Grupo Mexico B de C : 01.3th Quarter 2023 Report

RESULTS

Third Quarter 2023

Mexico City, October 24, 2023.

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

Despite the complexity worldwide, with a persisting inflationary environment and lower copper prices, Grupo Mexico shows positive variations in revenues, EBITDA and operating income during the year and the quarter. The good operating results enable Grupo Mexico to continue to grow steadily, maintain a long-term investment focus, and have a positive impact on its various stakeholders.

Accrued consolidated revenues in 3Q23 reached US$10.96 billion-8.7% higher than in 2022-and grew 17.1% compared to 3Q22. The Mining Division's revenues totaled US$8.33 billion in 3Q23, 5.1% higher than in 2022 and 15.4% higher than in 3Q22, as a result of higher copper sales volumes and an increase in the price of molybdenum (+45.5%) and silver (+7.0%) during the year, which mitigated a drop in the price of copper (Comex -5.3%)and zinc (-26.1%).The Transportation Division achieved accrued revenues of US$2.39 billion, 18.9% higher than in 2022 and 17.5% higher than in 3Q22. The Infrastructure Division achieved US$529 million in accrued net revenues, a 4.1% increase vs. 2022, and 0.3% over 3Q22.

Consolidated copper production accrued up to 3Q23 showed a 3.8% recovery versus 2022, reaching 765,602 tons, mainly due to a production increase of 10.6% in Southern Peru and 5.4% in Asarco, USA. During 3Q23, production decreased by 1.0% compared to 3Q22 mainly due to lower ore grades at Cuajone, partially mitigated by a 7.5% increase in Asarco. Molybdenum production rose 0.8% accrued up to 3Q23 and 12.6% compared to 3Q22, as a result of a recovery in production at Caridad, Cuajone and Buenavista during the year. The quarterly hike is the result of an increase in molybdenum production at Toquepala, Buenavista and Caridad.

The Mining Division had a global net cash cost of US$1.20 during 2023-an increase of 6.2%, mainly due to higher production costs. During 3Q23, global net cash cost was almost in line with the previous year at US$1.29, a 0.3% rise compared to 3Q22. Net cash cost showed a downward trend compared to 2Q23, falling 2.8%, as a result of the continued focus on cost control in the face of a generalized inflationary environment. We expect to maintain our strong cost competitiveness as we increase copper production capacity to 1.6 million tons over the next 10 years.

We still have the best cash cost in the copper industry worldwide.

Cumulative EBITDA reached US$5.52 billion, 9.2% above 2022 and 25.1% higher than in 3Q22. Accrued up to 3Q23, the Mining Division obtained US$4.16 billion in EBITDA, 5.5% higher than in 2022 and 29.0% above 3Q22. The Transportation Division reported EBITDA of US$1.11 billion during 3Q23-a20.4% hike from the previous year, and 10.1% greater than in 3Q22. In the Infrastructure Division, cumulative EBITDA reached US$261 million, 31.6% higher than in 2022 and 37.7% higher than in 3Q22.

Accrued net profit totaled US$2.29 billion. Consolidated profit for 3T23 was US$696 million.

Cumulative capital investments during 3Q23 totaled US$1.16 billion. During the quarter, they amounted to US$412 million. Our investment program for 2023 is US$1.81 billion in a variety of continuous improvement and expansion projects that result in a positive impact for the countries and communities where we operate.

gmexico.mx

THIRD QUARTER RESULTS 2023

Dividend. - On October 20, 2023, the Board of Directors declared per share outstanding, to be made in a single installment as of annualized dividend yield of 5.4%.

the payment of a cash dividend of $1.00 pesos November 27, 2023. This dividend implies an

	Third Quarter	Variance	January - September	Variance
(Thousand US Dollars)	2023	2022	US$000	%	2023	2022	US$000	%
Sales	3,647,296	3,115,423	531,873	17.1	10,962,953	10,082,642	880,311	8.7
Cost of Sales	1,773,431	1,617,669	155,762	9.6	5,180,727	4,777,722	403,005	8.4
Operating Income	1,372,995	1,078,497	294,498	27.3	4,334,508	4,026,515	307,994	7.6
EBITDA	1,782,056	1,424,361	357,695	25.1	5,515,424	5,049,920	465,505	9.2
EBITDA Margin (%)	48.9%	45.7%			50.3%	50.1%
Net Income	696,050	576,537	119,513	20.7	2,297,321	1,983,225	314,096	15.8
Profit Margin (%)	19.1%	18.5%			21.0%	19.7%
Investments / Capex	412,430	365,004	47,427	13.0	1,159,105	1,031,337	127,769	12.4

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 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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THIRD QUARTER RESULTS 2023

Relevant Events

Grupo México

Grupo México is the fourth largest company in Mexico in terms of market capitalization and the third in terms of marketability. It is also 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 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, with the lowest cash-cost in the industry worldwide and the largest copper reserves in the world.

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

Investments with a lasting impact. We are diligently constructing infrastructure to provide clean drinking water and sewage systems in Cananea and Nacozari, Sonora, Mexico, to address the pressing water scarcity issues affecting these communities. These projects benefit approximately 75,000 residents in these areas. These initiatives complement our other efforts to protect water resources, in line with our sustainability policies and commitments, totaling USD$ 77 million over the past 5 years in Mexico and Peru.

Innovation in water usage and efficiency. At our new tailings filtration plant in Quebrada Honda, Peru, we are reclaiming approximately 6,000 cubic meters of water per day, equivalent to 0.6 m3 of water per ton of tailings. With a design capacity of 10,000 tons per day and a total investment of USD$ 27 million to date, this filter press is the largest of its kind in the mining industry. Through this project, we reaffirm our commitment to the responsible management and conservation of water resources.

Safety prevention approach. In September 2023, our Buenavista del Cobre unit in Sonora, part of the Mining Division, received the "Safe and Healthy Work Environments" (ELSSA) certification following a thorough audit conducted by the Mexican Social Security Institute. This recognition, granted by the Mexican government to companies that actively implement preventive strategies and measures in the realms of safety and health, adds to the awards we have received across our other units.

Committed to railway safety. The Transportation Division conducted a Seminar on Operational Safety to investigate and prevent derailments. This seminar was led by experts from the Federal Railroad Administration (FRA) Transportation Technology Center of the United States Government. The event brought together professionals from operational areas and the safety department, where they acquired advanced techniques for investigating railway accidents. This initiative is part of our ongoing efforts to further reduce derailments, which decreased by 33% in the third quarter of 2023 compared to 2022.

Dedicated to safety. In September 2023, the Infrastructure Division marked 10 years without any disabling accidents at the Combined Cycle Plant in Sonora, Mexico. These results reflect the tremendous effort and dedication of all plant employees, as well as the strict adherence to and continuous improvement of all our operational processes.

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THIRD QUARTER RESULTS 2023

Creating a positive impact. So far this year, we have reforested over three times the area impacted during the same period, reforesting 1,398 hectares compared to the 424 affected. Additionally, we have implemented projects to prevent the erosion of 10,722 tons of soil in the state of Sonora, Mexico. All these efforts are part of our strategy to achieve net-zero deforestation and generate a net positive impact on biodiversity, particularly in the vicinity of our operations.

Recognition for ethics and outstanding practices. The Infrastructure Division received the 'Ethics and Values in the Industry' Award presented by the Confederation of Industrial Chambers of Mexico (CONCAMIN). This award recognizes advancements and maturity in the fields of Corporate Social Responsibility and Sustainable Development across 8 categories.

Promoting health and well-being in disadvantaged communities. We have forged two strategic alliances with nonprofit organizations and "Dr. Vagón", the health train. In collaboration with "Colectivo 50+1", we have signed an agreement with the purpose of raising awareness about the importance of early detection of breast cancer and cervical cancer, as well as encouraging more women to seek medical services from "Dr. Vagón". Simultaneously, we have established a partnership with the 'Fleishman Foundation' to provide visual health services to vulnerable communities nationwide. Through these partnerships, we are working collectively to build a more sustainable healthcare system and facilitate equal access to medical care.

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THIRD 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 in Cananea, Sonora within the Buenavista deposit, where we have built a new concentrator plant. This facility has a production capacity of 100,000 tonnes of zinc and 20,000 tonnes of copper per year. When operating, the concentrator will double the Company's zinc production capacity and will provide more than 2,000 jobs on the operating front.

Project update: the capital budget for the project is $413 million, most of which has already been invested. Progress is 99%; we have initiated the commissioning process. The ramping up of the plant, initially scheduled to conclude in 4Q23, has been pushed back to 1Q24 given that the concentrator requires technical adjustments.

Pilares - Sonora: Located six kilometers from La Caridad, this is actually an open-pit mine operation with an annual production capacity of 35,000 tonnes of copper in concentrate. This will significantly improve the overall mineral ore grade (considering the 0.78% expected from Pilares with 0.29% from La Caridad).

Project update: The budget for Pilares is $176 million, of which $144 million has been invested. Pilares is currently operating and delivering copper ore to the Caridad operation.

El Pilar - Sonora: This low-capital intensity copper greenfield project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper grade of 0.249%. We anticipate that El Pilar will operate as a conventional open-pit mine with an annual production capacity of 36,000 tonnes of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX-EW technology. The budget for El Pilar is $310 million.

Project update: The results from experimental pads in the leaching process have confirmed adequate levels of copper recovery and we are evaluating different options to improve the same. The basic engineering study has been completed and the Company is engaging in project development and onsite environmental activities. Project engineering is being developed by an external engineering and technology company. Mine life is estimated at 13 years.

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THIRD QUARTER RESULTS 2023

El Arco - Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230 million tonnes with an average ore grade of 0.40% and 141 million tonnes of leach material, with an average ore grade of 0.27%. The project includes an open-pit mine with a combined concentrator and SX-EW operations. Annual production is expected to total 190,000 tonnes of copper and 105,000 ounces of gold.

Project update: The Company has completed the environmental baseline study for the mine, concentrator and industrial facilities and will proceed to submit the Environmental Impact Statement (Manifestacion de Impacto Ambiental "MIA") to the Secretary of Environment and Natural Resources "SEMARNAT" to request the respective environmental impact permits. The Company is currently preparing studies for the port, power pipelines, townsites and auxiliary facilities.

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 to produce 120,000 tons of SX- EW copper cathodes per year. The estimated capital budget for the project is $1.4 billion.

Southern Copper has been consistently working to promote the welfare of the population of the Islay province. As part of these efforts, we have implemented successful social programs in education, healthcare and productive development to improve the quality of life in the region. We have also promoted agricultural and livestock activities in the Tambo Valley and supported growth in manufacturing, fishing and tourism in Islay.

We reiterate our view that the initiation of construction activities at Tia Maria will generate significant economic opportunities for the Islay province and the Arequipa region. Given the current Peruvian economic situation, it is crucial to move ahead on projects that will stimulate a sustainable growth cycle. We will make it a priority to hire local labor to fill the 9,000 jobs that we expect to generate during Tia Maria's construction. Additionally, from day one of our operations, we will generate significant contributions to revenues in the Arequipa region.

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 combined operation of concentrator and SX-EW processes 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 2030. We continue to engage in social and environmental improvements for the local communities and work on the project's environmental impact assessment.

Project update: As of September 30, 2023 the Company has held talks with representatives of the Tiaparo Community to acquire part of the land required for the project. Simultaneously, we continue to work with the Peruvian authorities to eliminate illegal mining activities at our concession. SCC will initiate hydrogeological and geotechnical studies soon to gather additional information on the characteristics of the Los Chancas deposit.

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THIRD QUARTER RESULTS 2023

Michiquillay Project - 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 2,288 million tons with an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25 years and at a competitive cash-cost. 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: In 2023, in accordance with our social agreements with the Michiquillay and La Encañada communities, the Company has hired unskilled labor and is paying for the use of surface land. We are also supporting social programs in both communities. Simultaneously, exploration activities are underway. As of September 30, 2023, we had drilled 46,500 meters and obtained 14,892 core samples, which are currently under evaluation.

Projects in the US

ASARCO, Arizona. - Cumulative production up to 3Q23 was 88,679 metric tons, 5.4% higher than in 2022 and 7.5% higher than in 3Q22.

During 3Q23, cash cost after byproducts totaled US$2.73 per pound, 1.5% higher than in 2022. During 3Q23, the net cash cost of byproducts was US$3.38-1.4% lower than in the same quarter of the previous year.

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THIRD QUARTER RESULTS 2023

Relevant Events

Transportation Division

During 3Q23, the Transportation Division achieved a 17.5% increase in revenues over the same period of 2022, totaling US$822 million. EBITDA reached US$359 million-10.1% higher than in 3Q22.

Volumes transported. -During 3Q23, the volume transported increased 1.7% compared to 3Q22, reaching 16.20 billion net tons-km. The growth in volume was led by the Automotive segment with an increase of 29% in net tons-km.

Automotive Segment. - It grew 47% in revenues in MXN and 29% in net ton-km during the third quarter as a result of an increase in volumes and a higher market share, driven by a hike in the import of Asian brands through the Mazatlan port.

Metals Segment. - During the third quarter, revenues and net ton-km grew 17% and 5%, respectively, due to increased imports of scrap, slab, and new copper cathode shipments.

Cement Segment. - Revenues and net ton-km grew 12% and 6% each in the third quarter thanks to the hike in cement demand in both the domestic and US markets, as a result of the reactivation of construction projects.

Productivity Improvements. - By 3Q23, the operating practices implemented by GMXT have generated improvements in our service to cater to the productive chains of Mexico, the United States and Canada.

Train velocity improved 3.9% from 37.3 km/hr to 38.8 km/hr, allowing us to provide an efficient and timely service for our clients. Similarly, dwell time showed a 12.2% reduction, decreasing to 22.6 hours, which allowed for a 5.9% improvement in car velocity. Likewise, the efficiency of our train operation allowed the utilization of horsepower per ton to reach similar levels compared to the previous year. The performance of these indicators has resulted in sound operating results.

In 4Q23, GMXT will be focused on consolidating productivity levels and preserving the efficiency of all processes, to maintain the competitiveness of our service.

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THIRD QUARTER RESULTS 2023

Relevant Events

Infrastructure Division

Infrastructure Division.- At the end of 3Q23, net revenues accumulated US$529 million and EBITDA totaled US$261 million, with increases of 4.1% and 31.6%, respectively, compared to the same period of 2022. This is due to better results in all of our business lines: increased daily quotas of the 6 drilling rigs, better results and lower pass-through costs of gas in Energy, increased traffic and tolls in Highways, lower costs in Construction and higher production in Engineering, as well as the beginning of the integration of GM Inmobiliario's (PlaniGrupo) operations into the Division's results as of April 19. The Division's EBITDA margin reached 49.3%-an increase of 10.3% over the previous year.

Power Generation. - At the end of 3Q23, accrued revenues totaled US$211 million, which represented a 22.3% decrease vs. 2022, mainly due to lower revenues at the "La Caridad" combined cycle plant, given the lower gas costs and lower generation at the "El Retiro" wind farm, due to lower wind resources. However, EBITDA reached an accrued amount of US$101 million-15.8% better vs. 2022. Our new "Fenicias" wind farm is fully finished, and in February this year, it received permission from the Energy Regulatory Commission (CRE, for its Spanish acronym) for the commercial operations (it has all permits). At this time, we are waiting for the Federal Electricity Commission (CFE, for its Spanish acronym) and the National Energy Control Center (CENACE, for its Spanish acronym) to allow us to start operations.

Perforadora México (PEMSA). - Accrued revenues at the end of 3Q23 were US$152 million and EBITDA totaled US$77 million, translating into increases of 32.2% and 49.7%, respectively, vs. the previous year. This is due to the 40.6% increase in daily quotas, the operation of our six rigs with an average cumulative efficiency of 96.1%, better results in cementing operations, and strict cost control.

México Compañía Constructora. - At the end of 3Q23, income accrued US$57 million and EBITDA US$15 million, representing a decrease of 5.6% and and an increase of 17.2%, respectively, vs. 2022. The variations in results are attributed to the difference in production, completion of works and continuity of projects between periods.

Engineering Services. - At the end of 3Q23, revenues accrued US$27 million and EBITDA US$7 million, translating into increases of 19.7% and 43.9%, respectively vs. the same period of the previous year. The increase in results is due to a significant improvement in production, supported by efficient management in the "engineering" and "supervision" areas. This quarter, we opened an Engineering office in Peru, with which we will be increasing our presence with new and existing customers in this country.

Highways. - At the end of 3Q23, accrued revenues totaled US$49 million and EBITDA US$33 million, increasing 34.2% each, compared to the same period of the previous year, due to the toll increase because of inflation and to an average daily traffic of 20,506 units-6.6% higher compared to 2022.

Real Estate.- Mexico Proyectos y Desarrollos began consolidating the results of this new business unit on April 19. At the end of 3Q23, accrued revenues totaled US$33 million and EBITDA, US$21 million. On a cumulative basis up to September, revenues were higher by 21.1% and EBITDA by 20.6% vs. 2022; this was due to the increase in rents and fees, as well as a 0.7% improvement in occupancy, reaching 94.4% (pre-pandemic levels).

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THIRD QUARTER RESULTS 2023

Financing

	2 0 2 2	As of September 30, 2023
	G ross	G ross	Cash &	Net
(US$000)	Debt	( 1 )	Debt	( 1 )	Banks	( 2 )	Debt
Grupo México		-		-	2,850,435	(2,850,435)
Americas Mining Corporation		-		-	1,052,208	(1,052,208)
Southern Copper Corporation	6,550,278	6,253,749	2,214,147	4,039,602
Asarco		-		-	68,903	(68,903)
GMéxico Transportes	1,046,524	1,109,037	277,066	831,971
GFM - Ferromex	418,084	396,880	111,215	285,665
Ferrosur		-		-	141,030	(141,030)
Florida East Coast	20,280	18,893	13,340	5,553
México Proyectos y Desarrollos	672,476	940,454	118,518	821,936
Grupo Mexico (Consolidated)	8,707,643	8,719,013	6,846,862	1,872,151
(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 0.3x. 77% of the debt contracts are dollar-denominated, and 23% are peso-denominated. 95% of the debt has a fixed rate. Moreover, Grupo México 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 long-term investment plan and sustained growth.

Grupo México Maturities

As at September 30, 2023

1,600.0

1,400.0

1,200.0

1,000.0

800.0

600.0

400.0

200.0

-

	1,500
	1,200
	1,109
1,021	1,000

917

757

		496
	237	210
26	51	59	64	68	19	21	22	24	25	26	0	0	0

2023	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
US $MILLIONS						Mining Division			Transportation Division			Infrastructure Division					10