Grupo Carso (GCARSOA1) Q4 2025 earnings summary

Executive summary

• Consolidated sales reached $54.9 billion pesos, down 4.7% year-over-year, 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.

• Net income attributable to controlling interest decreased 18.9% to $3.1 billion pesos, reflecting lower operating results and FX impacts.

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 reached $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.

Outlook and guidance

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

• Condumex anticipates single-digit growth, driven by new business and stable FX.

• Carso Infraestructura to benefit from Saltillo train project, with major revenue impact in late 2026.

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

• Elementia to focus on higher-margin products after US cement exit and Vallejo plant closure.

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

• Zamajal expects to double oil revenues in 2026, reaching up to 30,000 barrels/day, and achieve double-digit positive operating results.

• 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.