Sales grew 10% YoY to P$70.2bn, above our estimates and consensus, and despite consolidated volumes contracting 2.2% YoY, vs our flattish expectations; volumes contracted in Mexico & Central America. Excluding FX tailwinds, sales grew 5.9% YoY, and average price per UC, meanwhile, grew 12.7% YoY. Profitability was mostly better than expected, driven by cost efficiencies and lower raw material costs, such as sweeteners, while partially offset by FX headwinds from USD-denominated raw materials. Gross margin of 45.4% was 110bps above our estimates and 80bps higher YoY, while EBITDA margin of 18.9% was 60bps above our estimates and 20bps higher YoY. From a regional perspective, performance in MX & CAM and South America was in line and above our estimates, respectively. Given the mostly solid results, we expect a neutral-to-positive stock reaction in today’s trading session. We reiterate our P$1212 PT and Outperform rating.