Armando Nuricumbo, CPA, MsC

We work closely with business owners, CEOs, CFOs, and executive teams who require objective, reliable and independent financial and strategic advice.

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

*⛏️ GRUPO MÉXICO: Copper Prices Power an Exceptional Quarter*

📊 THE NUMBERS
Second-quarter revenue reached approximately US$5.72 billion, up roughly 35% year-over-year. Net income attributable to Grupo México shareholders reached approximately US$2.20 billion, while basic EPS was approximately US$0.28 per share. For the first six months of 2026, Grupo México generated record revenue of approximately US$11.28 billion, nearly 34% higher than a year earlier. Even more impressive, first-half EBITDA reached a record US$6.85 billion, almost 50% higher year-over-year.

🟢 WHAT WENT RIGHT?
The principal driver was straightforward: metals prices. Copper prices increased dramatically versus last year, while silver, zinc and molybdenum also provided powerful tailwinds. Perhaps even more impressive was profitability. Southern Copper’s net cash cost of copper, after by-product credits, fell to only US$0.05 per pound during Q2. That demonstrates the extraordinary economics that can emerge when high metals prices combine with valuable by-products and a low-cost asset base.

🔴 WHAT SHOULD INVESTORS WATCH?
The obvious counterpoint is that some of this extraordinary earnings growth came from commodity prices rather than production growth. At Southern Copper, quarterly copper production declined 3.5% sequentially, while first-half production was down 3.8% year-over-year, primarily because of lower production in Peru.

🏢 WHAT IS GRUPO MÉXICO?
Grupo México is much more than a mining company. It operates through three major businesses:

⛏️ Mining — One of the world’s largest copper producers, with major operations in Mexico and Peru through Southern Copper and other subsidiaries.

🚂 Transportation — Through Grupo México Transportes, it operates one of the most important freight railroad networks in Mexico and also has operations in the United States.

⚡ Infrastructure — Activities include energy, engineering and construction businesses.

📈 WHAT ABOUT THE STOCK?
The share-price performance has been extraordinary.

GMEXICOB closed at approximately MXN 216.98 on September 17, 2026. A year earlier, on September 18, 2025, the stock closed at approximately MXN 132.50. That represents an increase of roughly 64% in one year, before dividends.

The five-year story is also impressive. Around September 2021, GMEXICOB traded in the low-to-mid MXN 90s. Compared with approximately MXN 217 today, the share price has therefore more than doubled in five years, even before considering cash dividends.

For educational purposes only. This is not an investment recommendation. Please consult your financial advisor. https://t.co/LtT8DgWe74

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

Metrics matter. Every organization needs them. They help us monitor performance, allocate resources, and make better decisions. In a professional services organization, they also create a shared language — a way for colleagues across markets and functions to discuss performance on common terms.

But KPIs do more than measure performance.

They communicate priorities. They influence decisions. They shape behavior.

Across industries and markets, I have seen the same pattern: teams direct their energy toward what the organization makes visible. This is not a lack of initiative. Quite the opposite. Good metrics provide clarity, and people who care about their work will move toward clarity every time.

That is why KPIs are never just numbers.

They are leadership tools.

And like any powerful tool, they deserve careful thought. https://t.co/v8yzS89W4E

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

https://t.co/e1dQBu2NDK

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

https://t.co/wUR37SdNGA

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

NURICUMBO + PARTNERS
Key Economic Indicators
19 Oct 2026
Week 42

Subscribe to our whatsapp channel. It’s free.
https://t.co/nIc9rpg8dx

In Our Radar
IMF Chief Says AI Is Strengthening Global Economy — But Warns Delayed Productivity Gains Could Trigger Shocks
https://t.co/TN9u0tNPUH

In France, 37% of voters are ready to vote for Marine Le Pen
https://t.co/hs1IYLnFHV

AICPA issues AI guidance for financial statement auditors
https://t.co/0A9SLxveNn

 Mexico
INTEREST RATE: 6.50%
TIIE 28 DAYS: 6.7659%
CETE 28 DAYS: 6.25%
INFLATION: 3.45%
UDI: 8.857145
INTERNATIONAL RESERVES: 256,344.40 M USD

Capital Markets
Index-Actual-Var. 50-DMA
BMV:  68,929.72  +5.86%
IBOVESPA:  205,430.33  +11.57%
DOW:  52,002.41  -0.87%
NASDAQ:  26,140.03  -1.84%
S&P500:  7,659.44  -0.61%
CAC 40:  7,956.70  -2.96%
DAX:  25,622.61  -0-38%
FT100:  10,881.90  +1.54%
HANG SENG:  24,186.83  -3.20%
NIKKEI225:  65,324.29  -1.46%

Foreign Exchange (vs. USD)
Index-Actual-Var. 50-DMA
MXN:  18.4790  +6.22%
CAD:  1.4137  +1.01%
GBP:  0.7502  +0.69%
EUR:  0.8895  +2.06%
JPY:  157.9870  +0.17%
BRL:  5.0693  -1.20%

Commodities
Index-Actual-Var. 50-DMA
GOLD:  4,181.10  -4.44%
SILVER:  57.31  -10.40%
OIL (BRENT):  109.86  +11.32%

What We Think
IMF trims Latin America growth outlook as region misses out on AI boom
https://t.co/2bukLIONUJ
https://t.co/mjNbLp2NYz

[BANDALOS @BandalosSC]

🇫🇷 | La imagen del día en París

[Alejo @ecommartinez]

Un investigador de Anthropic acaba de decirle a una sala llena de doctorandos que su plan de carrera ya no existe.

La charla se titula "El fin del Antropoceno" y los datos son brutales:

→ El cómputo para entrenar modelos se multiplicó por 10 millones en la última década
→ La duración de las tareas que una IA completa sola se duplica cada pocos meses
→ Desde hace 7 meses los modelos resuelven problemas abiertos de Erdős que los matemáticos no habían logrado cerrar
→ En San Francisco, tener "timelines largos" significa pensar que la AGI llega en 10 años

Su proyección: el cómputo de 2030 será 10.000 veces mayor que el de 2025.

Todavía estamos al principio de la exponencial.

Sus 3 consejos para los estudiantes:

1. Usa la IA cada día. Si estás sobre la exponencial, nunca te quedas atrás de ella.
2. Elige proyectos que mejoren cuando el cómputo escala. El resto quedará resuelto antes de que los termines.
3. Deja de planificar tu carrera como si fuera estable. La opción segura ya no compra seguridad, ya no existe.

Y una frase que resume todo:

"Escribir es pensar. Si externalizas tu escritura, externalizas tu pensamiento."

La charla completa aquí ⬇️

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

¿Por qué nunca estamos satisfechos?

¿Por qué nunca parece suficiente lo que conseguimos? Un filósofo alemán pensó profundamente sobre esa insatisfacción permanente que nos empuja a desear, alcanzar y volver a desear. En este vídeo recorremos sus ideas y su visión del deseo para intentar entender por qué nos cuesta tanto estar en paz con lo que ya tenemos.
https://t.co/qjY4Ufk3Bu

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

SoftBank’s Masayoshi Son says superintelligence in the wrong hands could be “super dangerous”

The man who has put $64.6bn into OpenAI sounded a rare note of caution in Kyoto, where Trump's science adviser launched a declaration that seven European countries endorsed and that never uses the words artificial intelligence.
https://t.co/2vWaOjcZBW

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

🛒 WALMEX: Can Mexico’s Retail Giant Return to Sustainable Growth?
Walmart de México y Centroamérica | BMV: WALMEX | Q2 2026 Earnings Analysis

Walmart de México y Centroamérica (Walmex) remains one of the most important companies in Mexico's consumer economy, operating an extensive retail network across Mexico and Central America. Its latest quarterly results offer an interesting perspective on the challenges facing Mexican consumers, the evolution of organized retail, and the opportunities created by e-commerce, digital payments, and the expansion of discount stores. For investors, the central question is whether Walmex can translate its scale and competitive advantages into stronger earnings growth while navigating a challenging consumer environment.

📊 THE NUMBERS

Walmex reported its second-quarter 2026 results on July 22, with revenue growth but relatively flat profitability. Revenue came in slightly below the approximately MXN 251 billion expected by analysts. The important takeaway is that Walmex continues to grow sales, but that growth has not translated into meaningful earnings expansion.

🟢 WHAT LOOKED POSITIVE?

Despite a challenging consumer environment, Mexican sales increased 3.1% year-over-year to approximately MXN 209.2 billion. Comparable-store sales increased 1.8%, supported by Sam’s Club and the company’s omnichannel operations.

E-commerce sales increased approximately 16%, supported by deliveries fulfilled through Walmex’s existing store network. This is particularly important because the company’s physical stores can serve as distribution points for digital orders, connecting its traditional retail business with online shopping.

Walmex opened 23 new stores during the quarter and 181 over the preceding 12 months. Its continued investment in physical infrastructure creates opportunities to reach additional consumers, particularly through its discount-oriented formats.

🔴 WHAT DIDN’T LOOK SO GOOD?

Revenue growth of 1.9% was modest, particularly when compared with the company’s historical expansion. Walmex acknowledged weaker consumer spending and revised its full-year outlook. Management now expects revenue growth of approximately 3.5%–4.5% in constant currency, with an EBITDA margin slightly below the previous year’s level.

Although revenue increased, net income declined 0.7%. This highlights the challenge of balancing competitive pricing, operating expenses and investments in future growth.

For educational purposes only. This is not an investment recommendation. Please consult your financial advisor. https://t.co/OiUsAO6mAN

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

How Texas is Building a Corporate Alternative to Delaware

For more than a century, Delaware has occupied a singular place in corporate America. That dominance is remarkable when one considers Delaware's size. The entire State of Delaware could fit within the greater Houston metropolitan area and still leave room for a few Buc-ee's locations. Yet this geographically tiny state became the legal home of many of America's largest corporations by offering something few jurisdictions could match: a sophisticated body of corporate law and a specialized judiciary capable of resolving corporate disputes with predictability.

Texas has spent the last several years studying that playbook. Recent amendments to the Texas Business Organizations Code, the creation of the Texas Business Court and Fifteenth Court of Appeals, and the launch of the Texas Stock Exchange suggest that Texas is no longer content merely to attract a company's regional office or even its corporate headquarters. Texas now wants the company's legal domicile as well. https://t.co/s9yCGG0CNY

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

*⛏️ GRUPO MÉXICO: Copper Prices Power an Exceptional Quarter*

📊 THE NUMBERS
Second-quarter revenue reached approximately US$5.72 billion, up roughly 35% year-over-year. Net income attributable to Grupo México shareholders reached approximately US$2.20 billion, while basic EPS was approximately US$0.28 per share. For the first six months of 2026, Grupo México generated record revenue of approximately US$11.28 billion, nearly 34% higher than a year earlier. Even more impressive, first-half EBITDA reached a record US$6.85 billion, almost 50% higher year-over-year.

🟢 WHAT WENT RIGHT?
The principal driver was straightforward: metals prices. Copper prices increased dramatically versus last year, while silver, zinc and molybdenum also provided powerful tailwinds. Perhaps even more impressive was profitability. Southern Copper’s net cash cost of copper, after by-product credits, fell to only US$0.05 per pound during Q2. That demonstrates the extraordinary economics that can emerge when high metals prices combine with valuable by-products and a low-cost asset base.

🔴 WHAT SHOULD INVESTORS WATCH?
The obvious counterpoint is that some of this extraordinary earnings growth came from commodity prices rather than production growth. At Southern Copper, quarterly copper production declined 3.5% sequentially, while first-half production was down 3.8% year-over-year, primarily because of lower production in Peru.

🏢 WHAT IS GRUPO MÉXICO?
Grupo México is much more than a mining company. It operates through three major businesses:

⛏️ Mining — One of the world’s largest copper producers, with major operations in Mexico and Peru through Southern Copper and other subsidiaries.

🚂 Transportation — Through Grupo México Transportes, it operates one of the most important freight railroad networks in Mexico and also has operations in the United States.

⚡ Infrastructure — Activities include energy, engineering and construction businesses.

📈 WHAT ABOUT THE STOCK?
The share-price performance has been extraordinary.

GMEXICOB closed at approximately MXN 216.98 on September 17, 2026. A year earlier, on September 18, 2025, the stock closed at approximately MXN 132.50. That represents an increase of roughly 64% in one year, before dividends.

The five-year story is also impressive. Around September 2021, GMEXICOB traded in the low-to-mid MXN 90s. Compared with approximately MXN 217 today, the share price has therefore more than doubled in five years, even before considering cash dividends.

For educational purposes only. This is not an investment recommendation. Please consult your financial advisor. https://t.co/XgwGwWpwp9

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

https://t.co/KXl6zP2DY3

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

NURICUMBO + PARTNERS
Key Economic Indicators
12 Oct 2026
Week 41

In Our Radar
Investors Send Sheinbaum a Warning: Mexico’s Debt Is Getting Pricey
https://t.co/JwlqIBnpgk

Surging Treasury yields don’t signal a U.S. ‘fiscal apocalypse’ — yet
https://t.co/4aavRtm2LW

Brazil’s Elections and the Return of Bolsonarismo
https://t.co/6pah5np2PX

Mexico
INTEREST RATE: 6.50%
TIIE 28 DAYS: 6.7659%
CETE 28 DAYS: 6.09%
INFLATION: 3.45%
UDI: 8.853467
INTERNATIONAL RESERVES: 256,039.80 M USD

Capital Markets
Index-Actual-Var. 50-DMA
BMV:  66,048.57  +1.55%
IBOVESPA:  209,066.91  +14.93%
DOW:  51,654.95  -1.86%
NASDAQ:  27,366.17  +3.02%
S&P500:  7,811.54  +1.49%
CAC 40:  7,803.33  -5.74%
DAX:  25,087.27  -2.76%
FT100:  10,552.05  -1.65%
HANG SENG:  24,211.35  -3.72%
NIKKEI225:  69,030.92  +4.61%

Foreign Exchange (vs. USD)
Index-Actual-Var. 50-DMA
MXN:  18.3880  +6.39%
CAD:  1.4254  +1.99%
GBP:  0.7556  +1.58%
EUR:  0.8924  +2.70%
JPY:  158.2460  +0.37%
BRL:  4.9772  -3.16%

Commodities
Index-Actual-Var. 50-DMA
GOLD:  4,216.30  -3.82%
SILVER:  61.05  -5.02%
OIL (BRENT):  104.72  +8.88%

What We Think
AI-enabled fraud challenges traditional risk and compliance models
https://t.co/brb2OigUGJ https://t.co/VxgsyKedIK

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

U.S. Department of Justice Provides New Roadmap for Corporate Fraud Enforcement

More transparency into enforcement decisions: DOJ’s National Fraud Enforcement Division has identified 10 factors that will receive significant weight, including management involvement, concealment, duration, financial harm, geographic scope, and impact on government programs, among others.

Corporate enforcement is becoming more centralized: The Fraud Division’s new Corporate Enforcement Section will coordinate corporate investigations and oversee compliance with corporate resolutions.

Early detection and disclosure are increasingly important: Increased use of technology, data analytics, and whistleblower incentives may allow DOJ to identify potential fraud earlier. Companies, particularly in healthcare, government contracting, tax, and trade, should ensure potential misconduct is identified and escalated quickly enough to assess remediation, cooperation, and voluntary disclosure options. https://t.co/XhpJOcbsRZ

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

Simplificación y combate vs evasión fiscal, los frentes para aumentar ingresos públicos de México: Hacienda

La simplificación de trámites, así como el combate contra la evasión y elusión fiscales, serán los frentes para aumentar los ingresos públicos el siguiente año sin la necesidad de impulsar una reforma fiscal, aseguró Édgar Amador Zamora, titular de la Secretaría de Hacienda de México.

¡Suscríbete sin costo a nuestro grupo de WhatsApp!
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[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

https://t.co/PZETlgPohd

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

✈️ BOEING: ¿Finalmente mejorando?

The Boeing Company (NYSE: BA) presentó recientemente sus resultados del segundo trimestre de 2026, mostrando señales importantes de recuperación operacional: mayores entregas de aviones, crecimiento de ingresos, flujo de efectivo libre positivo y una cartera de pedidos récord. Sin embargo, Boeing todavía no está fuera de peligro.

La compañía continúa registrando pérdidas, su negocio de defensa enfrenta problemas de rentabilidad y los recientes acontecimientos relacionados con el 737 MAX nos recuerdan que recuperar completamente a Boeing requerirá mucho más que simplemente fabricar más aviones.

📊 LOS NÚMEROS

Los ingresos trimestrales alcanzaron US$24,560 millones, un crecimiento de 8% año contra año. La pérdida neta disminuyó a US$428 millones, comparada con US$612 millones hace un año.

Pero posiblemente el dato más importante fue la generación de efectivo. El flujo de efectivo operativo alcanzó US$1,360 millones, mientras que Boeing generó US$631 millones de Free Cash Flow positivo, comparado con −US$200 millones un año antes.

🟢 ¿QUÉ FUE LO MÁS POSITIVO?

1️⃣ Las entregas de aviones comerciales están recuperándose

Boeing entregó 171 aviones comerciales durante el trimestre, 14% más que los 150 entregados un año antes.

Los ingresos de Commercial Airplanes aumentaron 8% hasta US$11,750 millones.

La división todavía pierde dinero, pero su margen operativo mejoró considerablemente:

−2.7% vs. −5.1% el año anterior.

Esto sugiere que Boeing está comenzando gradualmente a convertir una mayor producción en mejores resultados económicos.

2️⃣ Continúa el incremento en la producción del 737

Boeing comenzó la transición de su producción del 737 hacia aproximadamente 47 aviones mensuales.

Esto es fundamental.

La compañía tiene una enorme demanda por el 737 MAX. Su problema no ha sido encontrar clientes.

Su problema ha sido producir aviones de manera consistente, segura y rentable.

3️⃣ Boeing tiene una cartera de pedidos extraordinaria

El backlog total alcanzó un récord de:

💰 US$715,000 MILLONES

Solamente Commercial Airplanes representa aproximadamente US$597,000 millones, correspondientes a más de 6,200 aviones.

Durante Q2, Boeing recibió 246 pedidos comerciales netos.

La demanda claramente no es el principal problema de Boeing.

4️⃣ El flujo de efectivo finalmente está mejorando

El flujo operativo pasó de apenas US$227 millones hace un año a US$1,360 millones.

Y generar US$631 millones de Free Cash Flow positivo representa otro paso importante en la recuperación financiera de la compañía.

Información con fines exclusivamente educativos. No constituye una recomendación de inversión. Consulta a tu asesor financiero.

#Boeing #BA #NYSE #Aerospace #Aviation #737MAX #Airbus #Investing #Stocks #Earnings #Defense #Manufacturing #Turnaround #FinancialEducation https://t.co/2x6gJWqUyL

[Armando Nuricumbo, CPA, MsC @A_Nuricumbo]

https://t.co/IvYOQRpm3N