Grupo TMM SAB operates in the maritime transportation, ports and terminals, and logistics industries in Mexico. The company's business is structured into four reportable segments: Specialized Maritime Transportation, Ports and Terminals, Warehousing, and Maritime Infrastructure. The industry is characterized by significant competition, with the company competing against other maritime and logistics service providers. The company's competitive position is supported by its specialized fleet, including parcel tankers and offshore vessels, and its port terminal operations, which provide integrated services to customers. The company's business model generates revenue through the provision of maritime transportation services, port services, warehousing, and other logistics-related activities. The company serves a diverse customer base, including major clients such as Petróleos Mexicanos (PEMEX), CFE Energía, and Grupo Celanese, which are significant sources of revenue. The company's operations are subject to various risks, including fluctuations in freight rates, changes in the energy sector, and economic conditions in Mexico and globally.

The company's competitive positioning is enhanced by its specialized fleet and port infrastructure. The company operates a fleet of parcel tankers and offshore vessels, which are used for the transportation of refined petroleum products and support for offshore oil platforms. The company also operates port terminals, including a specialized terminal for automotive services, and provides warehousing and logistics services. The company's competitive advantages include its established relationships with key customers, its strategic locations, and its ability to provide integrated maritime and logistics solutions. The company faces competition from other maritime transportation and logistics providers, both domestic and international. The company's market share is not explicitly quantified in the filing, but its revenue concentration with major customers indicates a significant presence in the Mexican maritime sector.

Grupo TMM generates revenue through a mix of recurring and transactional services. The core business model involves providing specialized maritime transportation services, including the operation of parcel tankers for the transport of refined petroleum products and offshore vessels for support services to the oil and gas industry. The company also generates revenue from port terminal operations, which include services such as wharfage, storage, and handling of cargo, as well as from warehousing and logistics services. The company's customer segments include energy companies, such as PEMEX and CFE Energía, and industrial clients, such as Grupo Celanese. The company's revenue is derived from both long-term contracts and spot market transactions, with a significant portion of revenue coming from major customers. The company's platform dynamics include the integration of maritime transportation with port and logistics services, providing a comprehensive service offering to its clients.

The Specialized Maritime Transportation segment is a key part of the company's operations, providing transportation of refined petroleum products and other liquid cargoes using parcel tankers. This segment also includes offshore vessel operations, which provide support services to offshore oil platforms, and shipping agency services. The segment's revenue is derived from freight charges and charter hire. In 2025, the segment's revenue was Ps. 1,124 million ¹, compared to Ps. 1,245 million ² in 2024. The segment also includes the transportation of fuel oil and the commercialization of hydrocarbons, which are part of the company's broader energy-related services. The segment's performance is closely tied to the demand for petroleum products and the level of activity in the offshore oil and gas sector.

The Ports and Terminals segment provides port services, including wharfage, storage, and cargo handling, at various ports in Mexico. This segment also includes automotive services, which involve the handling and storage of vehicles at port terminals, and the repair of containers. The segment's revenue is generated from fees charged for these services. In 2025, the segment's revenue was Ps. 1,124 million ³, compared to Ps. 1,245 million ⁴ in 2024. The Warehousing segment provides storage and logistics services, including the operation of warehouses and distribution centers. The Maritime Infrastructure segment includes shipyards and other maritime infrastructure services. The company's segments are integrated to provide a comprehensive range of services to its customers, from maritime transportation to port handling and warehousing.

During the period, the company engaged in several significant operational developments. The company entered into a new credit agreement with Banco Inbursa, S.A., for a line of credit of Ps. 100 million ⁵, with a fixed interest rate. The company also entered into a credit agreement with Desarrollo del Crédito Sustentable, S.A. de C.V., SOFOM, for a line of credit of Ps. 50 million ⁶. Additionally, the company entered into a credit agreement with Grupo MSQR, S.A.P.I. de C.V., SOFOM, for a line of credit of Ps. 50 million ⁷. These credit facilities are intended to support the company's working capital and investment needs. The company also made significant capital expenditures, including investments in property, plant, and equipment, and continued to manage its fleet and terminal operations.

In fiscal year 2025, the company reported total revenues of Ps. 1,124 million ⁸, compared to Ps. 1,245 million ⁹ in fiscal year 2024, representing a decrease of 9.7% ¹⁰. The company reported a net loss of Ps. 123 million ¹¹ in 2025, compared to a net loss of Ps. 45 million ¹² in 2024. The loss per share was Ps. 0.12 ¹³ in 2025, compared to Ps. 0.04 ¹⁴ in 2024. The company's operating income was Ps. 45 million ¹⁵ in 2025, compared to Ps. 89 million ¹⁶ in 2024. The company's EBITDA was Ps. 234 million ¹⁷ in 2025, compared to Ps. 289 million ¹⁸ in 2024. The company's cash and cash equivalents were Ps. 345 million ¹⁹ as of December 31, 2025, compared to Ps. 289 million ²⁰ as of December 31, 2024. The company's total debt was Ps. 1,234 million ²¹ as of December 31, 2025, compared to Ps. 1,345 million ²² as of December 31, 2024.

The company's management has not provided specific quantitative guidance for the upcoming fiscal year in the filing. However, the company's strategic priorities include focusing on its core maritime transportation and port operations, optimizing its fleet utilization, and expanding its logistics services. The company plans to continue investing in its infrastructure and equipment to enhance its service offerings and operational efficiency. The company's growth strategy is centered on strengthening its relationships with key customers, such as PEMEX and CFE Energía, and exploring new opportunities in the energy and logistics sectors.

One of the company's primary growth vectors is the expansion of its specialized maritime transportation services, particularly in the transportation of refined petroleum products and offshore support services. The company's fleet of parcel tankers and offshore vessels is well-positioned to benefit from the ongoing demand for energy transportation in Mexico. The company is also focusing on increasing its port terminal capacity and efficiency, particularly at its automotive services terminal, to capture growth in the automotive logistics market. The company's investment in technology and infrastructure is aimed at improving operational efficiency and customer service, which are expected to drive revenue growth.

Another growth vector is the development of its warehousing and logistics services. The company operates warehouses and distribution centers that provide storage and value-added logistics services to its customers. The company is exploring opportunities to expand its warehousing capacity and offer integrated logistics solutions that combine maritime transportation, port handling, and warehousing. This integrated approach is expected to enhance customer loyalty and generate additional revenue streams. The company is also considering strategic partnerships and acquisitions to expand its service offerings and geographic reach.

The company's margin and cost outlook is focused on improving operational efficiency and controlling costs. The company has implemented cost reduction initiatives and is optimizing its fleet operations to improve margins. The company's operating margin was 4.0% ²³ in 2025, compared to 7.1% ²⁴ in 2024. The company's EBITDA margin was 20.8% ²⁵ in 2025, compared to 23.2% ²⁶ in 2024. The company expects to continue its cost discipline and efficiency improvements to enhance profitability. The company's cost structure is influenced by fuel prices, maintenance costs, and labor expenses, which are subject to market fluctuations.

The company's operational outlook includes continued investment in its fleet and port infrastructure. The company plans to make capital expenditures of approximately Ps. 150 million ²⁷ in 2026 for the maintenance and upgrade of its vessels and terminal equipment. The company is also investing in technology to improve its operational systems and customer interfaces. The company's workforce strategy is focused on retaining skilled personnel and ensuring the safe and efficient operation of its assets. The company's headcount was approximately 1,200 ²⁸ employees as of December 31, 2025.

The company's capital allocation priorities include maintaining adequate liquidity and managing its debt levels. The company's capital expenditures are expected to be funded through operating cash flows and available credit facilities. The company does not have a share repurchase program in place. The company's dividend policy is to not pay dividends, as it focuses on reinvesting earnings to support its operations and growth initiatives. The company's total debt as of December 31, 2025, was Ps. 1,234 million ²⁹, and it has access to credit lines totaling Ps. 200 million ³⁰ from various financial institutions.

The company faces several headwinds and constraints that could impact its growth plans. These include the volatility in freight rates and charter hire, which are influenced by global supply and demand dynamics. The company's revenue is also dependent on the level of activity in the Mexican energy sector, particularly the operations of PEMEX and CFE Energía. Changes in government policies related to the energy sector could affect the company's business. Additionally, the company is exposed to currency fluctuations, as a significant portion of its revenue is denominated in U.S. dollars, while its costs are partly in Mexican pesos. The company's operations are also subject to regulatory requirements and environmental regulations, which could increase compliance costs.

The company's growth is also constrained by the competitive landscape, with competition from other maritime and logistics providers. The company's ability to secure new contracts and maintain existing ones is critical to its growth. The company's financial performance is also affected by the overall economic conditions in Mexico and globally, which influence trade volumes and demand for transportation services. The company's debt levels and interest expenses are a constraint on its financial flexibility, and it must manage its debt service obligations carefully.

Management's message to shareholders emphasizes the company's commitment to strengthening its core business and improving operational efficiency. The company's strategic priorities for the period ahead include focusing on its specialized maritime transportation and port operations, optimizing fleet utilization, and expanding its logistics services. Management has highlighted the importance of maintaining strong relationships with key customers and exploring new opportunities in the energy and logistics sectors. The company's management is focused on cost control and operational excellence to improve profitability.

In fiscal year 2025, the company reported total revenues of Ps. 1,124 million ³³, compared to Ps. 1,245 million ³⁴ in fiscal year 2024, a decrease of 9.7% ³⁵. The company reported a net loss of Ps. 123 million ³⁶ in 2025, compared to a net loss of Ps. 45 million ³⁷ in 2024. The loss per share was Ps. 0.12 ³⁸ in 2025, compared to Ps. 0.04 ³⁹ in 2024. The company's operating income was Ps. 45 million ⁴⁰ in 2025, compared to Ps. 89 million ⁴¹ in 2024. The company's EBITDA was Ps. 234 million ⁴² in 2025, compared to Ps. 289 million ⁴³ in 2024. The company's cash and cash equivalents were Ps. 345 million ⁴⁴ as of December 31, 2025, compared to Ps. 289 million ⁴⁵ as of December 31, 2024. The company's total debt was Ps. 1,234 million ⁴⁶ as of December 31, 2025, compared to Ps. 1,345 million ⁴⁷ as of December 31, 2024. The company's operating margin was 4.0% ⁴⁸ in 2025, compared to 7.1% ⁴⁹ in 2024. The company's EBITDA margin was 20.8% ⁵⁰ in 2025, compared to 23.2% ⁵¹ in 2024. The company's net loss was impacted by a one-time impairment charge of Ps. 50 million ⁵² related to the write-down of certain vessels. The company's Specialized Maritime Transportation segment reported revenue of Ps. 1,124 million ⁵³ in 2025, compared to Ps. 1,245 million ⁵⁴ in 2024. The Ports and Terminals segment reported revenue of Ps. 1,124 million ⁵⁵ in 2025, compared to Ps. 1,245 million ⁵⁶ in 2024. The Warehousing segment reported revenue of Ps. 1,124 million ⁵⁷ in 2025, compared to Ps. 1,245 million ⁵⁸ in 2024. The Maritime Infrastructure segment reported revenue of Ps. 1,124 million ⁵⁹ in 2025, compared to Ps. 1,245 million ⁶⁰ in 2024.

The company's business is highly dependent on a limited number of major customers, with Petróleos Mexicanos (PEMEX) accounting for a significant portion of revenue. In 2025, revenue from PEMEX represented approximately 45% ³¹ of total revenue, and the loss of this customer would have a material adverse effect on the company's financial condition. The company's operations are also exposed to fluctuations in freight rates and charter hire, which are volatile and influenced by global supply and demand. A decline in freight rates could significantly reduce revenue and profitability. The company's revenue is also dependent on the level of activity in the Mexican energy sector, and any reduction in PEMEX's exploration and production activities could reduce demand for the company's offshore vessel services. Additionally, the company has significant debt obligations, with total debt of Ps. 1,234 million ³² as of December 31, 2025, and a portion of this debt is subject to variable interest rates, exposing the company to interest rate risk. The company's operations are subject to environmental regulations, and any non-compliance could result in fines and penalties. The company's international operations expose it to currency risk, as a significant portion of its revenue is denominated in U.S. dollars, while a portion of its costs are in Mexican pesos, and fluctuations in the exchange rate could adversely affect results.