The S&P / BMV IPC rebounded by 3.2% fueled by Banco de Mexico’s interest rate reduction, the rally in large industrial names and a strong performance of US equity markets. Meanwhile, the Mexican peso appreciated 0.9% to close at MXN$17.31/USD while the yield of the 10-year M-Bono was down 16 bps to 9.06%.

The S&P / BMV IPC’s top weekly gainers were: PEÑOLES * (+16.4%), ORBIA * (+10.0%), and PINFRA * (+7.5%). On the other hand, the main weekly losers were: RA * (-2.9%), SIGMAF A (-1.1%) and GAP B (-1.1%).

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Miranda Intelligence; Deciphering Mexico

Markets

The S&P / BMV IPC was down another 1.1% over the week, underperforming US equity indexes, once again due to mixed quarterly reports and weak macroeconomic data. Meanwhile, the Mexican peso lost 0.2% to close at MXN$17.47/USD while the yield of the 10-year M-Bono was up 19 bps to 9.22%.

The S&P / BMV IPC’s top weekly gainers were: BIMBO A (+9.9%), FEMSA UBD (+4.5%), and GRUMA B (+3.2%). On the other hand, the main weekly losers were: GCARSO A1 (-7.9%), PEÑOLES * (-7.2%) and TLEVISA CPO (-6.5%).

MexMoves Podcast weekly highlights

In the weekly podcast MexMoves by Whitepaper, Eduardo García and Damian Fraser discuss the week’s biggest business stories shaping Mexico:

🔹 Grupo México buying Saavi Energía and merging it with its own generation business, as global capital rotates out and local players step up.

🔹 Mexico’s 0.8% GDP contraction in 1Q versus ~2% growth in the U.S., and what’s driving the divergence

🔹 Why Mexico’s non-auto exports tied to electronics and AI-related supply chains are booming

🔹 Grupo Televisa positioning for telco M&A via convertible issuance

🔹 Positive 1Q26 results from FEMSA and Televisa, plus mixed prints from BANCO DEL BAJIO, Walmex and others

🔹 Banorte’s bet on baseball, adding to its impressive sports marketing investment

And they interview Emilio Cadena, CEO of PRODENSA and President of the US-Mexico Foundation, to discuss the continued nearshoring opportunity for Mexico; what’s working, what isn’t, and why a roll-up of some of Mexico’s SME export-focused industrial players could make sense.

Listen on Spotify.

Listed companies

Grupo México reported a strong 1Q26 with total revenues up 32.7% YoY, driven by higher metal prices and byproduct volumes, with mining revenues increasing 37.7% YoY supported by higher copper, silver, zinc and molybdenum prices and stronger byproduct sales, while copper production declined 2.8% YoY due to lower ore grades and recovery rates in Peru partially offset by Mexico and U.S. operations, and transportation revenues rose 15.6% YoY on higher volumes in agriculture, automotive and cement segments. EBITDA increased 49.6% YoY with margin expansion to 59.5% reflecting operating leverage and cost efficiency, and net profits grew 62.4% YoY supported by higher operating income and favorable pricing dynamics. Grupo México’s Infrastructure Division has signed a definitive agreement to combine its power generation assets with Saavi Energía (“Saavi”), a leading private generator in Mexico and a wholly-owned company in the portfolio of Global Infrastructure Partners, part of BlackRock. The transaction will create a diversified power generation platform with 14 strategically located generation plants in high-demand areas of Mexico, offering greater scale, operational synergies, and a combined capacity of 4,510 MW, in addition to a growth pipeline of approximately 5,000 MW. Saavi will be 70% owned by Grupo México and 30% by Global Infrastructure Partners, part of BlackRock.

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Miranda Intelligence: Deciphering Mexico

Leer en español más abajo.

Markets

The S&P / BMV IPC fell 0.7% over the week amid mixed quarterly reports and weak macroeconomic data. Meanwhile, the Mexican peso lost 1.0%% to close at MXN$17.43/USD while the yield of the 10-year M-Bono was up 5 bps to 9.03%.

The S&P / BMV IPC’s top weekly gainers were: Q * (+9.6%), CEMEX CPO (+7.9%), and GAP B (+7.4%). On the other hand, the main weekly losers were: LAB B (-8.6%), ASUR B (-6.5%) and BBAJIO O (-6.2%).

MexMoves Podcast weekly highlights

Eduardo García and Damian Fraser discuss the week’s biggest business stories shaping Mexico:

⚽ North America lines up its first shared World Cup — journalist Andrés Martínez explains how the 2026 tournament will turbo-charge U.S.–Mexico sporting ties, melding two “footballs” and luring global sponsors.

📉 Growth jitters replace January optimism — preliminary data signal flat Q1 GDP, inflation nudges higher and a strong peso bites consumption, pushing forecasters to trim 2026 growth hopes.

🔧 USMCA review enters crunch time — AMCHAM’s Pedro Casas says Washington now speaks of a world “where zero tariffs no longer exist,” yet is open to softer auto-rules of origin and preferential terms if Mexico helps “North-Americanise” supply chains before the 1 July deadline.

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Miranda Intelligence: Deciphering Mexico

Leer en español más abajo.

Markets

The S&P / BMV IPC was down 1.7% over the week, underperforming US equity indexes, due to concerns on the previous week’s high inflation reading and its impact on the monetary policy outlook. Meanwhile, the Mexican peso appreciated 0.6% to close at MXN$17.26/USD while the yield of the 10-year M-Bono was down 5 bps to 8.99%.

The S&P / BMV IPC’s top weekly gainers were: TLEVISA CPO (+8.1%), GMEXICO B (+2.4%), and ORBIA * (+2.2%). On the other hand, the main weekly losers were: GENTERA * (-8.5%), CURVO * (-5.9%) and ASUR B (-5.5%).

MexMoves Podcast weekly highlights

Eduardo García and Damian Fraser discuss the week’s biggest business stories shaping Mexico:

📈 Tomato inflation spikes — prices are up roughly 100% YoY, adding fresh pressure to inflation just as broader food costs remain under scrutiny, while tortilla prices also look increasingly likely to rise

⚡ Fracking is back on the agenda — but the real obstacle is not politics alone; it is the difficulty of competing with still-cheap U.S. gas and the broader economics of domestic production

💳 Banco Plata hits a $5bn valuation — a major milestone for the company and another sign of renewed momentum in Latin American fintech, especially in Mexico

🏍️ GS Motos surpasses 10 million motorcycle sales — a remarkable Mexican success story, now entering a tougher phase with stronger Indian competition, larger price-sensitive fleet demand via delivery companies, and a changing market structure.

🍦 Grupo Herdez reshapes its model once again — this time through an ice cream JV with Froneri, another step toward a leaner, more focused operating structure and a simpler portfolio

We also interview Adriana Rangel, Head of LatAm Distribution at Vanguard, to ask why Mexico’s retirement savings remain so low despite gains in financial inclusion and income. Some answers: incomes still lag the cost of living; female labor participation remains too low; labor market informality is too high; financial education is limited; and many financial products are still too complex and expensive for the average saver.

Listen here on Spotify.

Read more

Miranda Intelligence: Deciphering Mexico

Leer en español

Markets

The S&P / BMV IPC was marginally up (+0.9%) over the last week due to global risk preference following the temporary truce in the Middle East war. Meanwhile, the Mexican peso appreciated 2.8% to close at MXN$17.36/USD; the yield of the 10-year M-Bono was down 8 bps to 9.04%.

The S&P / BMV IPC’s top weekly gainers were: PEÑOLES * (+15.4%), GCARSO A1 (+5.9%), and KOF UBL (+3.8%). On the other hand, the main weekly losers were: GRUMA B (-4.9%), KIMBER A (-3.9%) and TLEVISA CPO (-3.9%).

MexMoves Podcast weekly highlights

Listen to this week’s episode here.

Chinese carmakers still growing in Mexico — as GAC claims it will begin assembling vehicles in Mexico in the second half of 2026.

Telefónica exits but Movistar Mexico (and clients) remain — what the sale of its Mexico business means, and what buyer OXIO may do next.

Banco de México under scrutiny — the debate around Governor Victoria Rodríguez after a critical Bloomberg Opinion column by JP Spinetto and substack by former deputy governor Manuel Sánchez.

And MexMoves Quick Takes on: Sheinbaum’s U-Turn on Fracking; New Infrastructure Law passes; Ricardo Salinas profile in Bloomberg; El Mencho effect on airport and airlines in March.

In the weekly interview, Carlos E. Madrazo, head of Jumex USA, talks about how one of Mexico’s most iconic consumer brands is newly approaching the US market, what lessons travel well from Mexico, what has to change, and why both Hispanic and mainstream US consumers are part of the long-term Grupo Jumex opportunity.

Read more

Miranda Intelligence: Deciphering Mexico

Leer en español

Markets

After 3 weeks in negative territory, the S&P / BMV IPC rebounded by 2.9% over the last week, fueled by less volatile international oil prices. Meanwhile, the Mexican peso lost 1.1% to close at MXN$17.94/USD; the yield of the 10-year M-Bono was down 15 bps to 9.19%.

The S&P / BMV IPC’s top weekly gainers were: ORBIA * (+9.5%), GCC * (+8.2%), and CEMEX CPO (+7.6%). On the other hand, the main weekly losers were: TLEVISA CPO (-2.1%), PEÑOLES * (-2.0%) and KOF UBL (-1.0%).

Listed companies

Walmart de México plans to invest approximately MXN$43 billion in Mexico and Central America in 2026, representing a 10% YoY increase, with 42% allocated to existing store remodels and omnichannel capabilities, 26% to new store openings with Bodega Aurrerá as the main growth vehicle (new stores are expect to contribute between 1.5-1.7% to total revenues), 24% to supply chain expansion and automation including new distribution centers in Guanajuato and Tlaxcala by 2027, and 8% to technology initiatives focused on data, digital platforms and productivity. The company also outlined its shareholder return proposal, including an ordinary dividend of MXN$1.16/share to be paid in two installments in November and December 2026, a share buyback program of up to MXN$10 billion, and a potential extraordinary dividend subject to unused buyback funds, all to be approved at the April 20^th, 2026 shareholders’ meeting.

Fibra Mty disclosed the indicative terms of a potential tender offer for up to 100% of Fibra Macquarie’s CBFIs, structured as a mix of cash and Fibra Mty certificates. The proposal is based on a 3.0x exchange ratio, equivalent to a price of MXN$43.18/CBFI and total consideration of MXN$34.4 billion; it includes a partial cash alternative of MXN$41.00/CBFI capped at MXN$8.294 billion or ~25% of outstanding certificates. The transaction is subject to due diligence, corporate and regulatory approvals, and market conditions, and remains non-binding.

GAP will invest MXN$22 billion in its Guadalajara airport over the in 2026-2029 period, including MXN$4.9 billion in 2026, with the master plan incorporating a new 87,000-square-meter terminal. On the other hand, GAP paid MXN$1.12 billion in GAP 23L domestic bonds with a new 12-month credit line with Scotiabank Inverlat amounting to MXN$1.12 billion, which carries an interest rate equivalent to the TIIE Funding Rate plus 44-bps, with monthly interest payments and principal due at maturity.

Arca Continental announced an MXN$18.5 billion Capex plan for 2026 of which 50% will be invested in Mexico and the rest in the US and South America. Resources will be allocated to operational efficiency, machinery and infrastructure, sales equipment, digital tools and new beverage categories. Management also highlighted that 2025 EBITDA exceeded MXN$50.0 billion for the first time and consolidated net sales reached MXN$247.9 billion, up 4.6% YoY.

AMX’s Claro Brasil, has entered into an agreement to acquire approximately 73% of the shares of Desktop, S.A., the largest FTTH oprator in the state of São Paulo with 1.2 million users and 58,000 kms of fiber optics network. AMX valued Desktop at an enterprise value of approximately R$4.0 billion, with an implied equity value (after net debt) of R$2.4 billion, equivalent to roughly R$20.82 per share, representing a 44.5% premium to Desktop’s prior closing price. Closing remains subject to customary conditions, including approvals from CADE and ANATEL. Upon completion, Claro is required to launch a tender offer for the remaining shares at no less than the acquisition price.

Cemex’s shareholders approved a US$500 million share buy-back reserve over the next 12 months. The company also reported an improvement in its MSCI ESG rating to AAA, from A.

Grupo Carso has completed the acquisition of an additional 30.10% of the share capital of Talos Energy Inc.’s Mexican subsidiary, Talos México, which holds a 17.4% stake in the Zama oil field, after obtaining the required corporate and regulatory approvals in Mexico.

Esentia’s Board of Directors approved the Final Investment Decision (FID) for Phase II of its expansion plan. The project will add approximately 295 MMcf/d of incremental capacity, representing a ~22% increase in its gas transportation system capacity. Phase II includes the installation of two new turbo-compression units at the San Juan (Chihuahua) and Aguascalientes compression stations, alongside additional system upgrades led by Siemens Energy. Construction is already underway in Aguascalientes.

Femsa completed its previously announced accelerated share repurchase (ASR) program, buying approximately 2.5 million ADSs at an average price of USD 104.41 per ADS, for a total of US$260 million, with final settlement scheduled for March 23–24, 2026. The company also entered into a new ASR with a different US financial institution for up to US$300 million, including an initial delivery of 591,774 ADSs in March 2026. The final number of shares repurchased will depend on the volume-weighted average price during the program, with completion expected by 2Q26. Femsa is cutting jobs at Spin, its fintech unit, after the group’s push to build a broader financial-services platform lost traction, according to Bloomberg. The publication framed the move as a scaling-back of Femsa’s fintech ambitions amid a more competitive.

Fibra Next announced that Next Properties has successfully completed the acquisition of the “Calopark” industrial asset located in Cancún, Quintana Roo, from an unrelated third party. The acquisition price amounted to around MXN$710 million, equivalent to an approximate cap rate of 11%. The implied acquisition value was approximately US$822 per m², considering an FX rate of MXN$17.50/USD. Calopark has a GLA) of around 50,000 m², 100% occupancy, a WALE of 4.57 years, and an estimated year-one NOI of approximately MXN$80 million. Approximately 18% of its revenue is denominated in US dollars and 82% in Mexican pesos. Additionally, the asset has an expansion area with development potential of approximately 7,250 m² of additional GLA.

Fitch downgraded Orbia Advance Corporation’s credit ratings to BB+ from BBB-, removing its investment-grade status due to weaker operating performance and higher leverage amid oversupply in PVC and soft demand in key markets. The outlook was maintained at stable, while the local rating was lowered to AA(mex) from AA+(mex). The downgrade follows a recent cut by Moody’s, which also cited slower-than-expected recovery and elevated leverage.

Ollamani appointed Ferran Reverter as CEO of its subsidiary, Controladora Deportiva Águilas, reporting to the subsidiary’s Board of Directors. His mandate will be to drive the growth and transformation of Club América and Estadio Banorte. Mr. Reverter has over two decades of experience managing international businesses, with a profile focused on strategic leadership, organizational transformation, and growth in competitive environments.

Fibra Macquarie will propose extending its buyback program by MXN$1.0 billion in its upcoming holders meeting.

Promotora de Hoteles Norte 19 announced the cancellation of 31.33 million treasury shares, representing 7.6% of total shares outstanding.

Grupo Posadas will open a new Live Aqua property in Mexico City with just under 100 rooms, as part of the broader expansion of hotel supply in premium urban and beach destinations.

Aeroméxico’s CEO Andrés Conesa acquired 20,000 ADS at an average price of US$12.91 on March 19th. Andrés Borrego, Board Director, also acquired 8,000 ADS and Aaron Murray, commercial Director, another 6,336.

Other companies

President Claudia Sheinbaum announced that the government plans to eliminate most of Pemex subsidiaries, except for PMI Comercio Internacional and Fertinal. The measure points to a further simplification of Pemex’s corporate structure under the current administration. She is also considering a possible alliance between Pemex and Petrobras as part of efforts to raise crude output.

A federal judge declared the bankruptcy of Typhoon Offshore, an oil services company owned by Ricardo Salinas Pliego, according to the Reforma newspaper. Typhoon signed a contract with Pemex to perform works on offshore wells in May 2019 and ceased operations and activities of its vessels after Pemex failed to pay it for 16 months, during which time it accumulated a US$960 million debt.

Finsa acquired an industrial portfolio in Hidalgo for US$434 million, M2 across three fully leased Class AAA buildings currently occupied by Mercado Libre.

Unilever will invest MXN$9.4 billion to expand two of its plants located in the State of Mexico, as part of the “Plan México”. These expansions are part of the previously announced MXN$30 billion investment program over a three-year period until 2028.

Nestlé will invest US$455 million in the State of Mexico of which US$275 million will be aimed at expanding production capacity at its Toluca, Cuautitlán Izcalli and Tepozotlán plants, and the remainder US$180 million at building a new distribution center in the Zumpango municipality.

Holcim México will invest MXN$356 million through 2027 in infrastructure and water resilience projects, focused on environmental efficiency and operational sustainability.

The Home Depot México announced a MXN$4.79 billion Capex plan for 2026 (+25% YoY), including the opening of three new stores to reach 145 locations, alongside investments in logistics and digital capabilities.

The US Department of Energy granted a 6-month extension to Sempra Infrastructure to export natural gas to Asia from its Energía Costa Azul LNG project, located in the city of Ensenada. The facility will likely begin operations in the near term.

US discount retailer Dollar General will open 10 stores in Mexico in 2026 after opening eight in 2025. The company currently operates 16 stores in the country.

Brazil’s Natura plans to open 20 points of sale in Mexico during 2026, including 10 company-owned stores and 10 franchises, to reach a total of 34 locations in the country.

Total Play Telecomunicaciones issued MXN$1 billion in a one-year bond on BIVA. The instrument will carry an interest rate of TIIE rate plus 2.25 percentage points. The company will use proceeds to refinance another outstanding bond of the same amount.

Grupo Financiero Mifel has made two proposals for the acquisition of a brokerage license, according to a Bloomberg en Línea interview with its Chairman and CEO Daniel Becker. He expects to have the results over the next few weeks.

Mexican BNPL fintech Aplazo increased its credit facility with BBVA Spark by 40% to US$50 million. The additional funding will support expansion of its consumer financing platform.

Adyen and Mercado Pago have enabled Tap to Pay technology for iPhone devices in Mexico, with the intention of expanding the use of contactless payments in the country.

BIVA made a strategic alliance with HollyMontt, a digital investment platform, aimed at strengthening access to alternative and private market investments for institutional and high-net-worth investors in Mexico.

Grupo BMV launched “MyIndeval,” a digital platform that allows investors and market participants to check information related to securities custody, movements and balances held at Indeval.

Uber reached an alliance with MXtaxi to incorporate concessioned taxi drivers into its platform ahead of the 2026 World Cup. The company also reaffirmed continuity of operations at AICM under existing judicial protection.

Economic

Banco de México unexpectedly cut its key interest rate by 25 bps to 6.75% (consensus expected the reduction to take place in May). Victoria Rodríguez Ceja, José Gabriel Cuadra García and Omar Mejía Castelazo voted in favor of the rate adjustment, while Galia Borja Gómez and Jonathan Heath voted to keep the rate unchanged. There were minor increases in the expected headline inflation and core inflation rates for the first three quarters of the current year, but the projections for the end of the year remained at 3.5% (headline) and 3.4% (core). Going forward, the committee will evaluate the pertinence and the moment for a further interest rate adjustment. It will take into account the effects of all determinants of inflation and will remain attentive to developments in external conditions.

Mexico’s headline inflation was 0.62% in the first half of March, substantially above the latest Citi Mexico Expectations Survey consensus projection of 0.33%. Core inflation increased 0.22%, in line with the consensus forecast of 0.22%, driven by a 0.20% increase in merchandise prices and a 0.25% rise in services. The bi-weekly non-core inflation rate rose 1.96%, mainly reflecting an 8.34% increase in fruits. On an annual basis, headline inflation stood at 4.63% and core inflation at 4.46%.

The IGAE declined 0.9% MoM in January 2026 based on seasonally adjusted data, below the consensus estimate of -0.4%, the weakest monthly performance since December 2024, according to INEGI. Primary activities fell -3.7%, secondary activities 1.1% and tertiary activities -0.6%. On an annual basis and according to original data, IGAE declined 0.3% YoY, below the 1.6% consensus expectation, mainly because of a 1.1% decline in secondary activities which was partially mitigated by a 1.6% increase in primary activities and a 0.1% rise in tertiary activities.

Aggregate supply and demand rose by 2.4% QoQ in 4Q25 based on seasonally adjusted data. On the demand side, the main drivers were exports +1.1% QoQ, private consumption +1.0% QoQ, government consumption +0.8% QoQ and gross fixed investment +0.7% QoQ. Aggregate supply and demand increased 4.5% YoY in 4Q25 according to original data. Demand was led by private consumption +4.0% YoY and exports +2.1% YoY, while gross fixed investment remained weak at -3.7% YoY.

ANTAD SSS increased by 1.1% YoY February 2026, with growth of 1.1% in self-service, -0.7% in department stores, and 3.4% in specialized retail. Total sales rose 3.1% YoY, supported by expansions of 3.1% in self-service, -0.5% in department stores, and 6.3% in specialized retail.

Service sector revenues declined by 0.1% MoM in January 2026 (seasonally adjusted), following the -0.7% contraction in December, according to INEGI. Service revenues fell 0.5% YoY based on original data, extending the slowdown of prior months.

Retail sales increased by 0.2% MoM in January 2026 (seasonally adjusted), following the -0.1% contraction in December, according to INEGI. Retail sales rose 2.7% YoY based on original data, slowing down from the 4.0%–4.4% range of previous months.

Construction activity increased by 0.6% MoM (seasonally adjusted) in January 2026, slowing down against the previous two months, according to INEGI. Nevertheless, construction activity fell 1.6% YoY (original data).

Private consumption is expected to decline by 0.6% MoM and to increase by 4.7% YoY in January, followed by +0.1% MoM and +3.5% YoY in February 2026, according to INEGI’s Indicador Oportuno del Consumo Privado (IOCP).

Manufacturing activity is expected to contract by 4.6% YoY in February, according to INEGI’s latest IMOAM estimates, reflecting a sharp deterioration from the marginal +0.1% YoY expansion recorded in January 2026.

Economists no longer expect Banxico to cut its key interest rate by 25-bps in the March meeting; they now expect such a move to take place in the May meeting, according to the latest Citi Mexico Expectations Survey. The policy interest rate is projected at 6.50% by YE26 and 6.50% by YE27, both broadly unchanged relative to prior expectations. GDP growth forecasts stand at 1.5% for 2026 and 1.8% for 2027, unchanged versus the previous survey. Headline inflation is expected at 4.10%, from 4.00%, for 2026, and 3.80%, from 3.78%, for 2027. Core inflation forecasts remained at 4.20% for 2026 and 3.76% for 2027. The peso is projected at 18.35/USD, from 18.18, for YE26, and 19.00, from 18.70 for YE27.

With 359 votes in favor, the Chamber of Deputies approved the Infrastructure Law which is aimed at strengthening investment.

The government has activated tax incentives for regular and premium gasoline (24% and 7.4%, respectively) and strengthened support for diesel (61.8%) over the March 21st to March 27^th period.

The government has imposed a provisional US$0.6315/kg antidumping duty on certain PVC imports from the US, as part of an investigation requested by a subsidiary of Orbia Advance Corporation.

The Mexican Banking Association (ABM) pledged to increase credit penetration to 45% of GDP by 2030, up from the current 39%. This proposal is part of a four-pillar plan—financial education, customer empowerment, financial inclusion/digitalization, and credit expansion—announced during the 89th Banking Convention. The banking sector expects to invest MXN$2.8 trillion (US$158 billion) from now until 2030, in various projects and areas such as technology and infrastructure, with the aim of increasing credit penetration.

CETES auction: 28-day CETES flat at 6.81%; 91-day CETES +9 bps to 7.11%; 175-day CETES +3 bps to 7.28% and 693-day CETES +76 bps to 8.57%.

Miranda Intelligence: Deciphering Mexico

Leer en español

Markets

The S&P / BMV IPC lost another 1.3% over the week once again due to the impact of rising oil prices as a result of the Middle East war. Meanwhile, the Mexican peso appreciated 0.7% to close at MXN$17.73/USD; the yield of the 10-year M-Bono was up 11 bps to 9.34%.

The S&P / BMV IPC’s top weekly gainers were: GAP B (+4.9%), BBAJIO O (+4.9%), and OMA B (+4.1%). On the other hand, the main weekly losers were: PEÑOLES * (-17.4%) and GMEXICO B (-6.4%).

Listed companies

Fibra Prologis has received authorization from its holders to launch a tender offer for up to 100% of Fibra Macquarie’s certificates. Fibra Prologis will offer 0.525 of its own certificates for each Fibra Macquarie CBFI, or MXN$40.0/CBFI in cash up to a total amount of MXN$7.97 billion, equivalent to 25% of Fibra Macquarie’s CBFI’s. The transaction is still subject to obtaining the corresponding authorization from the CNBV. Fibra Next also announced it will launch a tender offer for up to 100% of Fibra Macquarie’s CBFI with an exchange ratio of 0.42 Fibra Next CBFI for each Fibra Macquarie CBFI, or MXN$42.0/CBFI in cash for up to MXN$11.7 billion, equivalent to 35% of Fibra Macquarie’s outstanding CBFI’s. Fibra Mty also announced that it delivered an “expression of interest” to Fibra Macquarie for the acquisition of 100% of its CBFI’s.

Walmex has appointed Camilo Cañedo Priesca as its new CFO in substitution of Paulo Garcia, who will remain in the company until August 15^th, 2026. Mr. Camilo Cañedo brings extensive experience in finance and strategy from Walmart U.S., where he led financial planning and key e-commerce initiatives, supporting business performance and positioning the company for continued growth.

AMX’s Claro Colombia submitted a pre-evaluation request to the Colombian competition authority to carry out a potential business integration with Azteca Comunicaciones, including the purchase of a fiber optics network, according to the newswires. AMX plans to invest US$500 million in Ecuador over the next three years to increase voice and data transmission capacity, strengthening existing networks for the deployment of 5G technology. AMX will propose the payment of a MXN$0.54/share dividend (2.6% yield against the current market price) and the creation of a MXN$10 billion share buy-back reserve at its April shareholders’ meeting.

Banco Santander digital bank Openbank reached 1 million users after one year of operations, according to local newswires.

Alsea released its 2026 guidance, which includes total sales growth between 5%–7%, SSS growth of 4%–6%, 180–220 store openings, EBITDA growth of 6%–8% with an EBITDA margin of ≥14.1% pre-IFRS 16 (≥21.4% post-IFRS 16), net debt/EBITDA of ~2.3x (pre-IFRS 16; ~2.7x post-IFRS 16), ROIC in the 13%–15% range and Capex of approximately MXN$5.5 billion. Overall, the guidance was broadly in line with Bloomberg consensus at the top-line and expansion level, but slightly conservative on EBITDA growth and margins.

Alpek appointed Rodrigo Prieto Treviño as its new CFO, effective May 1^st, 2026, in substitution of José Carlos Pons. Rodrigo Prieto brings more than 20 years of experience in the PetChem industry and has held several executive positions across Planning and Commercial functions in both the Polyester and Polypropylene businesses. He graduated with a degree in Chemical Engineering from ITESM and holds an MBA from the University of Michigan.

TV Azteca filed for voluntary bankruptcy proceedings (“Concurso Mercantil”), with the intention of carrying out a corporate, operational, and financial reorganization. The company also plans to cancel its listing on the BMV.

Fibra Mty closed the acquisition of an approximately US$100 million industrial portfolio. The transaction was originally disclosed on February 26^th, 2026, and was funded through a combination of proceeds from the equity offering completed in early 2024, asset dispositions and debt financing.

Invex expects its total loan portfolio to grow 30% this year, led by the consumer segment, according to its CEO Jean Marc Mercier. Such growth will be nearly three times higher than the system’s 10.9% expected growth by the Mexican Bank Association.

Grupo Aeroméxico announced that certain directors and senior executives acquired an aggregate 1,032,120 ordinary shares, equivalent to 103,212 ADSs, in the Mexican and US markets, respectively, using personal funds and acting individually.

Fibra Hotel announced that certain members of its Technical Committee (including members of the control group) purchased approximately 10 million CBFIs on March 13^th, 2026. Buyers could acquire additional CBFIs in the future.

Grupo Aeroportuario del Pacífico refinanced a US$95.5 million bank loan with BBVA México. The new loan has a six-month term, with the option to extend it for an additional six months, and carries an interest rate of SOFR + 40 bps. It also includes a structuring fee of 10 bps and, if the extension is exercised, an additional fee of 10 bps. The principal will be repaid at maturity.

Mercado Libre’s Mercado Pago launched Point Tap, a new tool which will allow small businesses, entrepreneurs and independent professionals to accept card payments directly on their cell phones.

Nu Mexico suspended cash withdrawal services at Oxxo stores on March 16^th, as part of a series of adjustments to its cash disbursement network.

S&P Dow Jones Indices announced final results for the new composition of the S&P / BMC IPC, including the incorporation of VOLAR A in substitution of CUERVO *. Changes will be effective at the opening of March 23^rd.

Other companies

Pemex announced the creation of an oil consultation commission which will be headed by Cuauhtémoc Cárdenas Solórzano.

BanCoppel will provide MXN$27 billion in financing to more than 5,000 SME’s over the next five years through four programs backed by Nafinsa and linked to the federal government’s Plan México. The funds will be aimed at the textiles and footwear, consumer goods, pharmaceuticals and medical devices, and chemicals and petrochemicals sectors.

Grupo Cinemex plans to invest between MXN$4.5-5.0 billion over the next 5 years to expand its operations and remodel existing complexes. The company plans to invest MXN$980 million this year to open 2 new movie theaters and upgrade 9 complexes.

Viva Aerobus’ total passenger traffic increased 1.9% to 2.1 million in February. However, RPM’s fell 0.8% as ASM’s declined 2.8% but the load factor improved 1.6 PP to 84.6%.

Economic

Secretary of Economy Marcelo Ebrard and US Trade Representative Jamieson Greer met on March 18^th to kick off bilateral technical discussions in advance of the USMCA Joint Review on July 1^st. Technical teams were instructed to review specific options for increasing US and Mexican production and manufacturing employment, while limiting non-market inputs into North American supply chains. During the technical discussions, the groups discussed gaps in key North American supply chains and policy options to address those gaps, including through increased cooperation on economic security, rules of origin, and complementary trade actions, according to a USTR press release.

The Opportunistic Indicator of Private Consumption (IOCP) anticipates Private Consumption to fall 0.6% MoM in January and to rise 0.1% MoM in February, which would translate into annual increases of 4.7% and 3.5%, respectively.

Industrial production decreased by 1.1% MoM in January, the weakest performance in the last 4 months, according to INEGI. It was mainly driven by a 1.9% contraction in utilities and a 1.1% reduction in mining, construction and manufacturing. However, industrial production was down 0.1% YoY as the 1.7% reduction in manufacturing was partially mitigated by increases of 5.0% in construction, 1.0% in mining and 0.6% in utilities.

Manufacturing production declined 1.8% MoM in January, according to INEGI. However, manufacturing production rebounded by 1.0% YoY.

Assets under management of the Mexican Afore system increased 12.5% YoY to MXN$6.3 trillion, in February 2026. The fastest-growing Afores were Afore XXI Banorte with 15.2%, Afore Coppel with 14.6%, and Afore Azteca with 13.8%. The portfolio composition of the Afore system shows foreign debt at 30.0%, international equities at 18.0%, domestic equities at 10.0%, structured investments at 7.0%, private domestic assets at 4.0%, commodities at 3.0%, Fibras at 3.0%, and other investments at 25.0%. The Afores registered gains of MXN$148.3 billion in February.

Assets under management of the mutual fund industry exceeded 5.0 trillion in February 2026, representing a 13.37% annual growth and a record figure for the sector, according to AMIB. Finamex Inversiones and BTG Pactual Gestora de Fondos were among the top performers during this period.

The federal government’s total revenues increased 1.6% YoY in real terms to MXN$1.1 trillion over the January–February 2026 period, representing 102.7% of the budgeted figure. Fiscal revenues rose 1.0% YoY. Non-fiscal revenues contracted 4.9% YoY, driven mainly by lower oil-related income.

Hacienda will subsidize diesel prices by reducing the IEPS tax over the March 14^th-March 20^th period. Standard and premium gasoline prices did not receive any subsidy.

Mexican private equity funds are seeking to increase to MXN$50 billion the amount allocated to support SME’s to meet the Plan México objectives, according to the Mexican Private Equity Association (Amexcap).

CETES auction: 28-day CETES flat at 6.81%; 91-day CETES -6 bps to 7.02%; 182-day CETES +16 bps to 7.25% and 350-day CETES +37 bps to 7.58%.

Miranda Intelligence: Deciphering Mexico

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Markets

The S&P / BMV IPC fell another 3.4% over the week amid rising oil prices and continued global risk aversion triggered by the Middle East conflict. Meanwhile, the Mexican peso lost 0.8% to close at MXN$17.86/USD; the yield of the 10-year M-Bono was up 23 bps to 9.23%.

The S&P / BMV IPC’s top weekly gainers were: ORBIA* (+6.1%), PEÑOLES* (+2.6%), and TLEVISA CPO (+2.0%). On the other hand, the main weekly losers were: SIGMAF A (-7.2%), MEGA CPO (-6.7%) and CEMEX CPO (-6.6%).

Listed companies

Tiendas 3B reported mixed results with strong top-line growth but a larger net loss due to extraordinary items. Total revenues increased 34.4% YoY, supported by rapid network expansion and resilient consumer demand, while the company opened 184 net new stores during the quarter and 574 over the year, reaching 3,346 units by year-end and continuing to scale its discount format across Mexico. SSS grew 16.6% YoY, decelerating slightly from the 17.9% growth reported in 3Q25, although still reflecting strong traffic and basket dynamics driven by the company’s value proposition. Gross profit increased 32.7% YoY, broadly tracking revenue growth, while the gross margin contracted 21 bps as higher logistics costs associated with the opening of new distribution centers weighed on profitability. Reported EBITDA fell 90% YoY as the company recorded a MXN$891 million non-cash share-based payment expense and a MXN$230 million one-time write-off of an account receivable relating to the termination of the payment terminal provider. Adjusted EBITDA excluding extraordinary items rose 23.5% YoY, although the adjusted EBITDA margin declined 48 bps to 5.5% due to the impact of logistics costs and investments to support expansion. The net loss widened to MXN$1.0 billion in 4Q25, from MXN$24 million in 4Q24. For 2026, the company expects SSS growth of 13–16% and total sales growth of 29–32%. It also projects between 590 and 630 new store openings during the period.

Cemex is in the process of divesting certain operations in Colombia. The divestment is expected to take place through several separate transactions with different parties, for a combined purchase price of approximately US$555 million, at an approximate 10x multiple of 2025 EBITDA.

Fibra Mty completed a US$488 million follow-on equity offering. Fibra Mty intends to use the net proceeds primarily to invest in industrial properties.

Femsa announced the closing of the merger between BradyPLUS and Imperial Dade. Femsa holds an approximately 19% stake in the combined company and will have representation on its board of directors.

Gap’s total passenger traffic declined 5.5% YoY to 4.6 million in February, with domestic traffic falling 4.5% to 2.5 million and international traffic decreasing 6.6% YoY to 2.1 million.

Oma’s total passenger traffic increased 5.4% YoY in February, with domestic traffic rising 6.5% and international traffic falling 0.3%.

Volaris’ total passenger traffic increased 4.1% YoY to 2.3 million in February 2026, with domestic traffic rising 0.4% and international traffic up 14.7%. RPM’s were 1.5% YoY higher as ASM’s advanced 1.0% and the load factor improved 0.5 PP to 85.7%.

Quálitas maintained its leadership in the Mexican auto insurance market, with a 33.9% share of written premiums (vs. 34.1% in 2024) and a 36.2% share of earned premiums in 2025, according to the latest Automobile Insurance Industry Report. Quálitas posted a combined ratio of 92.2% in 2025 (vs. 90.0% in 2024). The industry reported a combined ratio of 95.8% in 2025 (vs. 94.9% in 2024).

Corporativo GBM appointed Fernando Ramos González de Castilla as its new CEO, following approval by the Ordinary and Extraordinary General Shareholders’ Meeting. The company repurchased 9.5 million shares as part of its incentive plan.

AMX’s Claro Sports expanded its broadcasting rights for the UEFA Europa League and UEFA Europa Conference League for the 2026–2027 season. Coverage will begin with the round of 16 matches on March 12.

Sitios Latinoamérica announced that shareholders subscribed and paid for 576,834,234 shares, equivalent to 96.14% of the total shares offered in the first pre-emptive rights offering running from February 23rd to March 9^th, 2026. As a result, 23,165,766 shares, representing 3.86% of the issuance, remain unsubscribed. The company raised MXN$2.88 billion with this transaction.

RLH Properties has entered into a MXN$500 million secured term loan with Banco Actinver. The credit facility is backed, among other assets, by real estate owned by the company and its subsidiary Mandarina III. RLH Properties will use proceeds for general corporate purposes.

S&P Dow Jones Indices announced preliminary results for the new composition of the S&P / BMC IPC, including the incorporation of VOLAR A in substitution of CUERVO *. Final results will be announced next Friday March 13^th at the close with changes effective on March 23^rd.

Grupo La Comer opened Fresko Mérida, its first store in the state of Yucatán, through a MXN$885 million investment that will create 370 formal jobs, 260 direct and 110 indirect. With this opening, the company now has 93 stores operating nationwide and continues its expansion in southeastern Mexico.

Other companies

Banco Ualá launched a trading service in its mobile app, which will allow Mexican users to acquire fractioned US shares from MXN$20.0. It will include educational content.

Economic

Headline inflation increased 0.50% MoM in February 2026, above the Citi Mexico Expectations Survey consensus projection of 0.43%. Core inflation increased 0.46% (in line with expectations), driven by higher merchandise and services prices, particularly processed foods and education services. The monthly non-core inflation rate rose 0.64%, primarily reflecting higher fruit and vegetable prices. On an annual basis, headline inflation stood at 4.02% (vs. the 3.95% forecast), a level not seen since December 2024 and above Banco de Mexico’s tolerance interval. The core inflation reached 4.50% (in line).

Formal IMSS registered jobs increased by 182,778 in February, the highest level on record for a similar month. As a result, total affiliated employees reached 22.7 million, up 1.2% YoY.

Light vehicles sales declined 0.3% to 118,305 units in February 2026, while production fell 1.8% to 311,457 units and exports were down 4.4% to 247,945 units, according to INEGI.

International visitors increased 10.0% YoY to 8.8 million in January, according to INEGI. Total expenditure grew 3.9% to US$3.48 billion, but the average expenditure was down 5.5% to US$393.4.

Light vehicle sales fell 0.3% to 118,305 units in February, according to INEGI. Production declined 1.8% to 311,457 units while exports were down 4.4% to 247,945 units.

Heavy vehicle sales declined 38.9% YoY to 2,303 units in February, according to INEGI. Production fell 49.1% to 6,974 units while exports decreased 32.0% to 7,849 units.

Total credit of the banking system grew 6.0% YoY in January, driven by solid expansion in consumer (+12.4% YoY) and corporate credit (+6.0% YoY), while mortgage lending increased 5.4% YoY, financial institutions declined 0.4% YoY, and government contracted 8.1% YoY. Asset quality remained solid, with the NPL ratio at 2.22%, from 2.02% a year earlier, and a 146.3% coverage, from 156.4%. The capitalization ratio reached 20.2%. The sector reported total monthly net profits of MXN$28.36 billion, representing 3.7% YoY growth. ROE declined to 17.2%, from 18.1% last year, while ROA remained at 2.0%.

On-line sales increased by 19.1% to MXN$941 billion in 2025, according to the Mexican Association of On-line Sales. They represented 17.7% of total retail sales.

The latest Citi Mexico Expectations Survey indicates that the median forecast expects a 25-bps cut in Banco de Mexico’s key interest rate in the March meeting, shifting from the previous survey where the median pointed to a cut in May. The policy rate expectation for both YE26 and YE27 remained unchanged at 6.5%. The 2026 GDP growth forecast increased to 1.5%, from 1.4% previously, while the 2027 projection remained unchanged at 1.8%. The headline inflation expectation for YE26 remained at 4.0%, while the core inflation forecast was revised upwards to 4.20% from 4.15%. The headline inflation estimate for YE27 rose to 3.78%, from 3.73% previously, while the core inflation projection increased to 3.76%, from 3.74%. The peso projection strengthened marginally with the USDMXN expected to close at 18.18 by YE26 versus 18.20, while the YE27 projection improved to 18.70, from 18.76 previously.

The Mexican government renewed its agreement with 96% of gasoline retailers to maintain maximum regular gasoline prices at MXN$24.0/liter over the next 6 months.

CETES auction: 28-day CETES -0 bps to 6.81%; 91-day CETES -2 bps to 7.08%; 175-day CETES -2 bps to 7.09% and 707-day CETES +27 bps to 7.81%.

Miranda Intelligence: Deciphering Mexico

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Markets

The S&P / BMV IPC was down 4.2% amid rising oil prices and global risk aversion triggered by the US/Iran war. Meanwhile, the Mexican peso weakened 3.1% to close at MXN$17.72/USD; the yield of the 10-year M-Bono was up 34 bps to 9.00%.

The S&P / BMV IPC’s top gainers were: LIVEPOL C1 (+2.6%), BOLSA A (+2.2%), and GRUMA B (+1.1%). On the other hand, the main losers were: ORBIA * (-11.5%), PEÑOLES * (-10.6%) and TLEVISA CPO (-8.8%).

Listed companies

Peñoles and its London listed silver subsidiary Fresnillo both delivered strong 4Q25 results, largely driven by last year’s rally in precious metals prices, especially silver and gold. Peñoles posted a 48.0% YoY increase in revenues and an 85.7% rise in EBITDA, with margin expanding to 43.5%, as higher realized prices and a better sales mix more than offset mixed production trends. Net profit surged 478.7% YoY. Fresnillo also benefited from the stronger price environment: revenues rose 30.5% YoY, EBITDA increased 80.7%, and EBITDA margin improved to 61.3% from 44.3%, while net profit jumped 594.2% YoY. In both cases, higher silver and gold prices were the main driver, outweighing lower production volumes in several operations caused by weaker ore grades, lower processed volumes, and mine-specific disruptions. On costs, Fresnillo also benefited from peso depreciation, operational efficiencies, and the shutdown of higher-cost activity at San Julián DOB. Despite these strong earnings, sentiment weakened over the past week as silver prices corrected sharply and investors took profits. Peñoles shares fell 10.6% during the week, reflecting the recent slide in silver after a very strong run. Looking ahead, Fresnillo expects to pay a record US$950 million dividend and guides for 2026 silver production of 42.0–46.5 moz and gold production of 500–550 koz, implying somewhat lower volumes due to geological factors. Capex is projected at around US$765 million, focused on mine development and optimization projects, including the Jarillas shaft at Saucito and infrastructure improvements at Herradura.

Fibra Prologis has received authorization from the National Antitrust Commission to launch a tender offer for up to 100% of Fibra Macquarie’s certificates.

Grupo Salinas made a MXN$10.4 billion payment to the fiscal authorities which included MXN$6.5 billion owed by Grupo Elektra and MXN$3.9 billion owed by TV Azteca.

Grupo Televisa is using AI to produce micro-novelas, a new format it aims to expand by 2026 as part of a more disciplined approach to content investment. TelevisaUnivision launched this format in 2025 with 40 series and aims to reach 100 by 2026, as part of a more disciplined financial strategy for content production.

Asur’s total passenger traffic grew 1.6% YoY to 5.7 million in February as a result of the increases of 4.7% in Colombia, 2.1% in Puerto Rico and 1.6% in Mexico.

Alpek’s shareholders approved a MXN$1 billion share buyback reserve for 2026, which represents a 50% reduction against the amount approved in 2025. This amount represents 5.7% of the company’s current market capitalization.

Nemak’s shareholders approved a MXN$1 billion share buyback reserve for 2026. This amount represents 10.4% of the company’s current market capitalization.

Grupo Financiero Banorte has relocated its central data center from Mexico City to Querétaro with the aim of reducing risks associated with natural disasters and strengthening its digital infrastructure.

BBVA Mexico, Banorte, HSBC Mexico, Banco Santander Mexico and Scotiabank Inverlat have concluded the sale of their respective equity stakes in Trans Union de Mexico to Transunion Reverse Exchange. The transaction was originally signed on January 15^th, 2025.

Kimberly-Clark de México issued MXN$10 billion in domestic bonds (“Certificados Bursátiles”) in two tranches: i) MXN$8 billion in 12-year KIMBER 26 domestic bonds carrying a 9.45% fixed interest rate (Mbono+0.42%) with equal amortizations in years 10, 11 and 12; and ii) MXN$2.0 billion in 2.6 year KIMBER 26-2 domestic bonds carrying a floating interest rate of TIIE de Fondeo + 37-bps. Both offerings received a credit rating of mxAAA from S&P Global Ratings S.A. de C.V. and of AAA(mex) by Fitch México S.A. de C.V. The company will use proceeds for general corporate purposes.

Grupo Peña Verde’s CEO, Pedro Miguel Escobedo Conover, reduced his equity stake in the company by 6.94% to 6.31% in two transactions that took place in November 2025 and March 2026. On March 3^rd, Grupo Peña Verde also announced its intention to repurchase in a single trading session up to 2.93% of outstanding shares, at a price of MXN$8.50/ share.

FibraShop prepaid MXN$390 million of the syndicated revolving credit facility. After this prepayment, this credit facility’s undrawn balance amounts to MXN$1.52 billion. Prior to this transaction, the outstanding balance of the revolving facility with BBVA amounted to MXN$470 million. After the prepayment, the outstanding balance was reduced to MXN$80 million.

KOF’s Board of Directors has proposed a MXN$0.9675/share (MXN$7.74/UBL unit) ordinary dividend to be paid in four equal installments of MXN0.241875/share (MXN$1.935/UBL unit), in April, July, October, and December of 2026. The dividend yield is 4.1% against the current market price.

Other companies

Pemex and Woodside Energy initiated activities in the Trión oil field. They plan to invest US$10.4 billion including equity and operating expenses.

Sanofi Mexico plans to invest MXN$14.0 billion through 2030 to strengthen production and its local supply chain.

Argentinian Fintech Ualá raised US$195 million in a financing round led by AllianzX, Grupo Allianz’s strategic investment arm, which valued the Fintech at US$3.2 million. Participating investors included Stone Ridge Holdings Group, Tencent, TABLE Holdings, L.P., Soros Fund Management and D1 Capital Partners. Ualá will use proceeds to accelerate growth and expand its operations in Latin America.

Sempra has terminated its agreement to develop the Vista Pacífico liquefied natural gas (LNG) project in Sinaloa due to changes in strategic priorities. The project was a partnership between Sempra Infrastructure Partners (SI Partners), the CFE, KKR and the Canada Pension Plan Investment Board.

Anytime Fitness plans to open 40 gyms in Mexico in 2026 to reach 150 units.

Wendy’s Company plans to open more than 60 new locations in Mexico in partnership with two local franchisees. The plans include 50 new stores in Mexico City, Hidalgo, and Morelos in association with AJ Group, and the development of 12 restaurants in Sinaloa and Durango with WS Pacific.

ECONOMIC

Private consumption increased 1.2% MoM (seasonally adjusted) in December, reversing the monthly fall of the previous month, according to INEGI. Demand for imported goods and services rose 4.9% while demand for local goods and services grew 0.1%. Private consumption was up a surprising 6.8% YoY based on original data, boosted by a 30.0% jump in imported goods and a 2.7% increase in domestic goods.

Gross fixed investment increased 0.5% MoM (seasonally adjusted) in December, according to INEGI. This was the third month in a row with a positive monthly performance. The main driver was a 0.9% rise in construction levels which was partially offset by a 0.3% reduction in machinery and equipment. Nevertheless, gross fixed investment was flat YoY (original data), with construction up 4.3% and machinery and equipment falling 4.3%.

The consumer confidence index increased 0.3 pts MoM to 44.4 points, mainly driven by the country’s current and expected economic situation components. Nevertheless, the Consumer Confidence Index declined 2.2 pts YoY dragged down by the same components.

Remittances fell by 1.4% YoY to US$4.59 billion in January, according to Banco de México. This was the ninth annual fall in the last 10 months.

The business confidence index was up 0.7 points to 48.8 in February, according to INEGI.

Light vehicle sales fell by 0.3% YoY to 118,297 units in February, according to INEGI. This was the first fall for a similar month in the last four years. However, cumulative light vehicle sales for the first two months of the year increased 4.4% to 250,076 units.

Public revenues grew by 10.2% YoY in January, according to Hacienda. Fiscal revenues rose by 11.5% (VAT +1.8%, Income taxes +14.4% and IEPS +14.4%), while oil revenues advanced 11.8%. Total spending rose 8.8% and the Historical Balance of the Public Sector’s Financial Requirements stood at 49.6% of GDP.

The Federal Government announced a MXN$150 billion investment program to develop and modernize road infrastructure through mixed investment schemes with the private sector. The program includes 18 highway projects covering around 1,450 kilometers of highways and roads across 11 states. These investments are expected to generate around 177 thousand direct jobs and more than 140 thousand indirect jobs.

CETES auction: 27-day CETES -2 bps to 6.81%; 91-day CETES +5 bps to 7.10%; 182-day CETES +6 bps to 7.11% and 364-day CETES -1 bps to 7.21%.

Miranda Intelligence: Deciphering Mexico

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MARKETS

The S&P / BMV IPC remained stable over the week amid mixed quarterly results and macroeconomic data. Meanwhile, the Mexican peso lost 0.5% to close at MXN$17.23/USD; the yield of the 10-year M-Bono was down 18 bps to 8.67%.

The S&P / BMV IPC’s top gainers were: AMX B (+8.7%), PEÑOLES * (+8.0%), and GMEXICO B (+6.9%). On the other hand, the main losers were: TLEVISA CPO (-12.5%), GAP B (-12.1%) and OMA B (-8.7%).

LISTED COMPANIES

Citi agreed to sell another 24% equity stake in Banamex to various institutional investors and family offices including General Atlantic, Afore Sura, BTG Pactual, Chubb and some funds managed by Blackstone, Liberty Strategic Capital and Qatar Investment Authority, for MXN$43 billion with a 0.85x P/BV valuation. The individual equity stakes do not exceed 4.9% of the company. Citi does not foresee additional divestitures in 2026.

Fibra Prologis and Macquarie Asset Management México (“Macquarie”), have entered into a binding Transaction and Covenant Agreement (the “TCA”) under which Macquarie has agreed to transfer to Prologis all of its rights and obligations under the management agreement entered into between Macquarie and Fibra Macquarie (the “Macquarie Management Agreement”), subject to the satisfaction of certain conditions. The sale of the management rights is conditioned upon, among other customary conditions, the acquisition in a tender offer by Fibra Prologis of at least a majority of the outstanding real estate trust certificates (“CBFIs”) of Fibra Macquarie not held by Macquarie. The tender offer will be for up to 100% of the outstanding CBFIs issued by FIBRA Macquarie. Under the TCA and in connection with the management rights sale, an affiliate of Macquarie that owns Fibra Macquarie CBFIs has agreed to sell, subject to certain conditions, its CBFIs to Fibra Prologis at the tender offer price. For such purposes, FIBRA Prologis has made a filing to obtain all required governmental approvals, including from the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), and intends to launch a tender offer and exchange transaction for up to 100% of the outstanding Fibra Macquarie CBFIs at a fixed exchange ratio of 0.525 Fibra Prologis CBFIs for each Fibra Macquarie CBFI, or an amount in cash equal to MXN$40.00 per Fibra Macquarie CBFI, up to a maximum total cash amount of MXN$7.973 billion, which is equal to 25% of all outstanding Fibra Macquarie CBFIs as of February 24, 2026, and which offers the holders of the CBFIs issued by Fibra Macquarie a premium to the 60-day volume-weighted average price as of February 24^th, 2026 close of approximately 20% on a blended basis. Fibra Prologis intends to launch the tender offer in the second quarter of 2026, subject to obtaining the required corporate and regulatory approvals. FibraPL reported neutral 4Q25 results. Total portfolio GLA increased 32.7% YoY, reflecting the full-period consolidation of Terrafina, while average occupancy declined 130 bps YoY to 97.0%, driven by higher vacancy in selected manufacturing markets. Total revenues decreased 0.5% YoY, affected by FX translation and a tougher comparison base. FFO rose 11.8% YoY, supported by same-store NOI growth and acquisition contributions, while the FFO margin expanded 90 bps YoY. AFFO increased 16.0% YoY, reflecting operating leverage and disciplined capex, with the AFFO margin improving 140 bps YoY. LTV closed at 25.1%, down 30 bps YoY, underscoring balance sheet strength. Key quarterly developments included incremental sponsor acquisitions, the near-complete integration of Terrafina, and the successful issuance of a US$500 million international bond to refinance short-term debt and extend maturities. For 2026, management guided to occupancy above 96%, positive same-store NOI growth, net absorption of approximately 28 million square feet, and stable leverage, positioning the platform to continue benefiting from structural nearshoring demand.

Nu Holdings reported a strong 4Q25, with the total credit portfolio expanding 40% YoY driven by sustained loan origination momentum across Brazil, Mexico, and Colombia, while total customers increased 15% YoY to 131 million supported by continued penetration gains and product launches, and the activity rate remained broadly stable at ~83%, confirming high engagement. Asset quality improved, as the 15–90 day NPL ratio declined 10 bps YoY to 4.1% reflecting disciplined underwriting and favorable seasonality, while deposits grew 29% YoY, outpacing portfolio growth and keeping the loan-to-deposit ratio conservative. Total revenue rose 45% YoY, above market expectations, driven by higher monetization and ARPAC growth of 45% YoY, while gross profit increased 38% YoY and gross margin expanded on operating leverage. Credit loss allowance expenses remained well controlled, consistent with the improvement in NPLs, supporting net profit growth of 50% YoY, which exceeded expectations, and a record ROE of 33%.

Mercado Libre delivered mixed 4Q25 results with higher-than-expected revenue growth but margin compression due to free-shipping. Net revenues and financial income rose 45% YoY and accelerated versus 3Q25’s 39%, driven by sustained scale gains across Commerce and Fintech and strong execution in Brazil and Mexico, while Argentina normalized as inflation eased. Commerce revenues advanced on logistics density and value proposition enhancements, with FX-neutral GMV growth of 35% YoY in Brazil, 35% YoY in Mexico with fulfillment penetration approaching 80%, and 42% YoY in Argentina after stabilizing versus 3Q25 volatility. GMV increased 36.8% YoY and re-accelerated sequentially versus 3Q25’s 28%, reflecting higher items sold and broader category engagement. Unique active buyers reached 83 million, up 24% YoY, while loyalty strengthened as MELI+ adoption improved frequency and retention. Fintech services sustained momentum with MAU of 78 million, up 28% YoY, supported by wallet penetration and acquiring growth, particularly in Mexico. The credit portfolio expanded 90% YoY, NPLs edged up to 7.6%, and the NIMAL spread widened sequentially to 23.3% on improved pricing across consumer and merchant books. Operating expenses increased 50% YoY, reflecting stepped-up investment in free shipping, 1P, cross-border trade, and credit cards, which constrained operating leverage, with income from operations broadly in line with consensus and margins tightening sequentially versus 3Q25 after adjusting for one-offs. Adjusted free cash flow remained robust at quarter-end, underscoring resilient cash generation despite rapid credit growth.

Femsa posted positive 4Q25 results. Total revenues advanced 5.7% YoY (5.2% comparable), supported by positive trends across business units and a slightly favorable FX translation effect. Proximity Americas revenues rose 5.3% on a 4.4% SSS gain plus 4.6% store-base expansion. Proximity Europe revenues grew 2.5% (2.3% ex-FX), driven by stronger Swiss retail and some support from CHF appreciation. Health revenues rose 4.6% (6.7% currency-neutral) on resilience in Colombia and Ecuador despite Mexico headwinds and store rationalization. Fuel revenues increased 3.6% on an 8.7% same-station sales gain driven by 10.0% volume growth and a 1.2% lower price per liter plus higher wholesale volume. At the consolidated level, gross profit rose 0.5% but gross margin fell 220 bps to 41.5% due to mix and margin pressure in Coca-Cola FEMSA, Proximity Europe, Health, and Fuel (a 70-bps contraction on a comparable basis that excludes the cost reclassification). Adjusted EBITDA climbed 14.9% and margin expanded 150 bps to 18.1%. Consolidated net income jumped 33.6%, aided by below-the-line dynamics that included a non-cash FX loss versus a gain last year.

Coca-Cola FEMSA reported positive 4Q25 results. Consolidated revenues were up 2.9% YoY driven by revenue-growth-management initiatives and pricing, partially offset by unfavorable mix and FX translation, while volumes rose 1.3% YoY supported by South America and a mild decline in Mexico. Gross profit increased 1.8% YoY and the gross margin stood at 46.7%, reflecting pressure from mix and higher labor and depreciation costs, partly mitigated by lower sweetener and PET costs. EBITDA increased 12.8% YoY and the EBITDA margin reached 23.4%, benefiting from operating leverage and insurance recoveries in Brazil and Mexico, despite underlying cost pressures. Net profits advanced 3.0% YoY, supported by operating income growth and partly offset by higher financing costs and a higher effective tax rate.

Funo reported solid 4Q25 results. Total GLA grew 12.8% YoY driven by the consolidation of Fibra NEXT. Revenues rose 4.6% YoY supported by higher occupancy, inflation-linked rent increases and positive leasing spreads, with rental revenues increasing 4.3% YoY under similar drivers, partly offset by peso appreciation on USD-denominated leases. Consolidated occupancy remained resilient at 95.5%, broadly stable YoY. NOI was up 9.0% YoY supported by revenue growth and operating leverage, lifting the NOI margin by 310 bps YoY, while FFO increased 1.6% YoY with a slightly lower FFO margin due to higher financial expenses and FX effects. The quarterly distribution rose 21.5% YoY, underpinned by a near-full AFFO payout. LTV declined to 41.6% following the transfer of industrial assets and associated debt to the Fibra NEXT JV, strengthening the balance sheet.

Fibra Next reported solid 4Q25 results reflecting the consolidation of its industrial platform and strong operating execution. Total revenues reached MXN1.28 billion driven by higher stabilized GLA, contractual rent increases, and positive leasing spreads in both MXN- and USD-denominated contracts. EBITDA amounted to MXN1.027 billion supported by operating leverage and disciplined expense control, maintaining a high EBITDA margin. NOI amounted MXN$1.094 billion driven by revenue growth and stable property-level costs, resulting in a NOI margin close to 90%. FFO reached MXN$524.9 million supported by higher NOI and an expanded asset base, with a robust FFO margin. LTV remained conservative at 34.3%, reflecting a prudent capital structure and compliance with debt covenants. During the quarter, Fibra NEXT executed the joint venture with Fibra Uno, completed a bond exchange to optimize its USD debt profile, advanced strategic acquisitions including Doña Rosa II and the approved Triple Home Run portfolio, and strengthened its ESG positioning.

Televisa reported mixed 4Q25 results with lower revenues but expanding margins, exceeding expectations. Total revenues declined 4.5% YoY driven by a sharp 16.8% contraction in SKY revenues reflecting accelerated subscriber losses (-25.9%) due to structural video disconnections. Residential services revenues declined 0.6% YoY driven by ongoing video churn, largely offset by growth in broadband, mobile, and voice. Enterprise services revenues fell 4.2% YoY driven by tough comparisons and the timing of revenue recognition in large projects. Operating segment income grew 6.1% YoY driven by operating efficiencies, cost synergies from the Cable and SKY integration, and lower corporate expenses, resulting in a 410-bps margin expansion. Net losses narrowed driven by higher operating income and lower other expenses, partly offset by higher income taxes related to deferred tax asset write-offs. For 2026, management guided further margin expansion through efficiency gains, sustained growth in broadband and mobile, continued rationalization of the SKY business, and the suspension of dividends to preserve financial flexibility for potential telecom investment opportunities.

TelevisaUnivision reported weak 4Q25 results. Total revenues declined 2% YoY, reflecting weaker US trends offset by Mexico, which supported by favorable FX and ViX momentum; advertising revenues were flat YoY, as a double-digit decline in the US due to lower political advertising was fully offset by strong growth in Mexico driven by ViX and private-sector linear demand; subscription and licensing declined 4%, explained by the renewal cycle with a key Mexican distributor despite continued growth in the U.S. and ViX’s premium tier; other revenues fell 20% due to lower ancillary income. Adjusted OIBDA decreased 12% YoY, pressured by operating deleverage and higher expenses, while the adjusted OIBDA margin compressed to 29.9%. Net profits remained negative, though losses narrowed materially versus the prior year due to lower impairment charges and improved operating income.

Grupo Bimbo reported solid 4Q25 results. Total revenues declined 1.5% YoY in peso terms but increased 3.9% excluding FX, driven by favorable price/mix, market share gains, and contributions from recent acquisitions, while regional performance showed North America revenues down 11.3% YoY due to FX and soft consumption, Mexico revenues up 4.8% YoY supported by mix and volume growth across channels, EAA revenues up 13.9% YoY on strong QSR performance and double-digit growth in key markets, and Latin America revenues up 6.4% YoY reflecting broad-based local-currency growth and the Wickbold acquisition. Gross profit declined 2.8% YoY with gross margin contracting 70 bps to 51.8%, pressured by higher raw material, labor, and indirect costs, partially offset by pricing and productivity initiatives. EBITDA increased 14.3% YoY, with EBITDA margin expanding 200 bps to 14.7%, supported by record productivity gains in North America, strict cost control, and lower restructuring expenses. Net profits increased 1.2% YoY as higher operating performance offset higher financing costs.

Orbia reported neutral 4Q25 results. Total revenues increased 5% YoY, driven by higher volumes and improved mix in Connectivity Solutions, Fluor & Energy Materials, Building & Infrastructure, and Precision Agriculture, partially offset by weaker Polymer Solutions. EBITDA grew 2% YoY, supported by stronger performance in Fluor & Energy Materials, Building & Infrastructure, and Connectivity Solutions, while the EBITDA margin contracted 38 bps to 12.1% due to higher input costs and mix effects. The net loss widening 141% YoY, reflecting higher financial costs and a significantly higher tax expense despite stronger operating income. Free cash flow rose 64% YoY, explained by higher operating cash flow from efficient working capital management and lower capital expenditures. For 2026, Orbia expects an EBITDA between US$1.1–1.2 billion, Capex of approximately US$400 million, an effective tax rate of 27%–32% excluding discrete items, no ordinary dividend declaration, and continued positive momentum in Precision Agriculture, Fluor & Energy Materials, and Connectivity Solutions, while Polymer Solutions and Building & Infrastructure markets remain relatively weak. Orbia announced the appointment Cristian “Cape” Capellino as its new CFO effective March 15^th, 2026, in substitution of James P. “Jim” Kelly, who will retire as CFO after four years of service. Mr. Capellino joined Orbia in 2020 and has held senior leadership roles across Controllership, Tax, Financial Planning and Analysis and most recently, Finance Transformation. Prior to Orbia, Capellino held senior finance and business leadership roles at Tenaris, a NYSE listed global industrial company. He holds an MBA from the MIT Sloan School of Management and a Public Accountant degree from the National University of Córdoba.

Pinfra delivered neutral 4Q25 results. Total revenues rose 10% YoY, supported by higher toll road traffic, a sharp acceleration in construction activity, and stronger asphalt mix sales, partly offset by the deconsolidation of the Altamira Port Terminal. EBITDA advanced 3% YoY, reflecting resilient concession performance and incremental contributions from construction and plants, while the EBITDA margin narrowed to 60% from 64% due to mix effects and lower operating leverage. Net profits fell 60% YoY, driven by an adverse comprehensive financial result related to a non-cash FX loss on US dollar exposure.

Gentera delivered solid 4Q25 results. Total loan portfolio expanding 13.1% YoY driven by strong growth at Banco Compartamos México, Compartamos Perú in local currency, and ConCrédito, while the NPL ratio improved 10 bps YoY to 3.83%, reflecting disciplined underwriting and stable asset quality. Net interest income increased 19.5% YoY supported by portfolio expansion and higher yields, with NIM widening 180 bps YoY to 42.2% as interest income growth outpaced funding costs amid easing reference rates. Provisions rose 22.9% YoY, consistent with accelerated portfolio growth and mix effects, leading adjusted net interest income to increase 18.1% YoY and NIM after provisions to expand 90 bps YoY to 29.5%. Net commissions advanced 16.4% YoY, fueled by strong insurance activity across subsidiaries, while operating expenses increased 11.2% YoY due to higher headcount, variable compensation, and strategic initiatives, partially offset by efficiency gains. Net income grew 6.4% YoY, supported by stronger operating income despite higher provisions and taxes, and ROE stood at 23.2%, down 40 bps YoY but remaining at a high level. During the quarter, the company proposed a new dividend policy with payouts of up to 45% of net income and reiterated 2026 guidance calling for loan portfolio growth of 13%–16% and EPS in the range of Ps. 5.88–6.03, implying 13%–16% YoY growth, underpinned by continued portfolio expansion, stable asset quality, and operating discipline.

Liverpool reported neutral 4Q25 results. Total revenues rose 5.0% YoY, with retail sales expanding 4.3% supported by Buen Fin traction, Liverpool same store sales increasing 3.3% and Suburbia advancing 0.5% in a highly promotional environment, financial gains climbing 13.6% on credit portfolio growth and higher card penetration, and real estate sales improving 6.7% driven by occupancy gains and lease renegotiations; the NPL ratio reached 3.7%, up 53 bps YoY, aligned with the stated risk strategy. EBITDA grew 3.0% YoY despite logistics and labor cost pressures, while EBITDA margin contracted 40 bps to 19.3%, and net profits declined 21.4% YoY reflecting higher provisions, Nordstrom-related PPA charges, and increased financial expenses. For 2026, management emphasized margin recovery as logistics normalization advances, prudent credit expansion with NPLs broadly stable, conservative leverage with net debt to EBITDA at 0.52x, and disciplined capex following the near completion of the Arco Norte logistics center. The company announced the creation of a new line of business after establishing an alliance with fashion brand giant Authentic Brands Group to exclusively distribute the Dockers brand in Mexico, as part of its diversification strategy.

Esentia posted solid 4Q25 results. Adjusted revenues increased 10.9% YoY driven by higher natural gas sales and capacity growth following the full consolidation of SLM. Adjusted EBITDA rose 5.7% YoY reflecting operating leverage despite higher transportation costs, and the EBITDA margin stood at 70%, versus 74% a year earlier due to cost reclassifications and IPO-related effects. Net income surged 284.7% YoY supported by lower net financial costs and the use of tax loss carryforwards. Net debt declined 26% YoY and the net debt to adjusted EBITDA ratio improved to 4.1x from 5.9x, underscoring balance sheet deleveraging. For 2026, management guided adjusted EBITDA in the range of approximately flat to low-single-digit growth versus 2025, supported by disciplined execution of Phase I of the expansion plan and sustained operational efficiency.

Becle reported weak 4Q25 results, despite resilient profitability. Revenues declined 14.1% YoY driven by an 8.8% YoY contraction in volumes reflecting distributor destocking in the US and Canada, softer consumption trends in Mexico, and negative FX translation, partly offset by RTD growth and expansion in the Rest of the World. Gross profit declined 12.4% YoY, while gross margin expanded 110 bps supported by lower agave-related input costs and sourcing efficiencies, despite peso appreciation. EBITDA was broadly flat YoY as the EBITDA margin expanded 340 bps driven by gross margin gains and other income related to U.S. distribution settlements. Net income fell 12.1% YoY mainly due to a higher effective tax rate despite improved financial results and FX gains.

Genomma Lab reported weak 4Q25 results. Total revenues declined 13.9% YoY driven by an intentional reduction in Mexico sell-in to normalize elevated retailer inventories, FX headwinds, and a softer consumption environment, while gross profit decreased 16.7% YoY reflecting lower volumes and unfavorable operating leverage. Gross margin contracted 210 bps YoY to 61.0% due to the sharp decline in Mexico sell-in and fixed-cost absorption pressures, partially offset by cost containment initiatives. EBITDA declined 16.5% YoY, with the EBITDA margin compressing 70 bps to 22.1%, as productivity savings and lower SG&A only partially mitigated operational deleverage. Net income from continuing operations decreased 13.0% YoY, mainly explained by lower operating income and higher effective tax expense despite lower net financing costs and reduced FX losses.

Grupo Elektra reported large net losses in 4Q25 after reaching a settlement on fiscal disputes. Consolidated revenues increased 2% YoY driven by a 9% YoY expansion in financial income reflecting strong loan portfolio growth at Banco Azteca, partially offset by an 8% YoY decline in commercial sales due to softer retail demand. Operating costs and expenses declined 1% YoY driven by a 13% reduction in commercial costs from margin-focused retail strategies, partly offset by a 20% increase in financial costs due to higher loan loss provisions. EBITDA grew 5% YoY driven by revenue growth and lower commercial costs, while the EBITDA margin remained broadly stable. Net losses widened to MXN$19.9 billion driven by a large income tax provision related to the settlement of all outstanding tax litigation with the Mexican government.

Asur reported weak 4Q25 results. Total operating revenues advanced 21.6% YoY, driven by a sharp increase in construction revenues and stable aeronautical and non-aeronautical revenues excluding construction. Total passenger traffic increased 0.9% YoY, reflecting resilient demand despite mixed regional trends. Mexico traffic was up 0.1% YoY, supported by international traffic growth that offset weaker domestic volumes. San Juan traffic declined 3.1% YoY, pressured by softer domestic demand despite higher international flows. Colombia traffic rose 5.7% YoY, driven by strong international and domestic passenger growth. EBITDA declined 4.8% YoY due to higher operating costs, increased depreciation in Colombia from the concession amortization method change, and the dilution effect of construction revenues, while the EBITDA margin compressed to 44.4% from 56.7%. Net profits fell 21.9% YoY, reflecting lower operating income, foreign exchange losses, and higher financial expenses.

Gap delivered neutral 4Q25 results. Total revenues advanced 2.8% YoY, supported by a 12.6% rise in aeronautical revenues reflecting higher regulated airport fees in Mexico and new routes, and a 13.3% increase in non-aeronautical revenues driven by stronger commercial activity and the cargo and bonded warehouse business. Passenger traffic declined 0.9% YoY due to hurricane-related disruptions in Jamaica, which offset resilient demand trends in Mexico. EBITDA grew 7.5% YoY on operating leverage in Mexico and cost discipline, although the EBITDA margin narrowed to 51.7%, from 49.4%, amid higher maintenance, personnel and service expenses. Net profits declined 17.4% YoY, mainly due to higher financial expenses, negative FX translation effects and a higher tax charge. The 2026 guidance, which excludes CBX consolidation, calls for passenger traffic growth of 2%–5%, aeronautical revenue rising 9%–12%, non-aeronautical revenue increasing 6%–9%, total revenue up 8%–11%, EBITDA growth of 8%–11%, an EBITDA margin of 65% ±1%, and MXN$13.5 billion Capex, underpinned by regulated tariff application, commercial income expansion and gradual traffic normalization in Jamaica.

Oma reported positive 4Q25 results. Total revenues were flat YoY due to lower construction revenues offsetting a 6.1% increase in regulated and commercial revenues, driven by higher passenger traffic and stronger commercial activity. Aeronautic revenues rose 5.6% YoY supported by a 6.0% increase in total passenger traffic and higher domestic volumes, while non-aeronautic revenues advanced 7.5% YoY reflecting higher parking, restaurants, retail and VIP lounge penetration. Adjusted EBITDA increased 5.9% YoY due to operating leverage and revenue mix, while the adjusted EBITDA margin edged down YoY reflecting higher maintenance provisions and concession taxes. Net profits grew 3.6% YoY, supported by lower financing expenses despite higher operating costs.

Volaris reported neutral 4Q25 results. Total operating revenues were up 5.6% YoY, driven by higher ASMs (+5.6%) and a 6.1% increase in ancillary revenues per passenger, while the load factor declined 2.2 PP to 85.1%. Total operating expenses rose 8.9% YoY, reflecting higher fuel prices, maintenance, and airport-related costs, which pressured profitability. EBITDAR was down 0.9% YoY and the EBITDAR margin contracted 2.4 pp to 37.2%, despite disciplined cost control and a stable CASM ex-fuel profile. Net profits fell 91.3% YoY, affected by higher taxes and cost inflation, while net debt to LTM EBITDAR increased to 3.1x from 2.6x. For 2026, management guided for ASM growth of approximately 7%, an EBITDAR margin around 33%, capex of about US$350 million, and average fuel prices of US$2.10–2.20 per gallon, with 1Q26 EBITDAR margin expected near 25% amid temporary cost pressures related to GTF engine inspections.

Alsea posted neutral 4Q25 results. Total revenues advanced 0.5% YoY driven by sequential improvement in Mexico, resilient performance in Spain, and a recovery in South America, partially offset by FX headwinds, while same store sales increased 3.3% YoY supported by traffic recovery, value propositions, and operational execution across formats. The company opened 169 units during 2025, with total stores increasing marginally YoY, reflecting a disciplined expansion strategy focused on returns, while digital sales grew 13.4% YoY and reached 39.6% of total sales, supported by stronger delivery capabilities, aggregators, and loyalty integration. Active users in loyalty programs reached 8.2 million, reflecting higher engagement and improved omnichannel execution. EBITDA excluding IFRS 16 increased 2.9% YoY, with the EBITDA margin expanding 40 bps YoY to 16.8%, driven by productivity initiatives, labor efficiencies, and portfolio mix improvements. Net profits increased 32.0% YoY, supported by higher operating leverage and lower extraordinary items, while net debt to EBITDA declined to 2.4x, reflecting improved cash generation and disciplined capital allocation.

Grupo Chedraui reported neutral 4Q25 results. Total revenues were down 3.0% YoY, driven by a decline in U.S. sales amid weaker traffic and a negative FX translation effect from a 10% peso appreciation, partially offset by solid Mexico performance. Mexico same store sales increased 3.0% YoY, supported by a higher average ticket and marginally higher transactions, while US same store sales declined 2.8% YoY in USD due to stricter immigration enforcement and SNAP disruptions. Gross profit rose 2.9% YoY and gross margin expanded 133 bps to 23.2%, reflecting more efficient promotions and inventory management in Mexico and initial efficiencies from the Rancho Cucamonga distribution center in the US. EBITDA declined 2.2% YoY, although the EBITDA margin improved 7 bps to 7.7%, as operating leverage gains and margin expansion were offset by additional non-recurring expenses in Mexico related to a revision by fiscal authorities and higher provisions in the US. Adjusted EBITDA excluding additional expenses grew by 9.7%, and the EBITDA margin of 8.6% was 101 bps higher than the same quarter of the previous year. Net profits increased 0.1% YoY, remaining broadly flat due to higher operating expenses and financial costs despite stronger gross profitability.

La Comer delivered solid 4Q25 results. Total revenues increased 9.5% YoY driven by positive price mix, strong performance across all formats, and higher traffic, while same store sales rose 6.4% YoY supported by promotional campaigns, strength in perishables and prepared foods, and solid regional execution, particularly in the North. Gross profit increased 11.3% YoY, with gross margin expanding 51 bps YoY to 30.5% due to favorable product mix and continued efficiencies in distribution and inventory management. EBITDA grew 18.4% YoY, and the EBITDA margin expanded 67 bps YoY to 8.9%, reflecting operating leverage, disciplined expense control, and the absence of extraordinary costs recorded in 4Q24. Net profits increased 24.1% YoY, supported by higher operating income and stable financing results despite higher taxes.

Soriana delivered weak 4Q25 results. Total revenues were down 2.9% YoY due to an unfavorable comparison base from extraordinary income in 4Q24, while same store sales declined 2.6% YoY reflecting eaker traffic and a challenging consumption backdrop. Gross margin expanded 100 bps to 24.8%, supported by improved commercial conditions and tighter markdown management, which allowed gross profit to increase 1.1% YoY despite lower sales. EBITDA fell 9.4% YoY and the EBITDA margin compressed to 7.4%, driven by higher operating expenses mainly associated with personnel costs following the minimum wage increase and the net addition of new stores, partially mitigated by an expense control plan implemented during the year. Net profits fell 29.6% YoY, explained by lower operating income despite a meaningful reduction in net financial cost.

Fibra Danhos reported positive 4Q25 results. Total portfolio GLA expanded 14.7% YoY driven by the delivery of industrial developments, while average occupancy increased 220 bps YoY supported by full industrial occupancy and resilient retail performance. Total revenues rose 6.5% YoY reflecting incremental industrial cash flow contributions and higher parking and ancillary revenues. NOI increased 6.5% driven by higher leased area in industrial assets, stable rental rates in retail properties, and lower rent losses, partially offset by FX effects in the office segment; the NOI margin remained broadly stable YoY underpinned by disciplined cost control. FFO advanced 9.0% YoY supported by higher NOI and scale effects, with the FFO margin improving modestly as operating leverage offset higher interest expense.

Nemak reported weak 4Q25 results. Total revenues increased by 1.2% YoY, supported by higher volumes and aluminum prices despite a high comparison base from one-time commercial negotiations in 4Q24. Volume increased 1.9% YoY, reflecting relatively resilient customer production schedules amid softer global auto demand and slower EV adoption. EBITDA declined 24.6% YoY, pressured by impairment charges, extraordinary operating expenses in North America, currency effects, and the absence of prior-year one-off commercial benefits. The EBITDA margin compressed to 10% from 13%, driven by lower profitability in North America, partially offset by solid operating efficiencies and margin expansion in Europe and Rest of the World. Net income posted a wider YoY loss, mainly due to impairments and foreign exchange losses, which more than offset lower financial expenses and taxes. For 2026, the company expects revenues of US$5.3-5.5 billion, EBITDA of US$630-650 million and Capex of US$385-395 million.

Traxión reported neutral 4Q25 results. Total revenues rose 45.7% YoY, driven mainly by a 143.6% increase in Logistics and Technology, as a result of the Solística acquisition and a large-scale project in the pharmaceutical sector. Mobility of People sales advanced 6.6% supported by the efficiency and customer profitability plan which boosted the revenue per kilometer. However, Mobility of Cargo revenues fell 22.4% due to lower demand and pricing pressure as a result of tariff uncertainty and the FX impact. Total costs and expenses grew 61.3% YoY due to a 124.7% increase in facilities, services and supplies deriving from the Solística incorporation. This led to a 0.3% YoY decrease in consolidated EBITDA, while the EBITDA margin contracted 580 bps to 12.6%. Net income was down 18.0% YoY due to higher depreciation. Operating cash flow more than doubled, while Capex was significantly lower, in line with the strategy of maintaining a solid balance sheet and high free cash flow generation. The net debt to EBITDA ratio closed at 2.2x, in line with the pre-Solística acquisition level.

Vinte delivered positive 4Q25 results. Revenues increased 13.5% on a proforma basis, primarily driven by higher average prices (+15.7%) that offset a slight 0.6% decline in volume. Gross and EBITDA profitability improved due to synergies with Javer, mainly in material procurement. This allowed gross profit to increase by 19.8% and EBITDA to grow by 27.1%. Net income rose by 23.5% due to favorable operating performance that offset a larger tax reserve. Vinte closed the quarter with leverage of 2.58 times, the lowest level since 2019, due to its strong free cash flow generation.

Promotora de Hoteles Norte 19 reported soft 4Q25 results. Total revenues rose 4.3% YoY, driven by higher ADR and portfolio optimization despite a slight contraction in rooms, while ADR increased 1.5%, occupancy stood at 56.8% with a marginal YoY decline, and RevPAR advanced 1.4% supported by rate discipline and stable demand. Adjusted EBITDA declined 4.9% YoY due to higher payroll costs and restructuring expenses, with the adjusted EBITDA margin compressing 220 bps to 22.3%, while EBITDA fell 5.7% and the EBITDA margin decreased 230 bps to 22.0% reflecting operating deleverage. He company reported a MXN$34.6 million net loss versus last year’s MXN$59.8 million net profit, mainly explained by extraordinary losses and the sale of the SLP property in 4Q24.

Actinver reported positive results for the year despite lower net profits in 4Q25. Total operating revenues were up 17% YoY in the quarter, mainly due to a strong performance across all business lines. The financial margin increased 9% due to lower interest rates that helped improve the funding cost, resulting in an 18% reduction in interest paid even though traditional deposits were 15% higher. In addition, provisions decreased 59%, boosting the adjusted financial margin by 22%. Net fees and commissions rose 24% given the significant growth of assets under management, investment banking, fiduciary services and transactional activity. Trading gains increased 22% due to market volatility and higher money market and FX revenues. However, this was partially offset by a 25% rise in administrative expenses given the 7% expansion of the workforce, higher variable compensation and the digitalization process. This led to a 12% drop in quarterly net income to MXN$429 million. The L12M ROE stood at 17.87%, compared to 15.25% in 4Q24.

Fibra Storage posted favorable 4Q25 results. Total revenues advanced 17.9% YoY, primarily driven by a 10.3% increase in leased GLA, given a 174 bps improvement in occupancy to 83.5% (the highest since 3Q023) and net absorption of 4,558 sq m (with a sequential 0.4 PP expansion in the move-in/move-out spread), and a 7.0% rise in average monthly rate (+7.6% same-store). Additionally, the average stay extended by 2.1 months to 30.3 months. Monthly RevPAM increased 9.3% to MXN$329.3, a historically high level, reflecting the favorable combination of higher rates and portfolio utilization. This strong revenue performance, combined with operating leverage, generated higher profitability. NOI rose 19.2%, with a margin expansion of 90 bps to 78.0%. EBITDA grew 21.5%, while the EBITDA margin improved 170 basis points to 57.7%. Adjusted FFO AMEFIBRA was up 20.6%.

Médica Sur registered strong 4Q25 results. Revenues increased by 8.0% YoY, driven primarily by higher demand for hospital services. EBITDA grew 13.3% YoY, while EBITDA margin expanded 100 bps to 21.6%, reflecting operating leverage and a more profitable services mix. Net income rose 2.6% YoY to MXN$139 million (vs. MXN$134 million estimated), as the strong operating performance was partially offset by an FX loss and a higher tax burden.

Grupo Sports World delivered weak 4Q25 results. Total revenues rose 12.6% YoY, driven by price normalization, stable active customers, higher corporate health plans, sponsorships, exchanges, and stronger in-club activity. Active customers edged down 0.5% YoY, reflecting a deliberate profitability-focused strategy centered on higher-value clients. The number of gyms remained stable at 48 operating clubs, with one additional club in a pre-operational stage. EBITDA under IFRS 16 declined 23.6% YoY, explained by a sharp increase in depreciation from lease accounting effects, while the EBITDA margin closed at 36.5%, down YoY due to the same IFRS 16 dynamics. The net loss under IFRS 16 narrowed to MXN$6.4 million, from last year’s MXN$180.2 million, due to an adjustment in the tax rate generated by the reduction in deferred taxes.

Cemex has reached an agreement to acquire all assets of Omega Products International, a leading manufacturer of stucco in the western United States. Omega generates approximately US$23 million in EBITDA per year. The transaction currently meets Cemex’s return and free cash flow conversion criteria, with an expected post-synergy multiple below 7x. This operation continues to reinforce Cemex’s commitment to disciplined capital allocation and long-term shareholder value, while supporting its strategy to expand U.S. operations and diversify into high-growth performance materials. The transaction is expected to close during the first quarter of 2026.

Sigma Foods placed MXN$10 billion in domestic debt securities in two tranches: i) SIGMA 26 for MXN$3.45 billion, with a 5-year term, at a variable rate of TIIE Funding + 0.53%; ii) SIGMA 26-2 for MXN$6.55 billion, with a 10-year term, at a fixed rate of 9.17%, equivalent to a spread of +0.49% with respect to the benchmark M Bond rate. Both tranches received ‘AAA(mex)’ from Fitch Ratings and ‘AAA.mx’ from Moody’s Local, with a stable outlook.

GCC announced the acquisition of three companies and their aggregates, asphalt, and ready-mix concrete operations in El Paso, Texas. This transaction strengthens GCC’s growth strategy by incorporating a platform with approximately US$30 million in annual revenues and reinforcing its operational presence in the El Paso, Texas region. In addition, the deal includes aggregate reserves with an estimated useful life of around 50 years, supporting long-term supply in that market. The transaction is expected to generate operational synergies and contribute positively to GCC’s cash flow generation profile starting in 2026.

Fibra Mty, has executed an agreement to sell a portfolio comprising five properties for US$46.8 millon plus applicable VAT including: four office buildings and one retail property located in Monterrey, San Luis Potosi, and Ciudad Juarez. The transaction is part of the Trust’s initiatives to optimize its investment property portfolio. Net proceeds from the sale may be used to fund investments in industrial properties and/or the operate Fibra Mty’s CBFI buyback program.

TV Azteca’s owners have decided to file for a voluntary “Concurso Mercantil” proceeding (Mexican version of Chapter 11) in the coming days, a process that will allow the company to reorganize its liabilities while suspending any judicial enforcement actions and maintaining ongoing operations, according to local newswires.

Miranda Intelligence: Deciphering Mexico

Markets

The S&P / BMV IPC experienced some marginal profit taking (-0.1%) after last week’s rally, amid mixed quarterly results. Meanwhile, the Mexican peso lost 0.2% to close at MXN$17.25/USD; the yield of the 10-year M-Bono was up 6 bps to 8.77%.

The S&P / BMV IPC’s top gainers were: ALSEA * (+10.5%), GCARSO A1 (+3.6%), and OMA B (+3.3%). On the other hand, the main losers were: GRUMA B (-7.9%), PEÑOLES * (-3.8%) and KOF UBL (-2.4%).

Listed companies

Walmex delivered soft 4Q25 results. Consolidated revenues were up 3.0% YoY (Mexico +4.9%, Central America +2.4% in constant currency), supported by new store contribution (1.7% of growth), continued EDLP execution, and improved availability. Same-store sales in Mexico increased 3.3% (ticket +3.9%, traffic -0.5%) and showed a modest sequential deceleration versus 3Q25, while Central America SSS rose 0.6% (ticket +1.5%, traffic -0.8%) amid softer consumption and competitive pressure, particularly in Costa Rica. E-commerce remained a structural tailwind, with Mexico eCommerce GMV up 13.3% YoY (On-Demand +19.1%, Marketplace +15.3%) and penetration at 9.1% of total GMV, while Central America eCommerce GMV rose 34% YoY. Gross margin expanded 30 bps YoY to 24.0%, reflecting commercial margin improvement and higher contribution from new businesses; gross profit advanced 4.6% YoY. EBITDA grew 8.1% YoY and EBITDA margin widened 50 bps to 10.5%, as SG&A held flat at 15.9% of sales on operating efficiencies and a one-off benefit that offset growth investments. Net profit declined 3.9% YoY and net margin compressed to 5.2%, primarily due to a higher effective tax rate. The company will reduce 30% of SKU’s in its Bodega Aurrerá and Mi Bodega to compete with Tiendas 3B and Tiendas Bara.

Gruma reported soft 4Q25 results. Total revenues increased by 2% YoY driven by strength in Europe, Asia & Oceania, and Central America offsetting softer US food service trends. Volumes were flat YoY, reflecting resilient demand outside the U.S., while gross profit declined 1% and gross margin contracted 140 bp due to higher raw material and logistics costs, resulting in a slight miss versus consensus expectations. EBITDA fell 5% with a 130 bp margin contraction, as cost pressures outweighed pricing and mix benefits. Net profit decreased 18% YoY, mainly due to lower operating income and adverse FX effects.

Sigma Foods announced the following appointments, effective as of February 13, 2026: Álvaro Fernández retains his current position as Chairman of the Board of Directors of Sigma Foods; Rodrigo Fernández, CEO of Sigma Alimentos, S.A. de C.V., has been appointed CEO of Sigma Foods; Roberto Olivares, CFO of Sigma Alimentos, S.A. de C.V., has been appointed CFO of Sigma Foods; and, Carlos Argüelles has been appointed General Counsel of Sigma Foods.

Fibra Macquarie reported neutral 4Q25 results. Total portfolio GLA expanded 0.6% YoY to 36.6 million square feet, driven by incremental industrial additions and acquisitions, while average occupancy declined 136 bps YoY to 94.9% reflecting portfolio rotation and stabilization dynamics. Revenues decreased 0.6% YoY, explained by FX effects and lower average occupancy, while Net Operating Income including SLR fell 2.1% YoY due to margin compression and higher property-level costs, resulting in a 131 bps YoY contraction in the NOI margin including SLR. FFO declined 9.4% YoY and the FFO margin compressed 482 bps YoY, reflecting higher financing costs and lower operating leverage, while LTV increased 44 bps YoY to 33.0%, remaining within conservative levels. For 2026, management guided AFFO per certificate of MXN$2.60–2.70, implying low single-digit growth in USD terms, with same-store performance expected to remain stable, industrial renewal spreads projected at 10–15%, cash distributions guided at MXN$2.45 per certificate. On the other hand, Fibra Macquarie acquired a 124-hectare industrial land parcel along Tijuana’s Boulevard 2000 submarket, for US$113.8 million, excluding transaction costs and taxes. Fibra Macquarie expects the project to achieve a stabilized yield on cost within a target 9%-11% range. The acquisition agreements incorporate a structured payment plan over three years from the transaction’s closing, with an initial cash payment of US$19.9 million on February 19^th, with subsequent cash payments of US$19.9 million in the following months, US$39.8 million in February 2027 and US$34.1 million in February 2028 (all payments exclude transaction costs and taxes).

Aeromexico delivered solid 4Q25 results. Total revenues increased 0.2% YoY on a reported basis and 3.4% YoY on a normalized basis, driven by higher TRASM, an improved premium mix, and favorable FX. Total passengers declined 1.3% YoY to 6.2 million and ASMs decreased 1.8% YoY reflecting disciplined capacity management. Adjusted EBITDAR grew 12.5% YoY and the Adjusted EBITDAR margin expanded 3.8 PP to 35%, supported by pricing strength, operating discipline, and the extraordinary gain from the TechOps divestment. Excluding the TechOps transaction and IPO-related expenses, adjusted EBITDAR rose 8.3% YoY with the margin improving 1.4 PP to 30.2%. Net profits surged 119.0% YoY, reflecting stronger operating income and lower net financing costs. For 2026, management guided to ASM growth of approximately 3–5% YoY, total revenue growth of 7.5–9.5% YoY, an adjusted EBITDAR margin of 28.5–30.5%, an operating margin of 15–17%, and a reduction in adjusted net leverage toward ~1.6x.

Corporación Inmobiliaria Vesta reported positive 4Q25 results. Total rental income was up 17.2% YoY driven by new revenue-generating leases, inflation-linked rent escalations, higher straight-line IFRS adjustments, and incremental energy income. Adjusted NOI increased 17.1% YoY, supported by higher rental income and stable property costs relative to revenues, which expanded margins. Adjusted EBITDA rose 18.2% YoY, reflecting strong top-line growth and tighter administrative expense discipline as a share of revenues. Vesta FFO (-Tax Expense) declined 91.4% YoY due to a significantly higher current tax expense associated with Mexican peso appreciation, despite relatively stable pre-tax FFO. For 2026, management guided to rental revenue growth of 10.0–11.0%, an adjusted NOI margin of approximately 93.5%, and an adjusted EBITDA margin of around 83%, underscoring continued operating strength amid a normalized margin profile.

Megacable delivered solid 4Q25 results. Total revenues were up 8.2% YoY driven by double-digit Mass Segment growth supported by subscriber expansion and higher contribution from new territories, while Corporate revenues declined. Total RGUs increased 7.5% YoY reflecting sustained net additions across Internet, video and telephony, while ARPU remained flat YoY following the methodological change based on Internet subscribers. EBITDA rose 15.3% YoY due to operating leverage, cost discipline and efficiency initiatives, lifting the EBITDA margin to 44.0% from 41.3%. Net profits surged 74.2% YoY supported by stronger operating performance and an improved net financing result amid lower interest expenses and FX gains.

Bafar reported positive 4Q25 results. Consolidated revenues were up 14.7% YoY, driven by an 11.2% growth in food sales, explained by new store openings, the maturation of the retail channel, and a greater focus on value-added products. Fibra Nova revenues increased 14.8% YoY, supported by new contracts, continued portfolio expansion, and adjustments to dollar-denominated rents. Real estate sales rose 243.9% YoY following the launch of high-value developments, while agribusiness revenues fell 63.7% YoY due to the absence of walnut sales during the quarter. Gross profit advanced 10.3%, although the gross margin contracted 110 basis points to 28.2% due to higher raw material costs. Operating expenses decreased as a proportion of revenue, reflecting operational efficiencies and the revaluation of properties in the real estate division. As a result, EBITDA grew 22.4% YoY and the margin expanded 130 basis points to 20.6%. Net income registered a significant 136.5% YoY rise, supported by higher operating profits and FX gains.

Grupo Herdez reported solid 4Q25 results. Net sales were up 9.3% YoY driven by Preserves (mayonnaise, vegetables, spices and mole), Impulse (multipack and take-home Helados Nestlé with higher average ticket), and Exports (higher volumes of salsas and vegetables), while volumes rose 4.8% supported by wholesale and price clubs. Gross profit increased 13.0% with a 130-bps gross margin improvement on favorable mix in Preserves and FX and input relief in Exports, partially offset by cocoa cost pressure and channel mix in Impulse. EBITDA grew 13.0% with a 60-bps margin expansion as Preserves and Exports more than compensated Impulse softness. Net income increased 20.1% supported by operating leverage and a strong equity contribution from MegaMex following operational improvements in Don Miguel and guacamole. In 2026, the company expects a 7-9% revenue growth with operating cash flow between MXN$2.5-2.7 billion. Herdez will propose the payment of a MXN$15.0/share cash dividend (19.9% yield) at its March 6^th ordinary shareholders’ meeting.

Invex Controladora reported neutral 4Q25 results. Consolidated net profits were down 24% YoY, reflecting lower trading gains despite solid operating execution across core businesses. Financial services revenues were up 13% YoY, driven by credit portfolio expansion and higher yields in money markets and derivatives but the pre-tax profits declined 44% due to lower trading gains. Energy Transition revenues rose 21% YoY, supported by a 28% YoY increase in electricity supply, a positive contribution from Texas operations. Pre-tax profits advanced 53% due to higher supply margins and the sale of clean energy certificates. Investment Promotion received distributions amounting to MXN$143 million.

Invex Controladora closed the sale of its remaining 20% ​​stake in GANA on February 12, after fulfilling regulatory requirements and obtaining third-party consents. Invex received CBFEs from FMX23 amounting to around MXN$3.96 billion, increasing its equity stake from 17.7% to 27.7%. The transaction was carried out in parallel with FMX23’s MXN$10.28 billion follow-on, including Invex’s stake. As a result, Invex expects to generate a MXN$1.2 billion extraordinary gain 1Q26. It will now recognize its share of FMX23’s profits using the equity method, given that it has acquired a significant influence.

Grupo Hotelero Santa Fé reported soft 4Q25 results. Total revenue was up 1.4% mainly due to a 2.6% increase in room revenue, a 1.1% rise in food and beverages and a 3.0% growth in third party hotel management fees. This was partially offset by a 2.0% fall in other hotel revenue and a 13.7% decrease in vacation club revenue. EBITDA was down 12.6% reflecting higher costs and expenses driven by inflation. The company reported a MXN$122.0 million net loss, reversing last year’s P$17.2 million net profit mainly due to other non-recurring expenses.

Fmty reported mixed 4Q25 operating results. GLA increased 9.6% YoY driven by industrial acquisitions and expansions, while total revenues rose 7.2% supported by the incorporation of the MeLi León and remaining Batach assets and higher leased area. NOI advanced 8.7% reflecting portfolio growth, and the NOI margin expanded 120 bps to 92.4% due to operating leverage and cost discipline. FFO declined 8.4% as a result of lower financial income following cash deployment into acquisitions and a lower benchmark rate, leading to a 12.9 PP contraction in the FFO margin to 75.4%.

Fibra Hotel posted weak 4Q25 results. Total revenues declined 5.4% YoY due mainly to a 324-bps reduction in occupancy levels due to softer demand, which was partially offset by a 5.5% ADR increase reflecting pricing discipline across regions. RevPAR rose 0.1% as higher ADR offset lower occupancy. Lodging contribution decreased 15.4% due to operating deleveraging and higher labor costs. For the same reason, EBITDA declined 19.1%, while the EBITDA margin contracted to 23.3%. FFO fell 18.0% following lower operating cash generation. AFFO was down 26.4% due to weaker EBITDA and higher cash outflows.

Consorcio Ara delivered a strong 4Q25. Revenues rose 30.5% YoY driven by a 25.8% increase in units sold and a 4.4% higher average price, reflecting robust demand in the middle-income and residential segments. Gross margin expanded 30 bp YoY to 26.2%, lifting gross profit by 32.0%. EBITDA advanced 25.8% YoY with an EBITDA margin of 13.2%, slightly lower YoY due to higher commercial and administrative expenses. Net profits surged 93.3% YoY supported by operating leverage and a favorable tax effect. For 2026, management expects to replicate the revenue growth achieved in 2025, underpinned by stable macro conditions, continued support from Infonavit, Fovissste, and private banks, and sustained demand across its core housing segments.

Cemex issued MXN$5.5 billion in long-term local bonds on February 19^th. The five-year notes carry a floating annual interest rate of funding TIIE plus 70 bp and are guaranteed by Cemex Concretos, Cemex Operaciones México, Cemex Corp., and Cemex Innovation Holding. The company will use net proceeds for general corporate purposes, including but not limited, to debt repayment.

Grupo Traxion announced a successful issuance of MXN$2.0 billion in unsecured local bonds at a floating rate, structured in two tranches: MXN$1.0 billion due in six years at funding TIIE plus 195 bp and MXN$1.0 billion due in seven years at funding TIIE plus 200 bp. The bonds were issued under a CNBV-authorized program of up to MXN$10.0 billion, carry ratings of A+ (mex) from Fitch, AA from HR Ratings, and AA/M from Verum, and were listed on BIVA. The company will use proceeds to fund liability refinancing and will not alter its leverage ratios.

Fibra Inn’s room revenues declined 5.2% YoY to MXN$158.6 million in January, as a result of a 2.1 PP reduction in occupancy levels to 47.5%, partially offset by a 0.8% ADR increase to MXN$1,940. RevPar thus fell 3.4% to MXN$923.

Fibra Park Life (PLIFE26) will list its CBFI’s on March 17^th on the BMV, aiming to raise approximately MXN$308 million. The Fibra will use proceeds to seed a four-property initial portfolio in Mexico City and Querétaro, totaling 287 apartments and 15,855 square meters of gross leasable area. The trust’s medium-term growth plan envisages expanding to at least 18 properties and more than 1,000 apartments over the next three years, requiring roughly MXN$3.0 billion in additional capital.

Fibra Shop secured a MXN$450 million sustainability-linked loan from BanCoppel to refinance existing liabilities. The three-year facility bears an interest rate of TIIE plus 220 basis points and will be added to the company’s existing revolving credit line with BBVA, increasing total available liquidity to MXN$1.6 billion to mitigate refinancing risk.

Gentera’s Peruvian subsidiary, Compartamos Banco Perú, successfully placed PEN74.7 million through a public issuance of negotiable certificates of deposit in the local debt market. The notes carry a one-year tenor, and a 4.34375% interest rate.

TV Azteca has entered a strategic partnership with PlaysOut, a global mini-games distribution platform, to integrate a games catalog into its mobile app. The initiative aims to enhance TV Azteca en Vivo’s entertainment offering with interactive experiences, with the PlaysOut content scheduled to launch in the first quarter of 2026.

Coca-Cola Femsa’s CEO Ian Craig will join the Board of Directors of Republic Services’, a US environmental services company. Mr. Craig’s appointment seeks to leverage his expertise in digital transformation and sustainability initiatives, according to Republic Services.

Fibra Terrafina obtained authorization to delist its CBFI’s from the Mexican Bolsa on February 18^th.

Other companies

Pemex reported that total refined product output reached 908 thousand barrels per day, the highest on record, while crude processing averaged 1.27 million barrels per day, with high-value distillates rising by 119 thousand barrels per day. The company targets refinery output of 1.56 million barrels per day through investment, maintenance, modernization, and better residue utilization, while the variable refining margin averaged USD 12 per barrel and fuel sales rose nearly 8% from July to December, equivalent to 81 thousand barrels per day.

In related news, Pemex successfully issued MXN$31.5 billion in the domestic debt market under a MXN$100 billion authorized program, which was the largest corporate debt issuance in history and marked Pemex’s return to domestic debt markets after six years. The issuance comprised MXN$9.0 billion in a 5.2-year floating-rate bond indexed to TIIE funding, MXN$17.0 billion in an 8.5-year bond priced at a spread over the MBonos 2034 yield, and MXN$5.5 billion in a 10.5-year bond linked to the interpolated Udibono 2035–2040 rate. The company will use proceeds to refinanced short term financial liabilities. All tranches received local-scale AAA ratings from S&P Global Ratings, Moody’s Local MX, and HR Ratings.

Kavak secured US$300 million in its Series F funding round led by venture capital firm Andreessen Horowitz, which contributed US$200 million through its a16z Growth fund. Other participants included WCM Investment Management, Lingotto Innovation, Foxhaven, Galdana Ventures, Stelac, and Allen & Company. No details were provided about the company’s updated valuation.

Mexican Fintech Plata has received a banking license from the CNBV, after a 3-year regulatory process.

Amazon Mexico announced a reduction in seller commissions for essential product categories such as food, health, and personal care, alongside a 51% average cut in Fulfillment by Amazon shipping fees for items priced below MXN$299, aiming to attract entrepreneurs and small businesses. The initiative allows sellers to improve margins and pass savings on to consumers, while new sellers will benefit from 12 months without a monthly fee and a low subscription cost thereafter if sales remain below MXN$26,000 per month.

TC Energy, a Canadian natural gas transportation infrastructure company, plans to invest up to CAD6 billion in 2026 in various initiatives including gas pipeline projects in Mexico (Villa de Reyes gas pipeline and Tula system, both with the CFE).

Solvento, a Mexican platform focused on liquidity and payment solutions for the logistics and transportation sector, secured a US$25 million financing backed by BBVA Spark. The funds will provide access to liquidity for transport operators and logistics companies.

Economic

ANTAD’s same store sales increased by 2.0% YoY, with self-service up 2.9%, department stores down -0.2% and specialized retail rising 3.2%. Total sales grew 5.3% YoY, with self-service increasing 5.1%, department stores climbing 4.0% and specialized retail up 7.4%.

The Opportunistic Indicator of Private Consumption projects a 0.3% MoM and 4.5% YoY increase in private consumption in December 2025 and a 0.1% MoM and 4.4% YoY rise in January 2026, according to INEGI.

The Monthly Survey of the Manufacturing Industry anticipates a 0.1% MoM reduction and a 2.9% YoY increase in Manufacturing Production in December 2025, according to INEGI.

International visitors increased by 12.3% YoY in December 2025, INEGI reported. Total expenditure rose 1.9% YoY to US$3.77 billion while the average expense per visitor declined 9.3% YoY to US$372.3.

Afores’s AUM’s grew 26% YoY to MXN$8.5 trillion in January 2026, equivalent to 24% of GDP, according to Consar. This performance was led mainly by Profuturo (+26%), SURA (+24) and XXI Banorte (+22%). Investments included: government debt (51.9%), international equities (13.0%), private domestic debt (11.5%), structured (7.6%), domestic equities (7.2%), fibras (3.0%), commodities (1.6%), and other assets (+3.6%). Net gains amounted to MXN$158.5 billion in the period.

Foreign investment in the Mexican stock exchange peaked at US$195.7 billion in January, Banco de Mexico reported. Foreign inflows amounted to US$1.466 billion over the month.

Banco de Mexico’s released the minutes of its last monetary policy meeting. The Governing Board deemed it appropriate to pause the cycle of interest rate reductions. This was consistent with the assessment of the current inflationary outlook. It considered the adjustments to inflation forecasts and the need to continue evaluating the impact of the fiscal changes implemented at the beginning of the year, as well as FX behavior, the economic activity weakness, and the degree of monetary tightening that has been implemented.

Moody’s mentioned that Mexico’s credit outlook will depend primarily on the course of the USMCA and the fiscal strategy through 2027. The country’s 2025 fiscal results reflect slower-than-expected consolidation and a weaker growth environment. Government support to Pemex will continue to be necessary given operating losses and negative cash flow.

Mexico and Canada began this week the development of a bilateral action plan that will be presented in the second half of the year, with a view to strengthening economic integration ahead of the review of the USMCA, stated Economy Secretary Marcelo Ebrard.

President Claudia Sheinbaum will present a reform initiative to cut pensions of high-level public employees to no more than 50% of the President’s salary. She expects to save MXN$5 billion with such a measure.

CETES auction: 28-day CETES -4 bps to 6.84%; 91-day CETES -5 bps to 6.95%; 182-day CETES +1 bps to 7.11% and 364-day CETES -15 bps to 7.22.

Miranda Intelligence: Deciphering Mexico

For the Spanish version, click here

Markets

The S&P / BMV IPC rallied 2.9% to close at 70,888.04 pts, after reaching a new intraday historically high on Thursday, due to AMX’s solid report, some positive macro data and global risk-on tone. Meanwhile, the Mexican peso appreciated 1.6% to close at MXN$17.23/USD; the yield of the 10-year M-Bono was down 14 bps to 8.71%.

The S&P / BMV IPC’s top gainers were: AMX B (+11.3%), LAB B (+8.1%), and ORBIA * (+7.7%). On the other hand, the main losers were: CUERVO * (-2.2%) and GCC * (-1.3%).

Listed Companies

AMX posted positive 4Q25 results, rallying 11.3% over the week. Revenues were up 3.4% YoY, supported by mobile service momentum, broadband expansion and equipment sales strength. Service revenues increased 2.3% YoY, reflecting mobile service revenue growth of 6.2% at constant FX from postpaid traction and resilient prepaid demand. Post-paid net additions reached 2.8 million, led by Brazil, Colombia and Mexico, while pre-paid net additions contributed 647 thousand, mainly from Mexico, Argentina and Colombia, and broadband net additions totaled 524 thousand, driven by Mexico and Brazil fiber rollout. EBITDA grew 4.2% YoY backed by cost controls and operating leverage, with EBITDA margin at 38.8%, up 30 bps YoY. Net profit jumped more than 300% YoY, as comprehensive financing costs dropped roughly 48% YoY. Net debt to LTM EBITDAaL closed at 1.52x, after free cash flow rose 39.4% YoY and cash generation reduced net debt. The company expects a Capex of 14-15%of revenues. AMX lost the bid for Telefónica’s Chilean assets against Millicom/NJJ Holding. However, the Mexican telecom company is looking to reduce leverage to undertake acquisitions in Latin America.

Orbia is close to selling its Netafim unit to Chinese billionaire Howie Wang, who owns a majority stake in the private irrigation company Dayu Irrigation, the Israeli portal Calcalist reported. Orbia would receive US$1.12 billion for its 80% stake, which is equivalent to 50% of its current market capitalization.

GCarso reported weak 4Q25 results. Total revenues were down 4.7% YoY, pressured by peso appreciation and the completion of large infrastructure projects. Retail revenues rose 2.3% supported by stronger seasonal demand at Sanborns; industrial revenues declined 5.5% reflecting weaker auto-parts demand and FX effects; infrastructure and construction revenues fell 35.9% due to project completions and early stages of new works; Elementia revenues slipped 2.8% impacted by FX and a one-time plant shutdown; Carso Energy revenues decreased 11.8% on FX and lower Panama energy sales despite resilient gas transportation; Zamajal revenues surged 465.2% following the Ixachi drilling agreement with Pemex. EBITDA dropped 31.7% YoY as infrastructure losses, Elementia’s one-off charge, technology investments in retail, and FX headwinds offset cost controls, driving EBITDA margin down to 11.4%, from 15.9%. Net profits declined 18.9% amid lower operating income and adverse FX. Grupo Carso confirmed it was awarded a mixed contract from Pemex for the exploration of the onshore Macavil field, with proven reserves of 33.7 million barrels of condensate and 409.1 billion cubic feet of natural gas.

Walmex’s Board of Directors appointed Kyle Kinnard as a Board Member, replacing Karthik Raghupathy, who notified the company of his decision to retire from the Board, effective February 12^th. Kyle Kinnard is Executive Vice President and COO of Walmart International. In this role, Kyle leads the teams responsible for overseeing Walmart’s markets in Mexico, Central America, Canada, Chile, and South Africa. Kyle began his career with Walmart in 2000 as an hourly associate at Sam’s Club 8209 in Springdale, Arkansas. Over the years, he held various leadership positions at Sam’s Club U.S., from club manager to Vice President and Divisional Director of Merchandise. He also held management positions at Sam’s Club China and Sam’s Club Mexico before returning to the US as Senior Vice President of Home.

Arca Continental reported soft 4Q25 results. Consolidated revenues were down 0.6% YoY, reflecting softer consumption trends and lower volumes across regions, while total volumes declined 0.8% YoY due to contractions in Mexico and South America partially offset by growth in the US. Gross profit fell 1.7% YoY with gross margin compressing 60 bp to 47.6% amid higher input costs and unfavorable mix. EBITDA decreased 4.5% YoY (below Bloomberg consensus) with EBITDA margin contracting 80 bp to 21.0%, driven by margin pressure in the US and South America despite disciplined cost control. Net profits declined 11.5% YoY as lower operating income and higher financing costs outweighed tax efficiencies. The 2026 guidance calls for mid-single-digit consolidated sales growth supported by price increases at least in line with inflation and CAPEX of around 7% of sales.

Sigma Foods reported solid 4Q25 results with record revenues and EBITDA. Total revenues advanced 12% YoY driven by selective price actions, modest volume growth, and a favorable FX translation, particularly in Mexico and Europe. Comparable EBITDA increased 34% YoY supported by strong operating execution across regions and insurance reimbursements in Europe, while the EBITDA margin expanded to 11.6%, from 10.3%, reflecting operating leverage and pricing discipline. Net profit turned positive due to higher operating income and FX gains versus losses in 4Q2. For 2026, management guided to volume growth of around 2%, revenue growth of 4–7% depending on FX, comparable EBITDA growth of 5–10%, and a 27% Capex increase focused on capacity expansion in the Americas and recovery in Europe.

Alpek registered weak 4Q25 results. Total revenues declined 12% YoY, reflecting a weaker pricing environment, lower volumes, softer demand, extended maintenance shutdowns and reduced export activity across Polyester and Plastics & Chemicals. Comparable EBITDA showed a 40% YoY contraction due to pressured reference margins, historically low ocean freight rates and unfavorable price spreads, mainly in Polyester, partially offset by more resilient margins in EPS and stable performance in Plastics & Chemicals. EBITDA margin compressed 310 bps to 6.6% as margin pressure, lower scale absorption and adverse mix outweighed cost and footprint optimization efforts. The net loss widened to US$86 million as weaker operating results, inventory adjustments and financial costs surpassed operating gains. For 2026, Alpek projects EBITDA between US$450-500 million, with potential upside near US$50 million of EBITDA from higher PET margins, stronger freight rates, FX depreciation, tariff capture and non-strategic asset sales, volume near 4.5 million tons, operating free cash flow of US$100-150 million, with CAPEX of US$130 million. Alpek filed a warning notice with the state of Pennsylvania in January 2026, announcing its plans to close its Reading plant on March 15, affecting approximately 100 workers, according to public information.

KUO reported weak 4Q25 results. Consolidated revenues declining 5.3% YoY due to lower domestic volumes in Pork Meat, softer North American demand in Transmissions and Polymers, pricing pressure in Synthetic Rubber from Asian competition, and a stronger peso, partially offset by a better product mix and pricing at Herdez del Fuerte. EBITDA decreased 2.9% YoY due to tariffs, unfavorable FX, higher distribution costs in Transmissions, and tax-credit-related expenses in Pork Meat, which were partially offset by lower feed costs, operational efficiencies in Pork Meat, margin improvement in Polymers from lower export costs and inventory effects, and stable performance at Herdez del Fuerte. EBITDA margin expanded 20 bps YoY to 9.3% as cost efficiencies offset revenue pressure. Net loss narrowed 63.4% YoY, reflecting lower cost of sales and a sharp reduction in net financial expenses driven by FX gains and lower interest costs.

Bolsa reported soft 4Q25 results. Consolidated revenues were flat YoY, supported by stronger cash equities and derivatives trading activity, higher medium- and long-term debt listings, and solid Information Services growth, which offset weaker derivatives clearing and OTC performance. EBITDA fell 9% YoY due to a 15% rise in operating expenses linked to strategic projects, technology upgrades, digitalization, higher personnel costs, and greater depreciation and consulting fees. EBITDA margin compressed by 529 bps to 54%. Net profit dropped 20% YoY, affected by lower operating income, reduced net financial results from interest rate cuts and FX effects, and a higher effective tax rate. The company expects a MXN$500 million Capex and its operating expenses to rise at a high single digit. Bolsa will propose the payment of a MXN$2.05/share dividend and to keep the amount of the share buy-back reserve at its April 30^th shareholders’ meeting.

Fibra Nova reported positive 4Q25 results. Total revenues increased 14.8% YoY mainly as a result of portfolio expansion, the signing of new leases on several properties, primarily with ATI Ladish, Brake Parts, Regal Rexnord, and Veritiv, and rent adjustments in dollars. The NOI margin decreased to 97.0%, from 97.5%, due to higher operating expenses, but NOI rose 14.2%. EBITDA grew 27.6% due to an extraordinary gain related to the recovery of tenant-related expenses, which boosted the margin by 10 PP to 100.2%. FFO was 20.0% higher, with a 94.6% margin. Fibra Nova plans to distribute MXN$364.2 million (MXN$0.6134/CBFI), with an 18.7% increase, corresponding to 4Q25 results.

Cemex will propose the payment of a previously announced US$180 million dividend with a 40% increase and the creation of a US$500 million share buy-back reserve, at its March 26^th ordinary shareholder’s meeting. In related news, Cemex Ventures announced an investment in Waste to Energy Advanced Solutions (WtEnergy), a startup focused on converting non-recyclable solid waste and biomass into clean energy, reinforcing Cemex’s strategy to scale circular-economy and decarbonization solutions through open innovation.

Invex Controladora finalized the sale of its remaining 20% ownership in the Gana highway project after receiving all required regulatory approvals and third-party consents. The transaction amounted to around MXN$3.96 billion which were paid in kind through FMX23 CBFEs. As a result, Invex Controladora increased its ownership in FMX23 from 17.7% to 27.7%. The sale was executed alongside FMX 23’s MXN$10.3 billion follow-on. Invex expects the transaction to contribute roughly MXN$1.2 billion to its 1Q26 net income. Gana operates key toll road segments — Amozoc–Perote and the Perote bypass — which are part of the corridor linking Mexico City with the Port of Veracruz.

The National Antitrust Commission ordered Ferromex, a subsidiary of Grupo México Transportes, to divest the Nogales-Guaymas section of its Pacífico Norte concession, after identifying competitive barriers in rail freight transport. The measure is part of a preliminary ruling published in the Official Gazette of the Federation.

Asur’s total passenger traffic increased 3.6% YoY to 6.7 million in January. Colombia’s traffic rose 15.0% and Mexico’s 0.9%, while Puerto Rico’s declined 2.1%.

Volaris’ total passenger traffic was up 4.7% YoY to 2.72 million in January, with domestic traffic increasing 3.6% and international traffic rising 7.5%. ASM’s were 4.3% higher, but RPM’s only advanced 2.1% as the load factor decreased 1.8 PP to 84.8%.

KOF issued MXN$10 billion in domestic bonds (“Cebures”). The transaction was structured in tw tranches with ticker symbols KOF26 and KOF26-2. The first tranche consisted of a MXN$7 billion bond with a fixed interest rate of 9.12% (Mbono +0.43%) and a 10-year term. The second tranche amounted to MXN$3 billion with a variable interest rate of TIIE + 0.38% and a 3-year term. The transaction was rated ‘mxAAA’ from S&P Global Ratings, and ‘AAA.mx’ from Moody’s Local MX. KOF intends to use proceeds for general corporate purposes, including the refinancing of maturing debt.

Grupo Elektra’s Banco Azteca has launched its first mutual fund AZTECA 1, which is available through the bank’s mobile app. It will be managed by Operadora Actinver. Banco Azteca expects to reach MXN$5.0 billion in AUM’s in the first year of operations.

Carlos Slim’s investment firm Control Empresarial de Capitales sold approximately 1.7 million shares of PBF Energy across 13 transactions so far in 2026, reducing its stake from 26.6% to 25.4%, according to SEC filings.

Nemak announced it has closed the acquisition of GF Casting Solutions’ automotive business, after meeting all required regulatory approvals and closing conditions.

Fibra Storage purchased a “Guardabox” branch in the state of Querétaro for MXN$22 million, reaching 36 units in operation. Fibra Storage also bought a plot of land in the city of Tijuana, Baja California for MXN$33 million.

Other companies

The CFE issued two bonds amounting to US$1.5 billion last January 28^th in two tranches: i) an 8-year bullet bond with a 6.045% coupon rate, proceeds of which were used entirely to refinance other external market debt; ii) an amortizable bond with a 25-year term (average life of 12 years) and with a 6.5% coupon rate, with resources being allocated to investment projects throughout 2026.

Nu Mexico plans to have ‘’invested’’ (capex and opex) US$4.2 billion 2020-2030 in short- and long-term strategic spending as part of its expansion strategy.

Grupo Coppel plans to invest MXN$14.0 billion in 2026 to expand commercial infrastructure, strengthen technology capabilities, and accelerate clean-energy adoption as part of its 2026–2030 transformation plan totaling MXN$80.0 billion. Of the 2026 allocation, 43% will be aimed at store and logistics infrastructure, 31% to technological transformation for omnichannel integration, and 26% to energy transition, including the remodeling of more than 100 locations, the opening of 2,000 stores, and the creation of approximately 2,500 direct jobs.

AT&T México registered 3.96 million lines in the National Mobile Users Registry, equivalent to roughly 16% of its 24.7 million customer base.

Grupo Vivaerobus’s total passenger traffic increased 3.7% YoY to 2.45 million in January 2026. RPM’s declined 0.1% as ASM’s increased 1.9% but the load factor fell 1.9 PP to 83.5%.

Cryptocurrency exchange Bitso, has added Tether Gold (XAU), a digital asset backed by physical gold, to its crypto listings. Each XAU token represents one troy ounce of fine gold, backed by physical gold bars that meet the LBMA Good Delivery standard and are stored in secure vaults in Switzerland.

SilverBlue, a company specializing in investment, capital structuring, and sustainable finance, plans to invest MXN$500 million in a renewable energy portfolio in Mexico, according to local newswires. The company acquired Solage, a finance company specializing in distributed energy and storage projects.

Auntie Anne’s plans to open 40 stores in Mexico over the next six years, in partnership with Beegroup, in formats ranging from shopping malls to airports, hospitals, and stadiums. The first store opened on January 19 in Monterrey, Nuevo León.

Daypass.com, a Mexican traveltech, closed a €2.0 million financing round. The company plans to expand its operation to 26 countries.

Economic

Headline inflation rose 0.38% in January 2026, below the Citi Mexico Expectations Survey consensus projection of 0.42% for the month. Core inflation increased 0.60% (vs. a 0.58% consensus forecast), driven mainly by higher food, beverages and tobacco prices, while the non-core inflation rate fell 0.36%, reflecting declines in agricultural and other volatile food items that offset a small rise in government-authorized tariffs. On an annual basis, headline inflation stood at 3.79% and core inflation at 4.52%, according to the INEGI release.

The Consumer Confidence Index declined 0.9 pts to 44.0 in January 2026, the lowest level in the last 37 months, with a broad contraction in all components, in particular the current (-0.9 pts) and expected (-0.7 pts) household economic condition, according to INEGI. The CCI decreased 2.7 points YoY due to sharp declines in the current (-4.6 pts) and expected (-6.5 pts) situation of the country.

Formal employment in Mexico declined by 8,104 positions in January 2026, marking the first January job loss since 2009, according to IMSS. Total registered employment stood at 22.51 million positions, equivalent to 0.9% YoY growth, partly reflecting adjustments in platform-based employment.

Industrial production increased by 0.2% MoM (seasonally adjusted) in December, slowing down marginally against the previous two months, according to INEGI. The main drivers were construction (+1.2%), utilities (+0.7%) and mining (+0.5%), while manufacturing declined 0.1%. Industrial production advanced 2.4% (original data), reversing the annual reductions of the last eight months, supported mainly by construction (+6.6%), utilities (+3.9%), manufacturing (+1.3%) and mining (+0.6%).

Light vehicle sales increased 8.7% YoY to 131,491 units in January, INEGI reported. Production fell 2.7% YoY to 303,980 units while exports grew 2.3% to 224,528 units.

Heavy vehicle sales declined 46.3% YoY, while production declined 51.9% and exports fell 53.8% YoY in January, according to INEGI.

Fiscal revenues increased 11% YoY in real terms in January to MXN$595.8 billion, exceeding the budgeted figure. VAT revenues were up 1.4%, income taxes +13.5%, and IEPS +18.8%.

Banco de México will consider additional adjustments to the benchmark interest rate as macroeconomic conditions allow, according to Governor Victoria Rodríguez Ceja in an interview with El Financiero newspaper. On the other hand, hawkish deputy governor Jonathan Heath said that Banco de Mexico’s governing board should act with greater caution in the current monetary easing cycle until it assesses that core inflation shows a clear downward trend.

The Senate unanimously approved President Claudia Sheinbaum’s labor reform which will gradually reduce weekly working hours from 48 to 40. The initiative was turned over to the Chamber of Deputies, where it will be voted next week.

The Ministry of Economy has a portfolio of 20-30 energy projects amounting to US$200 billion, according to Diana León, head of the Energy sector. These projects are part of the US$407 billion investment portfolio, which was announced last week by Secretary Marcelo Ebrard.

President Claudia Sheinbaum stated that, at her administration’s request, private companies will voluntarily return more than 200 unused mining concessions to the Mexican state, aiming to rationalize resource allocation without compulsory measures.

CETES auction: 28-day CETES -2 bps to 6.88%; 91-day CETES -3 bps to 7.00%; 175-day CETES -5 bps to 7.10% and 679-day CETES -24 bps to 7.58%.

Mexico Market Chatter

Las ganancias en renta variable, un desempeño corporativo desigual y la evolución de los indicadores macroeconómicos definen la narrativa del mercado mexicano a mediados de febrero.

Mercados

El S&P / BMV IPC avanzó 2.9% para cerrar en 70,888.04 puntos, tras alcanzar un nuevo máximo histórico intradía el jueves, impulsado por el sólido reporte de AMX, algunos datos macroeconómicos positivos y un entorno global de mayor apetito por riesgo. Por su parte, el peso mexicano se apreció 1.6% para cerrar en MXN$17.23/USD; el rendimiento del M-Bono a 10 años cayó 14 puntos base hasta 8.71%.

Las emisoras con mayores alzas del S&P / BMV IPC fueron: AMX B (+11.3%), LAB B (+8.1%) y ORBIA * (+7.7%). En contraste, las principales caídas correspondieron a: CUERVO * (-2.2%) y GCC * (-1.3%).

Empresas listadas

AMX reportó resultados positivos del 4T25, con un avance de 11.3% durante la semana. Los ingresos crecieron 3.4% anual, impulsados por el dinamismo del servicio móvil, la expansión de banda ancha y la fortaleza en ventas de equipos. Los ingresos por servicios aumentaron 2.3% anual, reflejando un crecimiento de 6.2% en ingresos móviles a tipo de cambio constante gracias al impulso del postpago y una demanda resiliente en prepago. Las adiciones netas postpago alcanzaron 2.8 millones, lideradas por Brasil, Colombia y México, mientras que las adiciones prepago sumaron 647 mil, principalmente desde México, Argentina y Colombia, y las altas netas de banda ancha totalizaron 524 mil, impulsadas por el despliegue de fibra en México y Brasil. El EBITDA creció 4.2% anual respaldado por control de costos y apalancamiento operativo, con un margen de 38.8%, 30 puntos base superior al año previo. La utilidad neta aumentó más de 300% anual debido a una caída cercana al 48% en costos financieros integrales. La razón deuda neta a EBITDAaL LTM cerró en 1.52x, tras un incremento de 39.4% en flujo libre y una reducción de deuda neta. La compañía prevé Capex equivalente a 14–15% de los ingresos. AMX perdió la licitación por los activos chilenos de Telefónica frente a Millicom/NJJ Holding. No obstante, la empresa mexicana busca reducir apalancamiento para emprender adquisiciones en América Latina.

Orbia está cerca de vender su unidad Netafim al empresario chino Howie Wang, quien posee una participación mayoritaria en la empresa privada de irrigación Dayu Irrigation, según reportó el portal israelí Calcalist. Orbia recibiría US$1.12 mil millones por su participación del 80%, equivalente al 50% de su capitalización de mercado actual.

GCarso reportó resultados débiles en el 4T25. Los ingresos totales cayeron 4.7% anual, presionados por la apreciación del peso y la finalización de grandes proyectos de infraestructura. Los ingresos del segmento retail aumentaron 2.3% respaldados por mayor demanda estacional en Sanborns; los ingresos industriales disminuyeron 5.5% reflejando menor demanda de autopartes y efectos cambiarios; los ingresos de infraestructura y construcción descendieron 35.9% debido a la conclusión de proyectos y las primeras etapas de nuevas obras; los ingresos de Elementia cayeron 2.8% afectados por FX y el cierre temporal de una planta; los ingresos de Carso Energy disminuyeron 11.8% por FX y menores ventas energéticas en Panamá pese a transporte de gas resiliente; los ingresos de Zamajal aumentaron 465.2% tras el acuerdo de perforación Ixachi con Pemex. El EBITDA cayó 31.7% anual debido a pérdidas en infraestructura, cargos extraordinarios en Elementia, inversiones tecnológicas en retail y presión cambiaria que compensaron el control de costos, reduciendo el margen a 11.4% desde 15.9%. La utilidad neta disminuyó 18.9% ante menores ingresos operativos y FX adverso. Grupo Carso confirmó que recibió la adjudicación de un contrato mixto de Pemex para la exploración del campo terrestre Macavil, con reservas probadas de 33.7 millones de barriles de condensado y 409.1 mil millones de pies cúbicos de gas natural.

El Consejo de Administración de Walmex nombró a Kyle Kinnard como consejero, reemplazando a Karthik Raghupathy, quien notificó su decisión de retirarse del consejo con efecto al 12 de febrero. Kyle Kinnard es Vicepresidente Ejecutivo y COO de Walmart International. En este rol lidera los equipos responsables de supervisar los mercados de Walmart en México, Centroamérica, Canadá, Chile y Sudáfrica. Inició su carrera en Walmart en 2000 como asociado por hora en Sam’s Club en Arkansas y ha ocupado múltiples cargos directivos en Estados Unidos, China y México antes de regresar como Vicepresidente Senior de Home.

Arca Continental reportó resultados moderados en el 4T25. Los ingresos consolidados disminuyeron 0.6% anual reflejando tendencias de consumo más débiles y menores volúmenes en las regiones, mientras que los volúmenes totales bajaron 0.8% anual por contracciones en México y Sudamérica parcialmente compensadas por crecimiento en Estados Unidos. La utilidad bruta cayó 1.7% anual y el margen se comprimió 60 puntos base a 47.6% por mayores costos de insumos y mezcla desfavorable. El EBITDA disminuyó 4.5% anual con un margen menor en 80 puntos base a 21.0%, impulsado por presión en Estados Unidos y Sudamérica pese al control disciplinado de costos. La utilidad neta cayó 11.5% anual al pesar más los menores ingresos operativos y mayores costos financieros que las eficiencias fiscales. La guía 2026 prevé crecimiento de ventas consolidado de un dígito medio respaldado por incrementos de precios en línea con la inflación y CAPEX cercano a 7% de ventas.

Sigma Foods reportó resultados sólidos en el 4T25 con ingresos y EBITDA récord. Los ingresos totales crecieron 12% anual impulsados por ajustes selectivos de precios, crecimiento moderado en volumen y un efecto cambiario favorable, particularmente en México y Europa. El EBITDA comparable aumentó 34% anual respaldado por una ejecución operativa sólida en las regiones y reembolsos de seguros en Europa, mientras el margen se expandió a 11.6% desde 10.3%. La utilidad neta volvió a terreno positivo por mayores ingresos operativos y ganancias cambiarias frente a pérdidas en el 4T24. Para 2026 la administración proyecta crecimiento de volumen cercano a 2%, crecimiento de ingresos de 4–7% dependiendo del FX, crecimiento de EBITDA comparable de 5–10% y un aumento de CAPEX de 27% enfocado en expansión de capacidad en América y recuperación en Europa.

Alpek registró resultados débiles en el 4T25. Los ingresos totales cayeron 12% anual reflejando un entorno de precios más débil, menores volúmenes, demanda más suave, paros extendidos de mantenimiento y menor actividad exportadora en los segmentos de poliéster y químicos. El EBITDA comparable se contrajo 40% anual debido a márgenes de referencia presionados, tarifas marítimas históricamente bajas y diferenciales de precios desfavorables, principalmente en poliéster, parcialmente compensados por márgenes más resilientes en EPS y desempeño estable en plásticos. El margen EBITDA se comprimió 310 puntos base a 6.6% debido a presión en márgenes y mezcla adversa. La pérdida neta se amplió a US$86 millones. Para 2026 proyecta EBITDA de US$450–500 millones, flujo libre operativo de US$100–150 millones y CAPEX de US$130 millones. Alpek notificó a autoridades de Pensilvania su intención de cerrar su planta en Reading el 15 de marzo, afectando aproximadamente a 100 trabajadores.

KUO reportó resultados débiles en el 4T25. Los ingresos consolidados cayeron 5.3% anual por menores volúmenes domésticos en carne de cerdo, demanda más débil en Norteamérica en transmisiones y polímeros, presión en precios de caucho sintético por competencia asiática y un peso más fuerte, parcialmente compensados por mejor mezcla de producto y precios en Herdez del Fuerte. El EBITDA cayó 2.9% anual por aranceles, FX desfavorable y mayores costos de distribución, parcialmente compensados por eficiencias operativas. El margen EBITDA aumentó 20 puntos base a 9.3%. La pérdida neta se redujo 63.4% anual gracias a menores costos financieros.

La Bolsa Mexicana de Valores reportó resultados moderados en el 4T25. Los ingresos consolidados se mantuvieron sin cambios anuales, respaldados por una mayor actividad en negociación de acciones y derivados, mayores listados de deuda de mediano y largo plazo y un sólido crecimiento en Servicios de Información, lo que compensó el desempeño más débil en compensación de derivados y operaciones OTC. El EBITDA cayó 9% anual debido a un aumento de 15% en gastos operativos vinculados a proyectos estratégicos, actualizaciones tecnológicas, digitalización, mayores costos de personal, depreciación y honorarios de consultoría, lo que redujo el margen en 529 puntos base a 54%. La utilidad neta disminuyó 20% anual, afectada por menores ingresos operativos, resultados financieros más débiles ante recortes en tasas de interés y efectos cambiarios, así como una mayor tasa efectiva de impuestos. La compañía espera CAPEX por MXN$500 millones y un aumento de gastos operativos de un dígito alto, y propondrá el pago de un dividendo de MXN$2.05 por acción junto con mantener la reserva de recompra de acciones en su asamblea del 30 de abril.

Fibra Nova reportó resultados positivos del 4T25. Los ingresos totales aumentaron 14.8% anual principalmente por expansión del portafolio, firma de nuevos contratos de arrendamiento y ajustes de rentas en dólares. El margen NOI disminuyó a 97.0% desde 97.5% por mayores gastos operativos, aunque el NOI creció 14.2%. El EBITDA aumentó 27.6% debido a una ganancia extraordinaria relacionada con la recuperación de gastos asociados a inquilinos, elevando el margen en 10 puntos porcentuales a 100.2%. El FFO creció 20.0% con margen de 94.6%. La compañía planea distribuir MXN$364.2 millones (MXN$0.6134 por CBFI), un incremento de 18.7%, correspondiente a resultados del trimestre.

Cemex propondrá el pago de un dividendo previamente anunciado por US$180 millones, con un incremento de 40%, y la creación de una reserva de recompra de acciones por US$500 millones en su asamblea ordinaria del 26 de marzo. En noticias relacionadas, Cemex Ventures anunció una inversión en Waste to Energy Advanced Solutions, una startup enfocada en convertir residuos sólidos no reciclables y biomasa en energía limpia, reforzando la estrategia de la compañía de escalar soluciones de economía circular y descarbonización mediante innovación abierta.

Invex Controladora concretó la venta de su participación restante de 20% en el proyecto carretero Gana tras obtener todas las aprobaciones regulatorias y consentimientos de terceros requeridos. La operación ascendió a aproximadamente MXN$3.96 mil millones, pagados en especie mediante CBFEs FMX23, lo que incrementó su participación en FMX23 de 17.7% a 27.7%. La transacción se ejecutó en paralelo con la colocación subsecuente por MXN$10.3 mil millones de FMX23 y se espera que contribuya cerca de MXN$1.2 mil millones a la utilidad neta del 1T26. Gana opera segmentos clave de autopistas de cuota que conectan la Ciudad de México con el Puerto de Veracruz.

La Comisión Nacional Antimonopolio ordenó a Ferromex, subsidiaria de Grupo México Transportes, desincorporar el tramo Nogales–Guaymas de su concesión Pacífico Norte, tras identificar barreras a la competencia en el transporte ferroviario de carga. La medida forma parte de una resolución preliminar publicada en el Diario Oficial de la Federación.

El tráfico total de pasajeros de Asur aumentó 3.6% anual hasta 6.7 millones en enero. El tráfico en Colombia creció 15.0% y en México 0.9%, mientras que en Puerto Rico cayó 2.1%.

El tráfico total de pasajeros de Volaris creció 4.7% anual hasta 2.72 millones en enero, con el tráfico doméstico aumentando 3.6% y el internacional 7.5%. Los ASM aumentaron 4.3%, pero los RPM solo avanzaron 2.1%, mientras que el factor de ocupación disminuyó 1.8 puntos porcentuales hasta 84.8%.

KOF emitió MXN$10 mil millones en bonos locales (“Cebures”). La operación se estructuró en dos tramos con claves de pizarra KOF26 y KOF26-2. El primer tramo consistió en un bono por MXN$7 mil millones con tasa fija de 9.12% (Mbono +0.43%) y plazo de 10 años. El segundo tramo ascendió a MXN$3 mil millones con tasa variable de TIIE + 0.38% y plazo de 3 años. La emisión fue calificada ‘mxAAA’ por S&P Global Ratings y ‘AAA.mx’ por Moody’s Local MX. KOF planea destinar los recursos a propósitos corporativos generales, incluyendo refinanciamiento de deuda.

Banco Azteca, de Grupo Elektra, lanzó su primer fondo de inversión AZTECA 1, disponible a través de la aplicación móvil del banco. Será administrado por Operadora Actinver. Banco Azteca espera alcanzar MXN$5 mil millones en activos bajo gestión durante el primer año de operación.

La firma de inversión de Carlos Slim, Control Empresarial de Capitales, vendió aproximadamente 1.7 millones de acciones de PBF Energy en 13 operaciones realizadas hasta ahora en 2026, reduciendo su participación de 26.6% a 25.4%, de acuerdo con registros ante la SEC.

Nemak anunció el cierre de la adquisición del negocio automotriz de GF Casting Solutions, tras cumplir con todas las aprobaciones regulatorias y condiciones de cierre requeridas.

Fibra Storage adquirió una sucursal “Guardabox” en el estado de Querétaro por MXN$22 millones, alcanzando 36 unidades en operación. Fibra Storage también compró un terreno en la ciudad de Tijuana, Baja California, por MXN$33 millones.

Otras empresas

La CFE emitió dos bonos por un total de US$1.5 mil millones el pasado 28 de enero en dos tramos: i) un bono bullet a 8 años con cupón de 6.045%, cuyos recursos se utilizaron completamente para refinanciar deuda externa existente; ii) un bono amortizable a 25 años (vida promedio de 12 años) con cupón de 6.5%, cuyos recursos se destinarán a proyectos de inversión durante 2026.

Nu Mexico planea haber “invertido” (capex y opex) US$4.2 mil millones entre 2020 y 2030 en gasto estratégico de corto y largo plazo como parte de su estrategia de expansión.

Grupo Coppel planea invertir MXN$14 mil millones en 2026 para expandir infraestructura comercial, fortalecer capacidades tecnológicas y acelerar la adopción de energía limpia como parte de su plan de transformación 2026–2030 por MXN$80 mil millones. Del monto de 2026, 43% se destinará a infraestructura de tiendas y logística, 31% a transformación tecnológica para integración omnicanal y 26% a transición energética, incluyendo la remodelación de más de 100 ubicaciones, la apertura de 2,000 tiendas y la creación de aproximadamente 2,500 empleos directos.

AT&T México registró 3.96 millones de líneas en el Registro Nacional de Usuarios Móviles, equivalente aproximadamente al 16% de su base de 24.7 millones de clientes.

El tráfico total de pasajeros de Grupo Vivaerobus aumentó 3.7% anual hasta 2.45 millones en enero de 2026. Los RPM cayeron 0.1% mientras los ASM aumentaron 1.9% y el factor de ocupación descendió 1.9 puntos porcentuales hasta 83.5%.

La plataforma de criptomonedas Bitso añadió Tether Gold (XAU) a su listado de activos digitales. Cada token XAU representa una onza troy de oro fino respaldada por lingotes físicos que cumplen el estándar LBMA Good Delivery y almacenados en bóvedas seguras en Suiza.

SilverBlue, empresa especializada en inversión, estructuración de capital y finanzas sostenibles, planea invertir MXN$500 millones en un portafolio de energía renovable en México, según agencias locales. La compañía adquirió Solage, firma enfocada en proyectos de energía distribuida y almacenamiento.

Auntie Anne’s planea abrir 40 tiendas en México durante los próximos seis años, en alianza con Beegroup, en formatos que van desde centros comerciales hasta aeropuertos, hospitales y estadios. La primera tienda abrió el 19 de enero en Monterrey, Nuevo León.

Daypass.com, empresa mexicana de traveltech, cerró una ronda de financiamiento por €2 millones. La compañía planea expandir operaciones a 26 países.

Economía

La inflación general aumentó 0.38% en enero de 2026, por debajo del consenso de 0.42% de la Encuesta Citi de Expectativas México. La inflación subyacente subió 0.60% (vs. 0.58% esperado), impulsada principalmente por mayores precios en alimentos, bebidas y tabaco, mientras que la inflación no subyacente cayó 0.36%, reflejando disminuciones en productos agrícolas y otros alimentos volátiles que compensaron un ligero aumento en tarifas autorizadas por el gobierno. En términos anuales, la inflación general se ubicó en 3.79% y la subyacente en 4.52%, según INEGI.

El Índice de Confianza del Consumidor disminuyó 0.9 puntos a 44.0 en enero de 2026, el nivel más bajo en 37 meses, con contracción generalizada en todos sus componentes, particularmente en la situación económica actual (-0.9 pts) y esperada (-0.7 pts) del hogar, según INEGI. En términos anuales el índice cayó 2.7 puntos debido a fuertes descensos en la situación actual (-4.6 pts) y esperada (-6.5 pts) del país.

El empleo formal en México disminuyó en 8,104 plazas en enero de 2026, marcando la primera pérdida de empleo en enero desde 2009, de acuerdo con el IMSS. El empleo registrado total se ubicó en 22.51 millones de puestos, equivalente a crecimiento anual de 0.9%, reflejando parcialmente ajustes en empleo basado en plataformas.

La producción industrial aumentó 0.2% mensual en diciembre (ajustada por estacionalidad), desacelerándose marginalmente respecto a los dos meses previos, según INEGI. Los principales impulsores fueron construcción (+1.2%), servicios públicos (+0.7%) y minería (+0.5%), mientras manufactura cayó 0.1%. En términos anuales, la producción industrial avanzó 2.4%, revirtiendo las caídas de los ocho meses anteriores, impulsada por construcción (+6.6%), servicios públicos (+3.9%), manufactura (+1.3%) y minería (+0.6%).

Las ventas de vehículos ligeros aumentaron 8.7% anual hasta 131,491 unidades en enero, reportó INEGI. La producción cayó 2.7% anual a 303,980 unidades mientras las exportaciones crecieron 2.3% hasta 224,528 unidades.

Las ventas de vehículos pesados cayeron 46.3% anual, mientras la producción disminuyó 51.9% y las exportaciones bajaron 53.8% en enero, según INEGI.

Los ingresos fiscales aumentaron 11% anual en términos reales en enero hasta MXN$595.8 mil millones, superando la cifra presupuestada. El IVA creció 1.4%, el ISR 13.5% y el IEPS 18.8%.

Banco de México considerará ajustes adicionales a la tasa de referencia conforme lo permitan las condiciones macroeconómicas, según declaró la gobernadora Victoria Rodríguez Ceja en entrevista con El Financiero. Por su parte, el subgobernador Jonathan Heath señaló que la Junta debería actuar con mayor cautela en el ciclo actual de relajamiento monetario hasta observar una tendencia clara a la baja en la inflación subyacente.

El Senado aprobó por unanimidad la reforma laboral de la presidenta Claudia Sheinbaum que reducirá gradualmente la jornada semanal de 48 a 40 horas. La iniciativa fue turnada a la Cámara de Diputados, donde será votada la próxima semana.

La Secretaría de Economía cuenta con una cartera de 20–30 proyectos energéticos por un monto aproximado de US$200 mil millones, según Diana León, responsable del sector energético. Estos proyectos forman parte del portafolio de inversión por US$407 mil millones anunciado por el secretario Marcelo Ebrard.

La presidenta Claudia Sheinbaum afirmó que, a solicitud de su administración, empresas privadas devolverán voluntariamente más de 200 concesiones mineras no utilizadas al Estado mexicano, con el objetivo de racionalizar la asignación de recursos sin recurrir a medidas coercitivas.

Subasta de CETES: 28 días -2 pb a 6.88%; 91 días -3 pb a 7.00%; 175 días -5 pb a 7.10%; 679 días -24 pb a 7.58%.

At the macro level, the backdrop reinforces a narrative of moderate but resilient momentum. Banxico maintained its monetary stance, GDP growth modestly exceeded expectations, and the government advanced an ambitious infrastructure and supply-chain investment agenda. Against slower annual expansion, evolving credit dynamics, and mixed consumption signals, Mexico enters 2026 in a transitional phase where financial stability coexists with structural challenges and opportunities for economic reposition

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The S&P / BMV IPC rallied another 1.7% after setting a new intraday historically high. The index benefited from the rally in GFNorte’s, Peñoles and GMexico’s shares, as well as global risk appetite for emerging markets. Meanwhile, the Mexican peso appreciated 1.4% to close at MXN$17.22/USD; the yield of the 10-year M-Bono was down 14 bps to 8.83%.

The S&P / BMV IPC’s top gainers were: GFNORTE O (+10.2%), PEÑOLES * (+9.2%), and GMEXICO B (+7.6%). On the other hand, the main losers were: CUERVO * (-10.6%), LAB B (-6.3%) and TLEVISA CPO (-5.4%).

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