FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

Financials Fomento Económico Mexicano, S.A.B. de C.V.

Equities

FEMSA UBD

MXP320321310

Food Retail & Distribution

End-of-day quote Mexican S.E. Other stock markets 13/02/2026			5-day change	1st Jan Change
196.71 ^MXN	+1.18%		+3.06%	+8.17%

12-04	Mexican lender Banorte integrates Oxxo convenience stores into banking network	RE
12-02	Femsa announces accelerated share repurchase agreement	RE

Projected Income Statement: Fomento Económico Mexicano, S.A.B. de C.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	492,966	556,261	673,202	702,692	781,585	840,103	904,404	972,417
Change	-	12.84%	21.02%	4.38%	11.23%	7.49%	7.65%	7.52%
EBITDA ¹	71,973	82,422	92,812	96,386	115,594	120,343	130,946	142,791
Change	-	14.52%	12.61%	3.85%	19.93%	4.11%	8.81%	9.05%
EBIT ¹	41,503	51,993	59,416	59,812	70,668	72,571	80,830	89,330
Change	-	25.28%	14.28%	0.67%	18.15%	2.69%	11.38%	10.52%
Interest Paid ¹	-17,516	-16,938	-12,472	2,693	-8,092	-13,862	-14,888	-12,855
Earnings before Tax (EBT) ¹	18,936	41,276	41,872	59,358	66,741	54,430	66,701	73,516
Change	-	117.98%	1.44%	41.76%	12.44%	-18.45%	22.55%	10.22%
Net income ¹	-1,930	28,494	24,758	66,390	28,186	23,505	31,206	35,272
Change	-	1,576.39%	-13.11%	168.16%	-57.54%	-16.61%	32.77%	13.03%
Announcement Date	01/03/21	28/02/22	24/02/23	23/02/24	27/02/25	-	-	-

¹MXN in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	130,329	124,474	137,058	142,443	151,542	147,636	167,504	171,664	186,467	180,011	198,220	188,095	189,825	178,204	198,745	196,771	208,311	195,820	211,364	214,638	221,977	203,691	223,190	226,389	234,364
Change	-	-4.49%	10.11%	3.93%	6.39%	-2.58%	13.46%	2.48%	8.62%	-3.46%	10.12%	-5.11%	0.92%	-6.12%	11.53%	-0.99%	5.86%	-6%	7.94%	1.55%	3.42%	-8.24%	9.57%	1.43%	3.52%
EBITDA ¹	20,938	16,975	21,349	20,572	23,446	19,694	23,370	23,196	26,562	22,157	27,134	25,366	26,933	25,049	28,614	28,909	34,567	25,303	29,589	30,843	36,403	26,237	31,835	33,019	39,853
Change	-	-18.93%	25.77%	-3.64%	13.97%	-16%	18.67%	-0.74%	14.51%	-16.58%	22.46%	-6.52%	6.18%	-7%	14.23%	1.03%	19.57%	-26.8%	16.94%	4.24%	18.03%	-27.92%	21.33%	3.72%	20.7%
EBIT ¹	13,145	9,525	13,973	12,976	15,509	11,892	15,032	14,769	17,405	12,543	16,581	15,929	17,532	14,767	17,626	17,374	22,634	13,565	17,832	18,126	24,051	13,961	19,031	19,606	25,929
Change	-	-27.54%	46.7%	-7.14%	19.52%	-23.32%	26.41%	-1.75%	17.85%	-27.93%	32.19%	-3.93%	10.06%	-15.77%	19.36%	-1.43%	30.28%	-40.07%	31.46%	1.65%	32.69%	-41.95%	36.32%	3.02%	32.25%
Charge d'intérêts	-6,813	-	-4,595	-	-	-3,203	-	-	-	-	-	-	-	-1,871	-1,463	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,351	8,065	7,565	12,887	12,733	6,484	12,309	13,203	9,899	-	18,498	20,588	7,204	9,073	22,109	18,906	-	11,322	10,844	12,920	19,382	11,322	15,673	17,418	22,733
Change	-	50.72%	-6.2%	70.35%	-1.2%	-49.08%	89.83%	7.27%	-25.02%	-	-	11.3%	-65.01%	25.94%	143.68%	-14.49%	-	-	-4.22%	19.14%	50.01%	-41.59%	38.43%	11.13%	30.51%
Net income ¹	-1,245	4,566	3,082	14,114	6,717	3,987	5,209	10,748	4,817	48,078	6,165	9,742	3,267	2,931	12,590	5,897	6,787	5,805	2,712	2,415	7,526	4,286	6,804	7,523	10,124
Change	-	466.75%	-32.5%	357.95%	-52.41%	-40.64%	30.66%	106.32%	-55.18%	898.05%	-87.18%	58.03%	-66.46%	-10.28%	329.55%	-53.16%	15.09%	-14.47%	-53.28%	-10.95%	211.62%	-43.05%	58.75%	10.56%	34.58%
Announcement Date	01/03/21	29/04/21	28/07/21	28/10/21	28/02/22	02/05/22	28/07/22	28/10/22	24/02/23	28/04/23	27/07/23	27/10/23	23/02/24	26/04/24	24/07/24	28/10/24	27/02/25	28/04/25	28/07/25	28/10/25	-	-	-	-	-

¹MXN in Million

Estimates

Forecast Balance Sheet: Fomento Económico Mexicano, S.A.B. de C.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	133,920	87,090	280,639	67,787	116,457	122,231	136,860	136,700
Change	-	-34.97%	222.24%	-75.85%	71.8%	4.96%	11.97%	-0.12%
Announcement Date	01/03/21	28/02/22	24/02/23	23/02/24	27/02/25	-	-	-

¹MXN in Million

Estimates

Cash Flow Forecast: Fomento Económico Mexicano, S.A.B. de C.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	18,660	20,299	34,410	38,958	51,074	44,221	48,773	51,428
Change	-	8.78%	69.52%	13.22%	31.1%	-13.42%	10.29%	5.44%
Free Cash Flow (FCF) ¹	34,513	54,796	-	10,721	29,105	5,585	24,342	31,134
Change	-	58.77%	-	-	171.47%	-80.81%	335.85%	27.9%
Announcement Date	01/03/21	28/02/22	24/02/23	23/02/24	27/02/25	-	-	-

¹MXN in Million

Estimates

Forecast Financial Ratios: Fomento Económico Mexicano, S.A.B. de C.V.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.6%	14.82%	13.79%	13.72%	14.79%	14.32%	14.48%	14.68%
EBIT Margin (%)	8.42%	9.35%	8.83%	8.51%	9.04%	8.64%	8.94%	9.19%
EBT Margin (%)	3.84%	7.42%	6.22%	8.45%	8.54%	6.48%	7.38%	7.56%
Net margin (%)	-0.39%	5.12%	3.68%	9.45%	3.61%	2.8%	3.45%	3.63%
FCF margin (%)	7%	9.85%	-	1.53%	3.72%	0.66%	2.69%	3.2%
FCF / Net Income (%)	-1,788.24%	192.3%	-	16.15%	103.26%	23.76%	78%	88.27%
Profitability
ROA	-0.29%	4.01%	3.22%	8.27%	3.4%	3.33%	4.12%	4.46%
ROE	-0.79%	8.88%	7.35%	18.52%	7.41%	8.18%	12.17%	14.32%
Financial Health
Leverage (Debt/EBITDA)	1.86x	1.06x	3.02x	0.7x	1.01x	1.02x	1.05x	0.96x
Debt / Free cash flow	3.88x	1.59x	-	6.32x	4x	21.89x	5.62x	4.39x
Capital Intensity
CAPEX / Current Assets (%)	3.79%	3.65%	5.11%	5.54%	6.53%	5.26%	5.39%	5.29%
CAPEX / EBITDA (%)	25.93%	24.63%	37.07%	40.42%	44.18%	36.75%	37.25%	36.02%
CAPEX / FCF (%)	54.07%	37.04%	-	363.38%	175.48%	791.78%	200.37%	165.18%
Items per share
Cash flow per share ¹	14.88	20.42	-	13.88	20.35	8.393	18.38	-
Change	-	37.24%	-	-	46.6%	-58.75%	119.03%	-
Dividend per Share ¹	1.444	3.4	-	-	-	13.31	10.78	9.437
Change	-	135.46%	-	-	-	-	-19.03%	-12.42%
Book Value Per Share ¹	85.85	93.57	-	105.9	107	76.79	63.31	60.72
Change	-	8.99%	-	-	0.97%	-28.21%	-17.56%	-4.09%
EPS ¹	-0.54	7.96	6.92	18.55	7.88	7.011	7.447	8.129
Change	-	1,574.07%	-13.07%	168.06%	-57.52%	-11.03%	6.22%	9.16%
Nbr of stocks (in thousands)	3,578,226	3,578,226	3,578,226	3,577,845	3,578,226	3,432,234	3,432,234	3,432,234
Announcement Date	01/03/21	28/02/22	24/02/23	23/02/24	27/02/25	-	-	-