Financial Data and Key Metrics Changes - Consolidated volume declined 5.5% to 1,035,000 unit cases, driven by declines in Mexico, Brazil, Colombia, and Panama, partially offset by growth in Argentina, Uruguay, Guatemala, and other Central American territories [8] - Total revenues grew 5% to COP72.9 billion, with a 2.4% increase on a neutral currency basis [9] - Gross profit increased 3.4% to MXN33 billion, with a margin contraction of 70 basis points to 45.3% [9] - Operating income remained flat at COP9.7 billion, with an OI margin contracting 60 basis points to 13.4% [10] - Adjusted EBITDA decreased 3.8% to MXN13.4 billion, with an EBITDA margin contraction of 160 basis points to 18.4% [10] - Majority net income decreased 5.3% to MXN5.3 billion, primarily due to increased comprehensive financial results from higher interest expenses and a lower foreign exchange gain [11] Business Line Data and Key Metrics Changes - In Mexico, volume declined 10%, cycling a historic second quarter from the previous year that grew 7.9% [11] - In Guatemala, volumes increased 1.6% to 51.3 million unit cases, with a 10,000 new customer increase [17] - In Brazil, volumes declined 1.5% year on year, cycling strong 12.1% growth from last year [19] - In Colombia, volumes declined 2.8% year on year, while in Argentina, volumes increased 11.9% [22][24] Market Data and Key Metrics Changes - Mexico faced a softer macroeconomic backdrop and adverse weather, impacting consumer behavior [7] - Brazil's volume performance was affected by colder temperatures, particularly in June [19] - Argentina's macro indicators improved, with monthly inflation below 2%, fostering a disciplined financial surplus policy [23] Company Strategy and Development Direction - The company remains focused on long-term sustainable growth, with investments in capacity expansions [7] - Key initiatives include improving customer service metrics and enhancing productivity [14][15] - The company is leveraging affordability initiatives in response to negative consumer sentiment in Mexico [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging first half of the year but remains optimistic about long-term perspectives [7] - The outlook for the second half of the year is cautious, with expectations of a more complex scenario due to economic factors [41] - Management is focused on leveraging local initiatives to recover momentum in the second half of 2025 [24] Other Important Information - The company completed key projects and began additional capacity initiatives during the first half of the year [15] - The Porto Alegre plant has returned to 100% capacity, with a full portfolio of SKUs restored [67][69] Q&A Session Summary Question: Expectations for the second half of the year and market share in Mexico - Management discussed a cautious outlook for the second half, with market share in modern trade above last year but below in traditional trade [41][43] Question: Performance in Brazil and channel specifics - Management indicated that weather was a key driver of performance in Brazil, with expectations for a rebound in volumes [44][45] Question: Pricing mix in Mexico and Brazil - Management noted that pricing held well in Mexico despite promotional spending, with a cautious pricing stance expected for the end of the year [49][54] Question: CapEx investments and updates on the Porto Alegre plant - Management confirmed commitment to structural capacity investments while adjusting volume-linked CapEx as needed [62][66] Question: Interest expense and leverage position - Management acknowledged higher interest expenses due to new financing and higher rates in Brazil, with expectations for balance sheet adjustments in the future [92][95]