MEXICO · MINING RESULTS
Key Facts
- The country Mexico is the United States’ largest trading partner, and Grupo México is its biggest listed company, with copper mines, railways and power plants.
- What happened On Tuesday 20 October 2026 the group posted a third-quarter net profit of US$1.97 billion, up 62.9% from a year earlier.
- The numbers Sales rose 37.9% to US$6.33 billion, and operating earnings before depreciation (EBITDA) rose 50.5% to US$3.77 billion.
- The forecast Earnings came to about 26 US cents a share against 22 cents in the analyst consensus.
- The catch Copper output fell 1.9% to 260,322 tonnes because the ore in its Peruvian and US mines is thinner.
- What it means for you The group owns Southern Copper, which trades in New York, and Asarco, a copper producer in the United States.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
Grupo México profit jumped 62.9% to US$1.97 billion in the third quarter, the Mexican mining and railway group reported on Tuesday 20 October 2026. The result beat forecasts, with earnings of about 26 US cents a share against 22 cents in the analyst consensus.
For US readers the report matters because the group owns Southern Copper, a New York-listed miner, and Asarco, a copper producer with US mines. The company, controlled by billionaire Germán Larrea, is the largest firm on Mexico’s stock exchange.
What Grupo México Reported
The Grupo México profit for the three months to 30 September reached US$1.97 billion, a margin of 31.1% on sales of US$6.33 billion. Sales were up 37.9% from the same period of 2025, and operating profit rose 60.4% to US$3.33 billion.
EBITDA, which measures operating earnings before depreciation and amortisation, rose 50.5% to US$3.77 billion. Its margin widened to 59.5% of sales from 54.6% a year earlier.
Why Metal Prices Did the Work
Copper averaged US$6.48 a pound in the quarter, up 34.2% from a year earlier, which lifted the Grupo México profit. Silver averaged US$62.80 an ounce, up 58.7%, while gold rose 23.6% to US$4,269.51 an ounce.
Molybdenum, a metal that hardens steel, averaged US$33.01 a pound, up 35.3%, and zinc rose 35.9% to US$1.74. The cost of producing a pound of copper, after by-product credits, fell 36.1% to US$0.50.
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Output Slipped Despite the Grupo México Profit
Copper production fell 1.9% to 260,322 tonnes, as thinner ore in Peru and at Asarco outweighed gains at the Mexican mines. Output of molybdenum fell 2.2% to 7,701 tonnes, zinc fell 7.9% to 41,880 tonnes and silver fell 5.7% to 3.07 million ounces.
Gold output edged up 2.4% to 10,292 ounces, and sulfuric acid production, a by-product, rose 14.6%. The company says it is weighing options to raise output in Peru.
Railways and Power Plants Add Growth
The railway division, centred on Ferromex, hauled 524,538 freight cars, up 5.0%, and its sales rose 12.3% to US$978 million. Ferromex is Mexico’s largest railway, and its intermodal container traffic grew 11.8%.
The infrastructure division more than doubled its sales to US$341 million, up 120.6%, after it took control of power producer Saavi Energía on 8 September. Grupo México holds 70% of Saavi, which the company calls a leading private power generator in Mexico.
Cash Pile Behind the Grupo México Profit
The group ended September with US$13.79 billion in cash and investments against US$13.15 billion of debt, a net cash position of about US$638 million. Its stock market value passed US$97.5 billion at the end of the quarter.
On 16 October the board declared a share dividend of one new share for every 194 held, payable on 23 November 2026. The company puts it at about 1.26 pesos (about US$0.07) a share, a 2.1% yield, funded by shares it bought back during the quarter.
Projects From Peru to Arizona
The Tía María copper project in southern Peru was 49.6% built at the end of September, with production due in the first half of 2028. The company has committed US$1.10 billion so far, and output is planned at 120,000 tonnes of copper cathode a year.
In the United States, the company is studying a bigger Ray mine and reopening the Hayden smelter in Arizona and the Amarillo refinery in Texas. Our earlier report Southern Copper Plans US$471 Million in Peru covers its Peruvian spending.
What It Means for US Readers
Southern Copper, 88.9% owned by Grupo México, reported its own third-quarter net income of US$1.80 billion, up 62.7%, in a US filing the same day. Our guide Copper in Latin America 2026: Mines, Prices and Politics explains why those prices matter for American buyers.
Copper is used in power grids, electric vehicles and data centres, so higher prices flow into US construction and manufacturing costs. Investors can follow the group’s filings in our Company Intelligence profile on Grupo México.
What Is Not Known
The company has not said when its Peruvian output will recover or how much extra copper its studies could add. It has also not given a date for the Ray and Hayden decisions in the United States.
Talks with the Mexican government over more than US$10.2 billion of planned investment, including the El Arco copper project, have no announced outcome. It is also unclear how much of the Grupo México profit will be passed to shareholders beyond the share dividend.
What Comes Next
Investors will watch how shares trade after the Grupo México profit report, which analysts at Ve por Más called better than consensus. Another Mexican listed company, covered in Qualitas Profit Beats Forecast by 23%, also reported on the same day.
The share dividend is due on 23 November 2026, and the next quarterly report will show whether copper output recovers. Prices of copper and silver will again decide the size of the Grupo México profit.
More: Mexico news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did Grupo México make in the third quarter?
Grupo México reported a net profit of US$1.97 billion for the three months to 30 September 2026, up 62.9%. Sales rose 37.9% to US$6.33 billion.
Did Grupo México beat analyst forecasts?
Yes, earnings came to about 26 US cents a share against 22 cents in the analyst consensus. Ve por Más, a Mexican brokerage, called the results better than expected.
Why did Grupo México profit rise so much?
Higher prices for copper, silver, molybdenum and zinc drove the Grupo México profit, with copper up 34.2% on average. Lower costs per pound of copper also widened margins.
Is Grupo México linked to US-listed companies?
Yes, it owns 88.9% of Southern Copper, which trades in New York and Lima. It also owns Asarco, a copper producer with operations in the United States.
What is the Grupo México dividend?
The board declared a share dividend of one share for every 194 held, payable on 23 November 2026. The company puts its value at about 1.26 pesos (about US$0.07) a share.
Sources: Grupo México, third-quarter 2026 results, 20 October 2026; Southern Copper, third-quarter 2026 results (SEC filing), 20 October 2026; Ve por Más, Grupo México 3T26 analysis, 20 October 2026.
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