The corporate landscape in Mexico at the start of 2026 reflects a marked vulnerability to external factors, ranging from shifts in interest rates and energy costs to immigration policies in the United States. Financial reports from Banorte, Kimberly-Clark de México, and Grupo Comercial Chedraui illustrate how cost dynamics and the geopolitical environment are shaping the results of the country's major corporations.
The financial sector is showing signs of adjustment due to local monetary policy. Banorte reported that its interest income totaled 88.573 billion pesos, representing a 19% decline compared to last year, according to a report by Expansión.
This reduction is directly attributed to the interest rate cuts implemented by the Bank of Mexico in recent months. Despite this blow to interest income, Marcos Ramírez, CEO of the bank, assured during a press conference that the institution is maintaining its investment plans. "We made many expenditures on technology and on things that we had scheduled. Therefore, we feel very confident that we are staying within budget," Ramírez stated, as reported by Expansión.
The institution's loan portfolio grew by 6%, reaching 1.2 trillion pesos, with notable momentum in the consumer sector, where auto loans increased by 30%. However, lending to governments experienced a 5% contraction. Banorte's chief economist, Alejandro Padilla, projects economic growth of 1.8% for this year, expressing confidence that consumption and investment will offset export dynamics.
Energy Costs and Migration Pressures
While the financial sector adjusts to interest rates, the consumer goods sector faces inflationary pressures from raw materials. Kimberly-Clark de México achieved record sales between January and March 2026, with revenues of 14.331 billion pesos, a 4% increase over the previous year, according to Expansión.
However, this growth will be accompanied by higher costs for the end consumer. Pablo González Guajardo, CEO of the company, noted during a conference call that the company implemented an increase of approximately 4% on most of its products, such as toilet paper and diapers. This adjustment is a response to rising oil and fuel costs.
"We are focused on price realization. We have just implemented price increases on most of our products by an average of 4%, and we will continue to apply our capabilities to manage revenue growth," explained González Guajardo, according to the Expansión report.
On the other hand, the retail sector faces a more complex scenario in the U.S. market. Grupo Comercial Chedraui recorded a 6.2% drop in consolidated sales, bringing them to 69.796 billion pesos, according to Xataka México.
The company attributes this decline to the situation in the United States, where stricter immigration policies have reduced customer footfall. Chedraui's financial report indicates that sales in its El Super and Fiesta formats on U.S. soil fell by 2.8% in dollars due to a reduction in the number of transactions.
This impact was further compounded by exchange rate fluctuations. The appreciation of the Mexican peso against the dollar, which reached 14.3% during the first quarter of 2026, caused Chedraui USA's sales to plummet by 16.5% when converted into local currency. Nevertheless, operations in Mexico served as a buffer, with revenue growing by 6.3% annually, helping to mitigate the group's global decline.
