Grupo México (GMEXICOB) Q4 2025 earnings summary

Executive summary

• Achieved record accumulated sales of $18.2B in 2025, up 12.4% year-over-year, driven by strong Mining Division performance and higher metal prices, especially copper and silver.

• Consolidated EBITDA reached $9.95B, up 18.8% year-over-year, with Mining Division EBITDA up 23.3% and Transportation Division EBITDA slightly higher.

• Net income for 2025 was $4.66B, up 20.2% year-over-year, with a profit margin of 25.6%.

• Maintained a solid balance sheet with low leverage, high fixed-rate debt, and significant cash reserves.

• Became the largest by market capitalization on the Mexican Stock Exchange, exceeding $73.46B.

Financial highlights

• 4Q25 revenue rose 34% year-over-year to $5.15B; full-year revenue up 12.4% to $18.18B.

• 4Q25 EBITDA increased 50.7% year-over-year to $2.87B; full-year EBITDA up 18.8% to $9.95B.

• Net cash cost per pound of copper improved 22.3% year-over-year to $0.89.

• 4Q25 dividend per share was MXN 1.50, with a 3.11% yield and 49.8% payout ratio.

• Cash and cash equivalents at year-end were $10.22B, with a negative net debt to EBITDA ratio.

Outlook and guidance

• Capital investment program for the decade could exceed $27B, with major projects in Peru, the U.S., Spain, and Mexico.

• Tía Maria project in Peru is 24% complete, targeting 2027 operations; Los Chancas and Michiquillay progressing, with start-ups expected in 2031 and 2032.

• U.S. projects include Ray Concentrator and Silver Bell expansions, with feasibility studies ongoing.

• El Arco and El Pilar projects in Mexico are advancing, pending permits.

• Transportation division expects 2–4% volume growth and 5–7% revenue growth in 2026.