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.
🛑 Piracy tsunami dwarfs Cup windfall — 25 t of fake FIFA gear seized in Tepito, yet annual counterfeiting already bleeds Mexico of ≈US$3 bn and 70 000 formal jobs — more than the Cup’s projected economic boost.
🤖 Flex bets US$1 bn on AI hardware — the electronics giant will build liquid-cooled server racks and power solutions in Jalisco, Chihuahua and Aguascalientes, creating 5 000 jobs and cementing Mexico’s role in the AI supply chain.
🏟️ Atlas sold for a reported US$220 m — entrepreneur José Miguel Bejos buys the Guadalajara club from Grupo Orlegi as FIFA’s single-ownership mandate forces a reshuffle.
🏢 Fibra slug-fest gets personal — Prologis fires back at Fibra Monterrey’s counter-offer for Fibra Macquarie, calling the rival plan “contradictory and deficient” in one of Mexico’s most public REIT battles.
🏬 Gicsa exits the Bolsa — the mall developer will tender all outstanding shares, joining Biopapel, Lala, Bachoco and others in the recent delisting wave.
🏦 Banamex installs new captain — ex-Bajío chief Edgardo del Rincón replaces Manuel Romo to lift efficiency and ROE ahead of the bank’s spin-off.
🛍️ Lululemon stretches further south — eight new stores and a full e-commerce launch will take the athleisure brand to 34 Mexican outlets.
The episode also features quick takes on airline fuel-cost hits, cautious consumer results, and how U.S. investors are reshaping global soccer ownership, plus full interviews with Andrés Martínez and Pedro Casas.
Listen here on Spotify.
Listed companies
América Móvil delivered solid 1Q26 results. Total revenues were up 2.1% YoY due to 0.6% service revenue growth and a 7.4% equipment revenue increase and extraordinary other revenue from a favorable legal ruling in Chile. Service revenues rose 0.6% YoY in pesos, while at constant FX total revenues increased 6.1% and service revenues 4.6%, with mobile service revenues up 6.4% on stronger prepaid trends in Mexico and Colombia and fixed-line service revenues up 1.7% on rapid growth in Eastern Europe, Central America, Peru and Ecuador. Post-paid net additions reached 3.1 million, led by Brazil, Colombia, Peru, Argentina and Mexico, pre-paid net additions were -90 thousand, and broadband net additions totaled 594 thousand, with Mexico and Brazil as the main contributors. EBITDA grew 3.8% YoY due to stronger operating leverage and cost discipline, with EBITDA margin at 39.9%. Net profit rose 25.1% YoY due to higher operating profit and a 9.9% decline in comprehensive financing cost from lower net interest expense. Net debt/EBITDA closed at 1.41x, which remains comfortable and reflects disciplined balance-sheet management after capex, buybacks and labor obligations. The main developments of the quarter were the proposed MXN$0.54 per share ordinary dividend, the additional MXN$10 billion allocation to the buyback fund, and the announced agreement to acquire roughly 73% of Desktop in Brazil.
Cemex posted positive 1Q26 results, ahead of expectations. Consolidated revenues were up 11% YoY (3% like-to-like), driven by pricing across all regions and solid performance in Mexico, which offset softer volumes in some markets. Consolidated volumes showed mixed trends, with cement down 1%, ready-mix declining 3%, and aggregates flat, reflecting weather impacts in EMEA and residential weakness in the US, partially offset by infrastructure demand and growth in Mexico. Prices increased strongly across regions, particularly in Mexico and EMEA, supported by disciplined pricing and inflation pass-through. EBITDA rose 34% YoY (23% like-to-like), above expectations, driven by cost efficiencies under Project Cutting Edge, higher pricing, operating leverage, and margin expansion across most regions. EBITDA margin expanded 330 bps to 19.8%, supported by structural cost reductions and pricing, with Mexico, EMEA, and SCAC leading the improvement while the US remained flat. Net profits declined 69% YoY due to the absence of a one-off gain from asset disposals in 1Q25; adjusting for this effect, underlying profitability nearly doubled. Free cash flow turned positive versus a negative base in 1Q25, supported by higher EBITDA and lower maintenance capex, although working capital outflows remained significant. Net debt to EBITDA improved to 2.30x from 2.57x, reflecting deleveraging and EBITDA growth. During the quarter, Cemex advanced its portfolio optimization strategy with the announced divestment of Colombian assets and the acquisition of Omega in the US, reinforcing its value-accretive capital allocation approach. The company highlighted that a significant portion of margin gains is structural and sustainable, while it maintained a cautious stance on demand amid geopolitical risks and mixed regional trends.
GFNorte reported neutral 1Q26 results. Total portfolio declined 1% YoY, with expansion concentrated in consumer lending up 11% YoY, alongside commercial growth of 6% and corporate growth of 2%, while government exposure contracted 5%. Asset quality remained stable, with the NPL ratio at 1.43%, increasing 51bps YoY due to the isolated commercial Stage 3 case, portfolio mix toward consumer products, and mortgage write-off policy adjustments. Deposits increased 6% YoY, supported by a 15% rise in non-interest-bearing demand balances and an 11% increase in time deposits, strengthening the funding mix. Net interest income expanded 10% YoY, driven by lower funding costs, improved loan mix, and inflation-linked adjustments in annuities, while NIM widened 34bps YoY to 6.5%. Non-interest income contracted 9% YoY, reflecting normalized trading results and a weaker technical outcome, partially offset by stable fee generation and gains from asset disposals. Provisions increased 36% YoY, explained by the integration of Tarjetas del Futuro, internal model recalibration, the isolated commercial exposure, and stronger consumer origination, whereas expenses rose 10% YoY due to business scale effects and higher technology and infrastructure investment; despite this, the efficiency ratio was up 57 bps to 34.2%. Net profit advanced 1% YoY and ROE improved 54 bps YoY to 23.9%, reflecting margin strength and cost discipline.
Grupo Financiero Banamex appointed Edgardo del Rincón Gutiérrez as its new CEO effective June 1st, in substitution of Manuel Romo. Mr. Rincón Gutiérrez resigned as Banco del Bajío’s CEO and member of the Board of Directors, effective as May 1, 2026. Mr. Iván Lomelí León will assume the role of BanBajío CEO, pending approval by the Board of Directors to be held on April 29th.
Grupo Aeroportuario del Pacífico reported neutral 1Q26 results. Total revenues grew +2.8% YoY, with aeronautical revenues at +3.9% (driven by tariff increases in Mexico under the 2025–2029 regulatory framework) and non-aeronautical revenues at +6.1% (supported by higher commercial activity in Mexico, particularly cargo, parking and retail), partially offset by declines in Jamaica due to lower traffic and FX effects. Passenger traffic decreased -5.5% YoY, reflecting weakness in international volumes, mainly in Montego Bay due to Hurricane Melissa and softer demand in key Mexican airports amid security disruptions. EBITDA increased +6.4% YoY, with margin expansion to 52.7% (+180 bps YoY) supported by operating leverage and lower concession fees despite higher labor and security costs. Net income rose +15.9% YoY, driven by higher operating income and FX gains from peso appreciation. During the quarter, GAP issued MXN$10.7 billion in bonds to fund a 25% CBX stake acquisition and capex under its MDP, refinanced bank debt, and continued to evaluate the CBX integration and AMP internalization.
Arca Continental reported neutral 1Q26 results. Consolidated revenues flat YoY (+0.2%) driven by pricing and mix in Mexico, FX translation effects in the US despite solid local-currency growth, and a decline in South America mainly due to Argentina weakness. Consolidated volumes increased 2.9% YoY supported by growth in water and still beverages, with Mexico rising 1.8% on water and stills expansion, the US advancing 4.7% across all categories, and South America improving 3.7% driven by Peru and Ecuador offset by a contraction in Argentina. Consolidated gross profit grew 1.4% YoY reflecting lower cost of sales and favorable FX impact, while gross margin expanded 60 bps YoY supported by cost efficiencies and product mix. Consolidated EBITDA decreased 0.2% YoY due to higher operating expenses and regional mix, while EBITDA margin contracted 10 bps YoY, with Mexico maintaining stable margins, the U.S. achieving slight expansion, and South America facing significant compression. Consolidated net profits declined 8.5% YoY reflecting higher financial expenses and weaker operating income.
Gentera reported a solid 1Q26 with total portfolio up 14.7% YoY driven by strong loan growth across Banco Compartamos Mexico, Peru, and ConCrédito, reaching record levels. NPL ratio increased to 4.13% from 3.73% YoY reflecting portfolio mix and growth, although remaining within the company’s expected range. Net interest income rose 15.7% YoY supported by higher interest income from portfolio expansion and contained funding costs, while NIM expanded 50 bps to 40.0% on improved asset yields. Provisions increased 26.1% YoY due to portfolio growth and higher credit risk, leading to net interest income after provisions increasing 12.1% YoY and NIM after provisions contracting 50 bps to 28.8%. Commissions grew 18.7% YoY driven by strong insurance activity across subsidiaries. Expenses rose 10.5% YoY reflecting salary dynamics and strategic initiatives, below full-year guidance expectations. Net income advanced 12.3% YoY supported by operating income growth, while ROE improved to 26.9% from 25.8% YoY reflecting sustained profitability.
Quálitas delivered weak 1Q26 results. Written premiums increased 15.3% YoY driven by strong performance in fleet and financial institutions segments; earned premiums rose 11.7% YoY reflecting portfolio mix and higher multi-year policies. Insured units grew 3.4% YoY supported by expansion in Mexico and international subsidiaries. Acquisition ratio reached 22.6% (+42 bps YoY) due to mix shift toward higher-commission channels; loss ratio stood at 62.6% (+290 bps YoY) driven by higher average claim costs from VAT effects but mitigated by lower claims frequency and absence of weather events; operating ratio improved to 5.0% (-126 bps YoY) reflecting cost discipline and lower PTU provisions; combined ratio reached 90.2% (+206 bps YoY), below target range. Comprehensive financial income declined 23.3% YoY impacted by lower interest rates and weaker equity performance. Net profits decreased 27.5% YoY reflecting lower financial income and higher claims, with no consensus comparison available.
Asur reported weak 1Q26 results. Total operating revenues grew 0.8% YoY, fueled by an increase in non-aeronautical services due to the full-quarter consolidation of the US commercial segment, partially offset by declines in aeronautical services and construction revenues. Total passenger traffic increased 1.9% YoY, driven by Colombia traffic (+11.0%) reflecting strong domestic and international demand, while Mexico traffic remained flat (-0.1%) due to weaker domestic demand offsetting international growth, and San Juan traffic declined 2.2% reflecting lower domestic volumes. EBITDA decreased 6.5% YoY, reflecting higher operating costs, the ramp-up phase and negative contribution from the US segment, and higher depreciation in Colombia, while EBITDA margin contracted to 60.4% (-471 bps) due to cost pressures and consolidation effects. Net profits declined 19.6% YoY, reflecting higher interest expenses from new debt, lower interest income, and higher depreciation.
Pinfra reported neutral 1Q26 results with total revenues up 18% YoY due to higher traffic in toll roads, a strong increase in construction activity, and higher asphalt mix sales, partially offset by the absence of IPM revenues following the Altamira terminal sale. EBITDA grew 4% YoY, supported by traffic growth and contributions from construction and plants, although the comparison was affected by the divestment of IPM. EBITDA margin contracted to 58% from 67%, reflecting a higher weight of lower-margin construction revenues and the consolidation effect. Net profits rose 36% YoY, mainly explained by a favorable comprehensive financing result due to lower interest expenses and FX gains.
Sigma Foods reported outstanding 1Q26 operating results. Total revenues increased 13% YoY driven by higher volumes and favorable FX translation, with strong performance in Mexico and Europe offsetting weaker trends in the US. Comparable EBITDA rose 18% YoY reflecting solid execution in Mexico, improved profitability in Europe, and sequential recovery in Latam, partially offset by a 13% decline in the US. EBITDA margin expanded 40 bps to 11.0%, supported by stronger comparable profitability and operating leverage. Net profits decreased 64% YoY reflecting lower operating results and a high comparison base in the prior year.
Gruma posted weak 1Q26 results. Total revenues were up 5% YoY driven by FX translation effects from Mexico and higher volumes, broadly in line with expectations, while volume increased 1% YoY supported by growth across most regions excluding the US food service channel. Gross profit rose 2% YoY reflecting higher sales, while gross margin contracted 110 bps due to higher raw material and labor costs. EBITDA declined 5% YoY due to cost inflation and operating deleverage, with EBITDA margin down 170 bps. Net income decreased 20% YoY reflecting lower operating income and higher FX-related financial costs.
Genomma Lab reported negative 1Q26 results. Net revenues declined -4.9% YoY, driven by weak consumption in Mexico, continued trade inventory destocking, disruptions in the US Hispanic retail channel, and FX headwinds from peso appreciation, partially offset by resilient LatAm performance with +5.3% like-for-like growth. Gross profit decreased -4.0% YoY, while gross margin expanded +61bps to 63.4%, supported by productivity initiatives and cost discipline. EBITDA fell -8.7% YoY, with EBITDA margin contracting -96bps to 22.8%, reflecting operating deleverage and higher OpEx linked to growth investments and market share defense. Net income declined -0.8% YoY driven by lower financial expenses despite weaker operating performance.
GCC delivered positive 1Q26 results. Net sales increased 19.8% YoY driven by higher cement and concrete volumes in the U.S. and Mexico and stronger concrete prices, partially offset by lower cement prices, while volumes expanded across regions (cement U.S. +10.6%, Mexico +12.8%; concrete U.S. +15.9%, Mexico +5.9%) and pricing showed a mixed trend (strong concrete price increases, especially U.S. +27.8%, offset by cement price declines). EBITDA grew 18.3% YoY supported by operating leverage from higher volumes and demand in infrastructure and residential segments, partially offset by higher costs and unfavorable mix, with EBITDA margin at 29.5%, representing a 30-bps contraction due to cost pressures and mix. Net income rose 18.6% YoY driven by operating performance and lower financial expenses from capitalized interest. Free cash flow turned negative, reflecting higher working capital requirements, higher cash taxes and lower interest income. Net debt to EBITDA stood at -0.47x.
Grupo Comercial Chedraui reported weak 1Q26 results. Sales declined 6.2% YoY, driven by weaker sales in the US and a 14.3% appreciation of the Mexican peso impacting consolidation. Mexico SSS increased 2.1% supported by higher average ticket despite lower transactions, while US same store sales decreased 2.8% due to reduced traffic linked to stricter immigration enforcement and a high comparison base. Gross margin expanded 87 bps to 24.3% reflecting improved promotional and inventory management in Mexico and cost efficiencies in the US, while gross profit declined 2.8% in line with lower sales. EBITDA fell 3.8% with margin expanding 22 bps to 8.6% supported by expense control and distribution efficiencies, particularly at the Rancho Cucamonga facility. Net profit increased 1.0% YoY, reflecting financial discipline and lower financing costs.
Kimberly-Clark de México reported positive 1Q26 results, with total revenues increasing 4% YoY driven by a 5% expansion in Consumer Products supported by strong brand momentum and market share gains, partially offset by declines in Away from Home and exports. Gross profit rose 11% YoY due to lower input costs and FX tailwinds, while gross margin expanded 280 bps to 41.0% reflecting favorable raw material prices and cost discipline. EBITDA grew 10% YoY fueled by P$450 million in cost savings, with EBITDA margin improving 160 bps to 26.7% at the upper end of the long-term range. Net income increased 10% YoY due to by operating leverage and share repurchases, despite higher financing costs.
Megacable reported favorable 1Q26 results. Total revenues grew 8.7% YoY, with Mass Segment revenues increasing 11.3% YoY due to higher penetration and maturation in expansion territories, strength in legacy markets, and tariff adjustments, while Corporate Segment revenues declined 4.0% YoY due to lower contribution projects in the business segment and a slow recovery in the government channel. RGUs increased 7.8% YoY reflecting sustained subscriber additions across Internet, telephony, video, and mobile services, supported by bundling strategies and network expansion. ARPU rose 1.7% YoY driven by higher-quality subscriber mix and pricing actions despite competitive pressures. EBITDA grew 8.5% YoY supported by revenue performance in the Mass Segment, while EBITDA margin contracted slightly by 10 bps to 46.2%. Net profits increased 16.3% YoY driven by operating growth and lower financing costs.
Alpek delivered neutral 1Q26 results with significant margin expansion. Total revenues decreased 1% YoY, as a consequence of stable prices and slightly lower volumes amid softer demand conditions earlier in the quarter, partially offset by improved operating conditions toward the end of the period. Comparable EBITDA increased 19% YoY, driven by higher reference margins in the Polyester segment and a recovery in volumes supported by geopolitical-driven market dynamics. EBITDA margin expanded 150 bps YoY to 8.9%, reflecting improved spreads and operating leverage. The company reported a net loss in 1Q26 compared to a net profit in 1Q25, mainly explained by higher operating expenses and financial costs. Management expects to reach the high end of its comparable EBITDA guidance range o0f US$450-550 million for 2026.
Vesta 1Q26 posted positive results. Vesta reported solid 1Q26 results with total rental income increasing 14.4% YoY driven by new revenue-generating contracts, inflationary rent adjustments, and FX translation effects, partially offset by non-renewed leases. Adjusted NOI rose 13.4% YoY reflecting higher rental income, while margin contracted 62 bps due to increased property operating costs. Adjusted EBITDA grew 12.4% YoY supported by operating leverage, although margin declined 130 bps on higher administrative and maintenance expenses. Vesta FFO (-Tax Expense) advanced 4.9% YoY primarily due to a favorable deferred tax impact, offsetting higher interest expense pressures.
Grupo Aeromexico neutral favorable 1Q26 results. Total revenues increased 13.3% YoY due to strong demand recovery, higher premium revenue mix, improved load factors and MXN appreciation. Total passengers reached 5.8 million, declining 1.5% YoY due to disciplined capacity management and localized disruptions, while ASMs decreased 1.2% YoY reflecting network optimization. Adjusted EBITDAR rose 5.0% YoY supported by pricing initiatives, cost control and premium strategies, with the margin at 25%, down 2.0 PP YoY due to higher fuel prices, MXN strength and inflationary pressures on labor and ownership costs. Net profit declined 51.0% YoY impacted by higher net financing costs, particularly FX losses and increased interest expenses linked to fleet expansion. For 2Q26, Aeromexico expects ASMs growth of 1.5%–2.5%, revenue growth of 12.5%–15.5% YoY, and an Adjusted EBITDAR margin of 17%–20%
Bolsa posted neutral 1Q26 results, CFO to retire. Revenues increased 7% YoY supported by higher equities and derivatives trading volumes, stronger equity clearing, growth in custody services, and increased cross-border transactions. EBITDA rose 6% YoY reflecting operating leverage from revenue expansion despite higher personnel, technology, and depreciation expenses, while the EBITDA margin contracted to 56.5% due to cost pressures associated with strategic investments and operational scaling. Net profits remained flat YoY as improved operating performance was offset by a sharp decline in comprehensive financing income linked to lower interest rates and reduced cash yields, partially mitigated by a lower effective tax rate. Bolsa announced that its CFO Ramón Güemez will retire at the end of May after an 18-year career at the institution.
Nemak posted weak 1Q26 results. Total revenues were up 15.3% YoY due to the consolidation of GF Casting Solutions, higher aluminum prices, and favorable FX from euro appreciation, while volume trends remained constrained by lower vehicle production in North America and Europe despite stable customer production and growth in EV/SC programs. However, EBITDA declined 14.5% YoY reflecting a high comparison base from prior-year commercial compensations, extraordinary operating expenses linked to higher utilization in North America, integration costs, and FX headwinds from the stronger Mexican peso. EBITDA margin contracted to 9% from 12% due to cost pressures, unfavorable mix effects, and the dilution impact of the acquired business during early integration stages. Net income reached US$21 million, compared to a loss in the prior year, supported by a non-cash FX gain from euro appreciation and positive deferred tax adjustments, which offset weaker operating profitability.
Kuo reported weak 1Q26 Results. Revenues declined 7.7% YoY, driven by lower volumes and weaker demand in Transmissions and Polymers, lower selling prices in Synthetic Rubber, and adverse FX effects, partially offset by a 10% increase in Herdez del Fuerte supported by higher volumes and improved product mix. EBITDA decreased 16.4% YoY, reflecting weaker performance in Industrial businesses due to an unfavorable sales mix, higher logistics costs from tariffs, FX headwinds, and negative inventory effects, partially mitigated by a 28% increase in Herdez del Fuerte supported by operational efficiencies and lower raw material costs. EBITDA margin contracted 100 bps to 9.3%, impacted by margin compression in Industrial operations, particularly Transmissions, Polymers, and Synthetic Rubber. Net profits declined 97.7% YoY, mainly due to the absence of extraordinary gains from the Aftermarket business sale in 2025 and lower operating results. KUO said it has paid MXN$442 million to the fiscal authorities as part of the agreement reached in the pork division.
Grupo Herdez reported strong operating 1Q26 results. Net sales grew 17.5% YoY fueled by front-loading strategies to secure inventory ahead of the ERP implementation, with preserves and core categories benefiting from Lent seasonality and impulse supported by solid execution in single-serve formats, while exports declined 11.3% due to FX headwinds and input shortages. Volume expanded supported by domestic demand and inventory build-up, partially offset by export weakness. Gross profit increased 13.8% YoY reflecting higher sales, while gross margin contracted 100 bps due to raw material inflation, particularly wheat semolina, with partial mitigation from favorable mix and lower tomato costs toward quarter-end. EBITDA rose 23.7% YoY driven by operating leverage and higher related-party service income, with EBITDA margin expanding 80 bps to 15.6% supported by expense dilution. Net income declined 32.0% YoY on a recurring basis due to a sharp increase in net financing cost linked to FX losses, despite stronger operating performance and equity income contribution.
Consorcio ARA reported a strong 1Q26 performance, with revenues increasing 23.6% YoY as a result of higher housing sales volumes and price appreciation, supported by solid growth in the Residential (+64.9%) and Middle-Income segments (+21.4%). Units sold rose 10.3% YoY reflecting stronger demand across key segments, while average price expanded 12.5% YoY due to product mix improvement and pricing gains across all housing categories. Gross profit grew 18.9% YoY, while gross margin contracted 100-bps due to cost pressures. EBITDA advanced 35.4% YoY supported by revenue growth and a 160-bps reduction in expenses as a percentage of sales, leading to a 130-bps expansion in EBITDA margin to 14.6%. Net income increased 12.2% YoY.
Axtel reported weak 1Q26 results. Total revenues declined 1% affected by a 32% contraction in the Wholesale segment due to an unfavorable comparison base from extraordinary revenues in 1Q25, partially offset by 6% growth in Enterprise (higher IT & cybersecurity and telecom services) and 8% in Government (strong telecom solutions). Comparable EBITDA decreased 31% YoY, reflecting lower gross profit, higher operating and commercial expenses, and reduced other income, while comparable EBITDA margin contracted to 25% from 36% as a result of weaker segment contribution and higher general expenses. The company reported a net loss, from a profit in the prior year, explained by the sharp EBITDA decline and the impact of a one-time reorganization charge. During the quarter, the company executed an organizational restructuring with an 11% workforce reduction to align costs.
Fibra Macquarie’s Technical Committee has determined that the price offered by Fibra Prologis is fair from a financial point of view for the holders of Fibra Macquarie’s CFBI’s, based on the opinion issued by its financial advisor, Bank of America, and other factors. In related news, FIBRA Prologis said that the Preliminary Prospectus and Information Brochure that FMTY submitted in relation to the Fundamental Economic Aspects of its Potential Offering to acquire Fibra Macquarie is Changeable, Contradictory and could be potentially deficient.
Walmex shareholders approved the payment of a MXN$1.16/share cash dividend in two installments, the creation of a MXN$10 billion share buy-back reserve and the payment of an extraordinary cash dividend to be determined by the Board of Directors.
Grupo Gicsa intends to delist itself from the BMV through a voluntary tender offer at MXN$3.80/share, with an estimated 34.8% premium versus the 30-day VWAP.
Grupo Elektra’s Elektra Motos opened seven new agencies in 1Q26, with which it has more than 100 agencies nationwide.
Other companies
CFE will invest MXN$71.173 billion during the 2025–2030 period in the expansion of the National Transmission Network. The strategic program includes the construction of new transmission lines, the modernization and expansion of substations, as well as the incorporation of advanced technologies to increase energy transmission, transformation, and compensation capacity. In related news, the CFE will auction another 77 electricity projects worth US$5.5 billion which will increase the grid length by 3,600 kilometers.
Carlos Slim’s family investment vehicle sold roughly US$500 million of PBF Energy stock and nearly US$40 million of Talos Energy shares after the rally in US oil names, while maintaining positions valued at more than US$1.3 billion.
Flex said it will invest US$1.0 billion in Mexico over the next three years to expand data center and AI equipment manufacturing, with execution concentrated in Jalisco, Chihuahua and Aguascalientes, and management and federal authorities said the project should create more than 5,000 jobs and reinforce Mexico’s positioning in advanced manufacturing.
The Mexican government has agreed to purchase a 51% majority stake in the “Tren Suburbano”, the rail system connecting Mexico City with the State of Mexico and extending to the Felipe Ángeles International Airport, for nearly MXN$6.0 billion. The majority stake comprises the 28.049% previously held by Construcciones y Auxiliar de Ferrocarriles (CAF), the 15.299% held by CAF Investment Projects (CAF IP), and the 7.652% held by Omnitren.
The Manzanillo and Lázaro Cárdenas port operators are planning roughly US$900 million of investment to expand container capacity, rail connectivity and equipment modernization, with Contecon Manzanillo targeting capacity of 2.4 million containers annually and APM Terminals accelerating a US$350 million program to move above 3 million containers per year.
Siemens announced an investment of more than MXN$1.3 billion to expand its production capacity in the state of Querétaro. The company plans to strengthen the manufacturing of technological solutions for industrial electrification.
Economic
Mexico’s headline inflation rose 0.11% over the first half of April 2026, slightly above the Citi Mexico Expectations Survey consensus projection of 0.08%. Core inflation increased 0.18% (below the 0.19% consensus forecast), driven by higher non-food merchandise prices. The bi-weekly non-core inflation rate fell 0.13%, mainly reflecting lower energy prices. On an annual basis, headline inflation stood at 4.53% and core inflation at 4.27%.
Service sector’s revenues were down 1.8% MoM (seasonally adjusted) in February, reversing the slight monthly increase of the previous month, according to INEGI. As a result, service sector revenues declined 2.8% YoY (original data).
ANTAD’s same store sales increased 1.1% YoY in February 2026, with performance by format of +1.1% in self-service, -0.7% in department stores and +3.4% in specialized retail. Total sales grew 3.1% YoY, with self-service at +3.1%, department stores at +0.5% and specialized retail at +6.3%.
Retail sales declined 0.9% MoM (seasonally adjusted) in February, according to INEGI. However, retail sales increased 3.1% YoY (original figures).
INEGI’s Opportunistic Indicator of Economic Activity (IOAE) estimates that IGAE increased 0.5% MoM and 0.3% YoY in February 2026, followed by a 0.0% MoM change and 0.5% YoY growth in March 2026.
INEGI’s Opportunistic Indicator of Manufacturing Activity (IOAM) expects a 1.0% YoY increase in manufacturing activity in March 2026.
Economists expect Banxico to cut its key interest rate by 25-bps at the June meeting, unchanged from the previous survey, according to the April 21st, Citi Mexico Expectations Survey. The YE26 and YE27 policy rate forecast remained unchanged at 6.50%. GDP growth projections remained stable, with 2026 at 1.4% and 2027 at 1.8%. Headline inflation expectations for YE26 increased to 4.26%, from 4.23%, while core inflation remained unchanged at 4.20%; for 2027, headline inflation held at 3.80% and core inflation edged up to 3.80%, from 3.79%. Peso projections strengthened, with the USDMXN expected at 18.10 for YE26 versus 18.33 previously, and at 18.75 for YE27, compared to 18.89 in the last survey.
Mexico and the US agreed to initiate formal USMCA negotiations over the May 25 week, as part of the review process scheduled to begin on July 1st. The announcement came after a meeting between President Claudia Sheinbaum and USTR Jamieson Greer.
CETES auction: 28-day CETES -5 bps to 6.55%; 91-day CETES +5 bps to 6.75%; 175-day CETES +13 bps to 6.85% and 720-day CETES -45 bps to 7.92%.
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