Grupo Carso (GCARSOA1) Q4 2025 earnings summary

Executive summary

• Consolidated sales declined 4.7% year-over-year to $54.9 billion pesos, mainly due to peso appreciation and lower revenues in most divisions.

• Operating income fell 40.9% to $4.1 billion pesos, and EBITDA decreased 31.7% to $6.3 billion pesos.

• Net income dropped 18.9% to $3.1 billion pesos, impacted by lower operating results and FX effects.

Financial highlights

• Grupo Sanborns posted revenues of $25.8 billion pesos (+2.3%), with operating income of $2.3 billion pesos and EBITDA of $2.91 billion pesos.

• Grupo Condumex sales were $12.1 billion pesos (-5.5%), with operating income of $987 million pesos and EBITDA of $1.1 billion pesos.

• Carso Infraestructura y Construcción sales dropped 35.9% to $7 billion pesos, with an operating loss of $446 million pesos and negative EBITDA of $205 million pesos.

• Elementia and Fortaleza Materiales sales were $7.1 billion pesos (-2.8%), with operating income of $54 million pesos and EBITDA of $1.25 billion pesos (-23.6%).

• Carso Energy revenues were $840 million pesos (-11.8%), with operating income of $649 million pesos and EBITDA of $753 million pesos.

• Zamajal revenues totaled $2.06 billion pesos, with an operating loss of $10 million pesos (improved from -$311 million) and negative EBITDA of $233 million pesos; net income swung to a profit of $893 million pesos.

Outlook and guidance

• Expecting single-digit group revenue growth in 2026, with each division having distinct dynamics.

• Backlog in infrastructure and construction rose to $68.6 billion pesos, reflecting new projects including the Saltillo–Nuevo Laredo Passenger Train.

• New agreements and contracts in energy and oil fields, including the acquisition of Fieldwood and a mixed contract for the Macavil field, are expected to enhance future production and operational efficiency.

• Grupo Sanborns focusing on IT investments to improve margins and customer experience, with limited store openings.

• Elementia to focus on higher-margin products after US cement exit and Vallejo plant closure, expecting margin improvement but not significant sales growth.

• Carso Energy to maintain current levels, with incremental benefit from Centauro del Norte gas pipeline as phases complete.

• Zamajal (hydrocarbons) expects to double revenues in 2026, reaching operational breakeven and positive double-digit results.