Grupo Carso (GCARSOA1) Q3 2025 earnings summary

Executive summary

• Consolidated sales decreased 5.8% year-over-year to Ps. 45,532 million, mainly due to a 34.2% drop in Infrastructure and Construction sales after major project completions, with declines in several divisions offset by growth in hydrocarbons and select retail and industrial segments.

• Operating income fell 39.7% to Ps. 3,199 million, impacted by lower exchange rates, higher wages, inflation, and increased depreciation.

• EBITDA dropped 20.4% to Ps. 5,615 million, with margin contracting from 14.6% to 12.3%.

• Controlling net income declined 78.4% to Ps. 651 million, reflecting lower operating results and a foreign exchange loss.

• Significant new contracts were secured, including a Ps. 31,844 million passenger train project and a USD $1,991 million Pemex well drilling contract.

Financial highlights

• Sales: Ps. 45,532 million (-5.8% YoY); Operating income: Ps. 3,199 million (-39.7% YoY); Net income: Ps. 651 million (-78.4% YoY); EBITDA: Ps. 5,615 million (-20.4% YoY).

• Operating margin dropped to 7.0% from 11.0% YoY; EBITDA margin at 12.3% vs. 14.6% YoY.

• Grupo Summers and Grupo Condomex posted revenue increases of 1.9% and 1.2%, respectively, driven by promotions and higher industrial volumes.

• Samajal hydrocarbons revenue grew 27% to Ps. 546 million, now fully consolidated.

• Comprehensive financing result was an expense of Ps. 1,916 million, mainly due to a Ps. 790 million FX loss.

Outlook and guidance

• Backlog increased to Ps. 79,470 million, driven by new infrastructure and energy contracts.

• Infrastructure and construction expected to benefit from new projects, including the Saltillo-Santa Catarina train and Pemex drilling contracts, with improved sales and margins anticipated in coming quarters.

• Zamajal expects to increase production to over 25,000 barrels/day of crude oil equivalent next year.

• Retail division expects modest growth and is investing in IT to enhance customer experience and logistics.

• Carso Energy anticipates sales growth next year with the completion of the Centauro del Norte gas pipeline's first phase.