MEXICO CITY, July 22, 2026 /PRNewswire/ -- Grupo Rotoplas S.A.B. de C.V. (BMV: AGUA*) ("Rotoplas", "the Company"), the leading provider of water solutions in the Americas, today reports its unaudited financial results for the second quarter of 2026. The information has been prepared in accordance with International Financial Reporting Standards (IFRS).
Figures are expressed in millions of Mexican pesos.
Key Highlights Q2'26
- Net sales were $3.0 billion; a 3.4% increase compared to Q2'25. On a cumulative basis, net sales reached $5.7 billion, a 2.2% increase compared to 2025.
- EBITDA of $409 million, with a 13.4% margin. The cumulative EBITDA was $741 million, with a cumulative margin of 13.0%.
- Operating profit was $217 million, an increase of 4.8% compared to Q2'25. On a cumulative basis, operating profit reached $377 million, a 9.1% increase compared to 2025.
- Net result posted a $201 million loss in Q2'26, mainly explained by the impact of the net finance costs related to monetary position in Argentina. In the first half of the year, net result posted a loss of $89 million.
- Services sales increased 4.7% during the quarter and 8.7% in the first half of the year, primarily driven by bebbia, while product sales increased 3.2% during the quarter and 1.5% in the first half of the year.
- bebbia surpassed 193,000 active subscribers at the end of the quarter.
Message from the CEO | Carlos Rojas Aboumrad
"During the second quarter, we continued consolidating the recovery we have made over the last quarters. Sales grew 3.4% and EBITDA 11.0%, with a margin expansion, reflecting a more efficient operation and the impact of the initiatives we have been implementing. This was achieved in an environment that continues to present challenges, particularly exchange rate volatility and pressure on raw material costs.
In Mexico, performance in products was solid, with agile pricing management amid resin price volatility. Argentina remained affected by macroeconomic and foreign exchange factors; however, we observed signs of operating stabilization. In the United States, we posted our fifth consecutive quarter with positive EBITDA, confirming the structural progress of the business. Peru and Central America maintained solid commercial performance, while in Brazil we continued building the pipeline of water treatment plants.
The services segment maintained its positive trajectory, driven by bebbia. The segment's margin reflected a one-time impact from a litigation in Brazil, which has already been resolved with no additional impact expected. Excluding this impact, the margin continues its improving trend on the path toward breakeven.
A significant milestone of the quarter was the strengthening of our financial structure: we prepaid the AGUA 17-2X bond and closed a 7-year loan with Bancomext, extending our maturity profile. We continue to advance our deleveraging plan: Net Debt / EBITDA closed at 2.3x, down from 3.2x in Q2'25, reflecting the improvement in cash, debt, and EBITDA.
Our purpose is to bring more and better water to our customers, and innovation has always been the driving force that makes this possible. We continuously innovate to address our customers' evolving needs, ensuring our products and services create meaningful value and improve everyday life. Guided by this purpose, we will continue to innovate, strengthen our leadership, and create sustainable long-term value for all our stakeholders."
Results
Figures are expressed in millions of Mexican pesos
Indicator | Q2'26 | Q2'25 | %YoY | 6M26 | 6M25 | %YoY |
Net Sales | 3,044 | 2,945 | 3.4 % | 5,705 | 5,580 | 2.2 % |
Adjusted EBITDA1 | 409 | 369 | 11.0 % | 741 | 669 | 10.7 % |
% margin | 13.4 % | 12.5 % | 90 bps | 13.0 % | 12.0 % | 100 bps |
Net Result | (201) | 42 | NA | (89) | 65 | NA |
ROIC | 5.3 % | 5.2 % | 10 bps | |||
Net Financial Debt2 | 3,153 | 3,753 | (16.0 %) | |||
Net Debt / EBITDA | 2.3x | 3.2x | (0.9x) |
Financial Results Q2'26 vs Q2'25
- Net sales reached $3,044 million, a 3.4% increase compared to Q2'25, with a growth of 3.2% in products and 4.7% in services. The business showed solid performance across every region — Mexico, the USA, and others — more than offsetting the weakness in Argentina.
- Gross profit closed at $1,277 million with a margin of 42.0%, a 70-bps expansion vs Q2'25, driven by agile pricing and production cost efficiencies that allowed cost of sales to grow below the rate of sales.
- Operating income reached $217 million, a 4.8% increase compared to Q2'25, supported by year-over-year sales growth. Disciplined SG&A control has helped keep expenses below 35% of sales, even as the company continues to develop digital initiatives across the organization.
- EBITDA closed at $409 million with a 13.4% margin, a 90-bps expansion compared to Q2'25, reflecting the improvement in gross margin and strict expense control.
- Net result reached a loss of $201 million, mainly reflecting the net finance costs impact, driven by the monetary position result in Argentina and foreign exchange losses, together with a higher tax provision.
- Net Financial Debt / EBITDA leverage closed at 2.3x, improving from 3.2x in Q2'25, driven by higher cash balances, lower debt, and higher EBITDA.
Cumulative Results 2026 vs 2025
- Net sales reached $5,705 million, a 2.2% increase, driven by 8.7% growth in services, primarily supported by bebbia, and a 1.5% growth in products, reflecting favorable demand trends and a stronger contribution from recently introduced product lines in Mexico, such as the vertical water tank and the smart pump.
- Gross profit was $2,415 million, increasing 3.5% year-over-year. Gross margin expanded 50 basis points to 42.3%. The improvement primarily reflected disciplined pricing and cost management.
- Operating income reached $377 million, a 9.1% increase compared to 2025, supported by gross margin expansion and disciplined cost and expense management, with operating expenses growing broadly in line with revenue.
- EBITDA closed at $741 million, with EBITDA margin expanding 100 basis points to 13.0%. The improvement was supported by stronger profitability in Mexico and the United States, with Argentina also narrowing its losses year over year.
- Net result recorded an $89 million loss. This decline mainly reflects a higher net finance costs associated with monetary position in Argentina and foreign exchange effects, as well as a higher tax provision. These items do not reflect the underlying strength of the Company's operations.
- CapEx for the period amounted to $194 million, 8.2% below the prior-year period, reflecting disciplined investment allocation. Expenditures remained primarily focused on the continued expansion of the services segment in Mexico, particularly bebbia, and on infrastructure required to support future growth.
Sales and EBITDA by Geography and Solution
Figures are expressed in millions of Mexican pesos
Sales | Q2'26 | Q2'25 | %YoY | 6M26 | 6M25 | %YoY |
Mexico3 | 1,787 | 1,711 | 4.4 % | 3,368 | 3,248 | 3.7 % |
Argentina | 478 | 550 | (13.1 %) | 873 | 1,001 | (12.9 %) |
United States | 322 | 315 | 2.4 % | 581 | 595 | (2.2 %) |
Other | 457 | 369 | 23.9 % | 882 | 737 | 19.8 % |
Products | 2,747 | 2,661 | 3.2 % | 5,118 | 5,041 | 1.5 % |
Services | 297 | 284 | 4.7 % | 586 | 539 | 8.7 % |
EBITDA | Q2'26 | Q2'25 | %YoY | 6M26 | 6M25 | %YoY |
Mexico3 | 377 | 327 | 15.1 % | 670 | 614 | 9.2 % |
Argentina | (4) | (43) | (89.6 %) | (61) | (64) | (5.9 %) |
United States | 27 | 26 | 6.9 % | 27 | 6 | NA |
Other | 9 | 58 | (83.8 %) | 104 | 113 | (8.4 %) |
Products | 501 | 409 | 22.4 % | 857 | 723 | 18.5 % |
Services | (92) | (41) | NA | (116) | (54) | NA |
EBITDA Margin | Q2'26 | Q2'25 | %YoY | 6M26 | 6M25 | %YoY |
Mexico | 21.1 % | 19.1 % | 200 bps | 19.9 % | 18.9 % | 100 bps |
Argentina | (0.9 %) | (7.8 %) | 690 bps | (6.9 %) | (6.4 %) | (50) bps |
United States | 8.5 % | 8.1 % | 40 bps | 4.7 % | 1.0 % | 370 bps |
Other | 2.1 % | 15.8 % | NA | 11.8 % | 15.4 % | (360) bps |
Products | 18.2 % | 15.4 % | 280 bps | 16.7 % | 14.3 % | 240 bps |
Services | (31.0 %) | (14.4 %) | NA | (19.8 %) | (10.1 %) | NA |
2Q26 | 6M26 | |||||||
Sales | % | EBITDA | % | Sales | % | EBITDA | % | |
Mexico | 1,787 | 59 % | 377 | 92 % | 3,368 | 59 % | 670 | 90 % |
Argentina | 478 | 16 % | (4) | (1 %) | 873 | 15 % | (61) | (8 %) |
United States | 322 | 11 % | 27 | 7 % | 581 | 10 % | 27 | 4 % |
Others | 457 | 15 % | 9 | 2 % | 882 | 15 % | 104 | 14 % |
TOTAL | 3,044 | 100 % | 409 | 100 % | 5,705 | 100 % | 741 | 100 % |
Mexico
- Sales increased by 4.4% on an annual basis and 3.7% on a cumulative basis, driven by broad-based growth across categories, led by strong flow volumes amid improved market demand, alongside continued growth in the services platform.
Highlights include the strong performance of strategic product lines, particularly the vertical water tank and smart pump, which supported category positioning and enriched the product mix.
- EBITDA reached $377 million, presenting a 15.1% increase while rising 9.2% on a cumulative basis, reaching a margin of 21.1% for the quarter and 19.9% on a cumulative basis, supported by agile pricing management and disciplined cost control, which allowed margins to expand year-over-year.
Argentina
- Sales decreased by 13.1% during the quarter and fell by 12.9% on a cumulative basis. This performance reflects the depreciation of the Argentine peso. In local currency, net sales grew year-over-year, with volumes showing gradual recovery across all three categories, particularly Water Heaters, supported by seasonal winter demand.
- EBITDA was negative both for the quarter and on a cumulative basis, impacted by the limited ability to pass on cost increases to prices and by lower absorption of fixed costs and expenses.
United States
- Sales grew 2.4% during the second quarter and decreased 2.2% on a cumulative basis in Mexican pesos, but increased 15% and 12% in USD, respectively, driven by a continued mix shift from residential toward B2B channels, including industrial, construction, HVAC (Heating, Ventilation, and Air Conditioning), and septic, as well as the start of operations at two new branches, Pompano and Phoenix.
- EBITDA was positive both for the quarter and year-to-date, driven by more sales and disciplined expense management, marking the fifth consecutive quarter of positive EBITDA and confirming the sustainability of the turnaround.
Other Countries
(Peru, Central America and Brazil)
- Sales increased 23.9% in Q2'26 and 19.8% in the first half of the year, driven by solid growth in all countries:
In Peru, growth was driven by strong volume performance across most categories, along with a boost in storage products from an extended summer season. In Central America, growth was driven by continued commercial momentum, with new distributor additions expanding the customer base and strong sales performance across the region. In Brazil, the water treatment and recycling plants business continued to grow steadily.
- EBITDA decreased in the quarter and cumulatively, as the Q2'26 results were impacted by a one-time impact related to a resolved client dispute in the wastewater treatment segment in Brazil. Excluding this impact, the margin improved both for the quarter and on a cumulative basis.
Products
- Product sales increased 3.2% during the second quarter and 1.5% on a cumulative basis, with growth in Mexico, Peru, and Central America partially offset by weakness in Argentina and exchange rate effects in the United States.
- EBITDA increased 22.4% during the second quarter and 18.5% on a cumulative basis, supported by cost efficiencies in Mexico and solid performance in the USA, Peru and Central America. EBITDA margin improved 280 bps to 18.2% in the quarter and 240 bps to 16.7% on a cumulative basis.
Services
- Services sales increased 4.7% during the second quarter and 8.7% on a cumulative basis, mainly driven by bebbia, which surpassed 193,000 active subscribers. RSA had a softer quarter due to the delay in contract signings and the rainy season.
- EBITDA remained negative, in line with the business's scaling, and Q2 results were also affected by a one-time impact related to a resolved client dispute in the wastewater treatment segment in Brazil. Excluding this item, the margin improved both for the quarter and on a cumulative basis.
Other Indicators
(Figures are expressed in millions of Mexican pesos)
Indicators | 6M26 | 6M25 | %AsA |
Cash and Cash Equivalents | 1,247 | 762 | 63.6 % |
Short Term Financial Debt4 | 445 | 515 | (13.6 %) |
Long Term Financial Debt5 | 3,954 | 3,999 | (1.1 %) |
Total Financial Debt | 4,399 | 4,515 | (2.6 %) |
Net Financial Debt | 3,153 | 3,753 | (16.0 %) |
CapEx | 194 | 211 | (8.2 %) |
Mexico | 176 | 177 | (0.5 %) |
Argentina | 9 | 10 | (9.1 %) |
United States | 3 | 0 | NA |
Other | 6 | 24 | (76.0 %) |
Change in Working Capital (cash flow) | 96 | (56) | NA |
CCC6 (days) | 21 | 51 | 30 days |
Net Finance Costs | (303) | (271) | 11.9 % |
CapEx
- Capital expenditures totaled $194 million, representing 3.4% of sales for the first half of the year, 8.2% below the prior-year period and reflecting disciplined investment allocation. Expenditures remained concentrated mainly in Mexico, in line with the continued expansion of bebbia and the growth strategy of the services business.
Net Finance Costs
- Net finance costs recorded for the second quarter an expense of $334 million, compared to $154 million in Q2'25. The 2026 expense includes $133 million in interest, commissions, and leases, and $201 million from foreign exchange effects, primarily related to exchange rate movements and inflation in Argentina.
- The cumulative net finance costs recorded an expense of $303 million, compared to $271 million in 2025. The 2026 expense includes $263 million for interest, commissions, and leases, and $40 million from foreign exchange effects, primarily related to exchange rate movements and inflation in Argentina.
Derivative Financial Instruments
- As of June 30, 2026, the market value of Grupo Rotoplas' positions was:
Market Value | ||
Instrument | MXN/USD exchange rate forward | ($3.46) million |
Sustainability Strategy Milestones
- Sustainable Development Impact Dashboard (SDID)
For the second consecutive year, Rotoplas publicly reported its impacts and contributions to the Sustainable Development Goals through the SDID, reinforcing its commitment to transparency with investors and stakeholders. - CDP Supplier Engagement
Rotoplas was recognized for the second consecutive year as a Supplier Engagement Leader by CDP, reflecting its leadership in carbon footprint measurement, decarbonization target-setting, and active supplier engagement. - Sustainability Week
Rotoplas held its annual Sustainability Week, bringing together over 300 employees across the organization through 6 webinars covering key topics including water stewardship, energy efficiency and progress on the Company's sustainability targets. - Socially Responsible and Carbon Footprint distinctions - Peru
Rotoplas Peru received the Empresa con Gestión Sostenible distinction for the ninth consecutive year. Additionally, for the first time, Rotoplas Peru joined the Ministry of Environment's Carbon Footprint Program, marking a significant step in measuring and managing its greenhouse gas emissions.
Analyst Coverage
Institution | Analyst | Recommendation | Target Price |
BTG Pactual | Gordon Lee | Neutral | $15.00 |
GBM | Regina Carrillo | Outperform | $39.00 |
Punto Research | Alejandro de la Rosa | Buy | $18.64 |
Consensus | $24.21 |
Investor Conference Call Invite
Thursday, July 23, 2026, at 10:00 a.m. Mexico City time (12:00 p.m. EST)
Speakers: Carlos Rojas (Chief Executive Officer), Andrés Pliego (Chief Financial Officer)
Registration: https://rotoplas.zoom.us/webinar/register/WN_d3xeitB4SqOVqM2vjWJZ5A#/registration
Financial Statements
Income Statement
(Unaudited figures in millions of Mexican pesos)
2Q | 6M | |||||
2026 | 2025 | %Δ | 2026 | 2025 | %Δ | |
Net Sales | 3,044 | 2,945 | 3.4 % | 5,705 | 5,580 | 2.2 % |
COGS | 1,766 | 1,728 | 2.2 % | 3,290 | 3,247 | 1.3 % |
Gross Profit | 1,277 | 1,217 | 5.0 % | 2,415 | 2,333 | 3.5 % |
% margin | 42.0 % | 41.3 % | 70 bps | 42.3 % | 41.8 % | 50 bps |
Operation Expenses | 1,060 | 1,010 | 5.0 % | 2,037 | 1,987 | 2.5 % |
Operating Income | 217 | 207 | 4.8 % | 377 | 346 | 9.1 % |
% margin | 7.1 % | 7.0 % | 10 bps | 6.6 % | 6.2 % | 40 bps |
Net Finance Costs | (334) | (154) | NA | (303) | (271) | 11.9 % |
Financial Income | 3 | 19 | (82.8 %) | 176 | 33 | NA |
Financial Expenses | (338) | (173) | 95.3 % | (480) | (304) | 57.9 % |
Income Before Taxes | (118) | 52 | NA | 74 | 74 | (0.2 %) |
Taxes | 84 | 10 | NA | 163 | 9 | NA |
Net Result | (201) | 42 | NA | (89) | 65 | NA |
% margin | (6.6 %) | 1.4 % | NA | (1.6 %) | 1.2 % | (280) bps |
Adjusted EBITDA7 | 409 | 369 | 11.0 % | 741 | 669 | 10.7 % |
% margin | 13.4 % | 12.5 % | 90 bps | 13.0 % | 12.0 % | 100 bps |
Balance Sheet
(Unaudited figures in millions of Mexican pesos)
6M | |||
2026 | 2025 | %Δ | |
Cash and Cash Equivalents | 1,247 | 762 | 63.6 % |
Accounts Receivable | 1,257 | 1,766 | (28.9 %) |
Inventory | 1,544 | 1,446 | 6.8 % |
Other Current Assets | 434 | 553 | (21.6 %) |
Current Assets | 4,481 | 4,527 | (1.0 %) |
Property, Plant and Equipment - Net | 3,605 | 3,911 | (7.8 %) |
Other Long-term Assets | 5,408 | 5,707 | (5.2 %) |
Total Assets | 13,493 | 14,145 | (4.6 %) |
Short-term Debt8 | 445 | 515 | (13.6 %) |
Suppliers | 1,385 | 927 | 49.4 % |
Other Accounts Payable | 1,154 | 1,046 | 10.3 % |
Short-term Liabilities | 2,985 | 2,489 | 19.9 % |
Long-term Debt9 | 3,954 | 3,999 | (1.1 %) |
Other long-term Liabilities | 1,122 | 1,304 | (14.0 %) |
Total Liabilities | 8,061 | 7,793 | 3.4 % |
Total Stockholders' Equity | 5,432 | 6,352 | (14.5 %) |
Total Liabilities + Stockholders' Equity | 13,493 | 14,145 | (4.6 %) |
Cash Flow
(Unaudited figures in millions of Mexican pesos)
6M | |||
2026 | 2025 | %Δ | |
EBIT | 377 | 346 | 9.1 % |
Depreciation and Amortization | 344 | 321 | 7.0 % |
Inventory | (276) | 216 | NA |
Accounts Receivable | (113) | (39) | NA |
Accounts Payable | 485 | (233) | NA |
Other Current Liabilities | 368 | 120 | NA |
Taxes | (98) | (65) | 51.4 % |
Operating Cash Flow | 1,088 | 667 | 63.3 % |
CapEx | (194) | (211) | (8.2 %) |
Other Investment Activities | 24 | 51 | NA |
Investing Cash Flow | (170) | (161) | 5.6 % |
Dividends / Capital Reimbursements | (82) | 0 | NA |
Repurchase Fund | (33) | (4) | NA |
Short and Long-term Debt | (19) | (166) | (88.3 %) |
Interest and Leases | (363) | (322) | 12.8 % |
Financing Cash Flow | (497) | (492) | 1.0 % |
Change in Cash | 422 | 14 | NA |
Effect of exchange rate on cash | (37) | 16 | NA |
Net Change in Cash | 385 | 30 | NA |
Initial Cash Balance | 861 | 732 | 17.7 % |
Final Cash Balance | 1,247 | 762 | 63.6 % |
Investor Relations Contact
Mariana Fernández | María Fernanda Escobar |
Disclaimer
This document may contain forward-looking statements regarding the future performance of Grupo Rotoplas S.A.B. de C.V. These statements are based on current management expectations and information available at the time of publication. Actual results may differ materially due to various risks, uncertainties, and external factors beyond the Company's control. Grupo Rotoplas assumes no obligation to update or revise any forward-looking statements.
About the Company
Grupo Rotoplas S.A.B. de C.V. is America's leading provider of water solutions, including products and services for storing, piping, improving, treating, and recycling water. With over 45 years of experience in industry and 18 plants throughout the Americas, Rotoplas is present in 14 countries and has a portfolio that includes 27 product lines, a services platform, and an e-commerce business. Grupo Rotoplas has been listed on the Mexican Stock Exchange (BMV) under the ticker "AGUA" since December 10th, 2014.
1 In 2026, Adjusted EBITDA for the quarter includes $18 million in donations, and $20 million on a cumulative basis. By comparison, in 2025, $1 million was considered in the quarter and $2 million on a cumulative basis for the same period.
2 Excluding leases.
3 Includes revenue and EBITDA from the Mexico business, even when a specific project is carried out in another country.
4 Excluding leases. Includes $14 million in interest provisions in 2026 and $12 million in 2025.
5 Excluding leases.
6 CCC = (Average Inventory / (3M Cost of Sales / 90)) + (Average Trade Receivables and Other Accounts Receivable / (3M Net Sales / 90)) − (Average Suppliers and Other Short-term Accounts Payable / (3M Cost of Sales / 90)). Averages are calculated using the beginning and ending balances of the quarter.
7 In 2026, Adjusted EBITDA for the quarter includes $18 million in donations, and $20 million on a cumulative basis. By comparison, in 2025, $1 million was considered in the quarter and $2 million on a cumulative basis for the same period.
8 Excluding leases.
9 Excluding leases.
View original content to download multimedia:https://www.prnewswire.com/news-releases/rotoplas-second-quarter-2026-results-302832597.html
SOURCE Grupo Rotoplas S.A.B. de C.V.
