DIVISIONS,

PRODUCTS AND SERVICES

Grupo Carso operates through six strategic segments that together form a diversified portfolio of products, services and operating capabilities. Each segment serves specific markets through differentiated yet complementary business models, enabling the Group to balance cyclical and defensive businesses, generate recurring cash flows and capture growth opportunities across different economic environments.

The main segments of the Group, their activities and representative brands are described below.

Commercial Segment

Grupo Sanborns

Grupo Carso’s commercial segment operates through Grupo Sanborns, a nationwide multi-format retail ecosystem comprised of widely recognized brands. This segment combines formats oriented toward both recurring consumption and discretionary spending, allowing it to maintain steady customer traffic, adapt to different economic cycles and serve a broad base of middle, upper-middle and high-income consumers.

The commercial portfolio includes Sears, as a large-format department store with a high average ticket; Sanborns, with its integrated store and restaurant model that generates high customer recurrence and dwell time; DAX, a self-service format focused on personal care and cosmetics; iShop and Mixup, specialized in electronics, technology and entertainment; and T1, the Group’s

technology and commerce ecosystem that integrates digital sales, payments, logistics and omnichannel operations, strengthening the Group’s commercial and digital strategy

Operations are supported by 469 physical stores and 1,156,476 square meters of commercial space, complemented by digital channels. This platform enables inventory optimization, expanded commercial reach and a stronger value proposition in the face of international marketplaces.

A diversified commercial ecosystem combining recurring traffic, strong brands and omnichannel capabilities.

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Atención a clientes en tienda del segmento comercial

Industrial Segment

Grupo Condumex

The industrial segment comprises the operations of Grupo Condumex, focused on advanced manufacturing, engineering and industrial solutions for sectors such as energy, telecommunications, construction, automotive and mining. This segment represents one of the Group’s historical pillars and maintains a significant presence in both domestic and international markets.

Condumex manufactures a broad range of products, including electrical and telecommunications cables, fiber optics, coaxial cables, automotive wire harnesses, precision steel tubing and specialized industrial components. Operations are supported by a high degree of vertical integration and in-house engineering and manufacturing capabilities.

As part of this segment, the Centro de Innovación y Desarrollo Carso (CIDEC) serves as a cross-functional platform for engineering, testing, certification and innovation, strengthening the Group’s technical competitiveness and enabling the development of new products and processes.

Advanced manufacturing and technical innovation serving strategic industries.

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Bobinas de cable Condumex en almacén industrial

Infrastructure and Construction Segment

Carso Infraestructura y Construcción (CICSA)

CICSA concentrates the Group’s heavy construction, infrastructure and installation services activities for the telecommunications and energy sectors, and represents one of its most significant operating platforms. Through this segment, Grupo Carso participates in large-scale projects across sectors such as energy, oil and gas, transportation, telecommunications, urban development and industrial infrastructure, serving both public and private clients.

CICSA’s activities include the construction of:

  • Telecommunications facilities, gas pipelines and aqueducts integrated into large-scale energy and transportation systems.
  • Oil platforms and wells, in both onshore and offshore environments.
  • Specialized drilling services, including directional and geothermal applications.
  • Equipment and structures for the petrochemical and process industries, such as vessels, coolers, heat exchangers and structural components for building projects.
  • Roads, railways, tunnels, water treatment plants and general infrastructure works.
  • Shopping centers, industrial plants, office buildings, hospitals, housing projects and civil construction.

These activities are carried out through an integrated structure comprising six divisions: pipelines, onshore drilling, offshore drilling, equipment and structures, infrastructure and building construction. This integration enables CICSA to execute projects under greenfield, brownfield and turnkey schemes, with a high level of control over costs, schedules, quality and safety.

The integration of these capabilities reinforces internal synergies with the Group’s Energy and Hydrocarbons segments, reduces reliance on critical external suppliers, improves technical coordination across disciplines and strengthens execution capabilities in highly complex projects.

In recent years, the segment has played a relevant role in strategic transportation and infrastructure projects in Mexico, including large-scale railway developments, consolidating robust technical expertise and proven operating capacity.

We always finish what we have started

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Obra de túnel en construcción del segmento de infraestructura

Materials Segment

Elementia / Fortaleza

The Materials segment groups the operations of Elementia Materiales and Cementos Fortaleza, offering a diversified portfolio of solutions for the construction industry, infrastructure projects and industrial applications. Through light construction products, metal solutions and cement, the segment serves both residential and industrial markets, supported by strong brand recall and an extensive regional distribution network.

The business is primarily organized into three main lines: Construsistemas, Metals and Cement. Construsistemas includes light construction solutions such as fiber-cement sheets and panels, roofing, coatings, water tanks, cisterns and other products focused on efficiency and durability. The Metals line produces and markets copper products and alloys—including pipes, fittings, sheets, bars and faucets—for construction, manufacturing and industrial applications. Fortaleza produces and markets bagged and bulk cement as a core input for infrastructure and housing projects.

The segment operates a regional production platform with broad commercial reach, maintaining operations in nine countries, more than 20 plants and a network of over 2,800 independent distributors, enabling product distribution to more than 40 countries. These capabilities enhance competitiveness, diversify geographic exposure and support projects and clients of varying scale.

Innovative and sustainable solutions supporting construction development.

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Trabajadores del segmento de materiales con productos de fibrocemento

Energy Segment

Carso Energy

Carso Energy concentrates the Group’s activities in energy infrastructure, primarily natural gas transportation and power generation. It operates strategic gas pipelines in Texas, United States, and northern Mexico that supply key regions under long-term contracts, as well as hydroelectric generation assets in Panama.

During 2025, the segment advanced in the geographic expansion of natural gas transportation, including the development of the Centauro del Norte project, which strengthens regional energy integration. In addition, Carso Energy maintains geothermal power generation projects, further diversifying its energy portfolio.

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Energy infrastructure with stable cash flows and a long-term perspective.

*Sales from the two Waha pipelines are not considered.

Instalación de infraestructura energética de Carso Energy en zona desértica

Hydrocarbons Segment

Zamajal

The Hydrocarbons segment encompasses activities focused on oil and gas exploration and production in shallow and deep waters of the Gulf of Mexico, as well as onshore operations. Through interests in strategic projects, the Group has strengthened its presence in the Mexican upstream sector.

Zamajal participates in the Ichalkil and Pokoch, Zama and Macavil fields, and during 2025 incorporated the Ixachi project through a financed drilling services scheme. These investments position the Group in long-life assets with a strong emphasis on safety and operating efficiency.

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A long-term platform for the development of the Mexican upstream sector.

Plataforma petrolera marina del segmento de hidrocarburos Zamajal