ESG Development in the Public Equity Market – 2025 report

May 14^th, 2026 – This week, Miranda ESG shared its 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. It should be noted that the Mexican market’s sustained ESG efforts were showcased once again in this year’s report, reflecting the ongoing commitment to elevate sustainability initiatives and communication. Reading the full report is recommended.

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 & Supplies remain 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.