ESG Development in Construction 2024 update

We are excited to begin with the annual updates of our ESG Development Heatmaps today. As in the past, these heatmaps are designed to assess the level of ESG maturity in the Mexican market, both in companies’ strategies, as well as in their communication efforts.

First, a reminder: our sectoral heatmaps are based exclusively on publicly available information and only cover Mexican companies listed on one of the local exchanges (BMV and/or BIVA). As a result, if a company has not published its annual sustainability report at the time we update our analysis, its results will reflect the most recently available data.

Unlike rating agencies, we do not assess the depth or breadth of disclosed ESG strategies, such as the specific material topics a company is addressing or the targets they have set. Instead, we evaluate the process by which these strategies are developed (for example, whether the company is following the right steps and aligning with relevant initiatives) and how effectively they communicate this to the market.

With that said, today we begin with the construction sector. Let’s look at what they achieved over the past year.

Construction

Source: Companies’ publicly available materials

* Note that Javer was acquired by Vinte and next year their reports will most likely be consolidated

What can we read from this heatmap?

• CADU and IDEAL updated their materiality analysis and, for the first time, obtained external verification for their reports.
• DINE had indicated last year that its materiality analysis was underway. However, we have not yet found any publicly available information about it.
• GICSA continues to show no progress, with its only disclosed information being related to corporate governance.
• Planigrupo updated its materiality analysis for the first time in three years and developed a new ESG area within its structure.
• 2 new companies obtained independent verification of their reports.

As we can see, the construction sector did not show much progress compared to previous years. Companies that already had consolidated strategies, stayed the course, while those that had not made progress, remain in the same situation.

We hope to see more progress in the next 12 months, given that in 2026 the CNBV requirement to respond to the questionnaire based on ISSB will take effect.

The construction sector plays a strategic role in the transition to a more sustainable world. We believe that, if well guided, it could contribute significantly to sustainable urban development by promoting resilient, accessible infrastructure development with a sense of prudence and risk management.

I hope you found this interesting. As usual, if there is anything we can help you with, or if there is an ESG topic you would like to know more about, please let us know.

Best,

Marimar

CEO, Miranda ESG