Mexico · Delayed Price · Currency is MXN Grupo Carso Earnings Call Transcripts
Fiscal Year 2026
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First quarter sales were stable at MXN 44.1 billion, with EBITDA and net income declining year-over-year due to FX and inflation. Strategic acquisitions and a major U.S. asset sale are set to reshape the portfolio.
Fiscal Year 2025
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Sales declined 4.7% year-over-year due to peso appreciation, with operating income and EBITDA down sharply. Backlog surged to $68.6 billion pesos, and the hydrocarbons division is set for strong growth in 2026, while net debt remains low and margins are expected to improve across segments.
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Sales and profitability declined year-over-year due to exchange rate impacts, higher costs, and project completions, but a record backlog and new contracts in infrastructure and energy signal improved performance ahead. Retail and industrial divisions showed resilience, while Pemex payment delays remain a risk.
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Consolidated sales declined 1.6% year-over-year, but operating income and EBITDA rose due to extraordinary gains from asset sales. Net income dropped 42.3% on FX losses, while segment results were mixed, with construction lagging and industrial, retail, and energy showing growth.
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First quarter sales remained stable at MXN 46 billion, with strong growth in industrial and energy segments offset by declines in retail and infrastructure. Operating income and net profit fell sharply due to higher costs and startup expenses, while Zamajal hydrocarbons operations contributed new revenue but posted losses.
Fiscal Year 2024
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Consolidated sales rose 6.6% to MXN 59 billion, with strong gains in Sanborns, Condumex, and Elementia-Fortaleza, while CICSA saw declines. Guidance for 2025 anticipates growth in industrial and energy, margin improvements, and a strategic focus on Mexico and Latam.
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Consolidated sales grew 8.3% to MXN 49 billion, with strong industrial and construction performance offsetting lower retail profitability. Zamajal oil operations began contributing, though with startup losses, and nearshoring trends are boosting industrial demand.
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Consolidated sales were stable at MXN 48 billion, while net income surged 34.5% to MXN 4.6 billion, driven by financial income despite lower operating results. Segment performance was mixed, with notable gains in Elementia Fortaleza and Condumex, and new investments in hydrocarbons and infrastructure.