Financial Data and Key Metrics Changes - Consolidated revenue growth of 12.8% in Q4 2024, with operating income rising by 31.5% compared to the previous year [21] - Net consolidated income increased by 78.3% to nearly MXN 11 billion, driven by a non-cash change gain of MXN 2.7 billion and higher net income from discontinued operations of MXN 3.3 billion [21][22] - Gross margin expanded by 230 basis points to 47.7%, with operating margin increasing by 50 basis points to 11.7% of sales [25][26] Business Line Data and Key Metrics Changes - Proximity Americas division saw total revenues grow by 13.2%, with same-store sales growth of 3.8% despite a 2.8% decline in average traffic [24] - Health division revenues grew by 13.3%, with same-store sales increasing by 9.4% and operating income rising by 109.7% [29] - OXXO Gas reported a 9.7% increase in same-station sales and an 8% increase in total revenues [32] Market Data and Key Metrics Changes - Proximity Europe revenues increased by 21.5% in pesos, driven by retail revenue growth across countries [27] - Coca-Cola FEMSA recorded double-digit increases across their income statement, with income from operations rising by 25% [36] Company Strategy and Development Direction - FEMSA Forward initiative is nearing completion of planned divestitures, having monetized approximately $10.7 billion to focus on core business units [11][39] - Plans for 2025 include deploying nearly MXN 66 billion or $3.2 billion in capital returns, including ordinary and extraordinary dividends and share buybacks [14][15] - The company aims to maintain a disciplined approach to capital allocation, focusing on long-term intrinsic value per share [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainties and a softer consumer environment in Mexico, emphasizing the urgency to drive growth and profitability [46] - The company remains optimistic about growth opportunities across its business units, leveraging digital capabilities and operational efficiencies [10][46] Other Important Information - The succession process for the CEO position is underway, with a special committee formed to oversee the process [16][18] - The digital ecosystem has been rebranded as Spin, with significant growth in active users and sales linked to the loyalty program [34][35] Q&A Session Summary Question: Insights on shareholder remuneration and buybacks - Management plans to execute a mix of local buybacks in Mexico and accelerated share repurchases in the US, similar to previous years [55][56] Question: OXXO store expansion versus same-store sales trends - Management is confident in the ongoing expansion of OXXO stores, monitoring performance closely to ensure value creation [62][63] Question: Traffic decline attribution and operating leverage - Traffic decline is attributed to various factors, including weather and cannibalization, but management is confident in the store performance metrics [72][76] Question: Growth strategy in the US - The focus will be on organic growth through OXXO standalone stores and small bolt-on acquisitions, with an emphasis on profitability [90][91] Question: Financial services growth and potential banking license - The company is expanding financial services and plans to apply for a banking license, focusing on responsible growth in this area [100][101]

Market Overview - Pre-market futures show positive movement with the Dow up +126 points, S&P 500 up +33 points, Nasdaq up +178 points, and Russell 2000 up +10 points [1] - Over the past five trading days, the Dow is down -1.8%, S&P 500 down -2.3%, Nasdaq down -3.8%, and Russell 2000 down -4.0% [1] - All indexes are still up year-to-date except for the Russell 2000, with the Nasdaq barely maintaining its gains [1] Economic Indicators - Key Q4 earnings reports are anticipated, but no major economic reports are expected until New Home Sales for January are released at 10am ET [2] - New Home Sales are projected to reach 671K, lower than December's 698K but an improvement from the 12-month low of 615K in October [3] - The last time new home sales exceeded 1 million was in October 2020 [3] Company Earnings Reports - NVIDIA is set to report Q4 earnings with estimates indicating +60% growth in earnings and +70% growth in revenues, reflecting its significant market cap of $3 trillion [4] - Salesforce is expected to report Q4 results with +13.5% earnings growth and +8% revenue growth, following a rare earnings miss last quarter [5] - The TJX Companies reported Q4 earnings of $1.23 per share, beating expectations of $1.16, with revenues of $16.35 billion surpassing projections [6] - Lowe's reported earnings of $1.93 per share, exceeding consensus estimates, and revenues of $18.55 billion, outperforming expectations by +1.13% [7] - Anheuser-Busch InBev reported earnings of 88 cents per share, significantly above expectations of 72 cents, with revenues of $14.84 billion, exceeding projections by +2.5% [8]