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4Q25 Highlights

(In USD millions)

359.8


Net sales

110.2


Operating income

142.5


EBITDA

39.6%


EBITDA margin


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Quarterly Reports

Financial Statements

Mexican pesos U.S. dollars
2019 2020 2021 2022 2023 2024 2025
Total assets 2,057,634 2,135,989 2,222,591 2,433,831 2,813,093 3,006,973 3,523,406
Current assets 653,718 830,136 953,859 1,107,379 1,289,731 1,158,734 1,319,996
Cash and cash equivalents 350,523 562,144 682,962 826,227 958,725 830,592 969,456
Trade accounts receivable, net 92,345 75,214 89,279 84,786 142,458 118,913 126,521
Other accounts receivable 57,637 44,983 34,103 31,826 30,283 29,741 28,323
Due from related parties 2,526 2,530 3,196 5,700 2,216 3,170 2,584
Inventories 102,810 96,522 95,692 108,041 142,020 162,066 179,938
Prepaid expenses 12,399 12,527 12,852 12,739 14,029 14,252 13,174
 
Non-current assets 1,403,916 1,305,853 1,268,732 1,326,452 1,523,362 1,848,239 2,203,410
Urban land 35,478 36,216 35,775 38,060 41,447 52,868 61,924
Equity investments 18,313 19,090 21,888 23,050 30,174 28,075 34,295
Property, machinery and equipment, net 1,015,909 955,592 934,110 1,002,294 1,142,871 1,445,576 1,786,354
Long term right of use assets 40,531 27,954 19,803 21,223 27,020 27,590 29,654
Goodwill 240,545 212,598 212,591 212,604 212,598 218,708 216,682
Intangible assets, net 68,508 66,766 62,751 57,423 55,458 61,516 61,238
Other non-current assets 20,110 23,853 17,589 9,858 13,794 13,906 13,263
 
Total liabilities 983,097 960,847 911,609 1,010,019 1,048,842 1,053,958 1,242,429
Short-term liabilities 206,907 286,913 380,179 289,487 300,664 294,563 290,565
Service providers 83,625 89,079 111,873 149,604 153,735 160,700 151,950
Due to related parties 1,164 2,205 2,702 2,547 989 1,022 1,132
Short-term employee benefits 31,852 35,639 39,007 37,127 47,580 42,198 40,063
Accrued expenses and taxes other than income taxes 41,402 47,477 34,078 88,190 85,164 78,283 82,296
Provisions 2,651 2,116 2,167 3,009 3,753 3,112 3,445
Short-term right of use liabilities 20,788 18,397 14,352 9,010 9,443 9,248 11,679
 
Long-term liabilities 776,190 673,934 531,430 720,532 748,178 759,395 951,864
Interest-bearing debt 624,566 536,851 363,383 496,684 496,986 497,300 621,998
Long-term right of use liabilities 20,661 8,114 2,057 12,114 18,419 19,846 20,733
Employee benefits 45,944 49,937 39,830 31,479 33,186 28,541 29,552
Provision for environmental restoration 22,677 18,921 23,247 25,781 25,797 24,875 26,971
Deferred income taxes 50,943 55,233 99,814 152,533 173,790 188,833 252,610
 
Total stockholders' equity 1,074,537 1,175,142 1,310,982 1,423,812 1,764,251 1,952,344 2,280,977
Controlling interest 1,074,504 1,174,512 1,310,351 1,422,851 1,763,283 1,949,998 2,280,297
Capital stock 32,076 32,070 32,070 32,070 32,018 32,070 32,069
Additional paid-in capital 148,365 148,365 148,365 148,365 148,365 148,365 148,365
Legal reserves 22,659 22,659 22,659 22,659 22,659 22,659 22,659
Retained earnings 1,040,717 1,138,394 1,251,028 1,359,143 1,463,341 1,729,083 2,034,991
Net income 116,733 129,706 151,852 140,258 295,462 325,81 299,432
Other items of comprehensive income (286,046) (296,682) (295,623) (279,644) (198,614) (305,684) (257,219)
Non-controlling interest 33 630 631 961 968 671 680
 
Total liabilities and equity 2,057,634 2,135,989 2,222,591 2,433,831 2,813,093 3,006,973 3,523,406
U.S. dollars
2019 2020 2021 2022 2023 2024 2025
Net sales 934,115 937,750 1,038,804 1,168,319 1,363,917 1,366,679 1,408,696
U.S. sales 681,863 693,139 750,371 840,599 938,322 974,777 1,044,655
Mexico sales 252,252 244,611 288,433 327,719 425,595 391,902 364,041
Cost of sales 667,201 647,890 707,484 803,844 862,205 848,951 909,937
Gross profit 266,914 289,860 331,320 364,475 501,712 517,728 498,759
Selling, general and administrative expenses 83,348 78,524 90,236 96,131 119,405 118,307 120,699
Operating income before other expenses 183,566 211,336 241,084 268,344 382,307 399,421 378,060
Other (income) expenses 7,289 23,640 9,507 50,622 6,639 11,139 4,808
Operating income 176,277 187,696 231,577 217,722 375,668 388,282 373,252
Financial income 8,849 6,363 7,228 22,124 57,967 65,227 49,704
Financial expenses (41,002) (35,814) (35,397) (38,611) (28,109) (24,207) (16,486)
Exchange rate fluctuation, net (4,141) 944 333 (1,780) (4,529) 6,720 (3,605)
Net financing products (36,294) (28,507) (27,836) (18,267) 25,329 47,740 29,613
Share of profit of associates and joint venture 2,163 1,703 2,990 3,284 3,300 3,849 2,721
Income before income taxes taxes 142,146 160,892 206,731 202,739 404,297 439,871 405,586
(Benefits) Income taxes 25,409 31,185 54,877 62,478 108,832 114,017 106,151
Income before discontinued operations 116,737 129,707 151,854 140,261 295,465 323,918 299,435
Consolidated net income 116,737 129,707 151,854 140,261 295,465 325,854 299,435
Controlling interest 116,733 129,706 151,852 140,258 295,462 325,851 299,432
Non-controlling interest 4 1 2 3 3 3 3
EBITDA 291,972 308,281 337,678 361,591 471,536 500,435 491,803
U.S. dollars
2019 2020 2021 2022 2023 2024 2025
Operating income before other expenses 183,566 211,336 241,084 268,344 382,307 399,421 378,060
Depreciation and amortization 108,406 96,945 96,594 93,247 89,229 101,014 113,743
EBITDA 291,972 308,281 337,678 361,591 471,536 500,435 491,803
Interest income (expense) (24,600) (21,246) (16,062) (5,248) 36,917 43,598 20,043
Decrease (Increase) in working capital (18,991) 26,567 8,416 14,551 (70,476) (47,075) (37,309)
Taxes (21,214) (15,315) (11,810) (19,915) (73,512) (83,323) (58,361)
Prepaid expenses - (94) (323) 409 (1,291) (195) 1,078
Accruals and other accounts (29,046) (1,758) (7,574) (22,663) (52,585) (6,238) 8,588
Operating leases (IFRS 16 effect) (20,758) (18,987) (17,855) (14,925) (12,052) (12,687) (13,942)
Operating cash flow 177,363 277,449 292,470 313,800 298,537 394,514 411,900
Maintenance CapEx (40,375) (31,180) (48,738) (34,889) (64,815) (72,759) (62,792)
Free cash flow 136,988 246,269 243,733 278,911 233,722 321,755 349,108
Strategic & Growth CapEx (24,339) (1,223) (2,789) (61,489) (98,638) (264,104) (309,292)
Share repurchase, net - (5,211) (131) (26,443) (13,216) 119 (15,023)
Sale of assets 1,151 2,566 - - - - -
Purchase of assets - - - - - (101,039) (22,056)
Revolving credit facility - 50,000 - - - - -
Increase in debt (4,400) (75,425) (92,000) (40,000) - - 126,722
Dividends paid (13,886) (7,005) (24,511) (19,124) (24,617) (29,958) (29,810)
FX effect 3,191 1,650 (3,484) 11,410 35,246 (54,905) 39,214
Initial cash balance 251,818 350,522 562,144 682,962 826,227 958,725 830,592
Final cash balance 350,523 562,144 682,962 826,227 958,725 830,592 969,456
FCF conversion rate 46.92% 79.88% 72.18% 77.13% 49.57% 64.29% 70.99%

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