Grupo Carso SAB de CV
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Grupo Carso SAB de CV
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Grupo Carso SAB de CV
Grupo Carso is a Mexican holding company that owns a mix of industrial, construction, and consumer businesses. It makes money by building infrastructure and industrial projects, manufacturing and selling industrial products, and running retail and restaurant brands in Mexico. Its customers range from government and energy clients to factories and everyday consumers. A big part of the business comes from construction and engineering work such as roads, buildings, pipelines, and other large projects. It also sells manufactured goods and industrial products through its subsidiaries, which puts it somewhere between a project contractor and a supplier to other businesses. In its consumer businesses, it earns money from direct sales to shoppers and restaurant customers. What makes Grupo Carso different is that it sits at several points in Mexico’s economy at once: heavy construction, industrial supply, and consumer-facing retail. That mix gives it several ways to earn revenue, but the core model is still straightforward: win contracts, make and sell products, and collect spending from end customers through its owned brands and subsidiaries.
Grupo Carso is a Mexican holding company that owns a mix of industrial, construction, and consumer businesses. It makes money by building infrastructure and industrial projects, manufacturing and selling industrial products, and running retail and restaurant brands in Mexico. Its customers range from government and energy clients to factories and everyday consumers.
A big part of the business comes from construction and engineering work such as roads, buildings, pipelines, and other large projects. It also sells manufactured goods and industrial products through its subsidiaries, which puts it somewhere between a project contractor and a supplier to other businesses. In its consumer businesses, it earns money from direct sales to shoppers and restaurant customers.
What makes Grupo Carso different is that it sits at several points in Mexico’s economy at once: heavy construction, industrial supply, and consumer-facing retail. That mix gives it several ways to earn revenue, but the core model is still straightforward: win contracts, make and sell products, and collect spending from end customers through its owned brands and subsidiaries.
Revenue: Grupo Carso’s consolidated sales were MXN 44.1 billion, broadly in line with the same quarter last year, but operating income and EBITDA fell because of completed infrastructure projects, a stronger peso, new IT platform implementation, and wage inflation.
Mix shift: Grupo Sanborns was the main revenue positive, while Condumex, construction, Elementia/Fortaleza, and Carso Energy were pressured by FX, softer activity, or higher costs.
Hydrocarbons: Zamajal posted a sharp jump in revenue to MXN 2.84 billion and EBITDA turned positive, helped by Ixachi, with management also highlighting the acquisition of an additional stake in Zama and a binding deal to buy 100% of Fieldwood Mexico.
Balance sheet: Fortaleza reported no financial debt after fully paying its obligations, while the group also agreed to sell part of its U.S. cement business for about USD 310 million, with closing expected in 2Q 2026.
Backlog: Infrastructure backlog reached MXN 68.5 billion, up sharply from MXN 20.2 billion a year ago, supported by new projects such as the Saltillo-Monterrey Train and the growing pipelines business.
