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Mexico

Our assets

We manage 163 km of roadway, divided into two major strategic transport routes in the country, fully operational since opening to traffic in 2011 and 2012: the Saltillo–Monterrey highway and the Perote–Banderilla–Xalapa corridor, respectively.

  • CAMS

    This concession includes the construction, operation, and maintenance of the Monterrey–Saltillo Highway, fully operational since 2011. With four lanes (two in each direction) and a bypass in Saltillo, it improves connectivity between the two cities, which are major industrial centers.


    In 2023, we opened the Santa Catarina Viaduct, an elevated section that connects the end of the highway to downtown Monterrey, benefiting more than five million people in the region.

  • COPEXA

    Responsible for the Perote–Banderilla toll sections and the Xalapa Bypass, this concession entered full operation in December 2012. It is the most modern and safest road in the state of Veracruz, designed to streamline traffic and reduce costs and travel times between Mexico City and Veracruz.

    • Roads continued to be the main backbone
      of freight transport in the country

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      In 2025, Mexico’s road sector reaffirmed its role as critical infrastructure for economic competitiveness and the logistics integration of North America, in a geopolitical environment marked by renewed trade uncertainty stemming from the reactivation of U.S. tariff policies. Despite this context, Mexico continued a non-confrontational policy and trade alignment, including decisions aimed at reducing imports and promoting Asian investment in the country.


      This approach has consolidated Mexico’s position as the United States’ leading trading partner, supported by the USMCA framework, industrial reshoring, and the strength of its road corridors, which are essential for cross-border trade and the movement of goods. In 2025, the continuation of the National Road Infrastructure Plan 2025–2030 stands out. The plan foresees 397 billion pesos in public and mixed investment to upgrade around 5,000 km, connecting the USMCA corridor with the center and south of the country and improving links with the Isthmus rail corridor. In its first year, the SICT allocated around 56.5 billion pesos to build, modernize, and maintain the road network, prioritizing corridors, bridges, bypasses, and maintenance.


      Roads continued to be the main backbone of freight transport in the country, especially along the north–central and central–Gulf corridors, which concentrate much of Mexico’s industrial, manufacturing, and logistics activity. Concessioned toll-road infrastructure has gained relevance due to its higher reliability, safety, and operational efficiency: from 2024 through June 2025, concessioned highways in the national network increased traffic by 10.5%. Regarding mixed road investment projects, the National Public Works Bank (Banobras) announced the development of 18 roads and highways through public-private schemes, with public financing via Fonadin. Eleven projects will be executed under the CMRO model, which operates as a service contract without transferring toll-road operation, unlike traditional concessions. The remaining seven works will be carried out under mixed investment schemes yet to be defined, with estimated investment of 150 billion pesos over the six-year term. In addition, electronic toll payment is expected to become mandatory at toll plazas by the end of 2026.


      In this context, we have maintained our position as a relevant concession operator in Mexico, recording a normalization of traffic volumes after the extraordinary levels of 2024 while sustaining high activity, operational strength, and stable margins—reinforcing our assets’ role as resilient logistics corridors in a context of heightened geopolitical and trade sensitivity.

    • *(IN EUR M)

      CAMS

      2025

      2023

      2023

      Concession activity revenue

      113,0

      122,0

      114,9

      EBITDA

      94,6

      100,0

      92,3

      EBT

      50,6

      37,6

      28,3

      Net income

      43,2

      27,1

      16,4

      Operating CF

      100,0

      80,2

      105,6

      *(IN EUR M)

      COPEXA

      2025

      2023

      2023

      Concession activity revenue

      66,0

      77,5

      59,3

      EBITDA

      53,4

      55,2

      42,2

      EBT

      12,4

      (37,3)

      (106,9)

      Net income

      13,7

      188,2

      (90,1)

      Operating CF

      76,0

      72,3

      46,9

    CERTIFICATIONS
    • CAMS

    • CAMS

    • CAMS

    • COPEXA

      ASSOCIATIONS TO WHICH SBU MEXICO BELONGS
      • AMCIV

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