History and Development of the Company Grupo Televisa, S.A.B. was originally incorporated as a sociedad anónima, or limited liability corporation under the laws of Mexico in accordance with the Ley General de Sociedades Mercantiles, or Mexican Companies Law, and later adopted the form of sociedad anónima bursátil, or limited liability stock corporation in accordance with the Ley del Mercado de Valores, or the Mexican Securities Market Law. It was incorporated under Public Deed Number 30,200, dated December 19, 1990, granted before Notary Public Number 73 of Mexico City, and registered with the Public Registry of Commerce in Mexico City on Commercial Page (folio mercantil) Number 142,164. Pursuant to the terms of our estatutos sociales, or bylaws, our corporate existence continues through 2106. Our principal executive offices are located in Mexico City at Avenida Vasco de Quiroga, No. 2000, Colonia Santa Fe, 01210 Mexico City, México. Our telephone number at that address is (52) (55) 5261-2000. Capital Expenditures The table below sets forth our expected capital expenditures for the year ended December 31, 2026 and our actual capital expenditures for the years ended December 31, 2025, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31,(1)(2) ​ ​ 2026 ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ (Expected) ​ ​ ​ (Actual) ​ ​ ​ (Actual) ​ ​ ​ (Actual) ​ ​ (Millions of U.S. Dollars) Capital expenditures ​ U.S.$ 772.5 ​ U.S.$ 645.0 ​ U.S.$ 493.0 ​ U.S.$ 828.5 (1) Amounts in respect of some of the capital expenditures, investments and acquisitions we made in 2025, 2024 and 2023 were paid for in Pesos. These Peso amounts were translated into U.S. Dollars at the Interbank Rate in effect on the dates on which a given capital expenditure, investment or acquisition was made. See “Key Information—Selected Financial Data”. (2) See “Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity”. ​ 30 Table of Contents In November 2025, we made a capital contribution in cash to TelevisaUnivision in the amount of U.S.$89.8 million (Ps.1,671.5 million). See Note 10 to our consolidated year-end financial statements. See “—Business Overview—Investments” for a discussion of TelevisaUnivision. In 2025, 2024 and 2023, we provided financing to Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. (“GTAC”) in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate amounts of U.S.$4.5 million, U.S.$7.0 million and U.S.$8.8 million, respectively. We expect to provide this financing to GTAC in 2026 in the aggregate amount of U.S.$5.4 million. See “—Business Overview—Our Operations—Telecom—Residential” and “—Business Overview—Investments” for a discussion of GTAC. In 2025, 2024 and 2023, we relied on a combination of operating revenues, borrowings and net proceeds from dispositions to fund our capital expenditures, acquisitions and investments. We expect to fund our capital expenditures in 2026 and potential capital expenditures, investments and/or acquisitions going forward, which could be substantial in size, through a combination of cash from operations, cash on hand, equity securities, and/or the incurrence of debt, or a combination thereof. In addition, at an extraordinary shareholders meeting held on April 28, 2026, our shareholders approved (i) a capital increase of up to Ps.7.2 billion (or approximately U.S.$400 million) and (ii) delegating to the Board to determine certain terms for offering the corresponding shares for subscription and payment in accordance with the Mexican Securities Market Law, which may be in the form of convertible notes, rights offerings, private placements or any other forms of financing. This capital increase represents approximately 19% of the total shares outstanding at the current trading price of our CPOs. Depending on our trading price at the time of any such capital increase, this amount could be more or less. For a more detailed description of our capital expenditures, investments and acquisitions in prior years, see “Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Liquidity” and “Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity”. ​ 31 Table of Contents Business Overview The Company is a major telecommunications company that owns and operates one of the most significant cable network groups as well as a leading direct-to-home (“DTH”) satellite pay television system in Mexico. The Company’s cable networks offer integrated services, including high-speed data, video, mobile and voice services to residential and commercial customers as well as telecommunications managed services to domestic and international enterprises. The Company also offers pay television and broadband services through its DTH satellite system. The Company holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, and the Company’s cable networks and satellite system. In addition, the Company is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the United States and over 50 countries through television networks, cable operators, and over-the-top (“OTT”) services. Business Strategy We conduct our telecommunications operations as a single business through our cable networks and DTH system, with three categories of revenues: Residential, Satellite and Enterprise. We intend to continue strengthening our position in this business and growing by continuing to make additional investments, which could be substantial in size, while maintaining our focus on profitability and financial discipline. We are the largest shareholder of TelevisaUnivision, a leading media company producing, creating and distributing Spanish speaking content through several broadcast channels in Mexico, the United States and over 50 countries through TV networks, cable operators, audio platforms and streaming services. We intend to continue exploring potential ventures and business opportunities with TelevisaUnivision. In addition, we intend to continue to analyze opportunities to expand our business by investing in new technologies, developing new business initiatives and/or through business acquisitions and investments. This could include investment opportunities in the Mexican Telecom sector, which may require new financing, such as debt or equity financing, using cash on hand or a combination thereof. Any capital increase could be used for deleveraging, acquisition opportunities or general corporate purposes. Continue Building Our Residential and Satellite Platforms Residential. We are a shareholder of several Mexican cable companies, which under the “izzi” trademark offer cable television, high speed internet and IP telephony services throughout Mexico, as well as other services such as mobile telephony, voice services, value added services and virtual networks. ● We own a 51.5% controlling stake in Cablevisión, which operates in Mexico City and its metropolitan area; and ● We own 100% of TVI, Cablemás and Cablecom, which operate in several States of Mexico. 32 Table of Contents With a consolidated 6.1 million subscriber base and 20.0 million homes passed as of December 31, 2025, these companies are important service providers in Mexico. “Homes passed” refers to any residential homes or businesses that are connected to telecommunications systems, those prepared to be connected to telecommunications systems but are not currently connected or require some type of investment in order to be connected. For instance, each apartment located in a building that is prepared to be connected to telecommunications systems represents one home passed. It is generally understood that a home or business counts as a home passed when it can be connected to a telecommunications network without additional extensions to the main transmission lines. Our cable strategy aims to increase our subscriber base, average monthly revenues per subscriber and penetration rate by: ● continuing to offer high quality content; ● continuing to upgrade our existing cable network into a broadband or fiber-optic bidirectional network; ● aiming to provide digital services in order to stimulate new subscriptions, substantially reduce piracy and offer new value-added services; ● increasing the penetration of our high speed internet access and other multimedia services as well as providing a platform to offer internet protocol, or IP, and telephony services; ● continuing the roll out of advanced digital set-top boxes which allow the transmission of high definition programming and recording capability, including OTT services; ● continuing to grow our mobile product, bundling it with our other services; and ● continuing to leverage our strengths and capabilities to develop new business opportunities and expand through additional investments and/or acquisitions, which can be substantial in size. Our cable networks have introduced several new services in recent years, such as interactive television and other enhanced programming services, including high-speed internet access via cable modem and fiber optics to the home, as well as IP telephony. We currently market a unified offering for residential customers under the izzi brand, available since November 2014. izzi offers telecommunications service packages that include unlimited telephone service, high-speed data access, and pay-TV programming for residential customers and micro and small businesses. In June 2016, we launched “izzi TV”, a new entertainment platform that, among other services, offers customers live channels, SVOD (Subscription Video on Demand), and access to all of the company’s content. Recently, these packages include access to HBO Max, Netflix, Vix Premium, Disney+, Paramount, among others. izzi TV is available through the “izzi TV” set-top box and “izzi Go,” a TV Everywhere app for authenticated subscribers that allows users to access on-demand TV channels, movies, and series, compatible with PCs and iOS and Android platforms. izzi Go also features remote control capabilities compatible with our izzi TV set-top boxes. For an additional cost, subscribers can choose from several “izzi TV” service add-ons, such as TVOD (Transactional Video on Demand), HBO Max and Disney+, among others. In addition to the izzi brand, our cable networks also offer telecommunications services under the Wizz and Wizzplus brands in some municipalities. In July 2018, our cable networks launched “Afizzionados”, our first own sports channel dedicated to soccer, broadcasting curated sports content and exclusive matches which was discontinued from the programming Schedule on April 30, 2024. In November 2018, we launched “izzi flex” (home wireless internet) and “izzi pocket” (mobile internet), offering speeds from 5 Mbps to 20 Mbps. In 2018 and 2019, we renewed our Triple Play product with voice, broadband, and video benefits. In June 2020, we launched our mobile virtual network operator (MVNO) service, “izzi mobile”, which offers mobile service to broadband subscribers, offering calls, SMS, and gigabytes at a competitive price through a reseller agreement with Altán Redes, S.A.P.I. de C.V. (“Altán Redes”). We also offer mobile services through “Bestel mobile,” which offers calls, SMS, and gigabytes depending on the coverage area for business, corporate, and government customers through a reseller agreement with Altán Redes and Radiomóvil Dipsa, S.A. de C.V. Recently, we also launched our new “izziTV-smart” set-top box, which has allowed us to become one of the largest OTT aggregators in Mexico. This allows us to include access to the market’s leading OTT platforms in our offering and the ability to bundle our pay-TV service with Netflix, Disney+ and HBO Max, among others. In July 2022, our cable networks were the first to launch ViX+ as a new SVOD streaming service. In September 2022, we revamped our offering to simplify product selection based on our customers’ needs through a modular concept. In 2023, we increased internet speeds for new customers by 25%, and in September 2023, we began offering ViX Premium as a fixed package at no additional cost, for both new and existing users with speeds of 50 Mbps or higher. In November 2023, we added new sports content, such as NBA League Pass and Fox Sports Premium, to our cable TV offering. In August 2024, we increased internet speeds by 25% for new and existing users. In November 2024, we included HBO Max as a bundle in our internet offering with ViX+, with speeds of 80 Mbps or higher. Also in November 2024, we launched Izzitv+ as a single-player video offering that only requires a Wi-Fi connection. This offer includes Skysports, which offers exclusive access to La Liga, the Bundesliga, and the UEFA Nations League, as well as many other sports such as the Diamond League Since the first week of January 2026, we have been offering a streaming package for the FIFA World Cup 2026 alongside Vix. 33 Table of Contents As of December 31, 2025, our cable networks had 3.6 million video RGUs cable television users, or video RGUs (cable television users), 5.7 million broadband RGUs and 5.6 million telephone lines in service, or voice RGUs (telephone lines in service). In addition, we currently have 652,860 mobile lines service subscriber RGUs. The growth in our subscriber base has been driven primarily by the upgrade of our networks and the launch of competitive broadband offerings. Satellite. We believe that Ku-band DTH satellite services offer an enhanced opportunity for expansion of pay television services into households seeking to upgrade reception of broadcasting signals and in areas not currently serviced by operators of cable or multi-channel, multi-point distribution services. Innova is a DTH company with services in Mexico, Central America and the Dominican Republic with approximately 3.5 million video subscribers, of which 6.1% were commercial subscribers as of December 31, 2025. We own a 100% interest in Innova, or Sky. On April 3, 2024, we announced that we had reached an agreement with AT&T to acquire its interest in Sky and become the owner of 100% of Sky’s capital stock. On June 7, 2024, the IFT approved the acquisition and the transaction closed. The transaction price will be paid by us in 2027 and 2028. Following this acquisition, we began integrating Sky with our former Cable segment, which is now consolidated under our Telecom segment. The key components of our Satellite strategy include: ● offering high quality content, exclusive broadcasts of sporting events, such as La Liga, Supercopa, Liga Hypermtion and La Copa del Rey (Spanish Soccer), The Bundesliga (German Soccer), the NFL Sunday Ticket, MLB Extra Innings, the NHL, ice skating events, Davis Cup, Diamond League, UEFA EURO and UEFA Nations League; ● capitalizing on the low penetration of pay-TV services in Mexico and in areas not currently serviced by cable operators; ● providing superior digital Ku-band DTH satellite services and emphasizing customer service quality; and ● providing aggressive HD offerings and continuously expanding our programming in HD. Developing New Businesses and Expanding through Acquisitions or Other Transactions We plan to continue leveraging our strengths and capabilities to develop new businesses and analyzing opportunities to expand through acquisitions or other transactions. We are constantly assessing potential opportunities that complement or strengthen our business strategy. We may identify and evaluate opportunities for strategic acquisitions of complementary businesses, technologies or companies. We may also consider joint ventures, minority investments and other collaborative projects and investments. Any such transaction could be funded using cash on hand, our equity securities and/or the incurrence of debt, or a combination thereof. For a further discussion of some of our recent investments, see “—Investments”. Expanding Our Business in the Mexican Telecommunications Markets by Taking Advantage of the Telecom Regulation and Implementing Legislation On July 16, 2025, the new LMTR was published in the Federal Official Gazette (Diario Oficial de la Federación or “DOF”), which repealed the Federal Telecommunications and Broadcasting Law in force since 2014. This reform represents a structural shift in the regulation of the sector by establishing a new regulatory body and assigning new responsibilities to the ATDT and CRT. Broadly speaking, the reform aims to reorganize the sector’s institutional framework, strengthen Mexico’s governance through the Federal Executive Branch and simplify the concessions regime. On October 7, 2025, the President of Mexico sent the senate a proposal for commissioner candidates to be part of the Plenary of the CRT. On October 14, 2025, the Senate ratified the appointment of the commissioners proposed by the President, and on October 16, 2025, the President appointed Norma Solano Rodríguez as Chairwoman of the CRT. With this, the constitutional reform on organic simplification published on December 20, 2024 in the DOF came into force as of October 17, 2025, by which the IFT was extinguished, and the CRT started operations as the sole authority in telecommunications and broadcasting. As of October 17, 2025, the CRT assumed the attributions, obligations and powers of the extinct IFT with respect to all ongoing proceedings, with the exception of antitrust proceedings, which will be continued by the CNA. All acts previously issued by the IFT continue to have effect, including determinations of preponderant economic agents and their asymmetric regulation. Similarly, all legal instruments, agreements, inter-institutional agreements and contracts entered into by the IFT are in force and binding on the CRT, without prejudice to their eventual ratification, modification or termination. 34 Table of Contents Under the LMTR, the CRT is defined as a decentralized administrative body under the Agency, with technical, operational and managerial interdependence. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch, which has the power to issue general administrative laws for the regulation, promotion and oversight of the efficient development of telecommunications and broadcasting. The CRT’s primary functions include issuing technical and administrative provisions, proposing national positions on telecommunications and space-related activities, establishing guidelines for sector infrastructure, granting, modifying, or revoking licenses and authorizations, conducting spectrum auctions, setting compensation fees, and defining interconnection and interoperability conditions. The CNA retains authority to impose measures on dominant economic agents to ensure the efficient development of the telecommunications and broadcasting sectors. Additionally all powers previously held by the IFT regarding economic competition will be transferred to the CNA, which must request a technical opinion from the CRT to support any dominance declarations. In the case of dominant agents in the telecommunications sector, they are still required to submit to both the CRT and the CNA the registry of authorized interconnection services granted by the CRT to other concessionaires, as well as separate accounting for such services. Pursuant to the Telecom Reform of 2014 (see “—Regulation—Telecom and Broadcasting Regulations”), a “preponderant economic agent” (agente económico preponderante) in the telecommunications sector means an economic agent that has, directly or indirectly, more than 50% of the national market share in telecommunications services, calculated based on the number of users, subscribers, network traffic or used capacity according to the data available to CRT (formerly the IFT, which was extinguished on October 17, 2025). We are aware from the public records that, on March 7, 2014, the former IFT notified América Móvil, S.A.B. de C.V., or América Móvil, of a resolution which determined that América Móvil and its operating subsidiaries Radiomóvil Dipsa, S.A de C.V., or Telcel, and Teléfonos de México, S.A.B. de C.V., or Telmex, Teléfonos del Noreste, S.A. de C.V., or Telnor, as well as Grupo Carso, S.A.B. de C.V. and Grupo Financiero Inbursa, S.A.B. de C.V., are a preponderant economic agent in the telecommunications sector and imposed on them certain specific asymmetrical regulations which América Móvil reported publicly in the following areas: ● Interconnection: Regulation on interconnection, including the imposition of (a) asymmetric rates to be determined by IFT, now CRT, and (b) the implementation of an interconnection framework agreement (convenio marco de interconexión); ● Sharing of Infrastructure: Regulation on the access and use of passive infrastructure, including towers, sites, and ducts, at rates to be negotiated amongst the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of long average incremental costs; ● Local Loop Unbundling: Regulation on local loop unbundling, including the imposition of rates to be determined by IFT, now CRT, using a methodology of long average incremental costs; ● Resale: Resale of wholesale voice, broadband internet and dual-play packages that replicate packages provided by the preponderant economic agent in the telecommunications sector, at retail level, at rates to be negotiated among the operators and, where an agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retails minus; ● Indirect Access to the Local Loop: Regulation on the wholesale bitstream access to the access network of the preponderant economic agent in the telecommunications sector at rates to be negotiated among the operators and, where an agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus; ● Wholesale Leased Lines: Regulation on wholesale leased lines for interconnection, local and domestic and international long distance, at rates to be negotiated among the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus, except for leased lines for interconnection services where the methodology to be used for determining the applicable rates will be of long average incremental costs; ● Roaming: Regulation on the provision of wholesale roaming services, at rates to be negotiated amongst the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of long average incremental costs; ● Elimination of National Roaming Charges: IFT, now CRT, has imposed the elimination of national roaming charges to the subscribers of the preponderant economic agent in the telecommunications sector; 35 Table of Contents ● Mobile Virtual Network Operators: Regulation on wholesale access to mobile virtual network operators to services provided by the preponderant economic agent in the telecommunications sector to its subscribers, at rates to be negotiated among the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus (for the reseller business model); ● Certain Obligations on the Provision of Services: Certain rates for the provision of telecommunications services to the subscribers of the preponderant economic agent in the telecommunications sector shall be subject to rate control and/or authorization by IFT, now CRT, by using a series of methodologies related to maximum prices and replicability. Also, a series of obligations relating to the sale of services and products, including the obligation to offer individually all services that are offered under a bundle scheme; limited exclusivity on handsets and tablets; and the obligation of eliminating the sim-lock on handsets; ● Content: IFT, now CRT, has issued the Relevant Content Ruling applicable for preponderant economic agent in the telecommunications sector, which contains a prohibition to acquire transmission rights for any territory within Mexico on an exclusive basis, relating to relevant content (contenidos audiovisuales relevantes), including without limitation national soccer play-offs (liguilla), FIFA world cup soccer finals and, any other event where high-audiences are expected at a national or regional level. The IFT may update the relevant content list every two years; and ● Information and Quality of Service Obligations: Several obligations related to information and quality of service, including the publication of a series of reference terms (ofertas públicas de referencia) of the wholesale and interconnection services subject of the asymmetric regulation imposed by IFT, now CRT, and accounting separation. On March 8, 2017, the former IFT issued a resolution to the preponderant economic agent in the telecommunications sector that modifies the asymmetrical regulations described above. The most relevant modifications are the following: ● Wholesale Leased Lines: the methodology to be used by IFT, now CRT, in case an agreement cannot be reached in wholesale leased lines for interconnection, local and domestic and international long distance, is limited to long average incremental costs; and ● Functional separation: the preponderant economic agent in the telecommunications sector will have to functionally separate the provision of wholesale services through the creation of a new legal entity and a wholesale division; which entity will solely and exclusively provide wholesale services related to access network elements, dedicated links and passive infrastructure, among other wholesale services. The wholesale division within the existing companies will provide the other wholesale services subject to the aforementioned measures that are not provided by the newly created legal entity: ● Equivalence of Supplies and Inputs, Technical and Economic Replicability: The preponderant economic agent in the telecommunications sector must guarantee the equivalence of inputs, the technical replicability of the services that it commercializes to its end users, and equal access to technical and commercial information; ● Fiber disaggregation Regulation on unbundling of P2P (point-to-point), fiber was added to the local loop unbundling regulation. Unbundling of passive optical networks (PON), is not considered under this service and remains accessible through the Indirect Access to the Local Loop service; and ● The preponderant economic agent in the telecommunications sector must also guarantee the economic replicability of the services that it commercializes to its end users for which it will validate the economic replicability of the services “ex-post” based on the methodology, terms and conditions that the IFT, now CRT, determines. According to public records, América Móvil and its operating subsidiaries, Telcel, Inbursa, Telmex and Telnor, filed amparo proceedings against the former IFT’s original resolution. The courts issued a ruling confirming the constitutionality of the former IFT’s resolution, with the exception of Telcel’s proceeding. On March 3, 2021, the Supreme Court confirmed that Telcel is also a preponderant economic agent in the telecommunications sector. 36 Table of Contents In March 2018, América Móvil received a resolution from the former IFT determining the terms under which Telmex and Telnor shall, legally and functionally, separate the provision of wholesale regulated fixed services by incorporating new legal entities with their own corporate governance, independent from those of América Móvil’s subsidiaries holding a concession, and by creating a wholesale business unit within Telmex and Telnor. Telmex and Telnor had two years to implement the separation ordered by the former IFT. The resolution established a calendar for implementation and obligations to deliver periodic information to the former IFT. In March 2020, the two-year period granted to the preponderant economic agent in the telecommunications sector to implement the functional separation of Telmex and Telnor ended. In March 2020, America Móvil created two companies; Red Nacional Última Milla, S.A.P.I. de C.V. and Red Última Milla del Noroeste, S.A.P.I. de C.V., for the provision of wholesale regulated fixed services, in compliance with the functional separation requirements, and a Wholesale Division inside Telmex and Telnor. On December 2, 2020, the former IFT issued a resolution on its evaluation of the asymmetrical regulations imposed on Telmex, as preponderant economic agent in the telecommunications sector in March 2014. Some of the most relevant modifications were: (i) the use of a long-run average incremental costs model to determine the local loop indirect access services rates, and that IFT, now CRT, may determine competitive geographic zones where such rates will be determined by the preponderant economic agent in the telecommunications sector; (ii) for dedicated-link leasing services, the IFT, now CRT, may determine competitive geographic zones where rates will be determined pursuant to a price cap methodology; and for the rest of the country, rates will be determined by IFT, now CRT, by using a methodology of long average incremental costs; and (iii) certain operative and informational modifications to the electronic management system. According to public records, América Móvil challenged the resolution. On August 4, 2021, the former IFT determined 52 competitive geographic zones in the country where rates for local loop indirect access services will be established by the preponderant economic agent in the telecommunications sector. On December 9, 2022, the former IFT added 22 new competitive geographic zones. On December 6, 2023, the former IFT extended tariff freedom for the indirect access to the loop service to 90 municipalities, on December 6, 2024, it extended tariff freedom for the indirect access to the loop service to 105 municipalities. On December 10, 2025, CRT extended tariff freedom for the indirect access to the loop service to 107 municipalities. On October 30, 2024, the Plenary of the former IFT issued the third biennial review of the preponderance measures, through which the plenary suppresses, modifies, and adds the measures imposed to the preponderant economic agent. Some of the measures that stand out refer to the implementation of changes in the Electronic Management System, that the IFT, now CRT, has access to the information for consultation and/or download, the unblocking of terminal equipment, the prohibition of conditionalities, the elimination of forced deadlines, the elimination of user recovery strategies for portability, economic replicability, modifications to wholesale services for visiting users, transparency in public contracting and measures regarding distribution channels. The measures imposed on the preponderant economic agent in the telecommunications sector, if properly implemented, will represent an opportunity for us to increase our coverage and product diversity, while reducing our costs and capital expenditures requirements as a result of the access to the network of the preponderant economic agent in the telecommunications sector and the regulation of the terms and conditions, on competitive terms, of such access. Moreover, asymmetric regulations may create a beneficial economic and regulatory environment in the telephony and broadband markets and may further enhance our ability to compete in the telecommunications industry. The measures imposed on the preponderant economic agent in the telecommunications sector, if properly implemented, will represent an opportunity for us to increase our coverage and product diversity, while reducing our costs and capital expenditures requirements as a result of the access to the network of the preponderant economic agent in the telecommunications sector and the regulation of the terms and conditions, on competitive terms, of such access. Moreover, asymmetric regulations may create a beneficial economic and regulatory environment in the telephony and broadband markets and may further enhance our ability to compete in the telecommunications industry. All of these measures, if properly implemented, could create a beneficial economic and regulatory environment, level the playing field for all participants in the telecommunications market and foster competition, representing an opportunity for the growth of our Telecom business; nevertheless, in the Company’s view, the preponderant economic agent in the telecommunications sector is not complying with its obligations under such measures and the Company has filed several complaints before the former IFT. As a result of the complaints, the former IFT, and now CRT and CNA, have initiated investigations that are ongoing. ​ 37 Table of Contents In August 2017, the Supreme Court of Justice of the Nation (“SCJN”) determined that the interconnection rate regime relating to mobile termination by the preponderant economic agent in the telecommunications sector, which contained a limitation on the preponderant economic agent’s ability to charge for traffic termination in its mobile network, was unconstitutional. As a result, the SCJN ordered that the former IFT issue a tariff. In November 2017, the former IFT resolved that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.028562 per minute of interconnection from January 1, 2018 to December 31, 2018. In November 2018, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.028313 per minute of interconnection from January 1, 2019 to December 31, 2019. In November 2019, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.025771 per minute of interconnection from January 1, 2020 to December 31, 2020. In November 2020, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.018489 per minute of interconnection from January 1, 2021 to December 31, 2021. For 2022, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.017118 per minute of interconnection. For 2023, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent of Ps.0.014294 per minute of interconnection. For 2024, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.013900 per minute of interconnection. For 2025, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.012255 per minute of interconnection. For 2026, under Article 122 of the LMTR, the CRT is required to publish minimum technical conditions and tariffs during the first half of the year preceding their effective period; however, because the CRT was not formally constituted and lacked a functioning Plenary during the first half of 2025, it was materially and legally impossible for it to issue the conditions applicable to 2026. Anticipating this temporal gap, the legislature incorporated Transitory Article Twenty-Nine of the LMTR, which establishes a tariff continuity regime requiring concessionaires that enter into interconnection agreements effective January 1, 2026 to apply the tariffs and minimum technical conditions that were in force during 2025, thereby ensuring an orderly transition between tariff periods, avoiding regulatory vacuums and guaranteeing legal and operational certainty for concessionaires until the ordinary publication calendar under Article 122 can resume. In practical terms, this means that the 2025 tariffs and minimum technical conditions remain fully applicable throughout 2026, or Ps.0.012255 per minute of interconnection. In April 2018, the SCJN determined that the interconnection rate regime relating to fixed termination by the preponderant economic agent in the telecommunications sector, which contained a limitation on the preponderant economic agent’s ability to charge for traffic termination in its fixed network, was unconstitutional. As a result, the SCJN ordered the former IFT to issue a tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector, applicable from January 1 to December 31, 2019. In November 2018, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.003151 per minute of interconnection from January 1, 2019 to December 31, 2019. In November 2019, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.003331 per minute of interconnection from January 1, 2020 to December 31, 2020. In November 2020, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent would be Ps.0.002842 per minute of interconnection from January 1, 2021 to December 31, 2021. For 2022, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002862 per minute of interconnection. For 2023, the former IFT determined the tariff for traffic termination in the fixed network of the preponderant economic agent should be Ps.0.002885 per minute of interconnection. For 2024, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002823 per minute of interconnection. For 2025, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002858 per minute of interconnection. For 2026, based on the twenty-ninth transitional article of the law, CRT determined the same tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002858 per minute of interconnection. 38 Table of Contents In January 2020, the former IFT imposed a fine on Telnor in the amount of Ps.1,311.8 million for a breach of the availability of information of certain passive infrastructure (post, duct) in the electronic management system (Sistema Electrónico de Gestión or “SEG”), used to request wholesale services from Telnor. Telnor appealed this decision to a Federal Judge, who upheld the sanction. This ruling is currently under review by a Federal Court. Additionally, the Telecom Reform of 2014 (i) permits 100% foreign ownership in satellite and telecommunications services and increases to up to 49% the level of permitted foreign ownership in television and radio services, subject to reciprocity of the originating foreign investment country, and (ii) provides that the Mexican government will build a national network to facilitate effective access for the Mexican population to broadband and other telecommunications services. These amendments may provide opportunities for us to enter into joint ventures with foreign investors with proven international experience in these markets and also to work with the Mexican government in the development of this new network. As of the date of presentation of this report, the issuance of secondary regulations by the Federal Executive, the CRT, CNA or the Agency in charge of regulating the various telecommunications, broadcasting, and economic competition issues is still pending. Therefore, the Company is evaluating said Telecommunications Reform as well as the actions implemented by the Federal Executive Branch, CRT, CNA or the Agency. Commitment to Sustainability At Grupo Televisa, we are aware of the short- and long-term value a sustainability strategy creates for our stakeholders through our services. We believe that adopting sustainable business practices is critical to generate long-term value for our customers, employees, investors, and the communities we serve. Our purpose brings the mission and vision of our business to life: BRINGING PEOPLE CLOSER TO WHAT MATTERS MOST TO THEM. Our focus on environmental, social and governance (“ESG”) issues is an integral part of our purpose and business strategy. Year after year, we become more firmly committed to connecting lives through innovation and investment in resilient telecommunications networks that empower society. As the world and technology continue to evolve, 2025 was a year of reflection and assessment of our ESG strategy. Following the consolidation of our business strategy, the new focus of our ESG strategy emerged organically. This focus aligns more closely with business operations, embedding it in productive activities and advancing alongside national and international developments. To achieve this, we incorporated key elements into each of our strategic pillars. These key elements are directly linked to business indicators that have some dependency or impact on the environment and the community. We provide products and services that are basic to our society. We are present in our customers’ daily life, from education to business connectivity to entertainment, through our wide range of communication infrastructure and products. Our ESG strategy is integrated into the core of our business and contributes to our goals through four strategic pillars: ● Resilient climate connections ● Digital inclusion ● Empowering people ● Leading by example The progress we have made toward sustainability has been fueled by an ongoing process of policy and program review, focused on improving our corporate management and aligned with international best practices, including the United Nations Sustainable Development Goals (“SDGs”). We identify the most relevant risks and opportunities in ESG areas and then decide on specific initiatives to address them. Our priority SDGs, which range from climate action, education, gender equality, decent work, peace and justice, industry, innovation and infrastructure and responsible consumption and production reflect the opportunities for our business to create shared value and contribute to collective well-being. 39 Table of Contents Our transparency and reporting strategy aligns with certain international frameworks and standards, such as the Global Reporting Initiative and the Sustainability Accounting Standards Board. We also support the Ten Principles of the United Nations Global Compact. Our reporting strategy consists of a voluntary Sustainability Report that complements our mandatory sustainability disclosures. Our sustainability related financial disclosures for 2025 will be in alignment with the IFRS S1 and IFRS S2 standards issued by the ISSB, as mandated by the CNBV. These voluntary and regulatory disclosures are designed to enhance the transparency of our governance practices, risk management processes, and the financial implications of sustainability related risks and opportunities. By adopting these standards and frameworks, we aim to provide investors and other stakeholders with clear, consistent, and decision-useful information regarding our approach to sustainability. The information included in the Sustainability Report is not, and should not be considered to be, a part of this report. Environmental and Climate Our approach to climate action aims to reduce emissions across our value chain by strengthening the resilience of our network and promoting a low-carbon economy that also generates operational efficiency and cost improvements. To achieve this, we aim to invest in climate-resilient networks, by implementing energy-efficiency initiatives to reduce our energy consumption, incorporating renewable energies to decarbonize our operations, joining global efforts in sustainable mobility for our operations, and reducing our waste generation. Through our service centers, we refurbish electronic devices, reducing the amount of electronic waste sent to landfills, lowering operating costs, improving customer service, and reducing our environmental footprint. Likewise, we empower our workforce through communication and training to increase awareness of how their work impacts the environment, and we encourage our staff to take pro-environmental actions in their daily lives, and create partnerships to accelerate the transition to a sustainable economy. We also work hand-in-hand with our suppliers to promote reuse, recycling, and emission reduction practices. Since 2019, we have adopted the recommendations of the Task Force on Climate-related Disclosures and strengthened our climate governance and risk management strategy. In 2025, we conducted a climate risk scenario analysis in accordance with the IFRS S2 of the Sustainability Disclosure Standards, which is now part of the regulatory requirements of the CNBV. Through this scenario analysis and regulatory framework, we have a better understanding of how climate risks and opportunities can impact our financial situation, so that we can better prepare for such risks. Social Our mission at Grupo Televisa is to merge groundbreaking technology with the best of human creativity. We are committed to delivering timely, useful, and meaningful digital experiences that enrich people and the world around them. We build the necessary infrastructure for society to connect and stay tuned with the world. We understand that connections are fundamental to giving meaning to life, and we strive to meet society’s connection needs by investing in the infrastructure required to facilitate that global connection. Digital inclusion has been a deeply rooted priority for us for decades and is a fundamental pillar of our business and sustainability strategy. In a world where society increasingly relies on digital tools to carry out all types of productive, educational, and personal activities, ensuring access, digital inclusion, and the spread of knowledge throughout the country is not only a matter of positive community impact but also a priority for business development. Over the years, we have focused our efforts on providing access to digital technology, developing digital skills, ensuring school connectivity, promoting digital inclusion for women and girls, and facilitating digital access for diverse users and vulnerable groups. In 2025, we successfully connected millions of people to through our products and services. We strive to reduce the digital divide by providing affordable internet access and a wide range of entertainment products and services. As part of the new ESG strategy approach, we incorporated the “Customer Satisfaction” element into the Digital Inclusion pillar, as our positive impact on the community begins with our customers. Additionally, in 2025, we began a network-upgrade project, building a fiber network that will allow us to offer improved service. We are committed to empowering people in two key ways. Internally, by retaining and attracting the best talent. Our people are at the heart of our success and innovation, we aim to be a company everyone wants to be part of. We focus on providing workplace safety, attractive benefits, ongoing training, programs to encourage internal promotion, and fostering an environment where every person feels they belong. Externally, through Televisa Foundation, we promote innovative programs in education, culture, entrepreneurship, and environmental protection, using advanced digital tools and providing financial support. We incorporated the element of Human Rights into the Empowering People pillar, for which we began by carrying out an internal human-rights risk assessment to prevent incidents that could negatively impact our people. 40 Table of Contents Governance Grupo Televisa is committed to conducting its operations in full compliance with ethics and current legislation. Our Code of Ethics establishes the values, principles, and standards of conduct that guide our business activities, addressing issues such as bribery and corruption prevention. All new hires accept this code when they join Grupo Televisa and pledge to abide by its terms, and we provide them with regular training. Some executive positions are required to renew their commitment to our Code of Ethics each year. Grupo Televisa offers confidential communication channels for employees and third parties to report violations of the Code of Ethics or other internal policies, as well as any matters that may affect our interests, business objectives, or human capital. We launched the Supplier Code of Conduct and through it we extend our commitment to respecting Human Rights, Labor Rights, Environmental Responsibility, and others, across our supply chain. For several years, we have conducted supplier assessments, and in 2025 we incorporated a questionnaire including environmental and social criteria. The Sustainability Committee, which is comprised of senior executives from various corporate areas, reviews and monitors ESG performance, recommends best practices, and designs short- and long-term ESG strategies, considering the potential impacts of ESG-related risks. Furthermore, we have a continuous process of strategic risk management at the corporate level, which allows us to identify, assess, treat, monitor, and report sociopolitical, environmental, social, economic, and health risks and opportunities. Under the supervision of the Audit Committee, the Corporate Risk Management Office reports quarterly on the results of these processes. Commitment to Social Responsibility In 2025, Fundación Televisa (or “Fundación”) continued to expand the reach and effectiveness of its programs across education, health, culture, visual arts, entrepreneurship, and environmental protection. Through a combination of strategic partnerships, digital platforms and on-the-ground multidisciplinary teams, we transformed the lives of 846,577 children, youths and adults in Mexico, investing (together with our 300+ strategic alliances) more than Ps.327 million. We continue to innovate in programs in education, culture, entrepreneurship and environmental protection to provide an empowering platform for hundreds of thousands of people to improve their lives, transform their communities, and build better and more sustainable communities. Our approach combines effective leveraging of the Company’s communication channels with state-of-the-art digital tools, financial support and on-the-ground multidisciplinary teams. Our sustainability programs and initiatives are intended to help further 13 of 17 of the United Nations Sustainable Development Goals. In 2025, our communication efforts promoting early childhood initiatives, education programs, entrepreneurship, health, and cultural opportunities, achieved a total digital and TV media audience of over 35.7 million. These campaigns also amplified our partners’ social and sustainability initiatives. Through social media, we actively engaged with over 2.1 million people in our educational and cultural programs. Additionally, more than 4.1 million people participated in our community outreach programs, supported by active engagement on our digital platforms. Fundación’s programs address diverse needs across all life stages. Empieza Temprano focuses on early childhood development by providing parents and families with practical guidance. Cuantrix teaches computational thinking and coding. Tecnolochicas empowers young women through STEM disciplines. Bécalos works to increase high school and college completion while improving employability. POSiBLE drives high-impact, innovation-driven entrepreneurship. Gol por México converts the passion for sports into tangible aid for underserved communities. Through our Visual Arts division, we preserve and promote Mexico’s cultural heritage via film restoration, photography exhibitions and editorial publications across national and international venues. Fundación’s initiatives span all age groups and communities, engaging the public through local actions, digital platforms, and media channels. Through Nuestras Alas, our partnership with Club América, Mexico’s leading professional soccer club, we focused on two priority areas: visual health and cancer prevention. We delivered eyewear and optical care to 2,194 children through the Vista de Águila initiative and provided free mammography screenings to 1,500 women from vulnerable communities. 41 Table of Contents Our numbers and recognitions include the following: Cuantrix coding platform We trained 3,114 teachers in computational thinking and AI integration through our Cuantrix program, reaching 106,567 students across 746 schools in 10 states. By strengthening our teacher support model and proprietary learning materials, educators successfully incorporated coding and programming projects into public-school classrooms, generating measurable evidence of student learning outcomes. Tecnolochicas STEM initiative We doubled participation in our Tecnolochicas STEM (Science, Technology, Engineering, and Mathematics) program, reaching over 77,000 students—including 30,157 middle-school girls in Mexico and the United States. The program trained over 4,500 teachers across more than 600 schools, delivering 31,000 lessons and digitally upskilling over 6,500 individuals. Our digital community grew to over 540,000 members, with 468,000 visits to the platform. Bécalos scholarships We awarded 39,830 Bécalos scholarships, bringing the total to 640,019 throughout the program’s history. Bécalos programs focus on employability initiatives, STEM education, English learning, international mobility programs, and excellence scholarships. Additional scholarships were allocated to talented youth programs, and 1,612 were granted to women pursuing STEM training. POSiBLE entrepreneurship program Through our POSiBLE program, 11,535 entrepreneurs received support to develop their business models. In its latest edition, POSiBLE engaged 22,078 participants across its National Call for Proposals, online training, and in-person training camps. Empieza Temprano early childhood initiatives We led two major communication campaigns—Play This Summer and Early Childhood Week—to promote early childhood stimulation. Through our Empieza Temprano program, we provided guidance to 335,333 parents via practical tips, TV spots, social media, SMS messages, and workshops. Gol Por México Through our Gol por México program, we converted soccer goals from the Mexican Soccer League into aid for 40,566 beneficiaries across health, nutrition, development, housing, reforestation, and women’s empowerment. In partnership with five specialized organizations, we provided medical care to 3,415 individuals, including vision screenings and lenses for 2,500 students, 30 corneal transplants, chemotherapy for 128 children, 587 cardiac studies for children nationwide, and 170 cleft palate surgeries. Visual Arts division Our film preservation, exhibition, and screening program reached over 134,300 attendees across Mexico, the United States, and Spain through eight initiatives. We partnered with four major film festivals to present curated screenings and exhibitions: five restored Mexican cinema classics at FINI (278 attendees), the photographic exhibition La muerte madrina at Taxco honoring Macario (7,500 visitors), Katharsis: Imágenes de la lucha libre en México at the 40th Guadalajara International Film Festival (43,158 visitors), and the open-air exhibition Una diosa para una diosa at the 23rd Morelia International Film Festival (80,000 visitors). Internationally, the MoMA in New York hosted a film cycle dedicated to La Doña (1,642 attendees), and in Madrid, we presented La crónica citadina de Juan Guzmán at Centro Cultural Galileo (1,000 attendees). A landmark achievement was the restoration of Pedro Páramo (Carlos Velo, 1966) in collaboration with The Film Foundation, TelevisaUnivision, L’Immagine Ritrovata, Filmoteca UNAM, and funded by The Material World Foundation—premiering at FICM to over 469 viewers. 42 Table of Contents We also published Stillman. Fotografía y cine en México with editorial RM (1,500 copies), a 359-page hardcover volume featuring texts by cinematographer Rodrigo Prieto and production designer Eugenio Caballero that explores the work of still photographers on Mexican film sets through rarely seen images from our Collection and Archive. Recognitions ● Bécalos: The program was recognized with the Best NGOs in Mexico Award and renewed its CEMEFI Institutional Strength and Transparency Accreditation for 2025, achieving the highest level of compliance. ● Cuantrix: The AIEDU Mexico Global Meeting 2025 brought together leaders and specialists from India, Spain, Chile, Uruguay, the United States and Mexico to explore the role of artificial intelligence in education. The event fostered the exchange of innovative practices and strengthened global cooperation around the ethical and creative integration of AI in classrooms. ● Empieza Temprano: For the first time, the program participated in FICMA (Festival Internacional de Cine con Medios Alternativos), Mexico’s film festival dedicated to digital narratives and emerging technologies, generating approximately 64,773 social media impressions over the 10-day event. ● Tecnolochicas: The program was shortlisted for the Nature Awards for Inspiring Women in Science, a global recognition presented by Nature in partnership with The Estée Lauder Companies that celebrates initiatives advancing gender equality in STEM and encouraging girls and young women to pursue science careers worldwide. By leveraging media, talent, partnerships, and resources, Fundación Televisa contributes to a more empowered and prosperous society. Our Operations As of December 31, 2025, we classify our operations into one single business segment Telecom. Through September 30, 2025, we classified our operations into two business segments Cable and Sky. In the fourth quarter of 2025, we identified changes in operations that led to adjustments in our segment information, now identifying a single reportable segment, Telecom, with three categories of revenues: Residential, Satellite and Enterprise. Beginning in the fourth quarter of 2025, we present the operating results of our Cable and Sky businesses as a single reportable segment. This change in segment reporting is a result of (a) organizational changes that integrated the operations of our Cable and Sky businesses into one single business and (b) our chief operating decision maker now analyzing the results of our operations, making decisions and assigning resources to our operations as a single business. The changes identified included (i) the designation of a unified chief executive officer and a chief financial officer for our Cable and Sky businesses; and (ii) a restructuring and integration process of our Cable and Sky businesses as a single business; that was substantially concluded in the fourth quarter of 2025, which resulted in a consolidated operating cost structure between these two businesses, following the implementation of cost efficiencies and synergies across several areas including commercial, sales commissions, programming, information technology, technology, finance and marketing, among others. Through September 30, 2025, the operating results of our Cable and Sky businesses were presented as separate reportable segments. As a result of this change in our segment reporting, the operations previously reported under our former Cable and Sky segments are now classified into a single reportable segment for any comparative periods presented. See Notes 2 (a) and 26 to our consolidated year-end financial statements. In addition, following the completion of the Spin-off during the first quarter of 2024, certain businesses that were part of our former Other Businesses segment, including our fútbol operations, the Azteca Stadium, the gaming operations, and the publishing and distribution of magazines, as well as certain related assets and real estate (the “Spun-off Businesses”) were spun off to a new controlling entity listed on the Mexican Stock Exchange, Ollamani, S.A.B. de C.V. (“Ollamani”), that holds the Spun-off Businesses and which at the time of the Spin-off had the same shareholding structure as the Company. As a result, we no longer own the Spun-off Businesses of our former Other Businesses segment, and, beginning with the first quarter of 2024, we began classifying the Spun-off Businesses as a discontinued operation and since then the Other Businesses segment is no longer a business segment. 43 Table of Contents Telecom Residential The Cable Television Industry in Mexico. Cable television offers multiple channels of entertainment, news and informational programs to subscribers who pay a monthly fee. These fees are based on the package of channels the subscribers receive. According to CRT, there were approximately 281 pay-TV concessions in Mexico and 2,337 integrated sole concessions for commercial use, as of the date of their report, serving approximately 15.1 million subscribers (including cable and DTH). Digital Cable Television Services. Our cable companies offer on-screen interactive programming guide with direct access to Vix Premium Netflix, Disney+, HBO Max, amongst others through the izzi TV platform, video on demand, high definition channels as well as other services throughout Mexico. Along with their digital pay-TV service, our cable companies offer high speed internet and a competitive digital telephone service. Through their networks, they are able to distribute high quality video content, new services, interactivity with video on demand, 1080i high definition, impulse and order pay-per-view, a-la-carte programming, among other products and services, with added value features and premium solutions for consumers, and telephony and internet. Likewise, our cable companies offer mobile applications such as izzi go, which is a TV Everywhere application for authenticated subscribers through compatible PCs, iOS and Android platforms, that enables subscribers to access channels, movies and series on demand. izzi go also features remote control functionalities compatible with our izzi TV set-top-boxes, and allows subscribers to watch additional content through the application. In November 2020 and August 2021, izzi partnered with Disney+ and Star+ respectively, in order to distribute the service both a la-carte and as a bundle in select triple play packages and with payment integration services for izzi customers. In September 2023 we began offering Vix Premium free of additional charges as a hard bundle to both new and existing users with 50 mbps speed and above. In 2024, we added HBO Max as a hard bundle to our 100mbps offer. In 2025, we improved the offer by adding AppleTV+, Disney+ with advertising and F1. Since the first week of January 2026, we have been offering a streaming package for the FIFA World Cup 2026 alongside Vix. Revenues. Our cable companies generate revenues from their pay-TV, broadband, internet and telephony services, from additional services such as video on demand, and from sales of advertising to local and national advertisers. Subscriber revenues come from monthly service and rental fees. Residential Initiatives. Our cable companies plan to continue offering the following services to their subscribers: ● Enhanced programming services, including video on demand, subscription video on demand, high definition and bundled packages; ● Broadband internet services, including fixed/mobile solutions; ● IP telephony services; and ● Mobile services. Cablevisión. We own a 51.5% controlling stake in Cablevisión, one of the most important cable television operators in Mexico, which operates in Mexico City and its metropolitan area, where it offers cable television, high speed internet access and IP telephony services. TVI. In March 2016, we acquired the remaining 50% of the equity interest of TVI and its subsidiaries and as a result, TVI is a wholly owned subsidiary of the Company. The transaction amounted to Ps.6,750 million. TVI offers cable television, internet access, telephony services as well as mobile telephony as a mobile virtual network operator (MVNO) in 30 Mexican States. Cablemás. Cablemás is a wholly-owned subsidiary of the Company, which offers cable television, broadband internet and telephony services and operates in 20 States of Mexico. Cablecom. Cablecom is a wholly-owned subsidiary of the Company, which offers bidirectional data transmission, internet and telephony services and operates in 18 States of Mexico. 44 Table of Contents FTTH. On December 17, 2018, we acquired from Axtel its residential fiber-to-the-home business and related assets in Mexico City, Zapopan, Monterrey, Aguascalientes, San Luis Potosi and Ciudad Juarez, through our FTTH subsidiary. The acquired assets comprised 553,226 RGUs, consisting of 97,622 video, 227,802 broadband and 227,802 voice RGUs. The total value of the transaction amounted to Ps.4,713 million. These subscribers were integrated into each operator where coverage was available to take advantage of the fiber optic network. Satellite Background. We operate “Sky”, our DTH satellite venture in Mexico, Central America and the Dominican Republic through Innova. We indirectly own 100.0% of this venture. For a description of capital contributions and loans we have made to Innova, see “Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity”. Innova’s Social Part Holders Agreement provides that we may not directly or indirectly operate or acquire an interest in any business that operates a DTH satellite system in Mexico, Central America and the Dominican Republic (subject to limited exceptions). As of December 31, 2023, 2024 and 2025, Innova’s DTH satellite pay-TV service had 5,567,426, 4,696,038 and 3,516,196 gross active video subscribers, respectively. Innova primarily attributes its success to its superior programming content, its exclusive transmission of the largest coverage sporting events such as soccer tournaments and special events, its high-quality customer service and its nationwide distribution network with approximately 16 points of sale. In addition to the above, Innova also attributes its success to VeTV, our low-end package in Mexico. Sky continues to offer the highest quality and exclusive content in the Mexican pay-TV industry. Its programming packages combine our over-the-air channels with other exclusive content. During 2025, Sky offered exclusive content, which included La Liga, Supercopa, Liga Hypermotion and La Copa del Rey (Spanish soccer), the Bundesliga (German soccer), the NFL Sunday Ticket, MLB Extra Innings, the NHL, ice skating events, Davis Cup, Diamond League, UEFA EURO and UEFA Nations League. In addition to new programming contracts, Sky continues to operate under arrangements with a number of third-party programming providers to provide additional channels to its subscribers. Sky also has arrangements with the major programming studios and sports federations. In 2025, the Sky HD Package comprised 261 channels, as well as eight additional channels for pay-per-view. We expect to continue broadening our HD offering in the coming years. As of December 31, 2025, the standard definition programming packages monthly fees for residential subscribers, net of a prompt payment discount if the subscriber pays within 12 days of the billing date, are the following: monthly fees for high definition programming packages are: Silver Ps.4499, and Platinum was offered until November 2024 at Ps.609. Sky devotes eight pay-per-view channels to family entertainment and movies and four channels are devoted to adult entertainment. In addition, Sky assigns 15 extra channels exclusively for special events, known as Sky Events, which include concerts and sports. Sky provides some Sky Events at no additional cost while it sells others on a pay-per-view basis. The installation fee is based on the number of set up boxes and the method of payment chosen by the subscriber. The monthly cost consists of a programming fee plus a rental fee for each additional box. In 2018, Sky launched Fixed Wireless Broadband services under the brand name Blue Telecomm. Sky offers five, 10 or 20 mega single-play broadband services and five or 10 for video-broadband bundles. These services are limited to certain areas in Mexico. At the end of fiscal year 2025, Sky had 225,376 broadband customers. In 2022, Sky launched mobile services under the brand Blue Telecomm Cel which offered packages of 4 GB, 7 GB, 16 GB, and 23 GB single-play mobile for Ps.289, Ps.399, Ps.599 and Ps.799, respectively. This mobile service has no longer been offered to the public since May 2024. At the end of fiscal year 2025, Sky had 9,631 mobile customers. In 2023, Sky launched Sky+, an Android-based streaming platform, that integrates Sky video service, video on demand, and OTTs content in a unified viewing experience which offers packages basic and premium, at a price of Ps. 399 and Ps. 599, respectively. The Sky+ service has no longer been offered to the public since May 2024. At the year ended on fiscal year 2025, Sky had 56,180 Sky+ subscribers. Programming. Sky receives programming content from several providers, including TVSA, which also grants DTH satellite service broadcast rights to most of its existing and future program services (including pay-per-view services on DTH), subject to some pre-existing third-party agreements and other exceptions and conditions. 45 Table of Contents Enterprise Bestel. The Company offers Enterprise services under the brand Bestel, which is managed by (i) Operbes (the Company indirectly holds 66.4% of the equity of Operbes: 35.6% through Cablevisión and 30.8% through CVQ); and (ii) México Red de Telecomunicaciones, dba Metrored (the Company indirectly holds 100% of the equity of Metrored). Bestel provides voice services, broadband internet, cloud services, and managed and integrated services are provided, which are marketed to domestic and international carriers, as well as to the enterprise, corporate, and government segments in Mexico. Through Bestel (USA), Inc., Bestel provides cross-border services to U.S. carriers including internet protocol, or IP, transit, collocation, international private lines, and voice services, as well as access to the Internet backbone via companies or carriers classified as “TIER 1” which are networks that can reach every other network on the internet without purchasing internet protocol address or paying settlements and “TIER 2” which are networks that peer with some networks, but purchase internet protocol address transit or pay settlements to reach at least some portion of the internet. Bestel owns a fiber-optic network of approximately 19,000 kilometers, which is in the process of being expanded. In addition to its own network, Bestel operates 30,000 additional kilometers of fiber-optic networks covering several cities and economic regions in Mexico and has direct crossing of its network into Laredo, McAllen, El Paso and Dallas in Texas, Nogales in Arizona and San Diego and Los Angeles in California in the United States. This enables the Company to provide high connectivity capacity between the United States and Mexico. Discontinued Operations Spun-off Businesses on January 31, 2024 (see “Item 5. Operating and Financial Review and Prospects—Spin-off of Certain Businesses of Our Other Businesses Segment”) Other Businesses Publishing With a total circulation of more than 3.3 million copies in 2024, Editorial Televisa, S.A. de C.V., or Editorial Televisa, the Company’s former publishing business, published 11 titles that are distributed in Mexico. See “—Publishing Distribution”. Editorial Televisa’s main publications in Mexico included TVyNovelas, a weekly entertainment and dramas magazine; Vanidades, a popular monthly magazine for women; and Caras, a monthly leading lifestyle and socialite magazine. Editorial Televisa also managed 11 digital platforms that generated 125 million unique users and 269 million video views on such platforms during 2024. Publishing Distribution We estimate that in 2024, Distribuidora Intermex, S.A. de C.V., or Intermex, our former distribution business, distributed more than 52%, in terms of volume, of the magazines, comics, books, and collectibles circulated in Mexico. Mexico is considered one of the most important collectibles markets in the world, and in Mexico. In 2024, Intermex had more than 90% of the market share in the distribution of commercial collectibles. We also estimate that such distribution network reached more than 6,100 points of sale in Mexico. In 2022, 2023 and 2024 48%, 21% and 12%, respectively, of the publications distributed by Intermex were published by Editorial Televisa. In addition, Intermex’s distribution network sells a number of publications published by joint ventures and independent publishers, as well as collectibles, books, novelties and other consumer products. Soccer We owned Club de Fútbol América S.A. de C.V., or Club América, which currently plays in the Mexican First Division and is one of the most popular and successful soccer teams in Mexico and Club América Femenil, a professional soccer team that participates in the first division of the Mexican women’s soccer league currently known as Liga MX Femenil. We also owned Azteca Stadium, which has hosted two FIFA World Cup openings and finals (1970 and 1986), and FIFA has recently confirmed that Azteca Stadium will host soccer matches during the 2026 World Cup, which will be held in Canada, Mexico, and the United States. This will make it the only stadium in the world to have hosted matches in three different FIFA World Cups. National Football League The Company entered into a contract with the National Football League, or the NFL, to host one regular season game each year beginning in 2016. In November 2022, a regular season Monday Night Football game was played at the stadium with more than 78,000 fans in attendance. No NFL game took place in Mexico during 2023 and 2024. 46 Table of Contents Gaming In 2006, we launched our former gaming business under the brand “PlayCity”, consisting of casinos and an online gaming site. As of December 31, 2024, PlayCity had 17 casinos in operation in 12 States in Mexico. PlayCity also has a successful multi-level loyalty plan with more than 224,000 active accounts as of December 31, 2024. All of PlayCity’s casino rooms are located in premium locations inside or next to high-value shopping malls. Investments Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. In March 2010, Telefónica, Editora Factum, S.A. de C.V., a wholly owned subsidiary of the Company, which was merged into CVQ in May 2015, and Megacable agreed to jointly participate, through a consortium known as GTAC, in the public bid for a pair of dark fiber wires held by the CFE (Comisión Federal de Electricidad). In June 2010, the SCT granted GTAC a favorable award in the bidding process for a 20-year contract for the lease of up to 19,457 kilometers of dark fiber-optic capacity, along with a corresponding concession, granted in July 2010, to operate a public telecommunications network using DWDM technology. In June 2010, one of our subsidiaries entered into a long-term credit facility agreement to provide financing to GTAC in an amount up to Ps.688.2 million, which was already liquidated. Under the terms of this agreement, principal and interest were payable at dates agreed by the parties, between 2013 and 2021. In addition, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.1,614.0 million. By the end of 2025, GTAC had in operation 215 links and 174 nationwide nodes, and the services for customers grew to 4,326, of which 88% and 10%, respectively, have a capacity of 10 Gbps and 100 Gbps. The overall capacity per link is approximately 3.2 Tbps (80 optical channels x 10, 40 and 100 Gbps each channel). In addition, GTAC maintains nine of its own routes (3,408 kilometers), three third-party dark fiber IRU (3,042 kilometers) and local loops (542 kilometers). This fiber-optic network represents for us an alternative to access data transportation services, increasing competition in the Mexican telecommunications market and therefore improving the quality of the services offered. The fiber-optic network aims to increase broadband internet access for businesses as well as households in Mexico. TelevisaUnivision We have a number of arrangements with TelevisaUnivision, the leading Spanish-language content and media company in the world, which features the largest Spanish-language library of owned content and industry-leading production capabilities that power its streaming, digital and linear television offerings, as well as its radio platforms. TelevisaUnivision’s linear operations include two broadcast television networks in the United States, Univision Network and UniMás, and the broadcast television networks in Mexico known as “Las Estrellas”, “Foro TV”, “Canal 5” and “Canal 9”. In addition, TelevisaUnivision operates 9 cable networks in the United States, including Galavisión, the second most watched Spanish-language entertainment cable networks, and TUDN, the #1 Spanish-language sports network and 29 cable networks in Mexico, including “Distrito Comedia” and “TL Novelas”. TelevisaUnivision also owns or operates 59 local television stations in the United States and 30 local television stations in Mexico. In addition, TelevisaUnivision provides programming to 72 broadcast network station affiliates in the United States. Univision, “UniMás” and “Galavisión” that are also available on YouTube TV. TelevisaUnivision’s digital properties consist of streaming and various other websites. The digital offerings are anchored by ViX, a two-tier streaming service in one single app comprised of the free AVOD product and a paid premium SVOD option, which hosts over 69,000 hours of high-quality, original Spanish-language programming from distinguished producers and top talent. TelevisaUnivision’s offerings also include UnivisionNow.com, a direct-to-consumer, on-demand and live streaming subscription service, and Univision.com as well as various other local digital properties. TelevisaUnivision’s radio operations, known as the “Uforia Audio Network”, encompasses 35 owned or operated U.S. radio stations, an experiential and digital-centric event series and a robust digital audio footprint. As of March 31, 2026, we owned a 44.3% equity interest on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options) in TelevisaUnivision, and we are party to related governance arrangements pursuant to which, among other things, we are entitled to designate five of the 11 members of the Board of Directors of TelevisaUnivision, at least proportionate membership on board committees and consent rights over certain matters. In addition, Messrs. Bernardo Gómez Martínez and Alfonso de Angoitia Noriega became part of the management team of the Mexican content business of TelevisaUnivision. These individuals also continue to serve in their current roles at the Company. As a result, they do not devote all of their time to either TelevisaUnivision or the Company. We have investments in several other businesses. See Note 10 to our consolidated year-end financial statements. 47 Table of Contents PLA and MLA Prior to the TelevisaUnivision Transaction, the Company had entered into a Program Licensing Agreement (the “PLA”) and a Mexico License Agreement (the “MLA”) with Univision. Under the PLA, we granted Univision exclusive Spanish-language broadcast and digital rights to our audiovisual programming (subject to certain exceptions) in the United States and all territories and possessions of the United States, including Puerto Rico, in exchange for a royalty payment. Under the MLA, we had the exclusive Spanish-language broadcast and digital rights to Univision’s audiovisual programming (subject to certain exceptions) in Mexico during the term of the PLA. As part of the TelevisaUnivision Transaction, the PLA and the MLA were assigned to an affiliate of UHI, and since February 2022, we no longer receive any royalties from TelevisaUnivision under the PLA. TelevisaUnivision Transaction On January 31, 2022, we consummated the TelevisaUnivision Transaction with UHI and affiliates of Searchlight, ForgeLight and Liberty Global, pursuant to which, among other things, we contributed our former Content business (other than certain assets relating to our former news business, which was transferred at closing to the News Company, real estate and Mexican over-the-air broadcast concessions) to Univision. In consideration for the contribution of our former Content business, we received approximately U.S.$4.5 billion in a combination of cash (U.S.$3.0 billion) and U.S.$1.5 billion of common and preferred shares of TelevisaUnivision, excluding post-closing adjustments. The combined company is referred to as TelevisaUnivision, Inc. The TelevisaUnivision Transaction was partially financed by UHI through a new Series C preferred equity investment in TelevisaUnivision of U.S.$1.0 billion in the aggregate led by ForgeLight, along with the SoftBank Latin American Fund, with participation from Google and The Raine Group, as well as debt financing. In addition, TelevisaUnivision’s news content production for Mexico was transferred so that it is provided by the News Company. After the closing of the TelevisaUnivision Transaction, news programs are owned by the News Company and licensed to TelevisaUnivision. The foregoing summary of the TelevisaUnivision Transaction does not purport to be complete and is qualified in its entirety by reference to the full text of the 2021 Transaction Agreement, a copy of which has been filed as Exhibit 4.6 to this Form 20-F. FCC Matters On January 3, 2017, the FCC (i) approved an increase in the authorized aggregate foreign ownership of Univision’s issued and outstanding shares of common stock from 25% to 49%; and (ii) authorized the Company to hold up to 40% of the voting interests and 49% of the equity interests of Univision. Such authorization enabled the Company to increase its equity stake in Univision, which it did through the exercise of warrants in December 2020, and subsequently in the completion of the TelevisaUnivision Transaction, as described earlier in this section under “—TelevisaUnivision”. In addition, on December 23, 2020, the FCC approved the then-pending acquisition of a majority equity interest in UHI by affiliates of Searchlight and ForgeLight, subject to certain requirements, and authorized the foreign ownership of up to 100% of UHI’s equity and voting interests, including up to a 49.9% non-controlling voting and/or equity interest to be held by the Company. On January 21, 2022, the FCC approved the TelevisaUnivision Transaction, subject to compliance with certain requirements set forth in its ruling, including requirements relating to foreign ownership. For additional information regarding our relationship with TelevisaUnivision, see Notes 9, 10, 14, 15 and 20 to our consolidated year-end financial statements. Competition We compete with various companies in Mexico, both Mexican and non-Mexican. See “Key Information—Risk Factors—Risk Factors Related to Our Business—We Face Intense Competition in Each of Our Markets”. Residential The Company faces intense competition from several media, internet, OTT, cable, pay-TV and telecommunications companies throughout Mexico. 48 Table of Contents The telecommunications industry in Mexico has become highly competitive. New technologies and technical innovations have been implemented in the telecommunications sector, resulting in a significant increase in competition. We believe that there is a strong correlation between the increase in competition and the adoption of new technologies. Our cable operators face intense competition in the Internet services market and in the fixed telephony services market from several service providers such as Totalplay and other cable companies, but also importantly from the preponderant economic agent in the telecommunications sector, which holds a significant market share, as well as other competitors in mobile solutions. Our cable operators also face tough competition from other cable companies and from other pay-TV operators such as Dish México, Total Play, Megacable, Sky and other cable operator companies. Recently, competition in this market has increased due to the growth of IPTV or OTT providers such as Netflix, Disney+, Star +, Claro Video, Prime Video (Amazon), HBO Max, Vix, Paramount, Lionsgate, Universal +, and Apple TV+, among others. Our cable operators compete as well with other media with respect to advertising sales, including DTH, social media, outdoor advertising and publishing, among others. The information technologies are changing and we expect will continue to change the consumption of advertising in the communications media. Satellite Innova currently competes with, or expects to compete with, among others, cable television operators, MMDS systems, national broadcast networks (including our three free-to-air networks and Channel 4), regional and local broadcast stations, OTT content providers, internet video websites and other DTH concessions such as Dish México, which as of June 2025 had approximately 765,000 subscribers, according to the former IFT. Currently, Dish México offers not only low-priced packages, but also high-end products such as high definition programming packages. Innova also faces competition from: (a) unauthorized C-band and Ku-band television signals provided by third parties without authorization of the Mexican government; and (b) illegal streaming services that facilitate access to television channels and content through set up boxes and applications. Other competitors include radio, movie theaters, video rental stores, IPTV, video games and other entertainment sources. We also face significant competition from new entrants in pay-TV services as well as from the new public television networks. The consolidation in the entertainment and broadcast industries could further intensify competitive pressures. As the pay-TV market in Mexico matures, and as the offering of bundled services that include pay-TV, broadband and telephony increases, Innova expects to face competition from an increasing number of sources. Emerging technologies that provide new services to pay-TV customers as well as new competitors in the DTH field or cable, telecommunication and internet players entering into video services would require us to make significant capital expenditures in new technologies and additional transponder capacity. In October 2008, Dish México, a subsidiary of a U.S. based DTH company operating with certain arrangements with Telmex, started operations in Mexico through a DTH concession. Dish México currently operates nationwide. Enterprise Bestel engages in a competitive market environment, primarily across two areas: (i) large telecommunications companies and (ii) internet service providers (“ISPs”). The first area compromises notable entities such as Telmex, Total Play, Alestra, Flo Networks and Hola – Metrocarrier. As a strategic approach to address such companies, Bestel consistently invests in advancing new technologies, developing strategic solutions, collaborating, and integrating to design architecture that aligns with the specific requirements of its clients. Furthermore, an incumbent operator (Telmex) in the telecommunications sector maintains a significant market share despite government initiatives to improve market conditions. In the context of the ISPs’ area, several operators provide connectivity services within local markets. Although these represent direct competition, their impact is somewhat limited due to their limited-services portfolios. Nevertheless, they remain relevant competitors in the local market. 49 Table of Contents Regulation Our business, activities and investments are subject to various Mexican federal, state and local statutes, rules, regulations, policies and procedures, which are constantly subject to change and are affected by the actions of various Mexican federal, state and local governmental authorities. Given that we retained the broadcast concessions as part of the TelevisaUnivision Transaction, we continue to be responsible for compliance with regulations applicable to them, as described below. See “Key Information—Risk Factors—Risk Factors Related to Mexico—Imposition of Fines by Regulators and Other Authorities Could Adversely Affect Our Financial Condition and Results of Operations”, “Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue” and “Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment”. The material Mexican federal, state and local statutes, rules, regulations, policies and procedures to which our business, activities and investments are subject are summarized below. These summaries do not purport to be complete and should be read together with the full texts of the relevant statutes, rules, regulations, policies and procedures described therein. Residential Concessions. Cable television operators apply for a concession from CRT in order to operate their networks and provide cable television services and other multimedia communications services. Applications are submitted to CRT and, after a formal review process, a concession is granted for an initial term of up to 30 years. Cablevisión obtained a telecommunications concession, which expires in 2029; in 2019 such concession became an integrated sole concession. Pursuant to its public telecommunications concession, Cablevisión can provide any telecommunication services in Mexico, including cable television, limited audio transmission services, bidirectional internet access and unlimited data transmission services in Mexico City and surrounding areas in the State of Mexico (Estado de México). The scope of Cablevisión’s integrated sole concession is much broader than the scope of its former public telecommunications concession, which covered certain telecommunications services in Mexico City and its metropolitan area. Cablemás operates under one integrated sole concession, which covers 20 Mexican States. Pursuant to this concession, Cablemás provides cable television services, internet access and bidirectional data transmission services. In addition, Cablemás provides local and international long distance telephony services. The concession granted by the former IFT allows Cablemás to install and operate a public telecommunications network. The Cablemás concession will expire in 2046. The Cablemás concession allows it to provide any telecommunication services throughout Mexico. In 2021, as part of a strategy to make the operation more efficient, Cablemás waived its previous concessions for residential services, which were granted pursuant to an integrated sole concession that allowed Cablemás to provide any telecommunication services in Mexico, with an expiration date of 30 years from July 7, 2016. TVI operates under one integrated sole concession, which covers several Mexican States. Through this concession, TVI provides cable television services, bidirectional data transmission and internet and telephony services as well as mobile telephony as a mobile virtual network operator (MVNO) in 30 Mexican States. The integrated sole concession granted by the former IFT allows TVI to install and operate a public telecommunications network to provide any telecommunication and broadcasting services all around Mexico. TVI’s concession will expire in 2056. Cablecom operates under one integrated sole concession, which covers 18 Mexican States. Through this concession, Cablecom provides bidirectional data transmission and internet and telephony services. The concession granted by the former IFT allows Cablecom to install and operate a public telecommunications network. The expiration date for Cablecom’s concession is 2045. Cablecom’s concession title allows it to provide telecommunication services throughout Mexico. In 2021, FTTH sold its operations to its affiliated concessionary companies which previously operated in Mexico. As a result, FTTH waived its rights, in the same year, to its integrated sole concession, in order to avoid any risk of fine and/or revocation by the former IFT. According to the LMTR, a public telecommunications concession may be renewed upon its expiration, or revoked or terminated prior to its expiration for a variety of circumstances, including: ● unauthorized interruption or termination of service; ● interference by the concessionaire with services provided by other operators; 50 Table of Contents ● non-compliance with the terms and conditions of the public telecommunications concession (which has expressly established that failure to comply will result in the revocation of the concession); ● the concessionaire’s refusal to interconnect with other operators; ● loss of the concessionaire’s Mexican nationality; ● unauthorized assignment, transfer or encumbrance, in whole or in part, of the concession or any rights or assets; ● the liquidation or bankruptcy of the concessionaire; and ● ownership or control of the capital stock of the concessionaire by a foreign government. In addition, CRT may establish under any public telecommunications concession further events which could result in revocation of the concession. Under current Mexican laws and regulations, upon the expiration or termination of a public telecommunications concession, the Mexican government has the right to purchase those assets of the concessionaire that are directly related to the concession, at market value. Cable television operators are subject to the LMTR. Under current Mexican law, cable television operators are classified as public telecommunications networks, and must conduct their business in accordance with Mexican laws and regulations applicable to public telecommunications networks. Under the applicable Mexican law, the Mexican government, through the ATDT, may also temporarily seize or even expropriate all of a public telecommunications concessionaire’s assets in the event of a natural disaster, war, significant public disturbance or threats to internal peace and for other reasons related to preserving public order or for economic reasons. The Mexican government is obligated by Mexican law to compensate the concessionaire, both for the value of the assets seized and related profits. On December 20, 2024, a decree was published in the Official Gazette of the Federation titled “Decreto por el que se reforman, adicionan y derogan diversas disposiciones de la Constitución Política de los Estados Unidos Mexicanos, en materia de simplificación orgánica” (the “Organic Simplification Decree”) in which the provisions of the first, tenth, and eleventh transitory articles are referenced, where it is stated that the IFT will be extinguished within a period of 180 days from the entry of the competition and telecommunications and broadcasting secondary laws, that will be issued by the Mexican Congress, for which reason, the acts issued by the IFT prior to the entry of this Organic Simplification Decree, will continue to have all their legal effects in terms of what is indicated in the eleventh transitory article. As a consequence of the constitutional reform referred to in the preceding paragraph, on July 16, 2025, the “Decreto por el que se expide la Ley en Materia de Telecomunicaciones y Radiodifusión y se abroga la Ley Federal de Telecomunicaciones y Radiodifusión” was published in the Official Gazette of the Federation. This decree created the CRT as a decentralized administrative body of the ATDT with technical, operational and managerial independence, with the purpose of guaranteeing the efficient development of telecommunications and broadcasting in accordance with the terms established by the Constitution. On that same date, the President of Mexico appointed the Chairwoman of the CRT, thereby establishing the CRT’s Plenary and dissolving the IFT. Supervision of Operations. CRT regularly inspects the operations of cable systems and cable television operators must file periodic reports with CRT, and publish, on their web pages, the average download speed of their internet services. Under Mexican law, programming broadcast on cable networks is not subject to judicial or administrative censorship. However, this programming is subject to various regulations, including prohibitions on foul language, programming which is against good manners and customs or programming which is against the national security or against public order. Mexican law also requires cable television operators to broadcast programming that promotes Mexican culture, although cable television operators are not required to broadcast a specified amount of this type of programming. In addition to broadcasting programming that promotes Mexican culture, Mexican law also requires cable television operators to carry all air broadcast channels in the same geographic coverage area and Señales de Instituciones Públicas Federales, or Public Federal Institutions Channels, provided by the Mexican government according to the applicable regulations. 51 Table of Contents Restrictions on Advertising. Mexican law restricts the type of advertising that may be broadcast on cable television. These restrictions are similar to those applicable to advertising broadcast on over-the-air channels. See “—Regulation—Mexican Television Regulations—Restrictions on Advertising”. Forfeiture of Assets. Under Mexican regulations, at the end of the term of a public telecommunications concession, assets of concessionaires may be purchased by the Mexican government at market value. Non-Mexican Ownership of Public Telecommunications Networks Under current Mexican law, non-Mexicans may currently own up to 49%, subject to reciprocity by the relevant foreign country, of the outstanding voting stock of Mexican companies with a broadcast television or radio concession. However, non-Mexicans may currently own up to all of the outstanding voting stock of Mexican companies with a public telecommunications concession to provide cellular telephone, fixed-line telephone, pay-TV and internet services. Application of the Existing Regulatory Framework to Internet Access and IP Telephony Services Our cable networks may be required, under Mexican law, to permit other concessionaires to connect their network to its network in a manner that enables its customers to choose the network by which the services are carried. To the extent that a cable television operator has any available capacity on its network, as a public telecommunications network, Mexican law requires the operator to offer third party providers access to its network. Our Cable operators currently do not have any capacity available on their networks to offer to third party providers and do not expect that they will have capacity available in the future given the broad range of services they plan to provide over their networks. Satellite Communications Mexican Regulation of DTH Satellite Services. Under LMTR, formerly under LFTR, concessions to broadcast DTH satellite services are for an initial term of up to 30 years and are renewable for up to 30 years. We received a 30-year concession to operate DTH satellite services in Mexico utilizing SatMex satellites in May 1996. In November 2018, such concession transitioned into a unique concession which authorizes Sky to render the following services: DTH Pay TV; Private Satellite Link Services; and Fixed Telephony and Internet Access. In October 2021, we were officially notified by the former IFT, now CRT, of the extension of our concession which has been renewed for 30 years, which now expires in May 2056. In November 2000, we received an additional 20-year concession to operate our DTH satellite service in Mexico using the IS-9 satellite system, a foreign-owned satellite system. Our use of the IS-16, IS-21 and SM-1 satellites has been authorized by the competent Mexican authorities. As of November 2020, due to modifications in the telecommunications legislation, such concession transitioned into a new 10-year authorization and, at the same time, we were granted a unique concession, thereby complementing our concession to continue providing the DTH service. Like a public telecommunications network concession, a unique concession, as well as any other authorization, may be revoked or terminated by CRT prior to the end of its term in certain circumstances, which for a DTH concession include: ● The failure to use the concession within 180 days after it was granted; ● A declaration of bankruptcy of the concessionaire; ● Failure to comply with the obligations or conditions specified in the concession; ● Unlawful assignments of, or encumbrances on, the concession; or ● Failure to pay to the government the required fees. At the termination of a concession, the Mexican government has the preemptive right to acquire the assets of a DTH satellite service concessionaire. In the event of a natural disaster, war, significant public disturbance or for reasons of public need or interest, the Mexican government may temporarily seize and expropriate all assets related to a concession but must compensate the concessionaire for such seizure. The Mexican government may collect fees based on DTH satellite service revenues of a satellite concessionaire. 52 Table of Contents Under the LMTR, DTH satellite service concessionaires may freely set customer fees but must notify CRT of the amount, except that if a concessionaire has substantial market power, CRT may determine fees that may be charged by such concessionaire. The LMTR specifically prohibits cross-subsidies. There is currently no limitation on the level of non-Mexican ownership of voting equity of DTH satellite system concessionaires. Regulation of DTH Satellite Services in Other Countries. Our current and proposed DTH ventures in other countries are and will be governed by laws, regulations and other restrictions of such countries, as well as treaties that such countries have entered into, regulating the delivery of communications signals to, or the uplink of signals from, such countries. In addition, the laws of some other countries establish restrictions on our ownership interest in some of these DTH ventures as well as restrictions on programming that may be broadcast by these DTH ventures. Mexican Antitrust Law The current Federal Antitrust Law (“Antitrust Law”) became effective on July 7, 2014, and was significantly reformed by the decree published in the Official Gazette on July 16, 2025. Pursuant to this reform, the former COFECE and the competition-related functions of the former IFT have been replaced by a new authority, the CNA, which is a decentralized public body under the Ministry of Economy (Secretaría de Economía), with legal personality, its own assets, and technical and operational independence. The CNA is responsible for authorizing mergers and acquisitions before they take place. In addition, the merger notification thresholds have been modified and apply to sales or assets of economic agents in Mexico. As of the date of this report, the Antitrust Law provides that the following reportable transactions, among others, are exempt from being reviewed by the CNA: (i) Corporate restructurings. (ii) Transactions where the acquirer has control over the target from its incorporation or from the date the last reported transaction was approved by the CNA. (iii) Trusts in which the trustor contributes assets without intending to transfer, or causing the actual transfer of assets to another company that is not part of the corporate structure of the trustor. (iv) Transactions that have effect in Mexico involving non-Mexican participants, if the participants will not take control of Mexican legal entities, or acquire assets in Mexico, in addition to those previously controlled or owned by such participants. (v) When the acquirer is a Brokerage House, whose operation involves the acquisition of stock, obligations, securities or assets, in order to place them among the investing public, except when the Brokerage House obtains a significant influence in the decisions of the company. (vi) Acquisitions of equity securities (or convertible securities) through stock markets that represent less than 10% of such securities, and the acquirer is not entitled to: (w) appoint or remove board members, officers or managers of the issuer; (x) directly or indirectly impose decisions at general shareholders’ meetings; (y) hold voting rights with respect to 10% or more of the share capital of the issuer; or (z) directly or indirectly direct or influence the management, operation, strategy or principal policies of the issuer. (vii) In other cases established by the Regulatory Provisions (Disposiciones Regulatorias) issued by the CNA. Pursuant to the 2025 reform, the CNA has absorbed the competition-related functions previously exercised by the IFT in the telecommunications and broadcasting sectors. A new Chapter Four was added to the Antitrust Law, granting the CNA authority to determine the existence of Preponderant Economic Agents in the telecommunications and broadcasting sectors and to impose the necessary measures to prevent harm to competition and free market access. The CNA may also impose limits on national and regional concentration of frequencies, cross-ownership, and grant or modify conditions for concession holders. 53 Table of Contents As part of our expansion of our cable networks, on December 17, 2018, we acquired FTTH under the provisions set forth in transitory Article 9 of LFTR. On May 8, 2019, the IFT launched an investigation to analyze if, as a result of the transaction, the Company, as well as the former Cable and Sky concessionaires and TVSA, acquired substantial power in the market of telecommunications networks providing voice, data or video services. On September 4, 2019, the IFT Investigative Authority issued a preliminary opinion, whereby it assessed that there were elements to determine that the Company had substantial power in 35 relevant markets of the telecommunications networks that provide restricted television and audio services. Those relevant markets comprise 35 municipalities in the following States: Aguascalientes, Chihuahua, Ciudad de México, Estado de México, Jalisco, Nuevo León and San Luis Potosí. As a response to the preliminary opinion, the Company presented its position and provided evidence to prove that the Company does not hold substantial power in the relevant markets established in the preliminary opinion. On November 26, 2020, the IFT notified TVSA, the Company and some subsidiaries of its former Cable and Sky businesses of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Some of the consequences derived from the determination of substantial market power are applicable as a matter of law and others may be imposed by IFT in a new procedure in accordance with the LFTR, which may consist of: (i) the obligation to obtain IFT’s approval and to register the rates for our services; (ii) to inform the IFT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the “must carry” and “must offer” provisions; and (iv) the implementation of accounting separation. Consequently, on December 17, 2020, TVSA, the Company and some subsidiaries of its former Cable and Sky businesses, filed three amparos, respectively, to challenge the constitutionality of the resolution. In October 2022, TVSA, the Company and some subsidiaries of its former Cable and Sky businesses obtained favorable amparo resolutions form a specialized federal judge which determined that the resolution of IFT about the substantial power on the restricted services of television and audio market in 35 municipalities in Mexico, after the acquisition of the direct to home fiber-optic and assets related to Axtel, S.A.B. de C.V. in December 2018, was unconstitutional. On January 24, 2024, a Federal Court resolved through a final resolution of the amparo of TVSA and instructed the IFT to revoke the substantial power resolution. On March 6, 2024, as a result of the amparo resolution, the IFT revoked the substantial power resolution and determined to close the file only for TVSA. On May 16, 2024, a Federal Court ruled on the amparo proceedings of the Company and some subsidiaries of its former Cable and Sky businesses, ordering the IFT to repeal the determination that declared the Company, its concessionaires of restricted television and audio services and other entities as Economic Agent with Substantial Power in the 35 relevant markets of restricted television and audio services. On June 21, 2024, the IFT notified the Company of such repeal ruling in compliance with the guidelines issued by the Federal Court. With this resolution, the procedure initiated by the IFT to impose asymmetric measures on the Company and its subsidiaries was also repealed, and the measures provided in the current regulations for these purposes are no longer applicable. Other relevant provisions provided in the Antitrust Law, as reformed, are the following: (a) The Autoridad Investigadora, or Investigative Authority, has the authority to investigate the commission of monopolistic practices, forbidden mergers, barriers to competition, essential facilities, or substantial market power. Pursuant to the 2025 reform, it may also participate in trial-like proceedings, conduct inspections, request assistance from public force, and file criminal complaints. (b) Enhancement of the legal power of the authorities for conducting their investigations, including requesting written evidence and testimonies, performing verification visits, conducting surveys, collecting data through any tool, and requesting the assistance of public force or any Public Authority. (c) Significantly increased monetary sanctions for the commission of illegal conduct, including: fines of up to 15% of the economic agent’s revenues for absolute monopolistic practices; up to 10% for relative monopolistic practices and illicit concentrations; up to 8% (or up to 15% if the CNA had previously objected to the concentration) for gun-jumping (failing to obtain prior merger approval); and up to 12% for non-compliance with concentration conditions. In addition, individuals who directly or indirectly participate in monopolistic practices or illicit concentrations may be disqualified from holding corporate positions for up to five years and fined up to 350,000 times the daily value of the UMA. (d) The CNA may determine the existence of essential facilities when the following conditions are met: (i) one or several economic agents with substantial market power, or that have been determined as Preponderant, control a good; (ii) the reproduction of such good by other economic agents is unviable, now or in the future, due to technical, legal or economic reasons; (iii) the good is indispensable for the provision of other goods or services in other markets and does not have close substitutes. 54 Table of Contents (e) The CNA may determine the existence of barriers to competition and free markets, when an element is found that either: (i) hinders the access of new entrants; (ii) limits competition; or (iii) hinders or distorts competition and the free market process. (f) The resolutions issued by the CNA can only be challenged by an amparo claim, which will be ruled by the Antitrust, Telecommunications and Broadcasting federal courts, without any judicial stay that can suspend the execution of the resolution. The above-mentioned provisions may significantly and adversely affect our business, results of operations and financial condition. The transition to the Comisión Nacional Antimonopolio, which has replaced both COFECE and the IFT’s competition-related functions, could introduce further uncertainty regarding compliance obligations, competitive conditions, and market dynamics, all of which may materially affect our business and financial performance. The CNA is fully operational as its five-member Plenary is integrated and the Chairperson has been designated by the President of Mexico. As the legislative and regulatory landscape continues to evolve, we will closely monitor any changes that may impact our business operations, including the issuance of the Regulatory Provisions, potential amendments to sector-specific legislation, and new enforcement mechanisms established by the restructured regulatory framework. Mexican Television Regulations Concessions. The LMTR regulates, on a convergent basis, the use and exploitation of the radio-electric spectrum, and the telecommunications networks, as well as the rendering of broadcasting, cable, satellite pay-TV and telecommunications services. Concessions for the commercial use of spectrum are granted through public bid processes. Such concessions are granted for a fixed term, subject to renewal in accordance with LMTR. Renewal of concessions for the use of spectrum require, among others: (i) that the concessionaire submit the renewal request to the CRT, in the case of broadcasting services, no later than six months prior to the expiration of the term of the relevant concession; (ii) that the concessionaire be in compliance with its obligations under the LMTR, other applicable regulations, and the concession title; (iii) a determination by the CRT, within thirty business days following the submission of the request, as to whether there is a public interest in recovering the spectrum granted under the relevant concession, in which case the CRT will notify the concessionaire and the concession will terminate upon expiration of its term; and (iv) if no such public interest exists, the granting of the requested extension, subject to the concessionaire’s prior acceptance of the new conditions established by the CRT, which will include the payment of a corresponding fee. To our knowledge, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in the past several years for public interest reasons, however, the Company is unable to predict any future action by CRT. Pursuant to the LMTR, concessionaires have one integrated sole concession to provide telecommunication and broadcasting services. Integrated sole concessions will be granted for a term of up to 30 years with the possibility to renew them, for the same term originally granted. Renewal of integrated sole concessions require, among others: (i) to request its renewal to CRT within the year prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LMTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by CRT. CRT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure by CRT to respond within such period of time shall be interpreted as if the request for renewal has been granted. In May 2018, applications for the renewal of the Group’s 70 broadcasting concessions (comprising 225 TV stations), were timely filed under the former LFTR and the terms set on the concessions, and as part of the renewal process, the Company regrouped its concessions to create (i) three concessionaires, each one specialized on broadcasting the National TV Networks of Las Estrellas, Canal 5 and Canal Nu9ve, respectively, and (ii) three concessionaires specialized on local TV content. On November 6, 2018, the former IFT notified the Company the grant of the renewal of its concessions, the new conditions under which they will operate, as well as the relevant fee to be paid for such renewals. On November 26, 2018, the Company timely accepted the new conditions for the renewal of the concessions and performed the payment of the relevant fee for a total amount of Ps.5,753 million, as a consequence, the former IFT delivered to the Company (i) 23 concessions for the use of spectrum that comprise the Company 225 TV stations, for a term of 20 years, starting in January 2022, and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. 55 Table of Contents On March 7, 2014, the former IFT published in the Official Gazette of the Federation an invitation to a public auction for the concession for the two new National Digital Networks. The invitation provided that the concessions for the National Digital Networks would be granted for a term of 20 years for the operation of stations with, among other characteristics, mandatory geographic coverage in 123 locations corresponding to 246 channels within the Mexican territory. Pursuant to the LMTR currently in force, a concession (obtained by means of a public process) is still needed to participate in the radio-electric spectrum in Mexico. None of our over-the-air television concessions has ever been revoked or otherwise terminated and, except for an immaterial concession to transmit an UHF restricted television service which expired in November 2010, all of our concessions have been renewed. See “Information on the Company—Business Overview—Regulation—Residential—Concessions”. We believe that we have operated our television concessions substantially in compliance with their terms and applicable Mexican law. If a concession is revoked or terminated, the concessionaire could be required to forfeit to the Mexican government all of its assets or the Mexican government could have the right to purchase all the concessionaire’s assets. In our case, the assets of our licensee subsidiaries generally consist of transmitting facilities and antennas. See “Key Information—Risk Factors—Risk Factors Related to Our Business—The Operation of Our Business May Be Adversely Affected if the Mexican Government Does Not Renew or Revokes Our Broadcast or Other Concessions”. As a result of the Constitutional Amendment, certain provisions of the LMTR and Guidelines related to the distribution of more than one channel of programming on the same transmission channel, or multiplexing, issued under the former IFT, still valid, were passed. Such provisions optimize the use of the spectrum; for example, where the 6MHz spectrum was used entirely to broadcast only one channel of programming analog standard, now based on new technologies, more than one channel of programming digital standard on the same transmission channel can be broadcast. The Company, as a Preponderant Economic Agent has a restrictive obligation related to multiplexing. The IFT shall not authorize the Preponderant Economic Agent to broadcast channels in excess of 50% of the total channels authorized to other broadcasters in the same geographic coverage. The IFT has granted multiplexing authorizations to the Company, granting access to TVSA as its third party programmer in terms of the third party programming agreements: 36 authorizations for multiplexing the Channel 5 Network, 29 authorizations for multiplexing the Channel Nu9ve Network, two authorizations for multiplexing the Channel 2 Network, 35 authorizations for multiplexing Channel Foro TV Network, three authorizations for multiplexing Local Channels and three authorizations for multiplexing the Channel CV Shopping (programmed by the Company). Supervision of Operations. To ensure that broadcasting is performed in accordance with the provisions established in the concession title, the LMTR and Guidelines, CRT is entitled to monitor compliance by exercising powers of supervision and verification: for example, the CRT can perform technical inspections of the television stations and the concessionaire must file annual reports with CRT. On August 21, 2018, the Mexican Ministry of Interior published in the Official Gazette of the Federation an amendment to the regulations of broadcast television and pay-TV programming guidelines that provides for different age classifications for programming (the “Programming Guidelines Amendment”), which became effective on August 22, 2018, substituting in full force and effect the previous amendment published on February 15, 2017. The Programming Guidelines Amendment for broadcast television is as follows: (i) programs classified “D” extreme and adult only may broadcast after midnight to 5:00 am; (ii) programs classified “C” not suitable for people under the age of 18 may broadcast only after 9:00 p.m. to 5:59 am; (iii) programs classified “B15” for teenagers over 15 years old may be broadcast only after 7:00 p.m. to 5:59 am; (iv) programs classified “B” for teenagers may be broadcast only after 4:00 p.m. to 5:59 am; and (v) programs classified “A” and “AA” suitable for all age groups may be broadcast at any time. The same age classifications apply for pay-TV programming and the age classifications must be shown to the audience, but there are no applicable broadcasting time limitations. On February 14, 2020, the Mexican Ministry of Interior published in the Official Gazette of the Federation an additional amendment to the Programming Guidelines, for which the only relevant change therein was to extend the display time for the Parental Advisory from 15 to 30 seconds. Content for Children and Teenagers. The LMTR includes new criteria for programming addressed for children and teenagers. Each concessionaire is also required to transmit each day, free of charge, up to 30 minutes of programming promoting cultural, educational, family counseling and other social matters, using programming provided by the Mexican government. Historically, the Mexican government has not used a significant portion of this time. 56 Table of Contents Restrictions on Advertising. Mexican law regulates the type and content of advertising broadcast on television. In order to prevent the transmission of misleading advertising, without affecting freedom of expression and dissemination, the broadcasting of advertisements presented as journalistic news or information is prohibited. Under current law, advertisements of alcoholic beverages (other than beer and wine) may be broadcast only after 9:00 p.m. and advertisements for tobacco products are prohibited. Advertising for alcoholic beverages must not be excessive and must be combined with general promotions of nutrition and general hygiene. Health Law Guidelines were published in the Official Gazette of the Federation on April 15, 2014 and became effective on July 7, 2014, for the advertisement of the following products: snacks, flavored drinks, candies, chocolates, or foods similar to chocolates and became effective for the remaining products on January 1, 2015. Moreover, the Mexican government must approve any advertisement of lotteries and other sweepstakes games. TV advertisement will not take up more than 18% of the broadcast time on any day in TV. However, this percentage can be increased by an additional 2% when at least 20% of the content programmed is national production. Another 5% of advertisement time can be added when at least 20% of the content programmed is independent national production. There are no restrictions on maximum rates. See “Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue” and “—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment”. On June 8, 2023, the Plenary of the Supreme Court of Justice of the Nation, by a majority of eight votes, resolved the constitutional disputes filed by the IFT and COFECE, declaring the Agencies Law invalid. The judgment was published in the Official Gazette of the Federation on December 22, 2023. As a result, the Agencies Law is currently invalid and not applicable. See “Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue.” Additional Rights for Audiences. Among others, the former LFTR imposed new obligations on concessionaires. On November 29, 2016, the former IFT issued the Guidelines for the Defense of the Audiences, which were published on December 21, 2016, in the Federal Official Gazette. These guidelines and some related provisions of the former LFTR were constitutionally challenged by the Executive Branch and the Senate particularly for concerns that they restrict freedom of speech. These procedures were dismissed by the Supreme Court of Justice by the entry into force of the reform of the former LFTR published in the Official Gazette on October 31, 2017 (the “LFTR 2017 Reform”). The amendment to the former LFTR included among other things: (i) restricted the power of the former IFT to regulate a large portion of the provisions established by the Guidelines for the Defense of the Audience; (ii) increased the ability of all broadcasting and telecommunications concessionaries to self-regulate themselves by granting them the ability to regulate their programming content and the way in which they decide to respect and promote the rights of the audiences through their code of ethics without being subject to IFT’s approval; (iii) removed the obligation to make sure that, when broadcasting news, the reporting of factual material is clearly distinguished from commentaries and personal analysis; and (iv) made clear that the appointment of an Ombudsman is not subject to special specifications and procedures set by the former IFT. As a result, the legal provisions that are contrary to this amendment were repealed. The LFTR 2017 Reform was challenged through actions for constitutional review (acciones de constitucionalidad), which were resolved in August 2022 by the Supreme Court of Justice, overriding the former LFTR 2017 Reform, subsisting the Congress’ authority to legislate again on Rights for Audiences. In addition, two associations and other persons filed two amparo suits challenging some provisions of the former LFTR 2017 Reform. As a result of one of such proceedings, the courts ordered the repeal of the amendment of article 256 of the LFTR 2017 Reform, and the former IFT had the authority to determine a date for entering into force of the General Guidelines on Rights for Audiences dated December 21, 2016, or to issue new guidelines. The Company’s entities that are concessionaires challenged the decision to repeal the LFTR 2017 Reform. Lastly, on February 5, 2025, in compliance with the court ruling resulting from the amparo proceedings filed by the associations mentioned above, the former IFT published in the Official Gazette of the Federation the new Guidelines for the Defense of the Audiences, establishing the current Rights of Audiences and set obligations for Broadcasting Concessionaires, Pay-TV Concessionaires, and Programmers, which include (i) having a Code of Ethics, registering it with the IFT, now CRT, and publishing it; and (ii) having an Audience Ombudsman with minimum requirements and registering them with the IFT, now CRT, as well, all of the above, valid until the Constitutional Amendment. 57 Table of Contents Current Rights for Audiences. As part of the Constitutional Amendment, under LMTR, audiences are entitled to receive diverse content; to have a distinction between programming and advertising and access to parental advisories (specific guidelines pending to be published by CRT); to be informed of schedules and changes; to exercise the statutory right of reply with differentiation between news and opinion; and to receive consistent audio and video quality. They are also protected against discrimination and entitled to content that respects human rights, the best interests of children, and gender equality. Concessionaires must adopt, register, and publish a Code of Ethics; implement certain accessibility measures (including subtitling, dubbing into Spanish, and Mexican Sign Language in specified programs); promote inclusive representations; provide mechanisms for audience feedback to an Ombudsman; and ensure access to programming guides. Broadcast concessionaires must appoint an Audience Ombudsman to process complaints and issue recommendations, serving renewable three-year terms in accordance with LMTR. Government Broadcast Time. Each concessionaire is required to transmit each day, free of charge, up to 30 minutes of programming promoting cultural, educational, family counseling and other social matters, using programming provided by the Mexican government. In addition, television stations have to provide to the Mexican government up to 18 minutes per day of the television broadcast time between 6:00 a.m. and midnight, in each case distributed in an equitable and proportionate manner. Any time not used by the Mexican government on any day is forfeited. Generally, the Mexican government uses all or substantially all of the broadcast time available to it under this tax. In April 2020, the President of Mexico issued a decree amending the rules on government broadcast time starting on May 2020. For the periods where no electoral pre-campaigns and campaigns are in place, television stations will have to provide to the Mexican government up to 11 minutes per day of television broadcast time between 6:00 am and midnight, in each case distributed in a proportionate manner. Another significant difference is that under the terms of the prior rules the unused minutes by the government were forfeited and could be used by the broadcasters, while in the new decree, the Secretaría de Gobernación, or Mexican Ministry of Interior, may reassign the unused minutes for the use by the Mexican government for an indefinite term. Foreign Ownership. Non-Mexican ownership of shares of Mexican enterprises is restricted in some economic sectors, including broadcast television, and radio. As a result of the Telecom Reform, the participation of foreign investors can be up to 49% in free to air radio and television concessions, subject to reciprocity requirements, and up to 100% in telecommunications services and satellite communications. Such amendments are reflected in the LMTR and Mexico’s Ley de Inversión Extranjera, or Foreign Investment Law, and the Reglamento de la Ley de Inversión Extranjera y del Registro Nacional de Inversiones Extranjeras, or the Regulation of the Foreign Investment Law and the Foreign Investment National Registry. The Foreign Investment Law does not restrict foreign investment in programmers such as TVSA that make their programming channels available through free to air television. See “—Satellite Communications—Mexican Regulation of DTH Satellite Services”. Mexican Electoral Amendment In 2007, the Mexican Federal Congress published an amendment to the Mexican Constitution (referred to in this annual report as the 2007 Constitutional Amendment), pursuant to which, among other things, the Instituto Federal Electoral, or the Federal Electoral Institute, or IFE, has the exclusive right to manage and use the Official Television Broadcast Time (referred to in this annual report as Official Broadcast Time). In February 2014, the Mexican Federal Congress approved a Constitutional amendment creating the Instituto Nacional Electoral, or the National Electoral Institute, or INE, which replaced the IFE. The INE has the same functions and capabilities as the former IFE and regulates the services of television in the same manner, except that the INE has a relevant participation in the electoral campaigns in federal, state and local procedures by distributing the Official Broadcast Time among the political parties. The INE has the exclusive right to use the Official Broadcast Time for its own purposes and for the use of political parties in Mexico (as provided in the Mexican Constitution) for self-promotion and, when applicable, to promote their electoral campaigns during election day, pre-campaign and campaign periods. The INE and the political parties must comply with certain requirements included in the 2007 Constitutional Amendment for the use of Official Broadcast Time. During federal electoral periods, the INE will be granted, per the 2007 Constitutional Amendment, 48 minutes per day in each radio station and television channel, to be used during pre-campaign periods in two and up to three minutes per broadcast hour in each radio station and television channel, of which all the political parties will be jointly entitled to use one minute per broadcast hour. During campaign periods, at least 85% of the 48 minutes per day, shall be allocated among the political parties, and the remaining 15% may be used by the INE for its own purposes. During non-electoral periods, the INE will be assigned with up to 12% of the Official Broadcast Time, half of which shall be allocated among the political parties. In the event that local elections are held simultaneously with federal elections, the broadcast time granted to the INE shall be used for the federal and the local elections. During any other local electoral periods, the allocation of broadcast time will be made pursuant to the criteria established by the 2007 Constitutional Amendment and as such criteria are reflected in applicable law. 58 Table of Contents In addition to the foregoing, pursuant to the 2007 Constitutional Amendment political parties are forbidden to purchase or acquire advertising time directly or through third parties, from radio or television stations; likewise, third parties shall not acquire advertising time from radio or television stations for the broadcasting of advertisements which may influence the electoral preferences of Mexican citizens, nor in favor or against political parties or candidates to offices elected by popular vote. Telecom and Broadcasting Regulations On December 20, 2024, the Executive Branch published in the Official Gazette of the Federation the Constitutional Amendment, dissolving seven autonomous authorities, including COFECE and IFT. On July 16, 2025, the Mexican Federal Antitrust Law (Ley Federal de Competencia Económica) and, on the same date, the LMTR was published, repealing the LFTR in force since 2014. On October 16, 2025, the CNA was created as a decentralized authority organized under the Ministry of Economy (Secretaría de Economía), with operational and technical autonomy. Similarly, on October 17, 2025, the CRT started operations as the sole authority in telecommunications and broadcasting, assuming the attributions, obligations and powers of the extinct IFT, with the exception of antitrust proceedings, which are continued by the CNA. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch through the ATDT. The CRT is empowered, among other things, to (i) oversee the Mexican telecommunications (including cable and satellite pay-TV) and broadcasting (television and radio) industries, except for antitrust matters related to these industries; (ii) set limits to national and regional frequencies that can be exploited by a concession holder, or to the cross-ownership of telecommunications, television or radio businesses that serve the same market or geographical zone that may include the divestment of certain assets to comply with such limits; (iii) oversight and verify asymmetric regulation measures; (iv) grant and revoke telecommunications, television and radio concessions; (v) approve any assignment or transfer of control of such concessions; (vi) revoke a concession for various reasons; and (vii) determine the payment to be made to the government for the granting of concessions. Concessions for the use of spectrum will only be granted through public bid processes. On March 7, 2014, the former IFT published in the Official Gazette of the Federation an invitation to a public auction for the concession for the two National Digital Networks which would be granted for a term of 20 years for the operation of stations with, among other characteristics, mandatory geographic coverage in 123 locations corresponding to 246 channels within the Mexican territory. In March 2015, the former IFT issued its ruling announcing Grupo Radio Centro and Imagen Television as winning bidders for two free to air broadcasting licenses with separate national coverage. Imagen Television has completed the process and received its license. However, since Grupo Radio Centro failed to pay the amount they bid for their free to air broadcasting license, the former IFT’s ruling announcing them as a winning bidder was declared null and void and they will not receive the license. As a result, the auction of the portion of the spectrum that was going to be assigned to Grupo Radio Centro took place during 2017. The new bid was for 148 channels for Digital Terrestrial Television, including at least 123 channels that were not allocated in the IFT-1 bidding process for the two national digital broadcast television networks. At the end of the process, offers were received for 32 channels located in 29 different coverage areas, located in 17 States and covering about 45% of the country’s total population. The bidding process concluded in December 2017 with the issuance of the corresponding concession titles in favor of Compañía Periodística Sudcaliforniana, S.A. de C.V., Comunicación 2000, S.A. de C.V., Francisco de Jesús Aguirre Gómez, Intermedia de Chihuahua, S.A. de C.V., José Guadalupe Manuel Trejo García, Multimedios Televisión, S.A. de C.V., Quiero Media, S.A. de C.V., Radio Comunicación Gamar, S.A. de C.V., Radio Operadora Pegasso, S.A. de C.V., Radio-Televisión de Nayarit, S.A. de C.V., Tele Saltillo, S.A. de C.V., Televisión Digital, S.A. de C.V. and Telsusa Televisión México, S.A. de C.V. See “Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment.” Access to information and communication technologies, as well as broadcasting and telecommunications services (including broadband), is established as a constitutional right. The telecom regulation further requires that such information be diverse and timely, and that any person may search, receive and disclose information and ideas of any kind through any media. Among other things, the LMTR contemplates the right of audiences to be able to receive content that reflects ideological pluralism, and to have the right to replicate the news. The telecom regulation permits 100% foreign ownership in satellite and telecommunications services concessions and increases to up to 49% the level of permitted foreign ownership in television and radio services concessions, subject to reciprocity of the originating foreign investment country. The Foreign Investment Law does not restrict foreign investment in programmers such as TVSA that make their programming channels available through free to air television. 59 Table of Contents Starting on September 10, 2013, concessionaries of broadcast services have been required to permit pay-TV concessionaries to retransmit broadcast signals, free of charge and without discrimination, within the same geographic coverage area simultaneously and without modifications, including advertising, and with the same quality of the broadcast signal, except in certain specific cases provided in the telecom regulation. Also, since September 10, 2013, our pay-TV licensees are required to retransmit broadcast signals of others, free of charge and on a non-discriminatory basis, subject to certain exceptions and additional requirements provided for in the Telecom Reform. On February 27, 2014, the Guidelines were published in the Official Gazette of the Federation, which include, among other obligations, the obligation of concessionaries of broadcast television licenses to permit the retransmission of their broadcast signals and the obligation of pay-TV concessionaries to allow such retransmission (without requiring the prior consent of the broadcast television concessionaries) in the same geographic coverage zone for free (subject to certain exceptions) and in a non-discriminatory manner in its entirety, simultaneously and without modifications by the broadcasting concessionaire, including advertising, and with the same quality of the broadcast signal without requiring consent from the broadcast television concessionaries. The National Development Plan includes a program for installing broadband connections in public facilities, which would identify the number of sites to be connected per year to promote access to broadband in public buildings dedicated to investigation, health, education, social services and in other facilities owned by the government. See “Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment”. The LMTR establishes a renewal procedure that would result in the granting of a renewal of an integrated sole concession (when involving radio-electric spectrum or orbital resources, a concession to exploit such spectrum is required) in order to provide telecommunications and broadcasting services. The integrated sole concession would be awarded for renewable 30-year terms. Renewal of integrated sole concessions require, among others: (i) to request its renewal to CRT within the year prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LMTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by CRT. CRT shall resolve any request for renewal of the concessions within 180 business days of its request. Failure by CRT to respond within such period of time shall be interpreted as if the request for renewal has been granted. The LMTR also contemplates that concession holders that operate a public network of telecommunications must: (i) abstain from charging long distance fees for calls made by users to any national destination; (ii) if there was no other concession holder providing similar services in a certain territory, the concession holder providing the service in such territory shall have to continue providing the services; and (iii) concession holders must adopt the open architecture designs for the network to guarantee the interconnection and interoperation of their network. The LMTR establishes the maximum amount of time that a concession holder providing broadcasting services with commercial purposes can use for commercial advertising. The maximum amount of advertising time is set at 18% of the total broadcasting time for each television channel (such percentage may be increased as described in “—Television—Mexican Television Regulations—Restrictions on Advertising”). The LMTR establishes that those concession holders providing broadcasting services shall offer broadcasting services and advertising spaces to any person or corporation that requires them on a non-discriminatory basis and on market terms granting the terms, packages, conditions, and rates in force at the time of the request. Additionally, the law provides that balance shall be maintained between advertising and programming. Advertising shall be subject to several rules, including the maximum time allowed for advertising (i.e., 18% of the total available time per channel in free to air television; and six minutes per hour on pay-television and audio). However, in free to air television, the time allowed for advertising can be increased by an additional 2% when at least 20% of the content aired is national production. Another 5% of advertisement time can be added when at least 20% of the content aired is independent national production. There are no restrictions on maximum rates. 60 Table of Contents Significant Subsidiaries The table below sets forth our significant subsidiaries and significant investee as of December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ Jurisdiction of ​ ​ ​ ​ ​ ​ Organization or ​ Percentage Name of Significant Subsidiary ​ ​ ​ Incorporation ​ ​ ​ Ownership(1) Telecom: ​ ​ ​ ​ Corporativo Vasco de Quiroga, S.A. de C.V. (CVQ) (3) Mexico 100.0 % Cablestar, S.A. de C.V. (2) (4) Mexico 66.4 % Empresas Cablevisión, S.A.B. de C.V. (5) (6) Mexico 51.5 % Cablemás subsidiaries (7) Mexico 100.0 % Televisión Internacional, S.A. de C.V. (6) Mexico 100.0 % Sky DTH, S.A. de C.V. (8) Mexico 100.0 % Innova Holdings, S. de R.L. de C.V. (8) Mexico 100.0 % Innova, S. de R.L. de C.V. (Innova)(9) Mexico 100.0 % Other corporate operations: ​ ​ ​ Multimedia Telecom, S.A. de C.V. (10) Mexico 100.0 % Grupo Telesistema, S.A. de C.V. (11) ​ Mexico ​ 100.0 % Significant Investee: ​ ​ ​ ​ ​ TelevisaUnivision, Inc. (TU) (10) ​ United States of America ​ 43.2 % (1) Percentage of equity owned by us directly or indirectly through subsidiaries. (2) While this subsidiary is not a significant subsidiary within the meaning of Rule 1-02(w) of Regulation S-X under the Securities Act, we have included it in the table above to provide a more complete description of our operations. (3) Direct subsidiary through which we conduct our Telecom operations. (4) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. through which, together with México Red de Telecomunicaciones, S.A. de C.V., we conduct the Enterprise operations of our Telecom segment. (5) Indirect subsidiary through which we own our equity interest in Cablevisión, S.A. de C.V. (6) One of two indirect subsidiaries through which, together with the Cablemás subsidiaries, we primarily conduct our Residential services. (7) The Cablemás subsidiaries are directly or indirectly owned by CVQ. (8) One of two subsidiaries through which we own our equity interest in Innova. (9) Indirect subsidiary through which we conduct our Satellite services. (10) TelevisaUnivision, Inc. has been included as a significant investee pursuant to Rule 3-09 of Regulation S-X. The Company and its subsidiary Multimedia Telecom, S.A. de C.V. directly own shares in the capital stock of TelevisaUnivision, Inc. (11) Direct subsidiary, which carries out certain corporate operations of the Company. 61 Table of Contents Property, Plant and Equipment Broadcasting, Office and Production Facilities. Our properties consist primarily of broadcasting, production facilities, television and repeater stations, technical operations facilities, workshops, studios and office facilities, most of which are located in Mexico. Some of these properties are currently leased to TelevisaUnivision or its subsidiaries as part of the TelevisaUnivision Transaction. We own most of our properties or lease offices and facilities through indirect wholly owned and majority owned subsidiaries. There are no major encumbrances on any of our properties and we currently do not have any significant plans to construct any new properties or expand or improve our existing properties. Our principal offices, which we own, are located in Santa Fe in Mexico City. Residential, Satellite and Enterprise services are primarily conducted in Mexico. As of December 31, 2025, our properties represented approximately 4.46 million square feet of space, of which over 3.35 million square feet are located in Mexico City and the surrounding areas, and approximately 0.64 million square feet are located outside of Mexico City and the surrounding areas. We currently own approximately 4.46 million square feet of space, 2.27 million of which are leased to TelevisaUnivision, including the television stations, four locations in Mexico City, 14 studios in San Angel, three studios in Santa Fe and one studio in Rojo Gomez and 12 studios located in Chapultepec. We also own other properties used in connection with our operations, including a training center, technical operations facilities, studios, workshops, television and repeater stations, and office facilities, part of which are leased to TelevisaUnivision or its subsidiaries. We also own or lease over a total of 27,777 square feet in properties in the United States, Latin America, Spain and Switzerland in connection with our operations there. We own or lease all of these properties through indirect wholly owned and majority owned subsidiaries. The following table summarizes our real estate and lease agreements in the United States, Latin America, Spain and Switzerland. ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Operations ​ ​ ​ Properties ​ ​ ​ Location Television and news activities ​ Leased properties 3 Madrid, Spain(1) ​ ​ Castellón, Spain(1) ​ ​ ​ ​ Zug, Switzerland(1) DTH ​ ​ Leased properties 7 San José, Costa Rica(1) ​ ​ Guatemala(1) ​ ​ Nicaragua(1) ​ ​ Panamá(1) ​ ​ San Salvador(1) ​ ​ Honduras(1) ​ ​ ​ ​ Dominican Republic(1) Telephony ​ ​ Leased properties 1 Laredo, Texas(1) ​ 62 Table of Contents Satellites. We currently use transponder capacity on ten satellites: Eutelsat 117 West A (formerly Satmex 8), which reaches Mexico, the United States, Latin America, and the Caribbean; Eutelsat 115 West A (formerly Satmex 5), which reaches Mexico, the United States and Latin America; IS-34, which reaches North America, Western Europe, Latin America and the Caribbean; we performed a migration from Galaxy 16 (formerly Galaxy IVR) to Galaxy 35, which reaches Mexico, the United States and Canada; Galaxy 19, which reaches Mexico, the United States and Canada; we migrated back to Intelsat IS-35e from Eutelsat E9B, which reaches Western and Eastern Europe; SES-14 (formerly NSS-806), which reaches North America, Western Europe, Latin America and the Caribbean; IS-21, which reaches Central America, Mexico, the Southern United States and the Caribbean; IS-16, which reaches Central America, Mexico, the Southern United States and the Caribbean; and SM-1, which reaches Central America, Mexico, the Southern United States and the Caribbean. In March 2010, Sky reached an agreement with a subsidiary of Intelsat to lease 24 transponders on the Intelsat IS-21 satellite which is mainly used for signal reception and retransmission services over the satellite’s estimated 15-year service life. IS-21 started service in the third quarter of 2012, replacing Intelsat IS-9 as Sky’s primary transmission satellite. In April 2010, Intelsat released the IS-16 satellite, where Sky has an additional twelve transponders to deliver new DTH-HD channels and more DTH SD channels; this satellite is also a back-up satellite for our DTH venture operations. For a description of guarantees related to our DTH venture transponder obligations, see Note 14 to our consolidated year-end financial statements. Since 1996, we have been working with PanAmSat (now Intelsat) as our satellite services provider, which provided to the Company five Ku band transponders on Satellite PAS-3R, three of which were intended to be for DTH to Spain. We were required to pay an annual fee for each transponder of U.S.$3.1 million. Due to an exchange with three of five 54 MHz Ku Band transponders, until April 2, 2016, we had capacity on two 36 MHz C band transponders on Galaxy 16. In December 2005, we signed an extension with PanAmSat, for the use of three transponders on the PAS-3R satellite until 2009 and 2012 and two transponders on the Galaxy IVR (replaced by Galaxy 16) satellite until 2016. In October 2015, we signed a new contract with SES S.A. until June 2019 for the replacement of two transponders of Galaxy 16. The new contract included three transponders and a full-service migration to the new satellite, AMC-9. On June 17, 2017, AMC-9 experienced a technical issue that impacted the satellite and thus, we entered into a new contract until June 30, 2022 to transition the full service of 147 MHz to Intelsat’s satellites, Galaxy 16 and Galaxy 19. In December 2021, we renegotiated and renewed the contracts for the four transponders (147MHz) with Intelsat, which expire on June 30, 2026. In February 2024, the impact of 5G technology in the U.S. forced us to make an early negotiation of the service contracts on the Intelsat satellites Galaxy 16 and Galaxy 19, allowing us to migrate the four transponders to satellite Galaxy 35 and Galaxy 19 on frequencies not affected by 5G, until February 2030. In February 2007, Intelsat renamed some of its satellite fleet acquired with its 2006 merger with PanAmSat: current names for PAS-9 and PAS-3R are IS-9 and IS-3R, respectively. Intelsat kept the name of Galaxy 16. In December 2007, Sky and Sky Brasil reached an agreement with Intelsat Corporation and Intelsat LLC to build and launch a new 24-transponder satellite, IS-16, for which service will be dedicated to Sky and Sky Brasil over the satellite’s estimated 15-year life. The satellite was successfully launched in February 2010 and started operations in April 2010. In the third quarter of 2013, Sky entered into an agreement with DirecTV for the acquisition and launch of the SM-1 satellite, which was successfully launched in May 2015 and started operations on June 2015. See Note 12 to our consolidated year-end financial statements. In August 2009, the contract on two remaining transponders of the IS-3R satellite expired (end of life of the satellite). We negotiated a new contract for the transponder on the IS-905 satellite until August 31, 2015, for the distribution of our content in Europe. In September 2015, the contract was renewed with Intelsat until August 2018. Migration from IS-905 to IS-35e took place from June to August 2018, and we renewed the contract with Intelsat from November 1, 2018 until October 31, 2021. We negotiated a new contract with Eutelsat and migrated from IS-35e to Eutelsat E9B. The new contract expired on December 31, 2024. We negotiated a new contract with Intelsat and migrated from Eutelsat E9B to IS-35e. The new contract will expire on December 31, 2027. We renewed the contract with satellite IS-34 until November 30, 2025. IS-11 (formerly known as PAS-11) ended its life in November 2022. The migration between IS-11 to satellite IS-34 started on August 1, 2022 and ended on November 30, 2025. Starting in December 2025, the contracted satellite capacity on the IS-34 satellite was reduced by 50%. In February 2012, we renewed the contract with Satélites Mexicanos, S.A. de C.V., or Satmex, on Satmex 5 until January 31, 2015. In March 2014, Satélites Mexicanos, S.A. de C.V. was renamed Eutelsat Americas, as a part of Eutelsat Group. In February 2015, we renewed our contracts with Eutelsat Americas until January 2018, and also contracted for a new transponder on Eutelsat 117 West A from April 2015 until March 2018. In February and April 2018, we renewed our contracts with Eutelsat America until December 2022. In January 2019, we contracted for a new transponder on Eutelsat 117 West A from January 2019 until December 2021. In August 2020, we renegotiated and renewed the contracts for the three transponders with Eutelsat America until December 2024. In October 2024, we negotiated a new contract for only two transponders with Eutelsat America (Satelites Mexicanos S.A. de C.V.) until December 31, 2027. 63 Table of Contents On March 1, 2002, we contracted a half Ku Band transponder on Satmex Solidaridad II until April 30, 2005, On May 1, 2005, the contract was renewed with Satmex until April 2006. On May 1, 2006, the contract was renewed with Satmex until December 2008. On January 1, 2009, the contract was renewed with Satmex until December 31, 2011. On January 1, 2012, the contract was renewed with Satmex until December 31, 2014. the Eutelsat Group completed the acquisition of the Mexican company Satmex. Since March 2014, the company operates under the name Eutelsat Americas. On January 1, 2015, the contract was renewed with Eutelsat Americas E117WA until December 31, 2017. On January 1, 2018, the contract was renewed with Eutelsat Americas E115WA until March 14, 2020. On March 15, 2020, the contract was renewed with Eutelsat America until March 14, 2023. On March 15, 2023, the contract was renewed with Eutelsat America until March 14, 2026. On March 15, 2026, the contract was renewed with Eutelsat America until March 14, 2029. On November 15, 2016, we contracted a half transponder on SES NSS-806 until January 31, 2018. On September 5, 2018, SES NSS-806 was replaced with SES-14 and the contract was renewed with SES until January 31, 2019. On February 1, 2019, the contract with SES was renewed until January 31, 2020. In this renewal, the bandwidth was decreased from 18 MHz to 6 MHz. On February 1, 2020, the contract was renewed with SES until January 31, 2021. On February 1, 2021, the contract was renewed with SES until January 31, 2022. The bandwidth remained at 6 MHz. This contract was renewed with SES until January 31, 2024, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2025, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2026, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2029, with the bandwidth under the contract remaining at 6 MHz. With several new domestic and international satellites having been launched recently, and with several others scheduled for launch in the next few years, including those scheduled for launch by Intelsat, Eutelsat Americas (formerly Satmex) and SES, we believe that we will be able to secure satellite capacity to meet our needs in the future, although no assurance can be given in this regard. Insurance. We maintain comprehensive insurance coverage for our offices, equipment, transmission lines networks and other properties for risks including fire, earthquake, flooding, storm, and other similar events and the resulting business interruption losses, subject to some limitations. In addition, we maintain a cyber-insurance policy that covers certain types of cyber-related losses. We do not maintain insurance for our DTH business in case of loss of satellite transmission. We cannot provide any assurance that our insurance coverage is sufficient to cover any losses that we may sustain, or that we will be able to successfully claim our losses under our insurance policies on a timely basis or at all. If we incur any loss not covered by our insurance policies, or the compensated amount is significantly less than our actual loss or is not timely paid, our business, financial condition and results of operations could be materially and adversely affected.