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

Strong top-line and profitability rebound at group level (good): - Sales: MXN 47.6bn, +4.6% YoY despite peso appreciation headwinds. - Operating income: MXN 4.8bn vs MXN 3.2bn in 3Q25 (+51.3% YoY), driven mainly by Elementia, Condumex, and Zamajal with improvement across segments. - EBITDA: MXN 6.8bn (+21.5% YoY). - Net income (controlling interest): MXN 2.6bn vs MXN 651m in 3Q25—improved operating performance plus a mention of favorable effects in Central America (specific line item not fully visible).

Segment performance: mixed but several clear winners (good/surprising): - Grupo Sanborns: revenue +1.4% YoY to MXN 16.1bn; operating income +19.1% to MXN 528m; EBITDA +12.3%—despite subdued consumer spending per ANTAD indicators (signals margin recovery). - Condumex: revenue +12.3% YoY to MXN 14.9bn—notably Cable division +27.9%, including data-center cables and higher exports; operating income +14.5%; EBITDA +5.7%. - Sanborns/Condumex strength together is a key investor takeaway: growth is not only “volume,” but also profit expansion.

Major expansion catalyst in infrastructure with rising momentum (opportunity): - Carso Infraestructura y Construcción: sales MXN 7.4bn (+5.6% YoY). - Infrastructure sales +81% YoY, attributed to the start of construction of the Saltillo–Santa Catarina train. - Pipelines sales +8% YoY. - Jack-up rigs lease began during the quarter for >1 year (supports earnings visibility). - Backlog: MXN 36.9bn as of Sept’26 (supports future revenue conversion).