Promotora y Operadora de Infraestructura S. A. B. (PINFRA) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 33% YoY to Ps. 6,639.7 million, supported by toll-road performance, construction activity and asphalt-mix sales. Reported EBITDA and net income fell sharply against 3Q25, which included the IPM sale gain.

• Toll-road traffic increased 4% YoY; management cited continued project execution and a solid financial position supporting its investment plan.

Financial highlights

• Revenue was Ps. 6,639.7 million, up 33% YoY; operating income was Ps. 3,053.5 million, down 78% reported, and net income was Ps. 3,001.3 million, down 69% reported.

• EBITDA was Ps. 3,304.2 million, down 77% reported; excluding the IPM sale gain in 3Q25, EBITDA would have been 49% higher YoY.

• Excluding the IPM sale gain in 3Q25, operating income would have risen 59% and net income 180% YoY in 3Q26.

• Cash flow generated from operations was Ps. 2,476.5 million versus Ps. 17,046.0 million in 3Q25, which included cash proceeds from the IPM sale.

• Comprehensive financing result was favorable by Ps. 1,418.8 million versus an unfavorable Ps. 32.5 million in 3Q25; improvement reflected FX, interest income and interest expense.

Outlook and guidance

• Main works on the Armería-Manzanillo widening are expected to finish in October 2026, with complementary works continuing; project investment is estimated at Ps. 4,000 million.

• Colima-Armería widening was approximately 76% complete, with operations tentatively expected to start in December 2026; investment is Ps. 5,700 million.

• Macrolibramiento Sur Colima construction is expected to finish in March 2027; estimated investment is Ps. 5,298 million.

• Uruapan-Nueva Italia works are expected to finish in August 2027; estimated investment is Ps. 6,500 million.