Revenue slides to Ps. 290.7m at Grupo TMM (OTC: GTMAY) in Q1 2026
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Grupo TMM reported much weaker results for the first quarter of 2026. Revenue from freight and services fell to Ps. 290.7 million from Ps. 486.9 million a year earlier, as maritime, warehousing and maritime infrastructure segments all generated lower sales.
Operating gain declined to Ps. 25.6 million from Ps. 65.3 million, with foreign exchange movements having a negative impact of about Ps. 27.4 million on operating income. Net gain for the period dropped to just Ps. 1.9 million compared with Ps. 46.2 million in 2025. Despite the profit pressure, cash and cash equivalents edged up to Ps. 773.7 million, and operating activities generated Ps. 114.3 million of cash versus an outflow in the prior year.
Positive
- None.
Negative
- Sharp earnings deterioration despite positive net result: Revenue from freight and services fell from Ps. 486.9 million to Ps. 290.7 million, and net gain dropped from Ps. 46.2 million to Ps. 1.9 million, with a Ps. 27.4 million negative FX impact on operating income.
Insights
Q1 2026 shows steep revenue and profit deterioration, partly cushioned by stronger cash flow.
Grupo TMM saw revenue from freight and services fall to Ps. 290.7 million from Ps. 486.9 million, with weaker contributions across maritime, warehousing and infrastructure. Operating gain dropped to Ps. 25.6 million, and net gain slid to Ps. 1.9 million from Ps. 46.2 million.
The company cites a negative foreign exchange impact of about Ps. 27.4 million on operating income, amplifying already softer fundamentals. Still, balance sheet metrics remain relatively stable, with total liabilities of Ps. 2,135.9 million and equity of Ps. 2,451.7 million as of March 31, 2026.
Cash generation is a key offset: net cash from operating activities improved to Ps. 114.3 million from a Ps. 67.4 million outflow, while cash and cash equivalents increased to Ps. 773.7 million. Management expects gradual stabilization in operating levels in 2026 as contract portfolio reconfiguration and commercial processes advance.
Key Figures
Revenue from freight and services: Ps. 290.7 million
Operating gain: Ps. 25.6 million
Net gain for the period: Ps. 1.9 million
+5 more
8 metrics
Revenue from freight and services
Ps. 290.7 million
Three months ended March 31, 2026, vs. Ps. 486.9 million in 2025
Operating gain
Ps. 25.6 million
Q1 2026 vs. Ps. 65.3 million in Q1 2025
Net gain for the period
Ps. 1.9 million
Q1 2026 vs. Ps. 46.2 million in Q1 2025
FX impact on operating income
Ps. 27.4 million
Negative foreign exchange effect during Q1 2026
Net cash from operating activities
Ps. 114.3 million
Three months ended March 31, 2026 vs. Ps. (67.4) million in 2025
Cash and cash equivalents
Ps. 773.7 million
As of March 31, 2026 vs. Ps. 752.0 million at December 31, 2025
Total liabilities
Ps. 2,135.9 million
As of March 31, 2026
Total stockholders’ equity
Ps. 2,451.7 million
As of March 31, 2026
Key Terms
International Financial Reporting Standards, Net financial cost, Deferred taxes, Weighted average outstanding shares, +1 more
5 terms
International Financial Reporting Standards financial
"Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board."
International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.
Net financial cost financial
"Net financial cost | | | (23.7 | ) | | | (19.0 | ) |"
Deferred taxes financial
"Deferred taxes | | | 118.8 | | | | 120.4 |"
Deferred taxes are tax obligations or tax benefits a company records now because accounting books and tax rules recognize income and expenses at different times; the cash actually paid to or recovered from tax authorities will happen later. Think of it like receiving an invoice for taxes in the future: it changes reported profits today but may mean a real cash outflow or cash saving later, so investors watch deferred taxes to understand future tax burdens, cash flow and the true health of earnings.
Non-recurring (expenses) income financial
"Non-recurring (expenses) income | | | (0.9 | ) | | | (6.6 | ) |"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of MAY 2026
TMM Group, Inc.
(Translation of registrant’s name into English)
Lago Alberto No.442, P.5, 503-A, Colonia Anahuac, Delegacion Miguel Hidalgo,
Mexico City, C.P. 11320 Mexico
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 1, 2026 By:
/s/ Verónica Tego Sánchez
Chief Financial Officer
This Form 6-K and the exhibit attached hereto are hereby incorporated by reference into the Registration Statement on Form F-3, Number 333-90710.
EXHIBIT INDEX
| EXHIBIT 99.1: |
Press Release dated May 1, 2026 (GRUPO TMM REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS).
|
Exhibit 99.1
TMM COMPANY CONTACT:
Verónica Tego Sánchez, CFO
011-52-55-5629-8866
veronica.tego@tmm.com.mx
GRUPO TMM REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
(In Mexican Pesos)
First Quarter 2026 Results Include:
| o |
Consolidated revenues of Ps 290.7 million
|
| o |
Operating Results of Ps 25.6 million
|
| o |
Net income of Ps 1.9 million
|
Mexico City, April 30, 2026 – Grupo TMM, S.A.B. (BMV: TMM A and OTC: GTMAY) (the “Company” or “TMM”), a Mexican maritime transportation,
logistics and maritime infrastructure services company, announced its financial results for the first quarter of 2026
 |
“During the quarter, we implemented adjustments to our operating base while maintaining stability across our core business lines. Our priority remains disciplined capital allocation and active portfolio
management, with the objective of strengthening the quality and sustainability of our results over time,” said Vanessa Serrano, Chief Executive Officer of TMM.
|
Operating performance
During the quarter, the Company’s performance primarily reflects:
| • |
The conclusion of certain relevant contracts in 2025, resulting from renewal processes subject to third-party decisions, as well as the Company’s discipline in maintaining only contractual conditions aligned with its profitability. This
forms part of an ongoing business portfolio optimization process aimed at improving the quality of revenues.
|
| • |
An operating environment characterized by adjustments in activity levels across certain business lines.
|
Segment performance
| • |
Maritime – The segment maintained solid utilization levels during the quarter, supported by stable offshore operations. This partially offset the impact from the conclusion of certain relevant
contracts in 2025. The Company continues to focus on efficient fleet management in line with current market conditions.
|
| • |
Maritime Infrastructure – The segment experienced lower activity in repair services, primarily due to the rescheduling of services by clients. During the period, operations reflected a different mix
of services, including a higher participation of smaller vessels, consistent with current market conditions.
|
| • |
Land Logistics – The segment delivered stable performance, in line with levels observed in prior periods.
|
Grupo TMM Reports First Quarter 2026 Financial Results
Page 2
Relevant Effects During the Period
Foreign Exchange (FX): Negative impact on operating income of approximately Ps. 27.4 million.
Outlook
Looking ahead to 2026, the Company will continue to focus on the efficient utilization of its strategic assets, financial discipline, and the optimization of its contract portfolio. A gradual stabilization in operating levels is expected as the
portfolio reconfiguration is consolidated and ongoing commercial processes progress.
While the quarter reflects a challenging operating environment, the Company maintains control over its operations and continues to execute initiatives aimed at strengthening the quality of its results and its positioning in the market.
Headquartered in Mexico City, Grupo TMM is a Mexican company that provides comprehensive solutions in maritime transportation, maritime infrastructure, and ports &
terminals logistics operations, through its subsidiaries and affiliated offices. For more information on Grupo TMM, please visit the company’s web site at www.tmm.com.mx. The site offers Spanish/English language options.
|
|
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such forward-looking statements speak only as of the date they are made and are based on the current expectations and beliefs of the Company’s management, as well as on assumptions made
by, and information currently available to, the Company. Actual results could differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned that all forward-looking statements involve
risks and uncertainties. Factors that could cause actual results to differ materially include, among others, global economic conditions and conditions in Mexico, fluctuations in foreign exchange rates, conditions in the maritime
transportation market, changes in the regulatory and business environment, including the United States-Mexico-Canada Agreement (USMCA), as well as the Company’s ability to execute its business strategy, manage its growth, control
costs, and restructure or refinance its indebtedness. Additional information regarding these and other risk factors is contained in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on
Form 20-F and its reports on Form 6-K.
|
|
Financial tables follow
Grupo TMM Reports First Quarter 2026 Financial Results
Page 3
Grupo TMM, S.A.B. and Subsidiaries
Balance Sheet*
- Millions of Pesos -
|
March 31,
|
December 31,
|
|||||||
|
2026
|
2025
|
|||||||
|
Cash and cash in banks available
|
583.9
|
494.6
|
||||||
|
Restricted cash
|
189.8
|
257.4
|
||||||
|
Total cash and cash equivalents
|
773.7
|
752.0
|
||||||
|
Accounts receivable – Net
|
479.7
|
544.9
|
||||||
|
Other accounts receivable
|
140.7
|
130.7
|
||||||
|
Taxes to be recovered
|
146.6
|
143.3
|
||||||
|
Prepaid expenses and others current assets
|
38.7
|
34.8
|
||||||
|
Total current assets
|
1,579.3
|
1,605.7
|
||||||
|
Property, machinery and, equipment
|
2,939.0
|
2,936.7
|
||||||
|
Cumulative Depreciation
|
(209.4
|
)
|
(185.4
|
)
|
||||
|
Property, machinery and, equipment – Net
|
2,729.6
|
2,751.3
|
||||||
|
Rights of use
|
43.6
|
45.3
|
||||||
|
Other assets
|
235.1
|
229.3
|
||||||
|
Total assets
|
4,587.6
|
4,631.6
|
||||||
|
Bank loans and current maturities of long-term liabilities
|
331.7
|
319.1
|
||||||
|
Leases short-term
|
4.7
|
4.5
|
||||||
|
Suppliers
|
253.1
|
328.5
|
||||||
|
Other accounts payable and accrued expenses
|
495.8
|
405.1
|
||||||
|
Total current liabilities
|
1,085.2
|
1,057.2
|
||||||
|
Bank loans
|
825.0
|
896.9
|
||||||
|
Leases long-term
|
40.5
|
41.7
|
||||||
|
Deferred taxes
|
118.8
|
120.4
|
||||||
|
Other long-term liabilities
|
66.4
|
65.6
|
||||||
|
Total long-term liabilities
|
1,050.7
|
1,124.6
|
||||||
|
Total liabilities
|
2,135.9
|
2,181.8
|
||||||
|
Total stockholders´ equity
|
2,451.7
|
2,449.8
|
||||||
|
Total liabilities and stockholders´ equity
|
4,587.6
|
4,631.6
|
||||||
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Grupo TMM Reports First Quarter 2026 Financial Results
Page 4
Grupo TMM, S.A.B. and Subsidiaries
*Statement of Income
- Millions of Pesos -
|
Three months ended
|
||||||||
|
March 31,
|
||||||||
|
2026
|
2025
|
|||||||
|
Maritime
|
234.5
|
391.5
|
||||||
|
Inland Logistics
|
19.6
|
20.1
|
||||||
|
Warehousing Services
|
0.0
|
15.8
|
||||||
|
Maritime Infrastructure
|
36.6
|
59.4
|
||||||
|
Revenue from freight and services
|
290.7
|
486.9
|
||||||
|
Maritime
|
(167.0
|
)
|
(282.0
|
)
|
||||
|
Inland Logistics
|
(19.8
|
)
|
(17.6
|
)
|
||||
|
Warehousing Services
|
0.0
|
(33.2
|
)
|
|||||
|
Maritime Infrastructure
|
(34.1
|
)
|
(43.4
|
)
|
||||
|
Cost of freight and services
|
(220.9
|
)
|
(376.2
|
)
|
||||
|
Maritime
|
(16.5
|
)
|
(13.8
|
)
|
||||
|
Inland Logistics
|
(2.2
|
)
|
(4.0
|
)
|
||||
|
Warehousing Services
|
0.0
|
(2.0
|
)
|
|||||
|
Maritime Infrastructure
|
(5.3
|
)
|
(3.3
|
)
|
||||
|
Depreciation and amortization
|
(24.0
|
)
|
(23.1
|
)
|
||||
|
Maritime
|
51.0
|
95.7
|
||||||
|
Inland Logistics
|
(2.3
|
)
|
(1.5
|
)
|
||||
|
Warehousing Services
|
0.0
|
(19.4
|
)
|
|||||
|
Maritime Infrastructure
|
(2.8
|
)
|
12.7
|
|||||
|
Results by business
|
45.8
|
87.5
|
||||||
|
Corporate expenses
|
(16.9
|
)
|
(15.2
|
)
|
||||
|
Corporate depreciation and amortization
|
(2.5
|
)
|
(0.5
|
)
|
||||
|
Non-recurring (expenses) income
|
(0.9
|
)
|
(6.6
|
)
|
||||
|
Operating (loss) gain
|
25.6
|
65.3
|
||||||
|
Financial (expenses) income - Net
|
(18.9
|
)
|
(27.3
|
)
|
||||
|
Leases financial expenses
|
(1.6
|
)
|
(2.8
|
)
|
||||
|
Exchange gain (loss) - Net
|
(3.2
|
)
|
11.0
|
|||||
|
Net financial cost
|
(23.7
|
)
|
(19.0
|
)
|
||||
|
(loss) gain before taxes
|
1.9
|
46.2
|
||||||
|
Provision for taxes
|
0.0
|
0.0
|
||||||
|
Net (loss) gain for the period
|
1.9
|
46.2
|
||||||
|
Attributable to:
|
||||||||
|
Minority interest
|
0.0
|
(0.0
|
)
|
|||||
|
Equity holders of GTMM, S.A.B.
|
1.9
|
46.3
|
||||||
|
Weighted average outstanding shares (millions)
|
174.55
|
174.55
|
||||||
|
Income (loss) earnings per share (pesos/share)
|
0.01
|
0.26
|
||||||
|
Outstanding shares at end of period (millions)
|
174.55
|
174.55
|
||||||
|
Income (loss) earnings per share (pesos/share)
|
0.01
|
0.26
|
||||||
*Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Grupo TMM Reports First Quarter 2026 Financial Results
Page 5
Grupo TMM, S.A.B. and subsidiaries
*Statement of Cash Flow
- Millions of Pesos -
|
Three months ended
|
||||||||
|
March 31,
|
||||||||
|
2026
|
2025
|
|||||||
|
Net gain (loss) for the period
|
1.9
|
46.2
|
||||||
|
Depreciation & amortization
|
27.3
|
23.7
|
||||||
|
Deferred taxes
|
(1.6
|
)
|
(1.1
|
)
|
||||
|
Other non-cash items
|
21.4
|
28.7
|
||||||
|
Total non-cash items
|
47.0
|
51.3
|
||||||
|
Changes in assets & liabilities
|
65.4
|
(164.9
|
)
|
|||||
|
Total adjustments
|
112.4
|
(113.6
|
)
|
|||||
|
Net cash provided by (used in) operating activities
|
114.3
|
(67.4
|
)
|
|||||
|
Proceeds from sale of assets/interest received
|
5.3
|
0.8
|
||||||
|
Payments for purchase of assets
|
(9.4
|
)
|
(634.5
|
)
|
||||
|
Net cash provided by (used in) investment activities
|
(4.2
|
)
|
(633.7
|
)
|
||||
|
Short-term borrowings (net)
|
(46.2
|
)
|
(40.4
|
)
|
||||
|
Repayment of leases
|
(2.7
|
)
|
(3.0
|
)
|
||||
|
Proceeds from (repayment of) long-term debt
|
(39.7
|
)
|
805.0
|
|||||
|
Net cash provided by (used in) financing activities
|
(88.6
|
)
|
761.6
|
|||||
|
Exchange effect on cash
|
0.1
|
(3.4
|
)
|
|||||
|
Net increase (decrease) in cash
|
21.6
|
57.1
|
||||||
|
Cash at beginning of period
|
752.0
|
207.1
|
||||||
|
Cash at end of period
|
773.7
|
264.2
|
||||||
Prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
FAQ
How did Grupo TMM (GTMAY) perform financially in Q1 2026?
Grupo TMM reported weak Q1 2026 results, with revenue from freight and services at Ps. 290.7 million versus Ps. 486.9 million a year earlier. Net gain for the period was just Ps. 1.9 million, down from Ps. 46.2 million in Q1 2025.
What were Grupo TMM’s main profit and loss drivers in Q1 2026?
Operating gain fell to Ps. 25.6 million from Ps. 65.3 million, pressured by lower segment revenues and a foreign exchange impact of about Ps. 27.4 million on operating income. Net financial cost was Ps. 23.7 million, further limiting bottom-line performance.
How strong was Grupo TMM’s cash flow and liquidity in Q1 2026?
Grupo TMM generated Ps. 114.3 million in net cash from operating activities in Q1 2026, compared with an outflow of Ps. 67.4 million a year earlier. Cash and cash equivalents increased slightly to Ps. 773.7 million from Ps. 752.0 million at year-end 2025.
What does the Q1 2026 balance sheet show for Grupo TMM (GTMAY)?
As of March 31, 2026, Grupo TMM reported total assets of Ps. 4,587.6 million, total liabilities of Ps. 2,135.9 million, and stockholders’ equity of Ps. 2,451.7 million. Bank loans totaled Ps. 1,156.7 million when combining current and long-term portions.
How did foreign exchange movements affect Grupo TMM in Q1 2026?
Foreign exchange movements had a negative impact of approximately Ps. 27.4 million on Grupo TMM’s operating income in Q1 2026. This FX effect added to underlying operating pressures, contributing to the sharp decline in operating gain and the much lower net result versus Q1 2025.
What outlook does Grupo TMM provide for the rest of 2026?
Grupo TMM plans to focus on efficient use of strategic assets, financial discipline, and optimizing its contract portfolio. Management expects a gradual stabilization of operating levels as portfolio reconfiguration consolidates and ongoing commercial processes advance, following a challenging first quarter environment.