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, with EBITDA down 31.7% to $6.3 billion pesos and net income down 18.9% to $3.1 billion pesos.

• Grupo Sanborns posted revenue growth of 2.3% to $25.8 billion pesos, supported by strong seasonal sales.

Financial highlights

• Grupo Condumex sales dropped 5.5% to $12.1 billion pesos, mainly from lower auto parts demand and currency effects.

• Carso Infraestructura y Construcción sales declined 35.9% to $7 billion pesos due to the end of major projects, with an operating loss of $446 million pesos.

• Elementia and Fortaleza Materiales sales fell 2.8% to $7.1 billion pesos, with EBITDA down 23.6% to $1.25 billion pesos.

• Carso Energy revenues decreased 11.8% to $840 million pesos, affected by lower exchange rates and electricity sales in Panama.

• Zamajal revenues rose to $2.06 billion pesos, with oil production up to 16,599 barrels/day; 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 enhance user experience and e-commerce, with limited store openings.

• Elementia to focus on higher-margin products after U.S. cement asset sale and Vallejo plant closure.