Grupo Mexico B de C : 01.3rd Quarter 2024 Report

RESULTS

Third quarter 2024

Mexico City, October 22, 2024.

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

As a result of decades of long-term investment, during this quarter, Grupo Mexico was able to benefit from a favorable copper price environment which, together with excellent production levels and strict cost control, translated into excellent financial results led by the Mining Division. We will continue with our long-term investment strategy to generate value for our shareholders and contribute to the development of the communities where we operate.

Accrued consolidated revenues in 3Q24 reached US$12.32 billion-12.5% higher than in the same period of 2023, and up 13.4% compared to 3Q23. The Mining Division's sales totaled US$9.42 billion in 3Q24-13.2%higher than in 2023 and 17.8% higher than in 3Q23-asa result of higher copper and byproduct sales volumes, and an increase in the prices of copper (+7.9%), gold (+18.8) and silver (+16.0%) during the year, which mitigated a drop in the price of molybdenum (-18.6%).The Transportation Division accrued revenues of US$2.57 billion-7.5%higher than in 2023 and 1.9% lower than in 3Q23. The Infrastructure Division's net revenues accrued US$577 million-a9.1% increase vs. 2023 and 2.4% lower than in 3Q23.

Accrued consolidated copper production at 3Q24 showed a 7.1% recovery vs. 2023, reaching 819,638 tons, mainly due to a 17.3% increase in production at Southern Peru and a 2.8% rise at Minera Mexico. During 3Q24, production grew 10.6% vs. 3Q23 as a result of a generalized increase in production in our business units. Molybdenum production accrued an 11.9% increase in 3Q24, and a 6.0% hike compared to 3Q23, as a result of greater production at Cuajone, Toquepala and Buenavista.

We continue to have the best cost in the copper industry worldwide. Net cash cost of byproducts totaled US$1.12 during 2024-a US$0.08 reduction (-7.2%) compared to 2023, mainly due to an improvement in unit production costs given higher copper volumes, as well as higher byproduct credits for molybdenum, zinc and silver. Compared to 3Q23, the net cash cost of byproducts was 19.2% lower, going from US$1.29 to US$1.04-a reduction of US$0.29-dueto higher volumes and prices, as well as an improvement in unit costs, given higher copper production, which was partially mitigated by lower byproduct credits.

Consolidated EBITDA reached US$6.47 billion, 17.3% higher than in 2023 and 22.0% higher than in 3Q23. Accrued up to 3T24, the Mining Division obtained US$5.11 billion in EBITDA-22.8%higher than in 2023 and 32.3% above 3Q24. The Transportation Division's EBITDA reached US$1.09 billion in 3Q24-0.8%lower than the previous year and 7.3% lower than in 3Q23. In the Infrastructure Division, accrued EBITDA reached US$331 million, 26.9% higher than in 2023 and 3.0% higher than in 3Q23.

gmexico.mx

THIRD QUARTER RESULTS 2024

Dividend. - On October 18, 2024, the Board of Directors declared the payment of a cash dividend of MXN$1.30 pesos per share outstanding, to be made in a single installment on November 26, 2024. This dividend implies an annualized dividend yield of 4.7%.

	Third Quarter	Variance		January - September	Variance
(Thousand US Dollars)	2024	2023	US$000	%	2024	2023	US$000	%
Sales	4,126,519	3,640,497	486,022	13.4	12,322,659	10,954,780	1,367,879	12.5
Cost of Sales	1,876,662	1,766,632	110,030	6.2	5,555,782	5,172,554	383,228	7.4
Operating Income	1,751,228	1,372,995	378,233	27.5	5,258,395	4,334,508	923,887	21.3
EBITDA	2,173,485	1,782,056	391,429	22.0	6,471,956	5,515,424	956,532	17.3
EBITDA Margin (%)	52.7%	49.0%			52.5%	50.3%
Net Income	1,005,384	696,050	309,334	44.4	2,934,959	2,297,321	637,638	27.8
Profit Margin (%)	24.4%	19.1%			23.8%	21.0%
Investments / Capex	536,052	412,429	123,623	30.0	1,360,457	1,159,294	201,162	17.4

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 show the performance of our operations, we are including the concept of earnings before shareholding.

Net profit includes the capital gain/loss of the shares, as well as their effect on deferred taxes.

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THIRD QUARTER RESULTS 2024

Relevant Events

Grupo México

Grupo Mexico is one of the largest companies in the Mexican Stock Exchange in terms of market capitalization and marketability. It is also the second taxpayer in Mexico. In addition, it is number one in profit-sharing in Mexico and Peru. To date, Grupo México has nearly 31,000 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 and has the lowest cash-cost and the largest copper reserves in the world.

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

Responsible production. Our three mining operations in Peru-Cuajone, Toquepala, and Ilo-were awarded with The Copper Mark and The Molybdenum Mark certifications for responsible production. This recognition follows an independent third-party assurance of environmental, social, and governance (ESG) criteria. As a result, the majority of our copper and molybdenum production is now certified under these standards.

Educational Infrastructure for Arequipa. We completed and handed over the Applied Research Center and specialized laboratories at the National University of San Agustín in Arequipa, Peru. The project, executed under the works-for-taxes scheme, includes 5 floors and 24 fully equipped laboratories, with a total investment of USD $18 million. The facility is set to benefit 6,500 students and 174 researchers.

Grupo México Infraestructura, a Leader in Sustainable Innovation. In the third edition of the Sustainable Innovation

Leaders awards, organized by HSBC and Ernst & Young (EY), Grupo México Infraestructura was recognized for its Community Development management model. The company was one of the 11 honored among more than 400 participating companies. We achieved first place in the social category, acknowledging our commitment to communities neighboring our operations. This accomplishment underscores the company's contributions to social inclusion through educational, cultural, and sports programs, as well as our local procurement and hiring strategies.

Dr. Vagón Provides Over 80,000 Consultations in Sonora, Mexico Across the Last 10 Years.

In September, Dr. Vagón, a health program of the Grupo México Foundation, made its third visit to Cananea, offering free medical services to 2,050 people, who received over 6,000 services. These health free services included specialist consultations, provision of medications, eyeglasses, and hearing aids. Additionally, 102 cataract surgeries were performed on seniors, allowing them to regain their vision.

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THIRD QUARTER RESULTS 2024

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 financial efficiency and 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 Peru

Tia Maria - Arequipa - This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards with a capacity of 120,000 tons of SX- EW copper cathodes per year.

Southern Copper has consistently promoted the welfare of the population of the Islay province and the Arequipa region. As part of these efforts, we have implemented several successful social programs in education, healthcare and productive development to improve the quality of life in the region.

Our current social programs in Islay help reduce the costs of agricultural production by improving productivity with cutting-edge technology. Additionally, we are working to provide internet access to 4,600 school students. On top of this, we are committed to developing health facilities, high performance schools, research centers and roads in the Arequipa region via the "work for taxes" mechanism.

Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $17.5 billion and contribute $3.4 billion in taxes and royalties during the first 20 years of operation. The Company is currently reviewing its historical capital budget for Tia Maria of $1.4 billion.

Project update: As of September 30, 2024, the Company had generated more than 422 jobs, 355 of which were filled with local applicants. To the fullest extent possible, we intend to fill the 9,000 jobs estimated to be required during Tia Maria's construction with workers from the Islay province. When we start operations in 2027, the project will generate 600 direct jobs and 4,800 indirect jobs.

In the coming months, we expect to build roads and access points; train operators; update the topographic network; install and delimit properties along the living fence; install a temporary camp; and begin earthmoving activities. In 2025, we expect construction to begin.

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THIRD QUARTER RESULTS 2024

Los Chancas, Apurimac. - This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combination of concentrator and SX-EW processes that are expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to begin operating in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project's environmental impact assessment.

Project update: In coordination with the Peruvian authorities, efforts continue to eradicate illegal mining activities. Once this process has concluded, we will resume the environmental impact assessment and begin hydrogeological and geotechnical studies. We will also begin a 40,000-meterin-fill drilling campaign to gather additional information on the geological characteristics of the Los Chancas deposit.

Michiquillay, Cajamarca. - In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world - class mining project with inferred mineral resources of 2.28 billion tons with an estimated copper grade of 0.63%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) at a competitive cash-cost for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032. Michiquillay will become one of Peru's largest copper mines and will create significant business opportunities in the Cajamarca region; generate new jobs for the local communities; and contribute with taxes and royalties to the local, regional, and national governments.

Project update: As of September 30, 2024, the total progress of the exploration project was 30%. We have drilled 120,923 meters (total program = 148,000 meters) and obtained 39,234 drill core samples for chemical analysis. Diamond drilling will continue and will provide information for the interpretation of geological sections related to mineralization, geological modeling and mineral resource evaluation. Geo-metallurgical studies are currently underway; hydrological and hydrogeological studies for the project will begin shortly.

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THIRD QUARTER RESULTS 2024

Relevant Events

Transportation Division

In the Transportation Division, sales totaled US$2.56 billion in 3Q24-7.5% higher than in the same period of the previous year-and EBITDA reached US$1.09 billion, 0.8% lower than in 2023.

Volume. - Transported volumes during 3Q24 grew 3.0% compared to the same period of 2023, reaching 498,176 carloads. Volume growth was led by the Intermodal segment, with a 30% increase in carloads, followed by the Chemicals segment, which grew 5%.

Segments with the highest revenue growth:

Growth in the Intermodal Segment. - The segment showed growth of 33% in revenues and 31% in TKN, as a result of the rise in volumes of consumer goods and auto parts on cross-border and domestic routes, resulting in an increase in our market share.

Growth in the Agriculture Segment. - The segment showed growth of 19% in revenues and 9% in TKN, thanks to the increase in grain import volumes across borders.

Growth in the Chemicals Segment. - The segment showed growth of 15% in revenues and 4% in TKN thanks to the increase in ethanol volumes and the recovery in chlorine volumes.

Growth in the Energy Segment. - The segment grew 15% in revenues and 1% in TKN, mainly due to an increase in the transport of fuel oil and the increase in imports of LP Gas.

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THIRD QUARTER RESULTS 2024

Relevant Events

Infrastructure Division

Infrastructure Division. - At the end of 3Q24, net revenues accrued US$576.7 million, and EBITDA totaled US$330.6 million, with increases of 9.1% and 26.9%, respectively, compared to the same period of 2023. This is due to the integration of the new K8+Puebla portfolio and one more quarter of GM Inmobiliaria (PlaniGrupo) operations, the start of commercial operations of the Fenicias Wind Farm, the increase in daily quotas from the 6 rigs of Perforadora, increased traffic in Highways, higher production in Constructora and foreign exchange rate variations. The Division's EBITDA margin reached 57.3%.

Power Generation. - At the end of 3Q24, accrued revenues totaled US$190.1 million and EBITDA reached US$112.5 million, representing variations of -9.7% and +11.9%, respectively vs. 2023.

• The "La Caridad" combined cycle plant obtained lower revenues due to the 83% decrease in gas costs.
• The "El Retiro" wind farm increased production by 3.3%, achieving hikes of 7.3% and 24.4% in revenues and EBITDA, respectively.
• The "Fenicias" wind farm sold 28 GWh of test energy in May and began operations on June 1st, accruing US$17.3 million in EBITDA by the end of 3Q24. This wind farm began supplying electric power under the self-supply modality to IMMSA's mining and metallurgical operations as of August 1st, 2024.

Perforadora Mexico (PEMSA). - Accrued revenues at the end of 3Q24 were US$177.9 million and EBITDA totaled US$96.8 million, translating into increases of 17.3% and 29.5%, respectively, vs. the previous year. This is due to the 14% increase in daily quotas, the operation of our 6 oil rigs with an average cumulative efficiency of 98.8%, and better results in onshore cementing operations.

Construction and Engineering. - At the end of 3Q24, accrued revenues totaled US$94.8 million and EBITDA US$21.6 million, representing increases of +13.8% and -3.0%, respectively vs. 2023. The variations in results are attributable to the difference in production, completion of works, and project continuity between periods, as well as higher costs due to the start of new projects.

Highways. - At the end of 3Q24, accrued revenues totaled US$54.1 million and EBITDA US$36.4 million, representing increases of 10.7% and 11.1%, respectively, vs. the previous year, due to an average daily traffic equivalent of 22,426 units-9.4% higher compared to 2023.

Real estate. - At the end of 3Q24, revenues totaled US$57.5 million and EBITDA US$36.4 million, representing increases of 7.3% and 17.5%, respectively, vs. the previous year; this was due to the hike in rents and fees, the incorporation of the new K8+Puebla portfolio (9 venues) in September, and a 0.4% improvement in venue occupancy, reaching 94.8%. The consolidation of GM Inmobiliaria (PlaniGrupo) into Infrastructure began on April 19, 2023; so, for the Division, these results translate into real increases of US$24.5 million (+74%) in revenues and US$15.9 million (+77%) in EBITDA.

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THIRD QUARTER RESULTS 2024

Financing

	2023	As of September 30, 2024
	Gro ss	Gro ss	Cash &	Net
(US$000)	Debt	(1)	Debt	(1)	Banks	(2)	Debt
Grupo México		-		-	3,024,793	(3,024,793)
Americas Mining Corporation		-		-	1,123,896	(1,123,896)
Southern Copper Corporation	6,253,749	6,257,396	2,973,585	3,283,811
Asarco		-		-	114,805	(114,805)
GMéxico Transportes	1,109,037	1,041,734	67,976	973,758
GFM - Ferromex	396,880	372,418	146,628	225,790
Ferrosur		-		-	89,639	(89,639)
Florida East Coast	18,893	17,457	19,925	(2,468)
México Proyectos y Desarrollos	940,454	979,817	61,178	918,639
Grupo Mexico (Consolidated)	8,719,013	8,668,822	7,622,425	1,046,397
(1) include Debt Fees
(2) include Short Term Investment

Grupo México maintains a solid balance sheet with a low level of leverage with a net debt to EBITDA ratio of 0.1x. 78% of the debt contracts are dollar-denominated, and 22% are peso-denominated. 95% of the debt has a fixed rate. Moreover, Grupo Mexico has an extremely comfortable maturity schedule with payments below US$1 billion annually until 2035. Grupo Mexico has strong cash flow generation as a result of its investment plan and sustained long-term growth.

Grupo México Maturities

As at September 30, 2024

1,600.0

1,400.0

1,200.0

1,000.0

800.0

600.0

	1,500
	1,200
	1,109
1,019	1,000

837

759

510

US MILLION

400.0									286
200.0	172
				57									58	62			67	18	20			21	22			23	24			0			0	0			0	0	0	0
-
	2024	2025	2026	2027	2028		2029	2030	2031			2032	2033	2034	2035	2036	2037			2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050
													Mining Division			Transportation Division			Infrastructure Division

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THIRD QUARTER RESULTS 2024

Mining Division

Americas Mining Corporation

Relevant figures

		Third Quarter	Variance	January - September		Variance
(Thousand US Dollars)	2024	2023	US$000	%	2024	2023	US$000	%
Sales		3,213,699	2,728,692	485,007	17.8	9,429,478	8,332,682	1,096,797	13.2
Cost of Sales	1,437,488	1,363,697	73,791	5.4	4,199,929	4,062,111		137,819	3.4
Operating Income	1,479,698	1,065,498	414,200	38.9	4,340,178	3,396,014		944,164	27.8
EBITDA		1,759,864	1,329,811	430,053	32.3	5,113,519	4,163,548		949,971	22.8
EBITDA Margin (%)	54.8%	48.7%			54.2%		50.0%
Net Income		863,874	558,493	305,382	54.7	2,486,142	1,879,949		606,193	32.2
Profit Margin (%)	26.9%	20.5%			26.4%		22.6%
Investments / Capex	278,302	286,276	(7,975)	(2.8)	866,723	836,578		30,145	3.6
			Average Metals Prices
		4Q	1Q	2Q	Third Quarter	Var. January - September Var.
		2023	2024	2024	2024	2023	%	2024		2023	%
Copper	($cts/Pound)	3.72	3.86	4.55	4.23	3.77	12.2	4.21	3.90	7.9
Molybdenum	($dlls/Pound)	18.63	19.93	21.81	21.75	23.75	(8.4)	21.16	25.98	(18.6)
Zinc	($cts/Pound)	1.13	1.11	1.29	1.26	1.10	14.5	1.22	1.22	-
Silver	($dlls/Ounce)	23.25	23.35	28.84	29.43	23.60	24.7	27.21	23.46	16.0
Gold	($dlls/Ounce)	1,975.87	2,071.76	2,337.99	2,476.80	1,928.61	28.4	2,295.52	1,931.70	18.8
Lead	($cts/Pound)	0.96	0.94	0.98	0.93	0.98	(5.1)	0.95	0.97	(2.1)
Sulfuric Acid	($dlls/Ton)	155.38	134.63	125.88	126.90	151.69	(16.3)	129.18	150.76	(14.3)
Source: Copper & Silver - COMEX; Zinc & Gold - LME;
Molybdenum - Metals Week Dealer Oxide, Sulfuric Acid - AMC

Copper.- Copper production during 3Q24 reached 280,897 tons, 10.6% higher than in the same period of the previous year, mainly due to increases at Toquepala, Buenavista, Cuajone and Caridad.

Molybdenum.- Molybdenum production in 3Q24 was 7,270 tons, 6.0% higher than in the same period of the previous year, mainly due to increases at Cuajone, Toquepala and Buenavista.

Zinc.- Zinc production in 3Q24 totaled 31,078 tons-90.9% higher than in 3Q23-due to the start-up of the new concentrator at Buenavista Zinc.

Silver.- Silver production in 3Q24 was 3,188 thousand ounces-a reduction of 2.6% compared to 3Q23-due to a decrease in production at Caridad.

Gold.- Gold production during 3Q24 was 10,236 ounces, 5.2% higher than in 3Q23, mainly due to greater production in La Caridad and Ilo.

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THIRD QUARTER RESULTS 2024

Mining Production

Mining Division	Third Quarter	Variance		January - September	Variance
Copper	(m.t.)	2024	2023		%	2024	2023		%
Production		280,897	253,865	27,033	10.6	819,638	765,602	54,036	7.1
Sales		275,069	254,257	20,812	8.2	797,020	764,802	32,218	4.2
Molybdenum	(m.t.)
Production		7,270	6,860	410	6.0	22,003	19,657	2,347	11.9
Sales		7,326	6,934	392	5.6	22,002	19,717	2,285	11.6
Zinc	(m.t.)
Production		31,078	16,281	14,797	90.9	86,863	48,579	38,284	78.8
Sales		37,355	24,883	12,472	50.1	102,020	73,258	28,762	39.3
Silver	(Koz)
Production		3,188	3,274	(87)	(2.6)	9,232	8,718	514	5.9
Sales		5,501	4,642	859	18.5	16,448	14,341	2,107	14.7
Gold	(Oz)
Production		10,236	9,733	503	5.2	27,384	29,984	(2,600)	(8.7)
Sales		11,045	10,257	788	7.7	32,035	35,928	(3,894)	(10.8)
Sulfuric Acid	(m.t.)
Production		599,743	619,392	(19,650)	(3.2)	1,825,923	1,827,126	(1,203)	(0.1)
Sales		469,109	489,496	(20,387)	(4.2)	1,408,026	1,516,679	(108,653)	(7.2)

Cash Cost

For 3Q24, the net operating cash cost per pound of copper was US$1.04-previously US$1.29 during 3Q23-a decrease of 19.2%.

Sales Distribution

The contribution by metal to AMC's accrued revenues in the third quarter of 2024 is shown below:

		Gold
Sulfuric Acid	Zinc	0.7%	Others
3.2%		0.1%	Lead
1.9%				0.3%

Molybdenum

10.1%

Silver
4.7%	Copper
	79.0%

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