Earnings release
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gmexico.mx Mexico City, July 21, 2026 Grupo México, S.A.B de C.V. (“Grupo México” “GMéxico” – BMV: GMEXICOB) Consolidated sales in 2Q26 climbed to US$11.28 billion, 33.8% higher than in the same period of 2025. Accrued revenues in the Mining Division were US$9.3 billion in 2Q26, 39.5% above 2025 numbers, due to higher volumes of silver sales and higher copper prices (+28.6%), molybdenum (+34.2%) and silver (137.9%). Consolidated sales in the Transportation Division were US$1.87 billion, 14.9% higher than in 2025. The Infrastructure Division accrued net sales of US$278 million, a drop of 18.7% versus 2025, due mainly to PEMEX suspending oil rigs and lower gas prices. Copper production in 1H26 decreased 3.2% against 1H25 to 515,675 tons, due to lower ore grades as projected for 2026 in our Peruvian operations. This production decline was partially offset by higher production at our mining units in Mexico (Minera Mexico) and the United States of America ( Asarco). We are currently assessing different alternatives to increase production volumes at our operations in Peru. Elsewhere, silver and gold production grew 2.9% and 7.7%, respectively, in 1H26. We continue to have the best cash cost among mining companies in the copper industry worldwide. Our cash cost net of byproducts accrued to 2Q26 was US$0.31 per pound, a considerable improvement of 68.4% compared to 1H25. The reduction of US$0.67. Furthermore, we hold the largest copper reserves worldwide, ensuring a successful organic growth trajectory. Consolidated EBITDA in 1H26 was US$6.85 billion, 49.6% higher than in 1H25. EBITDA in the Mining Division was US$5.92 billion, 61.3% above 2025 numbers. EBITDA in the Transport Division grew 9.9% with respect to 2025, to US$783 million. Dividend. On July 17, 2026, the Board of Directors declared a cash dividend of MXN$0.80 per outstanding share and a stock dividend equivalent to one common share for every 194 common shares outstanding, resulting from the share repurchase program executed during the quarter to support the share price amid a volatile market environment. Both dividends will be paid in a single installment on August 28, 2026. Considering both the cash dividend and the value of the stock dividend, the total estimated dividend distributio n amounts to MXN$1.84 per share, based on the closing share price on the declaration date. This represents an annualized dividend yield of 3.7%. All numbers are stated in United States dollars (“US$”) under US GAAP, unless otherwise noted. Net profit includes the capital gain/loss on the shares, as well as their effect on deferred taxes. RESULTS Second Quarter 2026 Second Quarter (Thousand US Dollars) 2025 2026 US$000 % 2025 2026 US$000 % Sales 4,239,167 5,717,547 1,478,379 34.9 8,432,042 11,282,850 2,850,808 33.8 Cost of Sales 1,811,949 2,127,474 315,525 17.4 3,665,196 4,263,618 598,422 16.3 Operating Income 1,924,885 3,021,671 1,096,785 57.0 3,758,673 5,893,308 2,134,635 56.8 EBITDA 2,363,577 3,536,188 1,172,611 49.6 4,578,354 6,849,939 2,271,585 49.6 EBITDA Margin (%) 55.8% 61.8% 54.3% 60.7% Taxes 660,687 997,164 336,478 50.9 1,258,567 1,968,857 710,290 56.4 Net Income 1,096,540 2,093,138 996,598 90.9 2,104,738 3,730,915 1,626,177 77.3 Profit Margin (%) 25.9% 36.6% 25.0% 33.1% Investments / Capex 416,594 582,768 166,174 39.9 952,792 1,107,157 154,365 16.2 January - JuneVariance Variance
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SECOND QUARTER RESULTS 2026 2 Relevant Events Grupo México Grupo México is the largest company listed on the Mexican Stock Exchange (BMV – Bolsa de Valores) in terms of market capitalization, surpassing US$88.34 billion at the end of 2Q26. Furthermore, it is among the largest taxpayers despite not ranking among the companies with the highest revenues, reflecting its role as a primary industry operator at the upstream end of the metals and manufacturing value chain. Additionally, it is the leading company in profit-sharing payments in both Mexico and Peru and ranks second in terms of trading. Grupo México is the fifth-largest copper producer globally, it has the lowest cash cost of non-diversified mining companies, and it holds the largest copper reserves in the world. In addition, its rail network has the greatest coverage in Mexico. Financing. On June 24, 2026, the Mining Division issued a n unsecured fixed-rate senior bond for US$1.25 billion with a maturity date in 10 years. This bond will mature in 2036, with an annual interest rate of 5.35%. The funds obtained will be used exclusively by Southern Peru Copper Corporation (SPCC) to develop the Tía María project, finance its capital investment program (capex), and for SPCC’s general corporate purposes. Environmental, Social, and Governance Cularjahuira dam improves agriculture in Candarave. In its fifth year of operation, the dam, located in Candarave in southern Peru, has transformed the lives of 18% of local farmers and their families by providing year -round water availability. According to the Ministry of Agrarian Development, crop productivity in the area has increased by around 20%. The infrastructure, which stores 2.5 million cubic meters of water, was built by our company in partnership with the Peruvian government and local farmers. We continue to work with authorities to build the Callazas and Calientes dams in the same province through the Works for Taxes mechanism, which would secure water coverage for more than 90% of local producers. Sports as a tool for integration and community well-being. In order to promote integration and well-being through sports in communities near our operations , Grupo México joined the Mexican Government’s "Mundial Social" initiative. The program brings together more than 2,600 participants across 206 teams of employees, communities, and children's and youth categories. Additionally, it includes the creation of 14 community murals and the rehabilitation of sports spaces with the participation of nearly 580 volunteers, strengthening community ties, inclusion, and the social fabric. Through these sports and cultural programs, we have reached 41% of the youth in areas near our operations in Mexico. Healthy communities with Dr. Vagón. During the first half of 2026, Dr. Vagón, the Health Train strengthened its social impact by providing free medical services in 20 communities across six Mexican states, directly benefiting 30,322 people. Throughout these visits, 2,019 mammograms and 294 cataract surgeries were performed, and more than 125,000 laboratory tests were conducted. Additionally, 26,708 medications and 9,203 pairs of eyeglasses were distributed, 1,024 hearing aids were fitted, and specialized procedures such as myringotomies were performed. The Health Train also expanded its services through its Dysplasia Clinic, which focuses on the early detection and treatment of precancerous cervical lesions, reaffirming its commitment to medical innovation and preventive care in remote communities.
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SECOND QUARTER RESULTS 2026 3 Relevant Events Mining Division Projects Over the years, Grupo México has proven its portfolio can grow organically through the various stages of the copper price cycle. It continues to focus on being a global industry cost leader, and to operating efficiently and with financial discipline. Grupo México’s projects are a source of employment and well -being in the communities and countries where it operates. Our current capital investment program could exceed US$27 billion this decade, and include investments in projects in Peru, the United States, Spain and Mexico. Projects in Peru: Our investment in Peruvian projects that are under construction or for which basic or detail engineering or environmental studies are being conducted could surpass $10.3 billion in the next decade. The openness of the Peruvian government and institutions to private investment , strong support from local communities, and respect for the rule of law underpin our aggressive investment program. With the backing and assistance of Peruvian authorities, the Company is moving forward to secure the administrative permits and licenses required before initiating investment. The projects’ construction and subsequent operating phases will generate new poles of development, create significant job opportunities, and drive growth in tax revenues at both national and regional levels. Tía María, Arequipa . This greenfield project in Arequipa, Peru will use state -of-the-art SX-EW technology that meets the highest international environmental standards and has the capacity to produce 120,000 tons of SX- EW copper cathodes per year. Operations are expected to begin in 2H27. As of June 30, 2026, the Tía María project had reached 42% completion, and 5,817 new jobs had been created. Of these positions, 1,254 have been filled by local applicants. To the greatest extent possible, we intend to fill the approximately 6,000 jobs expected to be required during the construction phase of Tía María by giving priority to workers from the Islay province. Project update: As of June 30, 2026, the Company has committed $1.1 billion to various project activities, of which $693 million has already been invested. Mass earthworks have moved 13.85 million metric tons of material from the La Tapada deposit (71% progress). Most purchase orders for the project's major equipment have been issued. With respect to the leaching process, purchase orders have been placed for key state -of-the-art equipment, and procurement activities for the remaining major equipment continue. Regarding the power supply, electromechanical works are underway at the main electrical substations and efforts continue to build the 220 -kV transmission line. Concurrently, the mass earthworks required to develop both the dry and wet areas are in their final stage. Civil works and steel structure assembly have commenced in key facilities, including the primary, secondary, and tertiary crushing circuits (dry area), as well as the Solvent Extraction (SX) and Electrowinning (EW) facilities (wet area), among others.
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SECOND QUARTER RESULTS 2026 4 Los Chancas, Apurimac. This is a copper and molybdenum porphyry deposit. Current estimates of this greenfield project indicated copper mineral resources of 98 million tons of oxides with a copper content of 0.45%, and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open -pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2.6 billion, and operations are expected to begin in 2031. Project update: As of June 30, 2026, the presence of illegal miners within the project area continues despite the State’s on -site enforcement efforts through the Environmental Prosecutor’s Office, hindering the project's progress. Meanwhile, community development and environmental management programs continue in the communities of Tiaparo and Tapayrihua, both located within our direct area of influence. Michiquillay, Cajamarca. Michiquillay is a world-class greenfield mining project with inferred mineral resources of 2,288 million tons and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with byproducts of molybdenum, gold and silver) for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032. Project update: Studies to estimate mineral reserves and develop the mine plan, coupled with hydrological and hydrogeological assessments, are currently underway. In addition, geotechnical research is progressing and entering its final phase. Projects in the United States Due to the new mining-industrial policies of President Trump’s administration, which has catalogued copper as a strategic metal, as well as recognition that the exceptionally high standards and new technologies of the modern mining industry allow complete compliance with environmental rules and clean mining, we are analyzing the following projects with feasibility studies, seeking to double our mine production and vertically integrate Asarco’s smelting and refining operations. Ray Concentrator Expansion . This project, which currently produces 36,000 tons of copper contained in concentrates, has the potential to increase its annual production by 58,000 additional tons. Ray would produce a total of 94,000 tons of copper per year in concentrates, which is a 161% increase. Ray would also drop from the 97th percentile to the 50th percentile in terms of cost, as a result of better economies of scale and implementation of new technologies. Silver Bell Expansion. The Silver Bell expansion aims to maximize low ore grade sulfide reserves through a concentrator plant. The result would be an increase of 65,000 tons of copper per year, as well as considerable silver and molybdenum byproducts. The drill pad is currently being concluded, and the feasibility studies will be carried out subsequently in order to continue with project development. Hayden Smelter and Amarillo Refinery. We are conducting a technical evaluation required for the reopening, expansion and modernization of the Hayden Smelter and the Amarillo Refinery. The project would initially increase capacity to smelt 600,000 tons of copper concentrate and refine up to 450,000 tons of copper concentrate. Over time, capacity could be expanded to process 1.4 million tons of copper concentrate and produce 500,000 tons of refined copper at Amarillo, Texas, as well as 200,000 tons of high-quality copper rod.
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SECOND QUARTER RESULTS 2026 5 Feasibility studies are currently being finalized, and additional details will be shared in due course. Furthermore, the project could enable us to process a larger volume of copper scrap currently exported from the United States. Projects in Spain Los Frailes, Andalucía. This deposit is located within the Aznalcóllar district in the Iberian Pyritic Belt, a metallogenic area of global importance. The project consists of an underground mine with a milling plant with capacity of over 8,000 tons per day, producing zinc, copper and lead concentrates, with a reserve-based mine life of 19 years and development potential. Furthermore, silver will be obtained as a byproduct. It has proven and probable ore reserves of 44.6 million tons, with an average ore grade of 3.82% zinc, 0.26% copper, and 53.42 g/t of silver. The project will use circular economy technology in areas such as water management and waste treatment. In May 2025, the mine development project permit was obtained from the Regional Government of Andalucía. Project update: In 2Q26, we continued to progress with engineering for the water treatment plant, and with cost optimization. In addition, the Cuchichón ore body exploration campaign began. Projects in Mexico We are in discussions with the current administration to be able to continue with our investments of more than US$10.2 billion. El Arco - Baja California. This is a world -class copper deposit located in the central part of the Baja California peninsula with more than 1,230 million tons in sulfide ore reserves with an average ore grade of 0.40%, and 141 million tons of leach material with an average ore grade of 0.27%. The project includes an open -pit mine with a combined 120 ktpd concentrator and 28 ktpy SX-EW operations. Under the Mexican constitution, the government is solely responsible for electric energy transmission. The Federal Electricity Commission (Comisión Federal de Electricidad - CFE), as the competent government entity, must interconnect the Baja California pe ninsula with the rest of the country. In this context, our project’s initiation is dependent on action at the Mexican government level. The project is contingent upon the completion of this interconnection to ensure access to adequate power supply. Notably, the states of the Baja California Peninsula remain the only states in Mexico that are not connected to and integrated into the national electricity grid. El Pilar, Sonora. This new copper project has obtained the necessary environmental permits and will begin early site preparation works in September 2026 to develop energy lines, water pipelines, roads, worker accommodation, etc. Project construction will commence in the fir st quarter of 2027, and production is expected to begin in the second half of 2029. This project is located in Sonora, Mexico, approximately 45 kilometers from the Cananea/ Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tons of ore with an average copper grade of 0.249% and a mine life of 18 years. It will operate as an open -pit mine with annual production capacity of 36,000 tons of copper cathode, utilizing cost -efficient and environmentally friendly SXEW
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SECOND QUARTER RESULTS 2026 6 (Solvent Extraction and Electrowinning) technology. With an investment of $551 million, this project will employ a direct workforce of 450 people during the construction phase and 300 during the operational phase. Angangueo, Michoacán.- This polymetallic underground mine, located in the state of Michoacán would generate both direct and indirect jobs, as well as economic benefits for surrounding communities. This project is currently pending permitting and licensing. In its initial phase, it would produce 8,500 tons of copper , 5,000 tons of zinc and 1,981,000 ounces of silver with the potential to expand these levels in its second phase. Taxco, Guerrero. We are awaiting a decision from the Mexican government that will allow us to resume developing a mine in Taxco in order to locate the reserves and thus be able to quantify the zinc and silver ore grades for the construction of a new concentrator. This expansion would result in the creation of nearly 3,000 jobs during the construction phase, and 400 permanent jobs during the mine’s operating phase, which would significantly boost job creation in the area. Grupo México has several projects in Mexico that can drive our organic growth if they are deemed to create value for our stakeholders and the communities where we operate. These projects – Angangueo and Chalchihuites – are part of the Mexican copper circuit, while the Empalme Smelter would improve our position as a company with fully integrated copper products.
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SECOND QUARTER RESULTS 2026 7 Relevant Events Transportation Division Volume. Cargo transported during 2Q26 increased by 7% over the same period of 2025, for a total of 524,649 carloads. Volume growth was due mainly to the Meta ls segment, with a 26% increase in carloads, followed by the Intermodal segment, which grew 12%, and finally the Agriculture segment, with a 6% improvement. Investments.- We are currently analyzing various investment opportunities aimed at generating value for our shareholders, these include railway assets in Brazil through the acquisition of existing rail operations, as well as opportunities in Argentina through the bidding process for rail freight transportation. In Brazil, we are assessing a potential acquisition of an interest in a relevant asset in the country, with the objective of growing volumes in a diversified manner and improving efficiency. In Argentina, we are awaiting the pending tender process, should it be structured as an integrated model, it could represent an attractive opportunity for the Company. By contrast, the split model (open access) has historically resulted in losses and has required government subsidies and therefore would not be of interest to Grupo México. Both opportunities offer significant potential for volume growth and the expansion of freight transportation to be hauled more efficiently by rail. Leveraging our 30 years of experience and advanced technologies, we could integrate these assets into the aforementioned rail networks to capture greater market share, increase traffic volumes and achieve higher operational efficiencies.
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SECOND QUARTER RESULTS 2026 8 Relevant Events Infrastructure Division Energy. As part of its growth and investment strategy, on April 27, 2026, Grupo México Infrastructure achieved one of the most significant milestones within the division , by signing an agreement to combine its electricity generation assets with Saavi Energía, creating a leading private generation platform in Mexico with 4.5 GW of installed capacity. Grupo México will retain a majority stake of 70% in the new company and expects to begin consolidation during the third quarter of the year. Perforadora México (PEMSA). The Chihuahua and Zacatecas jack-ups, suspended since December 2024, reinitiated operations on July 3, 2026, and Campeche and Tabasco are expected to be reactivated in August 2026 , following this all platforms will be operational. Real Estate . After approval of the acquisition of 60% of Grupo Proyecta, on January 1, 2026, Grupo México Infraestructura began consolidating its results, incorporating the Lomas de Angelópolis development and other material future projects in its real estate portfolio. Since its formation, Grupo Proyecta has diversified and grown the Division. At this time, the majority of projects are in the development stage, and thus have marginal contributions to revenues. Highways. In April of 2026, Grupo México finalized the sale of 81.1% of its stake in Concesionaria de Infraestructura del Bajío (CIBSA), the concession holder for the highway between Salamanca and León, for the amount of 8.22 billion Mexican pesos, and retained a minority stake of approximately 18.9%. The funds obtained will improve the Group’s financial flexibility, and allow it to continue pursuing new investment projects in Mexico.
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SECOND QUARTER RESULTS 2026 9 Financing Grupo México has a comfortable maturity profile, and a negative net debt -to-EBITDA ratio as a result of the sustained cash flow generation it has developed over the years. Of the contracted debt, 76% is denominated in dollars, and 24% in Mexican pesos. Eighty-five percent of the debt is fixed rate. Grupo México Maturities As of June 30, 2026 387 951 1,079 534 89 102 1,000 0 0 1,000 1,250 0 0 0 1,274 0 1,200 0 0 1,500 0 0 0 0 1,000 0 -100.0 100.0 300.0 500.0 700.0 900.0 1,100.0 1,300.0 1,500.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Transportation Division Mining Division Infrastructure Division US $MILLONES 2025 Gross Gross Cash & Net (US$000) Debt (1) Debt (1) Banks (2) Debt Grupo México - - 3,202,822 (3,202,822) Americas Mining Corporation - - 1,673,898 (1,673,898) Southern Copper Corporation 6,748,222 7,994,414 7,329,935 664,479 Asarco - 17,206 126,438 (109,232) GMéxico Transportes 1,278,580 2,142,335 48,314 2,094,021 GFM - Ferromex 379,871 428,052 210,143 217,909 Ferrosur - - 69,122 (69,122) Florida East Coast 17,463 17,436 26,664 (9,228) México Proyectos y Desarrollos 957,528 644,704 605,284 39,420 Grupo Mexico (Consolidated) 9,381,664 11,244,147 13,292,620 (2,048,473) (1) include Debt Fees (2) include Short Term Investment As of June 30, 2026
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SECOND QUARTER RESULTS 2026 10 Mining Division Americas Mining Corporation Key Figures Average Price of Metals Copper. Total copper production in 2Q26 was 257,537 tons, 3.7% lower than during the same period of the prior year, mainly due to decreases in Peru and at Asarco. This was partially offset by increased operations in Mexico. Molybdenum. Molybdenum production in 2Q26 was 7,046 tons, 11.0% lower than in the same period of the previous year, mainly due to decreases in Peru. Zinc. Zinc production totaled 39,257 tons in 2Q26, 14.5% lower than in 2Q25, caused by a decline in Mexico. Silver. Silver production in 2Q26 was 2,977 ounces, 0.3% lower compared to 2Q25, remaining at levels similar to those in the previous year. Gold. Gold production was 9,620 ounces in 2Q26, 14.2% higher than in 2Q25, due to an increase in operations in Mexico. Second Quarter (Thousand US Dollars) 2025 2026 US$000 % 2025 2026 US$000 % Sales 3,324,081 4,697,744 1,373,663 41.3 6,669,667 9,304,301 2,634,634 39.5 Cost of Sales 1,404,274 1,611,727 207,454 14.8 2,882,371 3,294,482 412,111 14.3 Operating Income 1,627,285 1,611,727 (15,558) (1.0) 3,187,321 5,352,081 2,164,759 67.9 EBITDA 1,865,383 3,046,059 1,180,677 63.3 3,669,701 5,917,823 2,248,123 61.3 EBITDA Margin (%) 56.1% 64.8% 55.0% 63.6% Net Income 919,946 1,674,825 754,880 82.1 1,807,817 3,203,606 1,395,789 77.2 Profit Margin (%) 27.7% 35.7% 27.1% 34.4% Investments / Capex 269,117 443,996 174,880 65.0 618,047 904,480 286,433 46.3 Variance Variance January - June 3Q 4Q 1Q Var. Var. 2025 2025 2026 2026 2025 % 2025 2026 % Copper ($cts/Pound) 4.83 5.15 5.80 6.16 4.72 30.5 4.65 5.98 28.6 Molybdenum ($dlls/Pound) 24.40 22.83 25.73 29.59 20.70 42.9 20.61 27.66 34.2 Zinc ($cts/Pound) 1.28 1.44 1.47 1.57 1.20 30.8 1.24 1.52 22.6 Silver ($dlls/Ounce) 39.56 54.48 83.33 73.49 33.62 118.6 32.96 78.41 137.9 Gold ($dlls/Ounce) 3,455.50 4,141.90 4,875.39 4,516.57 3,279.16 37.7 3,070.86 4,695.98 52.9 Lead ($cts/Pound) 0.89 0.89 0.88 0.89 0.88 1.1 0.89 0.88 (1.1) Sulfuric Acid ($dlls/Ton) 142.64 153.14 164.81 171.16 149.86 14.2 146.98 167.91 14.2 Source: Copper & Silver - COMEX; Zinc & Gold - LME; Molybdenum - Metals Week Dealer Oxide, Sulfuric Acid - AMC January - JuneSecond Quarter
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SECOND QUARTER RESULTS 2026 11 Mining Production Cash Cost Operating cash cost per pound of copper in 2Q26, after byproducts, was US$0.40, a 56.7% decrease over 2Q25. Revenue Distribution The contribution of metal to AMC’s accrued sales in the second quarter of 2026 is shown below: Mining Division Second Quarter Variance January - June Variance 2025 2026 % 2025 2026 % Copper (m.t.) Production 267,325 257,537 (9,788) (3.7) 532,958 515,675 (17,283) (3.2) Sales 252,498 249,630 (2,868) (1.1) 518,874 509,623 (9,251) (1.8) Molybdenum (m.t.) Production 7,920 7,046 (874) (11.0) 15,603 14,562 (1,041) (6.7) Sales 7,846 6,821 (1,025) (13.1) 15,577 14,334 (1,243) (8.0) Zinc (m.t.) Production 45,899 39,257 (6,641) (14.5) 85,274 79,421 (5,853) (6.9) Sales 44,483 40,570 (3,913) (8.8) 81,013 83,085 2,072 2.6 Silver (Koz) Production 2,987 2,977 (10) (0.3) 6,339 6,701 361 5.7 Sales 6,358 5,803 (555) (8.7) 12,320 12,412 92 0.7 Gold (Oz) Production 8,421 9,620 1,200 14.2 17,463 19,890 2,427 13.9 Sales 9,614 15,217 5,602 58.3 18,998 24,375 5,378 28.3 Sulfuric Acid (m.t.) Production 556,944 600,764 43,820 7.9 1,081,731 1,228,103 146,373 13.5 Sales 384,560 455,973 71,413 18.6 737,321 931,660 194,339 26.4 Copper 73.5% Silver 10.2% Molybdenum 9.9% Sulfuric Acid 1.7% Zinc 3.1% Gold 1.2% Others 0.1% Lead 0.3%
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SECOND QUARTER RESULTS 2026 12 Transportation Division GMXT Key Figures The Transportation Division’s total revenues in 2Q26 were US$975 million, 14.3% greater than in 2Q25. EBITDA rose to US$407 million, 8.3% higher than in the same period of the prior year. Volumes transported were 6.4% higher in tons-km, and the number of carloads moved increased 6.8% during the quarter. Contribution by segment in revenues and tons-km, as well as volume as of June 30, 2026: Revenues by Segment Tons - Km Second Quarter (Thousand US Dollars) 2025 2026 US$000 % 2025 2026 US$000 % Load Volume (MillionTons/Km) 16,887 17,972 1,085 6.4 32,321 34,772 2,451 7.6 Moved Cars 491,275 524,649 33,374 6.8 975,858 1,030,508 54,650 5.6 Sales 853,221 975,238 122,017 14.3 1,628,365 1,871,019 242,654 14.9 Cost of Sales 446,597 531,727 85,130 19.1 855,885 1,016,636 160,751 18.8 Operating Income 255,358 266,865 11,507 4.5 479,066 506,128 27,062 5.6 EBITDA 375,509 406,648 31,139 8.3 712,031 782,638 70,607 9.9 EBITDA Margin (%) 44.0% 41.7% 43.7% 41.8% Net Income 143,176 114,199 (28,977) (20.2) 254,557 210,183 (44,374) (17.4) Profit Margin (%) 16.8% 11.7% 15.6% 11.2% Investments / Capex 139,238 120,853 (18,385) (13.2) 324,137 177,265 (146,872) (45.3) Variance January - June Variance Agricultural, 30% Intermodal, 16% Automotive, 12% Mineral, 8% Chemical, 7% Energy, 7% Industrial, 6% Siderurgical, 5% Cement, 5% Others, 4% Agricultural, 12,978 Intermodal, 5,599 Mineral, 4,479 Chemical, 2,495 Energy, 2,308 Siderurgical, 2,106 Cement, 1,920 Industrial, 1,541 Automotive, 1,346
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SECOND QUARTER RESULTS 2026 13 Infrastructure Division MPD Key Figures During 2Q26, the Infrastructure Division’s net sales totaled US$120 million, a 28.3% drop with respect to the same period of the prior year. EBITDA for the Division was US$63 million in 2Q26, 22.7% lower with respect to 2Q25. Net profit in 2Q26 was US$289 million, which is mainly due to the sale of 81.1% of Concesionaria de Infraestructura del Bajío (CIBSA), the concession holder for the Salamanca-León highway, for 8.22 billion pesos. * * * * * Second Quarter (Thousand US Dollars) 2025 2026 US$000 % 2025 2026 US$000 % Sales 167,454 119,998 (47,456) (28.3) 341,919 277,848 (64,071) (18.7) Cost of Sales 80,136 45,918 (34,218) (42.7) 166,767 113,591 (53,176) (31.9) Operating Income 38,174 24,824 (13,350) (35.0) 77,525 62,527 (14,999) (19.3) EBITDA 81,403 62,930 (18,474) (22.7) 160,843 145,599 (15,244) (9.5) EBITDA Margin (%) 48.6% 52.4% 47.0% 52.4% Taxes 7,084 (1,391) (8,475) (119.6) 16,118 5,643 (10,475) (65.0) Income from Continuing Operations before Discontinued Operations 17,063 13,749 (3,314) (19.4) 30,322 30,785 463 1.5 Discontinued Operations - (275,684) (275,684) 100.0 - (275,684) (275,684) 100.0 Net Income (Loss) 16,937 289,294 272,358 1,608.1 30,003 306,146 276,143 920.4 EBITDA Margin (%) 10.1% 241.1% 8.8% 110.2% Investments / Capex 8,239 17,918 9,679 117.5 10,608 25,412 14,804 139.6 Variance January - June Variance
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SECOND QUARTER RESULTS 2026 14 Company Profile Grupo México (“GMéxico”) is a holding company whose main activities include: (i) mining, as one of the largest integrated copper producers worldwide; (ii) the most extensive railroad service in Mexico; and (iii) engineering, procurement, construction and drilling services. These business lines are grouped under the following subsidiaries: GMéxico’s Mining Division is through its subsidiary Americas Mining Corporation (“AMC”), whose main subsidiaries are Southern Copper Corporation (“SCC”) in Mexico and Peru, and Asarco in the United States. Together the companies hold the largest copper reserves in the world. SCC trades on the New York Stock Exchange and the Lima Stock Exchange. SCC’s shareholders, directly or through subsidiaries, are: GMéxico (88.9%) and other shareholders (11.1%). It has mines, metallurgical plants, and development projects in Peru, Mexico, the United States, Spain, Chile, Argentina and Ecuador. Asarco was reincorporated into GMéxico on December 9, 2009. It has three mines and one smelting plant in Arizona, and one refinery in Texas. GMéxico’s Transportation Division is represented by its subsidiary GMéxico Transportes, S.A. de C.V. (“GMXT”), while its main subsidiaries are Grupo Ferroviario Mexicano, S.A. de C.V. (“GFM”), Ferrosur, S. A. de C. V. (“Ferrosur”), Intermodal México, S.A. de C.V., Texas Pacifico, LP, Inc and Florida East Coast Railway Corp “FEC ”. The shareholders of GMXT are GMéxico (72.65%), Grupo Carso Sinca Inbursa (15.24%), and public investors (12.11%).** GFM, through its subsidiary Ferrocarril Mexicano, S.A. de C.V. (“Ferromex”) is the largest railroad company with the most extensive coverage in Mexico. Its network spans 8,111 kilometers of routes, covering approximately 71% of Mexican territory. The Ferromex lines connect at five border points with the United States of America, at four points on the Pacific Ocean, and two in the Gulf of Mexico. Ferromex shareholders are GMXT (74%) and Union Pacific (26%). Ferrosur’s railway network covers 1,549 kilometers in the center and southeastern portions of the country, mainly serving the states of Tlaxcala, Puebla, Veracruz and Oaxaca, with access to the ports of Veracruz and Coatzacoalcos in the Gulf of Mexico. Ferrosur is wholly owned by GMXT. FEC, headquartered in Jacksonville, Florida, provides railroad services along the eastern coast of Flori da, providing services to the following ports in southern Florida: Miami, Everglades and Palm Beach. FEC provides services along 565 km of its own railways, with connections to CSX and Norfolk Southern in Jacksonville, Florida. FEC is wholly owned by GMXT. The Infrastructure Division is run by its subsidiary México Proyectos y Desarrollos, S.A de C.V. (“MPD”), whose principal subsidiaries are México Compañía Constructora, S.A. de C.V. (“MCC”), Grupo México Servicios de Ingeniería, S.A. de C.V. (“GMSI”), Controladora de Infraestructura Petrolera México, S.A. de C.V. (“PEMSA”), Controladora de Infraestructura Energética México, S.A. de C.V. (“CIEM”) and Controladora Inmobiliario GMinfra S.A. de C.V. MPD, PEMSA, MCC, GMSI, CIEM and CIGM are fully controlled by GMéxico. MPD and MCC participate in engineering, procurement, and construction activities for infrastructure projects. GMSI works in integrated project engineering. PEMSA provides drilling services for the exploration and production of oil and water, and related added-value services such as cementation engineering and directional drilling. CIEM’s business line is energy generation through two combined cycle plants and a wind farm. UPAS develops real estate projects, and it also builds, operations, and administers shopping centers. ________________________________________________________________________________________ This report contains certain estimates and future projections that are subject to risk and uncertainty. Actual results may di ffer significantly from the numbers stated. Many of these risks and uncertainties are related to risk factors that GMéxico cannot control or estimate precisely, such as future market conditions, metal prices, the performance of other market participants, and the actions of government regulator s, all of which are described in detail in the Company’s annual report. GMéxico does not assume any obligation whatsoever with respect to publishing a revision of these future projections to reflect events or circumstances that may take place following the date of this report. **Note: The percentage of GMXT’s shareholding will be adjusted once the Payment Trust ceases and the shares acquired and those in the hands of the investing public have been cancelled.
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SECOND QUARTER RESULTS 2026 15 Conference Call to Discuss the Results of the Second Quarter 2026 Grupo Mexico, S.A.B. de C.V. (“Grupo México” -BMV: GMEXICOB) will hold its conference call to comment on the results of the second quarter 2026 results with the financial community on July 22nd, 2026, at 11:00 a.m. (Mexico Time). A Q&A session for analysts and investors shall follow the call. To participate in the call, it is necessary to register in the following link: https://register-conf.media-server.com/register/BI748522ec475f4f4a817a5917094676a1 • At the registration time, a personal confirmation PIN will be generated to access the call. Once registered, please dial in 10 minutes before the start of the conference: (844) 543-0451 (Participants from United States and Canada) (800) 283-2735 (From Mexico) During the conference call, please join live presentation through Webex at the following link: https://grupomexico.webex.com/grupomexico-sp/j.php?MTID=m900aefa6ec1bf60c94c5b8eca85fc986 A replay of the call will be available through a link that will be published on the website .::Grupo México::. (gmexico.com) Investor Relations Natalia Ortega Pariente Grupo México, S.A.B. de C.V. Park Plaza Torre 1, Santa Fe, Álvaro Obregón, México, CDMX, 01219 (52) 55 1103 – 5344 e-mail: Natalia.ortega@gmexico.mx
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SECOND QUARTER RESULTS 2026 16 (Thousands of US Dollars) STATEMENT OF EARNINGS Q2-25 Q2-26 Variance 2025 2026 Variance Net sales 4,239,167 5,717,547 1,478,379 8,432,042 11,282,850 2,850,808 Cost of sales 1,811,949 2,127,474 315,525 3,665,196 4,263,618 598,422 Exploration 19,565 24,179 4,613 35,514 44,924 9,410 Gross profit 2,407,653 3,565,894 1,158,240 4,731,332 6,974,309 2,242,976 Gross margin 57% 5.6% 56% 62% 5.7% Administrative expenses 88,603 102,583 13,981 174,033 202,140 28,108 EBITDA 2,363,577 3,536,188 1,172,611 4,578,354 6,849,939 2,271,585 Depreciation, amortization and depletion 394,166 441,640 47,474 798,626 878,860 80,234 Operating income 1,924,885 3,021,671 1,096,785 3,758,673 5,893,308 2,134,635 Operating margin 45% 53% 45% 52% Interest expense 153,255 165,498 12,243 301,603 335,961 34,358 Interest income (112,710) (118,503) (5,793) (217,820) (223,496) (5,676) Other (income) expense, net (44,526) (72,878) (28,352) (21,055) (77,771) (56,716) Earnings before Tax 1,928,866 3,047,553 1,118,687 3,695,945 5,858,614 2,162,669 Taxes 660,687 997,164 336,478 1,258,567 1,968,857 710,291 Participation in subsidiary not consolidated and associated (12,807) (22,374) (9,567) (20,347) (55,624) (35,277) Net Income before discontinued operations 1,280,986 2,072,762 791,776 2,457,725 3,945,381 1,487,655 Discontinued operations - (275,684) (275,684) - (275,684) (275,684) Net income 1,280,986 2,348,446 1,067,460 2,457,725 4,221,065 1,763,339 Net income attributable to the non-controlling interest 184,447 255,308 70,861 352,987 490,149 137,162 Net income attributable to GM 1,096,540 2,093,138 996,599 2,104,738 3,730,915 1,626,177 BALANCE SHEET Cash and cash equivalents 9,006,730 13,292,620 4,285,890 9,006,730 13,292,620 4,285,890 Restricted cash 10,076 7,265 (2,811) 10,076 7,265 (2,811) Notes and accounts receivable 2,288,836 2,733,797 444,961 2,288,836 2,733,797 444,961 Inventories 1,434,060 1,690,034 255,973 1,434,060 1,690,034 255,973 Prepaid and others current assets 1,001,884 1,058,735 56,851 1,001,884 1,058,735 56,851 Total Current Assets 13,741,585 18,782,450 5,040,865 13,741,585 18,782,450 5,040,865 Property, plant and equipment, Net 18,462,625 19,349,017 886,392 18,462,625 19,349,017 886,392 Leachable material, net 1,162,796 1,080,810 (81,987) 1,162,796 1,080,810 (81,987) Other long term assets 2,598,799 2,600,830 2,031 2,598,799 2,600,830 2,031 Total Assets 35,965,806 41,813,107 5,847,300 35,965,806 41,813,107 5,847,300 Liabilities and Stockholders' Equity Current - term debt 313,368 458,225 144,856 313,368 458,225 144,856 Accumulated liabilities 1,803,660 2,749,745 946,086 1,803,660 2,749,745 946,086 Current Liabilities 2,117,028 3,207,970 1,090,942 2,117,028 3,207,970 1,090,942 Long-term debt 9,068,296 10,785,922 1,717,626 9,068,296 10,785,922 1,717,626 Other non-current liabilities 2,439,175 2,470,828 31,654 2,439,175 2,470,828 31,654 Total Liabilities 13,624,499 16,464,721 2,840,222 13,624,499 16,464,721 2,840,222 Stockholders equity 2,003,496 2,003,496 - 2,003,496 2,003,496 - Other equity accounts (2,219,147) (2,030,655) 188,492 (2,219,147) (2,030,655) 188,492 Retaining earnings 19,919,137 22,542,428 2,623,291 19,919,137 22,542,428 2,623,291 Total Stockholders' equity 19,703,486 22,515,269 2,811,783 19,703,486 22,515,269 2,811,783 Non-controlling interest. 2,637,822 2,833,117 195,295 2,637,822 2,833,117 195,295 Total Liabilities and Equity 35,965,806 41,813,107 5,847,300 35,965,806 41,813,107 5,847,300 - - - - - - CASH FLOW Net earnings 1,280,986 2,348,446 1,067,460 2,457,725 4,221,065 1,763,340 Depreciation, amortization and depletion 394,165 441,640 47,475 798,626 878,860 80,234 Deferred income taxes 21,947 (22,617) (44,564) 36,573 (75,096) (111,669) Participation in subsidiary not consolidated and associated (12,807) (22,374) (9,567) (20,347) (55,624) (35,277) Other Net (31,319) 19,377 50,696 31,632 16,586 (15,046) Changes in assets and liabilities (62,272) 12,437 74,709 (842,270) (557,036) 285,234 Cash generated by operating activities 1,590,700 2,776,909 1,186,209 2,461,939 4,428,755 1,966,816 Capital expenditures (416,593) (582,769) (166,176) (952,791) (1,107,157) (154,366) Silverbell LLC's Acquisition - - - - - - Earnings from the sale of shares - 275,684 275,684 - 275,684 275,684 Restricted cash 44,961 12,505 (32,457) 32,213 2,486 (29,727) Other - Net (181,229) 2,288 183,518 (256,028) 90,250 346,278 Cash used in investing activities (552,861) (292,292) 260,569 (1,176,606) (738,736) 437,869 Debt incurred 341,626 1,247,513 905,887 1,532,966 1,612,275 79,309 Debt repaid (713,298) (29,607) 683,691 (736,614) (43,763) 692,851 Dividends paid (593,528) (889,032) (295,504) (1,117,779) (1,713,835) (596,056) GMEX common shares buyback - (364,081) (364,081) - (364,081) (364,081) Payment of debt issuance costs - (3,923) (3,923) (6,382) (3,923) 2,459 Other - Net 79 80 1 158 198 40 Cash used in financing activities (965,121) (39,050) 926,071 (327,651) (513,129) (185,478) Effect of exchance rate changes on cash and cash equivalents (60,425) (46,068) 14,357 (87,732) (73,039) 14,693 Net increase (decrease) cash & cash equivalents 12,293 2,399,499 2,387,206 869,949 3,103,850 2,233,901 Cash and cash equivalents - Beginning of year 8,994,436 10,893,121 1,898,684 8,136,780 10,188,770 2,051,990 Cash and cash equivalents - End of year 9,006,730 13,292,620 4,285,890 9,006,730 13,292,620 4,285,890 GRUPO MEXICO, S.A.B. DE C.V. (GM) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) Quarters Accumulated
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SECOND QUARTER RESULTS 2026 17
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SECOND QUARTER RESULTS 2026 18 (Thousands of US Dollars) STATEMENT OF EARNINGS Q2-25 Q2-26 Variance 2025 2026 Variance Net sales 3,324,081 4,697,744 1,373,663 6,669,667 9,304,301 2,634,634 Cost of sales 1,404,274 1,611,727 207,454 2,882,371 3,294,482 412,111 Exploration 19,565 24,179 4,613 35,514 44,924 9,410 Gross profit 1,900,242 3,061,839 1,161,596 3,751,782 5,964,896 2,213,114 Gross margin 57% 65% 56% 64% Administrative expenses 40,034 45,938 5,904 81,078 92,830 11,752 EBITDA 1,865,383 3,046,059 1,180,677 3,669,701 5,917,823 2,248,123 Depreciation, amortization and depletion 232,924 261,367 28,443 483,382 519,985 36,603 Operating income 1,627,285 2,754,534 1,127,249 3,187,321 5,352,081 2,164,759 Operating margin 49% 59% 48% 58% Interest expense 94,529 89,600 (4,929) 187,028 180,794 (6,234) Interest income (66,634) (70,209) (3,575) (131,104) (131,085) 19 Other (income) expense, net (5,174) (30,159) (24,985) 1,003 (45,758) (46,761) Earnings before Tax 1,604,563 2,765,301 1,160,738 3,130,395 5,348,130 2,217,735 Taxes 582,269 921,296 339,026 1,115,532 1,824,290 708,758 Participation in subsidiary not consolidated and associated (8,770) (20,546) (11,776) (12,103) (49,235) (37,132) Net Earnings 1,031,064 1,864,551 833,488 2,026,966 3,573,075 1,546,109 Net income attributable to the non-controlling interest 111,118 189,726 78,608 219,149 369,469 150,320 Net income attributable to AMC 919,946 1,674,825 754,880 1,807,817 3,203,606 1,395,789 BALANCE SHEET Cash and cash equivalents 5,315,360 9,130,271 3,814,911 5,315,360 9,130,271 3,814,911 Notes and accounts receivable 1,641,530 2,098,291 456,761 1,641,530 2,098,291 456,761 Inventories 1,272,967 1,323,296 50,329 1,272,967 1,323,296 50,329 Prepaid and others current assets 440,719 408,903 (31,816) 440,719 408,903 (31,816) Total Current Assets 8,670,575 12,960,761 4,290,186 8,670,575 12,960,761 4,290,186 Property, plant and equipment, Net 11,324,678 12,066,201 741,524 11,324,678 12,066,201 741,524 Leachable material, net 1,162,796 1,080,810 (81,987) 1,162,796 1,080,810 (81,987) Other long term assets 1,588,353 1,783,639 195,286 1,588,353 1,783,639 195,286 Total Assets 22,746,402 27,891,411 5,145,009 22,746,402 27,891,411 5,145,009 Liabilities and Stockholders' Equity Long-term debt - 6,141 6,141 - 6,141 6,141 Other non-current liabilities 1,457,243 2,243,651 786,409 1,457,243 2,243,651 786,409 Current Liabilities 1,457,243 2,249,792 792,549 1,457,243 2,249,792 792,549 Long term debt 6,748,222 8,005,479 1,257,257 6,748,222 8,005,479 1,257,257 Other long term liabilities 1,600,236 1,623,678 23,442 1,600,236 1,623,678 23,442 Total Liabilities 9,805,700 11,878,949 2,073,248 9,805,700 11,878,949 2,073,248 Stockholders equity 56,021 56,021 - 56,021 56,021 - Other equity accounts (2,016,599) (1,172,241) 844,358 (2,016,599) (1,172,241) 844,358 Retained earnings 13,722,075 15,648,533 1,926,458 13,722,075 15,648,533 1,926,458 Total Stockholders' equity 11,761,498 14,532,314 2,770,817 11,761,498 14,532,314 2,770,817 Non-controlling interest. 1,179,204 1,480,148 300,944 1,179,204 1,480,148 300,944 Total Liabilities and Equity 22,746,402 27,891,411 5,145,009 22,746,402 27,891,411 5,145,009 - - - - - - CASH FLOW Net earnings 1,031,064 1,864,551 833,488 2,026,966 3,573,075 1,546,109 Depreciation, amortization and depletion 232,924 261,367 28,443 483,382 519,985 36,603 Deferred income taxes 26,815 (9,762) (36,578) 55,764 (32,529) (88,293) Participation in subsidiary not consolidated and associated (8,770) (20,546) (11,776) (12,103) (49,235) (37,132) Others Net 13,213 44,351 31,138 72,775 30,965 (41,810) Changes in assets and liabilities (186,720) 113,621 300,341 (753,290) 128,932 882,222 Cash generated by operating activities 1,108,526 2,253,582 1,145,056 1,873,494 4,171,193 2,297,698 Capital expenditures (269,116) (443,997) (174,881) (618,046) (904,480) (286,434) Other - Net (45,783) (30,986) 14,797 (51,413) (40,261) 11,152 Cash used in investing activities (314,899) (474,983) (160,084) (669,459) (944,741) (275,282) Debt incurred - 1,247,513 1,247,513 993,840 1,247,513 253,673 Dividends paid (560,458) (808,742) (248,284) (1,115,109) (1,620,392) (505,283) Payment of debt issuance costs - (3,923) (3,923) (6,382) (3,923) 2,459 Others Net 79 79 - 158 198 40 Cash used in financing activities (1,060,379) 434,927 1,495,306 (627,493) (376,605) 250,888 Effect of exchance rate changes on cash and cash equivalents (4,869) (2,731) 2,138 (10,225) 3,939 14,164 Net increase (decrease) cash & cash equivalents (271,621) 2,210,795 2,482,416 566,317 2,853,786 2,287,469 Cash and cash equivalents - Beginning of year 5,586,981 6,919,476 1,332,495 4,749,042 6,276,485 1,527,442 Cash and cash equivalents - End of year 5,315,360 9,130,271 3,814,911 5,315,360 9,130,271 3,814,911 AMERICAS MINNING CORPORATION (AMC) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) Quarters Accumulated
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SECOND QUARTER RESULTS 2026 19 (Thousands of US Dollars) STATEMENT OF EARNINGS Q2-25 Q2-26 Variance 2025 2026 Variance Net sales 853,221 975,238 122,017 1,628,365 1,871,019 242,654 Cost of sales 446,597 531,727 85,130 855,885 1,016,636 160,751 Gross profit 406,624 443,511 36,887 772,480 854,383 81,903 Gross margin 48% 45% 47% 46% Administrative expenses 34,229 39,412 5,183 64,941 77,285 12,344 EBITDA 375,509 406,648 31,139 712,031 782,638 70,607 Depreciation, amortization and depletion 117,037 137,234 20,197 228,473 270,970 42,497 Operating Income 255,358 266,865 11,507 479,066 506,128 27,062 Operating margin 30% 27% 29% 27% Interest expense 36,152 57,759 21,607 70,160 115,535 45,375 Interest income (3,678) (4,709) (1,031) (6,819) (9,901) (3,082) Other (income) expense - Net (24,679) (11,104) 13,575 (25,951) (8,058) 17,893 Earnings before Tax 247,563 224,919 (22,644) 441,676 408,552 (33,124) Taxes 71,333 77,260 5,927 126,917 138,924 12,007 Participation in subsidiary not consolidated and associated (1,266) (748) 518 (3,692) (3,424) 268 Net Earnings 177,496 148,407 (29,089) 318,451 273,052 (45,399) Net income attributable to the non-controlling interest 34,320 34,208 (112) 63,894 62,869 (1,025) Net income attributable to ITM 143,176 114,199 (28,977) 254,557 210,183 (44,374) - - - - - - BALANCE SHEET Cash and cash equivalents 335,028 354,243 19,215 335,028 354,243 19,215 Notes and accounts receivable 428,617 486,832 58,215 428,617 486,832 58,215 Inventories 83,333 104,545 21,212 83,333 104,545 21,212 Prepaid and others current assets 161,172 182,154 20,982 161,172 182,154 20,982 Total Current Assets 1,008,150 1,127,774 119,624 1,008,150 1,127,774 119,624 Property, plant and equipment - Net 5,127,834 5,375,704 247,870 5,127,834 5,375,704 247,870 Other long term assets 1,099,612 1,063,900 (35,712) 1,099,612 1,063,900 (35,712) Total Assets 7,235,596 7,567,378 331,782 7,235,596 7,567,378 331,782 Liabilities and Stockholders' Equity Current portion of long-term debt 206,595 388,096 181,501 206,595 388,096 181,501 Accumulated liabilities 589,271 660,734 71,463 589,271 660,734 71,463 Current Liabilities 795,866 1,048,830 252,964 795,866 1,048,830 252,964 Long-term debt 1,469,319 2,199,727 730,408 1,469,319 2,199,727 730,408 Other non-current liabilities 1,184,572 1,100,021 (84,551) 1,184,572 1,100,021 (84,551) Other liabilities 34,910 42,216 7,306 34,910 42,216 7,306 Total Liabilities 3,484,667 4,390,794 906,127 3,484,667 4,390,794 906,127 Stockholders equity 521,910 521,910 - 521,910 521,910 - Other equity accounts (520,265) (1,158,747) (638,482) (520,265) (1,158,747) (638,482) Retaining earnings 3,176,168 3,166,139 (10,029) 3,176,168 3,166,139 (10,029) Total Stockholders' equity 3,177,813 2,529,302 (648,511) 3,177,813 2,529,302 (648,511) Non-controlling interest. 573,116 647,282 74,166 573,116 647,282 74,166 Total Liabilities and Equity 7,235,596 7,567,378 331,782 7,235,596 7,567,378 331,782 CASH FLOW Net earnings 177,496 148,407 (29,089) 318,451 273,052 (45,399) Depreciation, amortization and depletion 117,037 137,234 20,197 228,473 270,970 42,497 Deferred income taxes 4,372 2,350 (2,022) (9,982) (23,994) (14,012) Participation in subsidiary not consolidated and associated (1,266) (748) 518 (3,692) (3,424) 268 Other Net (17,195) (6,396) 10,799 (12,670) 2,125 14,795 Changes in assets and liabilities 82,649 31,281 (51,368) (41,233) (393,527) (352,294) Cash generated by operating activities 363,093 312,128 (50,965) 479,347 125,202 (354,145) Capital expenditures (139,238) (120,853) 18,385 (324,137) (177,265) 146,872 Cash used in investing activities (139,238) (120,853) 18,385 (324,137) (177,265) 146,872 Debt incurred 303,626 - (303,626) 481,126 364,762 (116,364) Debt repaid (169,718) (3,700) 166,018 (188,196) (9,637) 178,559 Dividends received (paid) - Net (126,047) (135,934) (9,887) (245,985) (272,282) (26,297) Cash used in financing activities 7,861 (139,634) (147,495) 46,945 82,843 35,898 Effect of exchance rate changes on cash and cash equivalents (55,556) (43,337) 12,219 (77,507) (76,978) 529 Net increase (decrease) cash & cash equivalents 176,160 8,304 (167,856) 124,648 (46,198) (170,846) Cash and cash equivalents - Beginning of year 158,868 345,939 187,071 210,380 400,441 190,061 Cash and cash equivalents - End of year 335,028 354,243 19,215 335,028 354,243 19,215 GMÉXICO TRANSPORTES, S. A. DE C.V. (GMXT) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) Quarters Accumulated
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SECOND QUARTER RESULTS 2026 20 (Thousands of US Dollars) STATEMENT OF EARNINGS Q2-25 Q2-26 Variance 2025 2026 Variance Net sales 167,454 119,998 (47,456) 341,919 277,848 (64,071) Cost of sales 80,136 45,918 (34,218) 166,767 113,591 (53,176) Gross profit 87,318 74,080 (13,238) 175,151 164,257 (10,895) Gross margin 52% 62% 0.0% 51% 59% 0.0% Administrative expenses 7,423 8,440 1,016 15,828 18,268 2,440 EBITDA 81,403 62,930 (18,473) 160,843 145,599 (15,244) Depreciation, amortization and depletion 41,720 40,816 (904) 81,798 83,462 1,664 Operating income 38,174 24,824 (13,350) 77,525 62,527 (14,999) Operating margin 23% 21% 0.0% 23% 23% 0.0% Interest expense 22,545 17,684 (4,861) 44,954 39,154 (5,800) Interest income (4,238) (8,788) (4,550) (7,796) (13,977) (6,181) Other (income) expense, net (1,509) 4,649 6,158 (1,520) 3,886 5,406 Earnings before Tax 21,376 11,278 (10,098) 41,887 33,464 (8,424) Taxes 7,084 (1,391) (8,475) 16,118 5,643 (10,475) Participation in subsidiary not consolidated and associated (2,771) (1,080) 1,691 (4,552) (2,964) 1,588 Net Income before discontinued operations 17,063 13,749 (3,313) 30,322 30,785 463 Discontinued operations - (275,684) (275,684) - (275,684) (275,684) Net income 17,063 289,433 272,371 30,322 306,469 276,147 Net income attributable to the non-controlling interest 126 139 13 319 323 4 Net income attributable to MPD 16,937 289,294 272,358 30,003 306,146 276,143 BALANCE SHEET Cash and cash equivalents 63,109 605,281 542,172 63,109 605,281 542,172 Restricted cash 10,076 7,265 (2,811) 10,076 7,265 (2,811) Notes and accounts receivable 218,689 148,674 (70,015) 218,689 148,674 (70,015) Inventories 77,761 262,193 184,432 77,761 262,193 184,432 Prepaid and others current assets 462,236 504,810 42,574 462,236 504,810 42,574 Total Current Assets 831,870 1,528,222 696,352 831,870 1,528,222 696,352 Property, plant and equipment, Net 1,334,316 1,233,687 (100,629) 1,334,316 1,233,687 (100,629) Other long term assets 1,175,522 996,248 (179,274) 1,175,522 996,248 (179,274) Total Assets 3,341,708 3,758,157 416,449 3,341,708 3,758,157 416,449 Liabilities and Stockholders' Equity Current portion of long-term debt 106,773 63,988 (42,785) 106,773 63,988 (42,785) Accumulated liabilities 209,967 406,382 196,416 209,967 406,382 196,416 Current Liabilities 316,740 470,370 153,630 316,740 470,370 153,630 Long-term debt 850,755 580,716 (270,038) 850,755 580,716 (270,038) Other non-current liabilities 147,304 148,726 1,422 147,304 148,726 1,422 Total Liabilities 1,314,799 1,199,813 (114,986) 1,314,799 1,199,813 (114,986) Stockholders equity 1,606,588 1,769,972 163,384 1,606,588 1,769,972 163,384 Other equity accounts (318,337) (272,442) 45,895 (318,337) (272,442) 45,895 Retaining earnings 722,334 1,046,928 324,594 722,334 1,046,928 324,594 Total Stockholders' equity 2,010,585 2,544,458 533,873 2,010,585 2,544,458 533,873 Non-controlling interest. 16,324 13,887 (2,438) 16,324 13,887 (2,438) Total Liabilities and Equity 3,341,708 3,758,157 416,449 3,341,708 3,758,157 416,449 - - - - - - CASH FLOW Net earnings 17,063 289,433 272,370 30,322 306,469 276,147 Depreciation, amortization and depletion 41,719 40,816 (903) 81,798 83,462 1,664 Participation in subsidiary not consolidated and associated (2,771) (1,080) 1,691 (4,552) (2,964) 1,588 Other Net (1,347) 520 1,868 (2,191) (232) 1,959 Changes in assets and liabilities (56,085) (113,347) (57,262) (124,565) (321,505) (196,939) Cash generated by operating activities (10,663) 201,136 211,798 (28,398) 46,656 75,054 Capital expenditures (8,239) (17,918) (9,679) (10,608) (25,412) (14,804) Earnings from the sale of shares - 275,684 275,684 - 275,684 275,684 Restricted cash 44,961 12,505 (32,457) 32,213 2,486 (29,727) Investment (2,350) (34,262) (31,912) (3,255) 139,842 143,097 Other - Net (40,054) 45,262 85,317 (43,878) 32,694 76,572 Cash used in investing activities (5,682) 281,271 286,953 (25,528) 425,294 450,822 Debt incurred 38,000 - (38,000) 58,000 - (58,000) Debt repaid (43,580) (25,907) 17,673 (48,418) (34,126) 14,293 Cash used in financing activities (5,580) (25,907) (20,327) 9,582 (34,126) (43,707) Net increase (decrease) cash & cash equivalents (21,925) 456,500 478,425 (44,344) 437,824 482,169 Cash and cash equivalents - Beginning of year 85,035 148,781 63,746 107,454 167,456 60,003 Cash and cash equivalents - End of year 63,109 605,281 542,171 63,109 605,281 542,171 MÉXICO PROYECTOS Y DESARROLLOS, S.A. DE C.V. (MPD) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) Quarters Accumulated