Ternium Announces Third Quarter and First Nine Months of 2025 Results

Rhea-AI Summary

Ternium (NYSE:TX) reported third-quarter 2025 results: net sales $3,955M, Adjusted EBITDA $420M (margin 11%), and a net loss of $270M. The quarter included a $405M write-down of deferred tax assets at Usiminas and a $32M provision update related to Usiminas litigation. Steel shipments totaled 3,757 kt and mining shipments 2,017 kt. Cash from operations was $535M; capital expenditures were $711M, mainly for Pesquería expansion. Net cash declined by $303M to $715M. The board approved an interim dividend of $0.90 per ADS payable Nov 11, 2025, taking 2025 distributions to $2.70 per ADS.

Management expects slightly lower Adjusted EBITDA in Q4 2025 due to seasonality, with margins broadly stable as cost reductions offset lower revenue per ton.

Positive

• Adjusted EBITDA of $420M (+4% q/q)
• Adjusted EBITDA margin improved to 11% (vs 10% in 2Q25)
• Interim dividend $0.90 per ADS; total 2025 distributions $2.70 per ADS
• Steel shipments 3,757 thousand tons in 3Q25

Negative

• Net loss $270M, including a $405M write-down of deferred tax assets at Usiminas
• Net cash down $303M q/q to $715M
• Capital expenditures $711M in 3Q25 (Pesquería expansion)
• Net sales declined 12% y/y to $3,955M

Insights

Senior Corporate Finance Analyst

Ternium shows operating margin improvement but posts a large tax-driven net loss; interim dividend and capex strain cash.

Operating performance improved: Adjusted EBITDA rose sequentially to 420 million with margin steady at 11, driven by lower raw material and purchased slab costs and efficiency gains that supported higher Steel Cash Operating Income.

Key risks and constraints include a one-off write-down of deferred tax assets at Usiminas of 405 million that produced a net loss of (270) million, a provision charge of (32) million, and a Net Cash decline of 303 million to 715 million largely due to Pesquería expansion capex and fair value changes in Argentine securities.

Concrete items to watch near-term: the Q4 2025 Adjusted EBITDA (company expects a slight decline), the Nov 11, 2025 interim dividend payment of 0.90 per ADS, and cash flow trends as Pesquería capex continues; monitor quarterly tax and non-operating items that materially affect net income over the next reporting cycle.

LUXEMBOURG, LU / ACCESS Newswire / October 28, 2025 / Ternium S.A. (NYSE:TX) today announced its results for the third quarter and first nine months ended September 30, 2025.

The financial and operational information contained in this press release is based on Ternium S.A.'s operational data and consolidated condensed interim financial statements prepared in accordance with IAS 34 "Interim financial reporting" (IFRS) and presented in U.S. dollars ($) and metric tons. Interim financial figures are unaudited. This press release includes certain non-IFRS alternative performance measures such as Adjusted EBITDA, Cash Operating Income, Free Cash Flow and Net Cash. The reconciliation of these figures to the most directly comparable IFRS measures is included in Exhibit I.

Third Quarter of 2025 Highlights

Interim dividend figure compared to third quarter of 2024. Other figures compared to second quarter of 2025.

Note 1: Includes a $405 million non-cash charge in connection with a write-down of deferred tax assets at Usiminas and a $32 million loss stemming from the quarterly update of the value of a provision for ongoing litigation related to the acquisition of a participation in Usiminas.

Summary of Third Quarter of 2025 Results

CONSOLIDATED	3Q25				2Q25				DIF				3Q24				DIF				9M25				9M24				DIF
Steel Products Shipments (thousand tons)		3,757				3,719				1	%			4,123				-9	%			11,333				11,858				-4	%
Mining Products Shipments (thousand tons)		2,017				1,980				2	%			1,781				13	%			5,788				4,701				23	%
Net Sales ($ million)		3,955				3,947				0	%			4,480				-12	%			11,834				13,773				-14	%
Operating Income ($ million)		215				199				8	%			175				23	%			546				1,221				-55	%
Adjusted EBITDA ($ million)		420				403				4	%			368				14	%			1,146				1,768				-35	%
Adjusted EBITDA Margin (% of net sales)		11	%			10	%							8	%							10	%			13	%
Provision for Usiminas Participation Acquisition Litigation ($ million)		(32	)			(40	)							(31	)							(117	)			(814	)
Write-down of Deferred Tax Assets at Usiminas ($ million)		(405	)			-								-								(405	)			-
Net (Loss) Income ($ million)		(270	)			259								93								132				(159	)
Equity Holders' Net Income (Loss) ($ million)		21				215								32								303				(335	)
Earnings (Losses) per ADS ($)		0.10				1.10								0.16								1.54				(1.70	)

Note: Each American Depositary Share, or ADS, represents 10 shares of Ternium's common stock. Results are based on a weighted average number of shares of common stock outstanding (net of treasury shares) of 1,963,076,776.

Third Quarter of 2025 Highlights

In the third quarter of 2025, Ternium continued improving its Adjusted EBITDA Margin, as steel production costs decreased, mainly reflecting lower raw material and purchased slab costs, as well as efficiency gains.

Net result in the third quarter of 2025 was a loss of $270 million. This result includes a $405 million income tax charge in connection with a write-down of deferred tax assets at Usiminas and a $32 million loss stemming from the quarterly update of the value of a provision for ongoing litigation related to the acquisition of a participation in Usiminas.

As of the end of September 2025, Ternium's Net Cash position stood at $715 million, decreasing by $303 million since June 2025. This decline reflects the cash demands associated with the ongoing expansion of the company's industrial center in Pesquería, Mexico, and changes in the fair value of Argentine securities.

Interim Dividend Payment

Ternium's board of directors approved the payment of an interim dividend of $0.90 per ADS ($0.09 per share), or $177 million based on total shares of common stock outstanding, net of treasury shares.

The interim dividend payment date will be November 11, 2025, with record date on November 10, 2025.

Considering the dividend paid in May 2025 and the announced interim dividend for November 2025, total distributions during 2025 will amount to $2.70 per ADS. Considering Ternium's ADS prevailing market prices, this is equivalent to a dividend yield of approximately 7%.

Outlook

Ternium anticipates a slight decrease in Adjusted EBITDA for the fourth quarter of 2025 compared to the third quarter, largely due to the typical seasonal reduction in shipments in all of the company's markets. Ternium expects its Adjusted EBITDA Margin to remain in line with the third quarter, as a projected decline in revenue per ton in Mexico and Argentina should be largely balanced by ongoing reductions in cost per ton. This reflects lower raw material costs, as well as Ternium's ongoing commitment to implementing cost optimization strategies throughout its operations.

In Mexico, the company expects shipments to decline sequentially in the fourth quarter of 2025, reflecting both subdued construction activity and end-of-year seasonality. The Mexican steel market continues to face challenges, particularly from ongoing tariff negotiations with the United States, which have contributed to an environment of uncertainty.

In Brazil, while the steel market continues to face significant challenges from a persistent influx of unfairly traded steel imports, particularly from Asian producers, Usiminas is proactively strengthening its competitiveness through ongoing cost reduction initiatives and operational improvements, leading to expectations of achieving a better cost per ton in the fourth quarter of 2025 compared to the previous quarter.

In Argentina, with the uncertainty related to the mid-term elections now behind us, the most dynamic sectors of the economy, such as agriculture, mining, and oil and gas, offer significant opportunities for the company's value chain.

Analysis of Third Quarter of 2025 Results

$ MILLION		3Q25			2Q25			DIF				3Q24			DIF				9M25			9M24			DIF
Steel segment			3,804			3,812			-0	%			4,368			-13	%			11,417			13,453			-15	%
Mining segment			151			135			12	%			112			34	%			417			320			31	%
Total net sales			3,955			3,947			0	%			4,480			-12	%			11,834			13,773			-14	%

Adjusted EBITDA

Adjusted EBITDA in the third quarter of 2025 equals net Income adjusted to exclude:

• Depreciation and amortization;

• Income tax results;

• Net financial results;

• Equity in earnings of non-consolidated companies; and

• Provision charge for ongoing litigation related to the acquisition of a participation in Usiminas.

And adjusted to include the proportional EBITDA in Unigal (70% participation).

Adjusted EBITDA margin equals adjusted EBITDA divided by net sales. For more information see Exhibit I - Alternative performance measures - "Adjusted EBITDA".

Steel Segment

In the third quarter of 2025, the Steel Segment's net sales remained stable sequentially with slightly higher sales volumes offset by slightly lower realized steel prices. Year-over-year, the Steel Segment's net sales declined by 13% in the third quarter of 2025. Sales volumes decreased by 9% year-over-year, primarily driven by lower shipments in Mexico and Brazil, partially offset by higher shipments in the Southern Region. Steel revenue per ton declined by 5% year-over-year, reflecting lower realized steel prices particularly in the Southern Region and Other Markets.

Ternium's shipments in Mexico posted a moderate sequential increase in the third quarter of 2025. On a year-over-year basis, sales volumes in the third quarter declined, as ongoing uncertainty surrounding trade negotiations with the U.S. and weak infrastructure investments in the country continued to dampen overall steel demand.

In Brazil, shipments in the third quarter of 2025 showed a modest sequential increase. On a year-over-year basis, sales volumes declined. Although steel demand in the country grew during 2025, this was offset by a sharp increase in flat steel product imports.

In the Southern Region, shipments showed a slight sequential decrease in the third quarter of 2025. Year-over-year, sales volumes increased, reflecting better steel demand in Argentina.

In Other Markets, declining shipments in the US were partially offset by higher sales volumes in other destinations both sequentially and year-over-year.

Steel Cash Operating Income

The Steel Segment's Cash Operating Income increased by $41 million sequentially in the third quarter of 2025, mainly driven by better margins. The margin improvement reflected the company's efforts to increase the efficiency in its operations and a decrease in raw material, purchased slab and energy costs, partially offset by a slight decrease in realized steel prices.

Year-over-year, the Steel Segment's Cash Operating Income increased by $82 million in the period, driven by better margins partially offset by lower sales volumes. The margin improvement mainly reflected a decrease in raw material and purchased slab costs, partially offset by lower realized steel prices.

Note: For a reconciliation of the Steel Segment's Cash Operating Income and Cash Operating Income per Ton and Margin to the most directly comparable IFRS measures, see Exhibit I - Alternative performance measures - "Cash Operating Income - Steel Segment".

Mining Segment

The Mining Segment's net sales decreased by 5% sequentially in the third quarter of 2025, reflecting lower sales volumes and a slight decrease in realized iron ore prices. Year-over-year, the Mining Segment's net sales increased slightly in the third quarter of 2025, as an increase in sales volumes was mostly offset by lower realized iron ore prices.

Mining Cash Operating Income

The Mining Segment's cash operating income decreased sequentially and year-over-year in the third quarter of 2025. The sequential decrease was primarily driven by lower margins and reduced sales volumes. On a year-over-year basis, the decline reflected lower margins, partially offset by increased sales volumes. The margin compression in the third quarter of 2025, as compared to the prior quarter and to the same period in 2024, was the result of higher unit costs and lower realized iron ore prices.

Note: For a reconciliation of the Mining Segment's Cash Operating Income and Cash Operating Income per Ton and Margin to the most directly comparable IFRS measures, see Exhibit I - Alternative performance measures - "Cash Operating Income - Mining Segment".

Net Financial Results

Net financial results for the third quarter of 2025 were a loss of $35 million. This included a loss of $34 million in net foreign exchange results, driven mainly by the impact of the Argentine Peso's depreciation against the U.S. dollar on Ternium Argentina's net long local currency position and the impact of the Mexican Peso's appreciation against the U.S. dollar on Ternium Mexico's net short local currency position.

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Net interest result			3				1				17				18				83
Net foreign exchange result			(34	)			(35	)			57				(38	)			(32	)
Change in fair value of financial assets			8				17				11				54				(131	)
Other financial expense, net			(12	)			(12	)			(11	)			(35	)			(47	)
Net financial results			(35	)			(30	)			74				(2	)			(127	)

Income Tax Results

Ternium Mexico, Ternium Argentina and Ternium Brasil use the U.S. dollar as their functional currency and are, therefore, affected by deferred tax results. These results account for the impact of local currency fluctuations against the U.S. dollar, as well as for the effect of local inflation.

In the third quarter of 2025, Ternium's income tax expense totaled $444 million. This included a $405 million charge in connection with the write-down of deferred tax assets at Usiminas, following the performance of a recoverability assessment of such assets.

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Current income tax expense			(13	)			(47	)			(63	)			(85	)			(312	)
Deferred tax (loss) gain			(25	)			151				(80	)			128				(178	)
Write-down of deferred tax assets at Usiminas			(405	)			-				-				(405	)			-
Income tax (expense) gain			(444	)			104				(143	)			(362	)			(490	)

Net Income

Net result in the third quarter of 2025 was a loss of $270 million. This result includes a loss of $405 million in connection with the write-down of deferred tax assets at Usiminas, and a loss of $32 million on account of interest accruals and the appreciation of the Brazilian Real in connection with the provision for ongoing litigation concerning the acquisition of a participation in Usiminas.

Equity Holder's Net Income was $21 million in the period, or $0.10 per ADS, mainly after accounting for the participation of a 76.7% non-controlling interest in Usiminas and a 37.4% non-controlling interest in Ternium Argentina.

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Owners of the parent			21				215				32				303				(335	)
Non-controlling interest			(290	)			44				61				(171	)			176
Net (loss) income			(270	)			259				93				132				(159	)

$ per ADS			3Q25				2Q25				3Q24				9M25				9M24
Earnings (losses) per ADS			0.10				1.10				0.16				1.54				(1.70	)

Cash Flow and Liquidity

In the third quarter of 2025, cash from operations amounted to $535 million. Working capital decreased by $174 million as a result of a $125 million decline in inventories and a $76 million increase in trade payables and other liabilities, partially offset by a $27 million increase in trade and other receivables.

The inventory value reduction was mainly driven by lower unit costs. Capital expenditures totaled $711 million in the third quarter, primarily reflecting the progress made in the construction of the new facilities at Ternium's industrial center in Pesquería, Mexico.

Ternium's Net Cash position as of the end of September 2025 was $715 million, decreasing by $303 million since the end of June 2025. This reduction included a $114 million decline in the fair value of Argentine securities. As of September 30, 2025, Ternium Argentina's consolidated position of cash and cash equivalents and other investments amounted to $0.9 billion.

Conference Call and Webcast

Ternium will host a conference call on October 29, 2025, at 8:30 a.m. ET in which management will discuss third quarter of 2025 results. A webcast link will be available in the Investor Center section of the company's website at www.ternium.com.

Forward Looking Statements

Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to gross domestic product, related market demand, global production capacity, tariffs, cyclicality in the industries that purchase steel products, and other factors beyond Ternium's control.

About Ternium

Ternium is a leading steel producer in the Americas, providing advanced steel products to a wide range of manufacturing industries and the construction sector. We invest in low carbon emissions steelmaking technologies to support the energy transition and the mobility of the future. We also support the development of our communities, especially through educational programs in Latin America. More information about Ternium is available at www.ternium.com.

Income Statement

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Net sales			3,955				3,947				4,480				11,834				13,773
Cost of sales			(3,346	)			(3,337	)			(3,902	)			(10,085	)			(11,334	)
Gross profit			608				610				578				1,749				2,439
Selling, general and administrative expenses			(396	)			(403	)			(412	)			(1,195	)			(1,278	)
Other operating income (expense), net			3				(8	)			9				(8	)			60
Operating income			215				199				175				546				1,221
Financial expense			(53	)			(56	)			(54	)			(164	)			(144	)
Financial income			56				57				71				182				227
Other financial (expense) income, net			(37	)			(31	)			57				(19	)			(210	)
Equity in earnings of non-consolidated companies			25				25				17				65				51
Provision for ongoing litigation related to the acquisition of a participation in Usiminas			(32	)			(40	)			(31	)			(117	)			(814	)
Profit before income tax results			174				155				236				494				331
Income tax (expense) gain			(444	)			104				(143	)			(362	)			(490	)
(Loss) profit for the period			(270	)			259				93				132				(159	)
Attributable to:
Owners of the parent			21				215				32				303				(335	)
Non-controlling interest			(290	)			44				61				(171	)			176
(Loss) profit for the period			(270	)			259				93				132				(159	)

Statement of Financial Position

$ MILLION		SEPTEMBER 30, 2025				DECEMBER 31, 2024
Property, plant and equipment, net			10,104				8,381
Intangible assets, net			1,018				1,022
Investments in non-consolidated companies			582				469
Other investments			0				23
Deferred tax assets			1,047				1,194
Receivables, net			904				961
Total non-current assets			13,656				12,050
Receivables, net			1,064				902
Derivative financial instruments			75				4
Inventories, net			4,132				4,751
Trade receivables, net			1,775				1,562
Other investments			1,438				2,160
Cash and cash equivalents			1,323				1,691
Total current assets			9,807				11,071
Non-current assets classified as held for sale			8				7
Total assets			23,471				23,129

Statement of Financial Position (cont.)

$ MILLION		SEPTEMBER 30, 2025				DECEMBER 31, 2024
Capital and reserves attributable to the owners of the parent			11,976				11,968
Non-controlling interest			4,325				4,163
Total equity			16,300				16,132
Provisions			614				553
Deferred tax liabilities			43				89
Non current tax liabilities			11				21
Other liabilities			856				766
Trade payables			1				5
Lease liabilities			161				164
Borrowings			1,494				1,560
Total non-current liabilities			3,181				3,158
Provision for ongoing litigation related to the acquisition of a participation in Usiminas			527				410
Current income tax liabilities			30				107
Other liabilities			697				630
Trade payables			2,128				1,926
Derivative financial instruments			5				50
Lease liabilities			51				46
Borrowings			552				670
Total current liabilities			3,990				3,839
Total liabilities			7,171				6,997
Total equity and liabilities			23,471				23,129

Statement of Cash Flows

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Result for the period			(270	)			259				93				132				(159	)
Adjustments for:
Depreciation and amortization			197				197				184				578				554
Income tax accruals less payments			394				(202	)			204				142				474
Equity in earnings of non-consolidated companies			(25	)			(25	)			(17	)			(65	)			(51	)
Provision for ongoing litigation related to the acquisition of a participation in Usiminas			32				40				31				117				814
Interest accruals less payments / receipts, net			(6	)			(9	)			3				(6	)			(10	)
Changes in provisions			1				1				(1	)			5				(70	)
Changes in working capital			174				781				(176	)			901				(273	)
Net foreign exchange results and others			38				0				(17	)			(17	)			155
Net cash provided by operating activities			535				1,044				303				1,786				1,435
Capital expenditures and advances to suppliers for PP&E			(711	)			(810	)			(446	)			(2,038	)			(1,304	)
(Increase) decrease in other investments			(24	)			319				(164	)			538				166
Proceeds from the sale of property, plant & equipment			3				0				0				4				2
Dividends received from non-consolidated companies			2				1				3				4				5
Repayment of additional paid in capital			-				(5	)			-				(5	)			-
Net cash used in investing activities			(729	)			(495	)			(606	)			(1,497	)			(1,132	)
Dividends paid in cash to company's shareholders			-				(353	)			-				(353	)			(432	)
Dividends paid in cash to non-controlling interest			-				(2	)			(3	)			(2	)			(49	)
Finance lease payments			(15	)			(15	)			(13	)			(50	)			(46	)
Proceeds from borrowings			71				9				852				653				1,286
Repayments of borrowings			(387	)			(162	)			(652	)			(934	)			(1,183	)
Net cash (used in) provided by financing activities			(330	)			(523	)			183				(686	)			(425	)
(Decrease) increase in cash and cash equivalents			(524	)			26				(121	)			(397	)			(123	)

Exhibit I - Alternative Performance Measures

These non-IFRS measures should not be considered in isolation of, or as a substitute for, measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have a standardized meaning under IFRS and, therefore, may not correspond to similar non-IFRS financial measures reported by other companies.

Adjusted EBITDA

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Net (loss) income			(270	)			259				93				132				(159	)
Adjusted to exclude:
Depreciation and amortization			197				197				184				578				554
Income tax results			444				(104	)			143				362				490
Net financial results			35				30				(74	)			2				127
Equity in earnings of non-consolidated companies			(25	)			(25	)			(17	)			(65	)			(51	)
Provision for ongoing litigation related to the acquisition of a participation in Usiminas			32				40				31				117				814
Reversal of other Usiminas contingencies recognized as part of the PPA			-				-				-				-				(34	)
Adjusted to include:
Proportional EBITDA in Unigal (70% participation)			8				7				8				21				27
Adjusted EBITDA			420				403				368				1,146				1,768
Divided by: net sales			3,955				3,947				4,480				11,834				13,773
Adjusted EBITDA Margin (%)			11	%			10	%			8	%			10	%			13	%

Exhibit I - Alternative Performance Measures (cont.)

Cash Operating Income - Steel Segment

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Operating Income - Management View (Note ‘Segment Information' to Ternium's Financial Statements as of the corresponding dates)			333				190				381				766				1,252
Plus/minus differences in cost of sales (IFRS)			(96	)			10				(219	)			(202	)			(71	)
Excluding depreciation and amortization			146				144				138				432				410
Excluding reversal of other Usiminas contingencies			-				-				-				-				(34	)
Including proportional EBITDA in Unigal (70% participation)			8				7				8				21				27
Cash Operating Income			391				350				309				1,018				1,583
Divided by: steel shipments (thousand tons)			3,757				3,719				4,123				11,333				11,858
Cash Operating Income per Ton - Steel			104				94				75				90				134
Divided by: steel net sales			3,804				3,812				4,368				11,417				13,453
Cash Operating Income Margin - Steel (%)			10	%			9	%			7	%			9	%			12	%

Cash Operating Income - Mining Segment

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Operating Result - Management View (Note ‘Segment Information' to Ternium's Financial Statements as of the corresponding dates)			(35	)			(38	)			(58	)			(75	)			(131	)
Plus/minus differences in cost of sales (IFRS)			23				38				64				77				179
Excluding depreciation and amortization			51				53				46				146				145
Cash Operating Income			38				54				52				148				192
Divided by: mining shipments (thousand tons)			3,207				3,323				3,020				9,589				8,389
Cash Operating Income per Ton - Mining			12				16				17				15				23
Divided by: mining net sales			268				281				264				829				810
Cash Operating Income Margin - Mining (%)			14	%			19	%			20	%			18	%			24	%

Exhibit I - Alternative Performance Measures (cont.)

Free Cash Flow

$ MILLION			3Q25				2Q25				3Q24				9M25				9M24
Net cash provided by operating activities			535				1,044				303				1,786				1,435
Less: capital expenditures and advances to suppliers for PP&E			(711	)			(810	)			(446	)			(2,038	)			(1,304	)
Free Cash Flow			(175	)			234				(143	)			(252	)			130

Net Cash

$ BILLION		SEPTEMBER 30, 2025				JUNE 30, 2025				SEPTEMBER 30, 2024
Cash and cash equivalents			1.3				1.9				1.6
Plus: other investments (current and non-current)			1.4				1.5				2.3
Less: borrowings (current and non-current)			(2.0	)			(2.4	)			(2.2	)
Net Cash			0.7				1.0				1.7

Note: Ternium Argentina's consolidated position of cash and cash equivalents and other investments amounted to $0.9 billion and $1.0 billion as of September 30 and June 30, 2025, respectively, and $1.2 billion as of September 30, 2024.

Sebastián Martí
Ternium - Investor Relations
+1 (866) 890 0443
+54 (11) 4018 8389
www.ternium.com

SOURCE: Ternium S.A.

View the original press release on ACCESS Newswire

FAQ

What were Ternium (TX) third-quarter 2025 revenues and Adjusted EBITDA?

Ternium reported net sales $3,955M and Adjusted EBITDA $420M in 3Q25.

Why did Ternium (TX) record a net loss of $270M in 3Q25?

The 3Q25 net loss includes a $405M write-down of deferred tax assets at Usiminas and a $32M litigation provision update.

How much dividend did Ternium (TX) approve for November 2025?

The board approved an interim dividend of $0.90 per ADS, payable Nov 11, 2025, equal to $177M.

How did Ternium's cash position change in 3Q25?

Net cash declined by $303M since June 2025, leaving a $715M net cash position at Sep 30, 2025.

What drove high capital spending at Ternium (TX) in 3Q25?

Capital expenditures were $711M in 3Q25, primarily for construction of the Pesquería industrial center in Mexico.

What does Ternium expect for Q4 2025 Adjusted EBITDA and margins?

Ternium expects slightly lower Adjusted EBITDA in Q4 2025 due to seasonality, with margins broadly stable as cost reductions offset lower revenue per ton.