v3.26.1
FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of notes and other explanatory information [Abstract]  
Sensitivity Analysis for Types of Market Risk
The following table shows a breakdown of Ternium’s assessed financial position exposure to currency risk as of December 31, 2025:
Exposure to
functional currency		$ millionBRL million
US dollar ($)— (39)
EU euro (EUR)(102)(2)
Argentine peso (ARS)34 — 
Mexican peso (MXN)(638)— 
Brazilian real (BRL)(427)— 
Colombian peso (COP)(25)— 
Yen (JPY)(1)— 
Other currencies(2)(0)
Disclosure of Credit Risk Exposure Approximately 34% of the Company’s liquid financial assets correspond to investment grade rated instruments as of December 31, 2025, in comparison with approximately 41% as of December 31, 2024. The investments in financial assets are as follows:
As of December 31, 2025As of December 31, 2024
Cash and cash equivalents1,531,2041,691,263
Other Investments - Current and Non-Current1,600,0612,182,874
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)368,043673,042
Deposit certificates and investment funds368,043636,104
Commercial papers—2,258
Other—34,680
Bonds and other fixed income1,231,7891,499,130
U.S. government securities65,68010,040
Non - U.S. government securities851,5191,201,842
Corporate securities314,590287,248
Other notes22910,702
The carrying amounts of the Company’s trade and other receivables as of December 31, 2025, are denominated in the following currencies:
Currency$ million
US dollar ($)1,062 
EU euro (EUR)79 
Argentine peso (ARS)61 
Mexican peso (MXN)554 
Brazilian real (BRL)1,496 
Colombian peso (COP)77 
Other currencies1 
3,329 
Disclosure of How the Entity Manages Liquidity Risk The amounts disclosed in the table are the contractual undiscounted cash flows.
$ million2026202720282029Thereafter
Borrowings604 297 220 538 760 
Interests to be accrued (1)199 179 166 126 124 
Trade payables and other liabilities2,041 27 29 17 108 
Lease liabilities49 38 35 12 53 
Total2,893 540 450 693 1,046 
(1) These amounts do not include the effect of derivative financial instruments.
Disclosure of Financial Assets
As of December 31, 2025 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables500,477 — — 500,477 
Derivative financial instruments— 28 42,553 42,581 
Trade receivables1,539,977 — — 1,539,977 
Other investments214,556 244,424 1,141,081 1,600,061 
Cash and cash equivalents1,198,887 332,317 — 1,531,204 
Total3,453,897 576,769 1,183,634 5,214,300 
As of December 31, 2024 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables423,521 — — 423,521 
Derivative financial instruments— 4,483 — 4,483 
Trade receivables1,562,058 — — 1,562,058 
Other investments549,077 134,667 1,499,130 2,182,874 
Cash and cash equivalents1,267,336 423,927 — 1,691,263 
Total3,801,992 563,077 1,499,130 5,864,199 
Disclosure of Financial Liabilities
As of December 31, 2025 (in $ thousands)Liabilities at fair value through profit or lossAmortized
cost		Total
(ii) Liabilities as per statement of financial position
Other liabilities— 511,961 511,961 
Trade payables— 1,987,270 1,987,270 
Derivative financial instruments1,081 — 1,081 
Finance lease liabilities— 186,534 186,534 
Borrowings— 2,418,987 2,418,987 
Total1,081 5,104,752 5,105,833 
As of December 31, 2024 (in $ thousands)Liabilities at fair value through profit or lossAmortized
cost		Total
(ii) Liabilities as per statement of financial position
Other liabilities— 436,152 436,152 
Trade payables— 1,840,914 1,840,914 
Derivative financial instruments50,342 — 50,342 
Finance lease liabilities— 210,124 210,124 
Borrowings— 2,230,119 2,230,119 
Total50,342 4,717,309 4,767,651 
Disclosure of financial instruments at fair value through profit or loss
The following table presents the assets and liabilities that are measured at fair value as of December 31, 2025 and 2024:
Fair value measurement as of December 31, 2025
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents332,317 332,317 — — 
Other investments1,385,505 1,231,788 153,488 229 
Derivative financial instruments42,581 — 42,581 — 
Total assets1,760,403 1,564,105 196,069 229 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments1,081 — 1,081 — 
Total liabilities1,081 — 1,081 — 
Fair value measurement as of December 31, 2024
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents423,927 423,927 — — 
Other investments1,633,797 1,501,389 131,866 542 
Derivative financial instruments4,483 — 4,483 — 
Total assets2,062,207 1,925,316 136,349 542 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments50,342 — 50,342 — 
Total liabilities50,342 — 50,342 — 
(*) The fair value of financial instruments classified as level 3 is not obtained from observable market information, but from measurements of the asset portfolio at market value provided by the fund manager. The evolution of such instruments during the years ended December 31, 2025 and 2024, corresponds to the initial investment and to the changes in its fair value, as follows:
Guarantee fund companies
As of December 31, 2024542 
Disinvestment(296)
Interest accrued— 
Changes in fair value93 
Reclassifications— 
Net foreign exchange gain(110)
At December 31, 2025229 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The evolution of such instruments during the years ended December 31, 2025 and 2024, corresponds to the initial investment and to the changes in its fair value, as follows:
Guarantee fund companies
As of December 31, 2024542 
Disinvestment(296)
Interest accrued— 
Changes in fair value93 
Reclassifications— 
Net foreign exchange gain(110)
At December 31, 2025229