Grupo Mexico B de C : 01.2nd Quarter 2023 Report

RESULTS

Second Quarter 2023

Mexico City, July 27th, 2023

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

Despite an environment of lower copper prices and generalized inflation, during the first half of 2023, Grupo Mexico shows positive variations in revenues in its Three Divisions, an increase in consolidated EBITDA, and a solid rise in copper production and volumes transported. Grupo México will continue to focus on expansion to continue capturing opportunities in the various industries in which we operate.

Accrued revenues in 2Q23 reached US$7.32 billion-5.0% higher than in the same period of 2022-and grew 7.8% compared to 2Q22. The Mining Division achieved US$5.60 billion in revenues in 2Q23, 0.8% higher than in 2Q22 and 3.1% higher than in 2Q22. Despite copper prices (Comex) being -10.6%lower than 1H22 and -11.3%lower than 2Q22. The Transportation Division achieved accrued revenues of US$1.57, 19.6% higher than in 2022 and 20.9% higher than in 2Q22. The Infrastructure Division achieved US$335 million in accrued net revenues, an increase of 6.5% vs. 2022, and 6.3% over 2Q22.

1H23 accrued copper production showed a 6.3% recovery versus 1H22, reaching 511,738 tons, showing an increase in production in all our operations led by an accrued increase of 18.3% in Peru, due to higher recovery and the normalization of production at Cuajone. During 2Q23, production rose 9.2%, mainly due to a 20.5% increase in production in Peru as a result of higher ore grades at Toquepala, as well as higher production in Mexico and Asarco.

In the face of the prevailing generalized inflationary environment on a global level, the Mining Division had a global net cash cost of US$1.16 in 1H23, an increase of 10.2%, mainly due to higher production costs and lower zinc and sulfuric acid byproduct credits. During 2Q23, global net cash cost settled at Us$1.32-a 1.1% increase versus the same quarter of the previous year.

Nonetheless, we still have the best cost in the copper industry worldwide.

Accrued EBITDA totaled US$3.73 billion-3.0% above the same period of the previous year, and 14.6% higher QoQ. During 1H23, the Mining Division obtained US$2.83 billion in EBITDA-2.8%lower than in 2022; however, it showed a 9.8% increase during 2Q23. The Transportation Division posted record EBITDA of US$747 million during 1H23- a 26.1% hike from the previous year, and 29.0% greater during 2Q23. In the Infrastructure Division, accrued EBITDA reached US$162 million-28.2%higher compared to 1H22, and 22.3% greater during the quarter.

Accrued net profit totaled US$1.60 billion. Consolidated profit in 2Q23 was US$668 million.

Capital investments during 1H23 totaled US$747 million. During the quarter, they amounted to US$412 million. Our investment program for 2023 is US$1.83 billion in a variety of continuous improvement and expansion projects that result in a positive impact in the countries and communities where we operate.

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SECOND QUARTER RESULTS 2023

Dividend. - On July 21, 2023, the Board of Directors decreed the payment of a cash dividend of $0.80 pesos per share outstanding, to be made in a single installment as of August 28th, 2023. This dividend implies an annualized dividend yield of 3.7%.

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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SECOND QUARTER RESULTS 2023

Relevant Events

Grupo México

Grupo México is the third largest company in the country in terms of market capitalization and securitization, as well as 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 30,000 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.

FSRR - Agreement with the Federal Government. - On May 31, 2023, an agreement was signed with the Federal Government, providing for the delivery of the railroad sections between El Chapo-Coatzacoalcos, Coatzacoalcos- Medias Aguas and Hibueras-Minatitlan, which total 127 kilometers of main track. It was agreed that, based on the replacement value of assets, Ferrosur will receive an extension of the original terms of its concession until the end of the original duration of the concession in 2048, and an extension of the duration of said concession for an additional eight years on the same terms.

By virtue of this agreement, Ferrocarril del Istmo de Tehuantepec S.A. De C.V., will be solely responsible for the optimum safety conditions and the costs and expenses resulting from the operation and maintenance of the track, sidings and yards in the aforementioned sections. Ferrosur will only have to cover the fee corresponding to its right of way.

Ferrosur retains full rights of way in the aforementioned sections and in the Medias Aguas to Salina Cruz section. The company will continue to offer quality rail freight service to its customers.

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

Focus on prevention and risk management. As of the second quarter of this year, 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. Our efforts to prevent environmental and safety risks are backed by these management systems and they are aligned with the best international practices as evidenced by the ISO certifications obtained. Building on this, we are taking an important step towards the recognition of our responsible copper production within the framework of The Copper Mark certification.

At Grupo México, we are committed to road safety, and we recognize that investing in adequate infrastructure is a crucial part of this commitment. We are committed to guaranteeing the transfer of cargo to its ultimate destination safely and efficiently, without accidents or delays. During 2023, we have invested MXN$16.2 million in infrastructure 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 this objective.

In line with our corporate Environmental policy, during this quarter we have formalized protocols for Sustainable Water Management, Biodiversity, and Closure of Operations in the Mining Division. Within these protocols, we established our priorities and the means by which our operations address the increasingly demanding environmental challenges.

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SECOND QUARTER RESULTS 2023

In terms of biodiversity, 464 hectares were reforested during the second quarter of 2023, 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.

Positive impact on the communities where we operate. As part of our Community Wellbeing program (health campaigns), we have aided over 900 women from the neighboring communities near to our operations in Southern Peru, during which we carried out an itinerant health campaign to prevent breast and cervical cancer.

Regarding water investments to support communities, 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, carried out under the Works for Taxes (Obras por Impuestos) iniciative, received an investment of USD $2.8 million, and has benefited 137 families. Similarly, we invested USD $5.76 million during this quarter to improve water distribution in the towns of Nacozari and Cananea, Mexico, positively impacting the lives of 53,800 residents.

During the second quarter, Dr. Vagón, managed by the Grupo México Foundation, celebrated its 9th anniversary of providing free medical services to low-income communities in the country, becoming a symbol of accessible and trustworthy healthcare for those in greatest need. In its mission to bring medical attention to vulnerable communities, Dr. Vagón has grown progressively. It started with 7 train cars whereas now it operates 17 fully equipped cars with top-qualitymedical infrastructure, capable of conducting up to 42 laboratory tests and specialized studies, as well as the addition of an operating room for safe medical interventions. Moreover, during this second quarter, Dr. Vagón made its first visit to the capital of the state where it originated, Chihuahua, Chihuahua, where it offered its medical services.

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SECOND 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 within the Buenavista deposit, where we have built a new concentrator. 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 provide more than 2,000 jobs on the operating front.

Project update: the capital budget for the project is $416 million, most of which has already been invested. Progress is 98%; we have initiated vacuum testing at the plant and expect to initiate operations in August 2023.

Pilares, Sonora. - This project is located in Sonora, 6 km away from the La Caridad mine, and consists of an open pit mine with an annual production capacity of 35,000 tons of copper in concentrates. This project will significantly improve the total ore grade (combining the expected 0.78% from Pilares with the 0.29% from La Caridad).

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

El Pilar, Sonora. - This new low-capital-intensive copper project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains proven and probable estimated reserves of 317 million tons of ore with an average copper grade of 0.249%. El Pilar will operate as a conventional open pit mine with an annual production capacity of 36,000 tons of copper cathode using highly cost-efficient and environmentally friendly SX/EW technology. The budget for El Pilar is US$310 million.

Project Update: The results on the pads in the leaching process confirm that there are adequate levels of copper recovery. The basic engineering study has been completed and the Company continues to develop the project and environmental activities on site. Detailed engineering is being developed by top tier engineering and technology firms. We expect production to begin during 2025, with a mine life of 13 years.

El Arco, Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves exceeding 1.23 billion tons with an ore grade of 0.40%; 141 million tons of leaching

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