.04 billion unit cases, though sparkling beverages achieved growth of 2.6% in , driven by gains in , , and . Operationally, manages 56 manufacturing plants and 256 distribution centers, enabling efficient production and across its territories. Sustainability efforts include a commitment to collect and recycle 100% of the PET bottles it places in the market by 2030, supporting a through initiatives like increased use of recycled PET in , which reached 33% across its portfolio in recent years. Digital transformation plays a pivotal role in sales and distribution, with the Juntos+ B2B platform empowering over 2 million retailers by integrating AI for order management, promotions, and analytics to enhance efficiency and . Key milestones include its 1991 incorporation as a sociedad anónima de capital variable, marking the start of FEMSA's expansion into non-alcoholic beverages. In 2025, the company pursued strategic expansions, such as investing over 600 million reais (approximately $110 million) to upgrade its manufacturing plant in , , to boost production capacity amid growing demand. Volume growth in reached 2.9% in the third quarter, supported by gains and operational enhancements. underscores its central role in the parent company's portfolio through integrated synergies with FEMSA's retail networks for enhanced distribution.

Other Beverage Investments

In May 2025, FEMSA completed the divestiture of its remaining 1.82% stake in Holding N.V. for €359 million (approximately $404 million), fully exiting the investment acquired as part of the 2010 transaction in which purchased FEMSA's operations. This marked the end of a 15-year partnership, following gradual sales that reduced the original 20% economic interest to the final portion sold in an accelerated bookbuild offering. The stake had provided FEMSA with dividend income as a non-operational revenue stream, complementing its active involvement in without direct management of activities. Initially granting board representation, FEMSA relinquished these seats in 2023 as part of its strategy to streamline holdings. The served to balance FEMSA's portfolio after the divestiture, offering exposure to global premium markets amid diversification into non-alcoholic segments through passive stakes. Beyond , FEMSA holds minority equity interests in regional beverage suppliers via its subsidiary , including O-I Peldar (a glass container manufacturer) and Crown Colombiana (a metal producer), which support efficiency for non-alcoholic products. These non-operational investments emphasize strategic alignment with bottling needs, focusing on premium and solutions rather than production or distribution. The 2025 Heineken sale proceeds bolstered FEMSA's liquidity for core retail and priorities, reflecting broader trends in beverage industry consolidation and shifting consumer preferences toward diversified portfolios.

Strategic Businesses

Solistica

Solistica, which was a subsidiary of FEMSA's strategic businesses division, specialized in comprehensive (3PL) solutions, including freight transportation, warehousing, and across , , and the . The company operated a fleet exceeding 11,000 power units and managed over 700,000 square meters of , enabling efficient distribution for diverse industries. Originally established as FEMSA Logística, the entity rebranded to Solistica in 2017 to emphasize its expanded service offerings and regional presence. Under FEMSA, Solistica experienced steady growth, leveraging synergies with internal operations to enhance revenue, particularly through integrated supply chains for retail and beverage divisions. In , prior to its divestiture, the company pursued expansions in to capitalize on rising cross-border trade in . However, on July 1, , FEMSA completed the sale of Solistica's core operations—including transportation management in and contract in , , and —to Grupo Traxión for approximately 4 billion Mexican pesos, marking a strategic shift away from direct involvement. Solistica served a mix of internal FEMSA clients, such as convenience stores and for beverage distribution, alongside external partners in sectors like consumer goods and pharmaceuticals. Post-2020, the company increasingly focused on nearshoring opportunities, providing tailored 3PL services to support manufacturing relocations to amid global disruptions. In terms of innovations, Solistica pioneered initiatives, including a 2018 prototype developed in with Grupo QUIMMCO and a 2024 pilot of fully electric trucks for routes in . The company also introduced natural gas-powered fleets in collaboration with to reduce emissions and advanced digital tracking platforms, such as an Intelligence Center integrating AI and software for real-time . These efforts supported broader environmental goals while enhancing operational efficiency for clients.

Imbera

Imbera, a key component of FEMSA's former strategic businesses unit, specialized in the , , and distribution of commercial solutions, including coolers and display cases tailored for retail and beverage industry applications. These products, such as energy-efficient merchandisers and foodservice units, were engineered to optimize product and preservation while minimizing operational costs. Imbera's offerings were exported to over 53 countries, establishing a global footprint with a focus on high-performance equipment that met international safety and efficiency standards. The company's operations were supported by manufacturing plants in , , and , enabling efficient production and regional adaptability. Imbera emphasized sustainable practices in its designs, incorporating low-global-warming-potential (low-GWP) hydrocarbon refrigerants and advanced components like spark-free systems to reduce environmental impact and . These innovations positioned Imbera as a leader in eco-friendly , surpassing industry benchmarks for utility efficiency and . In the Latin American market, Imbera held a dominant position as the largest commercial cooler manufacturer, serving major clients in retail and bottling sectors. By 2025, it advanced its portfolio with IoT-enabled refrigeration units featuring RFID technology for real-time inventory management, enhancing tracking accuracy, reducing stock discrepancies, and streamlining operations for end-users. As part of FEMSA's integrated ecosystem, Imbera supplied custom refrigeration solutions to convenience stores and distribution networks, fostering operational synergies within the broader strategic businesses alongside units like Solistica for support. In July 2024, FEMSA announced the divestiture of Imbera (along with its foodservice counterpart Torrey) to Mill Point Capital for approximately MXN 8 billion on a cash-free, debt-free basis, with the transaction completing in November 2024 as part of FEMSA's strategic refocus on core retail and beverage operations. Prior to the sale, Imbera's contributions accounted for roughly 5% of FEMSA's strategic businesses revenues, underscoring its role in diversifying the company's portfolio.

Plásticos Técnicos Mexicanos (PTM)

Plásticos Técnicos Mexicanos (PTM), which was established in 1976 as a subsidiary of FEMSA, specialized in the manufacturing of plastic components through processes such as injection molding, extrusion, blow molding, and thermoforming. The company focused on producing durable, customized plastic parts for industrial applications, including crates, pallets, and containers primarily for the beverage sector, as well as components for automotive and appliance industries. Approximately 70% of PTM's sales were directed toward the beverage industry, supporting FEMSA's operations with reliable packaging solutions like reusable plastic boxes designed for bottling and distribution. PTM operated four manufacturing facilities in Mexico, with three located in Nuevo León state and one in Hidalgo state, processing around 35,000 metric tons of resin annually to meet domestic and international demand. The company emphasized sustainability by incorporating high levels of recycled materials into its production; for instance, in 2023, 81.2% of its products, such as pallets and boxes, were made from recycled plastics, contributing to the recovery of over 30,000 tons of plastic waste each year. A notable achievement was the 2020 development of a plastic crate using 100% recovered material in collaboration with Coca-Cola FEMSA, which reduced CO2 emissions by over 80% per unit compared to virgin plastic alternatives. Over the decades, PTM experienced steady organic growth, becoming a leader in plastic solutions for the beverage industry across through expanded production capacity and export activities to the region and the . While no major acquisitions were recorded in the , the company's integration within FEMSA's strategic portfolio allowed for synergies, such as providing specialized components that complemented other units like Imbera in delivering end-to-end industrial solutions. This positioning enabled PTM to offer cost efficiencies to FEMSA's divisions by supplying high-precision, sustainable molded parts at scale, reducing reliance on external suppliers and supporting practices. In October 2024, FEMSA agreed to divest PTM to AMMI, a U.S.-based food and beverage firm, for approximately $158 million, with the transaction closing in January 2025 as part of FEMSA's strategy to refocus on core retail and beverage operations.

Sustainability and Social Responsibility

Environmental Initiatives

FEMSA Health has established ambitious targets for (GHG) emissions reduction, including a 45% cut in Scope 1 and 2 emissions by 2030 relative to a 2021 baseline, as validated by the (SBTi). FEMSA as a whole is pursuing similar SBTi-validated targets across its business units. To support this, the company has advanced adoption, reaching 65.3% of electricity consumption powered by renewables as of 2024, with a long-term goal of 85% by 2030. Additionally, FEMSA incorporates the (SC-CO₂) metric to quantify the societal impacts of emissions, estimating the monetary value of damage from each ton of CO₂ equivalent released. In waste management, FEMSA pursues a zero-waste-to-landfill objective across its operations by 2030. As of 2023, approximately 84% of FEMSA's bottling plants achieved zero-waste ; however, in 2024, the focus shifted to improving waste diversion rates rather than certifications. The company diverted 76% of operational from landfills in 2024, through , , and valorization efforts. Key partnerships, such as those under FEMSA's SUSTENTAPET program, focus on to foster a , engaging collectors, NGOs, and communities in . FEMSA's water stewardship initiatives emphasize conservation and replenishment, particularly in high-stress regions like , where projects restore watersheds and improve access through partnerships with local communities and organizations. For instance, executed replenishment activities in 2023 that contributed to 100% allocation of sustainable financing toward projects, including conservation and access enhancements. In , the company announced plans in 2024 to expand its electric vehicle (EV) fleet by incorporating 30 EVs in to reduce emissions from transportation. FEMSA publishes annual sustainability reports detailing progress on these initiatives, with disclosures aligned to the (SDGs), particularly SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 12 (Responsible Consumption and Production), and SDG 13 (). These reports integrate environmental efforts across business units, such as retail and beverages, under centralized oversight.

Community and Social Programs

The FEMSA Foundation, established in , serves as the primary vehicle for the company's social investments, focusing on initiatives that foster sustainable communities through , , and economic inclusion across . The Foundation has supported initiatives with cumulative investments of US$50.3 million since 2011. In , social investments through the Foundation and partners included US$17.5 million for water programs, benefiting over 137,000 families and reaching 185 public spaces. In the domain, FEMSA supports youth through scholarships and school supply distributions, awarding 3,900 scholarships—a 39% increase from 2023—and providing 97,636 school kits to students in underserved areas. These efforts emphasize skill-building, including digital competencies via platforms like , which contributed to 6.1 million total training hours delivered to employees and community participants in , averaging 16 hours per person. Community engagement initiatives promote local by prioritizing supplier diversity and employee volunteerism among FEMSA's workforce of over 388,000 across 18 countries. In 2024, 77% of purchases were sourced from local suppliers, with more than 12,000 suppliers committing to principles, supporting economic resilience in host . Employee volunteerism saw 163,263 participants contributing 423,000 hours to 2,086 activities, including support projects that directly benefited 2.4 million people through 1,324 initiatives. These programs tie briefly to enhanced retail access by integrating feedback into store operations, ensuring services meet local needs. Health and inclusion efforts address accessibility and equity, particularly for vulnerable groups, through targeted programs and workplace policies. FEMSA operates inclusive OXXO stores equipped for people with disabilities and has employed 2,600 individuals with disabilities, 5,600 seniors, and 1,359 refugees or migrants in 2024. The Huellas Mayores initiative supported over 13,000 older adults with health and social services, while 85% of employees accessed psychosocial support programs. On gender equity, women comprise 45% of the workforce and 33% of executive positions, with a goal to reach 40% female leadership by 2030; this includes mentorship networks and flexible work arrangements to advance inclusion. Overall, FEMSA's social investments totaled Ps.3,855 million in 2024 for community well-being, impacting 290,000 direct beneficiaries and accumulating 11.9 million since 2021. Partnerships with NGOs such as UNHCR, the International Organization for Migration, Fundación Van Leer, and United Way amplify these efforts in 18 countries, leveraging collaborative projects for education and health outcomes. In 2025, FEMSA achieved a score of 77/100 in the S&P Global Corporate Sustainability Assessment (an increase of 6 points from 2024), was recognized in the S&P Global Sustainability Yearbook, and remained in the FTSE4Good Index Series.

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