ESG Heatmaps Leaders and Laggards

This week, following our ESG Development Heatmaps, we are sharing an overview of the leading and lagging companies by sector for the 2025 reporting season.

Before getting into the specifics, it is worth reminding you of the objective of our ESG Development Heatmaps. Benchmarking ESG performance across companies, whether from different industries or even within the same sector but with distinct business models, is challenging. Ideally, organizations would focus their sustainability efforts on their material topics. This naturally leads to varying levels of maturity across ESG dimensions. As a result, any assessment based on predefined ESG criteria may inadvertently favor industries that are more closely aligned with those metrics. Our heatmaps are designed to reduce this effect by placing equal emphasis on the development of ESG strategies and the way these efforts are disclosed.

However, fulfilling a set of ESG criteria does not necessarily mean that sustainability is fully embedded into a company’s day-to-day operations. Similarly, companies that do not meet these criteria may still deliver strong ESG performance, but fall short in how they communicate their progress. For this reason, the heatmaps should not be interpreted as a measure of how sustainable a company is or is not. Rather, they reflect whether certain key steps have been implemented, and, importantly, whether these steps have been clearly communicated.

Mexico, ESG Strategy Development Leaders and Laggards by Industry

Source: Miranda ESG

How does this compare to last year?

Although most sectors saw no changes, there were a few exceptions:

• FEMSA joined Bimbo as a leader in the Food & Beverages sector.
• DINE is now a laggard in the Construction sector.

Mexico, ESG Communication Leaders and Laggards by Industry

Source: Miranda ESG

How does this compare to last year?

• CADU and IDEAL joined the leaders in the Construction sector.
• Arca Contal is no longer part of the leaders in the Food & Beverages sector.
• Megacable is now a leader in the Telcos & Media sector.
• El Cid replaced Famsa as the main laggard in the Consumer Discretionary sector.

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