Grupo Carso (GCARSOA1) Q1 2025 earnings summary

Executive summary

• Consolidated sales totaled MXN 46.073 billion in 1Q25, stable year-over-year, with strong growth in Condumex, Energy, and Elementia offset by declines in Sanborns and Infrastructure & Construction.

• Operating income dropped 40.5% year-over-year to MXN 3.289 billion, mainly due to inflationary pressures and higher start-up costs in hydrocarbons.

• EBITDA was MXN 5.515 billion, down 21.2% from a year ago; EBITDA margin fell from 15.2% to 12%.

• Net income decreased 45.9% to MXN 1.631 billion, reflecting lower operating results.

• Sale of Giant Cement in the U.S. to Heidelberg Materials was completed in April 2025.

Financial highlights

• Sales: MXN 46.073 billion, flat year-over-year.

• Operating income: MXN 3.289 billion, down 40.5% year-over-year.

• EBITDA: MXN 5.515 billion, down 21.2% year-over-year, margin 12.0%.

• Net income: MXN 1.631 billion, down 45.9% year-over-year.

• Comprehensive financing result improved to a cost of MXN 800 million from MXN 1.421 billion, aided by a foreign exchange gain.

Outlook and guidance

• Zamajal to control 80% of Talos Mexico, increasing exposure to the Zama oil field, pending regulatory approval.

• Carso Energy to begin construction of the Centauro del Norte gas pipeline, expanding natural gas transportation services.