Grupo Carso, S.A.B. de C.V.

Grupo Carso reported consolidated sales of MXN 54.9 billion, down 4.7% year over year. Consolidated operating income reached MXN 4.1 million, down 40.9%, EBITDA was MXN 6.3 billion, down 31.7% from MXN 9.2 billion, and controlling net income was MXN 3.1 billion, down 18.9%. By division, Grupo Sanborns revenue rose 2.3% to MXN 25.8 billion; Condumex sales fell 5.5% to MXN 12.1 billion; Carso Infraestructura y Construcción sales fell 35.9% to MXN 7 billion; Elementia Fortaleza Materiales sales fell 2.8% to MXN 7.1 billion; Carso Energy revenues fell 11.8% to MXN 840 million; and Zamajal revenues were MXN 2.06 billion. Looking ahead, management said backlog totaled MXN 68.6 billion, up from MXN 23.9 billion a year ago, with around 43% to be executed during 2026.

Management’s strategic message was that the quarter was hurt by external and timing factors, but the portfolio is being repositioned by new hydrocarbons milestones. They pointed to the binding agreement to acquire Fieldwood Mexico, the mixed contract with Pemex for Macavil, and Harbour Energy becoming operator of Zama as evidence of clearer long-term direction. The tone was constructive and forward-looking, with emphasis on operational clarity and the growing relevance of the hydrocarbons division.

The financial commentary focused on the quarter’s profit pressure from lower operating results, foreign exchange effects, and project completion in infrastructure. Management said the appreciation of the Mexican peso reduced sales by approximately MXN 1.2 million in subsidiaries where revenues are largely dollar-denominated, while the discount on outstanding Pemex payments was 7% and helped strengthen year-end cash. They also noted a one-time MXN 600 million charge tied to the shutdown of the Vallejo plant of Nacional de Cobre. On a segment basis, they cited weaker operating income and EBITDA in CIS, Condumex, and Elementia, while Zamajal’s production improved to 16,599 barrels of oil equivalent per day from 11,113 last year.

The transcript provided does not include substantive analyst Q&A content beyond the announcement that questions would begin and one first question from Miguel Ochoa, so no specific concerns or management responses were captured in the text. As a result, the call content here is essentially management’s prepared remarks rather than a full Q&A exchange.