Grupo Carso (GCARSOA1) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales reached Ps. 45,532 million, a 5.8% decrease year-over-year, mainly due to a 34.2% drop in Infrastructure and Construction sales after major project completions.

• Operating income fell 39.7% to Ps. 3,199 million, and net income dropped 78.4% to Ps. 651 million, impacted by lower profitability, exchange rate effects, and increased depreciation.

• EBITDA declined 20.4% to Ps. 5,615 million, reflecting lower sales and higher costs.

• 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.

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

• Net debt reduced 9.7% to Ps. 28,356 million; net debt/EBITDA ratio at 0.99x.

Outlook and guidance

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

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