Grupo Carso (GCARSOA1) Q2 2026 earnings summary

Executive summary

• Consolidated sales rose 3.9% year-over-year to MXN 48.2 million, despite adverse FX effects from peso appreciation.

• Net income increased 10.6% year-over-year to MXN 3 million, with EBITDA at MXN 7.2 million, down 15.7% due to prior-year extraordinary gains.

• Major acquisitions in hydrocarbons included agreements to acquire a 30% stake in Block 30 and an additional 5% in the Zama oil field.

• Completed sale of Keystone Cement for ~$310 million, with 55% of proceeds to subsidiaries.

• Zamajal and Grupo Sanborns divisions led revenue growth for the quarter.

Financial highlights

• Operating income was MXN 5.1 million, down from MXN 6.4 million last year due to prior-year extraordinary gains; adjusted, operating income rose ~1%.

• EBITDA margin declined to 14.9% from 18.4% in Q2 2025.

• Comprehensive financing result improved 72% year-over-year, with a cost of MXN 597 million.

• Net debt stood at MXN 16.9 million; net-debt-to-LTM EBITDA ratio at 0.69x.

• Grupo Sanborns revenue grew 8.4% to MXN 17.8 million; operating income up 11.4% to MXN 806 million.

Outlook and guidance

• Production at Ichalkil and Pokoch fields expected to improve with full operation of Fieldwood.

• Backlog in infrastructure and hydrocarbons segments increased significantly, supporting future revenue streams.

• Ongoing construction of Centauro del Norte Pipeline and expansion in hydrocarbons portfolio expected to drive growth.