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Grupo Carso (GCARSOA1) investor relations material
Grupo Carso Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Consolidated sales decreased 5.8% year-over-year to Ps. 45,532 million, mainly due to a 34.2% drop in Infrastructure and Construction sales after major project completions, with declines in several divisions offset by growth in hydrocarbons and select retail and industrial segments.
Operating income fell 39.7% to Ps. 3,199 million, impacted by lower exchange rates, higher wages, inflation, and increased depreciation.
EBITDA dropped 20.4% to Ps. 5,615 million, with margin contracting from 14.6% to 12.3%.
Controlling net income declined 78.4% to Ps. 651 million, reflecting lower operating results and a foreign exchange loss.
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.
Grupo Summers and Grupo Condomex posted revenue increases of 1.9% and 1.2%, respectively, driven by promotions and higher industrial volumes.
Samajal hydrocarbons revenue grew 27% to Ps. 546 million, now fully consolidated.
Comprehensive financing result was an expense of Ps. 1,916 million, mainly due to a Ps. 790 million FX loss.
Outlook and guidance
Backlog increased to Ps. 79,470 million, driven by new infrastructure and energy contracts.
Infrastructure and construction expected to benefit from new projects, including the Saltillo-Santa Catarina train and Pemex drilling contracts, with improved sales and margins anticipated in coming quarters.
Zamajal expects to increase production to over 25,000 barrels/day of crude oil equivalent next year.
Retail division expects modest growth and is investing in IT to enhance customer experience and logistics.
Carso Energy anticipates sales growth next year with the completion of the Centauro del Norte gas pipeline's first phase.
CICS backlog growth: future revenue impact
Zamajal profitability path given depreciation
Mitigation for macro headwinds impact?
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Next Grupo Carso earnings date
Q4 202527 Jan, 2026
Next Grupo Carso earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Grupo Carso S.A.B. de C.V. is a diversified holding company based in Mexico, encompassing a wide range of sectors including industrial, retail, infrastructure, construction, and energy. Grupo Carso's industrial arm, Grupo Condumex, is involved in manufacturing cables, automotive electrical harnesses, precision steel tubing, power transformers, and more, serving various industries like telecommunications, construction, electricity, energy, automotive, and mining. In the retail segment, Grupo Sanborns operates numerous retail formats in Mexico, including specialty stores, restaurants, and department stores like Sears Mexico. The company's infrastructure and construction sector, through entities like Carso Infraestructura y Construcción, offers services to chemical and petroleum industries, pipeline installations, and civil construction projects. Carso Energy participates in the energy sector, focusing on gas transportation services and exploring business opportunities in oil, gas, and electricity, spurred by energy reforms in Mexico and abroad. The company is headquartered in Mexico City, Mexico, and its shares are listed on the Mexican Stock Exchange.
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