Research · Sep 3, 2026
[FMX] FEMSA Thesis 2026: OXXO Convenience Network Scales Alongside New Bara Format
FEMSA (Fomento Económico Mexicano) FY25 — diversified Mexican consumer + retail conglomerate. Q4 Proximity Americas (OXXO) revenues +5.3% / +6.3% comparable; gross margin 48.1%; operating margin 12%. Added 209 net new OXXO stores Q4. OXXO Mexico same-store sales + traffic improving (recovery from FY24 challenges). OXXO Colombia positive EBITDA full year + nearly breakeven EBIT Q4. OXXO USA 50 converted stores year-end. Bara discount format +63 net new stores Q4 / +157 FY25; ~1/3 store base growth target FY26. Valora (Europe convenience) revenue +2.5% pesos / op income +10.8% / record op income. Health division Q4 revenue +4.6% / +6.7% comparable but underperformance + uncollectible accounts provision. Coca-Cola FEMSA (KOF) revenue +2.9% / op income +13.3%. OXXO GAS same-station +8.7% / margin 4.8%. Spin reduced negative EBIT. Restructuring ~MXN 1B annual run rate savings from 2027. $3.1B total capital returned to shareholders March 2025-March 2026.