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Grupo Carso (GCARSOA1) investor relations material

Grupo Carso Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Jul, 2025

Executive summary

  • Consolidated sales reached ARS 46.3 billion, down 1.6% year-over-year, with mixed performance across divisions.

  • Operating income rose 12.1% to ARS 6.3 billion, supported by a one-time gain from the $620 million sale of Giant Cement Holding Inc.

  • EBITDA increased 18.8% year-over-year to ARS 8.5 billion, with margin improving from 15.2% to 18.4%.

  • Controlling net income dropped 42.3% to ARS 2.7 billion, mainly due to foreign exchange losses.

  • Four divisions posted revenue growth, offsetting a 29% drop in Infrastructure and Construction sales.

Financial highlights

  • Grupo Condumex, Grupo Sanborns, Elementia Fortaleza, and Carso Energy posted revenue growth of 8.9%, 2.9%, 4.4%, and 6.5% respectively.

  • San Majal/Zamajal contributed ARS 476 million in additional revenue.

  • Carso Infrastructure and Construction sales fell 29% due to fewer bids and project completions.

  • Extraordinary income of ARS 1.9 billion from asset sale boosted results.

  • Comprehensive financing result was a Ps. 2,141 million expense, versus a Ps. 1,324 million gain last year.

Outlook and guidance

  • Forward-looking statements highlight risks and uncertainties that may cause actual results to differ materially.

  • Zamajal expects to exceed 25,000 barrels/day production next year.

  • Five 3,000HP drilling rigs to work for PEMEX, with more rigs expected.

  • Carso Energy began construction of the 416 km Centauro del Norte Gas Pipeline.

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Frequently asked questions

Grupo Carso S.A.B. de C.V. is a diversified holding company based in Mexico, encompassing a wide range of sectors including industrial, retail, infrastructure, construction, and energy. Grupo Carso's industrial arm, Grupo Condumex, is involved in manufacturing cables, automotive electrical harnesses, precision steel tubing, power transformers, and more, serving various industries like telecommunications, construction, electricity, energy, automotive, and mining. In the retail segment, Grupo Sanborns operates numerous retail formats in Mexico, including specialty stores, restaurants, and department stores like Sears Mexico. The company's infrastructure and construction sector, through entities like Carso Infraestructura y Construcción, offers services to chemical and petroleum industries, pipeline installations, and civil construction projects. Carso Energy participates in the energy sector, focusing on gas transportation services and exploring business opportunities in oil, gas, and electricity, spurred by energy reforms in Mexico and abroad. The company is headquartered in Mexico City, Mexico, and its shares are listed on the Mexican Stock Exchange.

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