Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the third quarter of 2026. Before we begin, I would like to remind you that this event is being recorded, and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Today's conference will be hosted by Mr. Arturo Spínola, Chief Financial Officer of Grupo Carso, and by Rogelio Barradas from Investor Relations. We will first provide a brief overview of the third quarter financial results, where all figures are expressed in Mexican pesos, and then proceed to the Q&A session.
Grupo Carso sales totaled MXN 47.6 billion in the third quarter of 2026, increasing 4.6% compared with the same period of the prior year, despite the impact of the peso appreciation.
Most divisions posted growth. Operating income reached MXN 4.8 billion, compared with MXN 3.2 billion in the third quarter of 2025, representing an increase of 51.3%. This favorable performance was mainly driven by Elementia, Condumex, and Zamajal, with growth recorded across all business segments. EBITDA totaled MXN 6.8 billion, 21.5% above the figure recorded in the third quarter of 2025. As a result, net income attributable to the controlling interest reached MXN 2.6 billion, compared with MXN 651 million in the third quarter of 2025, reflecting the improvement in operating performance together with the sale of Cementos Fortaleza El Salvador in Central America. Regarding performance by division, Grupo Sanborns revenue increased 1.4% to MXN 16.1 billion, while operating income rose 19.1% to MXN 528 million, and EBITDA increased 12.3% to MXN 1.1 billion.
These were solid results despite subdued consumer spending, as reflected in indicators and demonstrate improved profitability during the quarter.
Despite the stronger peso, Condumex sales increased 12.3% to MXN 14.9 billion, mainly driven by a 27.9% increase in cable division sales, including, among others, cables for data centers, together with higher exports. Operating income reached MXN 1.1 billion and an increase of 14.5%, while EBITDA rose 5.7% to MXN 1.3 billion. Carso Infraestructura y Construcción recorded sales of MXN 7.4 billion, up 5.6% year-over-year. Infrastructure division sales increased 81%, mainly due to the start of construction of the Saltillo-Santa Catarina Train , while pipelines division sales increased by 8%. Operating income and EBITDA reached MXN 359 million and MXN 490 million respectively, posting significant improvements compared with the same period of 2025. The lease of the jack-up rig also commenced during the quarter for a term exceeding one year. Backlog totals MXN 36.9 billion as of September of 2026.
Elementia and Fortaleza reported sales of MXN 6.3 billion, compared with MXN 7.6 billion in the third quarter of 2025. The decline primarily reflected the divestment of the El Salvador cement business, softer activity in the U.S. market, and the translation impact of a stronger peso, given that a significant share of the segment's revenue is generated outside Mexico. Despite lower sales, operating income increased to MXN 1.8 billion from MXN 1.1 billion, while EBITDA reached MXN 2.1 billion. Carso Energy recorded revenue of MXN 709 million, down 19.1% from the third quarter of 2025. Since all the division's revenue is denominated in U.S. dollars, reported revenue was affected by 7.5% decrease in the average exchange rate. In addition, power sales in Panama remained affected by lower water inflows associated with El Niño, a condition we expect to persist into next year.
Operating income and EBITDA totaled MXN 520 million and MXN 617 million respectively, both decreasing by 20.5%. Zamajal's sales totaled MXN 3 billion in the quarter, increasing significantly compared with MXN 546 million in the third quarter of the prior year. The periods are not directly comparable due to the execution of the Ixachi well drilling services agreement with Pemex. Operating income reached MXN 736 million, with a margin of 24.7%, while EBITDA totaled MXN 1 billion, with a margin of 34.6%. Regarding the project portfolio, eight wells have been delivered to Pemex at Ixachi, and between two and four additional wells are expected to be delivered by the year-end of this year. Before closing, we would like to highlight that by the end of August, Fortaleza Materiales completed the sale of its subsidiary in El Salvador.
The transaction included a 65% interest in Cementos Fortaleza El Salvador and was completed at an enterprise value of MXN 75 million, subject to customary adjustments. With this, we conclude our remarks. Thank you for your attention. We will now proceed to the Q&A session.
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