Grupo Carso (GCARSOA1) Q3 2026 earnings summary

Executive summary

• 3Q26 sales rose 4.6% YoY to Ps. 47,627 million; operating income increased 51.3% to Ps. 4,839 million and EBITDA rose 21.5% to Ps. 6,821 million.

• Controlling net income reached Ps. 2,558 million versus Ps. 651 million in 3Q25, supported by stronger operations and the Central American cement business sale.

• Condumex and Zamajal drove growth, while stronger operating results at Elementia offset lower sales at Elementia and Carso Energy.

Financial highlights

• 9M26 sales rose 2.3% to Ps. 139,929 million; operating income declined 0.2% to Ps. 12,906 million and EBITDA fell 3.7% to Ps. 18,864 million.

• 9M26 controlling net income increased 42.0% to Ps. 7,046 million.

• Comprehensive financing cost improved 75.8% YoY to Ps. 464 million in 3Q26 from Ps. 1,916 million.

• 3Q26 operating margin was 10.2% versus 7.0% in 3Q25; EBITDA margin was 14.3% versus 12.3%.

Outlook and guidance

• Ixachi was expected to deliver 10–12 wells by year-end 2026; eight had been delivered into production under the Pemex agreement.

• Panama power sales were expected to remain affected by low water inflows linked to El Niño during part of the coming year.

• The Centauro del Norte pipeline was under construction; its two sections are planned to total ~425 km under a transportation agreement with CFE as anchor shipper.

• Macavil development authorization was pending; plans included ~six wells, a 40.5-km pipeline, and a separation and metering station.