Dropping GMXT’s Coverage

Today, we are dropping our GMXT’s coverage following the delisting of the company’s shares in the Mexican Stock Exchange (BMV) and the Registro Nacional de Valores (RNV), which took place on January 15, 2026.

Background

In GMXT’s extraordinary shareholders meeting held on June 27, 2025, its shareholders approved the delisting of the company’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores). 

For this delisting process, the company made a delisting tender offer, which started on September 23, 2025, and concluded on October 20, 2025, with a delisting offering price of P$35.99 per share. 

The tender offer was for 310 million shares, equivalent to 9.2% of GMXT’s outstanding shares. At the conclusion of the tender (October 20), the shareholder participation was equivalent to 211 million shares. 

Our recommendation

Our last recommendation was made on November 11, 2025 with a Market-Perform rating and a 12M PT of P$36.0. Our sales estimates for 2025 and 2026 were US$3,510 million and US$3,698 million, respectively. On the other hand, our latest EBITDA estimates accounted for US$1,512 million in 2025, and US$1,600 million in 2026.