As a result of the intensive investment deployed in the last 20 years, during 2021, Grupo México achieved record
revenues and EBITDA, driven mainly by excellent results in the Mining Division, given higher metal prices of copper
and byproducts and the recovery of volumes transported in the Transportation Division.
We view the future with optimism, given the positive environment of copper prices and our growth projects in the
Mining Division, as well as volume growth in Transportation, to generate excellent results for the benefit of our
stakeholders.
Accrued revenue during 2021 reached US$14.78 billion, a record in the history of Grupo México, 35.5% higher than
in 2020 and 17.4% higher during 4Q21. The Mining Division achieved revenues of US$12.09 billion in 2021, a
record for the Division, 41.1% higher than in 2020 and 17.8% higher during 4Q21, mainly due to a favorable
environment of Copper prices in the year (+51.4%), as well as higher prices of all our byproducts: Molybdenum
(+82.4%), Zinc (+32%), Silver (+22.1%), and Gold (+1.7%), which offset the decrease in production. In the
Transportation Division, revenues totaled US$2.52 billion, 16.9% higher than in 2020 and 16.5% more during 4Q21,
mainly due to higher volumes transported (+10.2%) in the year. The Infrastructure Division achieved US$558 million
in accrued net revenues, an increase of 5.7%, during the year and of 8.7% in 4Q21.

During 2021, an excellent metal price environment was maintained, which offset the drop in production, given the
optimized mining plan for 2021 and 2022 that suggested mining through areas with lower ore grades, that will
increase in the following years. We managed to keep the production of molybdenum, our main byproduct, stable
and slightly increased our gold production. Copper production totaled 1,084,806 tons, 3.9% below 2020 and 7.2%
lower during 4Q21. Molybdenum production remained in line with the previous year, totaling 30,261 tons and was
5.6% higher in 4Q21, mainly due to higher production in Toquepala during 2021. Copper sales were lower than
production during 2021 due to the absence of third party concentrate purchases as well as some delays in
shipments as a consequence of the pandemic.

The Mining Division showed an improvement in global net cash cost of 1.9% for 2021, which decreased from
US$0.86 to US$0.84, due to higher byproduct credits, confirming Grupo México’s ability to remain the company
with the lowest net cash cost in the world, even in an inflationary cost environment. Total cost increased by 17.5%
from US$1.46 to US$1.72, due to an overall hike in the cost of production and in costs per unit generated by lower
production.
Grupo México held on to the first place worldwide in copper reserves.

Accrued EBITDA reached US$8.93 billion during 2021, a record figure for the Group, 66.5% above the previous year
and 26.3% higher in 4Q21. The Mining Division achieved record EBITDA of US$7.58 billion in 2021, 82.4% higher
than in 2020 and 30.3% higher during 4Q21. The Transportation Division obtained an EBITDA of US$1.12 billion in
2021, increasing 18.9% in the year and 16.9% above 4Q20. The Infrastructure Division achieved US$229 million in
EBITDA in 2021, 14.4% lower than in 2021, and 13.7% lower than in 4Q20, mainly due to the adjustment of quotas
in PEMSA, a mismatch in projects in Constructora, and lower exchange rate gains.

Consolidated net income in 2021 was US$3.60 billion. The profit for 4Q21 was US$845 million.
Capital investments during 2021 reached US$1.36 billion, a 22.2% increase compared to 2020, due to progress in
growth projects. Our investment program for 2022 is approximately US$2.27 billion at a consolidated level in
different projects that will be sources of economic growth, job creation, and wellbeing for the countries where we
operate.
Dividend. - On January 28, 2022, the Board of Directors decreed the payment of a cash dividend of $1.75 pesos
per share outstanding, to be made in a single installment as of March 4, 2022. This dividend implies an annualized
dividend yield of approximately 8.0%, similar to the yield in previous quarters.
All figures are stated in dollars ("US$"), 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.

Fourth Quarter
(Thousand US Dollars) 2021 2020 US$000 % 2021 2020 US$000 %
Sales 3,776,303 3,216,954 559,349 17.4 14,776,738 10,909,181 3,867,557 35.5
Cost of Sales 1,459,502 1,473,569 (14,067) (1.0) 5,562,558 5,297,736 264,822 5.0
Operating Income 1,840,811 1,314,842 525,970 40.0 7,467,199 3,958,016 3,509,184 88.7
EBITDA 2,190,383 1,734,915 455,468 26.3 8,927,252 5,362,988 3,564,264 66.5
EBITDA Margin (%) 58.0% 53.9% 60.4% 49.2%
Net Income (Whitout
equity securities) 985,033 879,135 105,897 12.0 4,351,780 2,179,968 2,171,811 99.6
Net Income 844,860 1,077,033 (232,173) (21.6) 3,599,609 2,118,435 1,481,175 69.9
Profit Margin (%) 22.4% 33.5% 24.4% 19.4%
Investments / Capex 343,609 402,597 (58,988) (14.7) 1,361,906 1,114,692 247,213 22.2

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.

see & read more on
https://www.gmexico.com/GMDocs/Home/Eng/4th_Quarter_2021_Report.pdf