Markets
En S&P / BMV IPC index rose another 1.4% last week to close at 69,879.62 pts driven by AMX’s strong quarterly results, and as the global risk-on mode continued, triggered by lower US interest rates. Meanwhile, the Mexican peso lost another 1.1% to close at MXN$18.65/USD; the yield of the 10-year M-Bono was up 1 bps to 9.31%.
En S&P / BMV IPC's top weekly gainers were: Q * (+12.9%), GAP B (+10.4%), and AMX B (+8.4%). On the other hand, the index’s main weekly losers were: PEÑOLES * (-8.8%), GMEXICO B (-6.6%) and GENTERA * (-6.5%).
Public Companies
Grupo México reported strong 3Q26 results, driven by higher metal prices and solid performance across its three divisions. Revenues were up 37.9% YoY, led by Mining, where sales climbed 39.9% supported by a 34.2% increase in copper prices, which more than offset a 1.9% decline in copper production. Transportation revenues advanced 12.3%, with carloads up 5.0%, while Infrastructure sales surged 120.6%, mainly reflecting the consolidation of Saavi Energía and the reactivation of drilling platforms. EBITDA jumped 50.5% YoY, with a 490-bps margin expansion, as Mining EBITDA expanded 57.5% and cash cost per pound of copper fell 36.1%. Net income rose 62.9% YoY, as stronger operating income more than offset higher interest expense and taxes. Grupo México declared an all-stock dividend to preserve financial flexibility ahead of major investment programs and potential acquisitions amid higher interest rates and market volatility. The distribution, equivalent to US$529 million, will grant one common share for every 194 shares outstanding and reflects the company’s recent share-repurchase program and capital-allocation strategy. Grupo México indicated that it will likely not refinance upcoming debt maturities at its transportation division. The company is preparing substantial investments and continues to evaluate inorganic growth opportunities across its mining, transportation and infrastructure businesses. Grupo México is negotiating with the Mexican government to advance more than US$10.2 billion of mining investments, including the Angangueo and Chalchihuites projects and the Fundición de Empalme, while its mining investment pipeline in Peru totals an additional US$10.3 billion. The company is also evaluating foundry and refinery expansions in the U.S. and continues to assess investment and growth opportunities in the real estate sector. Grupo México reportedly withdrew from the tender for Argentina’s Belgrano Cargas railway following disagreements over the process terms, according to Bloomberg Línea. Grupo México also plans to invest up to US$6.0 billion in its US subsidiary Asarco over the next three years as part of a strategy to expand its copper operations. The investment program will focus on increasing production capacity and strengthening Asarco’s operating platform in the United States.
América Móvil reported positive 3Q26 results, driven by solid service revenue growth and EBITDA margin expansion across its main markets. Revenues increased 7.6% YoY, while service revenues rose 5.3% at constant exchange rates, supported by 6.3% growth in mobile services and 3.7% in fixed-line services. In Mexico, the mobile subscriber base declined 3.0% YoY, as prepaid subscribers fell 4.4% following 2.9 million disconnections, partly related to the mandatory subscriber-registration process. Conversely, postpaid recorded 144 thousand net additions. EBITDA advanced 8.9% YoY, with a 50 bps margin expansion; Mexico, Brazil and Colombia posted EBITDA growth of 6.0%, 6.6% and 12.4%, respectively. Net income climbed 7.0% YoY, as stronger operating profit and lower net interest expense more than offset higher comprehensive financing costs stemming from FX losses versus gains in 3Q25. América Móvil CEO Daniel Hajj called on the Mexican government to allow Telmex to offer pay-TV services after Televisa agreed to acquire AT&T México. Mr. Hajj argued that Televisa would be able to combine mobile services with its fixed broadband and pay-TV operations, while Telmex remains restricted from offering television under its concession. He expects Televisa to remain a strong competitor in mobile services following the transaction.
Banamex raised US$900 million through an international issuance of Additional Tier 1 (AT1) hybrid capital instruments to strengthen its capital structure. The perpetual securities carry a 9.50% annual coupon and become callable at the bank’s option 5.5 years after issuance. The placement represented Banamex’s second international capital-markets transaction this year and increased its financial flexibility to support growth. Moody’s assigned a Ba2 (hyb) rating to the instruments, while S&P rated them BB-.
Bimbo reported strong 3Q26 operating results, supported by solid organic growth and broad-based margin expansion, with particularly strong performance in Mexico and continued progress in the North America transformation. Excluding FX effects, revenues increased 3.6% YoY, driven by favorable price/mix, positive volumes and recent acquisitions, although reported sales declined 1.3% due to the appreciation of the Mexican peso. Mexico delivered 5.2% revenue growth, supported by gains across categories and channels, favorable mix and positive volumes. North America posted its third consecutive quarter of currency-neutral sales growth, up 1.0%, as favorable price/mix and market-share gains more than offset lower volumes. EAA revenues advanced 2.1% excluding FX, reflecting positive volumes and price/mix across most markets, while Latin America sales climbed 15.2%, driven by positive volume trends, strong performance across most countries and the Wickbold acquisition. Adjusted EBITDA rose 9.3% on a currency-neutral basis, with a 100-bps margin expansion to 15.7%, reflecting solid topline performance, productivity gains and cost discipline. Mexico’s EBITDA margin expanded 200 bps to 22.4%, North America improved 40 bps to 10.8% and EAA gained 110 bps to 12.3%, while Latin America contracted 130 bps to 7.3%, mainly reflecting challenging conditions in Brazil and the integration of Wickbold. Net income advanced 22.1% YoY, supported by higher operating income and a 5.9% reduction in net financing costs.
Fibra Prologis reported positive 3Q26 operating results, supported by solid rental revenue growth, strong leasing spreads and resilient occupancy despite a still-adjusting industrial market. Revenues were up 9.0% YoY, while occupancy stood at 96.5%, 150 bps below 3Q25. Leasing activity reached 2.9 million sf, with a 66% customer retention rate and net effective rent growth of 36.2% on rollover. Same-store cash NOI advanced 1.7% YoY. Adjusted EBITDA rose 7.3%, while FFO increased 7.5% to US$96.9 million and AFFO declined 2.1% to US$76.3 million, reflecting higher property improvements, tenant improvements and leasing commissions. Management maintained its 2026 guidance, including FFO per CBFI of US$0.24–0.25, year-end occupancy of 96.5–97.5% and same-store cash NOI growth of 7–8%. Fibra Prologis reported that two tenants ceased operations due to US tariffs and financial difficulties, affecting approximately one million sq. ft. of leased space across Ciudad Juárez, Tijuana and Reynosa. The trust has already re-leased approximately 40% of the affected space at rents about 50% above the previous contracts and expects to address the remaining exposure during 1Q27.
Quálitas reported slightly positive 3Q26 results, as premium growth and higher financial income were partially offset by weaker underwriting profitability. Written premiums were up 7.7% YoY, driven by Financial Institutions (+14.6%) and Traditional (+4.8%), while insured units grew 1.4% to 6.2 million. Earned premiums rose 2.2%, while the loss ratio deteriorated 100 bps to 63.4%, reflecting higher claims costs related to the new VAT treatment. However, a 99 bps improvement in the operating ratio generated a 30 bps reduction in the combined ratio to 92.7%. Comprehensive financial income climbed 15.2%, supported by an 8.3% investment portfolio return. Net income edged up 2.1% YoY, as higher financial income and lower operating expenses offset the 11.0% decline in underwriting income.
Asur reported neutral 3Q26 results, as contributions from its recently acquired operations supported revenue growth, while weaker traffic in Mexico and margin compression limited EBITDA growth. Total passenger traffic declined 1.2% YoY, with Mexico down 4.6% and Puerto Rico 3.2%, partially offset by 5.2% growth in Colombia and a 1.4% pro forma increase in Brazil & Others. Revenues excluding construction services rose 12.6% YoY, benefiting from the consolidation of U.S. commercial operations and one month of Brazil & Others, while commercial revenue per passenger advanced 3.5%. EBITDA grew 1.7% YoY, as contributions from Brazil & Others, the U.S., Puerto Rico and Colombia were largely offset by a 9.5% decline in Mexico, while adjusted EBITDA margin contracted 645 bps to 60.3%. Net income rose 4.4% YoY, supported by lower income taxes and gains on FX forward contracts, despite higher interest expense and FX losses.
Gap reported positive 3Q26 results, driven by the CBX integration, higher maximum tariffs at Mexican airports and strong non-aeronautical revenue growth, despite lower passenger traffic. Total revenues increased 21.8% YoY, supported by 2.6% growth in aeronautical revenues, a 37.0% expansion in non-aeronautical revenues and higher IFRIC-12 revenues. The integration of CBX was a major contributor, while excluding CBX total revenues would have risen 13.7%. Aeronautical and non-aeronautical revenues advanced 13.2% YoY, as higher maximum tariffs at Mexican airports and CBX more than offset weaker traffic in Jamaica and the appreciation of the Mexican peso. Total passenger traffic declined 1.4% YoY, as a 0.6% increase in domestic traffic was offset by a 4.5% contraction in international traffic, mainly due to weakness at Montego Bay, Puerto Vallarta and Los Cabos. EBITDA rose 19.2% YoY, driven by the integration of CBX, which contributed P$558.2 million of EBITDA at a 72.0% margin, as well as lower technical assistance and concession fees; EBITDA margin excluding IFRIC-12 expanded 3.5 pp YoY to 67.8%. Net income grew 8.1% YoY, as higher EBITDA more than offset a 57.6% increase in net financial expense, primarily due to higher interest expense associated with increased debt to finance airport CAPEX and the acquisition of the 25% equity interest in CBX.
Pinfra reported strong 3Q26 operating results, supported by solid toll-road performance and a sharp increase in construction activity. Revenues surged 33% YoY, as concessions advanced 13% on 4% traffic growth, annual toll-rate adjustments and the contribution from the expanded asset portfolio, while construction revenues jumped 89% amid higher execution in the Paquete Michoacán and Colima projects. EBITDA increased 49% YoY excluding the non-recurring gain from the Altamira Port Terminal sale recorded in 3Q25. Net income rose 180% on the same adjusted basis, benefiting from stronger operating performance and a favorable comprehensive financing result, including an FX gain and higher interest income.
Kimberly-Clark de México reported neutral 3Q26 results, as margin expansion and Consumer Products growth offset soft overall sales. Revenues were flat YoY, with Consumer Products up 2%, while Away from Home and Exports declined 5% and 15%, respectively. Gross margin expanded 160 bps, supported by lower fiber and FX costs and MXN$450 million in cost savings, partially offset by higher resin and superabsorbent material costs. EBITDA grew 2% YoY, with a 50-bps margin expansion to 25.5%. Net income remained flat, as higher operating profit was offset by increased financing costs following additional debt issuance. Kimberly-Clark de México said it continues to evaluate the potential acquisition of Kenvue’s Mexican operations as part of Kimberly-Clark Corporation’s global acquisition of Kenvue, but has not reached a decision.
Gruma reported negative 3Q26 results, as continued weakness in the U.S. more than offset improved profitability across most other regions. Revenues edged up 1% YoY despite a 2% decline in volumes, benefiting from a stronger Mexican peso and a more favorable sales mix. Adjusted EBITDA fell 4% YoY, with a 90-bps margin contraction to 17.0%, as Gruma USA EBITDA dropped 19% amid softer food-service demand and elevated logistics and marketing expenses, while GIMSA, Europe, Asia & Oceania and Central America posted EBITDA growth of 4%, 2%, 22% and 47%, respectively. Net income slipped 1% YoY, as weaker operating income was largely offset by lower financing costs and a reduced effective tax rate. Gruma expects inflationary pressures from raw materials, energy and transportation costs to persist into 2027. The company plans to offset these pressures through operating efficiencies and pricing initiatives.
Gentera reported mixed 3Q26 results, as solid loan growth and resilient margins were offset by continued deterioration in asset quality. The loan portfolio expanded 8.5% YoY, led by ConCrédito (+14.4%) and Compartamos Peru (+11.6%), while Banco Compartamos Mexico grew 6.5%. NIM remained broadly stable at 42.1%, but NIM after provisions contracted 210 bps to 28.5%, as provisions for loan losses surged 31.7% and cost of risk reached 15.8%. NPLs deteriorated to 4.57% from 3.43% in 3Q25 and 4.04% in 2Q26, prompting management to adopt a more cautious growth stance, particularly in Mexico, until portfolio quality stabilizes. Net income rose 8.6% YoY, supported by 11.6% growth in net interest income, higher net commissions and disciplined operating expenses. ROE declined to 24.5% from 26.0% in 3Q25. Gentera expects its loan portfolio to grow at a single-digit pace in 2027, mainly due to the economic slowdown in Mexico, with the precise target to be disclosed in its next quarterly report. Management expects double-digit growth at ConCrédito and Compartamos Perú, while Mexico will constrain consolidated expansion. The company expects NPLs to remain near 4.5% through 2027 and ROE to decline to approximately 23%, from 25.4% currently. Credit growth could return to a double-digit pace in 2028, subject to macroeconomic conditions. Gentera and subsidiaries secured new credit facilities and expand existing lines with Mexican banks. Gentera obtained a MXN$200 million credit facility from Banco Actinver, while Banco Compartamos secured up to MXN$300 million from Banamex. FinCrementar obtained new facilities of MXN$50 million from Banco Actinver and MXN$200 million from Banorte, renewed a MXN$250 million Actinver line, and increased existing facilities with Banco Ve por Más to MXN$350 million and Banorte to MXN$800 million.
Fibra Mty extended the expiration date of its second tender offer for up to 100% of Fibra Macquarie’s outstanding CBFIs not already owned by Fibra Mty to October 30th, from October 27th. The Offer Registration Date will be November 3rd and the Settlement Date November 4th. All other terms and conditions of the offer remain unchanged. Fibra Mty has entered into an agreement, subject to customary conditions, to acquire a stabilized industrial portfolio in Santa Catarina, Nuevo León, for approximately US$22.0 million, plus applicable taxes, costs and expenses. The portfolio comprises two fully leased industrial buildings with approximately 21,300 square meters of GLA and an additional 7,500 square meters of land bank. The properties are expected to generate approximately US$1.68 million of NOI during the first 12 months after closing. The US dollar-denominated leases have a weighted average remaining term of 4.2 years, annual rent increases linked to US CPI and triple-net structures.
Vesta reported strong 3Q26 results, supported by robust leasing activity, higher occupancy and solid rental revenue growth; the company raised its guidance. Rental revenues increased 9.9% YoY, while revenues excluding energy advanced 10.8%, driven by US$8.3 million from new contracts and a US$2.6 million favorable inflationary impact. Leasing activity reached 2.3 million sf, including a record 1.6 million sf of new leases, while portfolio occupancy improved 220 bps QoQ to 93.9% and the trailing 12-month leasing spread reached 10.0%. Adjusted NOI rose 10.4% YoY, with a 33-bps margin contraction to 94.1%, while Adjusted EBITDA increased 9.2% and its margin declined 123 bps to 84.1%, reflecting higher costs and administrative expenses. FFO slipped 0.7% YoY to US$47.1 million, mainly due to higher interest expense. Management raised its 2026 guidance, now expecting revenue growth of 11.5–12.5%, up from 10–11%, reflecting higher-than-expected rental income from properties leased during the year, while Adjusted NOI and EBITDA margin guidance increased to 94.0% and 84.0%, respectively, from 93.5% and 83.0%. Vesta reported increased industrial real estate demand in Mexico from data centers and AI-related infrastructure suppliers, including cooling equipment and electrical-switch manufacturers. The company identified Guadalajara and northern border cities as key markets for this demand, supported by the location and power access of its industrial parks.
Fibra Danhos reported positive 3Q26 operating results, supported by contributions from industrial developments, higher occupancy, contractual rent increases and stronger parking revenues. Total revenues grew 8.6% YoY, while same-property occupancy improved 185 bps to 93.0%, with a 97.0% renewal rate and an 8.4% lease spread across the operating portfolio. NOI advanced 7.1% YoY, although the margin contracted 105 bps to 77.5% as property-level operating expenses outpaced revenues. EBITDA rose 7.2%, with an 84-bps margin contraction to 65.9%. FFO remained broadly flat YoY, while AFFO increased 7.1% to MXN$1.178 billion. The quarterly distribution was maintained at MXN$0.45 per CBFI, representing a 62.0% AFFO payout ratio.
Alpek reported strong 3Q26 results, driven by favorable industry conditions and solid demand, particularly in Polyester. Revenues surged 31% YoY, with volumes up 4%, while elevated PET reference margins and ocean freight rates continued to benefit profitability. Comparable EBITDA more than doubled YoY to US$276 million, led by a 134% expansion in Polyester and 32% growth in Plastics & Chemicals, although it declined 18% QoQ as reference margins began to normalize. Net income swung to a US$140 million profit from a US$44 million loss in 3Q25, reflecting the sharp improvement in operating income, partially offset by higher net financial costs. Operating free cash flow fell 92% YoY to US$5 million, as stronger EBITDA was largely absorbed by a US$226 million investment in working capital. Management raised its 2026 Comparable EBITDA guidance to US$990 million from US$750–800 million, while maintaining its volume, Capex and operating free cash flow targets. Alpek postponed the sale of strategic properties in Monterrey for approximately two years to prepare the assets and seek a higher valuation. The company maintained its plan to monetize US$30–50 million of other non-core assets during 2026 and targets a US$200–250 million reduction in net debt by year-end. Alpek is also evaluating refinancing alternatives for bank loans and bonds to extend its debt maturity profile.
Genomma Lab reported weak 3Q26 operating results, as strong growth in Latin America and improving trends in Mexico were offset by continued weakness in the U.S. and margin pressure. Revenues increased 1.3% YoY, with Latin America up 12.2%, while Mexico declined 2.4% and U.S. sales fell 30.5% amid distribution gaps and weakness in the Hispanic retail market. Gross margin contracted 244 bps to 61.4%, mainly due to the destruction of returned products in the U.S. and higher promotional investment. EBITDA fell 10.3% YoY, with a 271-bps margin contraction to 21.0%, reflecting increased commercial and promotional spending, partly mitigated by operating savings. Net income rose 18.6% YoY, driven by lower financial expenses and a non-recurring favorable FX result. Free cash flow climbed 52% to MXN$470 million.
Aeromexico delivered mixed 3Q26 results, with record quarterly revenues offset by material margin pressure from higher fuel costs. Total revenues were up 13.6% YoY, driven primarily by higher passenger revenue, particularly across international markets, as well as improved loyalty and cargo revenue. Capacity increased 1.3% YoY, while total passengers declined 3.2% to 6.2 million, reflecting disciplined capacity deployment toward higher-yielding international markets. Adjusted EBITDAR declined 11.9% YoY, as higher revenues were more than offset by a 60.6% increase in fuel cost per gallon, labor expenses and inflationary pressures, while the stronger Mexican peso provided a partial offset. Adjusted EBITDAR margin contracted 7.0 pp YoY to 24.0%. Net income fell 58.1% YoY, reflecting weaker operating profitability and a 7.7% increase in net financing costs. Aeroméxico updated its FY26 guidance and now expects capacity growth of 2.0%-3.0%, revenue growth of 13.5%-14.5%, an Adjusted EBITDAR margin of at least 21.5% and an operating margin of 8.5%-9.5%; management also guided 4Q26 capacity growth of 7.0%-8.0%, revenue growth of 14.0%-16.0% and an Adjusted EBITDAR margin of 19.5%-21.5%. Aeroméxico informed that the US Department of Transportation (DOT) revoked, effective immediately, its October 2025 order restricting certain existing, proposed and future services by Mexican airlines between Mexico and the US. The decision allows Aeroméxico to increase frequencies and introduce new scheduled services between AICM or AIFA and the US, subject to applicable regulatory requirements. The DOT determined that measures implemented by the Mexican government addressed the concerns that prompted the original restrictions.
La Comer reported negative 3Q26 results, as slowing SSS growth and higher operating expenses weighed on profitability. Revenues increased 4.6% YoY, with SSS growth decelerating to 1.0% from 2.9% in 2Q26, despite continued strength in perishables and City Market. Grupo BMV Gross margin improved 12 bps to 29.8%, reflecting a more favorable product mix and inventory efficiencies. Operating expenses climbed 11.0% on higher salaries, advertising and pre-opening costs related partly to new stores. EBITDA declined 9.5% YoY, with a 140 bps margin contraction to 9.2%. Net income fell 20.8%, as weaker operating profit was compounded by a higher net financing expense.
Kuo reported negative 3Q26 results, as weakness in the Consumer segment, particularly Pork Meat and Herdez Del Fuerte, more than offset a strong recovery across the Industrial businesses. Pro forma revenues declined 0.5% YoY, as Consumer revenues contracted 11.0%, reflecting lower pork prices and volumes, increased U.S. pork imports, oversupply in Asian markets and weaker MegaMex volumes; Industrial revenues expanded 18.1%, supported by higher Transmissions volumes and improved pricing and volumes in Synthetic Rubber and Polymers. forma EBITDA fell 21.0% YoY, while the EBITDA margin contracted 1.9 pp, primarily due to tighter Pork Meat margins, higher costs and expenses at Herdez Del Fuerte and weaker Polymers margins, partially offset by the recovery in Transmissions and improved Synthetic Rubber profitability. Net income swung to a MXN$184 million loss from a MXN$60 million profit in 3Q25, reflecting weaker operating profitability and a 95.9% increase in net financial expenses, including a MXN$197 million FX loss.
Alsea reported slightly positive 3Q26 results, driven by improving same-store sales, particularly in Mexico, and modest EBITDA margin expansion. On a pre-IFRS 16 basis and excluding the hyperinflation restatement in Argentina, revenues were up 1.8% YoY, or 5.6% excluding FX effects, while same-store sales grew 4.2%, led by Quick-Service Restaurants (+5.3%), Coffee-Shops (+4.4%) and Full-Service Restaurants (+2.8%). Mexico sales climbed 5.9%, while Europe declined 4.6% on FX effects and South America remained flat. EBITDA advanced 2.2% YoY, with a 10-bps margin expansion, supported by operating leverage in Mexico and efficiencies in Europe, partially offset by weaker profitability in South America. Net income rose 15.3% YoY, mainly reflecting lower financing costs and stronger EBITDA. Management reaffirmed its revised 2026 guidance announced in July, which lowered sales, SSS and EBITDA growth expectations to low-single-digit growth from mid-single-digit growth, while maintaining Capex at approximately MXN$5.5 billion, 180–220 openings and total debt/EBITDA targets of 2.6–2.8x pre-IFRS 16 and 3.0–3.2x post-IFRS 16.
Grupo BMV reported mixed 3Q26 results, as revenue growth was offset by higher expenses and margin compression. Revenues were up 5.4% YoY, driven by Derivatives (+19.2%), OTC trading (+11.2%) and Central Securities Depository (+4.8%), while Cash Equities slipped 0.9%. Average daily traded value in equities edged up 1%, futures volume climbed 22% and assets under custody increased 11% YoY. EBITDA grew 2.0% YoY, with a 180-bps margin contraction, as expenses rose 11.5% on higher compensation, technology and depreciation costs related to the Digital Evolution strategy. Net income advanced 1.0% YoY, as a lower effective tax rate and FX gains offset weaker operating income and lower interest income. Grupo BMV reduced its FY26 capex estimate to MXN$370 million from MXN$500 million as it advances technology modernization initiatives across several business areas.
Herdez reported weak 3Q26 operating results, as a recovery in sales and gross margin expansion were offset by significant pressure on operating profitability. On a pro-forma basis, revenues grew 5.4% YoY, with Domestic sales up 2.4% and Exports surging 26.3%, supported by the normalization of billing following the ERP implementation and a recovery in home-style salsa volumes. Gross margin expanded 110 bps to 27.5%, benefiting from a better sales mix and favorable input costs, but SG&A climbed 14.7% due to higher personnel, IT and warehousing expenses. EBITDA fell 26.4% YoY, with a 410-bps margin contraction to 9.6%, reflecting weaker fixed-cost absorption and elevated operating expenses. Net income more than doubled to MXN$467 million from MXN$222 million, mainly due to an FX gain and contributions from McCormick de México and the recovery of Helados Nestlé, despite weaker operating income. Management revised its 2026 guidance following the deconsolidation of the ice cream business and challenging consumption trends, now expecting low-single-digit consolidated sales growth and EBITDA of MXN$1.8–2.0 billion.
Rotoplas reported strong 3Q26 operating results, driven by solid sales growth and significant operating leverage. Revenues increased 9.6% YoY, with products up 9.5% and services rising 10.3%, while all regions posted growth, led by Other Countries (+25.1%) and the U.S. (+20.9%). EBITDA surged 35.4% YoY, with a 250 bps margin expansion to 13.2%, as operating expenses grew well below revenues and more than offset a 60 bps gross margin contraction from higher resin costs. Services EBITDA swung to a MXN$4 million profit from a MXN$63 million loss, mainly reflecting improved unit economics at bebbia, which surpassed 208,000 active subscribers. Net income improved to a MXN$2 million loss from a MXN$198 million loss in 3Q25, supported by stronger operating income and a decline in net financing costs to MXN$164 million from MXN$354 million, mainly due to lower FX effects in Argentina.
Axtel reported weak 3Q26 operating results, as revenue growth was offset by margin compression and a decline in reported EBITDA. Revenues grew 3% YoY, driven by Government (+41%) and Enterprise (+2%), while Wholesale contracted 18% against a tough comparison from upfront dark-fiber revenues in 3Q25. Comparable EBITDA edged up 1% YoY, with a 100-bps margin contraction to 29%, as lower gross profit was mitigated by organizational efficiencies and reduced personnel expenses. Reported EBITDA fell 15%, reflecting a MXN$144 million non-recurring reorganization charge related to the company’s process optimization program. Net income swung to a MXN$17 million profit from an MXN$79 million loss in 3Q25, as lower interest expense and a significantly reduced tax burden more than offset weaker operating income and an FX loss versus a gain last year.
Nemak reported positive 3Q26 operating results, driven by the contribution from its recent acquisition, favorable product mix and commercial negotiations. Revenues increased 22.3% YoY, supported by resilient underlying demand, the acquired operations and higher aluminum prices, with ICE Powertrain up 13.9% and EV/Structure & Chassis more than doubling. EBITDA rose 21.3% YoY, while the margin remained broadly stable at 11.6%, as EBITDA advanced 8.6% in North America, 31.7% in Europe and 34.2% in the Rest of the World. Net income declined to approximately breakeven from US$25 million in 3Q25, mainly due to US$24 million in asset impairments related to footprint optimization and higher financial expenses, partially offset by an income tax benefit. Pro forma net debt/LTM EBITDA increased to 2.8x from 2.5x in 3Q25, while the company completed the refinancing of its €500 million 2028 senior notes. Nemak announced changes to its executive leadership team following the retirement of Ernesto Saenz, Vice President Mexico, after 30 years with the company. Marcelo Ortiz will become Vice President North America, assuming responsibility for the U.S. and Mexico, while Jose Luis Alvarez will become Chief Strategy Officer. Ortiz joined Nemak in 2017 and has more than 25 years of experience in strategic planning, business development and marketing. Alvarez has spent 14 years at Nemak and has led initiatives across automotive market intelligence, M&A, strategic planning, and product and technology portfolios.
Ara reported strong 3Q26 operating results, driven by robust housing sales and volume growth, despite some margin pressure. Revenues surged 28.7% YoY, driven by a 28.0% increase in homes sold and a 4.1% higher average price, with Middle-Income housing sales jumping 68.6%. EBITDA advanced 14.2% YoY, although the margin contracted 170 bps to 13.2% as costs outpaced topline growth. Net income remained flat YoY at MXN$199.8 million, as stronger operating income was offset by lower financial income and a higher tax provision, while the net margin declined 230 bps to 7.7%.
GCC informed that it entered into a settlement agreement and received a gross payment of US$71.5 million following the favorable arbitral award obtained in November 2025. The arbitration arose from GCC’s 2011 sale of its equity interest in SOBOCE, S.A. to Consorcio Cementero del Sur, S.A. The settlement fully and finally resolves the dispute, with no further liability for GCC related to the matter.
Planigrupo reported positive 3Q26 results, supported by stable portfolio fundamentals, moderate NOI and EBITDA growth, and a stronger balance sheet. Net total revenues increased 1.0% YoY to MXN$489.2 million, while NOI rose 1.9% to MXN$397.6 million and EBITDA advanced 1.6% to MXN$320.1 million. NOI margin expanded 70 bps YoY to 81.3%, while EBITDA margin increased 40 bps to 65.6%. Occupancy stood at 93.8%, average rent increased 3.6% YoY to MXN$203.2/m² and shopping-center traffic rose 0.8% to 26.5 million visitors. Total debt declined 2.5% YoY to MXN$6.266 billion, reducing LTV by 150 bps to 31.3%, while the weighted-average debt cost fell 136 bps to 9.05%. Management is refinancing several short-term credit facilities and continues to evaluate acquisition opportunities while maintaining financial discipline.
FibraShop reported positive 3Q26 results, supported by revenue growth and resilient occupancy, partially offset by lower margins. Rental revenues increased 7.3% YoY. Average occupancy of the stabilized portfolio stood at 96%, while consolidated occupancy reached 94%. NOI and EBITDA rose 5.7% and 5.6% YoY, respectively, while both margins contracted 1.2 pp. FFO expanded 23.0% YoY, supported by higher operating income and a lower comprehensive financing loss. LTV declined 0.7 pp YoY to 38.6%, while FibraShop is undertaking two refinancing transactions expected to reduce the weighted average cost of the refinanced debt by approximately 29 bps and improve its maturity profile.
Gissa reported positive 3Q26 operating results, driven by strong performance at Draxton despite weaker light-vehicle production across its main regions. Revenues grew 7% YoY, as Draxton sales advanced 9%, supported by 15% growth in North America and higher casting volumes, while Cinsa contracted 10% on weak consumer demand. EBITDA climbed 17% YoY, with a 100 bps margin expansion to 10%, despite a US$4 million unfavorable impact from the energy-cost pass-through lag in Europe and MXN appreciation; Draxton EBITDA surged 27%, supported by higher volumes, energy efficiencies and operating improvements. Net loss widened to US$3 million from US$2 million in 3Q25, despite stronger operating income, as the tax line swung to an expense from a benefit in the prior year.
Cadu reported strong 3Q26 results, driven by accelerating housing sales and improved operating leverage. Revenues surged 34.0% YoY, as housing sales revenue jumped 51.7%, supported by a 50.3% increase in units sold and particularly strong demand in the social-interest and middle-income segments. EBITDA advanced 35.1% YoY, with a 10-bps margin expansion to 15.1%, while operating income climbed 69.2% as general expenses grew well below revenues. Net income rose 18.3% YoY, supported by stronger operating profit and a 62.3% reduction in financial costs, despite a higher tax burden. Free cash flow reached MXN$537 million, up 87.8%, aided by inventory monetization and faster collections, while net debt/LTM EBITDA improved to 2.08x from 2.21x in 3Q25. Management indicated that housing revenues could exceed its 2026 guidance, with 9M26 housing sales already equivalent to 92% of the full-year 2025 level.
Mexican airlines regained the ability to open new routes to the US from AICM and AIFA after US authorities lifted restrictions affecting the two airports. The decision restores the ability of Mexican carriers to expand US connectivity from both airports. The measure removes a regulatory constraint on future route growth and capacity additions in the Mexico-US aviation market. Mexico restored US cargo airlines’ access to AICM, reversing restrictions that had affected dedicated cargo operations at the airport. The measure allows US cargo carriers to resume operations at AICM and removes a source of bilateral aviation friction. The decision improves operational flexibility for air freight between Mexico and the US and supports cargo connectivity through the country’s largest airport.
Telecom sector: Mexico’s mandatory mobile-line registry reached 96.3 million linked numbers as of October 18, equivalent to 80.3% of the total lines the CRT expects to incorporate. The registry added 4.5 million lines over the previous 14 days, or approximately 321,200 per day, although the daily pace decelerated from roughly 352,600 during the preceding 15-day period. The CRT expects to remove approximately 25 million inactive lines, including promotional SIM cards, numbers that were never activated and lines temporarily used by visitors. Among numbers ending in “4,” 9.9 million lines had been registered, equivalent to 88.2% of the estimated total. More than 1.0 million previously suspended lines regained service after users completed the registration process, while the CRT expects another 1.3 million to be reactivated in the coming days.
Other Companies
Pemex denied reports of mass layoffs and reductions to employee salary scales. The company said its ongoing organizational restructuring seeks to eliminate duplicated functions and unnecessary hierarchical levels while optimizing its structure. These measures represent a 0.21% reduction in Pemex’s workforce in 2026, with applicable severance and benefits paid to affected employees.
Prudential Financial agreed to sell its Mexico and Brazil operations to France’s CNP Assurances Group for US$4.025 billion in cash. The transaction is expected to close in 2H27, subject to regulatory approvals and customary closing conditions. Prudential plans to allocate the proceeds toward growth opportunities in retirement, asset management and selected protection businesses in the U.S., Japan and selected European markets. The transaction follows Prudential’s recent divestments in Argentina, Indonesia, South Africa and Kenya as part of its strategy to simplify its geographic footprint.
Volkswagen de México and its independent workers’ union (SITIAVW) reached a preliminary agreement for an 8.24% increase in employee compensation, averting a potential strike at the Puebla plant. The agreement remains subject to approval by unionized workers.
AICM is preparing for increased passenger and cargo activity with the U.S. after the U.S. Department of Transportation removed restrictions that prevented Mexican airlines from expanding flights from AICM and AIFA. AICM will complete the second phase of its comprehensive renovation in December to support higher activity. The airport will manage additional frequencies within its saturation limit of 46 operations per hour. Dedicated cargo operations will also be allowed to return, although infrastructure adjustments could be required following their relocation from AICM in 2023.
Developers affiliated to the Mexican Association of Private Industrial Parks (AMPIP) began operations at 20 industrial parks across nine states, representing more than US$763 million in investment and 4.6 million sqm of space. The facilities have capacity for 175 companies and are expected to generate 32,127 jobs. AMPIP has now delivered 40 of the 100 industrial parks it committed to develop under Plan México.
Chinese automaker GWM reaffirmed its plan to establish a manufacturing plant in Mexico and expects at least 10 product launches in 2027. GWM plans to expand its Mexican dealership network to 60 locations by mid-2027 from 46 currently and targets 20% sales growth next year. The company will increasingly consolidate its Haval and Poer sub-brands under the GWM brand as it focuses on SUVs and pickups. GWM also plans to absorb the impact of Mexico’s 50% tariff on Chinese vehicle imports through lower production costs rather than higher vehicle prices, despite the resulting pressure on profitability.
Rifel, a Mexican industrial bakery company, invested US$100 million in its second plant in Querétaro to expand production capacity. The 22,411-square-meter facility forms part of a three-stage investment program through 2030 aimed at tripling production to more than 135,000 tons annually to serve demand in Mexico, the US and Central America.
German coatings manufacturer Mankiewicz will invest MXN$449.2 million to establish a new plant in Querétaro, creating 300 jobs. The facility will produce high-performance coatings for the automotive and general industrial sectors.
Grupo Financiero Kapital obtained initial regulatory authorization to establish a financing company in Colombia, bringing it closer to accepting deposits and expanding its banking operations in the country. Grupo Financiero Kapital still requires final regulatory approval before the new entity can begin operations. larepublica.co
U.S. mattress manufacturer Spring Air plans to increase its production capacity in Mexico by at least 25% in 2027, supported by growing domestic demand and export opportunities. The company currently produces approximately 600,000 mattresses annually at its Mexican facilities and expects the expansion to increase output to around 750,000 units.
Economy
Headline inflation increased 0.41% in the first half of October, above the 0.38% forecast in the latest Citi Mexico Expectations Survey. Core inflation rose 0.25%, above Citi’s 0.17% estimate, as services prices advanced 0.31% and merchandise prices increased 0.17%. Non-core inflation climbed 0.98%, mainly due to a 3.08% increase in energy prices, which more than offset a 0.11% decline in agricultural prices. Annual headline inflation stood at 3.62%, while annual core inflation reached 3.78%.
IGAE increased 0.6% MoM in August on a seasonally adjusted basis, as primary activities rose 3.5%, secondary activities advanced 0.6%, and tertiary activities grew 0.2%. IGAE increased 3.3% YoY based on original figures, as tertiary activities expanded 3.6% and secondary activities rose 3.5%, while primary activities declined 2.6%.
Mexico’s private consumption is expected to increase 0.4% MoM and 0.9% YoY in August, according to INEGI’s Timely Indicator of Private Consumption (IOCP). In September, private consumption is expected to decline 0.1% MoM and expand 0.6% YoY.
Retail sales increased 1.2% MoM in August on a seasonally adjusted basis and 3.3% YoY based on original data, according to INEGI.
Services sector revenue increased 0.3% MoM in August on a seasonally adjusted basis, remaining in positive territory for the sixth consecutive month, and advanced 1.0% YoY based on original data, according to INEGI.
Construction activity was unchanged MoM in August on a seasonally adjusted basis, as building construction declined 0.8%, while specialized construction works increased 2.6% and civil engineering works rose 0.4%. Construction activity increased 10.6% YoY based on original figures, as building construction rose 14.9%, specialized construction works expanded 8.8%, and civil engineering works increased 2.6%.
Mexico’s manufacturing production increased 1.7% MoM in August based on seasonally adjusted data, according to INEGI. Manufacturing production expanded 4.1% YoY based on original data.
Mexico’s unemployment rate declined to 2.8% in September, from 2.9% in August and 3.0% in September 2025, according to INEGI.
Economists maintained their Banxico policy-rate forecast at 6.50% for YE26 and YE27, according to the latest Citi Mexico Expectations Survey. GDP growth estimates remained at 1.4% for 2026 and 1.8% for 2027. Headline inflation expectations held at 3.90% for YE26 and increased to 3.86%, from 3.83% for YE27, while core inflation declined to 3.80%, from 3.88% for YE26, and remained at 3.80% for YE27. The median MXN/USD forecast rose to MXN$18.20/US$, from MXN$18.00/US$ for YE26, and MXN$18.60/US$, from MXN$18.50/US$ for YE27.
Mutual funds’ assets under management reached MXN$5.4 trillion in 3Q26, up 2.6% from March, extending a streak of more than three years of consecutive quarterly growth. Nineteen of the country’s 28 fund managers expanded their AUM during 3Q26, led by Operadora Punto (+283.9%), Franklin Templeton Asset Management México (+10.9%) and Monex Operadora de Fondos (+10.6%). ETFs represented 14.6% of total AUM, with nine of the 10 largest positions focused on U.S. sovereign debt.
SHCP placed MXN$40 billion through simultaneous issuances of Bondes G and a Bono S, with total demand reaching MXN$104.5 billion, equivalent to 2.61x the amount allocated. The transaction comprised MXN$33.4 billion in Bondes G across two-, three-, four- and six-year maturities and MXN$6.6 billion in a 10-year Bono S at a 9.36% yield.
Hacienda refinanced MXN$238.153 billion of federal government debt in the domestic market and extended the average maturity of the refinanced securities by 2.9 years. The transaction exchanged Cetes, Bondes F, Bonos M and Udibonos maturing between 2026 and 2043 for instruments maturing between 2027 and 2047. Of the total, MXN$18.823 billion corresponded to 2026 maturities, MXN$123.910 billion to 2027, MXN$44.094 billion to 2028 and MXN$51.326 billion to subsequent years. The transaction marked the federal government’s sixth domestic-market refinancing operation in 2026 and was conducted under its Annual Financing Plan.
The Comisión Reguladora de Telecomunicaciones (CRT) opened registration for Mexico’s first spectrum auction dedicated to industrial 5G networks, which will remain open through October 23. The auction will offer up to 60 MHz of spectrum across 72 industrial regions to support connectivity and automation in sectors including manufacturing, logistics and mining.
Mexico will allow 11 light-vehicle manufacturers with domestic operations to import parts and components for vehicle assembly at a zero tariff for five years. Eligible companies must hold authorization for bonded manufacturing and assembly operations and comply with Secretaría de Economía requirements, including vehicle and component traceability. General Motors plans to relocate two production lines from China to Mexico under this strategy.
USMCA. U.S. President Donald Trump said the U.S. and Mexico are close to reaching an agreement that could reduce the U.S. trade deficit with Mexico to near zero. Trump said negotiations with Mexico are progressing and linked the potential agreement to efforts to rebalance bilateral trade. The comments come as both countries negotiate outstanding tariff and trade issues ahead of the 2026 USMCA review. Mexico has sought relief from U.S. tariffs on steel, aluminum and automotive exports, while bilateral discussions continue on broader trade and investment issues.
Subasta CETES: 28-day CETES +16 bps to 6.25%; 91-day CETES -23 bps to 6.55%; 182-day CETES -12 bps to 6.79% and 364-day CETES -33 bps to 7.11%.
