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MX_GMEXICO 2025-06-30 H1 — report review

Status: OK; Currency: USD; Amounts unit: millions; Forms: ✓ ✓ ✓

Report published: Not stored for this period — set financial_report_date on the row (EDGAR filingDate, KASE change_date, or manual_catalog).

Full financial report: Link

PDF (local): /home/ubuntu/projects/frontier/data/raw_pdfs/MX_GMEXICO/2025-06-30_Q2_RF_EN_2025_2Q.pdf

To recalculate statement detection and previews from the PDF, use this link The default link runs in the background: a status panel shows phase, elapsed time, rough ETA, CUDA vs CPU, and OOM hints, then loads the finished report. Heavy mode with refresh does this automatically so reverse proxies do not return 502. Add &sync=1 only for one long blocking request (not recommended). You can use ?refresh=1, ?recalc=1, ?nocache=1, or ?recompute=1 on the URL. (block in the browser until done: synchronous refresh)

Default view is fast (metric table + statement page numbers only) so reverse proxies do not time out. Use ?heavy=1 when you need embedded page images and Camelot tables.

Metric mapping (value → extracted evidence)

Metric values use dashboard units where applicable; evidence is the stored snippet from the PDF text layer or OCR used during extraction.

Statement pages (discovery)

Below: last full statement reconstruction (PDF scans + tables + subtotal checks) cached from a ?heavy=1 run. Open heavy mode to rebuild if the PDF, discovery, or extraction changed. full previews & tables (?heavy=1).

Statement previews & reconstructed tables

Highlights Yellow row = matched stored evidence label; orange cell = exact number used for that metric (hover row for details). Revenue Operating profit D&A EBITDA Net profit cash debt_short debt_long Assets Equity Operating CF Investing CF

Green / amber / red bars on the label column mark subtotal rows where summed detail lines match the reported total (heuristic). The table under each reconstructed grid lists every check (Σ detail vs reported, status).

P&L

Tables and checks run on 2 of 3 PDF pages for this form (timeout budget). Raise REPORT_REVIEW_HEAVY_RECON_PAGES for more.

P&L — PDF page 6

Camelot table (pages 6, primary page 6).

#	Joined label	Line item
0	S ECOND QUARTER RESULTS 2025	S ECOND QUARTER RESULTS 2025
1	Relevant Events	Relevant Events
2	Transportation Division	Transportation Division
3	The Transportation Division totaled revenues of US$853 million during the 2Q25—3.3% below 2024—and an	The Transportation Division totaled revenues of US$853 million during the 2Q25—3.3% below
4	EBITDA of US$376 million—2.4% above the same period of 2024.	EBITDA of US$376 million—2.4% above the same period of 2024.
5	V olume. - Transported volumes during 2Q25 dropped 6.5% compared to the same period of 2024, totaling 491,275	V olume. - Transported volumes during 2Q25 dropped 6.5% compared to the same period of 2024, totalin
6	carloads, and 1.4% higher than in 1Q25. Within this increase in volumes, the automotive segment stands out with	carloads, and 1.4% higher than in 1Q25. Within this increase in volumes, the automotive segment stan
7	a 19.6% increase in carloads.	a 19.6% increase in carloads.
8	S egments with the highest revenue growth in peso terms:	S egments with the highest revenue growth in peso terms:
9	G rowth in the Automotive Segment. - The segment showed growth of 24% in revenues and 29% in NTK, as a result	G rowth in the Automotive Segment. - The segment showed growth of 24% in revenues and 29% in NTK, as
10	of longer routes to the border and better equipment availability. The improvement in network fluidity has allowed	of longer routes to the border and better equipment availability. The improvement in network fluidit
11	us to gain market share in Exports to the U.S. vs. ships and other railroads.	us to gain market share in Exports to the U.S. vs. ships and other railroads.
12	G rowth in the Minerals Segment. - The segment showed 19% growth in revenues due to increased imports and	G rowth in the Minerals Segment. - The segment showed 19% growth in revenues due to increased impo
13	longer routes hauled vs. 2024.	longer routes hauled vs. 2024.
14	G rowth in the Agriculture Segment. - The segment showed 12% growth in revenues as imports of grain carousel	G rowth in the Agriculture Segment. - The segment showed 12% growth in revenues as imports of grain
15	trains have increased, offsetting domestic drought-related harvests. We are recovering from the drop due to frost	trains have increased, offsetting domestic drought-related harvests. We are recovering from the drop
16	in the U.S. in first quarter and will continue to recover throughout the year.	in the U.S. in first quarter and will continue to recover throughout the year.
17	6	6

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

P&L — PDF page 7

Camelot table (pages 7, primary page 7).

#	Joined label	Line item	investment
0	Infrastructure Division	Infrastructure Division
1	Infrastructure Division. - At the end of 2Q25, net accumulated revenues reached US$342 million, and EBITDA	Infrastructure Division. - At the end of 2Q25, net accumulated revenues reached US$342
2	totaled US$161 million, with decreases of 11.9% and 29.8%, respectively, compared to the same period of 2024.	totaled US$161 million, with decreases of 11.9% and 29.8%, respectively, compared to the same period
3	This was due to the impact of the temporary suspension of 4 rigs and negative foreign exchange effects in	This was due to the impact of the temporary suspension of 4 rigs and negative foreign
4	businesses with the MXN as their functional currency, partially offset by the operation of the Fenicias Wind Farm in	businesses with the MXN as their functional currency, partially offset by the operation of the Fenic
5	Energy, and the integration of the new K8+Puebla portfolio into the operations of GM Inmobiliaria (PlaniGrupo).	Energy, and the integration of the new K8+Puebla portfolio into the operations of GM Inmobiliaria (P
6	The Division's EBITDA margin reached 47.0%.	The Division's EBITDA margin reached 47.0%.
7	P ower Generation. – As of the 2Q25, revenues totaled US$157 million, and EBITDA reached US$81 million,	P	ower Generation. – As of the 2Q25, revenues totaled US$157 million, and EBITDA reached
8	representing variations of +17.3% and +3.9%, respectively vs. 2024. This was mainly because the "La Caridad"	representing variations of +17.3% and +3.9%, respectively vs. 2024. This was mainly beca
9	combined cycle plant achieved higher revenues and the "Fenicias" wind farm recorded sales of 389.1 GWh of energy,	combined cycle plant achieved higher revenues and the "Fenicias" wind farm recorded sales of 389.1 G
10	totaling US$20 million in EBITDA by the end of 2Q25. This wind farm has been supplying electric energy to IMMSA's	totaling US$20 million in EBITDA by the end of 2Q25. This wind farm has been supplying electric ener
11	mining and smelting operations since August 1st, 2024. We are currently evaluating several investment	mining and smelting operations since August 1st, 2024. We are currently evaluating sever	investment
12	opportunities for this business unit through M&A activities or building Clean Energy Generation capabilities.	opportunities for this business unit through M&A activities or building Clean Energy Generation capa
13	P erforadora Mexico (PEMSA). - Accumulated revenues at the end of 2Q25 were US$42 million and EBITDA reached	P	erforadora Mexico (PEMSA). - Accumulated revenues at the end of 2Q25 were US$42 million and EBITDA r
14	US$7 million, translating into increases of 63.7% and 89.3%, respectively, vs. the previous year. This was due to	US$7 million, translating into increases of 63.7% and 89.3%, respectively, vs. the previous year. T
15	the temporary suspension of 4 jack-up rigs (Chihuahua, Zacatecas, Campeche and Tabasco) and adjustment of	the temporary suspension of 4 jack-up rigs (Chihuahua, Zacatecas, Campeche and Tabasco) and adjust
16	daily quotas. The Veracruz and Tamaulipas modular platforms have operated throughout the year with efficiencies	daily quotas. The Veracruz and Tamaulipas modular platforms have operated throughout the year with e
17	of 99.95%.	of 99.95%.
18	PEMEX is going through a restructuring period which has resulted in significant debt to suppliers and reduced	PEMEX is going through a restructuring period which has resulted in significant debt to
19	revenues. IN the case of these four jack-up rigs, given PEMEX´s current situation and the lack of payments to	revenues. IN the case of these four jack-up rigs, given PEMEX´s current situation and
20	suppliers, it is more favorable for us to keep them under temporary shutdown than operating.	suppliers, it is more favorable for us to keep them under temporary shutdown than operating.
21	R eal estate. – By the end of the 2Q25, revenues totaled US$46 million, and EBITDA reached US$30 million,	R	eal estate. – By the end of the 2Q25, revenues totaled US$46 million, and EBITDA reac
22	translating into increases of 21.6% and 26.3%, respectively, vs. the previous year; this was due to the incorporation	translating into increases of 21.6% and 26.3%, respectively, vs. the previous year; this was due to
23	of the new K8+Puebla portfolio (9 venues) in September 2024, an increase in rents, and 94.3% occupancy.	of the new K8+Puebla portfolio (9 venues) in September 2024, an increase in rents, and
24	Variations vs. 2024 in MXN resulted in +42.1% in revenues and +42.3% in EBITDA.	Variations vs. 2024 in MXN resulted in +42.1% in revenues and +42.3% in EBITDA.
25	C onstruction and Engineering. - At the end of 2Q25, accumulated revenues totaled US$64 million and EBITDA	C	onstruction and Engineering. - At the end of 2Q25, accumulated revenues totaled US$64 m
26	US$13 million, representing variations of -0.7% and -5.3%, respectively vs. 2024. Variations in results are	US$13 million, representing variations of -0.7% and -5.3%, respectively vs. 2024. Variati
27	attributable to the completion of construction projects and exchange rate effects. Variations vs. 2024 in MXN	attributable to the completion of construction projects and exchange rate effects. Variat
28	resulted in +14.1% in revenues and +2.7% in EBITDA.	resulted in +14.1% in revenues and +2.7% in EBITDA.
29	H ighways. - By the end of 2Q25, accumulated revenues totaled US$34 million, and EBITDA reached US$23 million,	H	ighways. - By the end of 2Q25, accumulated revenues totaled US$34 million, and EBITDA reached US$23
30	representing variations of -7.6% and -5.7%, respectively, vs. the previous year due to F/X effects. The daily	representing variations of -7.6% and -5.7%, respectively, vs. the previous year due to
31	equivalent traffic reached 22,623 units, 3.1% higher than in 2024. Variations vs. 2024 in MXN resulted in +8.4% in	equivalent traffic reached 22,623 units, 3.1% higher than in 2024. Variations vs. 2024 in MXN result
32	revenues and +10.8% in EBITDA.	revenues and +10.8% in EBITDA.

No subtotal/total rows matched the built-in patterns on this table (or fewer than two detail lines above each candidate).

BS

Tables and checks run on 2 of 3 PDF pages for this form (timeout budget). Raise REPORT_REVIEW_HEAVY_RECON_PAGES for more.

BS — PDF page 7

No Camelot table — OCR (v8) below.

v8 OCR page 7: empty rows.

BS — PDF page 8

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 8 (12 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3	Column 4	Column 5
0	SECOND QUARTER RESULTS 2025 GrupoMexico
1	(ussooo)	1	1	2
2	Grupo Mexico	0	0	3293233	-3293233
3	Americas Mining Corporation	0	0	1222830	-1222830
4	Southern Copper Corporation	6256462	6748222	4010371	2737851
5	Asarco	0	0	82159	82.159
6	GMexico Transportes	1063877	1278580	42559	1236021
7	GFM - Ferromex	396616	379.871	241273	138598
8	Ferrosur	0	0	25983	-25983
9	Florida East Coast	18898	17463	25213	-7750
10	Mexico Proyectos y Desarrollos	903931	957528	63109	894419
11	Grupo Mexico_(Consolidated)	8639785	9381664	9006730	374934

CF

Tables and checks run on 2 of 3 PDF pages for this form (timeout budget). Raise REPORT_REVIEW_HEAVY_RECON_PAGES for more.

CF — PDF page 7

No Camelot table — OCR (v8) below.

v8 OCR page 7: empty rows.

CF — PDF page 8

No Camelot table — OCR (v8) below.

GPU v8 OCR — page 8 (12 rows). Blank amount cells are normal for section headers and line-wrapped captions; 0 from OCR on those rows is not a reported financial zero. Amounts follow the PDF header (often thousands of currency).

#	Joined label	Column 2	Column 3	Column 4	Column 5
0	SECOND QUARTER RESULTS 2025 GrupoMexico
1	(ussooo)	1	1	2
2	Grupo Mexico	0	0	3293233	-3293233
3	Americas Mining Corporation	0	0	1222830	-1222830
4	Southern Copper Corporation	6256462	6748222	4010371	2737851
5	Asarco	0	0	82159	82.159
6	GMexico Transportes	1063877	1278580	42559	1236021
7	GFM - Ferromex	396616	379.871	241273	138598
8	Ferrosur	0	0	25983	-25983
9	Florida East Coast	18898	17463	25213	-7750
10	Mexico Proyectos y Desarrollos	903931	957528	63109	894419
11	Grupo Mexico_(Consolidated)	8639785	9381664	9006730	374934

Formulas used

• Net debt: debt_short + debt_long + other_financial_liabilities + non_controlling_interest − cash (mln); [DeepSeek] net_debt (mln USD, batch apply)
• EBITDA: computed as operating_profit + da