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Grupo Carso (GCARSOA1) investor relations material
Grupo Carso Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Consolidated sales declined 5.8% year-over-year to ARS 45.5 billion, mainly due to a 34.2% drop in Infrastructure and Construction sales after major project completions.
Net income dropped 78.4% to ARS 651 million, impacted by lower operating results, foreign exchange losses, and increased depreciation.
Operating income fell 39.7% to ARS 3.1 billion, reflecting higher costs, inflation, and lower profitability.
EBITDA decreased 20.4% to ARS 5.6 billion, with margin down from 14.6% to 12.3%.
Significant new contracts were secured, including a passenger train project and a USD $1,991 million Pemex well drilling contract.
Financial highlights
Sales: ARS 45.5 billion (-5.8% YoY); Operating income: ARS 3.1 billion (-39.7% YoY); Net income: ARS 651 million (-78.4% YoY); EBITDA: ARS 5.6 billion (-20.4% YoY).
Operating margin dropped to 7.0% from 11.0% YoY; EBITDA margin at 12.3% vs. 14.6% YoY.
Comprehensive financing result was an expense of ARS 1,916 million, mainly due to a ARS 790 million FX loss.
Net debt reduced 9.7% to ARS 28.4 billion; net debt/EBITDA ratio at 0.99x.
Cash and equivalents increased 6.5% to ARS 17.3 billion.
Outlook and guidance
Backlog grew 267.9% to ARS 70.4 billion, driven by new contracts in construction and oil services.
Backlog increased to ARS 79.5 billion, driven by new infrastructure and energy contracts.
Zamajal expects to increase production to over 25,000 barrels/day of crude oil equivalent next year.
New projects include passenger train construction and oil well drilling services.
CICS backlog growth: future revenue impact
Zamajal profitability path given depreciation
Mitigation for macro headwinds impact?
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Next Grupo Carso earnings date
Q4 202527 Jan, 2026
Next Grupo Carso earnings date
Q4 202527 Jan, 2026
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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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