Ternium delivered FY2025 net sales of $15.6 billion, down 13% from $17.6 billion in 2024, as realized steel prices fell 10% across all major markets and total steel shipments declined 4% to 15.1 million tons. Adjusted EBITDA came in at $1.54 billion with a 9.9% margin, compared to $2.04 billion and 11.5% in 2024. The margin compression was real but contained — a testament to the $250 million cost-reduction program management executed during the year.
Q4 2025 adjusted EBITDA was $395 million (10.5% margin), slightly below Q3’s $420 million but sharply above the year-ago $270 million (7.0% margin). Net income for the quarter was $171 million, including a $94 million deferred tax gain from Mexican peso appreciation. Equity holders’ earnings were $0.62 per ADS, missing analyst consensus of $0.77–0.97.
The full-year net income figure of $303 million was heavily distorted by two Usiminas-related charges: a $405 million write-down of deferred tax assets (Q3) and a $117 million provision update for ongoing acquisition litigation. Stripping these out, underlying earnings power was substantially higher. Operating cash flow reached $2.3 billion for the year, financing the bulk of the $2.5 billion capex program alongside $530 million in shareholder dividends.
