Industrias Unidas, S.A. de C.V. Announces Updates to Fiscal Year 2025

By: Industrias Unidas, S.A. de C.V. via Business Wire

April 29, 2026 at 18:46 PM EDT

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Industrias Unidas, S.A. de C.V. (“IUSA” or the “Company”) has announced its audited results for the twelve months ended December 31 of 2025. Figures are audited and have been prepared in accordance with Mexican Financial Reporting Standards (“MFRS”), which are different in certain respects from Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). The results from any interim period are not necessarily indicative of the results that may be expected for a full fiscal year. Unless stated otherwise, reference herein to “Pesos”, “pesos”, or “Ps.” are to pesos, the legal currency of Mexico and references to “U.S. dollars”, “dollars”, “U.S. $” or “$” are to United States dollars, the legal currency of the United States of America. Except as otherwise indicated, all peso amounts are presented herein in pesos with purchasing power as of December 31, 2025, and in pesos with their historical value for other dates cited. The dollar translations provided in this document are calculated solely for the convenience of the reader using an exchange rate of Ps. 20.88 per U.S. dollar, the exchange rate published by Banco de Mexico, the country’s central bank, on December 31, 2025.

Twelve months ended December 31, 2025, compared to twelve months ended December 31, 2024.

The following table summarizes our results of operations for the twelve months ending December 31, 2025, and 2024:

	(Figures in Millions of Pesos)
	For the year ended December 31,
	2024	2025
Revenues	29,146.9	35,158.7
Cost of Sales	22,789.4	26,189.6
Gross Profit	6,357.5	8,969.1
Selling and Administrative Expenses	3,069.7	3,572.3
Operating Income (Loss)	3,287.8	5,396.8
Other Expenses - Net	(52.9)	(86.0)
Comprehensive Financing Result	(174.2)	14.8
Taxes and Statutory Employee Profit Sharing	913.2	1,416.7
Equity in Income (Loss) of Associated Companies	(88.7)	(6.6)
Consolidated Net Income (Loss)	2,058.8	3,902.3
D&A	422.3	422.6
EBITDA 1/	3,710.1	5,819.4

1/ EBITDA for any period is defined as consolidated net income (loss) excluding i) depreciation and amortization, ii) total net comprehensive financing result (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other Financing costs), iii) other expenses net, iv) income tax and statutory employee profit sharing and v) equity in income (loss) of associated companies. EBITDA should not be considered as an alternate measure of net income or operating income, as determined on a consolidated basis using amounts derived from statements of operations prepared in accordance with MFRS, or as an indicator of operating performance or to cash flows from operating activity as a measure of liquidity. EBITDA is not a recognized term under MFRS or U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activity as a measure of liquidity.

Our consolidated net income for the twelve months ended December 31, 2025, was Ps.3,902.3 million (US$216.7 million), compared to a net income of Ps.2,058.8 million in the same period of 2024. This change is primarily due to an increase in copper prices and the mix of products sold.

Revenues

Our net revenues for the twelve months of 2025 increased 20.6% to Ps.35,158.7 million (US$1,888.8 million) from Ps.29,146.9 million in the same period of 2024. This increase was driven mainly by the rise in copper prices which affected directly our final selling price in our copper products segment and the production of other non-copper related, with a better sales margin.

Our costs and revenues follow copper prices very closely since the market practice is to pass on to the buyer changes in raw material prices.

Our sales are primarily to customers engaged in commercial, industrial and residential construction, and their related maintenance and renovation activities. We also sell to customers engaged in electrical power generation, transmission and distribution and to the sectors of gas, water and air conduction in Heating, Ventilation, Air conditioning and Refrigeration (HVACR).

Our revenues consist mainly of sales of copper-based products (tubing, wire, cable and alloys) and electrical products.

By country of production, approximately 56.4% of our revenues in the twelve months ended December 31, 2025, came from products manufactured in Mexico and the remaining 43.6% from products manufactured in the U.S.

In terms of sales by region during the twelve months ended December 31, 2025, we derived approximately 49.0% of our revenues from sales to customers in the United States, 48.3% from customers in Mexico and 2.7% from the rest of the world (“ROW”).

Cost of sales

Our cost of sales in the twelve months ended December 31, 2025, increased by 14.9% to Ps.26,189.6 million (US$1,454.3 million) from Ps. 22,789.4 million in the same period of 2024. As percentage of revenues, cost of sales was 74.5% and 78.2% respectively.

We reduce our cost base through several initiatives, including plant scheduling, raw material handling, and overall manufacturing overhead costs. According to our accounting policies, we make an inventory valuation at average purchase price. In the case of copper cathodes, an aftermath adjustment is required due to the quotation period agreed with the suppliers (M+1). This initiative allows us to hedge purchases for 30 days at no additional cost. The adjustment is recorded to the cost of sales in the month in which it occurs.

Gross Profit

Our gross profit in the twelve months ended December 31, 2025, increased 41.1% to Ps.8,969.1 million (US$498.1 million) from Ps.6,357.5 million in the same period of 2024. As percentage of sales, gross profit in 2025 was 25.5% vs 21.8% in 2024.

Selling and Administrative Expenses

Our selling and administrative expenses in the twelve months ended December 31, 2025, increased 16.4% to Ps.3,572.3 million from Ps.3,069.7 in the same period of 2024.

Operating Income

Our operating income in the twelve months ended December 31, 2025, increased 64.1% to Ps.5,396.8 million (U.S. $290.8 million) from an operating income of Ps.3,287.8 in the same period of 2024. This result is mainly due to the growth in Cost of Sales and Selling and Administrative Expenses, which were less than proportional to growth in sales.

EBITDA

In the twelve months ending December 31, 2025 our EBITDA increased 52.9% to Ps.5,819.4 million (or US$323.2 million), from Ps.3,710.1 million in the same period of 2024. The corresponding depreciation and amortization figures are Ps.422.6 million for January to December 2025 and Ps.422.3 million for the same period of 2024.

Comprehensive Financing Result

The following table shows our comprehensive financing results for the twelve months ending December 31, 2024 and 2025:

	(Figures in Millions of Pesos)
	For the year ended December 31,
	2024	2025
Interest Expense	(359.9)	(326.6)
Interest Income	255.0	308.5
Exchange Gain (Loss) - Net	(44.6)	60.4
Other Financing Costs	(24.7)	(27.5)
Comprehensive Financing Result	(174.2)	14.8

Our comprehensive financing result in the twelve months ending December 31, 2025, was an income of Ps.14.8 million, compared to an expense of Ps.174.2 million in the same period of 2024.

Taxes and Statutory Employee Profit Sharing

The provision for current and deferred income taxes and statutory employee profit sharing in the twelve months ended December 31, 2025, was an expense of Ps.1,416.7 million compared to an expense of Ps.913.2 million in the same period of 2024.

Consolidated Net Income

Our consolidated net income for the twelve months ending December 31, 2025, was Ps.3,902.3 million (US$216.7 million), compared to a net income of Ps.2,058.8 million in the same period of 2024.

Liquidity and Capital Resources

Liquidity

As of December 31, 2025, we had cash and cash equivalents for Ps.1,270.4 million (U.S. $70.5 million). Our policy is to invest available cash in short-term instruments issued by Mexican and U.S. banks as well as in securities issued by the governments of Mexico and the U.S.

Our cash flow from operations and operating margins are significantly influenced by world market prices for raw copper, as quoted by COMEX and the London Metal Exchange (“LME”). Copper prices are subject to significant market fluctuations; average copper prices increased 14.3% in the twelve months ended December 31, 2025, to $4.82 US dollar per pound from $4.22 US dollar per pound in the same period of 2024.

We obtain short-term financing from various sources, including Mexican and international banks. Short-term financing consists in part of lines of credit denominated in pesos and dollars. As of December 31, 2025, our outstanding short-term debt, including the current portion of long-term debt totaled Ps.450.0 million (U.S. $25.0 million), all of which was dollar denominated.

On the same date, our outstanding consolidated long-term debt, excluding current portion thereof, totaled Ps.1,135.3 million (U.S.$63.0 million), all of which was dollar denominated.

Accounts receivable from third parties as of December 31, 2025, were Ps.5,674.5 million (U.S.$315.11 million). Days outstanding in the domestic market were 31 days as of December 31, 2025.

Debt Obligations

The following table summarizes our debt as of December 31, 2025:

Consolidated debt		December 31, 2025
		(In Millions of Pesos)
U.S. subsidiaries debt		0.2
Mexican debt		1,585.1
Total		1,585.3

This total includes the restructured debt of the Company, and partial prepayment of this obligation.

Capital Expenditures

For the twelve months ended December 31, 2025, we invested Ps.619.7 million (U.S. $34.4 million) in capital expenditure projects, mainly related to expansion of production and maintenance.

In the twelve months ending December 31, 2025, our capital expenditures were allocated by segments as follows: 59.7% to copper tubing, 0.5% to wire and cable, 9.4% to valves and controls, 1.3% to electrical products and the remaining and 29.1% to other divisions. By geographic region 41.3% of total capital expenditures were invested in our Mexican facilities and the remaining 58.7% in the U.S.

You should read this document in conjunction with the audited consolidated financial statements as of December 31, 2025, including the notes to those statements.