KOF Maintains Guidance as Mexico Tax Pressure Meets Brazil Momentum

Transcript intelligence

What changed

Management retained guidance but added a clearer quantified view of the Mexican tax impact: a low-to-mid-single-digit volume decline in Mexico, offset by modest Brazil growth and flat-to-slightly positive consolidated volume. The company also outlined lower 2026 capex and highlighted measurable Juntos+ Advisor efficiency gains.

Guidance delta

Guidance was maintained. Management expects a low-to-mid-single-digit volume decline in Mexico from the excise-tax increase, modest growth in Brazil, and flat-to-slightly positive consolidated volume; 2026 capex is planned at roughly 7–7.5% of revenue.

Key takeaways

• Consolidated volume increased 1.3% in 2025, while revenue grew 2.9% and 6% on a currency-neutral basis.
• Brazil was a key growth contributor, with Coke Zero up 44% and Sprite Zero up 93% year over year.
• Juntos+ Advisor improved geo-efficiency from 91% to 96.5%, according to management.
• Management expects the Mexican excise tax to cause a low-to-mid-single-digit volume decline in Mexico.
• The company plans lower 2026 capex, more cooler doors, additional returnable packs, and World Cup activation.

Management priorities

• Complete the Juntos+ Advisor rollout in Mexico, Brazil, Colombia, and Guatemala.
• Install more than 100,000 new cooler doors in Mexico by the end of 2026.
• Increase returnable-pack offerings to protect household penetration.
• Use FIFA World Cup marketing and activation across multiple categories.
• Plan a new Brazil manufacturing plant around 2030, with incremental capacity investment beginning in 2029.