Core Insights - Telenor ASA has achieved a significant milestone by deploying over 25 million SIM cards globally, positioning itself to reshape the Internet of Things (IoT) connectivity landscape [1] Group 1: Key Factors Driving Success - The company has strengthened its presence in key regions, particularly the United States and Asia, by expanding local teams and support infrastructure, allowing it to tap into new customer segments [2] - Telenor launched IoT Complete, a fully integrated and modular service designed to support comprehensive IoT infrastructure, enhancing its competitive edge [2] - The company has augmented its network capabilities to ensure uninterrupted connectivity for customers, even in regions with roaming restrictions [3] Group 2: Customer-Centric Approach - Telenor's commitment to customer relationships is reflected in a recent survey where 73% of respondents rated its IoT performance as "excellent" or "above average" compared to competitors [4] Group 3: Market Growth Potential - Management anticipates the global IoT market to grow by 11% in revenues and 15% in connections from 2023 to 2028, excluding China, positioning Telenor to capitalize on emerging trends [5] Group 4: Overall Company Performance - Telenor's diverse product portfolio, global reach, and commitment to customer success have contributed to exceeding the 25 million SIM card milestone, empowering customers to innovate and succeed [6]

Group 1 - Grupo Simec filed its Annual Report on Form 20-F for the year ended December 31, 2023, with the U.S. Securities and Exchange Commission [1] - The Form 20-F is available on the investor relations section of Grupo Simec's website [1] - Shareholders can request a hard copy of the Form 20-F, including complete audited financial statements, free of charge [1] Group 2 - Grupo Simec is a diversified manufacturer, processor, and distributor of SBQ steel and structural steel products [2] - The company operates in the United States, Mexico, and Brazil, and is a significant producer of structural and light structural steel products in Mexico [2] - Grupo Simec's SBQ products are utilized in various engineered applications, including automotive components and off-highway equipment [2] - Its structural steel products primarily serve the non-residential construction market and other construction applications [2]

Economic Conditions and Industry Challenges - The steel industry is cyclical and sensitive to economic conditions, with potential adverse effects from economic slowdowns or downturns in key industries such as construction and automotive [26]. - The company faces challenges from global production overcapacity in the steel industry, particularly influenced by China's steel consumption and production dynamics [31]. - Future economic downturns or sector-specific slowdowns could materially impact the company's financial condition and cash flows [27]. - High inflation rates in Mexico may adversely affect consumer purchasing power and demand for the company's products [107]. - The automotive industry sales volatility could negatively impact vehicle manufacturing and, consequently, the company's business [93]. Competition and Market Dynamics - The company is exposed to significant competition from other steel producers, which may adversely affect pricing and market share [37]. - Unfair trade practices and tariffs could negatively affect steel prices and the company's competitiveness in global markets [40]. - The company faces significant price reduction pressure from automotive industry customers, impacting profit margins [97]. - The company faced significant competition in the steel industry, with pressures on prices and profit margins due to high start-up costs and consolidation trends [188]. Operational Risks and Disruptions - Labor disputes could disrupt operations, with approximately 58% of employees in Mexico and 42% outside represented by labor unions [46]. - Manufacturing operations are vulnerable to disruptions from equipment failures, natural disasters, and geopolitical conflicts, which could adversely affect financial results [56]. - The company does not maintain insurance for catastrophic losses, which could lead to significant financial impacts if manufacturing capabilities are interrupted [59]. - The COVID-19 pandemic has continued to impact supply chains and operational costs, with inflationary pressures affecting labor and raw material costs [51]. Regulatory and Compliance Issues - Environmental regulations impose stringent compliance costs, and failure to comply could result in significant liabilities [47]. - Compliance with quality and environmental management certifications is crucial for maintaining market share, and failure to do so could adversely affect customer relationships [61][62]. - The company is subject to risks related to compliance with anti-corruption, anti-bribery, and anti-money laundering laws, which could result in penalties [110]. - Changes in tax laws and regulations in operating countries could increase tax liabilities and adversely affect financial results [70]. Financial and Strategic Planning - Significant capital will be required for acquisitions and strategic plans, and the company may need to issue additional equity or debt, potentially diluting shareholder value [53]. - The company plans to pursue a growth strategy that may include acquisitions, expansions, and joint ventures, which could involve risks such as business disruption and increased operational complexity [52]. - The success of the growth strategy depends on the ability to acquire and integrate additional facilities, with potential risks including legacy liabilities and loss of key employees [54]. - The company intends to pursue acquisition opportunities for disciplined growth and value creation for shareholders [160]. Internal Controls and Investigations - The company identified material weaknesses in internal controls over financial reporting in its Mexico, Brazil, and United States segments [89]. - The ongoing SEC investigation has resulted in substantial costs, which are expected to continue regardless of the investigation's outcome [86]. - The company has taken measures to remediate past material weaknesses in internal controls, but these efforts may be time-consuming and costly [90]. Production and Sales Performance - The company operated 12 steelmaking, processing, and finishing facilities with a combined annual crude steel installed production capacity of 4.2 million tons and a rolling capacity of 4.6 million tons [153]. - In 2023, approximately 55.3% of sales volume came from the Mexico segment, 40.9% from Brazil, and 3.8% from the U.S. segment [177]. - Total sales volume for basic steel products in 2023 was 2,175.6 thousand tons, down from 2,255.2 thousand tons in 2022 [170]. - Direct sales in tons to the automotive industry decreased by 12% in 2023 compared to 2022, following a 13% decrease in 2022 compared to 2021 [173]. Energy and Raw Material Costs - Energy costs are volatile, and disruptions in supply could impair manufacturing capabilities [32]. - The cost of sales in Mexico was 72% of sales, compared to 141% in the U.S. and 70% in Brazil, with a consolidated cost of sales at 76% [210]. - Scrap metal accounted for approximately 61.0% of consolidated manufacturing conversion costs in 2023, down from 60.5% in 2022 [212]. - The company pays special rates to CFE for electricity in Mexico, which has historically been volatile and subject to dramatic price increases [220]. Shareholder and Ownership Structure - The controlling shareholder, Industrias CH, owns approximately 76.19% of shares, which allows for significant influence over company policies and decisions [79]. - Approximately 15% of sales in the U.S. and Canada markets came from contractual long-term agreements, with the remainder from spot sales [179].

Financial Performance - Net sales decreased by 23% to Ps. 24,828 million in the first nine months of 2024 from Ps. 32,401 million in the same period of 2023, with shipments of finished steel products down 6% to 1,536 thousand tons [2]. - Cost of sales decreased by 23% to Ps. 18,625 million in the first nine months of 2024, maintaining a cost of sales percentage of 75% of net sales for both periods [3]. - Gross profit fell by 23% to Ps. 6,203 million in the first nine months of 2024, with a gross margin of 25% for both periods [4]. - Operating income decreased by 33% to Ps. 4,440 million in the first nine months of 2024, representing 18% of net sales compared to 21% in the same period of 2023 [7]. - EBITDA decreased by 31% to Ps. 5,189 million in the first nine months of 2024 from Ps. 7,499 million in the same period of 2023 [8]. - Net income increased by 125% to Ps. 8,587 million in the first nine months of 2024, up from Ps. 3,821 million in the same period of 2023 [12]. - Total revenue for the current year reached 24,827,746 thousand pesos, a decrease from 32,401,468 thousand pesos in the previous year, representing a decline of approximately 23.1% [47]. - Net income for the current period was 8,587,182 thousand pesos, significantly higher than 4,282,906 thousand pesos in the previous period, marking an increase of about 100.5% [47]. - Gross profit for the current quarter was 6,202,579 thousand pesos, compared to 8,095,865 thousand pesos in the previous year, indicating a decrease of approximately 23.4% [47]. - Operating profit for the current year was reported at 5,584,062 thousand pesos, down from 8,715,160 thousand pesos in the previous year, reflecting a decline of around 36.8% [48]. - Basic earnings per share for the current quarter were 17.25 pesos, up from 6.33 pesos in the previous year, representing an increase of approximately 172.5% [47]. - Total comprehensive income for the current year was 7,719,704 thousand pesos, compared to 2,589,414 thousand pesos in the previous year, an increase of about 197.5% [48]. - Profit before income tax increased to 9,347,050 thousand pesos from 5,357,891 thousand pesos, representing a growth of 74.1% year-over-year [52]. - Total sales for the first nine months of 2024 were Ps. 24,828 million, a decrease of 23% compared to Ps. 32,401 million in the same period of 2023 [37]. Expenses and Costs - Selling, general and administrative expenses rose by 16% to Ps. 1,834 million in the first nine months of 2024, representing 7% of net sales [5]. - Selling, general and administrative expenses increased by 16% from Ps. 1,587 million in Jan-Sep 2023 to Ps. 1,834 million in Jan-Sep 2024 [37]. - Cost per ton decreased by 18% from Ps. 14,820 in Jan-Sep 2023 to Ps. 12,126 in Jan-Sep 2024 [37]. - Comprehensive financial cost showed an income of Ps. 4,907 million in the first nine months of 2024, compared to an expense of Ps. 1,318 million in the same period of 2023 [10]. Cash Flow and Liquidity - Cash flows from operating activities showed a net outflow of 4,195,055 thousand pesos, compared to a net outflow of 2,594,816 thousand pesos in the previous year, indicating a worsening cash flow situation [52]. - Net cash flows from investing activities improved to a net outflow of 388,221 thousand pesos from a net outflow of 558,909 thousand pesos, reflecting better management of investment expenditures [52]. - Cash and cash equivalents at the end of the period increased to 28,267,462 thousand pesos from 23,509,444 thousand pesos, marking a rise of 20.5% [52]. - The company reported a net balance of Ps. 21,253,460 thousand in its monetary foreign currency position, with monetary assets totaling Ps. 33,595,190 thousand and liabilities amounting to Ps. 12,341,730 thousand [151]. - The company achieved a current assets to current liabilities ratio of 3.72 times, indicating strong liquidity [154]. - Total liabilities to total assets ratio stands at 0.18, well below the 0.60 threshold [154]. - Operating income plus non-cash items is 483.02 times, significantly exceeding the 2.0 times requirement [154]. Assets and Liabilities - Total assets increased to Ps. 74,847 million in the current quarter from Ps. 66,787 million in the previous year [41]. - Cash and cash equivalents rose to Ps. 28,267 million from Ps. 23,584 million year-over-year [41]. - Total liabilities increased to Ps. 17,409 million from Ps. 16,982 million year-over-year [41]. - The total equity attributable to owners of the parent increased to 57,411,794 thousand pesos, up from 49,780,624 thousand pesos, reflecting a growth of 15.3% [59]. - The company reported a significant increase in retained earnings, with unappropriated earnings rising to 50,972,036 thousand pesos from 42,384,854 thousand pesos, an increase of 20.5% [59]. Shareholder Activities - The company repurchased 36,493,310 shares, an increase from 36,023,685 shares in the previous year, indicating a rise of about 1.3% [43]. - The company repurchased shares worth 86,861 thousand pesos during the period, compared to 69,491 thousand pesos in the previous year, indicating an increase in share buyback activity [55]. Financial Instruments and Risk Management - The Company uses derivative financial instruments to manage exposure to natural gas price fluctuations, recognizing gains or losses in income unless designated as hedging instruments [135]. - The effective portion of changes in the fair value of designated derivatives is recognized in other comprehensive income, while ineffective portions are recognized immediately in income [138]. - The Company employs exchange contracts or swaps to mitigate risks associated with natural gas price fluctuations, impacting operating costs [136]. - Hedge accounting is discontinued when the hedging relationship is reversed or the hedging instrument no longer meets criteria, with cumulative gains or losses remaining in equity until the forecast transaction is recognized [141]. - The Company assesses the effectiveness of hedging instruments periodically, considering them highly effective if they offset changes in fair value or cash flows between 80% and 125% [138]. Accounting Policies - The company recognizes contingent liabilities and assets in accordance with IAS 37, with corresponding gains or losses recorded in the utility [78]. - The company’s accounting policies include the capitalization of borrowing costs directly attributable to the acquisition or construction of qualifying assets [98]. - Current income tax is based on fiscal profits and cash flows, with liabilities computed using enacted tax rates [109]. - Deferred tax assets and liabilities are recognized for temporary differences, with assets recognized only if future taxable profits are probable [110]. - Earnings per share are calculated by dividing net income attributable to controlling interest by the weighted average shares outstanding [111].

Core Points - A liquid steel spill occurred at Grupo Simec's plant in Apizaco, Tlaxcala, resulting in loss of human lives and temporarily halting operations [1] - The company expresses deep regret over the incident and is currently investigating the causes of the accident [1] Company Impact - The incident has led to a temporary paralysis of operations at the affected plant, which may impact production and financial performance in the short term [1] - The loss of employees is a significant concern for the company, potentially affecting employee morale and public perception [1]

Core Insights - Grupo Simec reported a significant decrease in net sales and shipments of finished steel products for the first nine months of 2024 compared to the same period in 2023, with net sales dropping by 23% to Ps. 24,828 million and shipments decreasing by 6% to 1,536 thousand tons [3][37] - Despite the decline in sales, the company experienced a remarkable increase in net income, which rose by 125% to Ps. 8,587 million in the first nine months of 2024 [13][37] Financial Performance - **Net Sales**: Decreased to Ps. 24,828 million in the first nine months of 2024 from Ps. 32,401 million in the same period of 2023, with a 19% decrease in sales outside Mexico and a 26% decrease in Mexican sales [3][37] - **Cost of Sales**: Decreased by 23% to Ps. 18,625 million in the first nine months of 2024, with the average cost of sales per ton dropping approximately 18% due to lower input prices [4][37] - **Gross Profit**: Decreased by 23% to Ps. 6,203 million, maintaining a gross profit margin of 25% for both periods [5][37] - **Operating Income**: Decreased by 33% to Ps. 4,440 million, with operating income as a percentage of net sales falling from 21% to 18% [8][37] - **EBITDA**: Decreased by 31% to Ps. 5,189 million compared to Ps. 7,499 million in the first nine months of 2023 [9][37] - **Net Income**: Increased by 125% to Ps. 8,587 million from Ps. 3,821 million in the first nine months of 2023 [10][37] Expenses and Other Income - **Selling, General and Administrative Expenses**: Increased by 16% to Ps. 1,834 million, representing 7% of net sales in 2024 compared to 5% in 2023 [6][37] - **Other Income (Expenses), net**: Decreased to Ps. 71 million in the first nine months of 2024 from Ps. 167 million in the same period of 2023 [7][37] Quarterly Performance - **Third Quarter Net Sales**: Increased to Ps. 8,549 million from Ps. 8,394 million in the second quarter of 2024, but decreased by 10% compared to Ps. 9,454 million in the third quarter of 2023 [15][26] - **Third Quarter Gross Profit**: Increased by 6% to Ps. 2,156 million from Ps. 2,038 million in the second quarter of 2024, with a gross profit margin of 25% [17][38] - **Third Quarter Operating Income**: Increased slightly to Ps. 1,524 million from Ps. 1,498 million in the second quarter of 2024, but decreased from Ps. 1,816 million in the third quarter of 2023 [20][31] - **Third Quarter EBITDA**: Increased by 2% to Ps. 1,776 million from Ps. 1,747 million in the second quarter of 2024, but decreased by 15% compared to Ps. 2,079 million in the third quarter of 2023 [21][32] Comprehensive Financial Cost - **Comprehensive Financial Cost**: In the first nine months of 2024, the company recorded a net income of Ps. 4,907 million compared to an expense of Ps. 1,318 million in the same period of 2023, driven by significant exchange income [11][37]

Core Points - Emerita Resources Corp. is sponsoring the inaugural Sustainable International Mining Summit (SIM) on October 10, 2024, in Ayamonte, Spain [1] - The summit aims to foster dialogue on sustainable mining practices and the role of mining in the energy transition, hosted by Global Omnium [2] - The agenda includes discussions on Environmental, Social, and Governance practices, featuring international speakers and experts [3] - Emerita emphasizes its commitment to responsible mining and collaboration for sustainability in the industry [4] - Emerita is focused on the acquisition, exploration, and development of mineral properties in Europe, particularly in Spain [5]

Exhibit 99.1 PRESS RELEASE Contact: José Luis Tinajero Mario Moreno Cortez Grupo Simec, S.A.B. de C.V. Calzada Lázaro Cárdenas 601 44440 Guadalajara, Jalisco, México 52 55 1165 1025 52 33 3770 6734 GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2023 AUDITED. GUADALAJARA, MEXICO, May 06th, 2024 - Grupo Simec, S.A.B. de C.V. (NYSE: SIM) ("Simec") announced today its results of operations for the twelve-month period ended December 31, 2023 Audited and December 31, 20 ...

Core Insights - Grupo Simec reported a significant decrease in net sales for the first half of 2024, dropping 29% to Ps. 16,279 million from Ps. 22,947 million in the first half of 2023, attributed to a 22% decrease in average sales price and an 8% decrease in shipment volume [2][12][46] - Despite the decline in sales, the company experienced a remarkable increase in net income, rising 169% to Ps. 5,435 million in the first half of 2024 compared to Ps. 2,019 million in the same period of 2023 [17][46] Sales Performance - Total shipments decreased by 8% from 1,109 thousand tons in the first half of 2023 to 1,015 thousand tons in the first half of 2024 [2][46] - Sales outside of Mexico fell by 24% to Ps. 7,287 million, while domestic sales decreased by 32% to Ps. 8,992 million [2][46] Cost and Profitability - Cost of sales decreased by 29% from Ps. 17,128 million in the first half of 2023 to Ps. 12,232 million in the first half of 2024, maintaining a consistent percentage of 75% of net sales for both periods [7][46] - Gross profit declined by 30% to Ps. 4,047 million in the first half of 2024, with gross profit as a percentage of net sales remaining at 25% for both periods [12][46] Operating Income and EBITDA - Operating income decreased by 40% to Ps. 2,916 million in the first half of 2024, representing 18% of net sales compared to 21% in the first half of 2023 [13][46] - EBITDA fell by 37% to Ps. 3,413 million in the first half of 2024 from Ps. 5,419 million in the same period of 2023 [9][46] Financial Costs and Income Taxes - Comprehensive financial cost shifted to a net income of Ps. 2,809 million in the first half of 2024, compared to an expense of Ps. 1,600 million in the first half of 2023, primarily due to exchange income [15][46] - Income tax expense decreased significantly to Ps. 291 million in the first half of 2024 from Ps. 1,244 million in the first half of 2023 [16][46] Quarterly Performance - In the second quarter of 2024, net sales decreased by 17% to Ps. 8,394 million compared to Ps. 10,122 million in the second quarter of 2023, while shipments of finished steel increased by 6% [21][46] - Cost of sales in the second quarter of 2024 decreased by 15% to Ps. 6,356 million, with gross profit declining by 22% to Ps. 2,038 million [22][23][46] Summary of Key Financial Metrics - For the first half of 2024: - Net sales: Ps. 16,279 million [46] - Gross profit: Ps. 4,047 million [46] - Operating income: Ps. 2,916 million [46] - Net income: Ps. 5,435 million [46] - For the second quarter of 2024: - Net sales: Ps. 8,394 million [46] - Gross profit: Ps. 2,038 million [46] - Operating income: Ps. 1,498 million [42][46]

Financial Performance - Net sales decreased by 38% from Ps. 12,825 million in Q1 2023 to Ps. 7,885 million in Q1 2024, with shipments of finished steel goods down 21%[2] - Gross profit fell by 37% from Ps. 3,207 million in Q1 2023 to Ps. 2,009 million in Q1 2024, maintaining a gross profit margin of 25% for both periods[4] - Operating income decreased by 47% from Ps. 2,678 million in Q1 2023 to Ps. 1,419 million in Q1 2024, with operating income as a percentage of net sales dropping from 21% to 18%[7] - EBITDA declined by 44% from Ps. 2,959 million in Q1 2023 to Ps. 1,668 million in Q1 2024[8] - Net income increased to Ps. 1,456 million in Q1 2024 from Ps. 1,033 million in Q1 2023, reflecting a growth of 41%[12] - Total sales outside of Mexico decreased by 29% to Ps. 3,694 million in Q1 2024 compared to Ps. 5,181 million in Q1 2023[2] - The average sales price per ton of finished steel goods decreased by 22% in Q1 2024 compared to Q1 2023[2] - 1Q'24 sales decreased by 11% compared to 4Q'23, totaling 7,885 million pesos, and decreased by 39% compared to 1Q'23[26] - Gross profit for 1Q'24 was 2,009 million pesos, down 21% from 4Q'23 and down 37% from 1Q'23[26] - Net income increased by 7% in 1Q'24, reaching 1,456 million pesos, compared to 1,365 million pesos in 4Q'23, and up 41% from 1Q'23[26] - Sales outside Mexico rose by 11% in 1Q'24, totaling 3,694 million pesos, while sales in Mexico fell by 24% to 4,191 million pesos[26] - Total sales volume in tons decreased by 11% in 1Q'24, totaling 479 thousand tons, and decreased by 21% compared to 1Q'23[26] Expenses and Costs - General, selling, and administrative expenses rose by 1% from Ps. 587 million in Q1 2023 to Ps. 595 million in Q1 2024, representing 8% of net sales[5] - Selling, general and administrative expenses decreased by 22% in 1Q'24, totaling 595 million pesos, compared to 761 million pesos in 4Q'23[26] - Cost per ton increased by 5% in 1Q'24, reaching 12,267 pesos, compared to 11,720 pesos in 4Q'23, and decreased by 23% from 15,924 pesos in 1Q'23[26] Income Taxes and Financial Costs - Income taxes recorded an expense of Ps. 110 million in Q1 2024, significantly lower than the Ps. 531 million expense in Q1 2023[11] - Comprehensive financial cost improved to a net income of Ps. 147 million in Q1 2024 from a net expense of Ps. 1,116 million in Q1 2023[10] - The company reported a significant reduction in finance costs, which fell to 103,799 thousand pesos from 1,330,552 thousand pesos in the previous year[33] Assets and Equity - Total assets reached $68.68 billion, with current assets at $45.51 billion[29] - Cash and cash equivalents amounted to $24.07 billion, reflecting a strong liquidity position[29] - Total non-current assets were reported at $23.17 billion, indicating a stable asset base[29] - The company holds net receivables of $6.39 billion, showcasing effective credit management[29] - Inventories are valued at $10.68 billion, which is crucial for operational efficiency[29] - The company has $1.40 billion in property, plant, and equipment, essential for production capabilities[29] - Goodwill stands at $1.81 billion, reflecting past acquisitions and market positioning[29] - Total equity increased to $51,308,412 from $50,022,475, reflecting a growth of approximately 2.56%[30] - Retained earnings increased to 44,056,885 thousand pesos by December 31, 2023, up from 39,134,651 thousand pesos at the end of 2022, indicating improved profitability[41] Employee and Shareholder Information - The number of employees increased to 1,404 from 1,414, showing a slight decrease of 0.7%[31] - The total number of executives increased to 55 from 52, reflecting a growth of approximately 5.8%[31] - The company repurchased 36,148,360 shares, up from 36,023,685, reflecting an increase of approximately 0.35%[31] Future Outlook and Strategic Initiatives - Future guidance indicates expected revenue growth of 10% for the next quarter, driven by new product launches[29] - The company plans to expand its market presence through strategic acquisitions in emerging markets[29] - The company continues to focus on strategic growth through potential acquisitions and market expansion in the steel industry[42] Accounting and Reporting Standards - The company operates under International Financial Reporting Standards (IFRS), ensuring transparency and consistency in financial reporting[45] - The company has maintained a consistent approach to accounting policies across its subsidiaries, ensuring alignment in financial reporting practices[44] - The company has adopted IFRS-1 for the preparation of its financial statements, ensuring compliance with international accounting standards[64] Financial Ratios and Position - The company has a total liability of 11,565,763 thousand pesos, with short-term liabilities at 11,564,499 thousand pesos[130] - Current monetary assets are reported at 30,410,707 thousand pesos[130] - The company has current assets to current liabilities ratio of 3.37 times, indicating strong liquidity[134] - Total liabilities to total assets ratio stands at 0.25, which is below the 0.60 threshold[134]