<p>可口可乐 Femsa S.a.b. De C.v. ((KOF)) 已召开了第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>可口可乐 FEMSA 最新的财报电话会议描绘了一个复杂的图景，结合了稳健的运营势头和显著的利润压力。管理层强调了南美地区强劲的销量和利润率趋势，并在关键品牌和数字执行方面持续取得进展，尽管墨西哥面临税收驱动的销量下降、一次性成本以及更高的融资和外汇费用，这些因素拖累了大部分净收入。</p>
<h2>综合销量增长</h2>
<p>公司总销量同比增长 1.2%，达到 9.98 亿单位箱，尽管宏观经济条件复杂，但大多数地区的需求韧性依然显著。危地马拉、哥伦比亚和巴西均创下第一季度销量新高，帮助抵消了墨西哥和中美洲的疲软。</p>
<h2>收入和货币中性增长</h2>
<p>报告收入增长 1.1%，达到 709 亿墨西哥比索，但剔除货币波动后，情况明显更强。按货币中性计算，收入增长 6.0%，显示出健康的基础定价和产品组合，尽管外汇转换抑制了报告增长。</p>
<h2>毛利润和利润率扩张</h2>
<p>毛利润增长 4.5%，达到 333 亿墨西哥比索，毛利率扩大 150 个基点至 46.9%，成为本季度的一个亮点。管理层归功于较低的 PET 和甜味剂成本以及有利的货币变动，货币中性毛利润甚至增长了 9.5%。</p>
<h2>调整后 EBITDA 的韧性</h2>
<p>调整后 EBITDA 微增 0.9%，达到 134 亿墨西哥比索，尽管面临成本和税收压力，利润率仍保持在 18.9% 左右。按可比的货币中性计算，调整后 EBITDA 增长 6.1%，突显了基础盈利能力，尽管报告的利润增长滞后。</p>
<h2>南美地区强劲的运营表现</h2>
<p>南美地区成为增长引擎，销量增长 4.8%，达到 4.539 亿单位箱，收入增长 4.3%，达到 318 亿墨西哥比索，按货币中性计算增长 12.3%。毛利润增长 10%，营业收入激增 18.8%，达到 46 亿墨西哥比索，而调整后 EBITDA 跃升 16.8%，推动利润率扩张 210 个基点至 19.6%。</p>
<h2>市场份额增长和品牌势头</h2>
<p>尽管面临宏观压力，FEMSA 在墨西哥获得了价值份额，碳酸软饮料增加了 0.6 个百分点，非酒精即饮类产品增加了 0.4 个百分点。可口可乐零糖在墨西哥的销量增长 10%，在巴西增长 11.4%，该品牌现在占可乐混合饮料的 28.6 个百分点，而雪碧的增长超过 30%，哥伦比亚和阿根廷的销量分别增长 8.9% 和 5.4%。</p>
<h2>商业执行和数字化采纳</h2>
<p>管理层强调了数字化和市场渠道执行的进展，墨西哥的 Juntos+ 顾问访问率提高至 93.6%，综合覆盖率达到 81.3%。在巴西，覆盖率从 49.6% 上升至 58.6%，顾问访问率达到 94.1%，而公司在本季度新增了超过 47,000 个销售点，使订单履行率超过 97%，生产力同比提升 6.5%。</p>
<h2>强劲的类别和渠道胜利</h2>
<p>公司专注于更快增长的类别和渠道，特别是能量饮料和运动饮料，以支持盈利能力。Monster 在哥伦比亚的增长超过 30%，Powerade 在那里的增长为 10%，而多份和单份包装在积极推广的市场中实现了强劲扩张，帮助危地马拉实现了 2.7% 的销量增长和创纪录的三月。</p>
<h2>可持续性和报告领导力</h2>
<p>可口可乐 FEMSA 继续提升其可持续性信誉，保持 ISS ESG 优质状态，并改善其晨星 Sustainalytics 评估。它还发布了与 IFRS S1 和 S2 标准对齐的 2025 年综合报告，并获得独立审计，成为美洲首家正式注册为 TNFD 框架采用者的非酒精饮料公司。</p>
<h2>对冲和投入覆盖</h2>
<p>为了管理成本波动，FEMSA 强调了对关键投入的强大对冲覆盖，为投资者提供了成本基础的可见性。公司在 PET 上的对冲比例约为 60%，在糖上为 93%，在高果糖玉米糖浆上为 98%，在铝上为 72%，尽管管理层警告某些物流和二次包装项目仍然面临更大的风险。</p>
<h2>墨西哥销量收缩和消费税压力</h2>
<p>墨西哥是主要的软肋，销量同比下降 2.6%，受到消费税上调和消费者需求疲软的影响，尼尔森快速消费品篮子在其辖区内的销量大约下降了 3%。这些压力影响了需求、产品组合和盈利能力，与南美的强劲趋势形成对比。</p>
<h2>墨西哥和中美洲的盈利压力</h2>
<p>在墨西哥和中美洲，销量下降 1.6%，收入下降 1.4%，达到 391 亿墨西哥比索，尽管货币中性增长仍为 1.4%。营业收入下降 17.4%，达到 45 亿墨西哥比索，营业利润率压缩 120 个基点至 11.4%，而调整后 EBITDA 下降 9.9%，利润率下降 170 个基点至 18.2%。</p>
<h2>大部分净收入下降</h2>
<p>在底线方面，大部分净收入下降 15.5%，达到 43 亿墨西哥比索，降幅超过营业指标的预期。管理层将下降主要归因于综合财务结果的上升和融资成本的增加，掩盖了在南美和毛利率方面取得的一些运营收益。</p>
<h2>更高的融资和外汇成本</h2>
<p>综合融资费用从去年同期的 11 亿墨西哥比索上升至 18 亿墨西哥比索，反映出与新债务相关的净利息成本上升、由于主要市场现金减少导致的利息收入下降以及与去年相比金融工具的损失。额外的外汇损失进一步加大了财务结果的压力，增加了净收入的拖累。</p>
<h2>一次性和时机相关成本</h2>
<p>运营收入也受到管理层认为是临时或时机相关的几个离散项目的影响，特别是在墨西哥和中美洲。这些包括约 2 亿墨西哥比索的裁员遣散费、约 2 亿墨西哥比索与 SAP S/4HANA 实施相关的 IT 费用，以及为即将到来的全球足球锦标赛提前支出的高额市场营销费用，这些合计大约增加了 6 亿墨西哥比索的运营收入压力。</p>
<h2>不利的产品组合和类别特定问题</h2>
<p>不利的产品组合效应对收入和毛利润造成了压力，特别是在墨西哥，随着一家大型零售连锁改变了 Powerade 的参数，非碳酸饮料表现不佳，散装水也面临定价压力。消费者的转向多份装的趋势比预期更为明显，尽管其他地区的整体销量保持韧性，但加剧了产品组合的负面影响。</p>
<h2>商品和宏观波动风险</h2>
<p>管理层重申，尽管对主要原材料进行了广泛的对冲，但商品和宏观波动仍然是一个关键风险。物流和二次包装等领域，包括收缩包装等物品的对冲程度较低，如果市场条件恶化，可能会造成额外的成本压力，这突显了持续成本控制的重要性。</p>
<h2>前瞻性展望和指导</h2>
<p>高管们将第一季度描述为年度最艰难的比较，并拒绝调整全年指导，倾向于在年度发展过程中监测趋势。他们强调了适度的销量和收入增长、毛利率扩张、稳定的调整后 EBITDA 利润率以及近期因遣散、IT 时机和货币换算造成的 6 亿墨西哥比索的运营收入拖累，同时预计市场营销强度将恢复正常，并重申了他们的风险管理和对冲策略的严谨性。</p>
<p>可口可乐 FEMSA 的电话会议最终在短期挑战与结构性优势之间取得了平衡，给投资者留下了谨慎乐观的叙述。南美洲的强劲执行、利润率提升和品牌势头提供了坚实的基础，但墨西哥因税收驱动的销量下降、一次性成本以及更高的融资和外汇费用将仍然是公司在应对商品波动和仍然不均衡的消费环境时需要关注的关键变量。</p>

可口可乐Femsa装瓶

食品饮料 ETF - PowerShares

日常消费品 ETF - SPDR

美国消费品 ETF - iShares

日常消费品 ETF - Vanguard

纳斯达克食品饮料 ETF - First Trust

<p>可口可乐 FEMSA 公布了第一季度财报，尽管在墨西哥面临挑战，但南美地区的运营势头强劲。总销量增长 1.2%，达到 9.98 亿箱，收入增长 1.1%，达到 709 亿墨西哥比索。南美地区实现了显著增长，销量增长 4.8%，收入上升 4.3%。然而，由于消费税上调，墨西哥的销量下降了 2.6%。调整后的息税折旧摊销前利润（EBITDA）增长 0.9%，达到 134 亿墨西哥比索，尽管面临成本压力，但利润率保持稳定</p>

<p>Coca Cola Femsa S.a.b. De C.v. ((KOF)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>可口可乐 Femsa S.a.b. De C.v. ((KOF)) 已召开了第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Coca-Cola FEMSA’s latest earnings call drew a nuanced picture, blending solid operational momentum with meaningful profit pressure. Management highlighted strong volume and margin trends in South America and continued gains in key brands and digital execution, even as Mexico grappled with tax-driven volume declines, one-off costs and higher financing and FX expenses that dragged majority net income lower.</p>
<div class="lb-trans"><p>可口可乐 FEMSA 最新的财报电话会议描绘了一个复杂的图景，结合了稳健的运营势头和显著的利润压力。管理层强调了南美地区强劲的销量和利润率趋势，并在关键品牌和数字执行方面持续取得进展，尽管墨西哥面临税收驱动的销量下降、一次性成本以及更高的融资和外汇费用，这些因素拖累了大部分净收入。</p>
</div><h2>Consolidated Volume Growth</h2>
<div class="lb-trans"><h2>综合销量增长</h2>
</div><p>Total company volumes inched up 1.2% year-on-year to 998 million unit cases, underscoring the resilience of demand across most territories despite mixed macro conditions. Guatemala, Colombia and Brazil each posted record first-quarter volumes, helping offset weakness in Mexico and Central America.</p>
<div class="lb-trans"><p>公司总销量同比增长 1.2%，达到 9.98 亿单位箱，尽管宏观经济条件复杂，但大多数地区的需求韧性依然显著。危地马拉、哥伦比亚和巴西均创下第一季度销量新高，帮助抵消了墨西哥和中美洲的疲软。</p>
</div><h2>Revenue and Currency-Neutral Growth</h2>
<div class="lb-trans"><h2>收入和货币中性增长</h2>
</div><p>Reported revenues rose 1.1% to MXN 70.9 billion, but the picture was considerably stronger once currency swings were stripped out. On a currency-neutral basis, the top line climbed 6.0%, pointing to healthy underlying pricing and mix, even as FX translation muted the reported growth.</p>
<div class="lb-trans"><p>报告收入增长 1.1%，达到 709 亿墨西哥比索，但剔除货币波动后，情况明显更强。按货币中性计算，收入增长 6.0%，显示出健康的基础定价和产品组合，尽管外汇转换抑制了报告增长。</p>
</div><h2>Gross Profit and Margin Expansion</h2>
<div class="lb-trans"><h2>毛利润和利润率扩张</h2>
</div><p>Gross profit increased 4.5% to MXN 33.3 billion and gross margin widened by 150 basis points to 46.9%, a key bright spot in the quarter. Management credited lower PET and sweetener costs and favorable currency movements, with currency-neutral gross profit up an even stronger 9.5%.</p>
<div class="lb-trans"><p>毛利润增长 4.5%，达到 333 亿墨西哥比索，毛利率扩大 150 个基点至 46.9%，成为本季度的一个亮点。管理层归功于较低的 PET 和甜味剂成本以及有利的货币变动，货币中性毛利润甚至增长了 9.5%。</p>
</div><h2>Adjusted EBITDA Resilience</h2>
<div class="lb-trans"><h2>调整后 EBITDA 的韧性</h2>
</div><p>Adjusted EBITDA edged up 0.9% to MXN 13.4 billion, keeping margins broadly stable at 18.9% despite cost and tax headwinds. On a comparable, currency-neutral basis, adjusted EBITDA rose 6.1%, highlighting the underlying earnings power even as reported profit growth lagged.</p>
<div class="lb-trans"><p>调整后 EBITDA 微增 0.9%，达到 134 亿墨西哥比索，尽管面临成本和税收压力，利润率仍保持在 18.9% 左右。按可比的货币中性计算，调整后 EBITDA 增长 6.1%，突显了基础盈利能力，尽管报告的利润增长滞后。</p>
</div><h2>South America Strong Operational Performance</h2>
<div class="lb-trans"><h2>南美地区强劲的运营表现</h2>
</div><p>South America stood out as the growth engine, with volumes up 4.8% to 453.9 million unit cases and revenues rising 4.3% to MXN 31.8 billion, or 12.3% on a currency-neutral basis. Gross profit grew 10% and operating income surged 18.8% to MXN 4.6 billion, while adjusted EBITDA jumped 16.8%, driving a 210 basis-point margin expansion to 19.6%.</p>
<div class="lb-trans"><p>南美地区成为增长引擎，销量增长 4.8%，达到 4.539 亿单位箱，收入增长 4.3%，达到 318 亿墨西哥比索，按货币中性计算增长 12.3%。毛利润增长 10%，营业收入激增 18.8%，达到 46 亿墨西哥比索，而调整后 EBITDA 跃升 16.8%，推动利润率扩张 210 个基点至 19.6%。</p>
</div><h2>Market Share Gains and Brand Momentum</h2>
<div class="lb-trans"><h2>市场份额增长和品牌势头</h2>
</div><p>Despite macro pressure, FEMSA gained value share in Mexico, adding 0.6 percentage points in carbonated soft drinks and 0.4 points in nonalcoholic ready-to-drink categories. Coke Zero volumes rose 10% in Mexico and 11.4% in Brazil, where the brand now makes up 28.6 percentage points of colas mix, while Sprite logged over 30% growth and Colombia and Argentina volumes advanced 8.9% and 5.4%, respectively.</p>
<div class="lb-trans"><p>尽管面临宏观压力，FEMSA 在墨西哥获得了价值份额，碳酸软饮料增加了 0.6 个百分点，非酒精即饮类产品增加了 0.4 个百分点。可口可乐零糖在墨西哥的销量增长 10%，在巴西增长 11.4%，该品牌现在占可乐混合饮料的 28.6 个百分点，而雪碧的增长超过 30%，哥伦比亚和阿根廷的销量分别增长 8.9% 和 5.4%。</p>
</div><h2>Commercial Execution and Digital Adoption</h2>
<div class="lb-trans"><h2>商业执行和数字化采纳</h2>
</div><p>Management underscored gains in digital and route-to-market execution, with Juntos+ Advisor visitation in Mexico improving to 93.6% and combined coverage reaching 81.3%. In Brazil, coverage climbed from 49.6% to 58.6% and advisor visitation hit 94.1%, while the company installed more than 47,000 new doors in the quarter, pushed order fulfillment above 97% and lifted productivity by 6.5% year-on-year.</p>
<div class="lb-trans"><p>管理层强调了数字化和市场渠道执行的进展，墨西哥的 Juntos+ 顾问访问率提高至 93.6%，综合覆盖率达到 81.3%。在巴西，覆盖率从 49.6% 上升至 58.6%，顾问访问率达到 94.1%，而公司在本季度新增了超过 47,000 个销售点，使订单履行率超过 97%，生产力同比提升 6.5%。</p>
</div><h2>Strong Category and Channel Wins</h2>
<div class="lb-trans"><h2>强劲的类别和渠道胜利</h2>
</div><p>The company leaned into faster-growing categories and channels, particularly energy and sports drinks, to support profitability. Monster posted more than 30% growth in Colombia and Powerade rose 10% there, while multi-serve and one-way packages saw robust expansion in markets where they were actively promoted, helping Guatemala deliver a 2.7% volume increase and a record March.</p>
<div class="lb-trans"><p>公司专注于更快增长的类别和渠道，特别是能量饮料和运动饮料，以支持盈利能力。Monster 在哥伦比亚的增长超过 30%，Powerade 在那里的增长为 10%，而多份和单份包装在积极推广的市场中实现了强劲扩张，帮助危地马拉实现了 2.7% 的销量增长和创纪录的三月。</p>
</div><h2>Sustainability and Reporting Leadership</h2>
<div class="lb-trans"><h2>可持续性和报告领导力</h2>
</div><p>Coca-Cola FEMSA continued to burnish its sustainability credentials, maintaining ISS ESG prime status and improving its Morningstar Sustainalytics assessment. It also released a 2025 integrated report aligned with IFRS S1 and S2 standards, supported by independent assurance, and became the first nonalcoholic beverage company in the Americas to formally register as an adopter of the TNFD framework.</p>
<div class="lb-trans"><p>可口可乐 FEMSA 继续提升其可持续性信誉，保持 ISS ESG 优质状态，并改善其晨星 Sustainalytics 评估。它还发布了与 IFRS S1 和 S2 标准对齐的 2025 年综合报告，并获得独立审计，成为美洲首家正式注册为 TNFD 框架采用者的非酒精饮料公司。</p>
</div><h2>Hedging and Input Coverage</h2>
<div class="lb-trans"><h2>对冲和投入覆盖</h2>
</div><p>To manage cost volatility, FEMSA emphasized robust hedging coverage on key inputs, offering investors visibility into its cost base. The company is roughly 60% hedged on PET, 93% on sugar, 98% on high-fructose corn syrup and 72% on aluminum, though management cautioned that some logistics and secondary packaging items remain more exposed.</p>
<div class="lb-trans"><p>为了管理成本波动，FEMSA 强调了对关键投入的强大对冲覆盖，为投资者提供了成本基础的可见性。公司在 PET 上的对冲比例约为 60%，在糖上为 93%，在高果糖玉米糖浆上为 98%，在铝上为 72%，尽管管理层警告某些物流和二次包装项目仍然面临更大的风险。</p>
</div><h2>Mexico Volume Contraction and Excise Tax Headwind</h2>
<div class="lb-trans"><h2>墨西哥销量收缩和消费税压力</h2>
</div><p>Mexico was the main soft spot, with volumes slipping 2.6% year-on-year under the weight of an excise tax hike and weaker consumer demand, as reflected in a roughly 3% volume decline in the Nielsen FMCG basket across its territories. These pressures weighed on demand, mix and profitability and contrasted with the stronger trends in South America.</p>
<div class="lb-trans"><p>墨西哥是主要的软肋，销量同比下降 2.6%，受到消费税上调和消费者需求疲软的影响，尼尔森快速消费品篮子在其辖区内的销量大约下降了 3%。这些压力影响了需求、产品组合和盈利能力，与南美的强劲趋势形成对比。</p>
</div><h2>Mexico &amp; Central America Profitability Pressure</h2>
<div class="lb-trans"><h2>墨西哥和中美洲的盈利压力</h2>
</div><p>In Mexico and Central America, volumes fell 1.6% and revenues dipped 1.4% to MXN 39.1 billion, though currency-neutral growth still came in at 1.4%. Operating income dropped 17.4% to MXN 4.5 billion, with operating margin compressing by 120 basis points to 11.4%, while adjusted EBITDA declined 9.9% and margins fell 170 basis points to 18.2%.</p>
<div class="lb-trans"><p>在墨西哥和中美洲，销量下降 1.6%，收入下降 1.4%，达到 391 亿墨西哥比索，尽管货币中性增长仍为 1.4%。营业收入下降 17.4%，达到 45 亿墨西哥比索，营业利润率压缩 120 个基点至 11.4%，而调整后 EBITDA 下降 9.9%，利润率下降 170 个基点至 18.2%。</p>
</div><h2>Majority Net Income Decline</h2>
<div class="lb-trans"><h2>大部分净收入下降</h2>
</div><p>At the bottom line, majority net income decreased 15.5% to MXN 4.3 billion, a steeper drop than operating metrics would suggest. Management attributed the decline largely to a higher comprehensive financial result and increased financing costs, masking some of the operating gains achieved in South America and in gross margins.</p>
<div class="lb-trans"><p>在底线方面，大部分净收入下降 15.5%，达到 43 亿墨西哥比索，降幅超过营业指标的预期。管理层将下降主要归因于综合财务结果的上升和融资成本的增加，掩盖了在南美和毛利率方面取得的一些运营收益。</p>
</div><h2>Higher Financing and FX Costs</h2>
<div class="lb-trans"><h2>更高的融资和外汇成本</h2>
</div><p>Comprehensive financing expense rose to MXN 1.8 billion from MXN 1.1 billion a year earlier, reflecting higher net interest costs linked to new debt, lower interest income due to reduced cash in key markets and losses on financial instruments versus prior-year gains. Additional foreign exchange losses further pressured the financial result, amplifying the drag on net income.</p>
<div class="lb-trans"><p>综合融资费用从去年同期的 11 亿墨西哥比索上升至 18 亿墨西哥比索，反映出与新债务相关的净利息成本上升、由于主要市场现金减少导致的利息收入下降以及与去年相比金融工具的损失。额外的外汇损失进一步加大了财务结果的压力，增加了净收入的拖累。</p>
</div><h2>One-Time and Timing-Related Costs</h2>
<div class="lb-trans"><h2>一次性和时机相关成本</h2>
</div><p>Operating income was also hit by several discrete items management framed as temporary or timing-related, especially in Mexico and Central America. These included about MXN 200 million in rightsizing severance, around MXN 200 million in IT expenses tied to SAP S/4HANA implementation and elevated marketing spend frontloaded for the upcoming global football tournament, together adding roughly MXN 600 million of operating-income headwinds.</p>
<div class="lb-trans"><p>运营收入也受到管理层认为是临时或时机相关的几个离散项目的影响，特别是在墨西哥和中美洲。这些包括约 2 亿墨西哥比索的裁员遣散费、约 2 亿墨西哥比索与 SAP S/4HANA 实施相关的 IT 费用，以及为即将到来的全球足球锦标赛提前支出的高额市场营销费用，这些合计大约增加了 6 亿墨西哥比索的运营收入压力。</p>
</div><h2>Unfavorable Mix and Category-Specific Issues</h2>
<div class="lb-trans"><h2>不利的产品组合和类别特定问题</h2>
</div><p>Unfavorable mix effects weighed on revenue and gross profit, particularly in Mexico, where still beverages underperformed after a large retail chain altered Powerade parameters and bulk water came under pricing pressure. Consumers also shifted more sharply than expected toward multi-serve formats, exacerbating the mix headwind despite overall volume resilience in other territories.</p>
<div class="lb-trans"><p>不利的产品组合效应对收入和毛利润造成了压力，特别是在墨西哥，随着一家大型零售连锁改变了 Powerade 的参数，非碳酸饮料表现不佳，散装水也面临定价压力。消费者的转向多份装的趋势比预期更为明显，尽管其他地区的整体销量保持韧性，但加剧了产品组合的负面影响。</p>
</div><h2>Commodity and Macro Volatility Risk</h2>
<div class="lb-trans"><h2>商品和宏观波动风险</h2>
</div><p>Management reiterated that commodity and macro volatility remains a key risk, even with extensive hedging in place for major raw materials. Areas such as logistics and secondary packaging, including items like shrink wrap, are less hedged and could create additional cost pressure if market conditions worsen, underscoring the importance of ongoing cost discipline.</p>
<div class="lb-trans"><p>管理层重申，尽管对主要原材料进行了广泛的对冲，但商品和宏观波动仍然是一个关键风险。物流和二次包装等领域，包括收缩包装等物品的对冲程度较低，如果市场条件恶化，可能会造成额外的成本压力，这突显了持续成本控制的重要性。</p>
</div><h2>Forward-Looking Outlook and Guidance</h2>
<div class="lb-trans"><h2>前瞻性展望和指导</h2>
</div><p>Executives characterized the first quarter as the toughest comparison of the year and declined to adjust full-year guidance, preferring to monitor trends as the year unfolds. They highlighted modest volume and revenue growth, gross margin expansion, stable adjusted EBITDA margins and the near-term MXN 600 million operating-income drag from severance, IT timing and currency translation, while expecting marketing intensity to normalize and reaffirming their disciplined risk management and hedging stance.</p>
<div class="lb-trans"><p>高管们将第一季度描述为年度最艰难的比较，并拒绝调整全年指导，倾向于在年度发展过程中监测趋势。他们强调了适度的销量和收入增长、毛利率扩张、稳定的调整后 EBITDA 利润率以及近期因遣散、IT 时机和货币换算造成的 6 亿墨西哥比索的运营收入拖累，同时预计市场营销强度将恢复正常，并重申了他们的风险管理和对冲策略的严谨性。</p>
</div><p>Coca-Cola FEMSA’s call ultimately balanced near-term challenges with structural strengths, leaving investors with a cautiously constructive narrative. Strong execution in South America, margin gains and brand momentum provide a solid base, but Mexico’s tax-driven volume declines, one-off costs and higher financing and FX charges will remain key variables to watch as the company navigates commodity volatility and a still-uneven consumer backdrop.</p>
<div class="lb-trans"><p>可口可乐 FEMSA 的电话会议最终在短期挑战与结构性优势之间取得了平衡，给投资者留下了谨慎乐观的叙述。南美洲的强劲执行、利润率提升和品牌势头提供了坚实的基础，但墨西哥因税收驱动的销量下降、一次性成本以及更高的融资和外汇费用将仍然是公司在应对商品波动和仍然不均衡的消费环境时需要关注的关键变量。</p>
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可口可乐 Femsa 在墨西哥面临压力，同时在拉丁美洲展现实力