Jun 2026 (Q2 FY26) — Aug 5, 2026
Ternium Q2 FY26 — Profitability Recovery and Strategic Project Progress
Read the full callTernium (TX) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Ternium earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
16 of 22 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA margin — normalized goal, low end (FY26 target) | ~15% (low end of a 15%-20% normalized range) by end of FY26 | Dec 2025 | Adjusted EBITDA was 50% higher sequentially, and our EBITDA margin reached 16.5%. | Achieved |
| Emissions intensity reduction target (hot-rolled steel, GHG Protocol) | 15% reduction in emissions intensity by 2030, vs. 2023 baseline | Sep 2024 | is the revision of our 2030 decarbonization target, which now includes Usiminas and uses 2024 as a new base year. We are committed to reducing emissions intensity per ton of hot-rolled steel by 50% covering Scope 1, 2 and 3 under GHG protocol methodology. | Revised Up |
| FY25 dividend — remaining balance payment timing | Pay remaining balance of a proposed $2.70/ADS total (of which $0.90 already paid as Nov interim) in ~May 2026 | Dec 2025 | During the quarter, we also paid a dividend to shareholders of $255 million, corresponding to the balance of the total dividend declared for the fiscal year 2025. | Pending |
6 of Ternium S.A.'s 34 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Adjusted EBITDA increased 50% sequentially, reaching a 16.5% margin.
- Consolidated steel shipments increased by 4% sequentially, driven by Mexico's commercial market and market share gains.
- Net income reached $465 million in Q2, contributing to $837 million in H1, nearly double the prior year.
- Strong balance sheet with net debt of $112 million, and CapEx expected to decline significantly after 2026.
- Progress on Pesqueria slab facility, with start-up expected early 2027, positioning for integrated North American market.
Qualified
- Section 232 tariffs continue to affect industrial customers in Mexico, impacting steel demand in manufacturing sectors.
- Net debt position shifted from $327 million net cash to $112 million net debt due to a $418 million working capital buildup and $255 million dividend payment.
- The ramp-up of the new Pesqueria slab facility is complex and will take several quarters, limiting immediate EBITDA impact in 2027.
- Uncertainty in the global economy persists, requiring deep monitoring despite improving results.
Price
$56.88 −2.85% · −$1.67
Performance +56.8% 1Y
1Y: $36.28 on 14 Oct 2025 → $56.88. High $58.99 (13 Oct 2026), low $35.26 (20 Nov 2025).
- Previous close
- $58.55
- 52-week range
- $35.26 – $58.99
- One year
- +56.48%
Overview
- Symbol
- TX
- Sector
- Materials
- Industry
- Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 22 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA margin — normalized goal, low end (FY26 target) | ~15% (low end of a 15%-20% normalized range) by end of FY26 | Dec 2025 | Adjusted EBITDA was 50% higher sequentially, and our EBITDA margin reached 16.5%. | Achieved |
| Emissions intensity reduction target (hot-rolled steel, GHG Protocol) | 15% reduction in emissions intensity by 2030, vs. 2023 baseline | Sep 2024 | is the revision of our 2030 decarbonization target, which now includes Usiminas and uses 2024 as a new base year. We are committed to reducing emissions intensity per ton of hot-rolled steel by 50% covering Scope 1, 2 and 3 under GHG protocol methodology. | Revised Up |
| FY25 dividend — remaining balance payment timing | Pay remaining balance of a proposed $2.70/ADS total (of which $0.90 already paid as Nov interim) in ~May 2026 | Dec 2025 | During the quarter, we also paid a dividend to shareholders of $255 million, corresponding to the balance of the total dividend declared for the fiscal year 2025. | Pending |
Claimed
- Adjusted EBITDA increased 50% sequentially, reaching a 16.5% margin.
- Consolidated steel shipments increased by 4% sequentially, driven by Mexico's commercial market and market share gains.
- Net income reached $465 million in Q2, contributing to $837 million in H1, nearly double the prior year.
- Strong balance sheet with net debt of $112 million, and CapEx expected to decline significantly after 2026.
- Progress on Pesqueria slab facility, with start-up expected early 2027, positioning for integrated North American market.
Qualified
- Section 232 tariffs continue to affect industrial customers in Mexico, impacting steel demand in manufacturing sectors.
- Net debt position shifted from $327 million net cash to $112 million net debt due to a $418 million working capital buildup and $255 million dividend payment.
- The ramp-up of the new Pesqueria slab facility is complex and will take several quarters, limiting immediate EBITDA impact in 2027.
- Uncertainty in the global economy persists, requiring deep monitoring despite improving results.
The full ledger
Open Ternium S.A.’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Ternium earnings calls (TX)
Financials
What the filings say
| Line item | Dec 2016 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 3,156 | 5,221 | 4,413 | 4,863 | 3,723 | 7,367 | 6,997 | 7,467 |
| Fixed assets | 4,136 | 6,540 | 6,505 | 6,432 | 6,262 | 7,638 | 8,381 | 10,406 |
| Total assets | 8,323 | 12,936 | 12,856 | 17,098 | 17,492 | 24,179 | 23,129 | 23,615 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,739 | 1,648 | 1,761 | 2,677 | 2,753 | 2,501 | 1,906 | 2,314 |
| Cash from investing | -457 | -1,197 | -1,177 | -1,045 | -1,325 | -1,470 | -1,375 | -1,985 |
| Cash from financing | -1,322 | -151 | -506 | -854 | -1,016 | -766 | -488 | -501 |
| Net cash flow | -40 | 301 | 78 | 778 | 412 | 264 | 42 | -171 |
| Capital expenditure | -520 | -1,052 | -560 | -524 | -581 | -1,202 | -1,821 | -2,659 |
| Free cash flow | 1,219 | 595 | 1,201 | 2,154 | 2,172 | 1,299 | 85 | -345 |
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of TX filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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