Grupo TMM S.A.B

What it is

Grupo TMM works across four lines: specialized maritime transport, logistics, ports and terminals, and warehousing — all focused on Mexico. Its fleet includes five offshore vessels on long-term hire to PEMEX, Mexico’s state oil giant, plus a chemical tanker, a conventional tanker, and an LPG tanker serving third-party clients.

As of March 2025 the company operates eight vessels in total. Beyond ships, it runs intermodal terminals, automotive-logistics services, and port operations at several Mexican harbours.

Who owns it

The enterprise was founded in 1955 — as Transportación Marítima Mexicana — by Enrique Rojas, backed by a group of private investors that included the Serrano Segovia family. José Serrano Segovia took control in 1991, when his family vehicle Grupo Servia purchased roughly one-third of the common stock.

Insiders now hold about 64.8% of shares outstanding, with institutions holding a further 13.4%, leaving a free float of roughly 22% — a tightly held stock (EODHD). In January 2021 Vanessa Serrano Cuevas, receiving shares by family donation, became a holder of 12% of the outstanding shares; chairman José F.

Serrano Segovia described the transfer as welcoming her to “our shared commitment.”

Who runs it

Vanessa Serrano Cuevas was appointed Chief Executive Officer effective September 1, 2020, stepping up from her prior role as Vice President of the TMM Energy Division. She also serves as Chairwoman of the Board, making her the operational and governance anchor of the company.

Verónica Tego Sánchez serves as CFO, and is the named company contact for investor and analyst enquiries in SEC filings. Flor de María Canaveral Pedrero serves as Deputy CEO and First Vice-Chairman, while Luis Rodolfo Capitanachi Dagdug holds the role of Chief Financial Officer in some filings — Tego Sánchez appears as CFO in the most recent SEC 6-K disclosures.

The money, in plain words

Revenue has surged over two years: from Ps 1.22 bn in 2023 to Ps 1.75 bn in 2024 (+43.9%, our calculation), then to Ps 1.91 bn in 2025 (+8.8%, our calculation). Net profit leapt 185% in 2025 alone — from Ps 108.5 M to Ps 309.7 M — a net profit margin of 17.4%, strong for a capital-heavy transport company (our calculation).

For every peso owners have put in, the company earns about 13 cents a year — a return on equity of 12.89%, respectable but not yet exceptional. The 2025 profit included a currency-exchange gain of Ps 133.2 M, though management states the underlying improvement was driven mainly by operations, not by the peso’s moves.

The shares trade at just 6.6 times earnings — a price-to-earnings ratio of 6.6×, roughly half the level typical for listed Latin American transport peers — which either signals deep value or reflects the thin trading volume and the company’s serial inability to file its annual reports on time with US regulators. Cash on hand stood at Ps 494.6 M (~US$28.5 M) against bank debt of roughly Ps 1.21 bn (~US$69.7 M), a net debt position of around Ps 717 M (~US$41.3 M, our calculation using the 6-K figure).

What it is doing now

In early 2025, TMM extended a contract for transporting refined petroleum products and launched a new floating dry-dock capable of servicing vessels up to 6,000 tons of lift capacity. It also grew logistics volumes with key clients by 28% year-on-year and signed a new contract with a shipping company through its intermodal terminal.

The business mix is shifting: warehousing revenue declined and the storage business stopped being consolidated from October 2025, while maritime and maritime infrastructure produced most of the positive results. For 2026 management plans to focus on optimising strategic assets, maintaining financial discipline, and pursuing selective expansion in segments that fit its operating strengths.

What to watch

• PEMEX dependency. Five of eight vessels are on hire to PEMEX — Mexico’s state oil company, which is itself under fiscal pressure. Contract renewals here are the single biggest earnings lever.
• Disclosure delays. As recently as April 2026, Grupo TMM again announced it would be unable to file its annual 20-F with the US SEC by the required deadline. Recurring late filings limit institutional appetite and cap the valuation.
• Currency exposure. Revenue is largely in pesos; some costs and debt service touch US dollars. A weaker peso compresses the dollar value of earnings even when operations improve.
• Family control. With insiders holding ~65% of shares, minority investors have limited ability to influence strategy or capital allocation decisions.

This is news, not investment advice.