2Q23 Results

JULY 2023
2Q23 RESULTS DISCLAIMER

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financial information

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for the period ended on June 30, 2023.

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Grupo México’s Mining Division Transportation Division Infrastructure Division Q&A Session
Main Highlights Main Highlights Main Highlights Main Highlights

04p 10p 16p 21p 24p

Contents

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2Q23 RESULTS MAIN HIGHLIGHTS

01 Main Highlights
ESG Highlights

Scorecard
Financial Highlights

Balance sheet

Debt Maturity Profile

2Q23 RESULTS GRUPO MEXICO

ESG Highlights
Sustainability is a key pillar of Grupo México’s business model.

Risk Management As of the 2Q23, all the operating units of the Mining Division have
successfully obtained the ISO 14001 certification in Environmental
management and ISO 45001 in Occupational health and safety
management, thus meeting the goal set in 2018.

Safety and During 2023, we have invested MXN$16.2 million in infrastructure

Health dedicated to the rehabilitation of different Level Crossings in
Mexico, and since 2018 we have invested over MXN$260 million as
part of our efforts to achieve the accident-reduction objective.

Biodiversity 464 hectares were reforested during the quarter, a surface area ten
times larger than the one impacted by our mining operations during
the same period. We set this objective two years ago with the
purpose of gradually, but definitively, reducing our historical
environmental footprint.

Water Investments We have been recognized by the state agency "Pro Inversión" for the
successful implementation of the Rural Drinking Water and
Sanitation Project in the Yacango Village, located in the district of
Torata in Peru. This project was carried out under Works for Taxes.

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 2Q23 RESULTS GRUPO MEXICO

US$7,316M US$3,733M 511,738 TONS

OF CU

1H23 SALES 1H23 EBITDA 1H23 PRODUCTION

5.0% vs 1H22 3.0% vs 1H22 6.3% vs 1H22

14.6% vs 2Q22
7.8% vs 2Q22 9.2% vs 2Q22

P$0.80
Mainly due to an increase in copper production,
record high metrics in the Transportation Division
and exceptional financial performance in the

US$1.16
Infrastructure Division.
2Q23 DIVIDEND /LB

1H23 NET CASH COST

US$2,962M 3.7% +10.2% vs 1H22

1H23 OPERATING INCOME +1.1% vs 2Q22
2Q23 DIVIDEND YIELD
0.5% vs 1H22
14.2% vs 2Q22

Scorecard Financial performance supports shareholder returns

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2Q23 RESULTS GRUPO MEXICO

Financial Highlights

USD 2Q23 2Q22 VAR % 1H23 1H22 VAR%

REVENUE (MM) 3,454 3,203 7.8% 7,316 6,967 5.0%

OPERATING INCOME (MM) 1,232 1,079 14.2% 2,962 2,948 0.5%

EBITDA (MM) 1,628 1,420 14.6% 3,733 3,626 3.0%

EBITDA MARGIN 47.1% 44.4% 51.0% 52.0%

CASH COST 1.32 1.31 1.1% 1.16 1.05 10.2%

DIVIDEND PER SHARE ($MXN) 0.80 1.00 1.80 2.50

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 2Q23 RESULTS GRUPO MEXICO

Grupo Mexico maintains Dividend Payments

a solid balance sheet $1.50

1Q 5.9%
2021
Low leverage
2Q $1.75
7.4%
94% of the debt has a fixed rate 7.2% Average

2021
3Q $1.75
7.4%

4Q $1.75
8.1%

Debt 1Q $1.50
6.3%
2022
0.4x Net Debt/EBITDA ratio 2Q $1.00
5.1%
5.2% Average

2022
3Q $0.75
4.7%
$1.00
4Q

24%
4.8%

76%
US DOLLARS
MEXICAN 2023
PESOS 1Q $1.00 4.4%

2023 3.7%
4.1% Average
2Q $0.80

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1Q23 RESULTS GRUPO MEXICO

Debt Maturity US Millions

Profile 2023

2024

2025
133
242
763
2026 51
2027 946
2028 210
MINING DIVISION 2029 486
2030 59
2031 64
TRANSPORTATION DIVISION
2032 68
2033 19
INFRASTRUCTURE DIVISION 2034 21
2035 1,021
2036 22
2037 24
2038 25
2039 26
Comfortable maturity schedule. 2040 1,114
2041 -
2042 1,200
No significant payments until 2035. 2043 -
2044 -
2045 1,500

Cash reached US$6.5Bn. 2046 -

2047 -
2048 -
2049 -
2050 1,000

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2Q23 RESULTS MINING DIVISION

02 Mining Division
Copper Market

Financial Highlights
Projects Update

Continuous Value Creation

2Q23 RESULTS MINING DIVISION

Copper Market

Outlook
Reduction in global inflation.
LME Copper Price

Slowdown in interest rates hikes.

4.32
2Q22 Slowdown of the Chinese economy.

-10.9%
Expected market balance in 2023.
2Q23

3.85 Low copper inventories.

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 2Q23 RESULTS MINING DIVISION

US$5,604M US$2,834M 511,738

1H23 SALES 1H23 EBITDA TONS OF COPPER IN 1H23

1H23 sales were 0.8% higher than in 2022, even
though copper price (Comex) was 10.6% lower than
in 1H22 and 11.3% lower vs 2Q22.
+3.1% vs 2Q22.
During 1H23, 2.8% lower than in 1H22, with a 6.3% higher vs 1H22, mainly due to an increase
50.6% margin. in production in all our operations led by a
cumulative increase of 18.3% in Peru due to a
higher recovery and the normalization of
9.8% higher than 2Q22. production in Cuajone.

9.2% higher than 2Q22.

US$1.16 COST LEADER IN THE

INDUSTRY WORLDWIDE US$550M
1H23 NET CASH COST CAPEX

10.2% higher than 1H22, given an increase in the In 1H23.

production cost and by lower zinc and sulfuric acid
by-product revenue credits.

Financial Highlights 1H23

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2Q23 RESULTS MINING DIVISION

Projects Update
Project Quarter Highlights

Pilares Pilares, Sonora, Mexico:

This project will significantly improve the overall mineral ore grade,
considering the 0.78% expected from Pilares with 0.29% from La Caridad.

The investment budget is US$176 million, of which $131 million has been
invested. Pilares is currently operating and delivering copper mineral to
the facilities of the Caridad operation.

Buenavista Buenavista Zinc, Sonora, Mexico (3Q23):

Zinc
The capital budget for the project, which is $416 million, has mostly been
invested.

Progress is 98%; and we have initiated vacuum testing at the plant and
expect to initiate operations in August 2023.

El Pilar El Pilar, Sonora, Mexico (2025):

The basic engineering has been completed, and the Company continues
developing environmental activities on site.

Project engineering is being developed by top ranked engineering and

technology corporations.
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2Q23 RESULTS MINING DIVISION

Projects Update
Long Term Project Quarter Highlights

Los Chancas Los Chancas, Apurimac, Peru (2030):

As of June 30, 2023, part of the project’s land continued to be occupied by

illegal miners, 75 of whom have irregularly registered their stakes in the
“Integral Registry of Mining Formalization” (REINFO).

The Company has requested, and the Authority has ordered, the exclusion
of these informal miners from the REINFO, so they are now all illegal
miners. The Company has also filed criminal complaints and other legal
remedies to physically expel the illegal miners from the Project and
confiscated illegal mined ore.

El Arco El Arco, Baja California, Mexico (2030):

The Company has completed the environmental baseline study,

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.

Michiquillay Michiquillay, Cajamarca, Peru (2032):

In 2023, in accordance with our social agreements with the Michiquillay and
La Encañada communities, the Company began to contract unskilled labor
as well as the payment for the use of surface land.

We continue exploration activities on this project and currently we have

installed 10 drilling platforms.
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2Q23 RESULTS MINING DIVISION

Continuous Value Creation

Robust Pipeline
Region
Region
Peru
Mexico
Project
Project
Growth Projects Los Chancas
Pilares
Production
Production
7.5k tons Mo
35k tons Cu
130k tons Cu
USD
USD
$176M
$2.6 Bn

Region Region

Mexico Region Region Mexico Region

Project Mexico Peru Project Peru

Buenavista Zinc Project Project El Arco Project

Production El Pilar Tia Maria Production Michiquillay

20k tons Cu Production Production 190k tons Cu Production

100k tons Zn 36k tons Cu 120k tons Cu 105k Oz Au 225k tons Cu

USD USD USD USD USD

$416M $310M $1.4 Bn $2.9 Bn $2.5Bn

2023 2025 2026 2030 2032

Board Approved Other Projects
+211k tons Cu | +100k tons Zn +545k tons Cu

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2Q23 RESULTS TRANSPORTATION DIVISION

03 Transportation
Division
Financial Highlights
1H23 Highlights

Main Variations
Operating Metrics

CAPEX 2023
 2Q23 RESULTS TRANSPORTATION DIVISION

Financial Highlights
1H23 – Most of the segments show positive variations in revenue and transported volumes.
Sales and EBITDA reached record highs.

US$1,573M US$747M Transported volume

1H23

1H23 SALES 1H23 EBITDA NET TON-KM CARLOADS

+7.2% +0.5%
A 19.6% increase vs 1H22, mainly driven by a positive 26.1% higher than 1H22.
performance of most of the segments, led by the
Automotive segment with an increase of 52% in 47.5% margin.
revenues and 36% in net tons-km. +250bps improvement. vs 1H22.

EBITDA increased 29.0% vs 2Q22. 945,271 cars hauled during 1H23.

475,341 cars hauled during 2Q23.

US$232M P$0.50
1H23 NET INCOME 2Q23 DIVIDEND
During 1H23, a 30.5% increase vs 1H22.

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2Q23 RESULTS TRANSPORTATION DIVISION

Main Variations
Revenue 2Q23

% REVENUE GROWTH

50% Automotive: Production increase and market share gains from major auto makers and new import volumes from Asian brands.

18% Cement: Volume growth from all major Cement companies due to longer hauls and increase in cement demand in Mexico and USA.
High
Industrial: New railcar production continues to grow substantially and market share gains in domestic distribution for retail due to new
14% boxcar fleet.
45%
12% Chemicals: Freight of plastic resins recovery due to more competitive prices' vs Asia and market share gains and higher volume of
fertilizers in Topolobampo because of terminal expansion and crop season in Mexico.

7% Metals: Increased imports of slabs for steel production, partially offset by a decrease in scrap metal demand.

Agricultural: Import increase of corn and soybean from the US, partially offset by a slow start of Mexico’s crops because of a price
7%
Medium 33% disagreement between producers and buyers.

Energy: Import of refined products continue to grow, partially offset by a decrease in fuel oil exports because it’s being used for energy
5% production in Mexico and refinery maintenance shutdown.

Intermodal: Increase in MX domestic distribution due to new capacity, increase in MX international from ports with longer hauls, offset by
-5% a slowdown in US Florida South hauls due to long inventories in the Caribbean and a slowdown in retail across de US.
Negative 22%
Minerals: Less iron ore freight due to the shutdown of one of the largest steel producers in MX and maintenance shutdown of another of the
-10.2%
major producers.

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 2Q23 RESULTS TRANSPORTATION DIVISION

Operating Metrics
1H23 VS 1H22

Average train speed Dwell time Cars velocity

(KM/HR) (HOURS) (KM/DAY)
+4.0% -17.0% 6.0%

25.8 273.1
37.3 1H22
1H22 1H22

1H23
1H23 1H23

38.6 21.4 290.2

Average train length Gross tons per train Crew starts

(METERS) (TONS) (AVERAGE MONTH)
-6.0% -6.0% +14.0%

1,929 6,321 9,604

1H22 1H22 1H22

1H23 1H23 1H23

1,806 5,967 10,918

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 2Q23 RESULTS TRANSPORTATION DIVISION

CAPEX GMXT 2023

Million USD

Description 2023 Main Projects

• New Rail & Ties (1)
• Locomotive overhauls
Maintenance $245.7
• Rail maintenance
• Bridges
• Surfacing

Growth $133.4 • “Pesqueria” strategic Project (3)

• Box cars, hoppers, multilevels &
intermodal equipment acquisition
• Sales & Marketing Project’s
• Intermodal Terminal (4)
• Jacksonville - Sunbeam Double Track (5)

Special Projects $50.6 • “El Mexicano” Tunnel Rehabilitation (6)

• Celaya Bypass (7)
• Monterrey Bypass (8)

Efficiency $18.1 • Track Equipment

• Construction and reconfiguration of yards
• Digital Infrastructure

$447.8
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2Q23 RESULTS INFRASTRUCTURE DIVISION

04 Infrastructure
Division
Financial Highlights
Relevant Events
 2Q23 RESULTS INFRASTRUCTURE DIVISION

US$335M US$37M US$162M

1H23 SALES 1H23 NET INCOME 1H23 EBITDA
6.5% higher than 1H22, given by reaching results that In 1H23, 48.0% higher than in 1H22. 28.2% higher vs 2022, with a 48.3% margin.
surpass our initial expectations across all business units
as a result of our continuous commitment to operational An increase of 22.3% vs 2Q22.
excellence, along with the increased daily quotas of our
6 drilling rigs, improved cost-efficiency in the Energy
sector, higher traffic volume and tariff adjustments in
Toll Roads, enhanced production levels in Construction
and Engineering, and the successful integration of Real
Estate operations into our Division's results since April
19th.

Sales were 6.3% higher vs 2Q22.

Financial
Highlights
1H23
Exceptional financial performance as we continue to make progress towards
our strategic objectives and growth within all our business units

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2Q23 RESULTS INFRASTRUCTURE DIVISION

Relevant Events
Oil rigs Uninterrupted operations
Perforadora Mexico achieved a remarkable operational efficiency of 99.2%, cost reductions, and continuous
improvement in profitability. By the end of 2Q23, accumulated net sales reached US$102MM and EBITDA
US$54MM, increasing 34% and 57% respectively, due to higher daily quotas of +37% versus 2022. Our
unwavering focus on efficiency remains a top priority as we strive to foster growth and achieve
unparalleled success within the industry.

Toll roads 35.6% Net Sales and 36.3% EBITDA Improvement

Our financial performance during 2Q23 continued exhibiting exceptional results, reporting cumulative
sales of US$32MM and EBITDA of US$21MM surpassing the performance of the previous year. Increased
tariffs due to inflation, coupled with a sustained growth in daily traffic of +9% vs. 2022, has led to a
substantial upswing in revenue which has played a pivotal role in reinforcing the overall profitability of Toll
Roads.

Planigrupo New Real Estate Business Unit

The integration of this newly acquired business unit into the Infrastructure Division was successfully
completed on April 19th, leading to the consolidation of US$14MM in revenues and US$9MM in EBITDA by
the end of the second quarter of 2023. On a cumulative basis through June, higher revenues of +20% have
been reported compared to the previous year, primarily attributed to the rise in rental incomes and fees,
along with improved occupancy rates of 94.6% (pre-pandemic levels).

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 05 Q&A 2023

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JULY 2023

2Q23 Results