MERCADOS
After 3 weeks in red territory, the S&P / BMV IPC rebounded marginally (+0.4%) over the last week to close at 66,356.09 pts on bargain hunting. Meanwhile, the Mexican peso gained 0.7%, closing at MXN$17.42/USD, while the yield of the 10-year M-Bono was up 2 bps to 9.0%.
En S&P / BMV IPC's top weekly gainers were: CEMEX CPO (+4.9%), BBAJIO O (+4.4%), and BIMBO A (+3.6%). On the other hand, the main weekly losers were: ALSEA * (-7.0%), LACOMER UBC (-4.0%) and RA * (-3.4%).
CORPORATE NEWS
Nu México received final authorization from the CNBV to operate as a full-fledged bank. The approval concludes the transformation process Nu México began after obtaining its banking license in Mexico on April 24, 2025. In related news, Nubank appointed Livia Chanes as its new Executive President for Latin America. Chanes has worked at Nubank for the last six years, previously serving as Vice President of Product and, since early 2024, as CEO of its Brazilian operations.
Citi expects to complete its exit from Banamex through an IPO in 2027, according to Citi’s CEO Jane Fraser. The US bank does not plan to sell any additional stakes before the IPO, after reaching the planned 49% divestment. Management remains focused on maximizing Banamex’s value before the public stock offering.
Grupo Carso reached a binding agreement with TotalEnergies EP Mexico Block 30 to acquire, through its subsidiary Mx Dlta Nrg 1, TotalEnergies’ entire 30% interest in Block 30, located in the Salina del Istmo Basin in Mexico’s shallow waters. Following the transaction, which remains subject to government approvals, Harbour Energy will continue as operator with a 70% stake, while Mx Dlta Nrg 1 will own the remaining 30%. Block 30 contains the KAN discovery and is a 30.5 km² production-sharing contract for light oil awarded in 2018 with a 25-year term. Closing is subject to customary regulatory approvals. No purchase price or other financial terms were disclosed.
Grupo Aeroportuario del Pacífico reported neutral 2Q26 results. Total revenues increased 3.7% YoY in 2Q26, as non-aeronautical revenues rose 23.9% on the consolidation of CBX and stronger directly operated businesses, which offset a 3.2% decline in aeronautical revenues caused by lower traffic, peso appreciation and Hurricane Melissa’s impact on Jamaica. Total passenger traffic fell 5.6% to around 15.0 million, with international traffic down 9.4% and domestic traffic down 2.8%, mainly due to declines at Montego Bay, Puerto Vallarta, Tijuana and Los Cabos. EBITDA grew 8.4% and the ex-IFRIC-12 EBITDA margin expanded to 69.3%, from 67.1%, supported by the reversal of the technical-assistance provision and CBX’s contribution, partly offset by weaker Jamaican traffic and currency translation. Net income rose 9.0%, as higher pretax income and lower taxes outweighed a 29.0% increase in net financial expense. Following the May 1 business combination and full consolidation of CBX, GAP revised 2026 guidance to passenger traffic between -3 and 0%, aeronautical revenue growth of 1-4%, non-aeronautical revenue growth to 21-24%, total revenue growth of 7-10%, EBITDA growth of 10-12%, an EBITDA margin of 67% ±1 PP and CAPEX of MXN$12.0 billion. Grupo Aeroportuario del Pacífico is in the process of establishing the Fibra GAP trust and is in the final stage of discussions with investors.
Grupo Aeroméxico posted weak 2Q26 with record sales but lower profitability due to rising fuel costs. Total revenue rose 12.6% YoY, driven by resilient network demand, disciplined pricing, a stronger Mexican peso and a record 43% premium revenue mix, despite temporary World Cup-related demand shifts in June. Total passengers declined 2.7% to 6.01 million, while ASMs increased 1.9% as the airline adjusted capacity to protect profitability. Adjusted EBITDAR fell 35.5% and its margin contracted 13.3 PP to 17.9%, primarily due to a 79.9% increase in fuel expense, including fuel headwind above the company’s quarterly assumption, partly offset by higher revenue. Net income swung to a MXN$57.7 million loss, from a profit in 2Q25, as the higher fuel bill and increased operating expenses outweighed a 6.5% reduction in net financing costs. Aeroméxico estimates that the slowdown in corporate travels during the World Cup had a US$24 million sales impact. The company now expects FY26 ASM growth of 2.0%-3.0%, revenue growth of 13.0%-14.0%, an Adjusted EBITDAR margin of 24.0%-26.0% and an operating margin of 11.0%-13.0%. In related news, Grupo Aeroméxico appointed Guadalupe de la Vega Arizpe as an independent non-executive director, according to a disclosure by Fresnillo plc, on whose board she also sits as an independent non-executive director. De la Vega Arizpe also serves on the boards of América Móvil and Sitios Latinoamérica.
KUO reported weak 2Q26 results. Consolidated revenues were down 8.5% YoY, driven by lower selling prices in the Pork Meat business amid increased U.S. pork imports into Mexico, alongside reduced volumes in the Transmissions business tied to weaker orders from automotive customers, and softer Polymers sales pressured by an unfavorable exchange rate. EBITDA fell 16.6%, as higher operating expenses in Pork Meat offset lower feed costs, while elevated logistics costs linked to tariffs and peso appreciation weighed on Transmissions, partially cushioned by a favorable inventory valuation effect in Polymers. EBITDA margin contracted 0.8 PP to 8.5%, reflecting the flow-through of these cost pressures against the softer top line. Net profits dropped 59.5%, primarily due to a high base effect from discontinued operations recorded in 2Q25 and the broader deterioration in operating performance across segments.
Chipotle will open its first Mexican restaurant on July 16th in San Pedro Garza García, Nuevo León, through its development agreement with Alsea. The partners plan additional openings in Nuevo León during 2026 and entry into Mexico City in 2027. No investment amount or long-term store target was disclosed.
Grupo Aeroportuario del Sureste called a shareholder meeting for August 20th to vote on the internalization of technical-assistance and technology-transfer services currently provided by ITA. The proposal could reduce related-party complexity and align operating capabilities more directly with the airport group.
Grupo Ollamani lost the Cruz Azul soccer team as a tenant at the Estadio Banorte. Cruz Azul had planned to return to the Banorte stadium to play its home games of the Opening Tournament over the 2026-2031 period. However, an adjustment in ticket commissions, perks and concessions to those previously agreed, led the current champion to change venue to the Estadio Ciudad de los Deportes.
FibraHotel reported weak 2Q26 results. The hotel portfolio experienced multiple changes during the quarter, with the closure of the Yucatan Resort Playa del Carmen, the temporary suspension of the Real Inn Mexicali ahead of its repositioning under the Holiday Inn brand, and the shift of the Villahermosa hotel to a leased structure under InHouse. Total revenue fell 0.4% YoY, as stronger managed-hotel performance was offset by lower lease income from the Fiesta Americana Condesa Cancun hotel. Lodging revenues rose 2.5% YoY, supported by higher room rates that offset a softer occupancy trend. Portfolio ADR climbed 10.5% YoY across the managed portfolio, lifted by strong World Cup-related pricing in Mexico City, Guadalajara and Monterrey, tempered by a sharp Cancun demand contraction. Occupancy contracted 240 bps YoY to 58.3%, hurt by shorter average lengths of stay during the World Cup and the steep Cancun decline. RevPar advanced 6.1% YoY, as the ADR gain more than offset the occupancy drop. Lodging contribution slipped 6.6% YoY, pressured by higher administrative costs across the managed portfolio. NOI retreated 7.0% YoY, with margin down 199 bps to 27.8%, hurt by the softer contribution base and elevated corporate expenses. EBITDA dropped 6.9% YoY, with margin down 152 basis points to 21.8%, as the World Cup benefit did not fully offset Cancun weakness. FFO declined 18.0% YoY, hurt by a wider comprehensive financing result tied to higher interest expense from the Ritz-Carlton Cancun, Punta Nizuc development. AFFO contracted 24.6% YoY, further pressured by continued maintenance capital expenditures.
Volaris plans to offer Starlink satellite internet on its aircraft beginning in 2027. The company will become the first Mexican airline to offer such service to its passengers.
Fibra Nova announced a US$150 million seven-year credit facility with BID Invest and Germany’s KfW development bank. The trust said proceeds will support its growth strategy, fund new build-to-suit industrial developments, and meet general corporate objectives.
Grupo Acosta Verde, has entered into agreements with the minority partners in the Sendero shopping centers located in Saltillo, Los Mochis, Culiacán, Tijuana, Chihuahua, and Obregón, to acquire their respective ownership interests. The transaction will allow GAV to consolidate 100% ownership and the cash flows generated by these assets. The closing and effectiveness of the acquisition remain subject to the fulfillment of various conditions precedent, including approval by GAV’s shareholders’ meeting and authorization from the National Antitrust Commission. No amount was provided.
Grupo Rotoplas announced that José Luis Mantecón García, Vice President of Sustainability and Institutional Business, concludes his tenure after more than 35 years at the company, having led its Latin American commercial expansion and its Sustainability division. Joseph Vesey, who has led Rotoplas’ U.S. operations since October 2023, is also departing to pursue projects outside the company. Rotoplas said both sets of responsibilities will be absorbed by internal talent to ensure operational continuity.
The trustee overseeing the bankruptcy of AHMSA and Minera del Norte (MINOSA) said Mexico City’s Second District Court has begun reviewing the rules that will govern the auction of the steelmaker’s productive assets. The starting price was set at US$1.326 billion, representing 85% of appraised value.
OTRAS EMPRESAS
Volkswagen CEO Oliver Blume told employees that the group may need approximately 50,000 additional job reductions, on top of cuts already agreed, to close an estimated 20% cost gap with competitors. The plan could bring total reductions under consideration to as many as 100,000 positions across brands and regions. The restructuring responds to weaker European profitability, US tariffs and stronger Chinese competition. The group is also reviewing capacity and model complexity.
Nissan said it will preserve production of lower-priced models in Mexico despite changes in North American trade and tariff conditions.
Mexico City’s International Airport (AICM) reported a 2.2% YoY decline in total passenger traffic to 3.53 million in June 2026, despite expectations of stronger travel demand related to the FIFA World Cup. The decrease reflected a 4.5% drop in domestic traffic, marking its first annual reduction of the year, while international traffic rose 1.5% YoY. Total passenger traffic increased 1.4% YoY to 21.96 million in 1H26.
VivaAerobus’ total passengers fell 2.4% YoY to 2.39 million in June, with domestic traffic down 2.6% and international traffic declining 1.0%. RPMs decreased 5.5% as ASMs fell 4.1% and the load factor reduced 1.4 PP to 84.6%.
DiDi announced an investment exceeding MXN$1.0 billion to expand electric-vehicle adoption across its Mexico platform, targeting 100,000 EVs by 2030. The plan includes partnerships with automakers BYD and JAC, charging infrastructure buildout, and financing support for drivers. DiDi expects to close 2026 with roughly 2,000 active EVs on its platform and surpass 5,000 by the end of 2027.
Uber Eats named Grace Schiodtz as its CEO for Mexico ahead of the platform’s tenth anniversary in the country. Schiodtz’s experience as former global strategy and planning director for the retail vertical will be key to sustaining value creation in Mexico, according to Uber Eats Latin America CEO Daniel Colunga.
Mexican real-estate lender HIR Casa, part of Grupo HIR, plans to place MXN$3.0 billion in new credit over the next 12 months as part of a growth plan. The company did not rule out a stock market listing in the medium term as part of its broader capital-raising strategy.
Stori and Farmacias Similares launched a co-branded credit card which will be used at more than 11,000 Farmacias Similares branches and at other merchants. Benefits include a 25% discount on the first pharmacy purchase, 2% cashback across Mundo Simi and monthly discounts subject to usage conditions. Stori has 5.0 million customers and issued the first 5,000 cards, with an initial target above 100,000.
Nexu, a Mexican fintech specializing in auto-related financing, is exploring access to public debt markets after securing a third renewal of a MXN$2.5 billion credit facility from HSBC México.
ECONÓMICO
ANTAD’s SSS fell 1.6% YoY in June, after 15 months in positive territory, with self-service declining 2.7%, department stores down 3.1%, and specialized retail up 3.1%. ANTAD attributed the SSS decline to one fewer Sunday than June 2025 and to a temporary shift in consumer habits during the FIFA World Cup. Total sales rose 0.6% YoY driven mainly by a 6.6% increase in specialized retail, which was partially offset by a 0.5% reduction in self-service and a 2.6% fall in department stores.
Industrial activity fell 0.8% MoM (seasonally adjusted) in May, reversing April’s 61-month high of 2.1% growth, according to INEGI. Construction was down 3.7% MoM, utilities declined 0.5% MoM and manufacturing and mining both decreased 0.1% MoM. Industrial output fell 0.7% YoY (original data), mainly due to the reductions of 1.5% in manufacturing, 0.9% in utilities and 0.3% in construction, which were partially mitigated by a 3.9% increase in mining.
Mexico received 8.36 million international travelers in May, up 5.3% YoY, according to INEGI. Total spending by international travelers was down 0.3% YoY to US$2.6 billion, and average spending per traveler fell 5.3% to US$312.3.
INEGI’s IOCP anticipates a 0.4% MoM and 2.8% YoY increase in private consumption for May 2026. The indicator projects a smaller 0.1% MoM gain and a 2.6% YoY increase for June.
The banking sector’s total loan portfolio increased 6.6% YoY in May 2026, driven by 11.7% growth in consumer lending, 7.1% in corporate loans and 5.2% in housing loans, while lending to financial institutions and government entities declined 9.0% and 1.1%, respectively, according to the CNBV. The sector’s NPL ratio rose to 2.32% from 2.08% a year earlier, the coverage ratio decreased to 145.3% from 154.2%, and the capitalization ratio remained above regulatory requirements. Monthly net profits totaled MXN$125.8 billion, down 0.4% YoY. ROE declined to 16.7%, from 17.9%, while ROA eased to 1.9%, from 2.0%.
Total AUM’s of the Afore system increased 19.4% YoY to MXN$8.96 trillion in June, according to Consar data. Profuturo was the fastest growing Afore (+24.3%), followed by Sura (+21.7%) and both Banamex and Coppel (+18.9%). The breakdown of total portfolio investments at the end of the month included government debt (51.0%), foreign equities (14.2%), private domestic debt (11.6%), structured (7.8%), domestic equities (6.8%), Fibras (3.0%), commodities (1.3%), foreign debt (0.6%), and other assets (3.7%).
Mexico’s government estimated that the 2026 FIFA World Cup generated an economic spillover of more than MXN$50 billion, according to Concanaco Servytur, the national retail, services and tourism chamber. Roughly MXN$35 billion stemmed from tourist spending across the three Mexican host cities (Mexico City, Guadalajara and Monterrey), MXN$15 billion from incremental household consumption on food, beverages and entertainment, and about MXN$5 billion from ticket sales. Average hotel occupancy across host cities reached 66%, with rates up 120% on average versus the year-ago period. The result came below Concanaco Servytur’s initial MXN$65 billion target.
Mexican financial authorities are evaluating a global financing package for renewable energy projects backed by more than US$4 billion from Banobras, according to the bank’s CEO, Jorge Alberto Mendoza Sánchez. The government plans new tenders for private companies to partner with the CFE on renewable generation and storage projects, following investor interest in the administration’s first such tender. Banobras could contribute up to MXN$80 billion, directly or through a financial vehicle under evaluation, to support roughly 30 projects awarded last month to 18 companies, mostly solar. The Finance Ministry and Banobras are also weighing a single vehicle to finance multiple projects and are in talks with institutional investors, pension funds, and banks.
President Sheinbaum highlighted a bilateral agreement under which the USDA raised its projected import needs for Mexican sugar by 512% for the 2026-2027 cycle, per the July 10 WASDE report. The deal followed talks that began in November 2025 during a visit by U.S. Agriculture Secretary Brooke Rollins, restoring a portion of Mexican sugar’s U.S. market access ahead of the first formal USMCA review round.
Hacienda increased subsidies for regular gasoline to 15.95% (from 10.62%) and for diesel to 26.26% (from 17.85%) for the week of July 11-17th. Premium gasoline did not receive any subsidy.
Subasta CETES: 28-day CETES -9 bps at 6.20%; 91-day CETES +14 bps to 6.63%; 175-day CETES -1 bps to 6.75% and 693-day CETES -4 bps to 7.94%.
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