During 2025, Grupo Carso operated in an environment characterized by moderate growth in the Mexican economy, more cautious consumer behavior, and volatility in key macroeconomic variables, particularly exchange rates and investment cycles. In this context, the Group’s priority was to maintain disciplined execution, focused on operational efficiency, financial control, and the strengthening of long‑term strategic platforms.

Consolidated net sales of Grupo Carso amounted to Ps. 191,627 million, representing a –3.2% change compared to 2024, mainly due to foreign exchange effects and the completion of significant projects.

Consolidated EBITDA totaled Ps. 26,589 million, with an EBITDA margin of 13.9%, while Operating Income reached Ps. 18,354 million. These results include the initial performance of the Hydrocarbons segment.

Total debt at year‑end 2025 amounted to Ps. 36,807 million, with cash of Ps. 23,597 million and net debt of Ps. 13,210 million, equivalent to a Net Debt / EBITDA ratio of 0.50x.

Commercial

Grupo Sanborns’ sales amounted to Ps. 74,296 million, remaining stable year‑over‑year. Performance was supported by operational adjustments and improvements in internal processes.

Sears advanced on its commercial and service strategies, as did Sanborns and DAX. iShop and Mixup showed favorable evolution and continued opening physical stores. EBITDA totaled Ps. 6,249 million, with an EBITDA margin of 8.4%.

Industrial

Grupo Condumex recorded sales of Ps. 51,534 million, representing year‑over‑year growth of 5.6%. In the auto‑parts business, we continued securing contracts to supply new platforms.

EBITDA amounted to Ps. 5,147 million, representing a margin of 10.0%.

Infrastructure and Construction

CICSA’s sales totaled Ps. 28,479 million, despite the completion of major infrastructure projects.

EBITDA reached Ps. 1,425 million, with an EBITDA margin of 5.0%. Significant activity was maintained in private building construction, drilling services, and pipelines. The year closed with a backlog of Ps. 68,646 million.

Materials

Elementia and Fortaleza, reported consolidated sales of Ps. 30,013 million, reflecting 2.4% growth compared to 2024.

Segment EBITDA reached Ps. 8,255 million, with an EBITDA margin of 27.5% and growth of 23.4% year‑over‑year.

Energy

Carso Energy recorded sales of Ps. 3,363 million, broadly in line with the prior year, and EBITDA of Ps. 2,965 million, representing an increase of 1.5% compared to 2024.

During the year, progress was made on the development of the Centauro del Norte project, which will strengthen natural gas transportation infrastructure and regional energy integration, as well as on the exploration of geothermal energy sites. Hydroelectric plants in Panama operated in line with market conditions.

Hydrocarbons

Zamajal reported sales of Ps. 3,647 million and EBITDA of Ps. 414 million, representing a 25.4% increase compared to the prior year.

Throughout 2025, progress was made in optimizing producing fields, developing in‑house technical capabilities, and advancing strategic projects such as Ixachi, reinforcing the Company’s commitment to strengthening and promoting national hydrocarbon production.

The combination of a solid capital structure, low leverage, and a selective investment policy allowed the Group to maintain financial flexibility, preserve liquidity, and continue strengthening its operating platforms, even in a challenging economic environment.

I would like to thank the Board of Directors for its support and guidance, as well as all Group employees for their commitment, whose efforts were fundamental in achieving these results.