Grupo México (GMEXICOB) Q1 2026 earnings summary

Executive summary

• Consolidated sales reached a record $5.56 billion in 1Q26, up 32.7% year-over-year, driven by higher mining revenues and commodity prices.

• Mining Division revenues rose 37.7% to $4.60 billion, with significant increases in silver and zinc sales and higher copper, silver, molybdenum, and zinc prices.

• Transportation Division revenues grew 15.6% to $896 million, while Infrastructure Division sales declined 9.5% to $158 million due to rig suspensions and lower gas prices.

• Consolidated EBITDA increased 49.6% to $3.31 billion, with Mining EBITDA up 59.2%, Transportation up 11.7%, and Infrastructure up 4.1%.

• Board declared a cash dividend of MXN $1.65 per share, implying a 3.3% annualized yield.

Financial highlights

• Net income for 1Q26 was $1.64 billion, up 62.4% year-over-year; profit margin rose to 29.4%.

• Operating income increased 56.6% to $2.87 billion; EBITDA margin improved to 59.5%.

• Cash and cash equivalents rose to $10.89 billion; total assets reached $39.06 billion.

• Negative net debt to EBITDA ratio, with 78% of debt in USD and 83% at fixed rates.

Outlook and guidance

• Expectation of ore grade recovery in Peru by end-2026, supporting future copper production.

• Ongoing capital investment program could exceed $27 billion this decade, with major projects in Peru, US, Spain, and Mexico.

• Anticipate continued leadership in copper cost efficiency and expansion of mining and infrastructure assets.