Grupo México (GMEXICOB) Q4 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q4 2025 earnings summary
11 Aug, 2026Executive summary
Achieved record accumulated sales of $18.2B in 2025, up 12.4% year-over-year, driven by strong Mining Division performance and higher metal prices, especially copper and silver.
Consolidated EBITDA reached $9.95B, up 18.8% year-over-year, with Mining Division EBITDA up 23.3% and Transportation Division EBITDA slightly higher.
Net income for 2025 was $4.66B, up 20.2% year-over-year, with a profit margin of 25.6%.
Maintained a solid balance sheet with low leverage, high fixed-rate debt, and significant cash reserves.
Became the largest by market capitalization on the Mexican Stock Exchange, exceeding $73.46B.
Financial highlights
4Q25 revenue rose 34% year-over-year to $5.15B; full-year revenue up 12.4% to $18.18B.
4Q25 EBITDA increased 50.7% year-over-year to $2.87B; full-year EBITDA up 18.8% to $9.95B.
Net cash cost per pound of copper improved 22.3% year-over-year to $0.89.
4Q25 dividend per share was MXN 1.50, with a 3.11% yield and 49.8% payout ratio.
Cash and cash equivalents at year-end were $10.22B, with a negative net debt to EBITDA ratio.
Outlook and guidance
Capital investment program for the decade could exceed $27B, with major projects in Peru, the U.S., Spain, and Mexico.
Tía Maria project in Peru is 24% complete, targeting 2027 operations; Los Chancas and Michiquillay progressing, with start-ups expected in 2031 and 2032.
U.S. projects include Ray Concentrator and Silver Bell expansions, with feasibility studies ongoing.
El Arco and El Pilar projects in Mexico are advancing, pending permits.
Transportation division expects 2–4% volume growth and 5–7% revenue growth in 2026.
Latest events from Grupo México
- Record FY2021 earnings, low leverage and a $2.27B 2022 investment plan.GMEXICOB
Q4 2021 - 2022 earnings declined, but Q4 recovery and $1.83B of planned 2023 investment support growth.GMEXICOB
Q4 2022 - 9M EBITDA rose 49.9% to $10.62bn as copper output fell 2.8%.GMEXICOB
Q3 2026 - Transportation and infrastructure growth offset mining weakness as copper output rose.GMEXICOB
Q4 2023 - Revenue up 33.8% and EBITDA up 49.6%, driven by mining and transport; major projects advanced.GMEXICOB
Q2 2026 - Record sales and EBITDA, with lower copper output and mixed segment results.GMEXICOB
Q1 2026 - Double-digit revenue and EBITDA growth in 3Q25, led by mining and strong cash generation.GMEXICOB
Q3 2025 - 2Q25 saw 10% revenue growth, margin expansion, and strong segment gains in automotive and minerals.GMEXICOB
Q2 2025 - Double-digit revenue and EBITDA growth led by strong mining and cost control.GMEXICOB
Q3 2024