ESG Development in the Public Equity Market 2025 Edition

This week, we are sharing our annual update of the Mexico: ESG Development in the Public Equity Market, 2025 Edition report, covering the last annual reporting season for publicly listed companies in Mexico. There is lots of interesting data and, once again, continued progress. We recommend reading all of it, but for now, we leave you with a few key highlights:

Top 6 findings

• Most sectors in the Mexican market continued to strengthen their ESG strategies and communication during the 2025 reporting season. Transportation remained the leading sector in ESG Strategy for the third consecutive year, followed by FIBRAs and Food & Beverages. Gaps with Commercial Services & Suppliesremain significant.
• Banks stood out as the most improved sector this year. They secured the top position in ESG Communication, as every publicly listed bank published an updated report, and also recorded the strongest year-on-year improvement in both ESG Strategy and ESG Communication. This reflects a broader strengthening of sustainability reporting practices in the financial sector.
• Materiality analyses and dedicated ESG teams remain important indicators of market maturity. Energy led the market in materiality analysis penetration, followed by FIBRAs and Banks, while Transportation continued to lead in the availability of dedicated ESG teams.
• A total of 24 companies disclose KPIs for all their material topics, maintaining the peak reached last year. Only 14 of those companies also disclosed specific objectives or targets for those KPIs, showing that companies still have room to improve the link between measurement, targets, and accountability.
• Alignment with international frameworks continues to evolve. GRI remains the dominant reporting standard, with 96% of sustainability and integrated reports now following GRI, while SASB adoption increased to 87%.
• The 2026 reporting year will mark an important transition as companies begin to align their sustainability disclosures with ISSB Standards, driven by the regulatory environment and increasing expectations. Next year’s heatmaps will take this transition into consideration, recognizing ISSB alignment as mandatory.

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