Slides
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1 / 25 February 18, 2026 Fourth Quarter of 2025 Earnings Conference Call and Webcast
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This presentation contains certain forward-looking statements and information relating to Ternium S.A. and its subsidiaries (collectively, “Ternium”) that are based on the current beliefs of its management as well as assumptions made by and information currently available to Ternium. Such statements reflect the current views of Ternium with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Ternium to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political conditions in the countries in which Ternium does business or other countries which have an impact on Ternium’s business activities and investments, changes in interest rates, changes in inflation rates, changes in exchange rates, the degree of growth and the number of consumers in the markets in which Ternium operates and sells its products, changes in steel demand and prices, changes in raw material and energy prices or difficulties in acquiring raw materials or energy supply cut-offs, changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Ternium does not intend, and does not assume any obligation, to update these forward-looking statements. This presentation includes certain non-IFRS alternative performance measures such as Adjusted Net Result, Adjusted Equity Holders’ Net Result, Adjusted Earnings per ADS, Adjusted EBITDA, Cash Operating Income, Net Cash and Free Cash Flow. The reconciliation of these figures to the most directly comparable IFRS measures is included in Ternium’s applicable quarterly results Press Release in Exhibit I. These non-IFRS measures should not be considered in isolation of, or as a substitute for, measures of performance prepared in accordance with IFRS. These non- IFRS measures do not have a standardized meaning under IFRS and, therefore, may not correspond to similar non-IFRS financial measures reported by other companies. Forward-Looking Statements and Non-IFRS Alternative Performance Measures 2
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270 322 403 420 3957.0% 8.2% 10.2% 10.6% 10.5% 0% 2% 4% 6% 8% 10% 4Q24 1Q25 2Q25 3Q25 4Q25 (142) 10 14 420 395 96 (3) MINING SEGMENT 4Q253Q25 STEEL SEGMENT VOLUME PRICE/ MIX COST/ OTHERS INTERSEGMENT ELIMINATIONS ADJUSTED EBITDA ($ MILLION) AND ADJUSTED EBITDA MARGIN (%) ADJUSTED EBITDA QUARTERLY CHANGE ($ MILLION) Adjusted EBITDA margin held broadly stable during 4Q25. Key factors behind the slight EBITDA decline included lower realized steel prices, partly mitigated by lower raw material and purchased slab costs, along with efficiency gains. Fourth Quarter of 2025 Adjusted EBITDA 3
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333 142 259 (270) 171 4Q24 1Q25 2Q25 3Q25 4Q25 NET INCOME (LOSS) ($ MILLION) NET INCOME QUARTERLY CHANGE ($ MILLION) Fourth Quarter of 2025 Net Income NET FIN. RESULTS USIMINAS LITIGATION INCOME TAX NET INCOME 3Q25 NET INCOME 4Q25 (270) 405 171 Net income in the 4Q25 lacked the non-cash deferred tax asset write-down of $405 million at Usiminas registered in the 3Q25 . 4 31 11(56) (405) 259 OPERATING INCOME DEFERRED TAX WRITEDOWN IN 3Q25 55 (5) OTHERS Lower operating income more than offset by better income tax results and neutral adjustment to Usiminas litigation contingency in the 4Q25.
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USA 2% Other 2% Brazil 26% Colombia 4% Other Markets 8% Mexico 51% Southern Region 15% GEOGRAFICAL INFORMATION (THOUSAND TONS) REGIONAL DISTRIBUTION Fourth Quarter of 2025 Steel Segment Shipments 5 1,970 1,911 1,784 1,849 1,887 965 1,005 980 994 965 496 489 566 557 567 333 452 390 357 307 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 Mexico Brazil Southern Region Other Markets
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CASH OPERATING INCOME ($ MILLION) Fourth Quarter of 2025 Steel Segment Performance STEEL SHIPMENTS (MILLION TONS) AND REVENUE PER TON ($ PER TON) STEEL CASH OPERATING INCOME PER TON AND MARGIN Cash Operating Income declined in 4Q25, mainly reflecting slightly lower sales volumes and margins. Margins decreased slightly, as lower realized steel prices were partially offset by reduced raw material and purchased slab costs, and efficiency gains. 0 500 1000 1500 2000 0.0 4Q24 1Q25 2Q25 3Q25 4Q25 Usiminas Revenue per Ton (right hand axis) 3.73.9 3.73.8 3.8 52 72 94 104 92 5% 7% 9% 10% 9% 0% 4Q24 1Q25 2Q25 3Q25 4Q25 Steel Cash Operating Income per Ton ($/ton) Steel Cash Operating Income Margin (%) 197 276 350 391 342 4Q24 1Q25 2Q25 3Q25 4Q25 6 Revenue per ton softened moderately in 4Q25 across Ternium’s main steel markets.
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Fourth Quarter of 2025 Mining Segment Performance MINING CASH OPERATING INCOME PER TON AND MARGIN Higher iron ore revenue per ton and shipments. Cash operating income rose, driven by higher volumes and better margins. Higher realized iron ore prices partially offset by higher unit costs. 3.0 3.1 3.3 3.2 3.4 0 50 100 150 200 0.0 4Q24 1Q25 2Q25 3Q25 4Q25 Usiminas Revenue per Ton (right hand axis) 20 18 16 12 14 24% 20% 19% 14% 16% 0% 4Q24 1Q25 2Q25 3Q25 4Q25 Mining Cash Operating Income per Ton ($/ton) Mining Cash Operating Income Margin (%) 7 60 57 54 38 48 4Q24 1Q25 2Q25 3Q25 4Q25 CASH OPERATING INCOME ($ MILLION)MINING SHIPMENTS (MILLION TONS) AND REVENUE PER TON ($ PER TON)
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472 207 1,044 535 528 257 (55) 781 174 135 4Q24 1Q25 2Q25 3Q25 4Q25 Cash from operations (Incr.) decr. in working capital 1.6 1.3 1.0 0.7 0.7 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 CASH FROM OPERATIONS AND CHANGES IN WORKING CAPITAL ($ MILLION) Fourth Quarter of 2025 Cash Flow and Balance Sheet CAPEX ($ MILLION) NET CASH POSITION ($ BILLION) Cash generation held steady in the 4Q25 supported by a reduction in working capital. CAPEX level decreasing in the 4Q25 as the downstream project in Pesquería has been completed. Neutral free cash flow in the 4Q25. Dividend payments to shareholders and minority interest largely offset by increase in fair value of financial securities. 4Q24 1Q25 2Q25 3Q25 4Q25 Usiminas 463 561 518 810 711 8
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Full Year 2025 Yearly Data and Dividends ADJUSTED EBITDA ($ MILLION) AND ADJUSTED EBITDA MARGIN (%) CAPEX ($ MILLION) • Adjusted EBITDA margin held at double digits in 2025 thanks to cost saving initiatives. • Significant operating cash generation in 2025. • Capex peak reached in 2025. Decrease expected in 2026. • Annual dividend proposal of $2.70 per ADS, amounting to $530 million. 2,740 2,038 1,54116% 12% 10% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 500 1000 1500 2000 2500 2023 2024 2025 CASH FROM OPERATIONS ($ MILLION) 2,501 1,906 2,314 2023 2024 2025 9 1,461 1,865 2,501 2023 2024 2025 2023 2024 2025 0.90 3.30 0.901.10 2.20 1.80 2.70 1.80 2.70 ANNUAL DIVIDEND ($ PER ADS)
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