Mexico Corporate Results: Growth Leaders and Laggards in Q1/FY2025-26
This season’s Mexican corporate results reveal a stark divergence in revenue growth across industries. Metals & mining leads the pack with a median revenue surge of +32.6% year over year, driven by strong commodity prices. In contrast, consumer health (-4.9%), industrial conglomerates (-4.3%), and packaged foods & bakery (-3.3%) lag, reflecting softer demand and cost pressures. Banks also contracted (-1.5%), while airports (+5.9%) and beverages & retail (+6.1%) posted solid gains.
Revenue growth by industry (median YoY)
Top Performers and Deceleration Stories
GMEXICO (metals & mining) stands out with revenue growth of +32.6% year over year, EBITDA up +47.7%, and net profit soaring +62.3%. FEMSA (beverages & retail) also impressed with revenue +6.1% and net profit +155.4%, though the latter was boosted by one-off items. GAP (airports) reported revenue +23.2% for its fiscal year, a sharp acceleration from the prior period’s +21.3% (though the prior figure is for a different quarter). On the deceleration front, ASUR (airports) slowed markedly: revenue growth dropped from +21.3% to +0.8%, and net profit fell from +31.4% to -19.6%. Similarly, LIVERPOL (retail department stores) saw revenue decelerate from +9.6% to -0.2%, and net profit from +18.8% to -17.2%.
Among banks, BBAJIO reported a revenue decline of -3.9% and net profit -15.1%, while INBURSA managed slight revenue growth of +0.8% but net profit fell -9.7%. BIMBO (packaged foods) saw revenue shrink -3.3% but EBITDA rose +9.5% and net profit jumped +33.4%, indicating margin improvement. ORBIA (chemicals) posted revenue +1.5% but a massive net loss swing of -415.2% year over year, likely due to impairments. Dividend yields were not provided in the data, so no yield leaders can be highlighted. Long-term growth trends (3-year revenue CAGR) were also unavailable for all companies.
Overall, the season highlights a clear winner in metals & mining, while consumer-facing and industrial sectors face headwinds. Airports show mixed trends, with GAP accelerating and ASUR decelerating sharply. Investors should watch for margin recovery stories like BIMBO and the sustainability of GMEXICO’s commodity-driven growth.
Players: growth & yield (no absolute levels)
| Company | Industry | Revenue YoY | EBITDA YoY | Net profit YoY |
|---|---|---|---|---|
| WALMEX (Q1) | Retail | +1.7% | -2.2% | +1.5% |
| AMX (Q1) | Telecom | +2.1% | +3.8% | +25.1% |
| FEMSA (Q1) | Beverages & retail | +6.1% | +11.2% | +155.4% |
| BANORTE (Q1) | Banks | — | — | — |
| BIMBO (Q1) | Packaged foods & bakery | -3.3% | +9.5% | +33.4% |
| INBURSA (FY) | Banks | +0.8% | — | -9.7% |
| KOF (Q1) | Beverages (bottler) | +1.1% | +0.9% | -15.5% |
| AC (Q1) | Beverages | +0.2% | -0.7% | -8.5% |
| LIVERPOL (Q1) | Retail (department stores) | -0.2% | -6.2% | -17.2% |
| CARSO (Q1) | Industrial conglomerate | -4.3% | -10.3% | -6.6% |
| GAP (FY) | Airports | +23.2% | +15.9% | +11.1% |
| BBAJIO (FY) | Banks | -3.9% | — | -15.1% |
| CEMEX (FY) | Building materials | +0.4% | -1.1% | +2.2% |
| OMA (FY) | Airports | +5.9% | +10.7% | +8.4% |