MARKETS
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%).
LISTED COMPANIES
Industrias Peñoles reported strong 1Q26 results. Total revenues rose 91.6% YoY, mainly due to higher realized silver, gold and copper prices, together with stronger copper matte, concentrates and chemical products sales volumes, which offset lower silver, gold, zinc and lead volumes. Average silver prices increased 157.5% YoY and gold prices advanced 70.4% YoY amid historically high precious metals prices during the quarter. Gold production declined 6.3% YoY due to lower processed ore volumes, grades and recoveries at Herradura, partially compensated by the restart of Tizapa operations. Silver production increased 3.1% YoY, supported by Tizapa’s recovery, higher processed ore volumes and better grades and recoveries at Sabinas and Herradura. EBITDA surged 159.8% YoY as higher metal prices, stronger concentrates and chemicals sales, favorable hedging effects and operating leverage more than offset peso appreciation, higher maintenance costs and increased exploration activity. EBITDA margin expanded materially YoY as revenue growth significantly outpaced cost inflation. Net profit attributable to controlling interest jumped 257.7% YoY, supported by stronger operating income, favorable FX results and improved contributions from Fresnillo plc and Tizapa.
MercadoLibre’s posted very strong revenue growth for 1Q26 results but with significant margin contraction. Net revenues and financial income rose 49% YoY, accelerating from 45% in 4Q25. However, income from operations fell 20% YoY as operating expenses rose 61.9% because of credit provisions, sales and marketing, free shipping, 1P, CBT, fulfillment, and credit-card issuance. Net income declined 16% YoY as a result. Commerce revenue accelerated to 47% YoY, with Brazil the standout as GMV rose 54% in USD and 38% FX-neutral, supported by lower free-shipping thresholds, 56% items-sold growth, fulfillment scale, and stronger cohorts. Mexico GMV slowed to 48% in USD and 28% FX-neutral due to tax-reform pressure on SMEs and cautious consumers, while Argentina improved to 5% in USD but eased slightly to 41% FX-neutral from 42%, with items sold up 35%. Total GMV rose 42% YoY and 36% FX-neutral, and unique active buyers increased 25%, while MELI+ benefited from a 49% subscriber increase since 3Q25 and stronger loyalty economics. Fintech revenue rose 51% YoY but decelerated from 4Q25, with Brazil and Mexico MAU growth accelerating, Argentina affected by macro normalization, total MAUs up 29%, TPV up 50% in USD and 55% FX-neutral, and acquiring TPV up 39% in USD and 41% FX-neutral. The credit portfolio expanded 87%, the 15–90 day NPL ratio was broadly stable at 8.0%, and NIMAL fell to 17.8% due to seasonality, credit-card mix, and Brazil provisions. The company generated US$56 million in negative adjusted FCF, in line with the previous year.
Tiendas BBB Inc. reported strong operating 1Q26 results. Revenues increased 33.4% YoY, supported by 16.0% SSS growth, above the 13.5% recorded in 4Q25, and the contribution from 580 net new stores opened over the last twelve months, while the company added 123 net new stores during the quarter to reach 3,469 units. Gross profit advanced 35.0% YoY and gross margin expanded 19bps to 16.2%, reflecting a stronger commercial margin that offset higher logistics costs associated with the opening of four distribution centers in 2H25. EBITDA declined 21.4% YoY and EBITDA margin contracted 169bps to 2.4% due to a sharp increase in non-cash share-based payment expenses, while adjusted EBITDA excluding these expenses rose 38.9% YoY and adjusted EBITDA margin expanded 22 bps to 5.6%. Net losses widened to MXN$558 million as higher lease-related financial costs, accelerated expansion investments and share-based compensation more than offset robust operating momentum. The company announced it started a legal process against the provider of POS terminals.
FMTY has increased its offer for Fibra MacQuarie’s CBFI’s to an exchange ratio of 3.2, from an original level of 3.0, of its own CBFI’s for each of Fibra MacQuarie’s CBFI. This would be equivalent to an offer price of MXN$47.20 (vs. Fibra MacQuarie’s CBFI price of MXN$44.0) considering FMTY’s CBFI price of MXN$15.11 as of May 7th. Meanwhile, Fibra MacQuarie announced that its Technical Committee, with the support of its legal and financial advisors, will analyze the terms and conditions of Fibra NEXT’s Public Offer, and will issue its opinion regarding the offer price within the next 10 business days (from May 4th) in accordance with applicable law.
Grupo Bimbo plans to invest approximately US$1.0 billion in the US over the 2026-2028 period. The resources will be allocated to maintain operations, product innovation, accessibility and affordability, nutritional improvements, as well as expanding partnerships with suppliers engaged in regenerative agriculture.
BBVA México, expects to invest MXN$14.96 billion this year, representing a 7% increase versus the amount invested in 2025, to accelerate digitalization and support infrastructure projects.
Grupo Carso reached a binding agreement with Harbour Energy to acquire an additional 5% equity stake in the Zama oilfield, through an affiliate of its subsidiary Zamajal, for US$75.25 million. Once the transaction concludes, Zamajal, through its subsidiary, would own a 17.84% equity stake in the Zama oilfield, Harbour Energy 27.26%, Talos Energy 4.47% and Pemex 50.43%. The transaction is still subject to corporate and regulatory approvals. In related news, Grupo Carso, through its Fortaleza Materiales subsidiary, has closed the sale of Keystone Cement Holding, Inc. and Keystone Cement Company to Maple Holding Company LLC (Titan América) for US$310 million (of which 55% corresponds to Grupo Carso’s subsidiaries), after the required conditions were fulfilled.
Corporación Inmobiliaria Vesta launched a global primary public offering of 70,047,634 common shares, including common shares represented by ADSs, to be offered in the US and other countries (outside Mexico) pursuant to a registration statement on Form F-3 filed with the SEC.
Fibra CFE analyzes a potential US$1.0 billion follow-on transaction for 2H26 to fund Mexico’s power-grid investments, with management targeting a 3Q26-4Q26 market window, according to local newswires.
Grupo Cox’s Mexican subsidiary completed a US$2.0 billion US bond issuance to support its acquisition of Iberdrola Mexico assets and reinforce its funding structure. With this issuance, Cox will refinance approximately two-thirds of the US$2.65 billion bridge loan used for the acquisition of Iberdrola México. The remaining one-third has already been fully secured and guaranteed through a long-term Term Loan.
Esentia issued US$1.0 billion in 6.125% Senior Notes due 2033 and US$1.0 billion in 6.50% Senior Notes due 2038. The New Notes received investment grade ratings from Moody’s, S&P Global Ratings and Fitch Ratings, all with a stable outlook. Esentia intends to use the net proceeds from the New Notes to: (i) carry out the repurchase by its subsidiary, Esentia Gas Enterprises, of its outstanding 6.375% senior secured notes due 2038, pursuant to a previously announced cash tender offer; (ii) repay in full the US$450 million 5.465% senior secured notes due 2041 issued by its subsidiary, Esentia Pipeline El Encino, S. de R.L. de C.V.; (iii) prepay the remaining outstanding indebtedness contracted with third parties; and (iv) use any remaining proceeds, if any, for general corporate purposes.
TelevisaUnivision is evaluating new alternatives to monetize its content through audiovisual platforms such as TikTok and YouTube. Grupo Televisa executives stated that the strategy focuses on leveraging the high engagement generated by its Spanish-language content to develop additional revenue streams, although monetization on TikTok remains challenging and discussions with the platform are ongoing. The initiative follows a new distribution agreement with YouTube TV in the United States after a prior dispute over carriage fees.
Grupo Aeroportuario del Pacífico reported a 7.6% reduction in total passenger traffic in April, with Mexico’s traffic falling 6.3%, Kingston’s 6.0% and Montego Bay’s 22.0%. The company said that Spirit Airlines, which ceased operations on May 2nd, represented 3.5% of Kingston’s traffic and 2.6% of Montego Bay’s. GAP does not foresee any financial impact as existing accounts payable from the airline are fully covered by bank guarantees and cash deposits. In related news, Grupo Aeroportuario del Pacífico has completed the combination of the businesses of Cross Border Xpress (“CBX”) and the provision of technical assistance services and technology transfer, through the notarization of the merger agreement signed on April 30th of this year. Furthermore, the purchase agreement to acquire the remaining 25% of the CBX business has been completed, thereby consolidating 100% of the same. Consequently, GAP issued 89,740,731 new net shares, so to date it has 595,018,195 million shares outstanding, 519,226,576 Series B shares and 75,791,619 Series BB shares, and assumed control of the merged entities, beginning the financial consolidation of these businesses in May.
Grupo Aeroportuario del Sureste’s total passenger traffic decreased 0.7% YoY in April, as the 2.6% reduction in Mexico and 2.2% fall in Puerto Rico was partially mitigated by a 5.6% increase in Colombia.
Oma’s total passenger traffic declined 4.4% YoY in April, with domestic passenger traffic falling 3.8% and international traffic declining 9.8%.
Volaris announced that total passenger traffic increased 3.1% YoY to 2.7 million in April, with domestic traffic growing 1.8% and international traffic rising 6.9%. RPM’s rose 1.6% as ASM’s declined 1.9% but the load factor improved by 2.9 PP to 84.6%.
Fibra Infraex completed the acquisition of 29,809,214 ordinary registered Series B shares, with no par value, representing a variable portion of the capital stock of Proyecto V. The Trust’s ownership is exclusively through Series “B” shares, which carry limited or restricted voting rights, and holders of the Series “A” shares thus control Proyecto V.
Invex Banco introduced the Hilton Honors and Hilton Honors Invex Premium credit cards in partnership with the Hilton Honors loyalty program. The cards will be backed by the Mastercard international payments network.
Fibra Inn announced the appointment of Héctor Vázquez Montoya as its new CFO. Mr. Vázquez has 12 years of experience in corporate finance, capital markets, and financial analysis, specializing in the hotel sector. He has led debt and equity issuances, refinancing processes, and the optimization of financial structures in complex environments. He has also participated in strategic initiatives, including the negotiation and execution of the sale of the City Express Hotels brands to Marriott International. He holds a bachelor’s degree in financial management from ITAM.
OTHER COMPANIES
Disney+ will increase the price of its premium subscriptions from MXN$319 to MXN$339 from May 15th.
Fintual has filed to become an asset management company in Mexico. The company currently operates as an investment advisor and fund distributor.
Nacional Monte de Piedad accepted a solution proposal from Mexico’s Labor Ministry (STPS) to resolve a labor dispute that has led to a seven-month strike. The STPS will prepare a resolution addressing the key issues of the dispute, which will be submitted to employees for a general vote.
ECONOMIC
Banco de Mexico cut its key interest rate by 25-bps to 6.50% as broadly expected by the Citi Mexico Expectations Survey. The voting was divided with 3 members in favor (Victoria Rodríguez Ceja, José Gabriel Cuadra García and Omar Mejía Castelazo) and 2 against (Galia Borja Gómez and Jonathan Heath). The Governing Board continues to expect and inflation rate of 4.1% in 2026 and 3.5% in 2027 and a core inflation rate of 4.5% and 3.1%, respectively.
The consumer inflation rate was 0.20% in April, marginally below the 0.28% expectation according to the latest Citi Mexico Expectations Survey. However, the core inflation rate was 0.31%, in line with market forecasts, driven by similar increases in both merchandise and services. Non-core inflation rate declined by 0.18% due to falling energy and livestock prices. As a result, the last 12-month inflation rate was 4.45% and the core-inflation rate was 4.26%.
Gross fixed investment declined by 0.8% MoM (seasonally adjusted) in February, the second month in a row with a negative monthly change, according to INEGI. Machinery and equipment fell by 2.3% while construction activity increased by 0.1%. Gross fixed investment was down 4.2% YoY (original figures) mainly because of a 9.7% fall in machinery and equipment, which was partially offset by a 1.1% rise in construction.
Private consumption was down 0.5% MoM (seasonally adjusted) in February, the second consecutive month with negative reading, according to INEGI. Domestic goods decreased 0.7% while imported goods increased 1.9%. Private consumption grew 0.9% YoY (original data) driven by an 11.9% rise in imported goods while domestic goods fell 1.5%.
Remittances increased by 4.9% YoY to US$5.39 billion in March, according to Banco de México. This was the second consecutive month with an annual rise and the highest growth in the last 16 months. Last 12-month remittances were up 4.5% YoY to nearly US$62.0 billion.
Business confidence declined 0.2 pts MoM and 0.4 pts YoY to 48.2 pts in April, accumulating 14 months below the 50 threshold which indicates expansion, according to INEGI.
Light vehicle sales were up 8.6% to 109,420 units in April, which was the second highest annual increase in the last 17 months, according to INEGI.
The Afore system’s AUM’s grew 15.4% YoY to MXN$8.3 trillion in March 2026, according to CONSAR. The fastest growing Afores were Profuturo (+20.2% YoY), Sura (+17.4%) and XXI-Banorte (+15.3%). The system’s investment portfolio consisted of government securities 51.5%, international equities 12.4%, domestic private debt 12.1%, structured investments 8.3%, domestic equities 7.3%, Fibras 3.2%, commodities 1.5%, international debt 0.7% and other investments 3.1%.
Consensus now expects Banco de Mexico to cut its key interest rate by 25-bps at the May 7th monetary policy meeting, versus expectations in the previous survey for the next cut to occur in June, according to the May 4th, Citi Mexico Expectations Survey. The median estimate for the policy rate at YE26 and YE27 remained unchanged at 6.50%. Consensus GDP growth expectations for 2026 declined to 1.2% from 1.4% previously, whereas the 2027 forecast held steady at 1.8%. Headline inflation expectations for YE26 increased to 4.35%, from 4.26% in the previous survey, while core inflation projections remained unchanged at 4.20%. For 2027, headline inflation expectations advanced to 3.87%, from 3.80%, while core inflation estimates rose to 3.85%, from 3.80% previously. Peso projections remained stable, with the USDMXN forecast at 18.10 for YE26 and 18.75 for YE27.
The federal government increased the subsidy for regular gasoline to 38.08% (from 15.68%) and for premium gasoline to 26.53% (from 0%) and reduced the subsidy for diesel to 60.76% (from 67.35%), for the week of May 2nd – May 8th.
CETES auction: 28-day CETES -1 bps to 6.49%; 91-day CETES -3 bps to 6.67%; 175-day CETES -10 bps at 6.75% and 706-day CETES +23 bps to 8.15%.
Download PDF: Mexican Market Chatter March April 30th – May 7th