Introduction
The appreciation of the Mexican peso against other currencies, including the US dollar, during Q3 2025 has affected the financial results of several companies listed on the Mexican Stock Exchange (BMV). These companies, such as Grupo Carso, Grupo México, Chedraui, Cuervo Bimbo, América Móvil, Alsea, Femsa, Genomma Lab, and Cemex, have experienced varying impacts on their revenues or debt denominated in foreign currencies.
Currency Appreciation and its Impact
In Q3 2025, the average exchange rate was 18.6297 pesos per dollar, a 1.69% appreciation compared to the same period in 2024 (18.9493 pesos per dollar). This appreciation has affected companies with significant foreign currency exposure, including those listed on the BMV.
Case Studies
- Grupo México: The mining company’s infrastructure segment reported a 13.9% decline in net sales due to negative currency effects, including transactions in Mexican pesos.
- América Móvil: The telecommunications firm experienced a discrepancy between nominal revenue growth (4.2%) and constant exchange rate growth (6.2%), primarily due to the Mexican peso’s appreciation against the US dollar, Chilean peso, and Argentine peso.
- Grupo Bimbo: The adjusted UAFIDA (utility before interest) in pesos (0.8%) was lower than the growth excluding currency effects (1.3%). The margin contraction in Latin America was partly due to the impact of currency fluctuations on rising commodity costs in Brazil and Argentina.
- Coca-Cola FEMSA (KOF): The largest Coca-Cola bottler in Latin America saw its total revenue growth countered by unfavorable currency conversion effects, mainly due to the Argentine peso’s depreciation and most operational currencies in Central America against the Mexican peso.
- Alsea: The restaurant operator’s total revenues were negatively affected by the continuous impact of the peso’s appreciation compared to a budgeted 20.8 pesos per dollar.
- Grupo Carso: Carlos Slim’s conglomerate reported a foreign exchange loss of 790 million pesos in Q3 2025, contrasting with a gain of 673 million pesos in Q3 2024. Grupo Condumex and Elementia divisions experienced decreased operating utility and EBITDA due to currency variations, with the average exchange rate in the period dropping 1.6% (peso appreciation).
- Chedraui, Becle (Cuervo), GCC, and Genomma Lab: These companies experienced reduced sales due to negative currency conversion effects. Chedraui USA’s sales declined due to adverse currency effects, while Becle and GCC faced reduced consolidated net sales growth due to peso appreciation. Genomma Lab’s sales were affected by non-monetary accounting effects due to Argentine peso depreciation.
Key Questions and Answers
- Q: Which sectors were most affected by the peso’s appreciation? A: The consumption, food, healthcare, and retail sectors were most affected due to the accounting impact of the peso’s 1.5% appreciation against the US dollar and other Latin American currencies.
- Q: How did companies adjust their financial reporting due to currency fluctuations? A: Companies with significant foreign operations and reporting in pesos experienced reduced consolidated revenues or a growth-detracting factor due to the peso’s appreciation against other currencies.
- Q: How did specific companies address the challenges posed by currency fluctuations? A: Companies like Alsea adjusted their 2025 guidance based on the ongoing impact of currency appreciation. Grupo Carso and Chedraui reported losses and efficiencies in cost management, respectively. Genomma Lab attributed reduced sales to non-monetary accounting effects due to Argentine peso depreciation.
Conclusion
The Mexican peso’s appreciation against other currencies has significantly impacted BMV-listed companies with foreign currency exposure. While some firms, like Grupo Carso and Chedraui, reported challenges, others, such as América Móvil and Genomma Lab, experienced varying degrees of impact. Understanding these currency-related effects is crucial for investors and stakeholders to make informed decisions.
