Financial Data and Key Metrics Changes - Consolidated volume declined 0.6% to reach 1.04 billion unit cases, showing sequential improvement compared to the second quarter [8] - Total revenues grew 3.3% to $71.9 billion pesos, with a currency-neutral increase of 4.7% [9] - Gross profit increased 0.9% to $32.4 billion pesos, leading to a margin contraction of 100 basis points to 45.1% [9] - Operating income rose 6.8% to $10.3 billion pesos, with operating margin expanding 50 basis points to 14.3% [9] - Adjusted EBITDA increased 3.2% to $14.4 billion pesos, with EBITDA margin remaining flat at 20.1% [10] - Majority net income slightly increased to $5.9 billion pesos, driven mainly by operating income growth [10] Business Line Data and Key Metrics Changes - In Mexico, volumes declined 3.7% due to a soft macroeconomic backdrop, while Coca-Cola Zero grew 23% year on year [10][12] - Guatemala saw a volume increase of 3.2% to 50.8 million unit cases, with Coca-Cola Zero growing 16.9% [16] - In Brazil, volumes increased 2.6% year on year, with Coca-Cola Zero growing volumes by 38% [18] - Colombia's volumes grew 2.9%, reflecting a gradually recovering economy [20] Market Data and Key Metrics Changes - Mexico faced a soft macroeconomic environment impacting consumer preferences and demand [7] - South America enjoyed a more resilient macro and consumer environment, supporting positive volume performance [7] - In Argentina, volumes increased 2.9%, despite a complex environment [22] Company Strategy and Development Direction - The company focuses on a sustainable growth model, RGM affordability initiatives, and cost control measures to navigate challenging operating conditions [7][16] - The company plans to continue incentivizing low and non-caloric products in response to the new excise tax in Mexico [15] - The strategy includes enhancing affordability, accelerating single-serve mix, leveraging digital initiatives, and maintaining a lean cost structure [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to challenging conditions, including the impact of the beverage excise tax increase in Mexico [7] - The company anticipates a challenging year for volume performance in Mexico due to the excise tax and modest economic growth [15] - Management highlighted the importance of maintaining household penetration and volume base amid economic pressures [78] Other Important Information - The company is rolling out a new digital tool, Juntos Plus Advisor, in Mexico to support share improvements [12] - The federal revenue law in Mexico includes an 87% increase in the excise tax on soft drinks, effective January 2026 [14] Q&A Session Summary Question: Insights on profitability improvement in Mexico and Central America - Management noted that profitability improvements were driven by savings initiatives and operational adjustments, despite ongoing gross profit pressures [37][39] Question: Strategies for Argentina, Colombia, and Guatemala - Management discussed the importance of maintaining household penetration and adapting strategies to local market conditions, emphasizing a sustainable long-term growth model [40][44] Question: CAPEX plans for next year - Management indicated a rethinking of CAPEX, primarily delaying investments in distribution centers due to expected volume declines [50][52] Question: Volume outlook for Mexico next year - Management provided a preliminary outlook of low to mid-single-digit volume declines for Mexico, considering the impact of the excise tax [62][67] Question: Pricing strategies in light of new taxes - Management plans to pass through the excise tax starting in January, with adjustments to pricing strategies to maintain consumer choice [85][86]