Grupo Aeroportuario del Pacífico (GAP) reported a 2.8% increase in its total revenue during the fourth quarter of 2025 (4Q25), while Grupo Aeroportuario del Centro Norte (OMA) registered no change compared to the same period in 2024

Based on data from its reports submitted to the Mexican Stock Exchange (BMV) , GAP stated that its revenues showed an increase driven mainly by the application in Mexico of the airport fees approved for the period 2025-2029, as well as by the opening of new routes.

Similarly, income from non-aeronautical services, that is, businesses operated directly by the company, grew by 262.9 million pesos (mdp), a 28.3% increase compared to the same period in 2024, driven by the consolidation of the cargo and bonded warehouse business , which contributed 129.2 million pesos, representing an increase of 37.4 percent.

Meanwhile, its net profit fell 17.4% year-on-year as a result of an increase in financial expenses, accrued interest, a loss due to currency fluctuations and an increase in taxes.

In Q4 2025, the 14 airports (including two in Jamaica) operated by GAP recorded a decrease of 0.9% compared to the fourth quarter of 2024.

GAP recorded a 23.2% increase in its total revenue during 2025 compared to 2024. Its net profit grew 12.7% during the past year, while passenger traffic increased 2.5%.

By 2026, the company expects an increase in passenger traffic of between 2% and 5%, as well as total revenue growth of between 8% and 11%, and EBITDA with an upward range of between 8% and 11%.

For its part, OMA detailed that its total revenues in the fourth quarter of 2025 amounted to 4,113 million pesos , compared to 4,115 million pesos in the same period last year.

Regarding OMA Cargo’s revenue, he specified that this segment increased 14.2% year-on-year .

Consolidated net profit in Q4 2025 was 1,223 million pesos, an increase of 3.6% compared to the same quarter of 2024.

Total passenger traffic was 7.5 million, a 6% year-on-year increase , due to the flow of domestic (85.2%) and international (14.8%) travelers

For the year 2025, OMA reported revenues of 15.964 billion pesos, a 5.9% increase compared to 2024. Adjusted EBITDA was 10.167 billion pesos in 2025, a 12.1% increase compared to 2024. Net income totaled 5.365 billion pesos, representing an 8.7% year-over-year increase.

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Walmart de México y Centroamérica (Walmex) reported  net sales of  280 billion 982 million pesos (mdp) in the fourth quarter of 2025 (4Q25), driven by an increase in the purchase ticket, which meant a growth of 3% compared to the same period of 2024.

Despite weak consumer spending in the country, the retailer indicated that it obtained a  gross profit  of 67,944 million pesos in the cycle , a 4.6% increase compared to the fourth quarter of 2024 (4Q24), when it was 64,982 million pesos.

In its results report sent to the  Mexican Stock Exchange (BMV) , Walmex indicated that its operating cash flow  or EBITDA was 29,595 million pesos in Q4 2025 , an increase of 8.1% over the same period in 2024.

In contrast, the firm’s net profit fell 3.9% to 14.6 billion pesos, while operating profit increased by 8.5% , reaching 23.317 billion pesos in the same period.

“As 2025 comes to a close, I want to thank our associates in Mexico and Central America. We remain focused on our three non-negotiables: everyday low prices, product availability, and accelerating e-commerce ,” said Cristian Barrientos, CEO and Managing Director of Walmart Mexico and Central America.

In Mexico, total revenues grew by 4.9%, reaching  237,314 million pesos in the period compared to 226,168 million pesos in the same cycle but in 2024; EBITDA was 25,489 million pesos, an increase of 10 percent.

In turn,  total revenues in Central America amounted to 45,535 million pesos , which meant an increase of 6.2% in Q4 2025, while EBITDA was 4,106 million pesos, an increase of 2.6 percent.

Walmart de México y Centroamérica stated that Bait , its telephone service, reached  26.4 million active users  in the period October-December 2025.

The retailer opened 102 new stores in Mexico and 13 in Central America in Q4 2025, bringing its total to 4,265 units.

Regarding the 2025 results, the company’s consolidated revenues registered an increase of 5.6%, while EBITDA showed an increase of 3.4% with 103,447 million pesos.

“We know what we need to do, we have clear priorities, and we will accelerate the speed at which we are moving. I am confident that this focus on fundamentals is strengthening our company and preparing us to accelerate our performance,” Barrientos emphasized.

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TIP Mexico celebrated the traditional ringing of the opening bell at the Mexican Stock Exchange (BMV) to mark its fifth issuance of Trust-Based Securities (CBFs). The event symbolizes a further step in the company’s financial strengthening within the Mexican market .

The placement, carried out on November 4, amounted to four billion pesos (MXN) in CBFs. The result was met with an overall oversubscription of 2.77 times, reflecting investor confidence in TIP México’s business model .

“This debt issuance will allow us to strengthen our commercial offering, our operational capacity, diversify our funding agreements and, primarily, more efficiently meet the demand for leasing functions in key sectors such as logistics, transportation and vehicle leasing,” said Mauricio Medina, CEO of TIP Mexico.

During his speech at the “bell-ringing” ceremony, Medina explained that the issuance received triple A (AAA) ratings from Fitch Ratings and Moody’s , and highlighted that the operation transcends the financial aspect, reaffirming the company’s commitment to mobility as an engine of productivity and competitiveness , and that TIP’s growth is linked to Mexico’s economic development.

He also thanked the BMV, the financial partners Banorte , BBVA and Santander , as well as the investors, for the trust placed in the company and its long-term vision.

Double-digit growth

Following the “ringing of the bell”, Mauricio Medina and Roberto Medina, Vice President of Finance at TIP Mexico, held a press conference, where they reported that the company has maintained double-digit growth ranging between 10% and 12 percent .

Furthermore, they indicated that TIP Mexico currently has a fleet of 30,000 units and 14,000 units in freight transport ; it also has a portfolio of 7,400 clients, ranging from individuals to large corporations.

In terms of sustainability, executives noted that the company has promoted initiatives aligned with ESG (Environmental, Social, and Governance) criteria. These include EcoLeasing, which reduces diesel consumption in vehicles; the issuance of carbon credits to offset emissions; and a hybrid and electric fleet that already represents 10% of the total, exceeding the industry average .

With this CBF issuance, TIP Mexico has accumulated a record of 14.75 billion pesos placed in five issuances over the last decade, positioning the company as one of the most relevant players in transportation financing in the country .

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Grupo Aeroportuario del Sureste (Asur) signed a contract to acquire 20 airports that are part of the portfolio of the Brazilian operator Motiva Infraestrutura de Mobilidade (Motiva) , which has concessions in Brazil, Ecuador, Costa Rica and Curaçao.

In a report sent to the Mexican Stock Exchange (BVM) , Asur specified that the purchase agreement to acquire the entire shareholding of Companhia de Participações em Concessões (CPC), a subsidiary of Motiva, was at a price of 936 million dollars (USD), and an enterprise value of two billion 566 million USD .

“The acquisition represents a cornerstone in Asur’s expansion strategy in the region, incorporating four new markets in Latin America and the Caribbean, including Brazil, the largest aviation market in terms of passengers in Latin America, to the already established presence in Mexico, Colombia and Puerto Rico,” he stated.

He specified that the incorporation of these infrastructures will add more than 45 million passengers to the 71 million users reported by the airport concessionaire in 2024.

The portfolio includes Quito International Airport, as well as Juan Santamaría Airport in San José, Costa Rica; Curaçao Airport in Curaçao; Confins Airport in Brazil, as well as Pampulha Airport, the airports of the Southern Bloc and those of the Central Bloc in Brazil.

Of the 20 airports that make up CPC’s portfolio, 17 of them have more than 15 years remaining on their concessions.

Asur expects the transaction to close during the first half of 2026 .

The airport operator with operations in Mexico, the United States, and Colombia reported that total passenger traffic between January and October 2025 was 58.9 million travelers, representing an increase of 0.2% compared to the same period last year.

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Due to strong sales performance in its stores in Mexico, Walmart de México y Centroamérica (Walmex) reported total revenues of 241 billion 520 million pesos (mdp) in the third quarter of 2025 (3Q25) , representing a 5% increase compared to the same period in 2024.

Despite weak consumer spending in the country, the retailer indicated that it obtained a gross profit of 59,774 million pesos in the cycle, an increase of 4.1% compared to the third quarter of 2024 (3Q24), when it was 57,408 million pesos.

In its results report sent to the Mexican Stock Exchange (BMV) , Walmex specified that its operating cash flow was 25,266 million pesos, an increase of 3.3% over the same period last year.

In contrast, the firm’s net profit fell 9.2% to 11,747 million pesos in the aforementioned period; while EBITDA was 25,266 million pesos, an increase of 3.3 percent.

Meanwhile, the supermarket chain’s overhead costs rose by 4.5%, driven by growth investments in new stores, technology, and the value proposition for associates.

In Mexico, sales grew by 5.6% to reach  200,567 million pesos in the period compared to 190,018 million pesos in the same period but in 2024; EBITDA was 21,490 million pesos, an increase of 3.8 percent.

“Our focus remains on what we can control and on accelerating market share gains, as demonstrated by our third-quarter results in Mexico. We are continuing with our investment plans to achieve long-term sustainable growth,” said Cristian Barrientos, CEO of Walmart Mexico and Central America.

Meanwhile, sales in Central America totaled 40.953 billion pesos , representing a 2.5% increase in Q3 2025 in countries such as Honduras, Nicaragua, El Salvador, Costa Rica, and Guatemala. EBITDA was 3.776 billion pesos, a 0.4% increase.

Walmart Mexico and Central America highlighted that  Bait , its telephone service, reached  23.5 million active users during the period, and specified that its e-commerce business  in Mexico grew 20%, driven mainly by On Demand , and in Central America it increased 38%.

In Q3 2025, Walmex opened 23 stores, 19 of which were Bodega Aurrera. The company now has 3,214 stores in Mexico and 936 in Central America.

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Due to strong sales performance in its stores in Mexico, Walmart de México y Centroamérica (Walmex) reported total revenues of 241 billion 520 million pesos (mdp) in the third quarter of 2025 (3Q25) , representing a 5% increase compared to the same period in 2024.

Despite weak consumer spending in the country, the retailer indicated that it obtained a gross profit of 59,774 million pesos in the cycle, an increase of 4.1% compared to the third quarter of 2024 (3Q24), when it was 57,408 million pesos.

In its results report sent to the Mexican Stock Exchange (BMV) , Walmex specified that its operating cash flow was 25,266 million pesos, an increase of 3.3% over the same period last year.

In contrast, the firm’s net profit fell 9.2% to 11,747 million pesos in the aforementioned period; while EBITDA was 25,266 million pesos, an increase of 3.3 percent.

Meanwhile, the supermarket chain’s overhead costs rose by 4.5%, driven by growth investments in new stores, technology, and the value proposition for associates.

In Mexico, sales grew by 5.6% to reach  200,567 million pesos in the period compared to 190,018 million pesos in the same period but in 2024; EBITDA was 21,490 million pesos, an increase of 3.8 percent.

“Our focus remains on what we can control and on accelerating market share gains, as demonstrated by our third-quarter results in Mexico. We are continuing with our investment plans to achieve long-term sustainable growth,” said Cristian Barrientos, CEO of Walmart Mexico and Central America.

Meanwhile, sales in Central America totaled 40.953 billion pesos , representing a 2.5% increase in Q3 2025 in countries such as Honduras, Nicaragua, El Salvador, Costa Rica, and Guatemala. EBITDA was 3.776 billion pesos, a 0.4% increase.

Walmart Mexico and Central America highlighted that  Bait , its telephone service, reached  23.5 million active users during the period, and specified that its e-commerce business  in Mexico grew 20%, driven mainly by On Demand , and in Central America it increased 38%.

In Q3 2025, Walmex opened 23 stores, 19 of which were Bodega Aurrera. The company now has 3,214 stores in Mexico and 936 in Central America.

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During the third quarter of 2025 (3Q25), Coca-Cola FEMSA obtained revenues of 71,884 million pesos (mdp) , which represented an increase of 3.3% compared to the same period in 2024, when its revenues totaled 69,601 million pesos.

This increase was primarily driven by “our revenue management initiatives, partially offset by a slight decrease in volume, promotional activity, and unfavorable currency translation effects, primarily due to the depreciation of the Argentine peso and most of our operating currencies in Central America to Mexican pesos,” the company explained.

According to its earnings report, submitted to the Mexican Stock Exchange (BMV) , its gross profit was 32.391 billion pesos in 3Q25, an increase of 0.9% compared to the same period last year.

Regarding operating income , Coca-Cola FEMSA showed a good performance during the period, reaching 10,291 million pesos compared to 9,638 million pesos in the third quarter of 2024 (3Q24), which represented an increase of 6.8 percent.

In 3Q25, its operating cash flow (EBITDA) was 14.449 billion pesos, an increase of 3.2% compared to the same period in 2024.

Despite the positive results for the period, the bottler recorded a 0.6% reduction in volume to 1.035 billion unit cases , mainly due to “decreases in volume in Mexico and Panama, which were partially offset by volume growth in Brazil, Colombia, Argentina, Guatemala, Costa Rica and Nicaragua.”

“During the third quarter, we achieved a gradual improvement in our results despite facing a challenging environment. Sales volume declined slightly, driven primarily by Mexico, where we are navigating a slowing macroeconomic environment, which is translating into lower consumption,” explained Ian Craig, CEO of Coca-Cola FEMSA.

Accumulated and performance in Latin America

Revenue increased 5% to 213.98 billion pesos, while gross profit increased 4.3% to 96.85 billion pesos. Meanwhile, operating profit also grew year-to-date, reaching 29.234 billion pesos, a 4.3% increase compared to the same period in 2024.

EBITDA was 40.939 billion pesos, an increase of 2.2% over the first nine months of 2024.

Regarding the results of its Mexico and Central America division (Mexico, Guatemala, Costa Rica, Panama and Nicaragua) , Coca-Cola FEMSA stated that during the 3Q25 its revenues decreased 0.2% at an annual rate, while its gross profit fell 2.6 percent.

In its South American division (Brazil, Argentina, Colombia and Uruguay) , the company noted that its revenue increased 8.7%, and its gross profit grew 7.2% in the period.

“Looking beyond this year, we will leverage Coca-Cola FEMSA’s ability to adapt to challenging operating conditions, including the impact of the increased beverage tax in Mexico,” Ian Craig emphasized.

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Fernando Chico Pardo’s career takes a turn, returning to his roots in the financial sector, with the announcement of his acquisition of a 25% stake in Grupo Financiero Banamex, equivalent to 520 million shares , for a value of $2.3 billion.

His beginnings date back more than 40 years to the financial sector, while the airport and maritime sectors have been avenues of acceleration for the entrepreneur, who, according to various analyses, is the eighth richest man in Mexico.

In 2014, Chico Pardo became Carrix ‘s largest shareholder , acquiring nearly 50% of FRS Capital Corporation’s shares. Carrix is ​​part of the port operator SSA Marine, which also has its subsidiary SSA Marine México .

Carrix, with a significant presence in the United States and Latin America, is a group of maritime and transportation infrastructure and services companies focused on generating a lasting impact on a large scale, according to information on the company’s website.

Meanwhile, SSA Marine is a marine terminal and cruise port operator “dedicated to creating safe, efficient, and sustainable operations that shape the future of global trade.” SSA’s largest asset is the Port of Long Beach, California, United States, which recorded its second-busiest August in its 114-year history.

SSA Marine México operates in Mexico’s main ports. It operates a container terminal and a multipurpose terminal in Manzanillo; it has a car terminal in Lázaro Cárdenas and Veracruz; it also has a multipurpose terminal in Tuxpan; and it operates cruise terminals in Cozumel and Progreso.

In the accumulated through August 2025, the port of Manzanillo, one of the most important operated by SSA Marine Mexico, reported handling of two million 544 thousand 359 containers (TEU) , that is, 40% of the total TEU operated nationwide.

Your investments take flight

Since 2003, the Mexican businessman has been Chairman of the Board of Directors of Grupo Aeroportuario del Sureste (Asur) , which manages the airports in Cancún, Cozumel, Huatulco, Mérida, Minatitlán, Oaxaca, Tapachula, Veracruz, and Villahermosa.

It also manages Luis Muñoz Marín International Airport in San Juan, Puerto Rico , after receiving permission from the United States aviation authorities to operate this terminal in 2013. It also operates six airports in Colombia.

Asur has been listed on the New York Stock Exchange  since 2000 and on the Mexican Stock Exchange (BMV) . In 2024, the company served 41.4 million passengers at these airports.

Chico Pardo, who holds a degree in Business Administration from the Universidad Iberoamericana in Mexico City and an MBA from the Kellogg School of Management at Northwestern University , also serves on the boards of Grupo Carso , Grupo Industrial Saltillo , and GEPP.

The origins

Fernando Chico began his career on Wall Street in 1982. That same year he founded Acciones y Asesoría Bursátil , a brokerage firm that merged with Inbursa in 1992. As a result, Chico Pardo became CEO of Grupo Financiero Inbursa until 1997.

He also founded  Promecap , a private equity firm in Mexico, where he currently serves as president and CEO. This firm focuses on investments in Mexican companies and manages assets of  more than $5 billion .

He is also the founder and majority shareholder of two hotel platforms, which together manage more than nine thousand rooms in the all-inclusive luxury segment and three thousand in the ultra-luxury segment, in partnership with brands such as Four Seasons, One and Only, Rosewood, Hyatt, and others.

Regarding the acquisition of a quarter of Banamex, the Citi Financial Group announced in a statement that this investment represents the beginning of a long-term strategic relationship with one of Mexico’s most successful and respected business leaders.

The financial group indicated that Chico Pardo’s investment demonstrates confidence in Banamex’s future and the development of its current strategy to continue growing across all business lines. The transaction is subject to customary closing conditions, including obtaining regulatory approvals in Mexico, and is expected to be completed in the second half of 2026 .

(Photo taken from A21.com.mx)

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In the document, the company detailed that its operating cash flow (EBITDA) was 29.589 billion pesos, which represented a 3.4% increase compared to the same period last year.

The increase in its revenue, the firm explained, was due to the expansion of its Proximity division ( Oxxo ), mainly in the United States.

“Among the positive aspects, several of our convenience and beverage operations outside of Mexico delivered solid results, which, combined with favorable foreign exchange momentum, helped mitigate the impact. Our retail operations outside of Mexico showed encouraging signs of dynamic progress while refining their value propositions and increasing their scale,” highlighted José Antonio Fernández Carbajal, FEMSA’s CEO.

FEMSA explained that after adjusting for the effects of the peso’s exchange rate against the dollar and mergers and acquisitions, its total revenue grew 2.2 percent.

“On July 1, 2025, FEMSA announced that it completed the previously announced transaction on October 10, 2024, to divest certain of its logistics operations operating under the Solistica name to Grupo Traxión , a transportation and logistics company in Mexico. The transaction includes FEMSA’s transportation management operations in Mexico and contract logistics operations in Mexico, Brazil, and Colombia. The transaction does not include FEMSA’s less-than-truckload (LTL) operations in Brazil,” the document detailed.

According to the earnings report, its operating profit was  17.832 billion pesos , representing a 1.2% increase over the reference period, which also benefited from exchange rate effects.

“At Proximidad Américas Mexico, average store traffic was again below our expectations, while most trends outside of Mexico were positive,” said José Antonio Fernández.

Store expansion, which was 6.3% in 2Q25, as well as the consolidation of operations in the United States, helped mitigate the impact and sustain growth in the second quarter of the year.

“During the quarter, Oxxo’s store base in Mexico, the United States, and Latin America expanded by 334 stores. This division had 1,500 net additions in the last 12 months, including 249 stores from our acquisition of Delek’s retail operation in the United States. As of June 30, 2025, Proximidad Américas had a total of 25,180 stores,” the report explained.

The company emphasized that Coca-Cola FEMSA ‘s total revenue and operating income grew 5% and 0.2%, respectively, in the second quarter of the year, compared to the same period in 2024.

Its digital financial service, Spin by Oxxo , had 9.4 million active users in the second quarter of 2025, representing 18.8% growth compared to the same period last year.

“During the second quarter, our results were mixed. In our core operations in Mexico, we faced the challenging combination of a weak consumer environment and adverse weather conditions, which pressured our retail operations and beverage volumes. On the bright side, several of our retail and beverage operations outside of Mexico delivered solid results, which, combined with favorable foreign exchange momentum, helped mitigate the impact,” said FEMSA’s CEO.

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Daimler Mexico , the treasury and tax services entity of the Daimler Truck Mexico group , successfully concluded a corporate bond issue on the Mexican Stock Exchange (BMV) for three billion pesos (mdp) , an oversubscription of 2.02 times the initial objective.

The issue was initially targeted at two billion pesos; however, due to market appetite, it reached four billion pesos and improved the instrument’s financial conditions, adjusting the spread ( the difference between the purchase price and the sale price ) from 95 to 88 basis points.

The issue, under the ticker symbol Daimler 25 , received an AAA rating from credit rating agencies Moody’s and S&P , backed by an irrevocable and unconditional guarantee from Daimler Truck Holding AG . This issue was structured with a floating rate with a two-year maturity and was placed by the financial institutions Scotiabank , BBVA and Santander .

“This issuance represents a firm step in our strategy of financial consolidation and sustainable growth in Mexico. The market’s support confirms the confidence in Daimler Truck Mexico and our long-term vision to continue driving the transformation of transportation in the country,” said Marcela Barreiro, CEO of Daimler Truck Mexico.

For her part, María José Bonivento, Head of Treasury for Daimler Truck México, emphasized that the success was due to the collaboration between Daimler México and its business units, such as Freightliner , Mercedes-Benz Autobuses , and Daimler Truck Financial Services , which reinforced investor confidence.

Holger Dürrfeld, CEO of Mercedes-Benz Buses, stated that the “issuance represents the trust, commitment, and strategic vision demonstrated by our company.” David Velázquez, CEO of Daimler Truck Financial Services, affirmed that this transaction confirms the company’s “capacity to offer comprehensive financial solutions that drive the development of transportation in Mexico.”

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