Figures are expressed in millions of Mexican pesos.
Key Highlights Q4'25
Net sales reached $2,829 million, representing a 3.9% increase compared to Q4'24. On a cumulative basis, net sales amounted to $11,080 million, a 1.1% decrease compared to 2024.
EBITDA was $366 million, compared to $57 million in Q4'24, with a margin of 12.9%. On a full-year basis, EBITDA amounted to $1,320 million, 0.7% above 2024, representing an 11.9% margin.
Operating result reached $161 million and net income was $91 million in Q4'25, compared to negative results in Q4'24. On a year-to-date basis, operating result amounted to $634 million, while net result was a loss of $42 million.
Services sales increased by 83.4% during the quarter and by 40.5% on a full-year basis, primarily driven by bebbia and water treatment plants in Mexico.
bebbia reported more than 168,000 active subscribers at the end of December.
Message from the CEO
"During the fourth quarter, the operating environment continued to present challenges, mainly in Argentina. In response, we maintained strict financial discipline and focused on efficiency and productivity across both costs and expenses, while developing new operational capabilities to strengthen competitiveness and concentrate on variables within our control.
In addition, we adjusted product portfolio strategies by geography to defend and/or capture market share, while safeguarding margins. Disciplined execution also allowed us to maintain healthy inventory levels and strengthen working capital performance.
The services segment maintained its positive trajectory, improved profitability, and gained greater strategic relevance within the portfolio. At the same time, the United States continued its recovery process and closed the year with a positive EBITDA margin.
Finally, we maintained strict cash flow control and optimized the operating cycle, which allowed us to preserve a solid balance sheet, reduce net financial debt, and improve leverage levels. As always, we continued strengthening user-centric solutions aimed at improving quality of life and people's daily relationship with water."
— Carlos Rojas Aboumrad
Results January, December
(Figures in millions of Mexican pesos)
Indicator
Q4'25
Q4'24
%YoY
12M'25
12M'24
%YoY
Net Sales
2,829
2,723
3.9 %
11,080
11,201
(1.1 %)
Adjusted EBITDA1
366
57
NA
1,320
1,310
0.7 %
% margin
12.9 %
2.1 %
NA
11.9 %
11.7 %
20 bps
Net Result
91
(237)
NA
(42)
54
NA
ROIC
5.9 %
5.6 %
(30) bps
Net Financial Debt2
3,601
3,951
(8.9 %)
Net Financial Debt / EBITDA
2.7 x
3.0 x
(0.3) x
Q4'25 vs Q4'24 Results
Net Sales amounted to $2,829 million, representing a 3.9% increase compared to Q4'24, driven by the strong performance of the services segment, where sales grew 83.4%. Within the products segment, there was a recovery in Mexico and solid performance in other countries; however, this was not enough to offset the decline in Argentina, resulting in a 3.4% decrease.
Gross profit closed at $1,083 million, with a margin of 38.3%, representing an expansion of 520 bps, driven by greater operational efficiencies, workforce restructuring, and strict discipline in the cost structure.
Operating income reached $161 million, compared to an operating loss of $148 million in Q4'24, This reflects a reduction in operating expenses and the implementation of efficiency initiatives that strengthened workforce capabilities and reduced expenses as a percentage of sales from 38.5% to 32.6%.
EBITDA closed at $366 million, and EBITDA margin stood at 12.9%, representing an expansion of 1,080 bps, derived from an improvement in gross margin and a reduction in operating expenses.
Net income amounted to $91 million, driven by the improvement in operating income and lower financial expenses, resulting from a benefit related to the recognition of hyperinflation in Argentina.
Cumulative Results 2025 vs 2024
Net sales amounted to $11,080 million, a 1.1% decrease, reflecting a 4.6% decline in product sales, which was partially offset by a 40.5% increase in the services segment.
Gross profit reached $4,532 million, representing a 6.0% year-over-year decrease. Gross margin closed at 40.9%, a 210 bps contraction, mainly due to lower sales volumes in Argentina amid a stagnant construction sector, as well as weaker product sales in Mexico during the first nine months of the year.
Operating income reached $634 million, representing a 5.1% decrease compared to 2024, as a result of gross margin pressure derived from lower sales, which impacted operating leverage. However, strict expense control— with expenses decreasing as a percentage of sales from 37.1% to 35.2%—partially mitigated this impact.
EBITDA closed at $1,320 million and, despite a 1.1% decrease in sales, it stood 0.7% above the previous year, with an EBITDA margin of 11.9%.
Net result was a loss of $42 million, reflecting lower operating income and higher financial expenses driven by interest payments, foreign exchange impact, and inflation in Argentina.
Net Financial Debt / EBITDA leverage closed at 2.7x, resulting from an 8.9% year-over-year reduction in net financial debt.
During the period, CapEx amounted to $488 million, primarily focused on the services segment in Mexico, mostly allocated to bebbia and water treatment and recycling plants, in line with the Company's growth strategy.
Sales and EBITDA by Geography and Solution January - December
(Figures in millions of Mexican pesos)
Sales
Q4'25
Q4'24
% YoY
12M'25
12M'24
% YoY
Mexico
1,773
1,531
15.8 %
6,557
6,578
(0.3 %)
Argentina
422
592
(28.8 %)
1,920
2,316
(17.1 %)
United States
255
256
(0.1 %)
1,117
1,033
8.2 %
Other
379
345
10.0 %
1,486
1,274
16.6 %
Products
2,410
2,495
(3.4 %)
9,840
10,318
(4.6 %)
Services
419
229
83.4 %
1,241
883
40.5 %
EBITDA
Q4'25
Q4'24
% YoY
12M'25
12M'24
% YoY
Mexico
430
254
69.2 %
1,280
1,402
(8.7 %)
Argentina
(172)
(210)
(18.0 %)
(276)
(105)
NA
United States
16
(24)
NA
37
(123)
NA
Other
92
37
NA
279
135
NA
Products
344
158
NA
1,414
1,646
(14.1 %)
Services
22
(101)
NA
(95)
(336)
(71.9 %)
EBITDA Margin
Q4'25
Q4'24
% YoY
12M'25
12M'24
% YoY
Mexico
24.3 %
16.6 %
770 bps
19.5 %
21.3 %
(180) bps
Argentina
(40.9 %)
(35.5 %)
(540) bps
(14.4 %)
(4.5 %)
(990) bps
United States
6.2 %
(9.5 %)
NA
3.3 %
(11.9 %)
NA
Other
24.3 %
10.9 %
NA
18.8 %
10.6 %
820 bps
Products
14.3 %
6.3 %
790 bps
14.4 %
