Grupo Mexico B de C : 01.4th Quarter 2022 Report

RESULTS

Fourth Quarter and Annual Results

Mexico City, February 2nd, 2023

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

2022 represented major global challenges and an adverse macroeconomic environment that generated strong periods of volatility and uncertainty in the markets. Grupo Mexico has demonstrated its strong position in the face of the complex global environment and external risks, such as the illegal blockade at Cuajone, by continuing with its investment and growth plans focusing on the generation of long-term value.

The recovery we saw in virtually all business units during the fourth quarter of the year is proof of Grupo Mexico's resilience, given the diversification of its businesses and its sustained investment plans over the years.

Consolidated revenues in 2022 reached US$13.87 billion-6.1% lower than in 2021. However, there was a recovery of 0.3% during 4Q22, due to excellent results in the Transportation and Infrastructure divisions. Grupo Mexico's consolidated revenues increased 21.6% compared to the previous quarter. The Mining Division obtained revenues of US$10.96 billion in 2022, 9.3% lower than in 2021 and 1.8% lower during 4Q22, mainly due to a fall in prices throughout the year (-5.4%)and in the quarter (-16.4%),partially offset by an increase in the prices of some of our byproducts- Molybdenum (+18.4%) and Zinc (+16.2%) during the year-andthe increase in Molybdenum prices in 4Q22 (+13.7%), as well as, a decrease in production during 2022. Reversing this trend, the Mining Division achieved 28.8% higher revenues than in 3Q22. Copper and Molybdenum prices also showed a recovery of 4.6% and 33.3%, respectively, compared to 3Q22.

In the Transportation Division, revenues during the year reached US$2.71 billion-7.5% higher than in 2021, and 10.8% higher in 4Q22. The Infrastructure Division achieved US$664 million in accrued net revenues, a 19.1% increase during the year, and 5.8% growth in 4Q22.

Due to external factors, such as the illegal blockade in Cuajone (-22,208 tons), as well as a temporary decrease in ore grades, our copper production levels for 2022 showed a decrease of 7.2%, settling at 1,006,934 tons. However, we achieved a 0.1% YOY recovery in copper production during 4Q22 and 5.1% compared to 3Q22. Molybdenum production decreased 13.3% to settle at 26,240 tons and was 15.6% lower in 4Q22; however, it showed an increase of 10.5% compared to 3Q22. Silver and gold production increased 4.2% and 1.6%, respectively, in 2022.

The Mining Division showed an increase of 22.0% in the global net cash cost for 2022, to US$1.02. The total cash cost increased by 24.6% reaching US$2.14 due to a global inflationary environment and the upward effect on unit costs, given a lower production. Despite the global environment in the industry, significant decreases were achieved in the overall net cash cost of -23.7%in 4Q22 vs. 4Q21 and -43.9% quarter-over-quarter,standing at US$0.72, mainly due to higher byproduct credits. In addition, the total overall cash cost also showed an improvement of 2.8% compared to 3Q22 settling at US$2.15.

Grupo México continues to have the largest reserves within the industry worldwide.

Accrued EBITDA totaled US$7.14 billion during 2022, 20.1% lower than in the previous year and 4.7% below 4Q21. Consolidated EBITDA showed a recovery of 46.8% against 3Q22. The Mining Division achieved an EBITDA of US$5.65 billion in 2022, 25.5% lower than in 2021 and 8.8% lower than in 4Q21. The EBITDA of the Mining Division increased 65.6% against 3Q22. The Transportation Division obtained an EBITDA of US$1.23 billion in 2022, increasing 9.9%

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in the year and 15.8% above 4Q21. In the Infrastructure Division, EBITDA totaled US$269 million during 2022, 18.6% higher compared to 2021 and 33.7% above 4Q21.

Consolidated net income in 2022 was US$2.94 billion. Net income for the 4Q22 was US$956 million.

Capital investments during 2022 reached US$1.50 billion, a 10.3% increase compared to 2021, due to progress in the growth projects. Our investment program for 2023 is approximately US$1.83 billion at a consolidated level in different projects that will be sources of economic growth, job creation, and wellbeing for the countries where we operate.

Dividend. - On January 27, 2023, the Board of Directors declared the payment of a cash dividend of $1.00 pesos per share outstanding, to be made in a single installment as of March 2, 2023. This dividend implies an annualized dividend yield of roughly 4.8%.

	Fourth Quarter	Variance	January - December	Variance
(Thousand US Dollars)	2022	2021	US$000	%	2022	2021	US$000	%
Sales	3,787,680	3,776,282	11,398	0.3	13,870,322	14,776,718	(906,395)	(6.1)
Cost of Sales	1,674,891	1,461,947	212,944	14.6	6,452,613	5,565,003	887,610	15.9
Operating Income	1,628,852	1,840,201	(211,350)	(11.5)	5,655,366	7,466,589	(1,811,223)	(24.3)
EBITDA	2,091,510	2,195,748	(104,238)	(4.7)	7,141,430	8,932,617	(1,791,187)	(20.1)
EBITDA Margin (%)	55.2%	58.1%			51.5%	60.5%
Net Income (Whitout equity
securities)	1,115,280	1,091,297	23,982	2.2	3,465,474	4,458,044	(992,570)	(22.3)
Net Income	956,066	951,124	4,942	0.5	2,939,291	3,705,873	(766,582)	(20.7)
Profit Margin (%)	25.2%	25.2%			21.2%	25.1%
Investments / Capex	470,363	343,610	126,753	36.9	1,501,700	1,361,907	139,792	10.3

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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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.

Progress in the CSA (Corporate Sustainability Assessment).- Credit rating agency S&P Global increased Grupo Mexico's rating in the 2022 Corporate Sustainability Assessment by 11% compared to that of 2021, placing the company within the 9% of the companies in the mining sector with the best rating and 50% above the average rating. These results reflect an upward trend in sustainability and confirm the company's listing in the Dow Jones Sustainability Index (DJSI) in the Latin American Integrated Market (MILA) region for the sixth consecutive year. Continuous improvement is due to performance in issues such as cybersecurity, water management, closure of operations, occupational safety and health, among others.

Results in CDP environmental assessments.- Thanks to the efforts made, Grupo Mexico obtained the third best rating of the scale, in the evaluation on climate change and water security, which positions the company above the average of the sector and the region in both categories.

La Caridad open pit mine and Sonora metallurgical complex (smelting and refinery) received the "The Copper Mark" certification-anindependent assurance system that both units underwent to demonstrate the responsible copper production and the industry's contribution to the United Nations Sustainable Development Goals on 5 main topics: business and human rights, community, working conditions, environment, and governance. Grupo Mexico's goal is that the copper produced in all our units of the Mining Division meets the criteria of The Copper Mark. In addition, La Caridad mine and the Metallurgical Complex received, respectively, The Molybdenum Mark and The Zinc Mark certifications.

Occupational safety.- The Mexican Mining Chamber (CAMIMEX, for its Spanish acronym) and the National Council for Standardization and Certification of Labor Competencies (CONOCER, for its Spanish acronym) awarded first place to the rescue crews of the Charcas and Santa Barbara units in the categories of "Underground Mining Rescue" and "First Aid", respectively, within the framework of the XVI National Competition of Underground Mining Rescue Teams, First Aid, and Hazardous Materials.

Social impact.- The Business Coordinating Council (CCE, for its Spanish acronym) and the Mexican Association of Organizational Communicators (AMCO, for its Spanish acronym) recognized the social impact of the Traveling Documentary Film Workshop (TACD, for its Spanish acronym) promoted by Grupo Mexico in the communities where it operates. Through this program, young people and adults have the opportunity to generate audiovisual materials with themes and characters from their own localities, with a social approach that identifies mining and the community. Since three years ago, 547 students have participated, achieving the production of 173 pieces, some

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of them winning awards such as the UNAM's José Rovirosa award for Best Mexican Student Documentary 2020 and nominations in festivals such as Shorts Mexico and Cinema Planeta, among others, in addition to having been presented at the Cineteca Nacional de México.

For the first time, Grupo México began to operate the Casa Grande Movil program in communities near our Fenicias Wind Farm.- With a vehicle adapted as a multipurpose room, courses and workshops focused on topics such as education, health, sports, environment, culture and productive skills were offered in 5 rural communities in the municipality of General Bravo in Nuevo Leon, Mexico.

Fundación Grupo México organized the 8th edition of Volunteer Day, in which more than 8 thousand people participated, most of them workers of Grupo Mexico and their families.- The event was held in 13 states of Mexico and in 5 Departments of Peru, where simultaneous works were carried out to benefit more than 40 institutions close to our operations and contribute to improving the quality of life of the community, their families and their environment.

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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.

Grupo Mexico has worked on several projects in Mexico and Peru with our approved capital investment program of US$7.20 billion, of which we have already invested US$5.40 billion.

Considering the projects of Buenavista Zinc, Pilares, El Pilar and El Arco in Mexico, as well as Tia Maria, Los Chancas, and Michiquillay in Peru, the total investment program for both countries amounts to more than US$15.00 billion including the investment required to build the infrastructure in El Arco necessary for the project to be competitive.

Projects in Mexico

Buenavista Zinc, Sonora. - This project is located within the Buenavista deposit in Sonora, where construction of a a concentrator with a production capacity of 100,000 tons of zinc and an additional 20,000 tons of copper per year has already begun. It has a total investment budget of US$416 million, out of which the majority has been deployed. Likewise, the engineering study has been completed and the project has all the necessary permits. When in operation, this new concentrator will double our zinc production capacity and it is estimated to generate over 2,000 operational jobs.

Project Update: 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). The investment budget is US$159 million, out of which the majority has been deployed.

Project Update: Currently, Pilares is operational and sending copper and mineral oxides to the La Caridad SX/EW plant. We expect 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. At this time, the Basic Engineering Study has been completed and the company continues to develop the project and environmental activities on site. The engineering, acquisition, construction, and management project

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