Executive Summary
In 2025, the Mexican equity market saw substantial growth and important changes across key sectors. This report offers a comprehensive overview of market performance, investment trends and structural changes, with a focus on developments in S&P/BMV Indices. It examines major trends and their impact, providing insights into the factors that shaped the Mexican equity landscape during the year. Some of the highlights of 2025 are as follows.
- Amid a global trend of decreasing company listings, initial public offering (IPO) activity reactivated in Mexico, with strong interest from participants in FIBRAS (real estate investment trusts, or REITs).
- The Mexican equity market achieved record highs in both performance and asset value, with total market capitalization reaching USD 560 billion.
- The S&P/BMV IPC reached an all-time high; the index posted an annual return of 35% in MXN and 57% in USD, the latter driven by the strong performance of the Mexican peso in 2025.
- Mexican equity performance was mainly driven by the Materials sector, which benefited from record metal prices.
- The mid-cap segment of Mexican equities outperformed, demonstrating strong performance over both short- and long-term periods.
- Assets benchmarked and linked to the S&P/BMV IPC reached nearly USD 10 billion, while ETF assets invested on the BMV SIC exceeded USD 100 billion.
- Geopolitical tensions and the start of United States-Mexico-Canada Agreement (USMCA) renegotiations could increase volatility in 2026; however, high-growth segments such as FIBRAS could present opportunities within the Mexican equity landscape.
Mexican Equity Market Developments in 2025
There has been a worldwide decline in the number of listed companies, a trend that is also evident in the Mexican equity market, as illustrated in Exhibit 1. However, in 2025, Mexico experienced a resurgence in IPO activity, with several new companies joining the market. This renewed activity presents significant opportunities for market growth and diversification within the local equity landscape.
Despite a reduction in listings, from over 200 in 2017 to 157 at the end of 2025 (141 equities and 16 REITs), total market capitalization has grown significantly. By the end of 2025, the combined total market capitalization reached a record MXN 10 trillion (approximately USD 560 billion), as illustrated in Exhibit 2.
