Financial Performance

GRI 3-3

In a global economic environment characterized in 2025 by volatility in energy costs and a slowdown in the construction industry, Grupo Lamosa demonstrated the robustness of its diversification strategy and the prudence of its management. It focused on preserving profitability through operational efficiency, while continuing to invest in strategic projects that support its long-term competitiveness.

Financial discipline remains a key priority for the organization. This is assured through rigorous financial planning, continuous monitoring of key performance indicators, and the implementation of cost-saving and productivity initiatives across all business units.

Consolidated Financial Summary

Grupo Lamosa’s financial performance over the past five years reflects its ability to sustain revenue growth, even in the face of demanding comparison bases and challenging market conditions.

GRUPO LAMOSA, S.A.B. DE C.V. AND SUBSIDIARIES

(Figures expressed in millions of current pesos)

	2021	2022	2023	2024	2025	VAR%
RESULTS¹
Net Sales	27,187	35,412	31,572	33,945	35,218	4
Foreign Sales²	10,363	14,868	11,919	14,392	14,986	4
Foreign Sales / Net Sales	38%	42%	38%	42%	43%
Operating Income	6,436	6,767	4,932	4,522	3,958	(12)
Operating Income / Net Sales	24%	19%	16%	13%	11%
Comprehensive Financing Cost	719	639	(20)	3,821	962	(75)
Consolidated Net Income	3,429	4,201	3,251	131	2,009
FINANCIAL POSITION
Total Assets	32,312	36,051	43,816	47,145	45,624	(3)
Total Liabilities	18,954	20,177	27,692	28,990	27,217	(6)
Stockholders’ Equity	13,358	15,873	16,125	18,156	18,407	1
Book Value per Share³	34.6	41.1	41.8	47.1	47.7	1
CASH FLOW
EBITDA⁴	7,334	8,102	6,206	6,208	5,832	(6)
Capital Expenditures⁵	5,601	4,008	8,950	1,282	2,884	125
PERSONNEL
Total Employees	9,737	11,299	11,543	10,829	10,960	1

(1) In accordance with applicable International Financial Reporting Standards (IFRS).

(2) Includes sales from foreign subsidiaries and export sales from Mexico.

(3) Based on a total of 385.8 million shares.

(4) Operating income plus depreciation, amortization and impairment.

(5) Includes investments in property, plant and equipment, intangibles and the acquisition of subsidiaries.

Net Sales

millions of pesos

27,187

35,412

31,572

33,945

35,218

Foreign Sales

millions of pesos

10,363

14,868

11,919

14,392

14,986

Operating Income

millions of pesos

6,436

6,767

4,932

4,522

3,958

Consolidated Net Income

millions of pesos

3,429

4,201

3,251

131

2,009

Comprehensive Financing Cost

millions of pesos

719

639

(20)

3,821

962

EBITDA

millions of pesos

7,334

8,102

6,206

6,208

5,832

Financial Performance

In an environment marked by a slowdown in the construction industry and elevated energy costs, Grupo Lamosa maintained its strong financial structure, enabling it to sustain operations and continue executing its capital expenditure plans in order to capture growth opportunities.

During 2025, the company made total investments of $2,870 million pesos, primarily allocated to the expansion and technological modernization of production facilities, as well as the adoption of new information technologies. This amount includes the second and final payment related to the 2023 acquisition of the Spanish company Baldocer, for an amount equivalent to €71 million euros.

To further underpin its market positioning and offer high-value products, during the third quarter of the year the company announced the construction of a new high-productivity ceramic tile plant in Tlaxcala, Mexico. The project contemplates an approximate investment of US$200 million, to be executed in phases over the next five years.

As of year-end 2025, Grupo Lamosa’s net debt was $16,128 million pesos, a 4% reduction compared to the previous year. The Net Debt-to-EBITDA ratio was 2.8x, in compliance with the company’s financial obligations under its credit agreements and on a downward trend, which will support the company’s continued growth.

During the first quarter of the year, Grupo Lamosa’s Annual General Stockholders’ Meeting approved, among other items, the payment of a cash dividend of $2.0 pesos per share, representing an 11% increase compared to the dividend declared in 2024.

In 2025, HR Ratings and Moody’s Local Mexico maintained the company’s “AA+” rating with a stable outlook, recognizing its revenue diversification, competitive market positioning and disciplined financial management, despite the challenging environment.

Grupo Lamosa will continue to execute a prudent financial strategy aimed at preserving its financial strength, maintaining its cash flow generating capacity, and strengthening its operational capabilities to support future growth.

Operating Performance

GRI 3-3

Tile Business

During 2025, the Tile Business faced a complex environment across all regions where it operates. The construction industry remained contracted, accompanied by weak demand, an unexpected tariff conflict with global impacts, and excess industry capacity that intensified competition.

Despite this situation, the business outperformed the industry, posting year-end sales of $25,008 million pesos and an annual growth of 4%.

To strengthen its leadership in the competitive environment, the company approved the largest organic growth investment in the history of the business. A capital expenditure of US$200 million is aimed at building a new high-productivity plant in Tlaxcala, under a five-year plan designed to enhance competitiveness and more efficiently serve the Mexican market.

Among the key achievements during the year was the startup of operations at a new high-technology plant in Argentina, focused on high value-added and large-format products, with the potential to serve the domestic market and open up new export opportunities.

Results in Spain exceeded expectations, enabling further progress in the integration of Roca and Baldocer operations into a single production hub. In addition, a new production line was launched in 2025 to support growth in high-value products and enhance customer service.

As part of the business’s portfolio diversification strategy, commercialization of both ceramic and non-ceramic products, such as LVTs (Luxury Vinyl Tiles), was intensified through specific sales channels. Additionally, capabilities were developed to manufacture and market ceramic slabs for applications such as kitchen countertops and furniture. This category, which has gained share versus natural stone, complements the business offering with a commercial model distinct from the traditional approach.

Throughout the year, the Tile Business continued participating in trade fairs and exhibitions, both in Mexico and internationally, showcasing new product lines aligned with market trends. These included “Expo Obra Blanca” in Mexico, “Coverings” in the United States, “Revestir” in Brazil and “Cersaie” in Italy.

Additionally, in 2025 the Tile Business held the ninth edition of the Firenze Entremuros Prizes, recognizing the work of leading architects and interior designers in Mexico. The prizes highlight talent, quality, functionality and design, while promoting sophisticated, high-value ceramic products.

During the year, the Tile Business once again demonstrated its agility in adapting to changing environments, maintained and strengthened its leadership across its markets, and expanded its ability to capitalize on opportunities in both traditional markets and new growth avenues.

Adhesives and Insulation Business

During 2025, the Adhesives and Insulation Business faced a complex environment characterized by a continued slowdown in the construction industry, particularly in new construction. Sector uncertainty led to the cancellation and suspension of projects, further impacted by tariffs that affected material availability, costs and the competitiveness of several products within the company’s portfolio. This context had a significant impact on FANOSA’s Insulation and Lightweight Materials Business.

Despite the challenging conditions and limited market dynamism, the Adhesives Business outperformed the industry, achieving sales of $10,205 million pesos, representing an annual growth of 4%. This achievement is particularly noteworthy given the high comparison base resulting from the business’s record performance in 2024.

Among the year’s key achievements was double-digit growth in stuccos, one of the company’s strategic priorities. The market is adopting these products well as an alternative to traditional mortar and plaster.

During the year, the new FANOSA plant in Rosarito, Baja California, designed to serve the insulation market in Southern California, began operations.

International Adhesives operations also delivered strong performance, with both Chile and Guatemala reporting double-digit revenue growth, expanding the business’s presence outside Mexico.

In terms of innovation, progress was made in developing products with lower environmental impact, reduced water requirements for installation and lower CO₂ emissions. These solutions respond to increasing demand from builders seeking sustainability certifications and the benefits associated with green construction.

Throughout the year, the Adhesives Business participated in various trade fairs and exhibitions, including “Obra Blanca” in Mexico City. It also carried out national campaigns such as “Nobody Installs Floors Like Crest” and organized events such as “Installer Day” to promote its products and enhance installer loyalty.

The Adhesives and Insulation Business is well positioned to continue diversifying and expanding its portfolio, accelerating growth in complementary product lines such as stuccos. It will also continue strengthening its international operations and implementing initiatives to drive sales of insulation and lightweight materials.