Financial Highlights and Impact on Mexico’s Energy Sector
The Federal Electricity Commission (CFE) reported its financial statements for the second quarter of 2025, showcasing total income of 339,735 million pesos (mdp), marking a 5.6% annual increase compared to the same period in 2024. This income level sets a new record for CFE.
Key Financial Achievements
- Total income reached a historic level of 339,735 mdp, representing a 5.6% annual growth.
- CFE achieved a positive accumulated result for 2025 with net income of 68,691 mdp.
Revenue Sources and Growth
Driven by the increasing energy demand in Mexico, CFE’s primary source of revenue—energy sales—accounted for 71.9% of its total income, with a yearly growth of 1.6%. The domestic and commercial sectors experienced an 8.3% and 4.8% growth, respectively.
Income from Combustible Sales and Energy Transportation
Income from selling combustibles to third parties and energy transportation increased by 66.8% compared to the previous year, contributing 7.9% of total income. This growth is attributed to rising international prices used for billing natural gas supply, primarily to private companies’ combined-cycle plants. Additionally, CFE continues to generate income from electricity transportation through transmission and distribution lines.
EBITDA and Operating Profit
The EBITDA stood at 108,108 mdp, representing a 31.8% margin of total income. This outcome reflects CFE’s cash flow generation capability to cover operational costs amid international geopolitical uncertainties.
Operating Profit and Costs
Operating profit reached 62,661 mdp, driven by income growth, including the commercial, domestic, and energy commodity sales sectors. This mitigated the rise in international fuel and energy prices.
By Q2 2025, total operating costs and expenses amounted to 277,074 mdp, a 11.9% increase from the same period in the previous year. This rise is due to market variations in fuel prices, particularly natural gas, which saw a 67.6% price growth over the past year.
Financial Position and Debt Management
The net financing result showed a positive balance of 10,870 mdp, a reduction of 107.3%, due to the 6.8% appreciation of the exchange rate (applicable to foreign-currency denominated obligations) since December 2024. Meanwhile, financing costs decreased by 3.0%, demonstrating CFE’s prudent debt management.
Financial Position Overview
The current assets increased by 4.7%, mainly due to upward variations in accounts receivable and cash and cash equivalents.
Conversely, the total liabilities decreased by 4.5% compared to the 2024 year-end, primarily due to an 8.6% reduction in lease liabilities resulting from CFE’s comprehensive debt management strategy.
CFE as a Leader in Mexico’s Energy Transformation
The operational and financial results by Q2 2025 position CFE as a reference for the required transformation to meet Mexico’s growing electricity demand. CFE focuses on social and equitable development for end-users, prioritizing efficient, quality, reliable, secure, and sustainable energy supply.
Key Questions and Answers
- What were CFE’s total income and growth rate in Q2 2025? CFE’s total income reached a historic level of 339,735 mdp, marking a 5.6% annual growth.
- What were CFE’s primary sources of revenue and their growth? Energy sales were the main source, accounting for 71.9% of total income with a yearly growth of 1.6%. Domestic and commercial sectors experienced an 8.3% and 4.8% growth, respectively.
- How did CFE manage rising fuel and energy prices? CFE mitigated the impact of increasing international fuel and energy prices through growth in commercial, domestic, and energy commodity sales sectors.
- What was CFE’s net financing result and how did it manage debt? The net financing result was positively 10,870 mdp due to exchange rate appreciation. CFE demonstrated prudent debt management with a 3.0% decrease in financing costs.
