Grupo México (GMEXICOB) Q2 2026 earnings summary

Executive summary

• First-half 2026 revenues reached $11.28 billion, up 33.8% year-over-year, with EBITDA of $6.85 billion, a 49.6% increase, driven by higher metal prices and strong divisional results.

• Mining and transportation divisions posted robust growth, while infrastructure saw a decline in sales but a one-time gain from a highway stake sale.

• Board approved a combined cash and stock dividend totaling MXN 1.84 per share, yielding 3.7%.

• Net cash cost per pound of copper dropped to $0.31, a 68.4% improvement year-over-year, maintaining the lowest global cash cost.

• Continued focus on ESG initiatives, including water infrastructure in Peru and expanded healthcare access in Mexico.

Financial highlights

• Mining division sales reached $9.3 billion, up 39.5% year-over-year, with EBITDA of $5.92 billion and a 63.3% margin.

• Transportation division sales rose 14.9% to $1.87 billion, with EBITDA up 9.9% to $783 million and a 41.8% margin.

• Infrastructure division sales fell 18.7% to $278 million, but net income surged due to a major asset sale.

• Consolidated EBITDA margin for 1H26 was 60.7%, up from 54.3% in 1H25.

• Cash position at $13.3 billion as of June 2026.

Outlook and guidance

• Mining division expects a slight copper market deficit in 2026, supported by strong demand from decarbonization and technology sectors.

• Transportation division projects 6%-8% volume growth and 9%-11% revenue growth for 2026.

• Infrastructure division to consolidate a new power generation platform with 4.5 GW capacity in Q3 2026.

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

• Tía María project in Peru is 42% complete, with operations expected to begin in 2H27.