3 Key Points
—Orbia (BMV: ORBIA), the Mexico City conglomerate formerly known as Mexichem, grew first-quarter EBITDA 31% to $259 million on revenue of $1.96 billion (+8%), with every one of its five business groups growing sales — and reaffirmed its full-year EBITDA guidance of $1.1–1.2 billion.
—The bottom line is still red — a fourth consecutive quarterly loss, and a $457 million net loss for 2025 — because restructuring costs, interest on $4.3 billion of net debt and a brutal PVC price war keep eating the operating recovery: polymer unit Vestolit's EBITDA fell 33% with margins at just 6.4%.
—The market is trading the direction, not the level: at MXN 22.78 the stock has rallied roughly 90% from its 52-week low of MXN 12.01, sits at 1.2x book with a consensus target of MXN 28.05 (+23%) — a bet that the EBITDA guidance holds and the loss streak ends before the leverage bites.
Orbia Results: What Happened
