Promotora y Operadora de Infraestructura S. A. B. (PINFRA) Q4 2025 earnings summary

Executive summary

• Reported a 10% year-over-year increase in consolidated revenues for 4Q25, driven by toll road assets, construction activity, and higher asphalt mix sales.

• EBITDA rose 3% year-over-year, while operating income increased 8% compared to 4Q24.

• Net income declined 60% year-over-year, mainly due to a non-cash foreign exchange loss from U.S. dollar-denominated positions.

• Completed the sale of the Altamira Port Terminal, impacting segment comparability.

Financial highlights

• Net revenues: $5,516.5 million pesos (+10% YoY); excluding IPM, revenue growth would have been 19%.

• EBITDA: $3,316.6 million pesos (+3% YoY); EBITDA margin at 60%.

• Operating profit: $3,150 million pesos (+8% YoY); operating margin at 57%.

• Net profit: $1,276.7 million pesos (-60% YoY); net margin at 23%.

• Cash flow from operations: $1,142.9 million pesos (-49% YoY).

Outlook and guidance

• Main construction projects (Armería-Manzanillo, Michoacán Package, South Colima Macrobypass, Colima-Armería) are progressing, with major completions expected between December 2026 and August 2027.

• Continued focus on ESG strategy and preparation for ISSB (IFRS) framework implementation post-2026.