Ternium (TX) Company Report

Analyst Coverage

Research analysts who have asked questions during Ternium earnings calls.

Carlos de Alba

Morgan Stanley

7 questions for TX

Also covers: AA, AR, BVN +14 more

Rafael Barcellos

Bradesco BBI

6 questions for TX

Also covers: CSNA3.SA, GGB, SCCO +2 more

Alfonso Salazar

Scotiabank

4 questions for TX

Also covers: SCCO, SUZ

Caio Ribeiro

Bank of America

3 questions for TX

Also covers: CSNA3.SA, GGB, PBR +3 more

Timna Tanners

Wolfe Research

3 questions for TX

Also covers: AA, AMRZ, ATI +20 more

Alex Hacking

Citigroup

2 questions for TX

Also covers: AA, ARCH, CLF +9 more

Caio Greiner

BTG Pactual

2 questions for TX

Also covers: GGB, SID, SUZ +1 more

Emerson Vieira

Goldman Sachs

2 questions for TX

Also covers: GGB, SCCO, SQM

John Brandt

HSBC

2 questions for TX

Kyle Graeter

UBS

2 questions for TX

Rich Emmerson

Goldman Sachs

2 questions for TX

Alejandro DeMatteo

Jefferies Financial Group Inc.

1 question for TX

Camilla Barter

Bradesco BBI

1 question for TX

Enrique Marquez

Goldman Sachs Group, Inc.

1 question for TX

Also covers: SUZ

Henrique Marquez

Goldman Sachs

1 question for TX

Marcio Farid Filho

Goldman Sachs

1 question for TX

Also covers: CSNA3.SA, ERO, GGB +5 more

Latest news

Recent press releases and 8-K filings for TX.

Ternium Reports Resilient 2025 Results and Outlines Future Capital Allocation

Earnings

Guidance Update

New Projects/Investments

Ternium reported resilient results in 2025, achieving $250 million in cost savings and a 10% EBITDA margin. Net income for Q4 2025 was $171 million, and cash generated by operations reached $2.3 billion in 2025. The company anticipates a sequentially higher adjusted EBITDA in Q1 2026.
The company is completing its Pesquería facility expansion, with the new cold rolling mill and galvanized line now operational, and the slab plant expected to start up by the end of 2026, supported by a $1.25 billion green financing facility secured in 2025.
Capital expenditures are projected to decrease from $453 million in Q4 2025 to around $2 billion in 2026, $1.2 billion in 2027, and $800 million in 2028. An annual dividend of $2.7 per ADS for FY 2025 was proposed, maintaining the 2024 level. Due to high CapEx and dividend payments, Ternium expects to move to a net debt position in 2026 at very low levels, with cash recovery anticipated in 2027.
Ternium highlighted significant trade measures, including Mexico raising import tariffs on steel from 25%-35% for non-free trade agreement countries, and ongoing USMCA negotiations which could impact North American market pricing and volumes.

Feb 18, 2026, 1:30 PM

Transcript

Ternium Provides 2026 Outlook, CapEx, and Strategic Updates

Guidance Update

New Projects/Investments

Dividends

Ternium expects profitability to improve in 2026, aiming for a 15% EBITDA margin by year-end, driven by cost reduction and operational efficiency.
Capital expenditure is projected at $2 billion for 2026, decreasing to $1.2 billion in 2027 and $800 million in 2028. This significant CapEx will lead to a net debt position in 2026 from $700 million net cash at the end of 2025, with cash recovery expected in 2027.
The company anticipates volume increases in Q1 2026, primarily from Mexico, with the southern region recovering in Q2 2026.
Trade measures in Brazil (anti-dumping, increased import taxes) and Mexico (dumping investigation against cold-rolled imports from the U.S., Malaysia, and China) are expected to support local producers and fair competition.
The Pesquería upstream project is strategically focused on the automotive industry to meet USMCA requirements, increase sales volumes, and generate cost savings by replacing purchased slabs.

Feb 18, 2026, 1:30 PM

Transcript

Ternium Announces Q4 and Full Year 2025 Results

Earnings

Dividends

New Projects/Investments

Ternium reported Adjusted EBITDA of $395 million with a 10.5% margin for Q4 2025, contributing to a full-year 2025 Adjusted EBITDA of $1,541 million and a 10% margin.
Net income for Q4 2025 was $171 million, recovering from a loss in Q3 2025 due to the absence of a significant deferred tax asset write-down.
The company generated $1,044 million in cash from operations in Q4 2025, bringing the full-year 2025 total to $2,314 million.
CAPEX decreased to $463 million in Q4 2025 as the downstream project in Pesquería was completed, with a full-year 2025 CAPEX of $2,501 million which is expected to decrease in 2026.
An annual dividend proposal of $2.70 per ADS was made for 2025.

Feb 18, 2026, 1:30 PM

Presentation

Ternium Reports Q4 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Ternium reported a slight sequential decline in adjusted EBITDA for Q4 2025, with net income totaling $171 million. The company anticipates a sequentially higher adjusted EBITDA in Q1 2026, driven by an increase in EBITDA margin and shipment growth.
The company expects capital expenditures to decrease to approximately $2 billion in 2026 from $453 million in Q4 2025 and $2.3 billion for the full year 2025. Ternium projects moving from a net cash position of $700 million at the end of 2025 to a net debt position in 2026 due to significant cash usage for CapEx and dividends. The board proposed an annual dividend of $2.7 per ADS for fiscal year 2025, consistent with 2024.
Ternium is optimistic about profitability improving in 2026, supported by cost reduction, operational efficiency, and global efforts against unfair trade practices. While Mexico's apparent steel consumption decreased 10% in 2025, the market is estimated to grow 4% in 2026, with Ternium aiming to gain market share. Brazil's recent anti-dumping measures are expected to have a gradual impact on prices. The Pesquería upstream project is strategically focused on the automotive industry to meet future USMCA requirements, aiming to increase sales volumes and reduce costs.

Feb 18, 2026, 1:30 PM

Transcript

Ternium S.A. Reports Q4 2025 Results, Announces Usiminas Stake Increase and Dividend Proposal

Earnings

M&A

Dividends

For the year ended December 31, 2025, Ternium S.A. reported net sales of $15,609,094 thousand and profit for the year of $303,095 thousand, with basic and diluted earnings per share of $0.22. This compares to net sales of $17,649,060 thousand, profit of $173,781 thousand, and EPS of ($0.03) for the year ended December 31, 2024.
As a subsequent event, Ternium acquired an additional 153.1 million ordinary shares in Usiminas for approximately $315.2 million, increasing its participation in the Usiminas control group from 51.5% to 83.1%. This transaction closed on February 10, 2026.
The Board of Directors intends to propose an annual dividend of $0.27 per share ($2.70 per ADS), totaling approximately $530 million, for the 2025 annual accounts, subject to approval at the Annual General Shareholders' meeting on May 12, 2026. An interim dividend of $0.09 per share was paid on November 12, 2025, with the remaining $0.18 per share proposed for payment on May 15, 2026.
Effective January 1, 2026, Usiminas' functional currency will change from the local currency to the US dollar, a decision expected to significantly reduce the volatility of foreign exchange movements.

Feb 18, 2026, 11:57 AM

6-K

Ternium S.A. Announces Fourth Quarter and Full Year 2025 Results

Earnings

Dividends

Guidance Update

Ternium S.A. reported net income of $171 million and Adjusted EBITDA of $395 million for the fourth quarter of 2025. For the full year 2025, net income was $303 million and Adjusted EBITDA was $1.541 billion.
For the full year 2025, steel products shipments decreased by 4% to 15.060 million tons, while mining segment shipments increased by 14% to 12.951 million tons compared to 2024.
The board of directors proposed an annual dividend of $2.70 per ADS for fiscal year 2025, which includes an interim dividend of $0.90 per ADS paid in the fourth quarter of 2025.
Capital expenditures for the full year 2025 reached $2.5 billion, primarily allocated to the expansion of the industrial center in Pesquería, Mexico.
Ternium anticipates an increase in Adjusted EBITDA and rising shipments, primarily in Mexico, for the first quarter of 2026 compared to the fourth quarter of 2025.

Feb 18, 2026, 11:43 AM

6-K

Ternium Completes Usiminas Acquisition

M&A

New Projects/Investments

Ternium S.A.'s subsidiary, Ternium Investments S.à r.l., completed the acquisition of 153.1 million ordinary shares of Usinas Siderúrgicas de Minas Gerais S.A. – Usiminas on February 10, 2026.
The shares were acquired from Nippon Steel Corporation and Mitsubishi Corporation.
The total consideration for this acquisition was approximately $315.2 million in cash.

Feb 10, 2026, 9:18 PM

6-K

Ternium Announces Acquisition of Remaining Stake in Usiminas Control Group

M&A

New Projects/Investments

Ternium S.A. announced on November 5, 2025, that its subsidiary will acquire the remaining participations of Nippon Steel Corporation and Mitsubishi Corporation in the control group of Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas).
The acquisition is for approximately $315.2 million in cash for 153.1 million ordinary shares at $2.06 per share.
This transaction will increase Ternium's participation in the Usiminas control group from 51.5% to 83.1%, with the T/T group holding an aggregate of 92.9% upon closing.
The acquisition is subject to approval by Brazil's antitrust authorities and will be financed with cash on hand.

Nov 5, 2025, 12:02 PM

6-K

Ternium Reports Q3 2025 Financial Results

Earnings

Legal Proceedings

New Projects/Investments

Ternium reported Adjusted EBITDA of $420 million with an 11% margin in Q3 2025, an increase from the previous quarter, supported by improved margins.
The company recorded a net loss of $270 million in Q3 2025, primarily due to a non-cash $405 million write-down at Usiminas and a $32 million loss from a litigation provision related to the Usiminas acquisition.
Cash from operations was $535 million in Q3 2025, but the net cash position decreased to $0.7 billion by September 2025, reflecting high CAPEX outflows of $711 million as the company progresses on projects at the Pesquería industrial center.
Steel shipments were 3.8 million tons , while mining shipments decreased sequentially to 3.2 million tons in Q3 2025.

Oct 29, 2025, 12:30 PM

Presentation

Ternium Reports Improved Q3 2025 Performance, Updates on Trade Policies and CapEx Outlook

Earnings

Guidance Update

New Projects/Investments

Ternium reported improved Q3 2025 performance with increased EBITDA driven by decreasing cost per ton and strong cash generation of over half a billion dollars from operating activities.
The company declared an interim dividend of $0.90 per ADS, maintaining the same payment level as the previous year.
Mexico is implementing new trade policies, with proposed tariffs on steel and derivatives from non-trade agreement countries expected to rise from 25% to 35%, and light vehicle tariffs from 20% to 50%. Brazil faces a 33% increase in finished steel imports in the first nine months of 2025, primarily from China, and lacks effective trade defense mechanisms.
Ternium's CapEx for FY2025 is projected to be between $2.5 billion and $2.6 billion, with a decrease to $1.9 billion in 2026 and $1.1 billion in 2027. The Pesquería project's galvanized line is set to start in December, the PLTCM in January, and the DRI and EAF facility in Q4 2026, with a budget of $2.7 billion.
The company aims to simplify its corporate structure but acknowledges the complexity and external dependencies. It continues to pursue an EBITDA margin goal of $150/ton, entering 2026 with margins around 10-11%.