Background and Relevance
The Mexican peso’s depreciation against the US dollar in Q2 2025 positively impacted the earnings of companies listed on the S&P/BMV IPC, excluding banks. This article explores how this currency fluctuation affected various sectors and companies, their performance, and the factors contributing to these outcomes.
Peso Depreciation and its Impact
During Q2 2025, the Mexican peso depreciated by approximately 13% against the US dollar, averaging 19.4891 pesos per dollar compared to an average of 17.2497 pesos in the same period of 2024. This depreciation, amounting to a 12.98% decrease, benefited companies with significant exposure to US dollar-denominated revenues.
Sectors Most Affected
- Export-oriented companies, such as Bimbo, Chedraui, Alsea, Arca Continental, Cuervo, and FEMSA
- Companies with operations in the mining, automotive, and petrochemical sectors
- Companies with subsidiaries or businesses in the US and Europe that report in Mexican pesos
Sectors Benefited
- Exporters
- Companies related to mining, automotive, and petrochemical industries
- Companies with US or European subsidiaries or businesses reporting in Mexican pesos
Mixed Financial Results
Despite the positive impact of currency fluctuations, financial results were mixed due to industry slowdowns and high base comparisons. Factors such as exchange rates, US Federal Reserve monetary policy decisions, and President Trump’s tariffs also played a role in affecting decision-making and investment.
Key Challenges
- Economic deceleration
- Positive currency effect, which may diminish over time
Top Performing Companies
Some of the top performers in terms of increased earnings due to currency effects include:
- América Móvil: Telecommunications company with a 13.75% increase
- Alsea: Restaurant operator with an 11.53% improvement
- Arca Continental: Coca-Cola’s bottling company with an 8.05% rise
Aeroportuaries’ Strong Performance
Group Aeroportuario del Pacífico (GAP), managing Tijuana airport, saw a 49.91% increase from April to June compared to the previous year. Grupo Aeroportuario del Centro Norte (OMA) grew by 24.38%, and Grupo Aeroportuario del Sureste (Asur), managing Cancún airport, advanced by 17.87%.
Industrias Peñoles’ Gains
Industrias Peñoles, benefiting from global demand for safe-haven assets like gold and silver, improved its earnings by 31.26%.
Key Questions and Answers
- Q: Which sectors were most affected by the peso’s depreciation?
A: Sectors with operations in Mexico and a significant portion of costs or expenses denominated in US dollars, including food producers, consumer goods, and non-alcoholic beverage manufacturers.
- Q: Which sectors benefited the most from the peso’s depreciation?
A: Export-oriented companies, mining, automotive, petrochemical industries, and companies with US or European subsidiaries reporting in Mexican pesos.
- Q: What factors contributed to mixed financial results?
A: Industry slowdowns, high base comparisons, exchange rates, US Federal Reserve monetary policy decisions, and President Trump’s tariffs.
