Grupo Carso, S.A.B. de C.V.

Headline financial performance (good): - Sales: MXN 47.6bn in Q3’26, +4.6% YoY despite peso appreciation pressure. - Operating income: MXN 4.8bn vs MXN 3.2bn in Q3’25 (+51.3% YoY)—major contributors cited: Elementia, Condumex, Zamajal. - EBITDA: MXN 6.8bn (+21.5% YoY). - Net income attributable to controlling interest: MXN 2.6bn vs MXN 0.651bn in Q3’25—reflecting both improved ops and a [unspecified word/line cut] in Central America.

Strong profit expansion vs. sales (good/surprising): - The company highlighted that profitability improved significantly even with subdued consumer spending (as per ANTAD indicators). - This is visible in the mix of results: e.g., Carso Sanborns operating income +19.1% YoY and EBITDA +12.3% YoY, indicating cost/efficiency improvements or margin recovery.

Division highlights and growth engines (opportunities): - Condumex: Sales +12.3% YoY to MXN 14.9bn; growth driven by Cable division +27.9% (including data center cables and higher exports). Operating income +14.5% YoY to MXN 1.1bn; EBITDA +5.7% to MXN 1.3bn. - Carso Infraestructura y Construcción: Sales +5.6% YoY to MXN 7.4bn; Infrastructure sales +81% (start of Saltillo–Santa Catarina Train). Operating income MXN 259m and EBITDA MXN 490m with “significant improvements” vs 2025; jack-up rigs lease started for >1 year. - Zamajal: Sales MXN 3.0bn (vs MXN 546m YoY prior year period), with Ixachi well services timing driving non-comparability. Operating income MXN 736m at 24.7% margin; EBITDA MXN 1.0bn at 34.6% margin. 8 wells delivered to Pemex so far; 2–4 more expected by year-end. - Backlog: MXN 36.9bn as of Sep’26, supporting visibility.