EL7.AI
StocksMedium•30 October 2026•
3 min read

Grupo Carso Raises Operating Income to 4,839 Million Pesos in Third Quarter

Key Facts

1Consolidated operating income was 4,839 million pesos in the third quarter, compared with 3,199 million a year earlier.
2Sales rose to 47,627 million pesos, up 4.6% year over year.
3Consolidated EBITDA reached 6,821 million pesos, compared with 5,615 million in the third quarter of 2025.
4Net profit attributable to controlling shareholders rose to 2,558 million pesos, compared with 651 million a year earlier.

Grupo Carso reported operating income of 4,839 million Mexican pesos in the third quarter of 2026, compared with 3,199 million in the same period a year earlier. The company attributed the result mainly to performance at Elementia, Condumex and Zamajal, according to its official report. Sales rose 4.6% to 47,627 million pesos, despite the impact of the stronger peso. EBITDA also increased to 6,821 million pesos, from 5,615 million a year earlier. Quarterly results show earnings accelerating faster than sales growth, while the cumulative results for the first nine months were weaker on operating measures.

The company said the increase in EBITDA came mainly from Elementia, Condumex and Zamajal. Condumex sales rose 12.3% to 14,896 million pesos during the quarter. The company attributed the growth to a 27.9% increase in cable division sales and higher exports, despite the stronger peso. By contrast, Elementia sales fell to 6,238 million pesos from 7,640 million in the comparable quarter. The company linked the decline to its exit from the cement business in El Salvador, weaker activity in the United States and the impact of translating revenue amid the stronger peso.

Despite the decline in Elementia sales, its operating income rose to 1,772 million pesos from 1,067 million in the same period a year earlier. The sector's EBITDA reached 2,124 million pesos, up 602 million from the third quarter of 2025. These figures highlight a divergence between sales trends and operating results within the sector. At the group level, net profit attributable to controlling shareholders rose to 2,558 million pesos, compared with 651 million a year earlier. The company linked the improvement to operating performance and the sale of cement operations in Central America.

A decline in financing costs also supported results; they fell to 464 million pesos in the quarter, compared with 1,916 million in the corresponding period, an improvement of 75.8% year over year. Total debt stood at 46,319 million pesos on September 30, 2026, while net debt reached 21,788 million. Net debt to last-12-month EBITDA was 0.84 times on the same date. Over the first nine months, sales increased 2.3% to 139,929 million pesos. But operating income fell 0.2% to 12,906 million, and EBITDA declined 3.7% to 18,864 million.

In the energy sector, Carso Energy revenue fell 19.1% to 709 million pesos in the third quarter. The company said energy sales in Panama remained affected by lower water flows associated with El Niño. It added that this impact is expected to continue through part of next year. This comes as the group's quarterly results show increases in operating income and EBITDA, while both measures declined over the first nine months. Water-flow conditions in Panama remain a factor affecting energy-sector revenue in the period ahead, according to the company.