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

Grupo Carso reported 4Q25 consolidated sales of MXN 54.9 billion, down 4.7% year over year. Consolidated operating income was MXN 4.1 million, down 40.9% versus 4Q24; 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%. The company said the decline was mainly due to lower profitability across divisions, the stronger Mexican peso, completion of major infrastructure projects, IT platform implementation costs, and salary/expense inflation. For guidance, no next-quarter or full-year financial targets were provided on the call; management instead highlighted that backlog reached MXN 68.6 billion, up from MXN 23.9 billion a year ago, with around 43% scheduled for execution during 2026.

The lead strategic message was that Grupo Carso is transitioning through a weaker quarter while preserving long-term optionality in infrastructure and hydrocarbons. Management emphasized that Zamajal is becoming more strategically important, pointing to the Fieldwood Mexico acquisition agreement, the mixed contract with Pemex for Macavil, and Harbour Energy becoming operator of Zama as milestones that improve operational clarity and long-term positioning. The tone was cautiously constructive, with the company framing these developments as a stronger foundation for future progress.

The financial commentary focused on the drivers of the year-over-year decline and the key items affecting cash and reported results. Management said the stronger peso reduced sales by about MXN 1.2 million in dollar-linked subsidiaries, recognized a 7% discount on outstanding Pemex payments that strengthened year-end cash, and recorded a one-time MXN 600 million charge from shutting down the Vallejo plant of Nacional de Cobre. Divisionally, Sanborns posted revenue of MXN 25.8 billion, Condumex MXN 12.1 billion, Carso Infraestructura y Construcción MXN 7 billion, Elementia Fortaleza Materiales MXN 7.1 billion, Carso Energy MXN 840 million, and Zamajal MXN 2.06 billion.

There was effectively no substantive analyst Q&A disclosed in the transcript; after an opening question from Miguel Ochoa, the remainder of the exchange appears as untranslated or redacted foreign-language dialogue. As a result, no additional concerns, clarifications, or management answers on outlook, margins, or capital allocation were captured in the provided text.