TRATON Financial Services Mexico (TFS Mexico) celebrated two decades of participation in the country’s capital markets . The celebration included a bell-ringing ceremony at the Mexican Stock Exchange (BMV) , as well as several meetings with group leaders, investors, and partners.

Since its first issuance in 2005, TFS Mexico has raised over 70 billion pesos (MXN) through more than 400 issuances , positioning it as one of the strongest financial institutions in the sector. This performance has allowed the company to drive growth in its customer base, distributors, and business partners.

During the ceremony, Mats Gunnarsson, CEO of TRATON Financial Services, emphasized Mexico’s role as a pioneering market within the group .

“ Mexico holds a special place in TRATON Financial Services ’ journey ,  as a mature and pioneering market in shaping the Group’s future. With over 27 years of solid operations and 20 years of active participation on the Mexican Stock Exchange, TFSx has established itself as a benchmark of trust, discipline, and long-term commitment, ” Gunnarsson noted.

For his part, Rene Renkema, COO of TRATON Financial Services and vice president of the TFS Mexico Board, highlighted trust as the key to success .

“Today is a celebration of the trust of our investors, our partners, and our people. For more than 27 years, we have built a solid foundation in Mexico, and for 20 of those years, we have been part of the Mexican Stock Exchange. This sustained presence reflects the professionalism, credibility, and vision that define TRATON Financial Services,” he stated.

Bernardo Valenzuela, CEO and Chairman of the Board of Directors of TFS Mexico, highlighted the team’s impact and noted that “this is a proud moment for our team and for the brands we serve . “

In 2025, TFS Mexico launched TFSMX 25 and TFSMX 25-2 , the first issues under the name TRATON Financial Services, marking a new chapter in the company’s visibility within the Mexican capital market.

Likewise, Jorge Alegría, CEO of Grupo BMV, acknowledged TFS Mexico’s track record, noting that the brand has demonstrated transparency and responsibility, as well as being an “example of how solidity and technological innovation respond to the challenges of a complex global environment.”

Mexico is a strategic market for the TRATON Group, home to its MAN , Volkswagen Truck & Bus , International and Scania brands , becoming a benchmark for how financial services can drive growth and sustainability globally .

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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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Despite economic and commercial instability coupled with weather events in the United States, Grupo México Transportes (GMXT) achieved a 5.7% increase in revenue during the first quarter of 2025 (1Q25), compared to the same period last year, despite a decrease in transported volumes.

In Q1 2025, GMXT’s revenues were 15.884 billion pesos (mdp), while in the same period last year they were 15.031 billion pesos, a nominal increase of 853 million pesos.

According to its report sent to the Mexican Stock Exchange (BMV) , this difference was achieved by the results of a combination of operational, commercial and growth factors in some segments, coupled with the exchange rate effects of the peso against the dollar.

He specified that the greatest boost came from the intermodal segment, which grew 25% year-over-year in Q1 2025, due to increased volume in cross-border operations and a recovery in demand for shipments in South Florida, United States.

Regarding volume, GMXT detailed that during the aforementioned period it mobilized 487,639 cars, which meant a decrease of 6% compared to the same period in 2024, “notwithstanding this decrease, a growth in car volume of 5% in the Intermodal segment can be highlighted.

While EBITDA reached 6.921 billion pesos in 1Q25, showing a 2.1% year-over-year growth, the margin reported a decrease of 150 basis points due to a change in traffic mix and an 8.2% increase in costs compared to 2024.

Similarly, he explained that operational practices drove an improvement in productivity and efficiency levels , with horsepower utilization per ton improving by 4%, which also led to a 4% increase in train length and an 8% reduction in crew numbers.

Additionally, GMXT saw a 5% improvement in train speed and a 10% improvement in terminal car stays . “Continuing these results will allow us to increase the competitiveness of our service to levels higher than those we had before the migrant crisis and cope with the circumstances of the global economic environment.”

“By the start of 2025, the investment plan has been launched, which includes a 15% increase in the fleet of road locomotives and 1,600 rail cars, as well as other expansion, efficiency, and road safety projects that will allow for improved performance and operating results,” the broadcaster said in its communication to investors.

GMXT assured that it maintains its investment commitment of $410 million for this year, which includes the acquisition of rail equipment and new projects on the network, yards, and terminals. This will allow for the execution of expansion, safety, and efficiency projects, improving service and productivity and enabling it to address new growth opportunities.

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During the fourth quarter of 2024, Accel delivered a strong financial performance , reporting higher revenues and profits than those obtained in the same period of the previous year, both in its Manufacturing and Logistics divisions.

In the report released on the Mexican Stock Exchange (BMV) , the company explained that this growth is attributed to the strategies implemented to attract new customers and the continuous improvement of services and products in each of the markets in which the company is present.

“2024 has represented a significant improvement in both our revenues and results compared to the previous year; however, we have no doubt that next year we will exceed the revenues and results obtained, with the continuous search to improve the expectations of our clients and in turn to incorporate new global projects,” the company wrote.

Within the Manufacturing division , revenues at the end of the fourth quarter amounted to 167 thousand 111 million dollars (mdd) , exceeding by 12.9% the amount recorded in the same period of the previous year.

In 2024, the division reported revenues of $664.286 billion , a growth of 6.1 percent.

This division reported a net profit of 9,783 million dollars in the fourth quarter of 2024, while in the accumulated amount it registered 20,145 million dollars, a growth of 202.8% compared to 2023.

For its part, the Logistics division reported revenues of 331,315 million pesos in the fourth quarter of 2024, reflecting an increase of 12% compared to the same quarter last year; with a net profit of 33,082 million pesos.

As for the cumulative total for 2024, the division reported 1 million 229 thousand 413 million pesos , which meant a growth of 5.5% compared to the previous year.

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Grupo Traxión (No. 4 del Top 100 del Autotransporte®) announced the results corresponding to the second quarter of 2024 (2Q24), as well as the consolidated results for the first half of 2024 (1H24), where it maintains double-digit progress in both periods.

In its document sent to investors and the Mexican Stock Exchange (BMV), it reported revenues of seven thousand 369 million pesos (mdp) in 2Q24, a growth of 23.2% compared to the same cycle in 2023. In the accumulated to 1H24, it entered 14 1,030 million pesos, an increase of 19.5% compared to the first half of 2023.

Based on Traxión’s report, the Logistics and Technology division was already consolidated as the main business unit of the holding company , adding revenues of 2,711 mpd in 1Q24 , which represented a 36.8% share of total revenues.

Meanwhile, the Passenger Mobility division recorded revenues of 2,626 million pesos in the quarter, to contribute 35.6% of the total generated by Traxión, for the first time behind Logistics and technology.

The Cargo Mobility division remained in third place in revenue generation, adding 2,032 million pesos during 2Q24.

In 2Q24, the Logistics and technology unit remained the one with the highest growth, registering a variation of 40.5% compared to the same cycle in 2023, People Mobility advanced 20.1% in the same comparative cycle, while Freight Mobility registered a increase of 9.0%, the smallest of the divisions.

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FIBRA Macquarie México reported on Monday that it has strengthened its non-binding takeover offer for Terrafina , raising the exchange factor to 1.125x for each Terrafina certificate, with which holders would receive 1,125 FIBRA Macquarie certificates.

In addition, FIBRA Macquarie has announced a reduction in its management fee structure , which will reduce the fee by 25 basis points annually for market capitalizations greater than two billion dollars, maintaining 100 basis points for the first two billion.

Recently, Terrafina rejected a proposal from Fibra Uno (FUNO) to consolidate its real estate portfolios into a new industrial vehicle called “Nearshoring, Experts & Technology.”

FUNO’s offering, presented to the Mexican Stock Exchange on May 24, 2024, sought to integrate industrial sector portfolios, including the FUNO industrial portfolio, Júpiter portfolio and Terra portfolio, thus creating the largest industrial real estate vehicle in Mexico.

For his part, Simon Hanna, CEO of FIBRA Macquarie, expressed confidence that the combination with Terrafina would generate significant long-term value for all stakeholders.

“We remain confident that a combination of FIBRA Macquarie and Terrafina would create significant long-term value for all stakeholders, as we are able to better capitalize on favorable market opportunities, supported by production relocation trends to Mexican territory. (nearshoring),” Hanna said.

In that sense, among the benefits of the Macquaie FIBRA proposal, the following stand out:

• The increase in cash flow earnings for certificate holders.
• Unique revaluation potential for investors.
• An institutional vehicle without a control group, benefiting all investors.
• Improvement in the commercial liquidity profile of the combined entity.
• Value creation opportunities through FIBRA Macquarie’s operational capabilities.

With this synergy, FIBRA Macquarie seeks to achieve the necessary milestones for the transaction , such as convening a meeting of certificate holders and obtaining regulatory approvals.

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