v3.26.1
Bank Loans and Notes Payable
 12 Months Ended
Dec. 31, 2025
Bank Loans and Notes Payable [Abstract]  
Bank Loans and Notes Payable Bank Loans and Notes Payable
    
As of December 31, (1)
                    
CarryingFairCarrying
2031 andValue atValue atValue at
(in millions of Mexican pesos)    20262027202820292030ThereafterDecember 31, 2025December 31, 2025December 31, 2024⁽¹⁾
Short-term debt: 
Fixed-rate debt: 
Argentine pesos 
Bank loans Ps.634 Ps.— Ps.— Ps.— Ps.— Ps.— Ps.634 Ps.634 Ps.638 
Interest rate 36.2 %— %— %— %— %— %36.2 %— %50.1 %
Chilean pesos 
Bank loans 448 — — — — — 448 448 460 
Interest rate 6.0 %— %— %— %— %— %6.0 %— 6.4 %
Uruguayan pesos
Bank loans— — — — — — — — 46 
      Interest rate— %— %— %— %— %— %— %— 10.8 %
Colombian pesos
Bank loans— — — — — — — — 345 
      Interest rate— %— %— %— %— %— %— %— 10.4 %
Variable-rate debt: 
Mexican pesos 
Bank loans 3,143 — — — — — 3,143 3,143 650 
Interest rate 7.8 %— %— %— %— %— %7.8 %— 13.5 %
Colombian pesos
Bank loans398 — — — — — 398 398 414 
Interest rate10.5 %— %— %— %— %— %10.5 %10.4 %
Chilean pesos
Bank loans1,239 — — — — — 1,239 1,240 1,222 
Interest rate4.5 %— %— %— %— %— %4.5 %— 6.4 %
Total short-term debt Ps.5,862 Ps.— Ps.— Ps.— Ps.— Ps.— Ps.5,862 Ps.5,863 Ps.3,775 
(1)All interest rates shown in this table are weighted average contractual annual rates.
    
As of December 31, (1)
    
Carrying Value at December 31, 2025Fair Value at December 31, 2025Carrying Value at December 31, 2024⁽¹⁾
2031 and thereafter
(in millions of Mexican pesos)20262027202820292030
Long-term debt:                  
Fixed-rate debt:                            
Euro                            
Senior unsecured notes Ps.10,539Ps.—Ps.6,182Ps.—Ps.—Ps.5,035Ps.21,756Ps.20,626Ps.21,748
Interest rate 2.6%—%0.5%—%—%1.0%1.6%—1.6%
U.S. dollars 
Yankee bond (2)
 ————18,57629,30847,88446,06943,504
Interest rate —%—%—%—%2.8%3.9%3.4%—3.1%
Bank of NY (FEMSA USD 2043) —————7,5867,5866,7368,563
Interest rate (1)
 —%—%—%—%—%4.4%4.4%—4.4%
Bank of NY (FEMSA USD 2050) —————24,14624,14617,77827,249
Interest rate (1)
 —%—%—%—%—%3.5%3.5%—3.5%
Bank loans —2,066————2,0662,0662,469
Interest rate —%5.1%—%—%—%—%5.1%—5.2%
Mexican pesos 
(CEBUR MXN L22-2L) —————8,4368,4368,7628,435
Interest rate (1)
—%—%—%—%—%9.7%9.7%—9.7%
Domestic senior notes —8,4979,9595,494——23,95023,95223,949
Interest rate —%7.9%7.4%10.0%—%—%5.3%—8.1%
Bank loans 1168719———222223458
Interest rate 11.6%12.1%12.3%—%—%—%11.9%—11.6%
Colombian pesos
Bank loans359—————359359—
Interest rate9.9%—%—%—%—%—%9.9%——%
Subtotal Ps.11,014Ps.10,650Ps.16,160Ps.5,494Ps.18,576Ps.74,511Ps.136,405Ps.126,571Ps.136,375
(1)All interest rates shown in this table are weighted average contractual annual rates.

    
As of December 31, (1)
 
Carrying Value at December 31, 2025Fair Value at December 31, 2025Carrying Value at December 31, 2024⁽¹⁾
2031 and
(in millions of Mexican pesos)20262027202820292030thereafter
Variable-rate debt:                           
Mexican pesos
(CEBUR MXN L22)—827— ———827831826
Interest rate (1)
—%11.6%— %—%—%—%11.6%—11.6%
Domestic senior notes 2,934—————2,9342,9344,654
Interest rate (1)
 7.6%—%—%—%—%—%7.6%—10.5%
Bank Loans 245 275 300 162 37 — 1,019 1,017 2,565 
Interest rate (1)
 6.4 %9.5 %12.3 %9.4 %9.3 %— %9.5 %— 13.3 %
Brazilian reais 
Bank loans 3 — — — — — 3 3 9 
Interest rate 8.8 %— %— %— %— %— %8.8 %— 9.1 %
Colombian pesos
Bank loans616 — — — — — 616 617— 
Interest rate10.5 %— %— %— %— %— %10.5 — — 
Subtotal Ps.3,798 Ps.1,102 Ps.300 Ps.162 Ps.37 Ps.— Ps.5,399 Ps.5,402 Ps.8,054 
Total long-term debt Ps.14,812 Ps.11,752 Ps.16,460 Ps.5,656 Ps.18,613 Ps.74,511 Ps.141,804 Ps.131,973 Ps.144,429 
Current portion of long-term debt (14,812)(2,947)
Total debt (3)
Ps.147,666 Ps.148,204 
(1)All interest rates shown in this table are weighted average contractual annual rates.

(2)Interest rate derivatives that have been designated as fair value hedge relationships have been used by Coca-Cola FEMSA to mitigate the volatility in the fair value of existing financing instruments due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “Market value (gain) loss on financial instruments” in the period in which they occur. During December 31, 2025, the Company applied hedging to a portion of the Senior Notes of US$705, which are linked to an interest rate swap. Starting in 2022, the hedging gain or loss adjust the carrying amount of the hedged item and is recognized in the consolidated income statement under “Market value (gain) loss in financial instruments”. During the year ended December 31, 2025, the Company recognized a loss of Ps. 544 in the consolidated income statement under “Market value (gain) loss in financial instruments”, which offsets the loss on interest rate derivatives used to hedge debt denominated in USD, that resulted from increases in interest rates.

(3)For the years ended December 31, 2025, 2024 and 2023, the amortization cost were Ps. 326, Ps. 1,122, and 1,121, respectively.


2031TotalTotal 
 Hedging Derivative Financial Instruments (1)
20262027202820292030Thereafter20252024 
 (notional amounts in millions of Mexican pesos)
`
Cross-currency swaps:                                                
U.S. dollars to Mexican pesos                        
Fixed to a variable
 Ps.—Ps.—Ps.—Ps.—Ps.——Ps.—Ps.14,330
Interest pay rate ———————8.9%
Interest receive rate ———————3.9%
Fixed to fixed ———————10,000
Interest pay rate ———————8.9%
Interest receive rate ———————3.5%
Fixed to fixed (2)
 ————5,87531,08636,961—
Interest pay rate ————7.6%8.8%8.6%9.4%
Interest receive rate————2.8%4.1%3.9%4.4%
U.S. dollars to Euro
Fixed to fixed——6,765——5,55112,31612,415
Interest pay rate——1.7%——2.1%1.9%1.9%
Interest receive rate——0.5%——1.0%0.7%0.7%
U.S. dollars to Brazilian reais
Fixed to variable4,4921,797————6,2897,094
Interest pay rate15.7%11.3%————14.4%12.1%
Interest receive rate2.1%2.8%————2.3%2.3%
Fixed to fixed————8,624—8,6249,729
Interest pay rate————8.0%—8.0%8.0%
Interest receive rate————2.8%—2.8%2.8%
Colombian pesos
Fixed to fixed1,049—————1,0491,184
Interest pay rate6.3%—————6.3%6.3%
Interest receive rate2.8%—————2.8%2.8%
Interest rate swaps:
Fixed to variable rate:
—————8,9838,98310,134
Interest pay rate—————4.5%4.5%4.8%
Interest receive rate—————1.9%1.9%1.9%
Variable to a fixed rate:
——2,278———2,2782,331
Interest pay rate——6.1%———6.1%3.6%
Interest receive rate——6.0%———6.0%1.9%
Total5,5411,7979,043—14,49945,62076,50067,218
(1)All interest rates shown in this table are weighted average contractual annual rates.

(2)Cross Currency swaps which covers U.S. dollars to Mexican pesos with a notional of Ps. 5,398, that have a starting date in December 31, 2023; receiving a fixed rate of 4.4% and pay a fixed rate of 9.4%.
For the years ended December 31, 2025, 2024 and 2023, the interest expense is comprised as follows:
202520242023
Interest on debts and borrowingsPs.8,712 Ps.8,817 Ps.8,555 
Interest expense charges for employee benefits (Note 17.4)735 587 590 
Derivative instruments3,494 3,188 (1,891)
Finance operating charges92 175 821 
Interest expense for leases liabilities (Note 12)8,270 7,235 6,841 
Ps.21,303 Ps.20,002 Ps.14,916 

For the years ended December 31, 2025, 2024 and 2023, the interest income is comprised as follows:


202520242023
Tender OfferPs.— Ps.782 Ps.6,961 
Interest on investments7,347 10,764 9,566 
Finance operating products264 305 514 
Others51 59 568 
Ps.7,662 Ps.11,910 Ps.17,609 

On May 7, 2013, the Company issued long-term debt on the NYSE (Yankee Bond) in the amount of U.S. $1,000, which was made up of senior notes of U.S. $300 with a maturity of 10 years and a fixed interest rate of 2.875%; and senior notes of U.S. $700 with a maturity of 30 years and a fixed interest rate of 4.375%. In March 2023, the Company made a tender offer in international markets for a principal amount of U.S. $147 related to this Yankee Bond, with a settlement price of U.S. $130, which includes accrued expenses. The difference between the settlement price and the book value of the debt at the date of prepayment was recognized in the consolidated income statement, representing a gain of Ps. 346. Then, in May 2023, the Company paid the senior notes of U.S. $300 which became to maturity. Finally, in November 2023, the Company made an additional tender offer for a principal amount of U.S. $127 related to the same senior notes.

On January 16, 2020, the Company issued U.S. $1,500 3.500% Senior Unsecured Notes at an annual rate of 130 basis points over the relevant benchmark. In addition, on February 12, 2020, the Company placed a re-tap to its US-denominated SEC-registered Senior Unsecured Notes due 2050 and issued U.S. $300 3.500% at an annual rate of 137.5 basis points over the relevant benchmark, raising the total outstanding balance to U.S. $1,800 with an implied yield to maturity of 3.577%. In June 2020, the Company issued U.S. $700 3.500% Senior Unsecured Notes due 2050 with an implicit weighted performance of 3.358%. In March 2023, the Company made a tender offer in international markets for a principal amount of U.S. $943 related with these senior notes, with a settlement price of U.S. $715, which includes accrued expenses. The difference between the settlement price and the book value of the debt at the date of prepayment was recognized in the consolidated income statement, representing a gain of Ps. 4,199. In June 2024, the Company made a tender offer in International markets for a principal amount of U.S. $207 related with these senior notes. The difference between the settlement price and the book value of the debt at the date of prepayment was recognized in the consolidated income statement, representing a gain of Ps. 703.

The Company had designated a portion of these non-derivative financial liabilities as a hedge on the net investment. During 2023, the Company divested its investments in Jetro Restaurant Depot and Envoy; as a result of these transactions, the net investment hedge was discontinued, recycling the effects of Envoy’s hedge in the consolidated income statements, which amount to a gain of Ps. 3,910; while in the case of Jetro Restaurant Depot hedge, it remained in other comprehensive income, as this investment was classified as FVOCI, which amount to a gain of Ps. 1,188.

In April 2021, the Company issued €500 and €700 in debt certificates at a fixed rate of 1.0%, maturing in 2033 and 0.5% maturing in 2028, respectively. In March 2023, the Company made a tender offer in international markets for a principal amount of €404 in debt securities maturing in 2028 and €259 in debt securities maturing in 2033, with a settlement price of €347 for maturing in 2028 and €197 for maturing in 2033, which includes accrued expenses. The difference between the settlement price and the book value of the debt at the date of prepayment was recognized in the consolidated income statement, representing a gain of Ps. 2,416.
On May 21, 2021, this non-derivative financial liability was designated as a hedge of the net investment in Heineken. During 2023, the Company divested its investment in Heineken. Therefore, the net investment hedge was discontinued, recycling the effects of Heineken’s hedge in the consolidated income statements, which amount to a gain of Ps. 5,763 (See Note 4.3.1).

In November 2022, the Company issued Ps. 8,446 and Ps. 827 in debt certificates at a fixed rate of 9.65%, maturing in 2032 and a floating rate of TIIE28 + 0.10%, maturing in 2027, respectively. The bond’s interest rate depends on the Company achieving key performance indicators, and in the event that such indicators are not met by the dates established in the offering documents, (2027 and 2032), the interest rate on the will increase by 25 basis points. As of December 31, 2025 the Company continues monitoring and expects to meet these key performance indicators. In accordance with the terms of the Bonds, they are linked to FEMSA's Sustainability-Linked Bond Framework, the which was adopted and published by the Company in relation to the issuance of the Sustainability-Linked Bond denominated in Euros issued in 2021 in the international capital market, for €700 in senior notes maturing in 2028, and €500 in senior notes maturing in 2033.
In February 2023, as part of Heineken Offering shares, the Company issued debt on the Frankfurt Stock Exchange (FWB) in the amount of EUR 500 million which was made up of senior unsecured Exchangeable Bonds (EB) due 2026; with a fixed interest rate of 2.625% per annum payable annually. The aggregate principal amount of the EB will be repayable with Heineken Holding N.V. shares or cash, considering an initial exchange price of EUR 95.625, being a premium of 27.5%, to EUR 75.00, being the clearing price of each share. As of the issuance date, the initial exchange option shall be comprised of 5,228,758 shares. See Note 14.2.


Coca-Cola FEMSA has the following bonds:

a)registered with the Mexican stock exchange:
i)   Ps. 8,500 (nominal value) with a maturity in 2027 and a fixed interest rate of 7.87%; (ii) Ps. 3,000 (nominal amount) with a maturity date in 2028 and fixed interest rate of 7.35%, (iii) Ps. 6,965 (nominal amount) on a Sustainability-Linked Bond ("SLB") with a maturity date in 2028 and fixed rate of 7.36%, and (iv) Ps. 2,435 (nominal amount) on an SLB with a maturity date in 2026 and floating rate of TIIE + 0.05%, (v) Ps. 5,500 (nominal amount) with a maturity date in 2029 and a fixed rate of 9.95%, and (vi) Ps. $500 (nominal amount) with a maturity date in 2026 and a floating rate of TIIE + 0.05%.

b)registered with the New York Stock Exchange:
i)    Senior notes of U.S. $1,041 with a fixed interest rate of 2.75% and maturity on January 22, 2030; (ii) Senior notes of US. $705 with interest at a fixed rate of 1.85% and maturity date on September 1, 2032; (iii) Senior notes of US. $489 with interest at a fixed rate of 5.25% and maturity date on November 26, 2043 and (iv) Senior notes of US. $500 with interest at a fixed rate of 5.10% and maturity date on May 6, 2035.

The Senior Notes are guaranteed by Coca-Cola FEMSA subsidiaries: Propimex, S. de R.L. de C.V., Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., and Yoli de Acapulco, S. de R.L. de C.V. (the “Guarantors”).
During the third quarter of 2021, Coca-Cola FEMSA issued the first SLB in the Mexican market for a total of Ps. 9,400 in the modality of communicating vessels with maturities in 2025 and 2026 and with those resources prepaid bilateral loans denominated in Mexican pesos of: (i) Ps. 3,760 with a maturity date of February 2025 and (ii) Ps. 5,640 with an expiration date of August 2026. The bond’s interest rate depends on us achieving key performance indicators, and in the event that such indicators are not met by the dates established in the offering documents, (2024 and 2026), the interest rate on the bonds will increase by 25 basis points. As of December 31, 2024 Coca-Cola FEMSA based on our external consulting firm review and the evidence presented by the Company, the indicator was complied and was reliably obtained, is fairly presented, has no significant deviations or omissions, and was prepared based on the requirements set forth in the supplement to the notes.
During the fourth quarter of 2022, Coca-Cola FEMSA repurchased a portion of the following notes registered with the SEC (i) Senior notes of US. $209 with maturity date on January 2030, and (ii) Senior notes of US. $111 with maturity date on November 2043, representing a net savings of Ps. 408 (nominal amounts). The amounts shown on the first paragraph already consider these repurchases.

During the second quarter of 2023, Coca-Cola FEMSA paid on the maturity date May 12, 2023 a Certificado Bursátil for (i) Ps. 7,500 (nominal value) and a fixed interest rate of 5.46%.

During the second quarter of 2025, Coca-Cola FEMSA paid on the maturity date August 15, 2025 a Certificado Bursátil for (i) Ps. 1,727 (nominal value) and a floating rate of TIIE + 0.08%.

Additionally, during 2025 and 2024, Coca-Cola FEMSA obtained bank loans in Argentina for Ps. 724 and Ps. 657 respectively. Additionally, during 2025 and 2024, Coca-Cola FEMSA obtained bank loans in Colombia for Ps. 1,421 and 789 respectively.

The Company has financing from different institutions under agreements that stipulate different restrictions and covenants, which mainly consist of maximum levels of leverage and capitalization as well as minimum consolidated net equity and debt and interest coverage ratios. As of the date of these consolidated financial statements, the Company complied with all restrictions and covenants contained in its financing agreements.
19.1 Reconciliation of liabilities arising from financing activities
 Carrying Carrying
 Value at Value at
 January 1, 2025Cash FlowsNon-cash effects December 31, 2025
            Foreign    
AcquisitionsNew leasesExchange
Others (1)
Income
(Loss)
Bank loans Ps.13,088Ps.1,383Ps.—Ps.—Ps.(336)Ps.(3,989)Ps.10,146
Notes payable 135,1168,133——(10,248)4,519137,520
Total liabilities from financing activities 148,2049,516——(10,584)530147,666
Lease liabilities 108,095(24,061)—15,33319810,326109,891
Total financing activities Ps.256,299Ps.(14,545)Ps.—Ps.15,333Ps.(10,386)Ps.10,856Ps.257,557
(1) Includes mainly remeasurements of leases, and amortized costs.

Carrying
Value atCarrying
January 1,Value at
2024Cash FlowsNon-cash effectsDecember 31, 2024
Foreign
AcquisitionNew leasesExchange
Others (1)
Income
(Loss)
Bank loansPs.10,518Ps.2,105Ps.—Ps.—Ps.504Ps.(39)Ps.13,088
Notes payable126,306(7,262)1,510—16,926(2,364)135,116
Total liabilities from financing activities136,824(5,157)1,510—17,430(2,403)148,204
Lease liabilities96,073(19,675)47417,5203,9959,708108,095
Total financing activitiesPs.232,897Ps.(24,832)Ps.1,984Ps.17,520Ps.21,425Ps.7,305Ps.256,299
(1)Includes mainly remeasurements of leases, and amortization of transaction costs.
Carrying
Value atCarrying
JanuaryValue at
1, 2023Cash FlowsNon-cash effectsDecember 31, 2023
Foreign
AcquisitionNew leasesExchange
Others (1)
Income
(Loss)
Bank loansPs.12,893Ps.(1,526)Ps.3Ps.—Ps.(852)Ps.—Ps.10,518
Notes payable178,848(30,657)——(15,364)(6,521)126,306
Total liabilities from financing activities191,741(32,183)3—(16,216)(6,521)136,824
Lease liabilities93,317(16,171)4820,698(1,891)7296,073
Total liabilities from financing activities285,058(48,354)5120,698(18,107)(6,449)232,897

(1)Includes mainly remeasurements of leases, and amortization of transaction costs.