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Grupo Carso
Grupo Carso (GCARSOA1) investor relations material
Grupo Carso Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
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.
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Next Grupo Carso earnings date
Q1 202628 Apr, 2026
Grupo Carso
Next Grupo Carso earnings date
Q1 202628 Apr, 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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