GCC S A B de C V (GCC) Q4 2025 earnings summary

Executive summary

• Achieved record full-year sales of $1.41 billion in 2025, up 3.1% year-over-year, driven by strong U.S. ready-mix and infrastructure demand and disciplined execution.

• Fourth quarter sales reached $359.8 million, a 7.3% increase year-over-year, with record EBITDA margins of 39.6%.

• Operational discipline, cost management, and network investments, including Odessa ramp-up, supported resilience.

• Safety performance improved, with recordable incidents down 10.5% year-over-year.

• Continued progress on environmental initiatives, including increased blended cement, alternative fuels, and ENERGY STAR certifications.

Financial highlights

• Full-year EBITDA totaled $491.8 million, margin 34.9%; Q4 EBITDA up 17.3% to $142.5 million, margin 39.6%.

• Net income for 2025 was $299.4 million, down 8.1% year-over-year; Q4 net income up 5.6% to $84.5 million.

• Free cash flow for the year was $349.1 million, up 8.5% year-over-year, with 71% EBITDA conversion.

• Depreciation of the Mexican peso reduced consolidated sales by $18 million and EBITDA by $6 million.

• Cost of sales increased 7.2% year-over-year, mainly due to higher fuel and power costs.

Outlook and guidance

• 2026 guidance: U.S. cement volumes to grow high single digits, pricing flat; ready-mix volumes to decline high single digits, pricing flat to up.

• Mexico: cement and concrete volumes and pricing expected to grow low single digits.

• Consolidated EBITDA expected to grow mid-single digits, with margin pressure from logistics during Odessa ramp-up.

• CapEx for 2026 projected at $270 million, mainly for Odessa completion and logistics.

• Free cash flow conversion expected to remain strong, above 60%.