$TX · Ternium S.A.
Ternium S.A. reported Q3 2026 results with net sales of $4,644M (+17% YoY), adjusted EBITDA of $785M (+87% YoY), and net income of $368M versus a loss of $270M in Q3 2025. EPS reached $1.42 per ADS. The board declared a $0.90/ADS interim dividend. Cash from operations was $613M, and the company swung to a $22M net cash position.
- Adjusted EBITDA of $785M, up 87% YoY from $420M; margin expanded to 16.9% from 10.6%.
- Net sales of $4,644M, up 17% YoY, driven by higher steel shipments (+8%) and revenue per ton (+11%).
- EPS of $1.42 per ADS vs. $0.10 in Q3 2025; 9M26 EPS of $4.26 vs. $1.54.
- Board declared $0.90/ADS interim dividend ($177M total), payable November 17, 2026.
- Net cash position of $22M at quarter-end, reversing from $112M net debt at end of Q2 2026.
Extended-hours trading shows TX at $53.81, up 4.18% vs. the regular-session close of $51.65, reflecting a positive initial reaction to the strong YoY earnings improvement and dividend announcement.
Near-doubling of adjusted EBITDA YoY, a swing from net debt to net cash, and a $0.90/ADS dividend signal strong operational momentum and capital returns for a $10B steel producer.
Ternium is gaining market share in Mexico by replacing imported steel in commercial and industrial markets, with data center and gas pipeline infrastructure investments adding to steel demand.
Deferred tax losses of $116M from Mexican Peso depreciation against USD hit net income. Q4 guidance flags Brazil margin pressure from elevated raw material/energy costs and temporary MUSA mine idling.