08
FINANCIAL STATEMENTS
Grupo Bafar, S.A.B. de C.V. and subsidiaries. As of and for the years ended December 31, 2025 and 2024. Figures in thousands of pesos.
Consolidated Financial Statements
Grupo Bafar, S.A.B. de C.V. y subsidiarias
As of and for the years ended December 31, 2025 and 2024
(Figures in thousands of pesos)
Contents:
- Consolidated statements of financial position
- Consolidated statements of comprehensive income
- Consolidated statements of changes in stockholders’ equity
- Consolidated statements of cash flows
Consolidated statements of financial position
Grupo Bafar, S.A.B. de C.V. y subsidiarias · As of December 31, 2025 and 2024 · (Figures in thousands of pesos)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 5 | 1,454,280 | 915,010 |
| Accounts receivable – net | 6 | 3,630,938 | 3,409,018 |
| Performing loan portfolio – net | 7 | 801,733 | 523,649 |
| Inventories | 8 | 3,160,584 | 2,381,902 |
| Prepaid expenses | 250,070 | 193,162 | |
| Assets held for sale | 3.6 | — | 40,614 |
| Total current assets | 9,297,655 | 7,463,355 | |
| Non-current assets | |||
| Performing loan portfolio – net | 7 | 1,248,655 | 1,217,310 |
| Property, plant and equipment – net | 9 | 17,127,886 | 14,280,169 |
| Investment properties | 10 | 16,519,393 | 16,337,369 |
| Right-of-use assets | 16 | 815,017 | 732,351 |
| Deferred income tax | 14 | 490,582 | 56,153 |
| Goodwill | 11 | 34,299 | 34,299 |
| Investment in associates | 11 | 74,575 | 67,965 |
| Other assets, mainly trademark usage rights | 11 | 1,513,255 | 1,510,111 |
| Total non-current assets | 37,823,065 | 34,235,727 | |
| Total assets | 47,120,720 | 41,699,082 | |
| Liabilities and stockholders’ equity | |||
| Current liabilities | |||
| Loans from financial institutions | 12 | 5,533,003 | 1,991,716 |
| Notes payable to shareholders | 22 | 486,186 | 341,405 |
| Current portion of long-term loans from financial institutions | 12 | 2,598,471 | 1,820,598 |
| Trade accounts payable | 15 | 2,443,481 | 2,511,578 |
| Accrued taxes and expenses | 203,709 | 151,336 | |
| Lease liabilities | 16 | 185,903 | 160,786 |
| Liabilities associated with assets held for sale | 3.6 | — | 22,622 |
| Total current liabilities | 11,450,753 | 7,000,041 | |
| Non-current liabilities | |||
| Loans from financial institutions | 12 | 11,954,122 | 13,814,697 |
| Deferred income taxes | 14 | 2,342,626 | 2,094,023 |
| Net liability for post-employment benefit obligations | 13 | 162,520 | 135,018 |
| Lease liabilities | 16 | 771,125 | 661,466 |
| Customer lease security deposits | 15 | 20,706 | 27,089 |
| Provision for contingencies | 5,909 | 5,909 | |
| Total non-current liabilities | 15,257,008 | 16,738,202 | |
| Total liabilities | 26,707,761 | 23,738,243 | |
| Stockholders’ equity | |||
| Capital stock | 7 | 83,067 | 82,704 |
| Share premium | 761,134 | 570,883 | |
| Share repurchase reserve | (224,366) | (165,328) | |
| Retained earnings | 17,406,033 | 13,105,130 | |
| Other comprehensive income items | (1,247,382) | 561,314 | |
| Total controlling interest | 16,778,486 | 14,154,703 | |
| Non-controlling interest | 3,634,473 | 3,806,136 | |
| Total stockholders’ equity | 20,412,959 | 17,960,839 | |
| Total liabilities and stockholders’ equity | 47,120,720 | 41,699,082 |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated statements of comprehensive income
Grupo Bafar, S.A.B. de C.V. y subsidiarias · For the years ended December 31, 2025 and 2024 · (Figures in thousands of pesos)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Net sales | 3.14 | 32,698,516 | 28,490,864 |
| Costs and expenses: | |||
| Cost of sales | 22,730,642 | 19,571,256 | |
| Selling, administrative and general expenses | 6,941,764 | 6,377,427 | |
| Other income, net (investment property translation effect) | (2,025,421) | (1,812,130) | |
| Total costs and expenses | 27,646,985 | 24,136,553 | |
| Operating income | 5,051,531 | 4,354,311 | |
| Interest income | 20 | 29,533 | 56,875 |
| Interest expense | 20 | (899,777) | (669,148) |
| Foreign exchange fluctuation – net | 20 | 1,037,324 | (1,767,663) |
| Income before taxes | 5,218,611 | 1,974,375 | |
| Income taxes | 14 | 88,218 | 102,400 |
| Discontinued operations | 17,666 | — | |
| Net income for the year | 5,112,727 | 1,871,975 | |
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods: | |||
| Exchange differences on translation of the real estate segment’s functional currency to reporting currency | (2,153,284) | 2,713,109 | |
| Other comprehensive income that will not be reclassified to profit or loss in subsequent periods, net of taxes: | |||
| Deferred gain on contribution of properties to the real estate sector | 9 – 14 | (44,636) | (27,097) |
| Remeasurement of defined benefit obligations | 13 – 14 | 1,532 | (11,403) |
| Net other comprehensive income not to be reclassified | (43,104) | (38,500) | |
| Other comprehensive income for the year | (2,196,388) | 2,674,609 | |
| Comprehensive income for the year | 2,916,339 | 4,546,584 | |
| Net income for the year attributable to: | |||
| Controlling interest | 4,600,903 | 1,335,795 | |
| Non-controlling interest | 511,824 | 536,180 | |
| Net income for the year | 5,112,727 | 1,871,975 | |
| Comprehensive income for the year attributable to: | |||
| Controlling interest | (1,808,696) | 2,057,905 | |
| Non-controlling interest | (387,691) | 616,704 | |
| Comprehensive income for the year | (2,196,387) | 2,674,609 | |
| Earnings per share | 18 | $14.74 | $4.29 |
| Diluted earnings per share | 18 | $14.74 | $4.29 |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated statements of changes in stockholders’ equity
Grupo Bafar, S.A.B. de C.V. y subsidiarias · For the years ended December 31, 2025 and 2024 · (Figures in thousands of pesos)
| Capital stock | Share premium | Share repurchase deficit | Retained earnings | Other comprehensive income items | Total controlling interest | Non-controlling interest | Total | |
|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2023 | 82,205 | 474,594 | (238,775) | 12,069,336 | (1,496,591) | 10,890,769 | 2,796,009 | 13,686,778 |
| Dividends paid (Note 17b) | 453 | 133,763 | 65,784 | (300,001) | — | (100,001) | — | (100,001) |
| Dividends paid to non-controlling interest (Note 4) | — | — | — | — | — | — | (276,130) | (276,130) |
| Acquisitions of non-controlling interest (Note 4) | — | (38,407) | — | — | — | (38,407) | — | (38,407) |
| Capital increase by non-controlling interest (Note 4) | — | — | — | — | — | — | 294,858 | 294,858 |
| Dilution of non-controlling interest (Note 4) | — | — | — | — | — | — | (161,485) | (161,485) |
| Increase in share plan | 46 | 933 | 7,663 | — | — | 8,642 | — | 8,642 |
| Consolidated net income | — | — | — | 1,335,795 | — | 1,335,795 | 536,180 | 1,871,975 |
| Comprehensive income for the year | — | — | — | — | 2,057,905 | 2,057,905 | 616,704 | 2,674,609 |
| Balances at December 31, 2024 | 82,704 | 570,883 | (165,328) | 13,105,130 | 561,314 | 14,154,703 | 3,806,136 | 17,960,839 |
| Share repurchase | (552) | — | (192,776) | — | — | (193,328) | — | (193,328) |
| Dividends paid (Note 17b) | 846 | 177,128 | 122,026 | (300,000) | — | — | — | — |
| Dividends paid to non-controlling interest | — | — | — | — | — | — | (295,795) | (295,796) |
| Acquisitions of non-controlling interest | — | — | — | — | — | — | — | — |
| Increase in share plan | 69 | 13,123 | 11,712 | — | — | 24,904 | — | 24,904 |
| Consolidated net income | — | — | — | 4,600,903 | — | 4,600,903 | 511,824 | 5,112,727 |
| Comprehensive income for the year | — | — | — | — | (1,808,696) | (1,808,696) | (387,691) | (2,196,387) |
| Balances at December 31, 2025 | 83,067 | 761,134 | (224,366) | 17,406,033 | (1,247,382) | 16,778,486 | 3,634,473 | 20,412,959 |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated statements of cash flows
Grupo Bafar, S.A.B. de C.V. y subsidiarias · For the years ended December 31, 2025 and 2024 · (Figures in thousands of pesos)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income for the year | 5,112,727 | 1,871,975 | |
| Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||
| Income taxes | 88,218 | 102,400 | |
| Net defined benefit cost | 29,980 | 26,461 | |
| Depreciation and amortization of long-term assets | 1,058,247 | 852,944 | |
| Loss (gain) on sale of property, plant and equipment and investment properties | — | 70,187 | |
| Write-off of other assets | — | 2,711 | |
| Net increase in fair value of investment properties (Notes 9 and 10) | (1,312,297) | (1,190,428) | |
| Unrealized foreign exchange loss (gain) | (145,373) | 1,228,554 | |
| Interest income | (29,533) | (56,875) | |
| Interest expense | 899,777 | 669,148 | |
| Subtotal | 5,701,746 | 3,577,077 | |
| Changes in working capital: | |||
| Accounts receivable | (221,970) | (89,713) | |
| Performing loan portfolio | (308,832) | (712,565) | |
| Inventories | (778,682) | (566,110) | |
| Prepaid expenses | (38,916) | (89,269) | |
| Trade accounts payable | (114,160) | 347,360 | |
| Accrued taxes and expenses | (128,904) | 115,069 | |
| Interest collected | 29,533 | 56,875 | |
| Income taxes paid | (76,528) | (43,014) | |
| Net cash flows from operating activities | 4,063,287 | 2,595,710 | |
| Cash flows from investing activities: | |||
| Acquisition of property, plant and equipment (Note 9) | (9,109,855) | (2,971,362) | |
| Investment properties (Note 10) | (1,971,267) | (1,999,646) | |
| Sales of machinery and equipment | 4,646,096 | 260,980 | |
| Sale of investment properties | 763,546 | — | |
| Acquisition of subsidiaries (Note 2) | (22,622) | (61,211) | |
| Acquisition of other assets | (9,755) | (5,134) | |
| Net cash flows used in investing activities | (5,703,857) | (4,776,373) | |
| Cash flows from financing activities: | |||
| Loans obtained from financial institutions (Note 12) | 25,854,614 | 16,506,547 | |
| Repayment of loans from financial institutions (Note 12) | (22,307,273) | (13,373,874) | |
| Notes payable to shareholders | 144,781 | (182,998) | |
| Interest paid | (832,936) | (669,148) | |
| Lease payments (Note 16) | (215,126) | (198,759) | |
| Dividends paid (Note 17) | — | (100,001) | |
| Dividends paid to non-controlling interest | (295,796) | (276,130) | |
| Increase/decrease in share plan | (168,424) | 8,642 | |
| Acquisitions of non-controlling interest | — | (38,407) | |
| Capital increase by non-controlling interest | — | 294,858 | |
| Dilution of non-controlling interest | — | (161,485) | |
| Net cash flows from financing activities | 2,179,840 | 1,809,245 | |
| Net (decrease) increase in cash and cash equivalents | 539,270 | (371,418) | |
| Cash and cash equivalents at the beginning of the year | 915,010 | 1,286,428 | |
| Cash and cash equivalents at the end of the year | 1,454,280 | 915,010 |
The accompanying notes are an integral part of the consolidated financial statements.
85
Sustainable Annual Report 2025