v3.26.1
BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2025
Disclosure of notes and other explanatory information [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
a)    Basis of presentation
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards) issued and effective or issued and early adopted as at the time of preparing these statements (February 2026), as issued by the International Accounting Standards Board and in conformity with IFRS Accounting Standards as adopted by the European Union (“EU”). These consolidated financial statements are presented in thousands of United States dollars (“$”), except otherwise indicated.

These Consolidated financial statements fairly present the consolidated financial position of Ternium as of December 31, 2025 and 2024, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the years ended December 31, 2025, 2024 and 2023.

Elimination of all material intercompany transactions and balances between the Company and its respective subsidiaries has been made in consolidation.

These consolidated financial statements have been prepared under the historical cost convention and certain financial assets and financial liabilities (including derivative instruments) are at fair value through profit or loss.

These consolidated financial statements have been approved for issue by the Board of Directors on February 17, 2026. The Directors have the power to amend and reissue the consolidated financial statements.

Detailed below are the companies whose financial statements have been consolidated and accounted for interest in these consolidated financial statements.
2.    BASIS OF PRESENTATION (continued)
CompanyCountry of OrganizationMain activityPercentage of ownership
at December 31,
202520242023
Ternium S.A.LuxembourgHolding100.00 %100.00 %100.00 %
Ternium Investments S.à.r.l.LuxembourgHolding, financial services and agency trading activities100.00 %100.00 %100.00 %
Ternium Internacional España S.L. (1)SpainHolding and marketing of steel products100.00 %100.00 %100.00 %
Ternium Solutions S.A. (1)UruguayOther services100.00 %100.00 %100.00 %
Ternium Internationaal B.V. (1)NetherlandsMarketing of steel products100.00 %100.00 %100.00 %
Ternium USA Inc. (2) USAManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Argentina S.A. (3)ArgentinaManufacturing and selling of flat steel products 62.57 %62.57 %62.57 %
Prosid Investments S.A. (4)UruguayHolding62.58 %62.58 %62.58 %
Ternium Mexico S.A. de C.V. (5)MexicoManufacturing and selling of steel products89.25 %89.25 %89.25 %
Las Encinas S.A. de C.V. (6)MexicoExploration, exploitation and pelletizing of iron ore89.25 %89.25 %89.25 %
Ferropak Comercial S.A. de C.V. (6)MexicoScrap services company89.25 %89.25 %89.25 %
Transamerica E. & I. Trading Corp. (6)USAScrap services company89.25 %89.25 %89.25 %
Galvacer Chile S.A. (6)ChileDistributing company89.25 %89.25 %89.25 %
Ternium Gas México S.A. de C.V. (7)MexicoEnergy services company89.25 %89.25 %89.25 %
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V. (8)MexicoExploration, exploitation and pelletizing of iron ore44.62 %44.62 %44.62 %
Exiros B.V. (8)NetherlandsProcurement and trading services50.00 %50.00 %50.00 %
Servicios Integrales Nova de Monterrey S.A. de C.V. (9)MexicoMedical and Social Services66.49 %66.49 %66.49 %
Ternium Internacional Nicaragua S.A. NicaraguaManufacturing and selling of steel products99.38 %99.38 %99.38 %
Ternium Internacional Honduras S.A. de C.V. HondurasManufacturing and selling of steel products99.18 %99.18 %99.18 %
Ternium Internacional El Salvador S.A. de C.V.El SalvadorManufacturing and selling of steel products99.92 %99.92 %99.92 %
Ternium Internacional Costa Rica S.A. Costa RicaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Internacional Guatemala S.A. (10)GuatemalaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Colombia S.A.S. (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium del Atlántico S.A.S (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Procurement S.A. (11)UruguayMarketing of steel products and procurement services100.00 %100.00 %100.00 %
Technology & Engineering Services S.A. (11)UruguayEngineering and other services100.00 %100.00 %100.00 %
Ternium Brasil Ltda. (12)BrazilManufacturing and selling of steel products100.00 %100.00 %100.00 %
Tenigal S. de R.L. de C.V. (13)MexicoManufacturing and selling of steel products51.00 %51.00 %51.00 %
Soluciones Integrales de Gestión S.A. (14)ArgentinaOther services100.00 %100.00 %100.00 %
Usinas Siderúrgicas de Minas Gerais S.A. (15)BrazilManufacturing and selling of steel products23.30 %23.30 %23.30 %
Mineração Usiminas S.A. (16)BrazilExploration, exploitation and pelletizing of iron ore16.31 %16.31 %16.31 %
Soluções Em Aço Usiminas S.A. (17)BrazilManufacturing and selling of steel products16.05 %16.05 %16.05 %
Usiminas Mecânica S.A. (18)BrazilEngineering and other services23.30 %23.30 %23.30 %
Usiminas International S.À R.L. (19)LuxembourgHolding23.30 %23.30 %23.30 %
2.    BASIS OF PRESENTATION (continued)
Company Country of OrganizationMain activityPercentage of ownership
at December 31,
202520242023
Usiminas Participações E Logística S.A. (20)BrazilLogistics and distribution of steel-derived products17.48 %17.48 %17.48 %
Metalcentro Ltda. (21)BrazilOther services23.30 %23.30 %23.30 %
Vientos de Olavarría S.A. (22)ArgentinaRenewable energy projects.— 62.57 %62.57 %
Ternium del Cauca S.A.S. (23)ColombiaManufacturing and selling of steel products— 100.00 %100.00 %
Rios Unidos logistica e transporte de açõ Ltda. (24)BrazilLogistics and distribution of steel-derived products— — 23.30 %

(1) Indirectly through Ternium Investments S.à r.l. Total voting rights held: 100.00%.
(2) Indirectly through Ternium Internacional España S.L. Total voting rights held 100.00%.
(3) Indirectly through Ternium Internacional España S.L. Total voting rights held 62.57%.
(4) Indirectly through Ternium Argentina S.A. and Ternium Procurement S.A. Total voting rights held 100.00%.
(5) Indirectly through Ternium Argentina S.A. and Ternium Internacional España S.L. Total voting rights held 100.00%.
(6) Indirectly through Ternium Mexico S.A. de C.V. Total voting rights held: 100.00%.
(7) Indirectly through Ternium Mexico S.A. de C.V. and Tenigal S. de R.L. de C.V. Total voting rights held: 100.00%.
(8) Total voting rights held: 50.00%. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.
(9) Indirectly through Ternium Mexico S.A. de C.V. Total voting rights held: 74.50%.
(10) Indirectly through Ternium Internacional España S.L. and Ternium Mexico S.A. de C.V. Total voting rights held: 100.00%.
(11) Indirectly through Ternium Internacional España S.L. Total voting rights held: 100.00%.
(12) Indirectly through Ternium Internacional España S.L. Total voting rights held: 100.00%.
(13) Indirectly through Ternium Internacional España S.L. Total voting rights held: 51.00%.
(14) Indirectly through Ternium Investments S.à r.l. and Ternium Internacional España S.L. Total voting rights held 100.00%.
(15) Indirectly through Ternium Investments S.à r.l., Prosid Investments S.A. and Ternium Argentina S.A. Total voting rights held 42.57%.
(16) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 29.80%.
(17) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 29.32%.
(18) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 42.57%.
(19) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 42.57%.
(20) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. and Mineração Usiminas S.A. Total voting rights held 36.20%.
(21) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. and Usiminas Mecânica S.A. Total voting rights held 42.57%.
(22) This company was merged into Ternium Argentina S.A effective as of January 1, 2025.
(23) This company was dissolved as of June 4, 2025.
(24) This company was merged into Usinas Siderúrgicas de Minas Gerais S.A. as of April 25, 2024.


The most material non-controlling interest is related to the investment in Ternium Argentina S.A. (“Ternium Argentina”) and Usinas Siderúrgicas de Minas Gerais S.A. (“Usiminas”), being both listed companies in the Buenos Aires Stock Exchange and in the B3 Brazilian Stock Exchange, respectively.

For more information about Ternium Argentina, see note 30 and information publicly available in the Buenos Aires Stock Exchange webpage.


Under Usiminas’ annual accounts as of December 31, 2025, and for the year then ended, revenues amounted to $4,698 million (2024: $4,803 million), net loss from continuing operations to $(521) million (2024: net profit from continuing operations $1 million), net profit attributable to non-controlling interest to $30 million (2024: $28 million), total assets to $6,485 million (2024: $6,439 million), total liabilities to $2,178 million (2024: $2,130 million), shareholders’ equity to $4,307 million (2024: $4,309 million) and non-controlling interest to $525 million (2024: $452 million). Information publicly available related to Usiminas could be found in the Usiminas Investor Relations webpage.