Grupo México (GMEXICOB) Q1 2026 earnings summary

Executive summary

• 1Q26 sales rose 32.7% YoY to $5,565M, driven by higher mining revenues and commodity prices.

• EBITDA increased 49.6% to $3,314M, with a 59.5% margin.

• Copper production declined 2.8% to 258,138 tons, while net cash cost improved 79% to $0.22/lb.

• Cash and cash equivalents were $10.89B; net income rose 62.4% to $1.64B.

• Dividend was MXN 1.65 per share, with a 3.3% annualized yield.

Financial highlights

• Revenue was $5,565M vs. $4,193M in 1Q25; operating income was $2,872M vs. $1,834M.

• EBITDA was $3,314M vs. $2,215M in 1Q25; margin expanded to 59.5% from 52.8%.

• Net income rose 62.4% to $1.64B; profit margin reached 29.4%.

• Cash and cash equivalents were $10.89B; total assets reached $39.06B.

• Debt was 83% fixed-rate and 78% USD-denominated; net debt to EBITDA was negative.

Outlook and guidance

• Copper market outlook points to an expected 2026 deficit; inventories covered 16 days of consumption in 1Q26.

• Transportation 2026 guidance: volume growth of 4%–6%, revenue growth of 7%–9%, and CAPEX of $450M.

• Tía María was 32.5% complete at quarter-end; operations are expected to begin in 3Q27.

• Ore grades in Peru are expected to recover by end-2026.

• Capital investment could exceed $27B this decade, with major projects across Peru, the US, Spain, and Mexico.