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Letter to our Stockholders

Without a doubt, 2021 was a transcendental year for Grupo Lamosa. In addition to posting record results, its different businesses made important acquisitions in accordance with the company’s growth and diversification strategy.

For the second consecutive year, changes in people’s lifestyle and consumption habits in response to the restrictions resulting from the COVID-19 pandemic meant that the home continued to be a vital space, with homeowners showing great interest in house remodeling, extension and improvement activities.

During 2021, the actions Grupo Lamosa had implemented in recent years to ensure that all its plants operate with state-of-the art technology, grow production capacity, expand its presence to other countries and anticipate consumers’ needs and requirements enabled it to take advantage of the extraordinary demand generated by increased house-remodeling activities in the different markets where the company operates.

Grupo Lamosa’s 2021 sales and EBITDA were $27,187 and $7,334 million pesos, respectively, showing growths of 40% and 73% compared to 2020. Moreover, at the end of the year, Grupo Lamosa was less dependent on the domestic market, with foreign sales representing 38% of total revenue.

In 2021, the company made acquisitions which had a significant strategic impact, strengthening its position across the Americas and extending its presence into Europe. During the first quarter, the company completed the acquisition of Eurocerámica in Colombia, a transaction that had been initiated at the end of 2020, and, during the third quarter, acquired the tile-producing business of Grupo Roca, a Spanish company with operations in Spain, Brazil and the United States.

Federico Toussaint Elosúa
Chairman of the Board and Chief Executive Officer

Another achievement of 2021 was HR Ratings raising Grupo Lamosa’s risk rating from “HRAA” to “HRAA+”, reflecting the company’s favorable operating and financial performance during the year.

In order to develop new avenues of growth and leverage the Adhesives Business’s current capabilities, during the fourth quarter of the year, Grupo Lamosa signed an agreement for the purchase of FANOSA, a leading Mexican manufacturer of expanded polystyrene (EPS) products that are mainly used for insulation and weight reduction in the construction and packaging industries.

Grupo Lamosa’s achievements in 2021 contributed to the continued materializing of the company’s vision, extending its geographical footprint into new markets and reducing its dependence on the domestic market.

Grupo Lamosa is grateful once more for the trust of its stockholders, the efforts of its people and the constant support of its creditors, distributors, customers and friends.