Recap
Key stats from the third-quarter results in Mexico.
According to company filings, non-financial companies listed in Mexico, including those issuing corporate debt, recorded a 7.8% year-over-year (YoY) increase in their top-line revenue. Out of the 129 companies monitored, 59 posted double-digit growth rates during the quarter, while 29 reported contractions in their overall revenue.1
On a year-to-date (YTD) basis, median revenue growth for listed corporations reached 3.9%. On the left side of the plot, we find companies such as Homex, BeGrand, Grupo Simec, and Cultiba, which posted contractions exceeding 20% during the first three quarters of the year.
Conversely, at the right end of the distribution, we encounter companies like Vista Energy, Aristos, and Urbi, all boasting top-line growth rates of over 30% (YTD).
On the other hand, EBITDA margins expanded to 21% for the market as a whole—a ratio 54 basis points (bps) higher than the previous quarter and 178 bps higher compared to the same period in 2023.
Overall, EBITDA margins across revenue intervals continue to recover from the downturn observed in 2023.
According to company filings, nearly 6 out of 10 businesses that sold over $100 billion pesos during the first three quarters of the year posted EBITDA margin expansions. Notable exceptions include PEMEX and Orbia, both of which experienced margin contractions exceeding 200 bps.
In today’s Margin article, we reflect on the key results from listed companies in both equity and debt markets in Mexico during the third quarter of this year.
Focusing solely on third-quarter data and examining companies with over $100 billion pesos in revenue during the first nine months of the year, we see that the big winners of the group were Grupo México, Elektra, and Chedraui—all posting over 12% YoY growth during the quarter.
Conversely, only two companies reported contractions in their top-line numbers: PEMEX, with a decline of 7.7%, and CFE, with a slight decrease of 0.4%.