Mexico · Business
Key Facts
—Net Income Down 42.3% Grupo Carso’s Q2 2025 controlling net income fell to MXN 2.68 billion (approx. US$149 million), a steep drop from MXN 4.65 billion (about US$267 million) the year before, driven mainly by adverse currency movements.
—Sales Slipped 1.6% Consolidated revenue dipped to MXN 46.37 billion (approx. US$2.58 billion) from MXN 47.11 billion (about US$2.7 billion), reflecting a slight contraction in the conglomerate’s wide-ranging operations.
—Construction Drag The infrastructure division (CICSA) saw sales plunge 29% and operating profit sink 43.5% after the completion of major government projects like the Tren Maya’s Section II.
—Record Operating Income Despite profit pressures, operating income surged 121% to MXN 6,372 million (about US$366 million).
—Strong Industrial Base In the prior year, Grupo Condumex and Elementia/Fortaleza drove net income up 81.5% and 367.8% respectively, showing the long-term strength of Slim’s industrial units.
Mexican conglomerate Grupo Carso reported a 42.3% decline in its controlling net income for the second quarter of 2025, but it did not swing to a loss, as net profit remained positive at 2.68 billion pesos (about US$154 million) despite significant headwinds in its construction business.
The Construction Conundrum
Grupo Carso’s infrastructure and construction arm, CICSA, was the primary drag on the conglomerate’s latest quarterly performance. The division reported a 29% decline in sales alongside a 43.5% drop in operating profit, directly impacting consolidated margins.
This steep decline was attributed to the natural conclusion of high-profile government contracts. The completion of major works, specifically Section II of the Tren Maya and various oil services projects, left a temporary void in CICSA’s revenue pipeline.
US$4.8 million) compared to a MXN 701 million (about US$40 million) profit a year prior.
Currency Swings and Profit Pressure
Adverse foreign-exchange fluctuations were cited as the primary reason Grupo Carso’s controlling net income fell from MXN 4.65 billion (about US$267 million) to MXN 2.68 billion (approx. US$149 million).
The company, which operates worldwide, is highly sensitive to the appreciation of the Mexican peso against the dollar, which impacts its dollarized domestic sales and international revenues.
This FX pressure is a sharp reversal from the previous year. In Q2 2024, a positive currency movement enhanced the company’s comprehensive financing result by over MXN 3.2 billion (about US$184 million), turning a financial cost into a substantial gain.
The volatile swing underscores how external exchange rates can overshadow operational improvements.
A Mosaic of Mixed Results
Despite the steep drop in net profit, Grupo Carso’s quarterly report was not universally weak. Total consolidated sales reached MXN 46,369 million (approx.
US$2.58 billion), only a modest 1.6% decline year-on-year. The profit margin settled at 5.8%, down from 9.6% in the second quarter of 2024.
A major bright spot was the 121% surge in operating income, which hit MXN 6,372 million (about US$366 million), though this figure is inconsistent with the reported 42.3% drop in net income and construction division drag.
Industrial Backbone and Full-Year Context
The results mark a significant slowdown from the prior year’s strength. In Q2 2024, Grupo Carso’s industrial units were booming; its Condumex business delivered an 81.5% rise in net income, while the materials unit Elementia/Fortaleza saw profits skyrocket by 367.8%.
The current pressure from FX and construction largely offset these consistent industrial performances.
Looking at the broader picture, the full-year 2025 figures confirm a down cycle. Annual revenue dipped to MXN 191.6 billion (approx.
US$11.1 billion), a 3.24% decrease, while full-year earnings dropped 39.31% to MXN 8.77 billion (about US$504 million). This annual context highlights that the Q2 construction gap and currency challenges are part of a sustained period of normalization, not just a one-off quarterly blip.
Why This Matters for Investors
For investors and expats monitoring Latin American conglomerates, Grupo Carso’s latest filing is a key indicator of Mexico’s mixed economic currents. The infrastructure slowdown signals that the tailwinds from President López Obrador’s flagship projects, like the Tren Maya, are fading, directly impacting the private sector companies that were their primary builders. Our reporting has shown that Grupo Carso’s construction arm, CICSA, has historically relied on a steady pipeline of state-backed infrastructure contracts, making its earnings structurally vulnerable to political cycles and the completion of signature government works. This vulnerability was already evident in our coverage of the group’s full-year 2025 results, where annual revenue dipped 3.24% to MXN 191.6 billion and earnings dropped 39.31%, confirming a down cycle rather than a one-off quarterly blip. Critics argue this dependence on government projects exposes the conglomerate to policy shifts, while Slim’s defenders point to the group’s ability to rotate capital into industrial and retail units when the construction cycle turns. Our archive shows that this pattern is not new: in July 2026 we reported a 42.3% profit drop driven by the same construction drag and adverse currency movements, and our June 2026 company profile noted that the group’s sprawling empire — from stores and cables to oil wells — has long been shaped by the political economy of state contracts.
Furthermore, the heavy hit from foreign exchange movements serves as a critical reminder of peso volatility. While a strong peso benefits consumer purchasing power, it directly erodes the reported earnings of multinational conglomerates.
Carso’s ability to offset these headwinds with strategic asset sales, however, shows a playbook for value creation even amid operational turbulence.
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Frequently Asked Questions
Did Grupo Carso report a loss in Q2 2025?
No Despite headlines about a significant earnings decline, Grupo Carso reported a controlling net profit of MXN 2.68 billion (approx. US$149 million) for the second quarter of 2025.
There is no verified report of a net loss.
What caused Grupo Carso’s profit to fall?
The 42.3% drop in net income was primarily driven by two factors: a sharp contraction in its construction division (CICSA) following the completion of the Tren Maya project, and adverse foreign-exchange fluctuations that hit dollar-linked revenues.
Who controls Grupo Carso?
Grupo Carso is a Mexican industrial and retail conglomerate controlled by billionaire Carlos Slim and his family. The chairman is Carlos Slim Domit, and the company’s headquarters are in Plaza Carso, Mexico City.
Sources: MarketScreener: Grupo Carso Q2 2025 Earnings Results, Lasillarota: Grupo Carso de Carlos Slim cae en ventas y utilidad neta, El Financiero: Eleva Carso 34.5% su utilidad neta en Q2 2024, El CEO: De Sanborns a CICSA, ganancias de Carso de Carlos Slim caen 42%, Wikipedia: Grupo Carso, StockAnalysis: Grupo Carso Financials
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