Grupo México (GMEXICOB) Q4 2025 earnings summary

Executive summary

• Achieved accumulated sales of $18.2B in 2025, up 12.4% year-over-year, with strong EBITDA growth and robust dividend payouts.

• Maintained a solid balance sheet with low leverage, high fixed-rate debt, and significant cash reserves.

• Advanced major mining, transportation, and infrastructure projects, supporting long-term growth.

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.

Outlook and guidance

• Transportation division expects 2–4% volume growth and 5–7% revenue growth in 2026.

• Copper market faces expected deficit in 2025, with demand driven by decarbonization and technology sectors.