Grupo México (GMEXICOB) Q2 2025 earnings summary

Executive summary

• Revenue increased 10% year-over-year in 2Q25, reaching MXN $16,672 million, despite a 2.7% decrease in volume (Net Ton-Kms).

• EBITDA rose 17.2% to MXN $7,370 million, with EBITDA margin improving by 270 basis points to 44.2%.

• Net income grew 23.2% to MXN $2,826 million, with net income margin up 190 basis points to 17.0%.

• Board approved a dividend of MXN $0.50 per share.

• Automotive and minerals segments led revenue growth at 24% and 19% respectively.

Financial highlights

• Operating costs increased 4.8% year-over-year, while administrative expenses rose 16.9%.

• Earnings per share for the quarter were MXN $0.6467, up from MXN $0.5247 in 2Q24.

• Cumulative YTD revenue up 7.6% and EBITDA up 9.0% compared to 2024.

• Cash and cash equivalents at June 30, 2025, totaled $9.01B, up from $6.94B a year earlier.

• Capex for 1H25 was $952.8M, up 15.6% year-over-year.

Outlook and guidance

• Projected volume growth for 2025 is 2%–3%, with revenue growth expected at 5%–6%.

• Planned CAPEX for 2025 is $580.3 million USD.

• Capital investment for the decade could exceed $27B, with major projects in Peru, USA, Spain, and Mexico.

• Tía María project in Peru progressing, expected to start operations in 2027, generating significant local employment and tax contributions.

• Ongoing discussions with Mexican authorities to advance a $10.2B investment plan.