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challenges to

Throughout the economic cycles, we have overcome major challenges. We have capitalized on the lessons learned and will continue to take the necessary steps to substantially improve our performance.

We continue to evolve towards a new culture. We align our goals and actions with the strategic pillars to consolidate our vision.

Grupo BAL is a cluster of state-of-the-art companies that incorporates a diversified group of businesses: Profuturo (pension funds), Grupo Nacional Provincial (insurance), Peñoles (mining, metallurgical, and chemical industries), Fresnillo (mining), Grupo Palacio de Hierro (department stores), TANE (jewelry), Valmex Soluciones Financieras (financial services), Valores Mexicanos (brokerage house), Crédito Afianzador (bonds), Compañía Agropecuaria Internacional (agricultural businesses), Médica Móvil (pre-hospital care), Instituto Tecnológico Autónomo de México (education), PetroBal (exploration and hydrocarbons production), and Energía Eléctrica BAL (power generation. Each of them strives to reach the top quartile of its industry in terms of profitability and, as a whole, the conglomerate seeks to create superior value for its stakeholders, offering exceptional products and services to its customers, supporting the personal and professional development of its employees, thus contributing to the progress of Mexico.

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In our Annual Report 2022 we address the actions implemented to overcome the major challenges we face.

The following abbreviations will be used throughout this report:

CO2 = carbon dioxide
g/t = grams per metric ton
GWh = gigawatt per hour
k = thousands
koz = thousand ounces
kt = thousand metric tons
KWh = kilowatts per hour
lb = pounds
Ml = million liters
Mm3 = million cubic meters
Mt = million metric tons
MW = megawatt
MXN, Ps = Mexican peso
oz = ounce
t = metric tons
tCO2e = metric tons of carbon dioxide equivalent
US$ = US dollars
US¢ = US cents
US¢/lb = US cents per pound
US¢/lbe = US cents per pound equivalent
US$ M = million dollars
US$/oz = US dollars per ounce
US$/t = US dollars per metric ton