Market Risk Disclosures Market risk is the exposure to an adverse change in the value of financial instruments caused by market factors including changes in equity prices, interest rates, foreign currency exchange rates, commodity prices and inflation rates. The following information includes “forward-looking statements” that involve risks and uncertainties. Actual results could differ from those presented. Risk Management. We are exposed to market risks arising from changes in equity prices, interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S. markets. Our risk management activities are monitored by our Investments, Risk Management and Treasury Committee. We monitor our exposure to interest rate risk by: (i) evaluating differences between interest rates on our outstanding debt and short-term investments and market interest rates on similar financial instruments; (ii) reviewing our cash flow needs and financial ratios (indebtedness and interest coverage); (iii) assessing current and forecasted trends in the relevant markets; and (iv) evaluating peer group and industry practices. This approach allows us to establish the interest rate “mix” between variable and fixed rate debt. 127 Table of Contents Foreign currency exchange risk is monitored by assessing our net monetary liability position in U.S. Dollars and our forecasted cash flow needs for anticipated U.S. Dollar investments and servicing our U.S. Dollar-denominated debt. Equity price risk is assessed by evaluating the long-term value of our investment in both domestic and foreign affiliates, versus comparable investments in the marketplace. We classify our equity investments in affiliates, both domestic and foreign, as long-term assets. In compliance with the procedures and controls established by our Investments, Risk Management and Treasury Committee, in 2023, 2024 and 2025, we entered into certain derivative transactions with certain financial institutions in order to manage our exposure to market risks resulting from changes in interest rates, foreign currency exchange rates, and inflation rates. Our objective in managing foreign currency and inflation fluctuations is to reduce earnings and cash flow volatility. See Notes 2(w), 4 and 15 to our consolidated year-end financial statements. Foreign Currency Exchange Rate Risk and Interest Rate Risk During 2025, the Company entered into forward exchange rate agreements, primarily for coupons and principal of U.S. dollar denominated debt that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$388.2 million and the net fair value of these agreements represents a liability of Ps.267.2 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts for coupons and principal was U.S.$116.4 million and the net fair value of these agreements was a loss of Ps.83.0 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.63.9 million as of December 31, 2025, and Ps.17.8 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. During 2025, the Company entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$20.0 million. The net fair value of these agreements represents a liability of Ps.32.4 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$8.0 million. The net fair value of these agreements was a loss of Ps.9.6 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.3.6 million as of December 31, 2025 and Ps.1.2 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. During 2025, Cablevisión entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$7.5 million. The net fair value of these agreements represents a liability of Ps.13.0 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$1.5 million. The net fair value of these agreements was a loss of Ps.1.7 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.1.4 million as of December 31, 2025, and Ps.0.3 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. During 2025, TVI entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$6.9 million. The net fair value of these agreements represents a liability of Ps.11.7 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$2.4 million. The net fair value of these agreements was a loss of Ps.2.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.1.2 million as of December 31, 2025, and Ps.0.4 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. During 2025, Corporación Novavisión entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$23.5 million. The net fair value of these agreements represents a liability of Ps.42.0 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$8.5 million. The net fair value of these agreements was a loss of Ps.12.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.4.0 million as of December 31, 2025, and Ps.1.3 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. 128 Table of Contents During 2025, Cablemás Telecomunicaciones entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$31.6 million. The net fair value of these agreements represents a liability of Ps.46.8 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$16.6 million. The net fair value of these agreements was a loss of Ps.19.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.5.4 million as of December 31, 2025, and Ps.2.5 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso. Sensitivity and Fair Value Analyses The sensitivity analyses that follow are intended to present the hypothetical change in fair value or loss in earnings due to changes in interest rates, inflation rates, foreign currency exchange rates and debt and equity market prices as they affect our financial instruments at December 31, 2025 and 2024. These analyses address market risk only and do not present other risks that we face in the ordinary course of business, including country risk and credit risk. The hypothetical changes reflect our view of changes that are reasonably possible over a one-year period. For purposes of the following sensitivity analyses, we have made conservative assumptions of expected near-term future changes in U.S. interest rates, Mexican interest rates, inflation rates and Peso to U.S. Dollar exchange rates of 10%. The results of the analyses do not purport to represent actual changes in fair value or losses in earnings that we will incur. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (decrease) of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value over ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ carrying amount ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ assuming a ​ ​ ​ ​ ​ ​ ​ ​ (decrease) of ​ hypothetical ​ ​ ​ ​ ​ ​ ​ ​ fair value over ​ 10% increase in December 31, 2025 ​ ​ ​ Carrying amount(2) ​ ​ ​ Fair value(3) ​ ​ ​ carrying amount ​ ​ ​ fair value Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term loan and interest receivable from GTAC ​ Ps. 1,030.2 ​ Ps. 1,033.9 ​ Ps. 3.7 ​ Ps. 107.1 Open-Ended Fund ​ 817.3 ​ ​ 817.3 ​ — ​ 81.7 Publicly traded equity instruments ​ ​ 2,608.0 ​ ​ 2,608.0 ​ ​ — ​ ​ 260.8 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollar-denominated debt: ​ ​ ​ ​ ​ ​ ​ ​ Senior Notes due 2026 ​ 3,737.0 ​ 3,731.4 ​ (5.6) ​ 367.5 Senior Notes due 2032 ​ 5,405.0 ​ 5,761.5 ​ 356.5 ​ 932.7 Senior Notes due 2040 ​ 10,809.9 ​ 9,393.4 ​ (1,416.5) ​ (477.2) Senior Notes due 2045 ​ 14,244.0 ​ 9,438.2 ​ (4,805.8) ​ (3,862.0) Senior Notes due 2046 ​ 15,846.8 ​ 12,059.4 ​ (3,787.4) ​ (2,581.4) Senior Notes due 2049 ​ 11,907.6 ​ 7,889.5 ​ (4,018.1) ​ (3,229.1) Peso-denominated debt: ​ ​ ​ ​ ​ ​ ​ ​ Notes due 2027 ​ 4,500.0 ​ 4,484.0 ​ (16.0) ​ 432.4 Senior Notes due 2037 ​ 4,500.0 ​ 3,101.8 ​ (1,398.2) ​ (1,088.0) Senior Notes due 2043 ​ 6,225.7 ​ 3,756.8 ​ (2,468.9) ​ (2,093.2) Long-term notes payable to Mexican Banks ​ 10,000.0 ​ 10,084.0 ​ 84.0 ​ 1,092.4 Lease Liabilities ​ 5,436.0 ​ 5,595.5 ​ 159.5 ​ 719.0 Derivative financial instruments (1) ​ 413.2 ​ 413.2 ​ — ​ 41.3 ​ 129 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (decrease) of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value over ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ carrying amount ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ assuming a ​ ​ ​ ​ ​ ​ ​ ​ (decrease) of ​ hypothetical ​ ​ ​ ​ ​ ​ ​ ​ fair value over ​ 10% increase in December 31, 2024 ​ ​ ​ Carrying amount(2) ​ ​ ​ Fair value(3) ​ ​ ​ carrying amount ​ ​ ​ fair value Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term loan and interest receivable from GTAC ​ Ps. 1,024.4 ​ Ps. 1,031.5 ​ Ps. 7.1 ​ Ps. 110.3 Open-Ended Fund ​ 784.8 ​ ​ 784.8 ​ — ​ 78.5 Publicly traded equity instruments ​ ​ 1,709.9 ​ ​ 1,709.9 ​ ​ — ​ ​ 171.0 Derivative financial instruments(1) ​ 2,001.0 ​ 2,001.0 ​ — ​ 200.1 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollar-denominated debt: ​ ​ ​ ​ ​ ​ ​ ​ Senior Notes due 2025(4) ​ 4,579.5 ​ 4,577.9 ​ (1.6) ​ 456.2 Senior Notes due 2026 ​ 4,328.7 ​ 4,254.2 ​ (74.5) ​ 350.9 Senior Notes due 2032 ​ 6,260.7 ​ 6,838.3 ​ 577.6 ​ 1,261.4 Senior Notes due 2040 ​ 12,521.5 ​ 11,389.8 ​ (1,131.7) ​ 7.3 Senior Notes due 2045 ​ 16,499.3 ​ 11,969.1 ​ (4,530.2) ​ (3,333.3) Senior Notes due 2046 ​ 18,355.9 ​ 15,480.1 ​ (2,875.8) ​ (1,327.8) Senior Notes due 2049 ​ 13,792.9 ​ 10,280.4 ​ (3,512.5) ​ (2,484.5) Peso-denominated debt: ​ ​ ​ ​ ​ ​ ​ ​ Notes due 2027 ​ 4,500.0 ​ 4,252.7 ​ (247.3) ​ 178.0 Senior Notes due 2037 ​ 4,500.0 ​ 3,186.4 ​ (1,313.6) ​ (994.9) Senior Notes due 2043 ​ 6,225.7 ​ 3,608.5 ​ (2,617.2) ​ (2,256.4) Long-term notes payable to Mexican Banks ​ 12,650.0 ​ 12,777.2 ​ 127.2 ​ 1,405.0 Lease Liabilities ​ 5,386.6 ​ 5,454.2 ​ 67.5 ​ 612.9 (1) Given the nature and the tenor of these derivatives, an increase of 10% in the interest and/or exchange rates would not be an accurate sensitivity analysis. (2) The carrying value of debt is stated in this table at its principal amount. (3) The fair value of the Senior Notes and Notes due by the Group are within Level 1 of the fair value hierarchy as there is a quoted market price for them. The fair value of the lease liabilities are within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities. (4) The Senior Notes due 2025 were repaid at maturity on March 18, 2025. ​ 130 Table of Contents We are also subject to the risk of foreign currency exchange rate fluctuations, resulting from the net monetary position in U.S. Dollars of our Mexican operations, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ 2024 ​ ​ (In millions of U.S. Dollars) U.S. Dollar-denominated and U.S. Dollar-equivalent monetary assets, primarily cash and cash equivalents, short-term investments, and non-current investments in financial instruments(1) ​ ​ ​ ​ U.S.$ 1,655.9 ​ ​ ​ ​ U.S.$ 1,352.0 U.S. Dollar-denominated and U.S. Dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities(2)(3) ​ ​ (3,819.7) ​ ​ (3,942.2) Net liability position U.S.$ (2,163.8) U.S.$ (2,590.2) (1) In 2025 and 2024, include U.S. Dollar equivalent amounts of U.S.$9.5 million and U.S.$33.4 million, respectively, related to other foreign currencies, primarily Euros. (2) In 2025 and 2024, include U.S. Dollar equivalent amounts of U.S.$40.1 million and U.S.$0.1 million, respectively, related to other foreign currencies, primarily Euros. (3) In 2025 and 2024, monetary liabilities included U.S.$2,304.1 million (Ps.41,511.5 million) and U.S.$2,108.7 million (Ps.44,005.8 million), respectively, related to long-term debt designed as a hedging instrument of the Group’s investments in TelevisaUnivision and the investment in Open-Ended Fund. At December 31, 2025, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.252.8 million. At December 31, 2024, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.1,004.9 million. ​