Grupo Carso (GCARSOA1) Q2 2025 earnings summary

Executive summary

• Consolidated sales reached MXN 46.3 billion, a 1.6% decrease for the quarter.

• Operating income rose 12.1% to MXN 6.3 billion, driven by MXN 1.9 billion in other income from the sale of Giant Cement Holding.

• EBITDA increased 18.8% to MXN 8.5 billion, with margin up to 18.4%.

• Controlling net income dropped 42.3% to MXN 2.7 billion, mainly due to a foreign exchange loss.

• 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.

• Samajal Hydrocarbons contributed MXN 476 million in revenue.

• Carso Infraestructura y Construcción (CICSA) sales fell 29% due to fewer bids and project completions.

• EBITDA margin improved from 15.2% to 18.4%.

• Net debt reduced 9.9% to MXN 28.3 billion; net debt-to-EBITDA ratio steady at 0.9x.

Outlook and guidance

• Sanborns expects margin recovery through productivity and better space utilization.

• Samajal's EBITDA is expected to exceed 25-30% once production reaches 25,000 barrels/day.

• The Centauro del Norte gas pipeline's first phase is expected to be completed by year-end, with the second phase by the end of the following year.

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