Grupo México (GMEXICOB) Q3 2026 earnings summary

Executive summary

• 9M26 revenue reached $17.616bn, up 35.3% YoY, and EBITDA was $10.620bn, up 49.9%; mining was the largest contributor.

• Q3 growth reflected higher metal prices and volumes, Saavi Energía integration and drilling recovery; the Salamanca-León highway stake sale boosted Infrastructure net income.

Financial highlights

• Q3 revenue was $6.333bn, up 37.9% YoY; operating income rose 60.4% to $3.335bn, EBITDA rose 50.5% to $3.770bn, and net income rose 62.9% to $1.97bn.

• 9M operating income rose 58.1% to $9.228bn; net income increased 72.0% to $5.70bn, and EBITDA margin was 60.3% versus 54.4% in 9M25.

• 9M cash generation was $3.6bn; cash at period-end was $13.8bn.

• Q3 CapEx was $694.7m, up 49.5%; 9M CapEx was $1.80bn, up 27.1%.

Outlook and guidance

• Transportation 2027 guidance is 5%–8% carload volume growth and 8%–10% revenue growth; approved CapEx is $619.2m, versus $450m in 2026.

• Tía María was 49.6% complete at September 30, with operations expected in 1H28 and early-stage annual output of 120,000 tons of copper cathodes.

• El Pilar construction is expected to begin in Q1 2027, with production targeted for 2H29 and projected annual cathode output of 36,000 tons.

• Long-term investment plans exceed $45bn across Mining, Transportation and Infrastructure; mining projects could require over $27bn this decade.