Rotoplas: Third Quarter 2026 Results

MEXICO CITY, Oct. 21, 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 third 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 Q3'26

• Net sales were $2.9 billion, a 9.6% increase compared to Q3'25. On a cumulative basis, net sales reached $8.6 billion, a 4.6% increase compared to 2025.
  
  
• EBITDA was $385 million, a 35.4% increase compared to Q3'25, with a 13.2% margin. The cumulative EBITDA was $1.1 billion, an 18.1% increase year-over-year, with a cumulative margin of 13.1%.
  
  
• Operating income was $192 million, an increase of 50.7% compared to Q3'25. On a cumulative basis, operating income reached $569 million, a 20.3% increase compared to 2025.
  
  
• Net result posted a $2 million loss in Q3'26, an improvement from the $198 million loss in Q3'25, mainly due to higher operating income and a lower net financing cost. In the first nine months of the year, net result posted a loss of $91 million.
  
  
• Services sales increased 10.3% during the quarter and 9.3% in the first nine months of the year, primarily driven by bebbia, while product sales increased 9.5% during the quarter and 4.1% in the first nine months of the year.
  
  
• bebbia surpassed 208,000 active subscribers at the end of the quarter.

Message from the CEO | Carlos Rojas Aboumrad

"During the third quarter, the improvement in our results continued, with stronger growth in both sales and EBITDA in an environment that remains challenging. Sales grew 9.6% and EBITDA 35.4%, with a 13.2% margin, 250 basis points above Q3'25. These results reflect disciplined execution amid pressure from resin costs and weak demand in some of our markets.

Our diversification across geographies, businesses and solutions continues to contribute. In Mexico, sales grew 4.8% and the EBITDA margin expanded 250 basis points to 17.8%. In Argentina, operational stabilization continued despite very low demand. The United States grew double digits and posted its sixth consecutive quarter of positive EBITDA, and Peru, Central America and Brazil delivered double-digit growth. Together, the United States and Other Countries now represent 27% of total sales, compared to 24% in Q3'25. New strategic solutions reached close to 8% of Group sales, and services grew 10.3%, driven by bebbia, which added more than 14,000 net new active subscribers, its highest quarterly figure to date.

We maintained financial discipline. Net Debt / EBITDA closed at 2.2x, compared to 3.2x in Q3'25, reflecting higher EBITDA, lower net financial debt and a stronger cash position. In the first nine months, operating cash flow grew 16.8% and CapEx was 10.3% lower than in 2025. Reducing leverage remains a priority, and cash generation will remain at the center of our decisions.

Our purpose is to bring more and better water to people, and innovation has always been the driving force that makes this possible. 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

Q3'26

Q3'25

%YoY

9M26

9M25

%YoY

Net Sales

2,927

2,671

9.6 %

8,631

8,251

4.6 %

Adjusted EBITDA[1]

385

285

35.4 %

1,126

954

18.1 %

% margin

13.2 %

10.7 %

250 bps

13.1 %

11.6 %

150 bps

Net Result

(2)

(198)

NM

(91)

(133)

NM

ROIC[2]

5.5 %

5.8 %

(30) bps

Net Financial Debt[3]

3,289

3,789

(13.2 %)

Net Debt / EBITDA2

2.2x

3.2x

(1.0x)

Financial Results Q3'26 vs Q3'25

• Net sales reached $2,927 million, a 9.6% increase compared to Q3'25, driven by a 9.5% growth in products and 10.3% in services. All regions grew during the quarter, led by Other Countries and the United States.
  
  
• Gross profit closed at $1,206 million with a margin of 41.2%, a 60-basis-point contraction compared to Q3'25, mainly due to higher resin costs.
  
  
• Operating income reached $192 million, a 50.7% increase compared to Q3'25. Operating expenses grew 2.6%, below the 9.6% growth in sales, representing 34.7% of sales compared to 37.0% in Q3'25.
  
  
• EBITDA closed at $385 million with a 13.2% margin, a 250-basis-point expansion compared to Q3'25, as lower relative expenses more than offset the decline in gross margin.
  
  
• Net result was a loss of $2 million, compared to a loss of $198 million in Q3'25. In addition to higher operating income, net financing cost decreased to $164 million from $354 million, mainly due to lower foreign exchange effects in Argentina.
  
  
• Net Financial Debt / EBITDA leverage closed at 2.2x, improving from 3.2x in Q3'25, driven by higher EBITDA, higher cash balances and lower debt.

Cumulative Results 2026 vs 2025

• Net sales reached $8,631 million, a 4.6% increase compared to 2025, driven by a 4.1% growth in products and 9.3% growth in services, the latter primarily supported by bebbia. Growth in Other Countries, Mexico and the United States more than offset the decline in Argentina.
  
  
• Gross profit was $3,621 million, a 5.0% increase year-over-year, while gross margin expanded 20 basis points to 42.0%, supported by an agile pricing strategy to protect margins amid volatile raw material costs.
  
  
• Operating income reached $569 million, a 20.3% increase year-over-year, with operating expenses growing 2.5%, below revenue growth, reflecting operating leverage.
  
  
• EBITDA closed at $1,126 million, with EBITDA margin expanding 150 basis points to 13.1%. The improvement came mainly from Mexico and from Argentina narrowing its losses year-over-year, as well as from the United States.
  
  
• Net result recorded a $91 million loss, compared to a $133 million loss in 2025. Higher operating income and lower net financing costs were partially offset by a higher tax provision.
  
  
• CapEx for the period amounted to $317 million, a 10.3% decrease year-over-year. Investments remained focused on Mexico, mainly in the services segment.

Sales and EBITDA by Geography and Solution

Figures are expressed in millions of Mexican pesos

Sales

Q3'26

Q3'25

%YoY

9M26

9M25

%YoY

Mexico[4]

1,610

1,536

4.8 %

4,978

4,784

4.1 %

Argentina

531

497

6.8 %

1,404

1,498

(6.3 %)

United States

323

267

20.9 %

904

862

4.9 %

Other

463

370

25.1 %

1,345

1,107

21.6 %

Products

2,615

2,388

9.5 %

7,733

7,429

4.1 %

Services

312

283

10.3 %

898

822

9.3 %

EBITDA

Q3'26

Q3'25

%YoY

9M26

9M25

%YoY

Mexico

286

236

21.3 %

956

849

12.6 %

Argentina

1

(40)

NM

(60)

(104)

NM

United States

11

15

(27.0 %)

38

21

82.6 %

Other

88

74

18.8 %

192

188

2.3 %

Products

381

348

9.6 %

1,238

1,071

15.6 %

Services

4

(63)

NM

(112)

(117)

NM

 EBITDA Margin

Q3'26

Q3'25

%YoY

9M26

9M25

%YoY

Mexico

17.8 %

15.3 %

250 bps

19.2 %

17.8 %

140 bps

Argentina

0.2 %

(8.0 %)

NM

(4.2 %)

(6.9 %)

270 bps

United States

3.3 %

5.5 %

(220) bps

4.2 %

2.4 %

180 bps

Other

19.0 %

20.0 %

(100) bps

14.3 %

16.9 %

(260) bps

Products

14.6 %

14.6 %

0 bps

16.0 %

14.4 %

160 bps

Services

1.3 %

(22.4 %)

NM

(12.5 %)

(14.3 %)

180 bps

3Q26

9M26

Sales

%

EBITDA

%

Sales

%

EBITDA

%

Mexico

1,610

55 %

286

74 %

4,978

58 %

956

85 %

Argentina

531

18 %

1

0 %

1,404

16 %

(60)

(5 %)

United States

323

11 %

11

3 %

904

10 %

38

3 %

Other

463

16 %

88

23 %

1,345

16 %

192

17 %

TOTAL

2,927

100 %

385

100 %

8,631

100 %

1,126

100 %

Mexico

− Sales increased 4.8% during the quarter and 4.1% on a cumulative basis. New strategic solutions, such as vertical tanks and rainwater harvesting systems, together with the services platform, supported growth in a market that remained weak, affected by low consumer confidence, slower vertical construction and heavy rains.

− EBITDA reached $286 million in the quarter, a 21.3% increase year-over-year, with a margin of 17.8%, 250 basis points above Q3'25. Lower expenses as a percentage of sales more than offset higher resin costs. On a cumulative basis, EBITDA reached $956 million, a 12.6% increase, with a margin of 19.2%, a 140-basis-point expansion.

Argentina

− Sales increased 6.8% in Mexican pesos and 24% in local currency during the quarter, driven mainly by pricing, as storage and flow volumes declined amid weak construction activity. On a cumulative basis, sales decreased 6.3% in Mexican pesos and grew 29% in local currency.

− EBITDA reached break-even in the quarter, compared to a loss in Q3'25, supported by the pricing strategy and operational stabilization initiatives. On a cumulative basis, EBITDA losses narrowed compared to 2025, with the EBITDA margin, while still negative, improving 270 basis points.

Note: Argentina's results are reported under IAS 29 (Financial Reporting in Hyperinflationary Economies). Quarterly figures are derived from year-to-date results restated to September purchasing power and closing exchange rate, less previously reported figures. Q3'26 sales include a positive effect of approximately $22 million Mexican pesos from this restatement; excluding it, sales would have been approximately $509 million and EBITDA would have remained at break-even. On a cumulative basis, the restatement had a negative effect of approximately $17 million on 9M26 sales, which would have been approximately $1,420 million excluding it, while EBITDA would have remained at a loss of approximately $60 million.

United States

− Sales grew 20.9% during the quarter and 4.9% on a cumulative basis in Mexican pesos, and approximately 31% and 18% in USD, respectively. Growth reflected the vertical-focused commercial strategy, with higher demand in water storage and in the industrial and chemical segments.

− EBITDA was positive for the sixth consecutive quarter, with a margin of 3.3%, compared to 5.5% in Q3'25, reflecting a commercial strategy focused on accelerating growth and gaining new accounts. On a cumulative basis, the EBITDA margin expanded 180 basis points to 4.2%.

Other Countries
(Peru, Central America and Brazil)

− Sales increased 25.1% in Q3'26 and 21.6% in the first nine months of the year, driven by Peru and Central America, and by Brazil, where the water treatment plant business continues to develop and expand.

In Peru, sales posted double-digit growth, supported by improved consumer and investment sentiment. Warmer-than-usual temperatures associated with El Niño weighed on water heater sales but boosted demand for storage solutions.

Central America continued to grow at a strong double-digit pace, with solid performance across the region. In Brazil, the water treatment plant business is gaining traction.

- EBITDA increased 18.8% in the quarter and 2.3% on a cumulative basis. The margin was 19.0%, a 100-basis-point contraction compared to Q3'25, reflecting the timing of project execution in Brazil. The cumulative figure includes the one-time impact of the litigation settlement in Brazil reported last quarter.

Products

− Product sales increased 9.5% during the third quarter, with growth in all regions, and 4.1% on a cumulative basis, with growth in all regions except Argentina, which declined in Mexican pesos amid weak construction activity.

− EBITDA increased 9.6% during the quarter, with a stable margin of 14.6%, supported by better results in Mexico, Argentina and Peru. On a cumulative basis, EBITDA grew 15.6% and the margin expanded 160 basis points to 16.0%.

Services

− Services sales increased 10.3% during the third quarter and 9.3% on a cumulative basis. bebbia closed September with more than 208,000 subscribers, while the water treatment plants business grew in Mexico and Brazil.

− EBITDA was positive at $4 million, compared to a loss of $63 million in Q3'25, mainly due to improved unit economics at bebbia. On a cumulative basis, and excluding the one-time impact of the litigation settlement in Brazil reported last quarter, services EBITDA would have been negative $37 million. The result has improved every quarter this year, driven mainly by bebbia.

Other Indicators 
(Figures are expressed in millions of Mexican pesos)

Indicators

9M26

9M25

%YoY

Cash and Cash Equivalents

1,074

802

33.9 %

Short Term Financial Debt[5]

407

592

(31.2 %)

Long Term Financial Debt[6]

3,956

3,999

(1.1 %)

Total Financial Debt

4,363

4,591

(5.0 %)

Net Financial Debt

3,289

3,789

(13.2 %)

CapEx

317

353

(10.3 %)

Mexico

288

305

(5.5 %)

Argentina

11

14

(22.2 %)

United States

3

0

NM

Other

15

34

(55.8 %)

Change in Working Capital (cash flow)

(194)

127

NM

CCC[7] (days)

12

43

(31) days

Net Financing Cost

(467)

(625)

(25.2 %)

CapEx

− Capital expenditures totaled $317 million, representing 3.7% of sales for the first nine months of the year, a 10.3% decrease year-over-year. Investment remained concentrated in Mexico, mainly in the services segment, consistent with the Company's disciplined approach to capital allocation and its focus on cash generation.

Net Financing Cost

− Net financing cost recorded for the third quarter an expense of $164 million, compared to $354 million in Q3'25. The 2026 expense includes $121 million in interest, commissions, and leases, and $43 million from foreign exchange, inflation and financial instrument valuation effects, mainly related to Argentina.

− The cumulative net financing cost recorded an expense of $467 million, compared to $625 million in 2025. The 2026 expense includes $384 million for interest, commissions, and leases, and $83 million from foreign exchange, inflation and financial instrument valuation effects, including the impact of exchange rate movements and inflation in Argentina.

Derivative Financial Instruments

− As of September 30, 2026, the market value of Grupo Rotoplas' positions was:

Market Value

Instrument

Interest rate swap

MXN/USD exchange rate forward

$28.36 million

$0.34 million

Sustainability Strategy Milestones

• Mexico's Most Responsible Companies - Expansión
  Rotoplas was recognized by Expansión magazine as one of Mexico's 10 most responsible companies, ranking #9 out of 183 participants.

• Water-Responsible Company - Peru
  For the third consecutive year, Rotoplas Peru received the Water-Responsible Company distinction (Empresa Hídricamente Responsable), an Aquafondo initiative that recognizes companies carrying out responsible water management projects in their operations.

• Habitat for Humanity - Argentina
  In August and September, Rotoplas Argentina partnered with Habitat for Humanity to deliver sanitation kits to 20 families in local communities, complemented by training from technical advisors.

• Transcend - Women with Impact
  Rotoplas launched the second edition of "Trasciende, mujeres con impacto", an internal talent development program for women employees in mid-level roles. This edition brings together 39 participants from Mexico, Nicaragua, Peru and Argentina, and includes training courses and team-building activities that will run through the end of 2026.

Analyst Coverage

Institution

Analyst

Recommendation

Target Price
(MXN)

BTG Pactual

Gordon Lee

Neutral

$15.30

GBM

Regina Carrillo

Outperform

$39.00

Punto Research

Pablo Quiroz

Hold

$14.40

Consensus

$22.90

Investor Conference Call Invite

Thursday, October 22, 2026, at 10:00 a.m. Mexico City time (12:00 p.m. ET)
Speakers: Carlos Rojas (Chief Executive Officer), Andrés Pliego (Chief Financial Officer)
Registration: https://rotoplas.zoom.us/webinar/register/WN_RMRpJbl4RBqmsn_S5jF3-A#/registration

Financial Statements

Income Statement
(Unaudited figures in millions of Mexican pesos)

Q3

9M

2026

2025

%Δ

2026

2025

%Δ

Net Sales

2,927

2,671

9.6 %

8,631

8,251

4.6 %

COGS

1,721

1,555

10.7 %

5,010

4,802

4.3 %

Gross Profit

1,206

1,116

8.1 %

3,621

3,449

5.0 %

% margin

41.2 %

41.8 %

(60) bps

42.0 %

41.8 %

20 bps

Operating Expenses

1,014

989

2.6 %

3,052

2,976

2.5 %

Operating Income

192

127

50.7 %

569

473

20.3 %

% margin

6.5 %

4.8 %

170 bps

6.6 %

5.7 %

90 bps

Net Financing Cost

(164)

(354)

(53.6 %)

(467)

(625)

(25.2 %)

Financial Income

60

15

NM

236

48

NM

Financial Expenses

(224)

(369)

(39.4 %)

(703)

(673)

4.5 %

Income Before Taxes

28

(227)

NM

102

(153)

NM

Taxes

30

(29)

NM

193

(20)

NM

Net Result

(2)

(198)

NM

(91)

(133)

NM

% margin

(0.1 %)

(7.4 %)

730 bps

(1.1 %)

(1.6 %)

50 bps

Adjusted EBITDA[8]

385

285

35.4 %

1,126

954

18.1 %

% margin

13.2 %

10.7 %

250 bps

13.1 %

11.6 %

150 bps

Balance Sheet
(Unaudited figures in millions of Mexican pesos)

9M

2026

2025

%Δ

Cash and Cash Equivalents

1,074

802

33.9 %

Accounts Receivable

1,339

1,588

(15.7 %)

Inventory

1,728

1,369

26.3 %

Other Current Assets

470

498

(5.7 %)

Current Assets

4,611

4,257

8.3 %

Property, Plant and Equipment - Net

3,584

3,839

(6.6 %)

Other Long-term Assets

5,473

5,765

(5.1 %)

Total Assets

13,667

13,860

(1.4 %)

Short-term Financial Debt[9]

407

592

(31.2 %)

Suppliers

1,446

968

49.3 %

Other Accounts Payable

1,196

1,082

10.6 %

Short-term Liabilities

3,049

2,642

15.4 %

Long-term Financial Debt[10]

3,956

3,999

(1.1 %)

Other long-term Liabilities

1,133

1,235

(8.2 %)

Total Liabilities

8,137

7,876

3.3 %

Total Stockholders' Equity

5,530

5,985

(7.6 %)

Total Liabilities + Stockholders' Equity

13,667

13,860

(1.4 %)

Cash Flow
(Unaudited figures in millions of Mexican pesos)

9M

2026

2025

%Δ

EBIT

569

473

20.3 %

Depreciation and Amortization

532

479

11.2 %

Inventory

(460)

207

NM

Accounts Receivable

(279)

95

NM

Accounts Payable

544

(174)

NM

Other Current Assets and Liabilities

439

45

NM

Taxes

(155)

(104)

49.1 %

Operating Cash Flow

1,191

1,020

16.8 %

CapEx

(317)

(353)

(10.3 %)

Other Investment Activities

44

66

(32.5 %)

Investing Cash Flow

(273)

(288)

(5.2 %)

Dividends / Capital Reimbursements

(82)

(121)

(32.5 %)

Repurchase Fund

(47)

(13)

NM

Short and Long-term Debt

(61)

(178)

(65.8 %)

Interest and Leases

(514)

(407)

26.3 %

Financing Cash Flow

(704)

(718)

(2.0 %)

Change in Cash

215

13

NM

Effect of exchange rate on cash

(2)

57

NM

Net Change in Cash

212

70

NM

Initial Cash Balance

861

732

17.7 %

Final Cash Balance

1,074

802

33.9 %

Investor Relations Contact

Mariana Fernández

[email protected]

María Fernanda Escobar

[email protected]

[email protected]

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 the leading provider of water solutions in the Americas, including products and services for storing, piping, improving, treating, and recycling water. With over 45 years of experience in the 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.

Pedregal 24, 19th Floor
Molino del Rey
Miguel Hidalgo
Zip Code 11040, Mexico City
T. +52 (55) 5201 5000
www.rotoplas.com

[1] In 2026, Adjusted EBITDA for the quarter includes $5 million in donations, and $25 million on a cumulative basis. By comparison, in 2025, $0.1 million was considered in the quarter and $2.2 million on a cumulative basis for the same period.
[2] As reported in the Q3'25 earnings release, the LTM NOPAT and EBITDA calculation for Q3'25 does not include the post-closing 2024 adjustment related to Argentina's results. Considering this adjustment, Q3'25 ROIC based on audited figures would be 3.4% and leverage (Net Financial Debt / EBITDA) would stand at 3.7x.
[3] Excluding leases.
[4] Includes revenue and EBITDA from the Mexico business, even when a specific project is carried out in another country.
[5] Excluding leases. Short-term debt for Q3'25 includes $101 million in interest provisions related to the AGUA 17-2X Sustainable Bond, which was prepaid in Q2'26.
[6] Excluding leases.
[7] 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.
[8] In 2026, Adjusted EBITDA for the quarter includes $5 million in donations, and $25 million on a cumulative basis. By comparison, in 2025, $0.1 million was considered in the quarter and $2.2 million on a cumulative basis for the same period.
[9] Excluding leases.
[10] Excluding leases.

SOURCE Grupo Rotoplas S.A.B. de C.V.