Fomento Económico Mexicano, S.A.B. de C.V. (FMX): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Fomento Económico Mexicano, S.A.B. de C.V. is actually making its money now that they've sharpened their focus under the FEMSA Forward strategy. Honestly, it's a fascinating pivot from pure retail to an integrated ecosystem; they are pouring MXN 58.8 billion into growth for 2025, aiming for a massive MXN 875.22 billion in consolidated revenue. The core still rests on the unmatched convenience of OXXO and Coca-Cola FEMSA, but the real future is digital, evidenced by Spin by OXXO hitting 9.9 million active users by the third quarter of 2025. Below, I've mapped out exactly where their capital goes, who they serve, and how they generate value across retail, finance, and health-it's the blueprint you need to see the whole picture.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that allow Fomento Económico Mexicano, S.A.B. de C.V. (FMX) to operate its massive network of convenience stores, manage its beverage bottling, and push its digital agenda. These partnerships are critical infrastructure, not just nice-to-haves.

The Coca-Cola Company for bottling and distribution rights

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) operates through Coca-Cola FEMSA, which is recognized as the largest franchise bottler of Coca-Cola trademark beverages in the world based on volume. The rights to produce and distribute these beverages are governed by bottler agreements, which are standard contracts with The Coca-Cola Company. These agreements are foundational; termination would severely impact FMX's beverage segment. For instance, as of the end of 2015, several bottler agreements in Mexico were up for renewal in 2025, such as those for the Central territory and Guatemala, indicating ongoing renewal activity in the partnership structure.

The scale of this partnership is evident in the segment's financial contribution as of the third quarter of 2025. Total Revenues for Coca-Cola FEMSA advanced by 3.3% year-over-year, reaching Ps. 71,884 million (US$3.9 billion) in 3Q25. Furthermore, the consolidated operating income for the segment increased by 6.8% compared to the third quarter of 2024.

Also, OXXO stores in Mexico have a specific supplier relationship, historically carrying beer brands produced and distributed by Cuauhtémoc Moctezuma, now part of the Heineken Group, pursuant to a distribution agreement.

Technology providers like Microsoft for cloud infrastructure

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) relies on technology providers to power its operations, including its digital financial services unit, Spin. While specific, current contract values with Microsoft for cloud infrastructure are not publicly detailed in the latest reports, the general trend shows major enterprises like FMX utilizing hyperscalers. For context, Microsoft Azure held an estimated 20% market share in Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) as of the third quarter of 2024, and Microsoft held 8.7% of the Software-as-a-Service (SaaS) market in that same period. The company's beverage bottling arm, Coca-Cola FEMSA, has existing technology service agreements, such as those with DXC Technology (formerly Hewlett Packard), which were renewed in June 2024 until 2028.

Financial institutions for Spin by OXXO's fintech services

The fintech arm, Spin, is a major growth area, evidenced by its user adoption rates as of the third quarter of 2025. Spin by OXXO reported 9.9 million active users, a 20.5% year-over-year growth compared to 3Q24. The associated loyalty program, Spin Premia, reached 27.7 million active users, growing 16.4% year-over-year. The success of these digital tools is reflected in the average tender rate at OXXO Mexico using Spin Premia, which hit 48.2% in 3Q25, up significantly from 38.5% in 3Q24. Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is actively exploring deeper integration, including an intention to apply for a banking license soon, which necessitates collaboration with established financial institutions to manage components like credit responsibly.

Here are the latest user and engagement metrics for the digital platforms:

• Spin by OXXO Active Users (3Q 2025): 9.9 million
• Spin Premia Active Users (3Q 2025): 27.7 million
• Spin Premia Tender at OXXO Mexico (3Q 2025): 48.2%
• Spin by OXXO Monthly Transactions (3Q 2025 average): 84.1 million

Global suppliers for OXXO's product assortment and affordability initiatives

Affordability in the OXXO stores is heavily influenced by procurement scale with global suppliers. For the beverage side, Coca-Cola FEMSA purchases the majority of its non-returnable plastic bottles from Alpla, an authorized provider, under an agreement dating back to April 1998 for its Mexico operations, where FMX rents plant space to Alpla for production to specific quantities. For energy drinks, Fomento Económico Mexicano, S.A.B. de C.V. (FMX) entered into distribution agreements with Monster Energy Company in 2016 and 2017, which carry a ten-year term and automatic renewal options. While specific spend figures with key suppliers impacting OXXO's general merchandise affordability are not itemized, the Proximity Americas division saw its gross margin expand by 80 basis points in 3Q25, aided by ongoing commercial initiatives.

Logistics and transportation companies for extensive distribution network

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) maintains an extensive distribution network across its operations, including the specialized distribution subsidiary in the United States, Envoy Solutions. Envoy Solutions has strategically grown this footprint through acquisitions, such as Daycon Products Co. in the third quarter of 2021, whose revenues for the twelve months ending June 2021 were approximately US$ 75 million. Furthermore, FMX's logistics services subsidiary provides a broad range of services, including vehicle maintenance, to third-party clients in the consumer products and retail industries across several countries, including Mexico, Brazil, Colombia, Panama, Costa Rica, Nicaragua, and Peru. The Proximity Americas division, which operates the OXXO stores, had 25,378 OXXO stores as of September 30, 2025, all requiring logistical support.

Finance: draft 13-week cash view by Friday.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Key Activities

You're looking at the core engine room of Fomento Económico Mexicano, S.A.B. de C.V. (FMX) operations as of late 2025. The key activities are focused on maximizing throughput in retail, optimizing the beverage supply chain, and aggressively building out the digital and health ecosystems. Here's the quick math on what they are actively doing.

Operating the extensive OXXO convenience store network, expanding by over 1,000 stores in 2025.

Fomento Económico Mexicano, S.A.B. de C.V. is executing a significant physical expansion, primarily through its Proximity Americas division. The 2025 capital expenditure plan specifically allocates MX$18.1 billion to Proximity Americas to support over 1,000 new store openings, alongside remodels and logistics upgrades. As of the first quarter of 2025, the store count was dynamic across regions:

The focus in Mexico remains on targeted new openings, including less capital-intensive OXXO Nicho Stores, and optimizing existing locations, as noted in the third quarter capital expenditure review. Proximity Mexico's gross profit reached 43.2% of its total revenues in 1Q25.

Bottling, marketing, and distributing Coca-Cola trademark beverages via KOF.

Coca-Cola FEMSA, the largest franchise bottler globally by sales volume, is managing a mixed volume environment while driving revenue through pricing and mix management. For the first nine months of 2025, the volume saw a decline of 2.8%, yet total revenues increased by 5.0% (or 5.7% on a currency-neutral basis). The third quarter of 2025 saw Adjusted EBITDA reach MXN 14.4 billion, with an EBITDA margin of 20.1%.

The scale of this operation involves significant infrastructure and reach:

• Markets served: Territories in Mexico, Brazil, Guatemala, Colombia, Argentina, Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela.
• Annual Sales Volume: Approximately 4.2-billion-unit cases.
• Manufacturing Footprint: Operating 56 manufacturing plants and 256 distribution centers.
• Workforce: Over 93,000 employees.

Developing the Spin digital financial ecosystem and Spin Premia loyalty program.

Digital initiatives are a core activity, with investment planned for 2025 to bolster the fintech platform. While specific 2025 active user numbers aren't fully reported yet, the momentum from 2024 is clear:

• Juntos+ Omnichannel Platform (2024 end): Reached 1.3 million customers.
• Spin Premia Loyalty Program (2024 end): Grew to over 1.1 million customers from 250,000 at the start of the year.

This ecosystem supports the core retail business by enhancing customer engagement and commercial platform value.

Managing the Health division's pharmacy chains across Latin America.

The Health Division is a key growth area, receiving a planned capital expenditure of MX$2.6 billion for 2025, marking a 44% increase from 2024 spending to support new branches and warehouse expansions. The division operates across four countries, with a total of 4,667 points of sale as of the latest reports.

The footprint by banner includes:

The division also manages laboratories and logistics, vertically integrating operations in these markets.

Executing the FEMSA Forward strategy, including non-core asset divestments.

A major activity is the disciplined execution of the FEMSA Forward strategy, which centers on core businesses: Retail (Proximity & Health), Coca-Cola FEMSA, and Digital@FEMSA. This involved exploring alternatives for strategic businesses. Fomento Económico Mexicano, S.A.B. de C.V. intended to divest its interests in Solística and other non-core businesses by April 2025. The 3Q 2025 results reflect this, noting the impact of the divestment of Solistica on revenue comparisons. The strategy also includes achieving a target leverage of approximately 2x Net Debt/EBITDA ex-KOF, and returning excess capital to shareholders.

Finance: draft 13-week cash view by Friday.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Key Resources

You're looking at the core assets Fomento Económico Mexicano, S.A.B. de C.V. (FMX) relies on to execute its strategy as of late 2025. These aren't just line items; they are the engines of their operations.

The OXXO brand itself is a massive resource, underpinning the Proximity Americas division. While the total store count isn't explicitly stated for late 2025, the pace of expansion shows its footprint is actively growing. For instance, Proximity Americas added 328 net new stores in the third quarter of 2025 alone. This physical presence is complemented by the brand's reach into the U.S., with 15 Delek locations rebranded to OXXO stores in West Texas.

A second critical resource is the controlling stake in Coca-Cola FEMSA (KOF). Fomento Económico Mexicano, S.A.B. de C.V. holds a 47% economic stake in KOF, which is the world's largest independent Coca-Cola bottler by volume.

Digital platforms are increasingly vital. Spin by OXXO, the fintech offering, reported 9.9 million active users as of the third quarter of 2025. This user base is crucial for driving tender rates at OXXO stores, which reached an average of 48.2% in OXXO Mexico in 3Q25.

Financial commitment to these resources is clear through capital planning. Fomento Económico Mexicano, S.A.B. de C.V. planned capital expenditures of MXN 58.8 billion for 2025, marking a record for annual spending.

The highly efficient, integrated logistics and supply chain infrastructure remains key, though its structure has evolved. Following the completion of the divestiture of the bulk of its remaining logistics business on July 1, 2025, the focus for this resource is now heavily concentrated on supporting the core retail and bottling operations. A portion of the 2025 CAPEX is specifically allocated towards logistics enhancements and new transportation equipment for the Proximity division.

Here's a quick look at the key operational metrics supporting these resources as of 3Q25:

The investment breakdown shows where the operational focus is directed:

• Proximity Americas division allocation of planned 2025 CAPEX: MXN 18.1 billion, representing 30.7% of the total.
• Coca-Cola FEMSA allocation of planned 2025 CAPEX: MXN 31.6 billion, representing 53.7% of the total.
• Health division allocation of planned 2025 CAPEX: MXN 2.6 billion.

The divestiture of the bulk of the logistics business was completed on July 1, 2025. That's a major shift in the asset base, defintely.

Finance: draft 13-week cash view by Friday.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Fomento Económico Mexicano, S.A.B. de C.V. (FMX) across its diverse operations, especially as we close out 2025. The value is built on immediate access, digital integration, and targeted affordability.

Extreme proximity and convenience through the OXXO store network

The sheer density of the OXXO network is the primary value driver. This physical capillarity means a store is almost always within reach, which is critical in the convenience sector. Proximity Americas added 198 new stores in the third quarter of 2025 alone. As of June 30, 2025, Proximity Americas operated 25,180 stores across its footprint. Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is dedicating MX$18.1 billion in 2025 capital expenditure to its Proximity Americas division to support over 1,000 new store openings, remodels, and logistics enhancements. OXXO remains the largest chain of convenience stores in Latin America.

Integrated retail and financial services via Spin and Spin Premia loyalty

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) successfully blends physical retail with digital finance, making transactions seamless. The digital ecosystem is showing strong adoption rates as of the third quarter of 2025:

• Spin by OXXO reached 9.9 million active users, a growth of 20.5% compared to 3Q24.
• Spin Premia, the loyalty program, counted 27.7 million active loyalty users, growing 16.4% year-over-year.
• The average tender rate using these digital methods at OXXO Mexico hit 48.2%, a significant increase from 38.5% in 3Q24.

Affordability and value through discount formats like Tiendas Bara

Recognizing consumer price sensitivity, Fomento Económico Mexicano, S.A.B. de C.V. (FMX) emphasizes value propositions in key categories like soft drinks, beer, and snacks. The company is actively focusing on expanding its discount retail footprint. For 2025, Fomento Económico Mexicano, S.A.B. de C.V. (FMX) plans to invest MX$4 billion in 'other businesses,' which includes its discount retail chain, Tiendas Bara, signaling a commitment to this value segment. This focus is evidenced by the stated expansion of new Bara discount stores.

Reliable access to a wide portfolio of Coca-Cola beverages

The integrated bottling operation provides a core, reliable product offering. Coca-Cola FEMSA, the company's beverage division, is the largest Coca-Cola bottler globally by sales volume. This segment demonstrated solid performance in the third quarter of 2025, with Total Revenues growing 3.3% and Income from Operations increasing 6.8% compared to 3Q24.

One-stop-shop for retail, fuel (OXXO Gas), and health services

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) aggregates multiple essential services under its proximity umbrella, enhancing the utility of each location. Here's a snapshot of the non-core retail segments as of early to late 2025 data:

The Health division is actively optimizing its footprint, planning to close in excess of 400 underperforming stores by the end of 2025, while simultaneously increasing its capital allocation to MX$2.6 billion for new branches and warehouse expansions in 2025.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Customer Relationships

You're looking at how Fomento Económico Mexicano, S.A.B. de C.V. (FMX) manages the connection with its massive customer base across its retail and financial services. It's a blend of high-volume physical transactions and deep digital integration.

The relationship model leans heavily on convenience and transactional efficiency at the store level, which then feeds into a growing digital ecosystem. For OXXO, the relationship is largely self-service and transactional, but increasingly layered with digital loyalty incentives.

The self-service and transactional relationships across all retail formats are quantified by the increasing adoption of the loyalty program at the point of sale. In the third quarter of 2025 (3Q25), the average tender rate for Spin Premia at OXXO Mexico reached 48.2%, a clear step up from the 38.5% tender rate seen in 3Q24. This shows customers are actively choosing to engage their loyalty benefits during routine purchases.

The automated service model at OXXO is designed to handle this high volume seamlessly. The sheer scale of the Proximity Americas division supports this, with same-store sales increasing by 1.7% in 3Q25, indicating consistent customer traffic despite a soft consumer environment.

The digital engagement is centered on the Spin fintech app and its associated loyalty program, Spin Premia, which is key to personalized engagement.

Here are the latest figures for the digital customer relationships:

• Spin Premia loyalty program boasted 27.7 million active users in 3Q25.
• This active user base for Spin Premia grew by 16.4% compared to 3Q24.
• The core Spin by OXXO digital accounts reached 9.9 million active users in 3Q25.
• Spin by OXXO active users showed a year-over-year growth of 20.5% in 3Q25.
• In 2Q25, almost 46% of OXXO sales were already identified through the loyalty and rewards program.

The digital, personalized engagement through the Spin fintech app is designed to evolve the relationship beyond simple payments. The platform is one of the most important aspects ensuring OXXO continues to deliver convenience across physical and digital ecosystems.

For the B2B side, specifically within Coca-Cola FEMSA (KOF), the relationship is managed through dedicated sales and distribution teams. KOF leverages its logistics expertise and a 'TALENTED TEAM, EXECUTION WARRIORS' to manage relationships with its vast network of customers.

Key B2B relationship scale metrics for Coca-Cola FEMSA include:

The relationship strategy is clearly bifurcated: high-frequency, automated, loyalty-driven self-service at OXXO, and dedicated, expert-led B2B engagement for distributors and commercial partners via KOF.

To keep this data organized for your review, here is a quick summary of the key loyalty metrics as of 3Q25:

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Channels

You're looking at how Fomento Económico Mexicano, S.A.B. de C.V. gets its value propositions to the customer, and the scale here is massive, spanning physical retail, digital finance, and beverage distribution.

Proximity Retail: OXXO stores in the Americas and Valora in Europe

The primary channel is the physical store footprint, which is undergoing disciplined expansion and targeted investment across geographies.

• Proximity Americas division stores totaled 25,180 units (as of late 2025 context).
• OXXO Mexico added 361 net new stores in the first quarter of 2025.
• The U.S. division rebranded 15 Delek locations into OXXO stores as of Q1 2025.
• In 2024, the OXXO stores generated MX$307.2 billion in revenue, making up 39% of Fomento Económico Mexicano, S.A.B. de C.V.'s total sales.
• FEMSA plans to dedicate MX$18.1 billion to Proximity Americas in 2025, supporting over 1,000 new store openings.

The European channel, Valora, receives a dedicated capital allocation for its operations.

Digital Ecosystem: Spin by OXXO mobile app and Spin Premia platform

The digital channels are integrated directly through the retail points and the loyalty program, driving financial inclusion and engagement.

Here's the quick math on the digital adoption as of the third quarter of 2025.

• Spin by OXXO registered a monthly average of 84.1 million transactions in Q3 2025.
• The Spin Premia program showed an average tender (percentage of sales where points are used) of 48.2% in Q3 2025.
• In Q1 2025, Spin by OXXO reported 8.9 million active users.

Distribution Fleet: Coca-Cola FEMSA's extensive bottling and delivery routes

The beverage distribution channel relies on a vast physical infrastructure to move product from production to points of sale.

• Coca-Cola FEMSA distributes approximately 4-billion-unit cases annually.
• The division serves over 272 million consumers.
• For 2025, this division is slated to receive MX$31.6 billion in capital expenditure.

Health Division: Pharmacy chains like YZA and Cruz Verde

The Health division uses its network of pharmacies across multiple countries as a direct channel for health, beauty, and personal care products.

• Farmacias YZA operates more than 1,350 branches across 17 states in Mexico.
• Cruz Verde Chile has over 550 stores nationwide.
• Cruz Verde Colombia is present in 77 cities through more than 700 points of sale.
• The division is undergoing restructuring, having closed around 400 establishments during 2025.
• For 2025, the Health division is allocated MX$2.6 billion for expansion and upgrades.

Fuel Stations: OXXO Gas service stations

OXXO Gas leverages the existing retail footprint proximity to offer fuel services, with clear expansion targets.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Customer Segments

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) serves distinct customer groups across its Proximity Americas, Fuel, and Coca-Cola FEMSA divisions, with digital services like Spin connecting many of these segments.

Mass market consumers in Mexico and Latin America seeking daily convenience.

This segment is primarily served by the OXXO proximity stores, which are positioned as 'proximity stores' providing immediate needs. As of June 30, 2025, the Proximity Americas Division operated 25,180 stores, and by September 30, 2025, this number grew to 25,378 OXXO stores across five countries, including Mexico, Colombia, Chile, Peru, and Brazil. The company reports serving +272 million consumers in 9 countries with its beverage products. OXXO is reported to regularly serve upwards of 13 million customers daily.

Key operational metrics for this segment include:

• Total OXXO stores in Proximity Americas (as of Sept 30, 2025): 25,378
• OXXO store net openings in Mexico (Q1 2025): 361
• OXXO Brazil revenue increase (Q2 2025 vs prior year): 33.8%
• OXXO Latin America comparable sales growth (Q2 2025, ex-FX): 12%

Unbanked and underbanked populations utilizing Spin for financial transactions.

FEMSA Digital, through Spin by OXXO and Spin Premia, targets populations needing accessible financial services. The ecosystem allows customers to pay for online purchases via OXXO Pay and complete the physical payment in the store. A related loyalty program, Premia Juntos+, had more than 1.3 million enrolled customers with a redemption rate of 75% as of the First Quarter of 2025. Furthermore, Spin by OXXO and Visa extended their partnership for another eight years as of December 4, 2025, solidifying its role in digital payments.

Small and medium-sized businesses (SMBs) buying KOF products for resale.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF), the largest Coca-Cola bottler by sales volume, serves B2B2C retail partners. These partners are crucial distribution channels, and KOF engages them digitally. For instance, KOF connects digitally with over 1.6 million points of sale through platforms like its Spin by Coca-Cola app as of Q1 2025. The youth and young adult demographic (aged 15-35) is the most critical end-user segment, driving an estimated 48% of sparkling beverage volume in the Mexican territory in 2024.

Here's a look at the end-consumer focus that drives these B2B sales:

Commuters and drivers using OXXO Gas and convenience stores.

The Fuel Division operates the OXXO GAS chain of retail service stations, catering to drivers needing fuel and convenience. As of September 30, 2025, this division operated 558 OXXO Gas service stations in Mexico. These locations are often integrated with OXXO convenience stores, serving customers needing both fuel and immediate retail purchases.

Value-conscious shoppers targeted by the Tiendas Bara discount format.

The Bara format is FEMSA's dedicated hard discount retail offering, competing with chains like Tiendas 3B and Neto. Management remains on track to achieve a 30% to 40% growth rate in 2025 for this format. During the second quarter of 2025, Bara opened 23 new stores. This format saw significant growth previously, expanding from 271 units in 2022 to 359 units in 2023.

Bara same-store sales growth for Q2 2025 was 8.9%, growing in the low teens if convenience categories are excluded.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Cost Structure

The Cost Structure for Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is heavily weighted toward capital-intensive expansion and the direct costs associated with its vast beverage and retail operations across multiple countries.

High capital expenditure (CAPEX) for store expansion and remodels represents a major outlay. Fomento Económico Mexicano, S.A.B. de C.V. planned to invest a record MX$58.8 billion in 2025, which is a 15% increase over 2024 spending. This investment fuels growth in OXXO stores, Coca-Cola bottling infrastructure, and digital platforms. For context, in the first quarter of 2025, capital expenditures totaled Ps. 8,788 million, representing 4.5% of total sales.

Cost of goods sold (COGS) for beverages and retail inventory is the largest recurring expense. For the quarter ending September 2025, Fomento Económico Mexicano, S.A.B. de C.V. reported a Cost of Sales of MXN128.93B. Total consolidated revenues for the trailing twelve months ending in 2025 were reported at €38.11 Billion.

Significant labor and personnel expenses, facing wage pressure in Mexico, are a constant focus for cost containment. The company employed approximately 354.34K individuals as of Q3 2025. In Q1 2025, Proximity Americas saw a decline in operating income partly due to increased labor costs. Management noted efforts to find efficiencies in areas like labor and to reduce full-time equivalents per store.

Logistics and distribution costs for a vast, multi-country network are embedded within CAPEX and operating expenses. The CAPEX allocation to Coca-Cola FEMSA is specifically for expanding production and distribution capacity, and Proximity Americas includes logistics enhancements. Fomento Económico Mexicano, S.A.B. de C.V. operates across Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay for its beverage bottling operations.

Technology investment costs for the Digital@FEMSA platform (Spin) are growing as the company pushes digital engagement. Spin by OXXO reached 8.9 million active users in Q1 2025, and Spin Premia had 25.2 million active loyalty users in the same period. The company is actively increasing investment in these financial services and digital platforms.

• The average tender rate for Spin at OXXO Mexico reached 48.2% in Q3 2025.
• The company is using precision promotions via its SPIN loyalty data as part of its action plan.
• The overall operating margin for the consolidated company was reported at 4.7% in Q2 2025.

Fomento Económico Mexicano, S.A.B. de C.V. (FMX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Fomento Económico Mexicano, S.A.B. de C.V. (FMX) brings in money as we close out 2025. The numbers show a clear reliance on convenience retail, supported by beverage bottling and growing digital finance.

The overall expectation for the full year 2025 is a significant top-line figure. The consolidated revenue forecast for 2025 is set at MXN 875.22 billion.

The largest portion of revenue comes from the retail operations under the Proximity division, which includes OXXO stores across the Americas and Valora in Europe. This segment shows consistent, though sometimes challenged, growth.

Here's a look at the recent performance metrics illustrating the strength of these streams, based on the third quarter of 2025 results compared to the third quarter of 2024:

Financial service fees and commissions are generated through the Spin by OXXO platform, which is rapidly expanding its user base and transaction volume. This is a key area for future revenue diversification, moving beyond pure retail sales.

The digital finance ecosystem shows strong engagement metrics as of the third quarter of 2025:

• Spin by OXXO active users reached 9.9 million, a 20.5% year-over-year growth.
• Spin Premia loyalty users totaled 27.7 million, up 16.4% year-over-year.
• The average tender rate at OXXO Mexico, using Spin Premia, was 48.2%, up from 38.5% in the prior year's third quarter.

Sales from the core beverage bottling operations, represented by Coca-Cola FEMSA (KOF), remain a substantial and stable revenue pillar. For the third quarter of 2025, KOF reported total revenue growth of 3.3% over the same period last year.

Revenue from the Health division, which includes drugstores, saw total revenues increase by 2.9% in pesos during the third quarter of 2025, despite facing headwinds in the Mexican market. OXXO Gas contributes revenue through fuel sales, with same-station sales showing a 4.9% increase in the second quarter of 2025.

Finance: review the Q4 2025 segment revenue contribution breakdown against the MXN 875.22 billion forecast by January 31, 2026.