Markets
The S&P / BMV IPC experienced a significant adjustment (-3.8%) over the last week to close at 64,397.45 pts due to profit taking in various large cap names. Meanwhile, the Mexican peso appreciated another 1.2%, closing at MXN$17.0/USD, while the yield of the 10-year M-Bono was up 3 bps to 9.15%.
The S&P / BMV IPC’s top weekly gainers were: CHDRAUI B (+1.2%), TLEVISA CPO (+0.9%), and BOLSA A (+0.5%). On the other hand, the main weekly losers were: ORBIA * (-8.2%), GAP B (-7.9%) and BOLSA A (-0.5%).
Corporate News
Nu Holdings reported strong 2Q26 results, with revenue and net income above market expectations, robust credit growth, improving sequential early-stage asset quality and higher profitability. Total portfolio expanded 37% YoY, supported by growth across credit cards, unsecured loans and secured lending, as Nu continued to expand into higher-risk, higher-return credit segments. Total customers increased 13% YoY to 138.9 million, with continued additions across Brazil, Mexico and Colombia, while the activity rate improved 30 bps to 83.5%, with Brazil exceeding 86% for the first time. The 15–90 day NPL ratio increased 30 bps YoY to 4.8%, but improved 20 bps sequentially due mainly to seasonality, partially offset by the intentional expansion into higher-risk segments; the 90+ day NPL ratio rose 40 bps YoY to 6.9%, largely due to the seasonal migration of early delinquencies from 1Q26. Deposits grew 18% YoY, supported by continued expansion in Brazil, Mexico and Colombia, while Mexico posted a modest sequential decline due to a deliberate deposit-optimization strategy aimed at reducing funding costs; the consolidated portfolio-to-deposit ratio increased to 87.0% from 74.6% in 2Q25. Total revenue advanced 39% YoY on an FX-neutral basis, driven by portfolio growth, a shift toward unsecured lending and higher credit, float and fee income, and came approximately 9% above the US$5.39 billion market consensus. ARPAC rose 22% YoY to US$17.1, reflecting deeper customer engagement and monetization. Gross profit climbed 43% YoY, supported by higher contributions from credit, fees and float, while gross margin expanded approximately 120 bps to 41.5%; credit accounted for 41% of gross profit as profitability normalized following the seasonal weakness in 1Q26. Credit loss allowance expenses increased 46% YoY, reflecting portfolio expansion and the deliberate move into higher-return credit segments, although cost of credit declined 9% sequentially as early delinquencies normalized seasonally. Net income surged 49% YoY, exceeding the Visible Alpha consensus by approximately 10%, while ROE expanded 480 bps to 33%. During the quarter, Nu advanced its transformation into a full-scale bank in Mexico, continued the process of adding a full banking license in Brazil, expanded its upmarket strategy with Croma and broadened the deployment of NuFormer across underwriting, customer service and growth decisions.
Tiendas 3B reported strong operating 2Q26 results, with accelerating SSS and continued store expansion. Revenue rose 38.7% YoY, driven primarily by mature stores and, to a lesser extent, incremental sales from 593 net new stores opened over the last twelve months, bringing its network to 3,624 units. SSS growth accelerated to 20.0% in 2Q26 from 16.0% in 1Q26, supported by its value proposition, brand recognition, and customer loyalty. Gross margin expanded 54 bps to 16.8%, reflecting a stronger commercial margin and lower transportation costs as a percentage of revenue, which drove gross profit growth of 43.4%. EBITDA increased 13.8%, while EBITDA excluding non-cash share-based payments advanced 43.8%, supported by revenue growth and operating leverage; the adjusted EBITDA margin widened 21 bps to 6.1%, despite MXN$37 million of non-recurring expenses related to the May equity follow-on offering. Net loss widened 35.0% YoY, mainly due to higher financial costs and income taxes, partly offset by a lower FX loss.
CFECapital requested CNBV authorization for a subsequent public offering in Mexico of Series A CBFEs of CFE Fibra E, to run simultaneously with an international private placement of the same instruments. Execution remains contingent on obtaining all required regulatory and corporate authorizations and prevailing market conditions.
Esentia filed with the CNBV for a potential primary and secondary global public offering in Mexico, the US and other foreign markets. The transaction remains subject to market conditions and completion of the CNBV and SEC review processes. The company has not yet disclosed the size, pricing or use of proceeds.
Fibra Macquarie’s holders approved the appointment of Fibra Mty as the company’s new manager, replacing Macquarie Asset Management following the acquisition. In addition, Jorge Avalos Carpinteyro, Jaime Martínez Trigueros, and Javier Llaca García were appointed to the Technical Committee, replacing three members following the change in ownership.
ICA purchased its 49% equity stake in ICA Fluor Daniel for US$175 million from Fluor, ending a 1993 joint venture. The JV’s dissolution also terminates the territorial-exclusivity clause the two firms held for industrial and energy projects in Mexico. Fluor will retain optionality for project-specific ICA collaborations going forward.
Fibra Uno successfully placed two green-labeled, unsecured bonds in the domestic market amounting to MXN$7.5 billion, with proceeds earmarked for debt refinancing. The issuance comprised MXN$4.3 billion in the 26V-2V tranche, priced at M-BONO + 170bps (10.81% fixed) and maturing July 2036, and MXN$3.2 billion in the 26V tranche, priced at TIIE + 85bps and maturing August 2029. The transactions extended Fibra Uno’s average debt maturity to 7.6 years.
Quálitas’ share of written premiums rose to 33.3%, from 32.8% in 6M25, while the company’s share of earned premiums increased to 36.2%, from 35.6%, according to the latest Automobile Insurance Industry Report. Quálitas’ written premiums grew 8.5% YoY and earned premiums rose 8.6%, compared with industry growth of 6.9% and 6.8%, respectively. Quálitas’ combined ratio deteriorated to 90.8% from 87.6% in 6M25, a 320 bps increase. The industry’s combined ratio increased to 93.8% from 89.9%, up 390 bps YoY.
Cemex obtained a favorable judicial ruling in the United Kingdom against opposition from the Hamble-le-Rice community, where the Mexican cement producer seeks to develop a sand and gravel extraction project on a former airfield site.
BBVA Mexico expects to originate around MX$1.9 billion over the next 12 months with its new “Terreno + Construcción” product which can finance up to 75% of the real estate project’s total value, or the equivalent of up to 50% of the land cost and 80% of the construction cost. Loans will be available starting at MXN$500,000, with terms of 5, 10, 15, and 20 years.
GFNorte’s Banco Mercantil del Norte launched “Respaldo Banorte,” a new financial solution that allows users to immediately access a pre-approved line of credit of up to MXN$2,000 when their debit account balance is insufficient to cover a purchase, recurring payment, or ATM withdrawal.
Getnet, the Santander-backed payments and merchant-acquiring platform, said the FIFA World Cup helped drive a 21% increase in active clients in Mexico during the second quarter, surpassing 180,000 users.
Grupo Financiero Multiva reported that its main subsidiary, Banco Multiva, successfully placed up to US$300 million in subordinated, non-preferred, non-convertible capital instruments qualifying as Additional Tier 1 (AT1) capital in international markets. The notes are perpetual with no fixed maturity, non-preferred, unsecured, and carry a face value of US$1,000 each with an 11% coupon.
Grupo Acosta Verde’s shareholders approved the acquisition of the minority partners’ trust rights in the trusts that own Plazas Sendero Saltillo, Los Mochis, Culiacán, Tijuana, Chihuahua, and Obregón. Shareholders also authorized an MXN$1.09 billion capital increase through the issuance of 6,313,786 Series A shares and the required procedures to complete the transactions.
Grupo Peña Verde reported a US$50 million capital contribution to its subsidiary Patria Re (US), Inc., to meet operating needs and strengthen the subsidiary’s reinsurance operations. The company financed itself with the PV 26 bond placement completed on June 16th, 2026.
Volaris will launch four new routes from Guadalajara to Washington Dulles, Atlanta, Medellín, and Guatemala City on December 1st. Executive VP Holger Blankenstein said the additions reinforce Guadalajara’s role as a network hub.
Other Companies
Copenhagen Infrastructure Partners, through its Growth Markets Fund II, began construction of the US$510 million La Esperanza Solar project, a 420 MWdc photovoltaic project paired with a 150 MW/five-hour (750 MWh) battery storage system in Campeche. This is CIP’s first Mexico investment to reach financial close and is backed by a long-term power-purchase agreement with CFE Calificados. Commercial operation is expected in 2028.
Microsoft appointed Ivonne Mejía as its new CEO in Mexico, effective September 1st, 2026, replacing Rafael Sánchez. Mejía, who has more than 15 years of experience at Microsoft in leadership roles, holds a degree in Electronic Engineering from the National University of Colombia, an MBA from ITESM, and a Business Administration and Management diploma from IPADE.
KIO Data Centers will invest more than US$200 million to develop new data center capacity in Mexico City, Monterrey and Querétaro to meet rising demand for cloud, AI and mission-critical applications. The company is also evaluating a potential investment of up to US$1.3 billion through 2030 for a roughly 100-megawatt project in Querétaro that would become its largest data center to date, alongside completion of phases two and three of its existing QRO2 campus at an accumulated cost of US$170 million. Management projects the pipeline could generate more than 8,100 direct and indirect jobs by 2030.
Vivaerobus’ total passenger traffic was up 1.4% YoY to 2.8 million passengers in July 2026, the first increase after four months in red territory, driven by a 6.6% growth in international passengers and a 0.8% rise in domestic traffic. RPMs advanced 0.3% YoY, as ASMs were 0.3% higher and load factor declined 0.1 pp to 88.5%.
Fintech Plata launched Ahorro Ultra, a new savings product which offers a 15% interest rate to debit account holders for 60 days, subject to a maximum balance of MXN$25,000 and available once per customer.
Hospitales Azura will invest MXN$350 million over the next four years as part of its Plan Renovación 2030, aimed at modernizing infrastructure, expanding clinical capacity and incorporating higher-specialty medical technology. CEO Arturo Garza Buerón said the investment, which exceeds an earlier MXN$300 million estimate, targets an increase to 500 beds nationwide and includes a full renovation of Hospital Azura Roma Condesa, the former Sanatorio Durango acquired in late 2024, alongside expansion into new cities. The company currently operates six hospitals across CDMX, Estado de México, Nuevo León and Quintana Roo, and is also evaluating new hemodynamics-equipped units for minimally invasive cardiovascular procedures.
Galgo, a Chilean motorcycle sales-and-financing fintech, and Uber announced a strategic alliance backed by a Uber equity investment in Galgo, aimed at expanding motorcycle financing access for drivers and delivery partners. The program will launch first in Mexico before extending to Chile and Colombia in the first quarter of 2027. Galgo has originated more than US$400 million in credit to date and became profitable over the past year.
Canadian retail-technology platform Flipp announced its entry into Mexico as part of a broader Latin American expansion that also includes Brazil and Colombia. The company connects online and offline shopping experiences and works with more than 2,000 retailers and brands across 27 markets globally. Flipp’s platform reaches more than 200 million consumers worldwide through its shopper-media and retail-technology tools.
Andersen Group acquired Andersen Mexico, its local tax and legal advisory affiliate, as part of a broader transaction that included five U.S.-based Andersen Consulting firms.
Newmont agreed to labor-rights measures at its Peñasquito mine in Zacatecas after a USMCA Rapid Response Labor Mechanism complaint over three worker dismissals. Newmont committed to a neutrality letter and a confidential complaint mechanism developed with the Labor Ministry (STPS).
A Mexican federal district court granted an injunction (“amparo”) to DynaResource de México, a subsidiary of US-listed junior gold miner DynaResource (OTCQX: DYNR), blocking the government’s move to cancel eight mining concessions tied to its San José de Gracia gold project in Sinaloa. The ruling is subject to appeal.
Maximiliano Leonardo Asturias, who co-founded Farmacias del Ahorro with his son, died last Sunday at 96. The Guatemala-born businessman launched the chain in 1991 in Tuxtla Gutiérrez, Chiapas. It now operates approximately 2,000 units nationwide.
Economic
ANTAD’s SSS rose 1.0% YoY in nominal terms, driven by a 5.4% increase in specialized retail, while self-service stores declined 0.9% and department stores remained flat in July. Total sales advanced 3.4% YoY, supported by a 9.2% growth in specialized retail, 1.5% in self-service stores, and 1.1% in department stores.
Private-sector payrolls declined by 19,550 positions in July, the weakest July print in the IMSS’s 26-year series. Formal employment totaled 22.76 million jobs, down 3.5% YoY. Average base wage reached MXN$673.90/day, the highest on record, up MXN$42.4 YoY.
Private consumption will likely rise 0.2% MoM in June and will remain flat in July under seasonally adjusted figures, per INEGI’s Indicador Oportuno del Consumo Privado (IOCP) nowcast. The IOCP projects private consumption growth of 2.5% YoY in June and 2.2% YoY in July.
Industrial Activity increased 0.2% MoM in June, based on seasonally adjusted data, rebounding from the previous month’s 0.7% decline, according to INEGI. It was driven mainly by a 3.0% rise in construction, a 0.9% increase in utilities, and a 0.6% gain in mining, partially offset by a 0.6% contraction in manufacturing. Industrial Activity expanded 1.7% YoY based on original data, supported by 6.6% growth in mining, 5.0% in construction, and 0.7% in utilities, while manufacturing edged up 0.1%.
Domestic light vehicle sales rose 3.4% YoY to 130,835 units in July, according to INEGI. Light vehicle production declined 2.2% YoY to 302,673 units. Light vehicle exports fell 9.7% YoY to 261,534 units.
International travelers were up 2.1% YoY to 8.19 million in June, as the country hosted FIFA World Cup matches during the month, according to INEGI. Total traveler spending grew 5.9% YoY to US$2.91 billion, as higher average outlays per visitor offset the softer arrival volumes.
Banco de México has not declared victory on inflation despite July’s reading being the lowest since May 2020 and essentially at target, according to Governor Victoria Rodríguez Ceja in an interview with El Financiero newspaper. She attributed part of the decline to transitory supply-side factors not expected to persist. The 6.5% reference rate, unchanged since May, remains appropriate to reach the 3% target by year-end 2027, she said.
USMCA. Economy Minister Marcelo Ebrard said the fourth bilateral round of USMCA review talks with the United States will take place in early September in Washington, D.C. Ebrard said geopolitics and economic security will carry growing weight in the round alongside rules-of-origin and strategic dependency issues, particularly in semiconductors, describing US trade decisions as increasingly geopolitically driven. Mexico is working with the US on mechanisms to reduce reliance on external suppliers in strategic sectors, with semiconductors identified as a primary focus given US intent to strengthen North American production. Ebrard asked the US for reduced or eliminated tariffs on Mexican autos and steel as part of ongoing USMCA review talks, arguing Mexican-made vehicles face a 25% tariff versus 15% for Japan, South Korea, Germany and Morocco, despite Mexico sourcing more US-made auto parts than those countries. He separately raised Mexico’s steel trade deficit with the US as grounds to revisit the 50% Section 232 steel tariff and proposed a moratorium on new tariffs for the duration of the review.
The US government resumed full official activities in Michoacán for avocado import inspections, following security measures implemented by Mexican federal and state authorities and a subsequent US evaluation of on-the-ground conditions.
President Sheinbaum outlined new regulations requiring mass media outlets to designate an audience defender, adopt a code of ethics and provide a formal complaints channel for viewers. The rules apply broadly across Mexico’s broadcast media sector. Implementation details and enforcement timelines were not specified during the briefing.
The Supreme Court of Justice (SCJN) ruled that the creation of the Fondo de Pensiones para el Bienestar, operating since late 2024, is constitutional. The Plenary rejected an unconstitutionality action brought by 185 opposition deputies who argued the April 2024 decree sought to strip workers of unclaimed Afore funds.
CETES auction: 28-day CETES +23 bps at 6.40%; 91-day CETES +8 bps to 6.48%; 175-day CETES -1 bps to 6.74% and 721-day CETES -13 bps to 7.89%.
Download PDF: Mexican Market Chatter August 7th – August 14th – ENG Mexican Market Chatter August 7th – August 14th – ESP