Grupo Mexico B de C : 01.1st Quarter 2023 Report

RESULTS

First Quarter 2023

Mexico City, April 26, 2023

Grupo México, S.A.B de C.V. ("Grupo México" "GMéxico" - BMV: GMEXICO)

After years of intensive capital investment in diversified assets, we continue with a vision of sustained long-term growth to translate into value for our shareholders and various stakeholders. As a result, we achieved an increase in copper production, record high metrics in the Transportation Division and excellent results in the Infrastructure Division, despite a complex global environment.

Revenues in the first quarter of 2023 reached US$3.86 billion, 2.6% higher than in 1Q22, and 2.0% higher than in 4Q22. The Mining Division's revenues totaled US$3.04 billion in 1Q23, 1.1% lower than in 1Q22, mainly due to the decrease in Copper (-10.6%LME), Zinc (-16.5%),and Silver (-6.3%)prices, partially mitigated by a strong increase in the price of Molybdenum (+72.8%) and a higher volume of copper sales during the quarter. In the Transportation Division, sales grew 18.3% during 1Q23 to US$762 million given a recovery of 8.8% in ton-kilometers.The Infrastructure Division accrued net revenues of US$156 million, an increase of 6.7% during 1Q23, as a result of a recovery in most of its business units led by PEMSA.

Consolidated copper production for 1Q23 showed a 3.6% recovery compared to 1Q22, reaching 253,059 tons. This was mainly because of a recovery in the Peruvian operations, led by a 48.5% increase in Cuajone due to an improvement in ore grades coupled with the normalization in production this year. Molybdenum production fell 8.8% during 1Q23 as a result of lower ore grades, mainly at Toquepala. The drop was partially mitigated by higher production at Cuajone and Caridad.

In the face of a continued generalized inflationary environment worldwide, the Mining Division had a global net cash cost of US$0.99 in 1Q23-a23.2% increase, due to a rise in the cost of production, partially mitigated by an increase in byproduct credits. Nonetheless, we still have the best cost in the copper industry worldwide.

Consolidated EBITDA for 1Q23 totaled US$2.11 billion, 4.5% below the same quarter last year. However, there was a recovery of 0.8% vs. the previous quarter. The Mining Division reached EBITDA US$1.66 billion, 10.1% lower than in 1Q22. The Transportation Division posted EBITDA of US$366 million during the quarter-up23.2% from the previous year, with a 48.0% margin. In the Infrastructure Division, EBITDA was US$85 million in 1Q23, 34.0% higher than in 1Q22.

Consolidated net profit in 1Q23 was US$933 million.

Capital expenditures during 1Q23 were US$335 million, 6.6% higher than in the same quarter of the previous year, due to progress in our projects. Our investment program for 2023 totals roughly US$1.76 billion in different projects across the Three Divisions that will continue to contribute to the economic development of the communities where we operate.

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FIRST QUARTER RESULTS 2023

Dividend. - On April 21, 2023, the Board of Directors decreed the payment of a cash dividend of $1.00 peso per share outstanding, to be made in a single installment as of May 29, 2023. This dividend implies an annualized dividend yield of 4.4%.

	First Quarter	Variance
(Thousand US Dollars)	2023	2022	US$000	%
Sales	3,861,917	3,764,062	97,855	2.6
Cost of Sales	1,674,697	1,475,501	199,196	13.5
Operating Income	1,729,038	1,868,815	(139,778)	(7.5)
EBITDA	2,105,678	2,204,828	(99,150)	(4.5)
EBITDA Margin (%)	54.5%	58.6%
securities)	1,093,442	1,052,769	40,673	3.9
Net Income	933,253	920,122	13,131	1.4
Profit Margin (%)	24.2%	24.4%
Investments / Capex	334,508	313,889	20,619	6.6

All figures are stated in dollars ("US$"), currency of the United States of America, under U.S. GAAP, except where otherwise noted.

In order to showcase the performance of our operations, we are including the concept of profit before shareholding. Net profit includes the capital gain/loss of the shares, as well as their effect on deferred taxes.

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FIRST QUARTER RESULTS 2023

Relevant Events

Grupo México

Grupo México is the third largest company in the country in terms of market capitalization and securitization, as well as the second company in tax payments in Mexico. In addition, it is number one in profit sharing in Mexico and Peru. To date, Grupo México has 30,000 direct employees and more than 110 thousand highly skilled and well-paid indirect employees. Grupo México is the fifth largest copper producer in the world, with the lowest cash- cost in the industry worldwide and the largest copper reserves in the world.

ASG. - Sustainability is a key pillar of Grupo México's business model.

This year, we celebrate 15 years of publishing our Sustainable Development Report with a focus on transparency and continuous improvement. We have paid special attention to updating our climate change strategy, which includes greenhouse gas emission reduction targets. In addition, in the report, we present our progress and objectives regarding the promotion of diversity and inclusion both within the company and in communities near our operations. The Sustainable Development Report 2022 will be available at the end of April on Grupo Mexico's website.

Third-PartyValidation. In line with our commitment to implement best environmental, social, and corporate governance practices, we are pleased to announce that our Buenavista del Cobre mine, located in the state of Sonora, Mexico, has been certified under three important ISO (International Organization for Standardization) standards. We have obtained ISO 9001 certification in quality management, ISO 14001 in environmental management and ISO 45001 in occupational health and safety management. These certifications are a further demonstration and reflection of our commitment to quality, the environment, and the health and safety of our workers. We are committed to continue working to maintain these high standards and to ensure that our operations continue to be conducted in a responsible and sustainable manner.

Third-PartyCertification. In line with our commitment to implement best environmental, social and corporate governance practices, our Buenavista del Cobre mine, located in the state of Sonora, Mexico, has been certified under three ISO (International Organization for Standardization) standards. We have obtained ISO 9001 certification in quality management, ISO 14001 in environmental management and ISO 45001 in occupational health and safety management. These certifications are a further demonstration and reflection of our commitment to quality, the environment, and the health and safety of our workers.

Health and Safety.- At Grupo Mexico, the safety of our workers is our priority. Our Ilo unit, located in the department of Moquegua, Peru, has won the Smelting and Refinery category in the XXVI National Mining Safety Contest organized by the Mining Safety Institute. The award was made in recognition of our performance in safety and health indicators for our workers and reflects our ongoing commitment to the sustainability of our operations.

Biodiversity. In March 2023, the Buenavista del Cobre Environmental Management Unit was certified by the Wildlife Habitat Council for our contribution to preventing the extinction of the Mexican gray wolf. Thanks to our actions,

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FIRST QUARTER RESULTS 2023

this species, once extinct in the wild, now has populations in its natural habitat in Mexico. We will continue to work hand in hand with society and the authorities for the greater good of the regions in which we operate.

Community Development.- Grupo Mexico operates 29 community centers in Mexico and Peru that provide services to more than 350 thousand individuals per year, generating a positive impact on the quality of life of the inhabitants of the communities where we are present. We recently refurbished two community centers in Santa Barbara, Chihuahua, and Charcas, San Luis Potosi, which have a library, a game library, audiovisual room, computer center, physical activity room, temporary themed exhibitions and green areas, and will benefit over 21,000 additional people.

Diversity and Inclusion.- We are convinced that valuing diversity, not discriminating and encouraging openness to different ways of thinking are fundamental requirements to generate inclusive work environments that promote the overall development of our employees and stakeholders. We are committed to promoting the diversity and inclusion agenda transversally and continuously within the company and in the communities surrounding our operations. As a result of these efforts, we achieved an 11% increase in the participation of women in Grupo Mexico throughout 2022.

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FIRST QUARTER RESULTS 2023

Relevant Events

Mining Division

Projects

Over the years, Grupo México has proven the ability to have an organic growth portfolio through various stages of the copper price cycle. It continues to focus on being a global industry cost leader and operating with efficiency and financial discipline. Grupo México's projects are a source of employment and wellbeing in the communities and countries where it operates.

Our capital investment program for this decade exceeds US$15 billion including investments in the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico, and Tia Maria, Los Chancas, and Michiquillay in Peru. This investment plan includes several infrastructure investments, including key investments to boost the competitiveness of the El Arco project.

Projects in Mexico

Buenavista Zinc, Sonora. - This project is located within the Buenavista deposit where construction has started on a concentrator with a production capacity of 100,000 tons of zinc and an additional 20,000 tons of copper per year. In addition, the engineering study was completed, and the project has all the necessary permits. Once this project starts operating, this new concentrator will double zinc production capacity and generate more than 2,000 operating jobs.

Project Update: The total budget is US$416 million, most of which has already been invested. It is expected to become operational in the second half of 2023.

Pilares, Sonora. - This project is located in Sonora, 6 km away from the La Caridad mine, and consists of an open pit mine with an annual production capacity of 35,000 tons of copper in concentrates. This project will significantly improve the total ore grade (combining the expected 0.78% from Pilares with the 0.29% from La Caridad).

Project Update: The investment budget is US$176 million, US$114 million of which have already been invested. Pilares is now operational, sending copper and mineral oxides to the La Caridad SX/EW plant. We hope to produce mineral at full capacity for the Concentrator in La Caridad in 2Q23.

El Pilar, Sonora. - This new low-capital-intensive copper project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains proven and probable estimated reserves of 317 million tons of ore with an average copper grade of 0.249%. El Pilar will operate as a conventional open pit mine with an annual production capacity of 36,000 tons of copper cathode using highly cost-efficient and environmentally friendly SX/EW technology. The budget for El Pilar is US$310 million.

Project Update: The results on the pads in the leaching process confirm that there are adequate levels of copper recovery. The basic engineering study has been completed and the company continues to develop the project and environmental activities on site. The detailed engineering of the SX/EW plant is being developed on an ongoing basis. We expect production to begin during 2025, with a mine life of 13 years.

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