Grupo Carso (GCARSOA1) Q1 2026 earnings summary

Executive summary

• Consolidated sales totaled MXN 44.1 billion (Ps. 44,107 million), nearly flat year-over-year, with Grupo Sanborns driving revenue growth and mixed segment performance.

• Operating income declined to MXN 2.985 billion (Ps. 2,951 million), mainly due to project completions, FX, IT investments, and inflationary wage pressures.

• EBITDA was MXN 4.86 billion (Ps. 4,859 million), down 10.8% year-over-year; controlling net income was MXN 1.52 billion (Ps. 1,524 million), down 6.6%.

• Major acquisitions and divestitures included increasing the stake in Talos Energy Mexico to 80% and the planned sale of Keystone Cement assets.

Financial highlights

• Grupo Sanborns revenues rose 3.5% to MXN 16.76 billion (Ps. 16,758 million), supported by higher commercial activity.

• Grupo Condumex sales declined due to a 14% peso appreciation and inflationary cost pressures; sales down 8.2% YoY.

• Carso Infraestructura y Construcción (CICSA) sales reached MXN 6.16 billion, down 9.3% YoY, reflecting project completions and new project ramp-ups.

• Elementia and Fortaleza sales fell 8.6% to MXN 6.49 billion, mainly from lower U.S. activity and FX effects.

• Carso Energy revenues dropped 13.5% YoY to MXN 689 million, mainly due to FX and lower Panama electricity sales.

• Zamajal revenues surged 398.1% YoY to MXN 2.84 billion, driven by the Ixachi project and new Pemex contract.

Outlook and guidance

• Ichalkil-Pokoch production expected to improve with full Fieldwood integration.

• Backlog in infrastructure and construction surged to MXN 68.5 billion (Ps. 68,493 million) as of March 2026, up from MXN 20.2 billion a year earlier.

• Sale of part of U.S. cement business (Keystone Cement) for $310 million expected to close in 2H26.