New Risk • May 27
New major risk - Share price stability The company's shares are highly illiquid. Its shares have only traded on 1 day in the past 3 months. This is considered a major risk. A lack of liquidity can be a big problem for shareholders. If there are not enough willing buyers of the stock, selling down a large shareholding may take a long time or it can crush the share price, potentially exposing shareholders to losses or reduced profits. It also means the share price may not be reflective of the true value of the company because there is infrequent price discovery. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.9% net profit margin). Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €8.20, the stock trades at a trailing P/E ratio of 43.8x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total loss to shareholders of 15% over the past three years. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: Mex$1.03 (vs Mex$9.20 in 3Q 2024) Third quarter 2025 results: EPS: Mex$1.03 (down from Mex$9.20 in 3Q 2024). Revenue: Mex$8.15b (down 14% from 3Q 2024). Net income: Mex$288.5m (down 91% from 3Q 2024). Profit margin: 3.5% (down from 32% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €6.65, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €7.20, the stock trades at a trailing P/E ratio of 16.1x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total loss to shareholders of 24% over the past three years. Reported Earnings • Jul 29
Second quarter 2025 earnings released: Mex$2.88 loss per share (vs Mex$11.72 profit in 2Q 2024) Second quarter 2025 results: Mex$2.88 loss per share (down from Mex$11.72 profit in 2Q 2024). Revenue: Mex$7.58b (down 21% from 2Q 2024). Net loss: Mex$937.0m (down 124% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. New Risk • Jul 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Apr 15
Industrias CH, S. A. B. de C. V., Annual General Meeting, Apr 30, 2025 Industrias CH, S. A. B. de C. V., Annual General Meeting, Apr 30, 2025. Location: agustin melgar no 23, ninos heroes industrial park, fraccionamiento industrial ninos heroes, tlalnepantla de baz, mexico Mexico Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: Mex$26.92 (vs Mex$9.39 in FY 2023) Full year 2024 results: EPS: Mex$26.92 (up from Mex$9.39 in FY 2023). Revenue: Mex$38.4b (down 18% from FY 2023). Net income: Mex$11.0b (up 186% from FY 2023). Profit margin: 29% (up from 8.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Reported Earnings • Nov 04
Third quarter 2024 earnings released: EPS: Mex$9.20 (vs Mex$5.31 in 3Q 2023) Third quarter 2024 results: EPS: Mex$9.20 (up from Mex$5.31 in 3Q 2023). Revenue: Mex$9.52b (down 12% from 3Q 2023). Net income: Mex$3.03b (up 72% from 3Q 2023). Profit margin: 32% (up from 16% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. New Risk • Aug 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 5.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €9.50, the stock trades at a trailing P/E ratio of 10.7x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Negligible returns to shareholders over past year. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: Mex$11.72 (vs Mex$2.88 in 2Q 2023) Second quarter 2024 results: EPS: Mex$11.72 (up from Mex$2.88 in 2Q 2023). Revenue: Mex$9.53b (down 16% from 2Q 2023). Net income: Mex$3.87b (up 308% from 2Q 2023). Profit margin: 41% (up from 8.3% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Reported Earnings • May 03
Full year 2023 earnings released: EPS: Mex$9.39 (vs Mex$18.14 in FY 2022) Full year 2023 results: EPS: Mex$9.39 (down from Mex$18.14 in FY 2022). Revenue: Mex$46.7b (down 24% from FY 2022). Net income: Mex$3.84b (down 48% from FY 2022). Profit margin: 8.2% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • Jan 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (6.7% net profit margin). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €11.30, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 12x in the Metals and Mining industry in Germany. Total returns to shareholders of 18% over the past year. Buy Or Sell Opportunity • Jan 22
Now 53% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to €11.30. The fair value is estimated to be €7.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Oct 28
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: Mex$10.8b (down 26% from 3Q 2022). Net income: Mex$1.76b (down 4.1% from 3Q 2022). Profit margin: 16% (up from 13% in 3Q 2022). The increase in margin was driven by lower expenses. New Risk • Jul 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.4% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (6.4% net profit margin). Reported Earnings • Jul 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: Mex$11.4b (down 36% from 2Q 2022). Net income: Mex$948.8m (down 74% from 2Q 2022). Profit margin: 8.3% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. New Risk • Jun 29
New minor risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €12.10, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 32% over the past year. Reported Earnings • Apr 30
Full year 2022 earnings released Full year 2022 results: Revenue: Mex$61.6b (flat on FY 2021). Net income: Mex$7.44b (down 13% from FY 2021). Profit margin: 12% (down from 14% in FY 2021). Revenue is expected to fall by 8.0% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Metals and Mining industry in Europe. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 26% share price gain to €12.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €5.31 per share. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 26% share price gain to €11.30, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €5.39 per share. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Raul Arturo Perez Trejo was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 29
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Mex$14.6b (down 8.5% from 3Q 2021). Net income: Mex$1.83b (down 42% from 3Q 2021). Profit margin: 13% (down from 20% in 3Q 2021). Revenue is expected to fall by 2.2% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 22
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Mex$17.8b (up 5.0% from 2Q 2021). Net income: Mex$3.61b (up 59% from 2Q 2021). Profit margin: 20% (up from 13% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 5.5%, compared to a 28% growth forecast for the industry in Germany. Board Change • Jun 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Raul Arturo Perez Trejo was the last director to join the board, commencing their role in 2002. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
