This report does not constitute a rating action. What's new: Nemak S.A.B. de C.V. had solid top-line growth in the third quarter of 2026, with revenue and adjusted EBITDA increasing by 22% and 15% year over year, respectively. We revised our 2026 revenue growth forecast to approximately 18%, up from our prior expectation of 9%, reflecting the integration of the GF Casting Solutions acquisition in February, resilient global automotive demand (excluding China), and higher aluminum prices, which the company continues to pass through to customers. However, we expect higher energy, labor, and restructuring costs to moderate EBITDA growth, reaching about $630 million in 2026, despite the higher revenue growth assumption. We are also raising our capital expenditure (capex) assumption to
