Industrias Peñoles: Q2 2026 revenue up 38.9%, EBITDA margin at 50.4%

25 августа Industrias Peñoles раскрыла результаты за второй квартал 2026 года: выручка выросла на 38,9% год к году, EBITDA – на 111,7%, чистая прибыль – на 92,6%. Рентабельность по EBITDA достигла 50,4% против 33,1% годом ранее, что отражает благоприятную ценовую конъюнктуру на металлы. При текущей цене акции выглядят привлекательно: мультипликатор EV/EBITDA составляет 4,1, что ниже среднего за три года, а дивидендная доходность 0,7% компенсируется сильным балансом и ростом денежного потока.

Key takeaways

— Q2 2026 revenue grew 38.9% YoY driven by high metal prices

— EBITDA margin reached 50.4% – a record level amid rising silver and zinc prices

— Net profit rose 92.6% to $642.0 million, supported by operational efficiency

— Operating cash flow in Q2 2026 was $1,205.8 million, enabling debt reduction

— The company maintains low leverage: net debt/EBITDA at 0.31

— Trailing dividend yield is 0.7%, below historical levels, but the company generates sufficient cash flow for payouts

— The portal's model implies a -2% upside, indicating fair valuation

Attractiveness

Key figures, USD bn

Q2 2026 revenue grew 38.9% YoY driven by high metal prices

In Q2 2026, Industrias Peñoles' revenue reached $2,886.9 million, up 38.9% from the same period last year. Growth accelerated compared to previous quarters: Q1 2026 revenue rose 91.6% YoY, and Q4 2025 revenue was up 48.0%.

The main driver was high silver and zinc prices, which the company mines in Mexico. Production volumes remained stable, allowing the company to fully capture the price effect.

EBITDA margin reached 50.4% – a record level amid rising silver and zinc prices

EBITDA for Q2 2026 grew 111.7% YoY to $1,456.7 million, with EBITDA margin reaching 50.4% versus 33.1% a year earlier. This margin jump is explained by operating leverage: while revenue grew 38.9%, costs rose much slower.

In previous quarters, the margin was also high: Q1 2026 at 50.2%, Q4 2025 at 43.5%. The trend indicates a sustainable improvement in operational efficiency, not a one-off effect.

Net profit rose 92.6% to $642.0 million, supported by operational efficiency

Net profit for Q2 2026 was $642.0 million, up 92.6% from a year earlier. Net margin reached 22.2% versus 16.0% in Q2 2025.

Profit growth was driven not only by high revenue but also by cost control. Unlike previous periods, there were no major one-off items in the quarter, making the result high-quality.

Operating cash flow in Q2 2026 was $1,205.8 million, enabling debt reduction

Operating cash flow in Q2 2026 reached $1,205.8 million – the best quarterly figure in two years. Capital expenditures were $153.0 million, leaving substantial free cash flow.

Thanks to strong cash generation, the company reduced net debt to -$563.1 million (i.e., a net cash position) at quarter-end. Over the past 12 months, net debt declined by $1.2 billion, confirming financial flexibility.

The company maintains low leverage: net debt/EBITDA at 0.31

At the end of Q2 2026, Industrias Peñoles' net debt stood at $1,741.3 million, with net debt/EBITDA for the trailing twelve months at 0.31. This is a low level, leaving significant headroom for investment and dividends.

Over the past 12 months, net debt declined by $1.2 billion, reflecting strong cash flow. The company faces no creditor pressure and can afford higher capex or shareholder returns.

Trailing dividend yield is 0.7%, below historical levels, but the company generates sufficient cash flow for payouts

Over the trailing twelve months, Industrias Peñoles paid dividends corresponding to a yield of 0.7% at the current price. This is below the average level of recent years, reflecting the company's conservative dividend policy, which prefers to reinvest cash flow in growth.

Nevertheless, operating cash flow for the trailing twelve months was $3,000.0 million, covering dividend payments many times over. If metal prices remain at current levels, the company could increase dividends, but the decision will depend on capex plans and debt repayment.

The portal's model implies a -2% upside, indicating fair valuation

According to the portal's model, the fair value of Industrias Peñoles' share at current metal prices and target EV/EBITDA is only 2% below the current market price. This means the market has already priced in most of the positive factors.

Meanwhile, the shares trade at EV/EBITDA of 4.1 and P/E of 9.9 for the trailing twelve months, which looks moderate compared to historical levels. Return on equity is 38.6%, confirming high business efficiency.

Valuation on the latest reported figures

Bottom line

Industrias Peñoles' Q2 2026 report was strong: revenue and profit grew by double digits, margins reached record levels, and cash flow allowed debt reduction. The key factor was high metal prices, which may be unsustainable. At the current valuation (EV/EBITDA 4.1), the shares look fairly valued but have no significant upside. The verdict is 'neutral': investors should wait for a more attractive price or confirmation of metal price sustainability.