You should read the following discussion together with our consolidated year-end financial statements and the accompanying notes, which appear elsewhere in this annual report. This annual report contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this annual report, particularly in “Key Information—Risk Factors”. See “Key Information—Forward-Looking Statements and Risk Factors Summary” for further discussion of the risks and uncertainties inherent in forward-looking statements. In addition to the other information in this annual report, investors should consider carefully the following discussion, and the information set forth under “Key Information—Risk Factors” before evaluating us and our business. Spin-off of Certain Businesses of Our Other Businesses Segment On October 27, 2022, our Board of Directors approved a proposal to spin-off most of the businesses of our former Other Businesses segment (the “Spun-off Businesses”), which was approved by our shareholders at the meeting held on April 26, 2023. This proposal was carried out through a spin-off (the “Spin-off”), which became effective on January 31, 2024, creating Ollamani, which holds the Spun-off Businesses and, at the time of the Spin-off, had the same shareholding structure as the Company. We and Ollamani obtained all required corporate and regulatory authorizations and Ollamani began trading separately from the Company on the Mexican Stock Exchange on February 20, 2024. 64 Table of Contents Preparation of Financial Statements As required by regulations issued by Comisión Nacional Bancaria y de Valores, or the Mexican Banking and Securities Commission (“CNBV”), for listed companies in Mexico, our financial information is presented in accordance with the IFRS Accounting Standards as issued by the IASB for financial reporting purposes. Our consolidated financial statements for the years ended December 31, 2024 and 2023 have been prepared to present the discontinued operations following the Spin-off effective on January 31, 2024. Beginning in the fourth quarter of 2025, we present the operating results of our Cable and Sky businesses as a single reportable segment, Telecom, with three categories of revenues: Residential, Satellite, and Enterprise. This change in segment reporting is a result of organizational changes that integrated the operations of our Cable and Sky businesses into one single business, and that the chief operating decision maker now analyzes the results of our operation, makes decisions and assigns resources to it as a single business. The changes identified included: (i) the designation of a chief executive officer and a chief financial officer of our Cable and Sky businesses as a single business; and (ii) a restructuring and integration process of our Cable and Sky businesses 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 operating and administrative areas. 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 period presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (Millions of Pesos)(1) Revenues ​ Ps. 58,878.2 ​ Ps. 62,260.9 ​ Ps. 66,222.8 Cost of sales ​ (36,394.8) ​ (41,117.1) ​ (43,297.4) Selling expenses ​ (7,721.8) ​ (8,815.2) ​ (8,848.2) Administrative expenses ​ (9,522.9) ​ (10,592.6) ​ (11,305.6) Other expense, net ​ (1,013.8) ​ (4,554.9) ​ (913.8) Operating income (loss) ​ 4,224.9 ​ (2,818.9) ​ 1,857.8 Finance expense, net ​ (4,140.3) ​ (4,695.1) ​ (4,845.9) Share of loss of associates and joint ventures, net ​ (1,088.1) ​ (182.6) ​ (4,086.6) Income taxes ​ (7,931.5) ​ (688.6) ​ (2,360.7) Net loss from continuing operations ​ (8,935.0) ​ (8,385.2) ​ (9,435.4) Income from discontinued operations, net ​ ​ — ​ ​ 56.8 ​ ​ 628.1 Net loss ​ ​ (8,935.0) ​ ​ (8,328.4) ​ ​ (8,807.3) (Income) loss attributable to non-controlling interests ​ (233.3) ​ 62.9 ​ 384.6 Net loss attributable to stockholders of the Company ​ Ps. (9,168.3) ​ Ps. (8,265.5) ​ Ps. (8,422.7) (1) Certain data set forth in the table above may vary from the corresponding data set forth in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 included in this annual report due to differences in rounding. 65 Table of Contents Results of Operations For presentation purposes, our segment cost of sales, selling expenses, and administrative expenses for the years ended December 31, 2025, 2024 and 2023 exclude corporate expenses and depreciation and amortization, which are presented as separate line items. ​ The following table shows the reconciliation between our operating segment income and consolidated operating income or loss under IFRS Accounting Standards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (Millions of Pesos)(1) Revenues ​ Ps. 58,878.2 ​ Ps. 62,260.9 ​ Ps. 66,222.8 Segment cost of sales (2) ​ (22,089.2) ​ (24,761.5) ​ (25,781.1) Segment selling expenses (2) ​ (7,578.7) ​ (8,654.8) ​ (8,610.6) Segment administrative expenses (2) ​ (6,362.2) ​ (5,841.7) ​ (6,921.0) Intercompany operations (3) ​ 173.8 ​ 155.0 ​ 120.4 Operating segment income (4) ​ 23,021.9 ​ 23,157.9 ​ 25,030.5 Corporate expenses ​ (448.9) ​ (756.0) ​ (1,031.2) Intercompany operations (3) ​ ​ (173.8) ​ ​ (155.0) ​ ​ (120.4) Depreciation and amortization ​ (17,160.5) ​ (20,510.9) ​ (21,107.3) Other expense, net ​ (1,013.8) ​ (4,554.9) ​ (913.8) Operating income (loss) (5) ​ Ps. 4,224.9 ​ Ps. (2,818.9) ​ Ps. 1,857.8 (1) Certain data set forth in the table above may vary from the corresponding data set forth in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 included in this annual report due to differences in rounding. (2) Segment cost of sales excluded depreciation and amortization in the amount of Ps.14,305.6 million, Ps.16,355.6 million and Ps.17,516.3 million in 2025, 2024 and 2023, respectively. Segment selling expenses excluded depreciation and amortization in the amount of Ps.143.1 million, Ps.160.4 million and Ps.237.6 million in 2025, 2024 and 2023, respectively. Segment administrative expenses excluded corporate expenses in the amount of Ps.448.9 million, Ps.756.0 million and Ps.1,031.2 million in 2025, 2024 and 2023, respectively, and depreciation and amortization in the amount of Ps.2,711.8 million, Ps.3,994.9 million and Ps.3,353.4 million in 2025, 2024 and 2023, respectively. (3) Intercompany operations related to intercompany leases that were not eliminated at the operating segment income level. (4) The operating segment income data set forth in this annual report does not include corporate expenses, depreciation and amortization, and other expense, net, in any year presented but are presented herein to facilitate the discussion of our Telecom segment results. (5) Consolidated operating income (loss) reflects corporate expenses, intercompany operations, depreciation and amortization, and other expense, net, in the years presented. See Note 26 to our consolidated year-end financial statements. The following table presents the results for each of our revenue streams and our single business segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31,(1) Revenues ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Residential 71.6 % 69.0 % 66.6 % Satellite 21.1 24.1 26.6 ​ Enterprise 7.3 ​ 6.9 ​ 6.8 ​ Telecom revenues 100.0 % 100.0 % 100.0 % ​ 66 Table of Contents The following table presents our consolidated operating income or loss as a percentage of our total consolidated revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31,(1) ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Revenues ​ ​ ​ ​ Segment cost of sales (2) 37.5 % 39.8 % 38.9 % Segment selling expenses (2) 12.9 13.9 13.0 ​ Segment administrative and corporate expenses (2) 11.6 10.6 12.0 ​ Depreciation and amortization 29.1 32.9 31.9 ​ Other expense, net 1.7 7.3 1.4 ​ Consolidated operating income (loss) 7.2 (4.5) 2.8 ​ Total consolidated revenues 100.0 % 100.0 % 100.0 % (1) Certain data set forth in these tables may vary from the corresponding data set forth in our consolidated year-end financial statements due to differences in rounding. See Note 26 to our consolidated year-end financial statements. (2) Excluding depreciation and amortization. Preponderant Economic Agent Status For a discussion of the consequences regarding IFT’s March 6, 2014 decision determining that we, together with other entities with concessions to provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico 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”. For a discussion regarding the opportunities and options for us as a result of IFT’s determination that Grupo Carso, S.A.B de C.V., Grupo Financiero Inbursa, S.A.B. de C.V., and other entities are preponderant economic agents in the telecommunications market in Mexico see “Information on the Company—Business Overview—Business Strategy—Expanding our Business in the Mexican Telecommunications Markets by Taking Advantage of the Telecom Reform and Implementing Legislation”. ​ 67 Table of Contents Results of Operations for the Year Ended December 31, 2025, Compared to the Year Ended December 31, 2024 RESULTS OF OPERATIONS Revenues ​ The following table presents full year consolidated results ended December 31, 2025 and 2024, for each of our revenue categories, in millions of Mexican pesos. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ 2025 ​ ​ ​ % ​ ​ ​ 2024 ​ ​ ​ % ​ ​ ​ Change % Residential Ps. 42,181.6 71.6 ​ Ps. 42,960.4 69.0 (1.8) Satellite 12,397.0 21.1 ​ 15,034.7 24.1 (17.5) Enterprise 4,299.6 7.3 ​ 4,265.8 6.9 0.8 Total Revenues Ps. 58,878.2 100.0 ​ Ps. 62,260.9 100.0 (5.4) ​ Revenues decreased by 5.4% to Ps.58,878.2 million in 2025 compared with Ps.62,260.9 million in 2024. This decrease was mainly due to the revenue decline in Satellite services. Residential Revenues Residential revenues are derived from the provision of cable and telecommunication services, as well as advertising revenues. Revenues relating to pay-TV services generally consist of monthly subscription fees for basic and premium service packages, fees charged for pay-per-view programming as well as monthly rental and one-time installation fees, broadband internet and telephone services subscription. Revenues relating to pay-TV advertising consist of revenues from the sale of advertising on certain companies in the residential services. Rates are based on the day and time the advertising is aired, as well as the type of programming in which the advertising is aired. Pay-TV subscription and advertising rates are adjusted periodically in response to inflation and in accordance with market conditions. Residential revenues represented 71.6% and 69.0% of our total revenues for the years ended December 31, 2025 and 2024, respectively, and decreased by Ps.778.8 million, or 1.8%, to Ps.42,181.6 million for the year ended December 31, 2025, from Ps.42,960.4 million for the year ended December 31, 2024. Total revenue generating units, or RGUs, of about 15.5 million for the year ended December 31, 2025. Total net additions for the year ended December 31, 2025, increased 335.2 thousand RGUs, primarily driven by an increase of 318.9 thousand mobile RGUs, 169.4 thousand voice RGUs, and 46.9 thousand broadband RGUs. On the other hand, we lost 199.9 thousand video RGUs. The following table sets forth the breakdown of RGUs per service type for our Residential Services as of December 31, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Video 3,646,569 3,846,518 Broadband (data) 5,673,123 5,626,206 Voice 5,552,313 5,382,949 Mobile 652,860 333,973 RGUs 15,524,865 15,189,646 ​ Satellite Revenues Satellite revenues are primarily derived from program services, activation fees and equipment rental to subscribers, national advertising revenues and broadband internet services, and telephone services to its subscribers. Satellite revenues represented 21.1% and 24.1% of revenues for the years ended December 31, 2025 and 2024, respectively, and decreased by Ps.2,637.7 million, or 17.5%, to Ps.12,397.0 million for the year ended December 31, 2025, from Ps.15,034.7 million for the year ended December 31, 2024. 68 Table of Contents Total disconnections for the year ended December 31, 2025, were approximately 1.3 million RGUs, driven mainly by decreases of 1.2 million video RGUs and 125.5 thousand broadband RGUs. In addition, we lost 5.9 thousand mobile RGUs. The following table presents the breakdown of RGUs by service type for Satellite Services as of December 31, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Video 3,516,196 4,696,038 Broadband (data) 225,376 350,885 Voice 149 197 Mobile 9,631 15,501 RGUs 3,751,352 5,062,621 ​ Enterprise Revenues Enterprise revenues are derived primarily from providing data and long-distance services solutions to carriers and other telecommunications service providers through a fiber-optic network. Enterprise revenues represented 7.3% and 6.9% of revenues for the years ended December 31, 2025 and 2024, respectively, and increased by Ps.33.8 million, or 0.8%, to Ps.4,299.6 million for the year ended December 31, 2025, from Ps.4,265.8 million for the year ended December 31, 2024. This increase was due to new contracts with customers that generated revenues for interconnected network and internet services. Cost of Sales Cost of sales decreased by Ps.2,672.3 million, or 10.8%, to Ps.22,089.2 million for the year ended December 31, 2025, from Ps.24,761.5 million for the year ended December 31, 2024. The decrease mainly reflects lower programming costs, personnel costs, leases and services costs and signal costs, offset by an increase in network interconnection costs. Selling Expenses Selling expenses decreased by Ps.1,076.1 million, or 12.4%, to Ps.7,578.7 million for the year ended December 31, 2025, from Ps.8,654.8 million for the year ended December 31, 2024. The decrease reflects lower personnel costs and promotion costs. Administrative and Corporate Expenses Administrative and corporate expenses increased by Ps.213.4 million, or 3.2%, to Ps.6,811.1 million for the year ended December 31, 2025, from Ps.6,597.7 million for the year ended December 31, 2024. The increase mainly reflects higher personnel and fee expenses, offset by a decrease in leases and services costs, as well as maintenance costs. Corporate expenses decreased by Ps.307.1 million, or 40.6%, to Ps.448.9 million in 2025, from Ps.756.0 million in 2024. The decrease primarily reflected a decline in share-based compensation expense, which was partially offset by an increase in other corporate expense. Share-based compensation expense in 2025 and 2024 was Ps.373.5 million and Ps.488.8 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period. Operating Segment Income Operating segment income decreased by Ps.136.0 million, or 0.6% to Ps.23,021.9 million, compared to Ps.23,157.9 million in 2024. The margin reached 39.1%, a year-over-year increase of approximately 190 basis points. 69 Table of Contents Depreciation and Amortization Depreciation and amortization expense decreased by Ps.3,350.4 million, or 16.3%, to Ps.17,160.5 million for the year ended December 31, 2025, from Ps.20,510.9 million for the year ended December 31, 2024. Other Expense, Net Other expense, net, decreased by Ps.3,541.1 million, or 77.7%, to Ps.1,013.8 million for the year ended December 31, 2025, from Ps.4,554.9 million for the year ended December 31, 2024. This decrease reflected primarily: (i) the absence in 2025 of impairment adjustments recognized in the fourth quarter of 2024 in connection with goodwill, intangible assets and other long-lived assets; (ii) the absence in 2025 of a write-off made in 2024 of unrecoverable indirect taxes; (iii) the absence in 2025 of provisions made in 2024 for legal expenses; (iv) the absence in 2025 of surcharges recognized in 2024 for payments of income taxes from prior years; (v) lower non-recurring severance expenses in connection with headcount reductions; and (vi) an insurance claim recovery. These favorable variances were partially offset primarily by the absence in 2025 of a non-cash gain on the sale of property to certain companies in our former Other Businesses segment that we recognized on January 31, 2024, in connection with the spin-off that we carried out on that date. Finance Expense, Net Finance expense, net, significantly impacts our consolidated financial statements in periods of currency fluctuations. Under IFRS Accounting Standards, finance income or expense, net, reflects: ● interest expense; ● interest income; ● foreign exchange gain or loss attributable to monetary assets and liabilities denominated in foreign currencies; and ● other finance income or expense, net, including gains or losses from derivative instruments. Our foreign exchange position is affected by our assets or liabilities denominated in foreign currencies, primarily U.S. dollars. We record a foreign exchange gain or loss if the exchange rate of the Mexican peso to the other currencies in which our monetary assets or liabilities are denominated varies. Finance expense, net, decreased by Ps.554.8 million, or 11.8%, to Ps.4,140.3 million for the year ended December 31, 2025, from Ps.4,695.1 million for the year ended December 31, 2024. This decrease reflected (i) a Ps.466.9 million decrease in interest expense, primarily in connection with a lower average principal amount of debt, and a lower average U.S. dollar exchange rate for the year ended December 31, 2025; and (ii) a Ps.1,236.4 million favorable change in foreign exchange gain or loss, net, resulting primarily from a 13.7% appreciation of the Mexican peso against the U.S. dollar on a lower average U.S. dollar-denominated net liability position for the year ended December 31, 2025, compared with a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net liability position for the year ended December 31, 2024. These favorable variances were partially offset by (i) a Ps.677.1 million decrease in interest income, explained primarily by lower interest rates applicable to our cash equivalents in Mexican pesos and U.S. dollars in 2025, and a lower average U.S. dollar exchange rate applicable to our interest income from U.S. dollar cash equivalents for the year ended December 31, 2025; and (ii) a Ps.471.4 million decrease in other finance income, net, resulting from a lower gain in fair value of our derivatives contracts for the year ended December 31, 2025. Share of Loss of Associates and Joint Ventures, Net This line item reflects our equity participation in the operating results and net assets of unconsolidated businesses in which we maintain an interest (significant influence or joint control), but which we do not control. We recognize equity in losses of associates and joint ventures up to the amount of our initial investment, subsequent capital contributions and long-term loans, or beyond that amount when we have made guaranteed commitments in respect of obligations incurred by associates and joint ventures. 70 Table of Contents Share of loss of associates and joint ventures, net, increased by Ps.905.5 million, to Ps.1,088.1 million for the year ended December 31, 2025, from Ps.182.6 million for the year ended December 31, 2024. This increase reflected a higher share of loss of TelevisaUnivision, Inc. (“TelevisaUnivision”) for the year ended December 31, 2025. Share of loss of associates and joint ventures, net, for the year ended December 31, 2025, included primarily our share of loss of TelevisaUnivision. During 2025, TelevisaUnivision recognized non-recurring non-cash charges to income, primarily in connection with write-offs of program rights, which resulted in our share of loss of TelevisaUnivision for that year. Income Taxes Income taxes increased by Ps.7,242.9 million, to Ps.7,931.5 million for the year ended December 31, 2025, from Ps.688.6 million for the year ended December 31, 2024. This increase reflected primarily (i) a non-cash write-off of deferred income tax assets in the amount of Ps.3,569.3 million, derived from capital tax losses that expired on that date; (ii) a non-cash write-off of deferred income tax assets in the amount of Ps.2,947.6 million, recognized in the fourth quarter of 2025, and derived from certain deductible temporary differences which are not expected to be used with available future taxable income; and (iii) the non-deductible tax effect of our share of loss of associates and joint ventures for the year ended December 31, 2025. The Mexican corporate income tax rate was 30% in each of the years 2025, 2024 and 2023. Net Income or Loss Attributable to Non-controlling Interests Net income or loss attributable to non-controlling interests reflects that portion of operating results attributable to the interests held by third parties in the businesses, which are not wholly-owned by us. Net income or loss attributable to non-controlling interests changed by Ps.296.2 million to a net income of Ps.233.3 million for the year ended December 31, 2025, compared with a net loss of Ps.62.9 million for the year ended December 31, 2024. This change reflected primarily the net income attributable to non-controlling interests for the year ended December 31, 2025. Net Loss Attributable to Stockholders of the Company Net loss attributable to stockholders of the Company amounted to Ps.9,168.3 million for the year ended December 31, 2025, from Ps.8,265.5 million for the year ended December 31, 2024. The increase of Ps.902.8 million, reflected: ● a Ps.7,242.9 million increase in income taxes, primarily in connection with non-cash write-offs of deferred income tax assets in the aggregate amount of Ps.6,516.9 million derived from both capital tax losses that expired on December 31, 2025, and certain deductible temporary differences which are not expected to be utilized with available future taxable income; ● a Ps.905.5 million increase in share of loss of associates and joint ventures, net; ● a Ps.296.2 million unfavorable change in net income or loss attributable to non-controlling interests; and ● the absence in 2025 of a Ps.56.8 million income from discontinued operations for the one-month period ended January 31, 2024, in connection with the Spin-Off that we carried out on that date. These favorable variances were partially offset by: ● a Ps.3,502.7 million increase in operating income before other expense; ● a Ps.3,541.1 million decrease in other expense, net; and ● a Ps.554.8 million decrease in finance expense, net. ​ 71 Table of Contents Results of Operations for the Year Ended December 31, 2024, Compared to the Year Ended December 31, 2023 RESULTS OF OPERATIONS Revenues The following table presents full year consolidated results ended December 31, 2024 and 2023, for each of our revenue lines and our business segment, in millions of Mexican pesos. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues: ​ ​ ​ 2024 ​ ​ ​ % ​ ​ ​ 2023 ​ ​ ​ % ​ ​ ​ Change % Residential Ps. 42,960.4 69.0 Ps. 44,110.9 66.6 (2.6) Satellite 15,034.7 24.1 17,582.2 26.6 (14.5) Enterprise 4,265.8 6.9 4,529.7 6.8 (5.8) Total Revenues Ps. 62,260.9 100.0 Ps. 66,222.8 100.0 (6.0) ​ Revenues decreased by 6.0% to Ps.62,260.9 million in 2024 compared with Ps.66,222.8 million in 2023. This decrease was mainly due to the revenue decline in Satellite services. Residential Revenues Residential revenues represented 69.0% and 66.6% of our total revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.1,150.5 million, or 2.6%, to Ps.42,960.4 million for the year ended December 31, 2024, from Ps.44,110.9 million for the year ended December 31, 2023. Total revenue generating units, or RGUs, of about 15.2 million for the year ended December 31, 2024. Total net change for the year ended December 31, 2024, decreased 207 thousand RGUs, due to decreases in our services of video and broadband. The following table sets forth the breakdown of RGUs per service type for our Residential Services as of December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 Video 3,846,518 4,059,494 Broadband (data) 5,626,206 5,678,431 Voice 5,382,949 5,351,145 Mobile 333,973 307,807 RGUs 15,189,646 15,396,877 ​ 72 Table of Contents Satellite Revenues Satellite revenues represented 24.1% and 26.6% of revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.2,547.5 million, or 14.5%, to Ps.15,034.7 million for the year ended December 31, 2024, from Ps.17,582.2 million for the year ended December 31, 2023. Total disconnections for the year ended December 31, 2024, were approximately 1.1 million RGUs. This was mainly driven by the loss of 871.4 thousand video RGUs and 181.2 thousand broadband and mobile net disconnections. In addition, closed the year with 97,809 video RGUs in Central America and the Dominican Republic. The following table presents the breakdown of RGUs by service type for Satellite Services as of December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 Video 4,696,038 5,567,426 Broadband (data) 350,885 515,089 Voice 197 344 Mobile 15,501 32,502 RGUs ​ 5,062,621 ​ 6,115,361 ​ Enterprise Revenues Enterprise revenues represented 6.9% and 6.8% of revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.263.9 million, or 5.8%, to Ps.4,265.8 million for the year ended December 31, 2024, from Ps.4,529.7 million for the year ended December 31, 2023. Cost of Sales Cost of sales decreased by Ps.1,019.6 million, or 4.0%, to Ps.24,761.5 million for the year ended December 31, 2024, from Ps.25,781.1 million for the year ended December 31, 2023. The decrease mainly reflects lower personnel costs, maintenance costs and signals costs, partially offset by an increase in leases and services costs. Selling Expenses Selling expenses increased by Ps.44.2 million, or 0.5%, to Ps.8,654.8 million for the year ended December 31, 2024, compared to Ps.8,610.6 million for the year ended December 31, 2023. This increase primarily reflects higher advertising and promotional expenses, as well as increased personnel-related costs. Administrative and Corporate Expenses Administrative and corporate expenses decreased by Ps.1,354.5 million, or 17.0%, to Ps.6,597.7 million for the year ended December 31, 2024, from Ps.7,952.2 million for the year ended December 31, 2023. The decrease mainly reflects lower expenses on leases and services and lower personnel costs. Corporate expenses decreased by Ps.275.2 million, or 26.7%, to Ps.756.0 million in 2024, from Ps.1,031.2 million in 2023. The decrease reflected primarily a lower share-based compensation expense, as well as a decrease in other non-allocated corporate expenses. Share-based compensation expense in 2024 and 2023 amounted to Ps.488.8 million and Ps.739.8 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period. Operating Segment Income Operating segment income decreased by Ps.1,872.6 million, or 7.5% to Ps.23,157.9 million, compared to Ps.25,030.5 million in 2023. The margin reached 37.2%, a year-over-year decrease of approximately 60 basis points. 73 Table of Contents Depreciation and Amortization Depreciation and amortization expense decreased by Ps.596.4 million, or 2.8%, to Ps.20,510.9 million for the year ended December 31, 2024, from Ps.21,107.3 million for the year ended December 31, 2023. Other Expense, Net Other expense, net, increased by Ps.3,641.1 million, to Ps.4,554.9 million in 2024, from Ps.913.8 million in 2023. This increase reflected primarily non-cash items including (i) non-cash impairment adjustments in connection with goodwill, intangible assets and other long-lived assets; (ii) a non-cash loss on disposal of property and equipment; (iii) surcharges recognized in 2024 for income taxes from prior years; and (iv) a net write-off of unrecoverable indirect taxes in 2024. These unfavorable variances were partially offset by (i) a non-cash gain on sale of property to certain companies in our former Other Businesses segment that we recognized on January 31, 2024, in connection with the spin-off that we carried out on that date; (ii) a decrease in non-recurring severance expense in connection with headcount reductions; and (iii) the absence in 2024 of other expense related to damage caused by Hurricane “Otis” in 2023. Finance Expense, Net Finance expense, net, significantly impacts our consolidated financial statements in periods of currency fluctuations. Under IFRS Accounting Standards, finance income or expense, net, reflects: ● interest expense; ● interest income; ● foreign exchange gain or loss attributable to monetary assets and liabilities denominated in foreign currencies; and ● other finance income or expense, net, including gains or losses from derivative instruments. Our foreign exchange position is affected by our assets or liabilities denominated in foreign currencies, primarily U.S. dollars. We record a foreign exchange gain or loss if the exchange rate of the Mexican peso to the other currencies in which our monetary assets or liabilities are denominated varies. Finance expense, net, decreased by Ps.150.8 million, or 3.1%, to Ps.4,695.1 million in 2024, from Ps.4,845.9 million in 2023. This decrease reflected: (i) a Ps.163.7 million increase in interest income, explained primarily by both a higher average amount of cash and cash equivalents in 2024, and higher interest rates for increased cash equivalents denominated in Mexican pesos in 2024; (ii) a Ps.908.5 million favorable change in other finance income or loss, net, resulting from a net gain in fair value of our derivative contracts for the year ended December 31, 2024. These favorable variances were partially offset by (i) a Ps.233.4 million increase in interest expense, primarily in connection with the absence in 2024 of a net finance income related to the repurchase and prepayment of long-term debt in 2023, which was partially offset by lower interest expense resulting primarily from a lower average principal amount of debt in 2024; and (ii) a Ps.688.0 million increase in foreign exchange loss, net, resulting primarily from a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net liability position in the year ended December 31, 2024, compared with a 13.1% appreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net asset position in the year ended December 31, 2023. 74 Table of Contents Share of Loss of Associates and Joint Ventures, Net This line item reflects our equity participation in the operating results and net assets of unconsolidated businesses in which we maintain an interest (significant influence or joint control), but which we do not control. We recognize equity in losses of associates and joint ventures up to the amount of our initial investment, subsequent capital contributions and long-term loans, or beyond that amount when we have made guaranteed commitments in respect of obligations incurred by associates and joint ventures. Share of loss of associates and joint ventures, net, decreased by Ps.3,904.0 million, to Ps.182.6 million in 2024, from a Ps.4,086.6 million in 2023. This decrease reflected a lower share of loss of TelevisaUnivision for the year ended December 31, 2024, primarily in connection with a lower amount of non-cash impairment adjustments for goodwill and indefinite-lived intangible assets recognized by TelevisaUnivision in the fourth quarter of 2024. Share of loss of associates and joint ventures, net, for the year ended December 31, 2024, included primarily our share of loss of TelevisaUnivision. Income Taxes Income taxes decreased by Ps.1,672.1 million, to Ps.688.6 million for the year ended December 31, 2024, from Ps.2,360.7 million for the year ended December 31, 2023. This decrease reflected primarily a lower amount of income tax expense in 2024, primarily in connection with a lower recognition of income taxes from prior years and a decrease in write-off of deferred income tax assets. The Mexican corporate income tax rate was 30% in each of the years 2024, 2023 and 2022. Income from Discontinued Operations, Net In connection with the Spin-off that we carried out on January 31, 2024, we began presenting the results of operations of the Spun-off Businesses as income from discontinued operations in our consolidated statements of income for the period of one month ended January 31, 2024, and for any comparative period presented. We recognized income from discontinued operations in the amount of Ps.56.8 million and Ps.628.1 million for the month ended January 31, 2024 and the year ended December 31, 2023, respectively, reflecting the consolidated net income of our Spun-off Businesses for those periods. Net Loss Attributable to Non-controlling Interests Net loss attributable to non-controlling interests reflects that portion of operating results attributable to the interests held by third parties in the businesses, which are not wholly owned by us. Net loss attributable to non-controlling interests decreased by Ps.321.7 million to Ps.62.9 million for the year ended December 31, 2024, compared with Ps.384.6 million in the year ended December 31, 2023. This decrease reflected primarily a lower net loss attributable to non-controlling interests. Net Loss Attributable to Stockholders of the Company Net loss attributable to stockholders of the Company amounted to Ps.8,265.5 million for the year ended December 31, 2024, compared with Ps.8,422.7 million for the year ended December 31, 2023. The decrease of Ps.157.2 million, reflected: ● a Ps.150.8 million decrease in finance expense, net; ● a Ps.3,904.0 million decrease in share of loss of associates and joint ventures, net; and ●a Ps.1,672.1 million decrease in income taxes. These favorable variances were partially offset by: ● a Ps.1,035.6 million decrease in operating income before other expense; 75 Table of Contents ● a Ps.3,641.1 million increase in other expense, net, primarily in connection with non-cash impairment adjustments of intangible assets and other long-lived assets; ● a Ps.571.3 million decrease in income from discontinued operations; and ● a Ps.321.7 million decrease in net loss attributable to non-controlling interests. Effects of Depreciation and Inflation The following table sets forth, for the periods indicated: ● the percentage that the Peso depreciated or appreciated against the U.S. Dollar; ● the Mexican inflation rate; ● the U.S. inflation rate; and ● the percentage change in Mexican GDP compared to the prior period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 (Appreciation) depreciation of the Peso as compared to the U.S. Dollar (1) (13.7) % 23.2 % (13.1) % Mexican inflation rate (2) 3.7 4.2 4.7 ​ U.S. inflation rate 2.7 2.9 3.4 ​ Increase in Mexican GDP (3) 0.8 1.2 3.2 ​ (1) Based on changes in the Interbank Rates, as reported by Banco Citi México, S.A., at the end of each period, which were as follows: Ps.16.9325 as of December 31, 2023, Ps.20.8691 as of December 31, 2024 and Ps.18.0165 as of December 31, 2025. (2) Based on changes in the NCPI from the previous period, as reported by the Mexican Central Bank, which were as follows: 132.4 in 2023; 137.9 in 2024 and 143.6 in 2025. (3) As estimated by the Instituto Nacional de Estadística, Geografía e Informática, or INEGI. The general condition of the Mexican economy, the depreciation of the Peso as compared to the U.S. Dollar, inflation and high interest rates have in the past adversely affected, and may in the future adversely affect, our: ● Advertising and Other Revenues. Inflation in Mexico adversely affects consumers. As a result, our advertising customers may purchase less advertising, which would reduce our advertising revenues, and consumers may reduce expenditures for our other products and services, including pay-TV services. ● Foreign Currency-Denominated Revenues and Operating Costs and Expenses. We have substantial operating costs and expenses denominated in foreign currencies, primarily in U.S. Dollars. These costs are principally due to internet services and managed services to national and international operators, as well as programming costs for residential and satellite services. The following table sets forth our foreign currency-denominated revenues and operating costs and expenses stated in millions of U.S. Dollars for 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (Millions of U.S. Dollars) Revenues ​ U.S.$ 109 ​ U.S.$ 125 ​ U.S.$ 124 Operating costs and expenses ​ 267 ​ 243 ​ 317 ​ 76 Table of Contents On a consolidated basis, in 2025, 2024 and 2023, our foreign-currency-denominated costs and expenses exceeded our foreign-currency-denominated revenues. As a result, we could be exposed to future depreciation of the Peso, which would increase the Peso equivalent of our foreign-currency-denominated costs and expenses. ● Finance Expense, Net. The depreciation of the Peso as compared to the U.S. Dollar generates foreign exchange losses relating to our net U.S. Dollar-denominated liabilities and increases the Peso equivalent of our interest expense on our U.S. Dollar-denominated indebtedness. Foreign exchange losses, and increased interest expense increase our finance expense, net. We have also entered into and will continue to consider entering into additional financial instruments to hedge against Peso depreciation and reduce our overall exposure to the depreciation of the Peso as compared to the U.S. Dollar, inflation and high interest rates. We cannot assure you that we will be able to enter into financial instruments to protect ourselves from the effects of the depreciation of the Peso as compared to the U.S. Dollar, inflation and increases in interest rates, or if so, on favorable terms. In the past, we have designated, and from time to time in the future we may designate, certain of our investments or other assets as effective hedges against Peso depreciations. See “Key Information—Risk Factors—Risk Factors Related to Mexico”, “Quantitative and Qualitative Disclosures About Market Risk—Market Risk Disclosures” and Note 4 to our consolidated year-end financial statements. IFRS Accounting Standards Our consolidated financial information as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 was prepared in accordance with IFRS Accounting Standards as issued by the IASB. Below is a list of the new and amended IFRS Accounting Standards that have been issued by the IASB and are effective for annual periods starting on or after January 1, 2026, 2027 and 2028. Our management does not expect the pronouncements effective for annual periods beginning on January 1, 2026 to have a material impact on our consolidated financial statements. Our management is in the process of assessing the potential impact those pronouncements effective for annual periods beginning on or after January 1, 2026 will have on our consolidated financial statements. Some amendments and improvements to certain IFRS Accounting Standards became effective on January 1, 2026, and did not have any significant impact on our consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective for Annual Reporting ​ New or Amended IFRS Accounting ​ ​ ​ Periods Beginning ​ Standard ​ ​ ​ Title of the IFRS Accounting Standard ​ ​ ​ On or After Annual improvements (1) ​ Annual Improvements to IFRS Accounting Standards – Volume 11 ​ January 1, 2026 ​ Amendments to IFRS 9 and IFRS 7 (1) ​ Amendments to the classification and Measurement of Financial Instruments ​ January 1, 2026 ​ IFRS 18 ​ Presentation and Disclosure in Financial Statements ​ January 1, 2027 ​ IFRS 19 (1) (2) ​ Subsidiaries without Public Accountability: Disclosures ​ January 1, 2027 ​ Amendments to IFRS 10 and IAS 28 ​ Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ​ Postponed ​ Amendments to IFRS 9 and IFRS 7 (1) ​ Contracts Referencing Nature-dependent Electricity ​ January 1, 2026 ​ Amendments to IFRS 19 (1) ​ Subsidiaries without Public Accountability: Disclosures ​ January 1, 2027 ​ Amendments to IAS 21 (1) ​ Translation to a Hyperinflationary Presentation Currency ​ January 1, 2027 ​ (1) This new or amended IFRS Accounting Standard is not expected to have a significant impact on our consolidated financial statements. (2) An entity may elect to apply this IFRS Accounting Standard for reporting periods beginning on or after this date. 77 Table of Contents Annual Improvements to IFRS Accounting Standards – Volume 11, were issued by the IASB in July 2024. These amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. These amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The following table lists the amended IFRS Accounting Standards or guidance and the subject of the amendments. Amended IFRS Accounting Standard or Guidance ​ ​ ​ Subject of Amendments IFRS 1 First-time Adoption of International Financial Reporting Standards ​ Hedge accounting by a first-time adopter ​ IFRS 7 Financial Instruments: Disclosures ​ Gain or loss on derecognition ​ Guidance on implementing IFRS 7 Financial Instruments: Disclosures ​ Introduction - Disclosure of deferred difference between fair value and transaction price - Credit risk disclosures ​ IFRS 9 Financial Instruments ​ Derecognition of lease liabilities - Transaction price ​ IFRS 10 Consolidated Financial Statements ​ Determination of a ‘de facto agent’ ​ IAS 7 Statement of Cash Flows ​ Cost method ​ ​ Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments, were issued by the IASB in May 2024, to address the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, by clarifying how the contractual cash flows on loans with ESG-linked features should be assessed. These amendments also address the settlement of liabilities through electronic payment systems, by clarifying the date on which a financial asset or financial liability is derecognized and developing an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted. IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”), was issued by the IASB in April 2024, introducing new requirements to improve comparability in the statement of income; enhance transparency of management-defined performance measures; and provide more useful grouping of information in the financial statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements (“IAS 1”) and carries forward many requirements from IAS 1 unchanged. IFRS 18 introduces three defined categories for income and expenses: operating, investing and financing, to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit. All entities are additionally required to use the operating profit subtotal as the single starting point for the indirect method of reporting cash flows from operating activities. IFRS 18 also requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures (“MPMs”). MPMs are required to be disclosed in the financial statements in a single note with reconciliations to IFRS Accounting Standards measures. IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted. Upon adoption, IFRS 18 should be applied on a fully retrospective basis, requiring the restatement of the comparative periods presented in an entity’s financial statements. Our management continues assessing the impact of adoption of IFRS 18 on our consolidated financial statements and has started the implementation of this IFRS Accounting Standard. The adoption of IFRS 18 will primarily affect (i) the classification of certain items of income and expense into the new categories of the consolidated statement of income, with an impact on the reported consolidated operating income, which effect has not been determined yet; and (ii) certain presentation of the operating activities in the consolidated statement of cash flows. IFRS 19 Subsidiaries without Public Accountability: Disclosures (“IFRS 19”), was issued by the IASB in May 2024, to permit eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. When a parent company prepares consolidated financial statements that comply with IFRS Accounting Standards, its subsidiaries are required to report to the parent using IFRS Accounting Standards. However, for their own financial statements, subsidiaries are permitted to use IFRS Accounting Standards, the IFRS for SMEs Accounting Standard or national accounting standards. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability, and their parent company applies IFRS Accounting Standards in their consolidated financial statements. A subsidiary does not have public accountability if it does not have equities or debt listed on a stock exchange and does not hold assets in a fiduciary capacity for a broad group of outsiders. An entity may elect to apply this Standard for reporting periods beginning on or after January 1, 2027. Earlier application is permitted. 78 Table of Contents Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, were issued by the IASB in September 2014, and addressed and acknowledged an inconsistency between the requirements in IFRS 10 Consolidated Financial Statements and those in IAS 28 Investments in Associates and Joint Ventures, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015, the IASB decided to postpone the effective date of these amendments indefinitely. Entities are required to apply these amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after a date to be determined by the IASB. Earlier application is permitted. If an entity applies these amendments earlier, it shall disclose that fact. Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity, were issued by the IASB in December 2024, to help companies report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company’s performance. These amendments are required to be applied for annual reporting periods beginning on or after January 1, 2026. Companies can apply the amendments earlier. Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures, were issued by the IASB in August 2025, and included reduced disclosure requirements for other Standards or amendments issued up to February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically: (i) IFRS 18 Presentation and Disclosure in Financial Statements; (ii) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7); (iii) International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12); (iv) Lack of Exchangeability (Amendments to IAS 21); and (v) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). With these amendments, IFRS 19 reflects the changes to IFRS Accounting Standards that take effect up to January 1, 2027, when IFRS 19 will be applicable. Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency, were issued by the IASB in November 2025 and clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These amendments require an entity to translate amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy using the closing rate at the date of the most recent statement of financial position. The amendments to IAS 21 The Effect of Changes in Foreign Exchange Rates are effective for annual periods beginning on or after January 1, 2027, with early application permitted. Critical Accounting Estimates and Assumptions We have identified certain key accounting policies upon which our consolidated financial condition and results of operations are dependent. The application of these key accounting policies often involves complex considerations and assumptions and the making of subjective judgments or decisions on the part of our management. In the opinion of our management, our most Critical Accounting Estimates and Assumptions under IFRS Accounting Standards are those related to the accounting for goodwill and other indefinite-lived intangible assets, long-lived assets, deferred income taxes and financial assets measured at fair value. For a full description of these and other accounting policies, see Note 2 to our consolidated year-end financial statements. (a)Goodwill and Other Indefinite-lived Intangible Assets Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at least annually. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount of each of the CGUs has been determined based on the higher of value in use and fair value less costs to disposal calculations. These calculations require the use of estimates, which include management’s expectations of future revenue growth, operating costs, profit margins and operating cash flows for each CGU, long-term growth rates and discount rates based on weighted average cost of capital, among others. During 2024, we recorded impairment adjustments for goodwill and intangible assets with indefinite and finite useful lives in two of our CGUs (see Notes 11, 12, 13 and 22 to our consolidated year-end financial statements). See Note 2 (b) and (l), for disclosure regarding concession intangible assets. 79 Table of Contents (b)Long-lived Assets We present certain long-lived assets other than goodwill and indefinite-lived intangible assets in our consolidated statement of financial position. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Recoverability is analyzed based on projected cash flows. Estimates of future cash flows involve considerable judgment on the part of management. These estimates are based on historical data, future revenue growth, market conditions, management plans, and assumptions regarding projected rates of inflation and currency fluctuations, among other factors. If these assumptions were modified because of changes in economic or legal circumstances, we could recognize a write-off or write-down or accelerate the amortization schedule related to the carrying amount of these assets. We recorded an impairment loss for the year ended December 31, 2024 (see Notes 2 (m), 13 and 22 to our consolidated year-end financial statements). (c)Deferred Income Tax Assets We record our deferred tax assets based on the likelihood that these assets will be realized in the future. This likelihood is assessed by taking into consideration the future taxable income. In the event we were to determine that it would be able to realize our deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Should we determine that it would not be able to realize all or part of our net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. We recognized write-offs of deferred income tax assets for the year ended December 31, 2025, derived from capital tax losses that expired on that date, and certain deductible temporary differences which are not expected to be used with available future taxable income (see Notes 2 (v) and 24 to our consolidated year-end financial statements). (d)Financial Assets Measured at Fair Value We have a significant amount of financial assets that are measured at fair value on a recurring basis. The degree of management’s judgment involved in determining the fair value of a financial asset varies depending upon the availability of quoted market prices. When observable quoted market prices exist, that is the fair value estimate we use. To the extent such quoted market prices do not exist, management uses other means to determine fair value (see Notes 4 and 15 to our consolidated year-end financial statements). Financial assets and liabilities measured at fair value as of December 31, 2025 and 2024 (in thousands of Pesos): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Internal Models ​ Internal Models ​ ​ Balance as of ​ Active Markets ​ with Significant ​ with Significant ​ ​ December 31, ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ 2025 ​ ​ ​ Assets (Level 1) ​ ​ ​ Inputs (Level 2) ​ ​ ​ Inputs (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ At FVOCIL ​ ​ ​ ​ ​ ​ ​ ​ Open-Ended Fund ​ Ps. 817,332 ​ Ps. — ​ Ps. 817,332 ​ Ps. — Publicly traded equity instruments ​ 2,608,027 ​ ​ 2,608,027 ​ ​ — ​ ​ — Total ​ Ps. 3,725,359 ​ Ps. 2,608,027 ​ Ps. 817,332 ​ Ps. — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ Ps. 413,188 ​ Ps. — ​ Ps. 413,188 ​ Ps. — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Internal Models ​ Internal Models ​ ​ Balance as of ​ Active Markets ​ with Significant ​ with Significant ​ ​ December 31, ​ for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ 2024 ​ ​ ​ Assets (Level 1) ​ ​ ​ Inputs (Level 2) ​ ​ ​ Inputs (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ At FVOCIL ​ ​ ​ ​ ​ ​ ​ ​ Open-Ended Fund ​ Ps. 784,769 ​ Ps. — ​ Ps. 784,769 ​ Ps. — Publicly traded equity instruments ​ 1,709,942 ​ ​ 1,709,942 ​ ​ — ​ ​ — Derivative financial instruments ​ ​ 2,001,051 ​ ​ — ​ ​ 2,001,051 ​ ​ — Total ​ Ps. 4,495,762 ​ Ps. 1,709,942 ​ Ps. 2,785,820 ​ Ps. — ​ 80 Table of Contents Non-current Financial Assets Investments in debt securities or with readily determinable fair values, are classified as non-current investments in financial instruments, and are recorded at fair value with unrealized gains and losses included in consolidated stockholders’ equity as accumulated other comprehensive result. Non-current financial assets are generally valued using quoted market prices or alternative pricing sources with reasonable levels of price transparency. Such instruments are classified in Level 1, Level 2, and Level 3, depending on the observability of the significant inputs. Open-Ended Fund We have an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the NAV per share as of such redemption date (see Notes 4 and 9 to our consolidated year-end financial statements). Disclosures for Each Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3 Our Corporate Finance Department has established rules for a proper portfolio asset classification according to the fair value hierarchy defined by IFRS Accounting Standards. On a monthly basis, any new assets recognized in the Company’s portfolio are classified according to these criteria. Subsequently, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of these assets. A sensitivity analysis is performed on our investments with significant unobservable inputs (Level 3) in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out by our Corporate Finance Department. Derivative Financial Instruments Derivative financial instruments include swaps, forwards and options (see Notes 2(w), 4 and 15 to our consolidated year-end financial statements). Our derivative portfolio is entirely over-the-counter. Our derivatives are valued using industry standard valuation models; projecting future cash flows discounted to present value, using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit spreads considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. All derivatives are classified in Level 2. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The majority of our non-financial instruments, which include the investment in shares of TelevisaUnivision, goodwill, intangible assets, inventories, transmission rights and property, plant and equipment and right of use assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible assets) such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that the non-financial instrument be recorded at the lower of carrying amount or its recoverable amount. The impairment test for goodwill involves a comparison of the estimated fair value of each of our reporting units to its carrying amount, including goodwill. We determine the recoverable amount of a reporting unit using the higher between the value in use and the fair value less costs to sell, which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The impairment test for intangible assets not subject to amortization involves a comparison of the estimated recoverable amount of the intangible asset with its carrying amount. We determine the recoverable amount of the intangible asset using a discounted cash flow analysis, which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining recoverable amount requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates, the amount and timing of expected future cash flows for a period of time that normally comprises five years, as well as relevant comparable company earnings multiples for the market-based approach. Once an asset has been impaired, it is not remeasured at fair value on a recurring basis; however, it is still subject to recoverable amount measurement to test for recoverability of the carrying amount. 81 Table of Contents Liquidity, Foreign Exchange and Capital Resources Liquidity. We generally rely on a combination of cash on hand, operating revenues, borrowings and net proceeds from dispositions to fund our working capital needs, capital expenditures, acquisitions and investments. We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs. During the year ended December 31, 2025, we had a net decrease in cash and cash equivalents of Ps.18,585.9 million as compared to a net increase in cash and cash equivalents of Ps.14,303.7 million during the year ended December 31, 2024. Net cash provided by operating activities for the year ended December 31, 2025, amounted to Ps.20,092.1 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.17,160.5 million, (ii) an interest expense of Ps.7,508.6 million, (iii) an impairment loss on trade accounts receivable and other receivables of Ps.1,197.8 million, (iv) a share-based compensation expense of Ps.373.6 million, (v) a loss on disposition of property and equipment of Ps.78.3 million, and (vi) a share of loss of associates and joint ventures of Ps.1,088.1 million; this was partially offset by (i) unrealized foreign exchange gain of Ps.4,348.2 million, (ii) income taxes paid for the year ended December 31, 2025, which amounted to Ps.1,934.1 million, and (iii) an other finance gain, net of Ps.302.3 million. Net cash used in investing activities for the year ended December 31, 2025, amounted to Ps.22,289.8 million and was primarily used in (i) investments in property, plant and equipment of Ps.12,186.5 million, (ii) an increase in short-term investments of Ps.11,397.8 million, (iii) capital contribution to TelevisaUnivision of Ps.1,671.5 million, and (iv) other investments in intangible assets of Ps.1,287.1 million; this was partially offset by proceeds from (i) a long-term related party loan collection of Ps.3,218.6 million, (ii) cash dividends from preferred shares of Ps.780.1 million, (iii) a disposition of property, plant and equipment of Ps.133.2 million, and (iv) a disposition of investment in joint ventures of Ps.116.3 million. Net cash used in financing activities for the year ended December 31, 2025, amounted to Ps.16,321.2 million, and was primarily used for (i) interest payments of Ps.6,816.0 million, (ii) repayment of Senior Notes due 2025 of Ps.3,906.7 million, (iii) payment of long-term loans from Mexican banks of Ps.2,650.0 million, (iv) other payments of lease liabilities of Ps.1,809.7 million and (v) dividend payments of Ps.1,019.0 million, this was partially offset by cash provided by derivative financial instruments of Ps.474.2 million. During the year ended December 31, 2024, we had a net increase in cash and cash equivalents of Ps.14,303.7 million as compared to a net decrease in cash and cash equivalents of Ps.18,544.6 million during the year ended December 31, 2023. Net cash provided by operating activities for the year ended December 31, 2024, amounted to Ps.32,554.1 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.20,542.3 million, (ii) an interest expense of Ps.7,984.8 million, (iii) unrealized foreign exchange loss of Ps.5,664.6 million, (iv) impairment of long-lived assets of Ps.3,064.3; (v) an impairment loss on trade accounts receivable and other receivables of Ps.1,294.1 million, and (vi) a share-based compensation expense of Ps.488.8 million; this was partially offset by (i) gain on disposition of property and equipment of Ps.2,321.2 million; (ii) income taxes paid for the year ended December 31, 2024, which amounted to Ps.812.2 million; and (iii) an other finance gain, net of Ps.773.7 million. Net cash used in investing activities for the year ended December 31, 2024, amounted to Ps.9,009.7 million and was primarily used in (i) investments in property, plant and equipment of Ps.9,097.4 million, and (ii) other investments in intangible assets of Ps.1,378.9 million; this was partially offset by proceeds from (i) cash dividends from preferred shares of Ps.777.8 million, (ii) a disposition of property, plant and equipment of Ps.628.0 million, and (iii) a disposition of investment in joint ventures of Ps.50.8 million. Net cash used in financing activities for the year ended December 31, 2024, amounted to Ps.9,389.0 million, and was primarily used for interest payments of Ps.7,417.9 million, payment of long-term loans from Mexican banks of Ps.10,000.0 million, other payments of lease liabilities of Ps.1,567.3 million, dividend payments of Ps.1,019.0 million, which was partially offset by cash proceeds from Mexican banks long-term loans of Ps.10,000.0 million and derivative financial instruments of Ps.747.7 million. During the year ended December 31, 2023, we had a net decrease in cash and cash equivalents of Ps.18,544.6 million. 82 Table of Contents Net cash provided by operating activities for the year ended December 31, 2023, amounted to Ps.15,201.4 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.21,469.2 million, (ii) an interest expense of Ps.7,654.3 million, (iii) an impairment loss on trade accounts receivable, and other receivables of Ps.1,108.0 million, (iv) an other finance loss, net of Ps.134.8 million, (v) a share of loss of associates and joint ventures of Ps.4,086.6 million, and (vi) a share-based compensation expense of Ps.748.5 million; this was partially offset by (i) unrealized foreign exchange gains of Ps.3,740.1 million, and (ii) income taxes paid for the year ended December 31, 2023, which amounted to Ps.7,014.3 million. Net cash used in investing activities for the year ended December 31, 2023, amounted to Ps.15,758.4 million and was primarily used in (i) investments in property, plant and equipment of Ps.14,708.0 million, and (ii) other investments in intangible assets of Ps.1,869.7 million; this was partially offset by proceeds from (i) cash dividends from preferred shares of Ps.716.9 million, (ii) a disposition of investment in joint ventures of Ps.45.6 million, and (iii) a disposition of property, plant and equipment of Ps.48.9 million. Net cash used in financing activities for the year ended December 31, 2023, amounted to Ps.17,753.0 million, and was primarily used in interest payments of Ps.7,553.9 million, derivative financial instruments of Ps.195.1 million, prepayment of long-term loans from Mexican banks related to Sky of Ps.1,400.0 million, other payments of lease liabilities of Ps.1,793.6 million, dividend payments of Ps.1,027.4 million, repurchases of capital stock of Ps.1,197.1 million, partial prepayment of Senior Notes of Ps.4,718.3 million and the repurchase of our 7.25% Senior Notes due 2043 of Ps.181.7 million, which was partially offset by cash provided by Mexican banks through long-term loans of Ps.400.0 million to Sky. Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity During 2026, we: ● expect to make aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$772.5 million, which are intended primarily for the expansion and improvement of our operations; and ● expect to provide financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate principal amount of U.S.$5.4 million (Ps.97.4 million). During 2025, we: ● made aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$645.0 million, which are intended primarily for the expansion and improvement of our Telecom operations; ● made a capital contribution in cash to TelevisaUnivision in the amount of U.S.$89.8 million (Ps.1,671.5 million) in support of the strategy and financial profile of this investee; and ● provided financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate principal amount of U.S.$4.5 million (Ps.86.1 million). During 2024, we: ● made aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$493.0 million, of which approximately U.S.$399.2 million and approximately U.S.$83.3 million were for the expansion and improvement of our former Cable and Sky segments, respectively and the remaining amount was for our other corporate businesses; and ● provided financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate principal amount of U.S.$7.0 million (Ps.128.9 million). 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. 83 Table of Contents Refinancings. In May 2019, we concluded the offering of U.S.$750 million aggregate principal amount of 5.25% Senior Notes due 2049. The net proceeds of the offering were used for general corporate purposes, which may include repayment or repurchase of existing indebtedness. In June 2019, we entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000 million. The funds from this loan were used for general corporate purposes, including the refinancing of our indebtedness. This loan bore interest at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on our net leverage ratio. In April 2024, we prepaid in full all amounts outstanding under this credit agreement, which was scheduled to mature in 2024. In March 2022, we made a partial redemption of U.S.$200 million aggregate principal amount of our U.S.$600 million 6.625% Senior Notes due 2025 in the aggregate amount of U.S.$221.3 million, including the applicable redemption price and accrued and unpaid interest on the redemption date. In August 2022, we completed a tender offer to purchase in cash a principal amount of U.S.$133.6 million of our 6.625% Senior Notes due 2025, U.S.$110.6 million of our 5.000% Senior Notes due 2045, and U.S.$47.8 million of our 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S.$292.0 million. The aggregate tender consideration paid amounted to U.S.$294.8 million plus U.S.$5.5 million of accrued and unpaid interest on the settlement date of the tender offer. In August 2023, we completed a tender offer to purchase in cash a principal amount of up to U.S.$300.0 million of our 4.625% Senior Notes due 2026, 5.000% Senior Notes due 2045, 5.250% Senior Notes due 2049, 6.625% Senior Notes due 2025 and 6.125% Senior Notes due 2046, for an aggregate principal amount of U.S.$300.0 million. The aggregate tender consideration paid amounted to U.S.$281.1 million plus U.S.$3.0 million of accrued and unpaid interest on the settlement date of the tender offer. In September 2023, we repurchased a principal amount of Ps.221.6 million of our 7.25% Notes due 2043 in an open market purchase, for a trailing aggregate principal amount of Ps.274.3 million during 2023. On April 9, 2024, we entered into a credit agreement, together with Cablemás Telecomunicaciones, S.A. de C.V. and Televisión Internacional, S.A. de C.V., as co-borrowers, with a syndicate of banks which provides for a five-year term loan in an aggregate principal amount of Ps.10,000 million, and a five-year revolving credit facility in an aggregate principal amount of U.S.$500 million, with loans thereunder to be funded in Mexican pesos. The loans under this credit agreement bear interest at a floating rate based on a spread of 125 bps or 150 bps over the 28-day TIIE Rate depending on our net leverage ratio. The credit agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank acted as joint lead arrangers and joint bookrunners. The proceeds of the loans under this credit agreement were used to refinance certain of our existing indebtedness and may also be used for general corporate purposes. We used part of the proceeds of the loans to prepay in full all amounts outstanding under the credit agreement which we entered into in 2019 with a syndicate of banks, which was scheduled to mature in 2024. Indebtedness. As of December 31, 2025, our consolidated long-term portion of debt amounted to Ps.82,257.2 million and our consolidated current portion of debt was Ps.5,162.0 million. As of December 31, 2024, our consolidated long-term portion of debt amounted to Ps.98,398.2 million and our consolidated current portion of debt was Ps.6,231.4 million. The consolidated debt is presented net of unamortized finance costs as of December 31, 2025 and 2024, in the aggregate amount of Ps.1,181.8 million and Ps.1,259.0 million, respectively, and does not include interest payable in the aggregate amount of Ps.1,425.0 million and Ps.1,674.5 million in 2025 and 2024, respectively. In February 2023, Sky executed a revolving credit facility with a Mexican bank for an amount up to Ps.1,000 million and with a maturity in 2028. The funds may be used for general corporate purposes, including the repayment of debt. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March 2023, upon the maturity of loans with two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000 million with (i) available cash on hand in the amount of Ps.600 million and (ii) funds from this revolving credit facility in the principal amount of Ps.400 million, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. In December 2023, Sky prepaid this credit facility plus accrued interest in the aggregate amount of Ps.404 million. As of December 31, 2025, the unused principal amount of this revolving credit facility amounted to Ps.1,000 million. 84 Table of Contents On April 9, 2024, we entered into a credit agreement, together with Cablemás Telecomunicaciones, S.A. de C.V. and Televisión Internacional, S.A. de C.V., as co-borrowers, with a syndicate of banks which provides for a five-year term loan in an aggregate principal amount of Ps.10,000 million, and a five-year revolving credit facility in an aggregate principal amount of U.S.$500 million, with loans thereunder to be funded in Mexican pesos. The loans under this credit agreement bear interest at a floating rate based on a spread of 125 bps or 150 bps over the 28-day TIIE Rate depending on our net leverage ratio. The credit agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank acted as joint lead arrangers and joint bookrunners. The proceeds of the loans under this credit agreement were used to refinance certain of our existing indebtedness and may also be used for general corporate purposes. We used part of the proceeds of the loans to prepay in full all amounts outstanding under the credit agreement which we entered into in 2019 with a syndicate of banks, which matured in 2024. We may from time to time incur additional indebtedness or repurchase, redeem or repay outstanding indebtedness. The following table sets forth a description of our outstanding indebtedness as of December 31, 2025, net of unamortized finance costs and does not include related accrued interest payable (in millions of Pesos): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate ​ ​ ​ Payable ​ ​ ​ Principal ​ ​ ​ Finance Costs ​ ​ ​ Net U.S. dollar Senior Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.625% Senior Notes due 2026 (2) ​ 5.03 % Ps. 86.4 ​ Ps. 3,737.0 ​ Ps. — ​ Ps. 3,737.0 8.5% Senior Notes due 2032 (2) ​ 9.00 % 140.4 ​ 5,405.0 ​ (31.1) ​ 5,373.9 6.625% Senior Notes due 2040 (2) ​ 7.05 % 326.2 ​ 10,809.9 ​ (136.1) ​ 10,673.8 5% Senior Notes due 2045 (2) ​ 5.39 % 102.9 ​ 14,244.0 ​ (440.4) ​ 13,803.6 6.125% Senior Notes due 2046 (2) ​ 6.47 % 485.3 ​ 15,846.8 ​ (127.9) ​ 15,718.9 5.250% Senior Notes due 2049 (2) ​ 5.59 % 62.5 ​ 11,907.6 ​ (308.8) ​ 11,598.8 Total U.S. dollar debt ​ ​ ​ 1,203.7 ​ 61,950.3 ​ (1,044.3) ​ 60,906.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexican peso debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8.79% Notes due 2027 (3) ​ 8.84 % 103.3 ​ 4,500.0 ​ (6.0) ​ 4,494.0 8.49% Senior Notes due 2037 (2) ​ 8.94 % 39.3 ​ 4,500.0 ​ (14.8) ​ 4,485.2 7.25% Senior Notes due 2043 (2) ​ 7.92 % 30.1 ​ 6,225.7 ​ (61.8) ​ 6,163.9 Bank loan (4) ​ 8.76 % 48.6 ​ 10,000.0 ​ (54.9) ​ 9,945.1 Total Mexican peso debt ​ ​ ​ 221.3 ​ 25,225.7 ​ (137.5) ​ 25,088.2 Total debt ​ ​ ​ 1,425.0 ​ 87,176.0 ​ (1,181.8) ​ 85,994.2 Less: Current portion of long-term debt ​ ​ ​ 1,425.0 ​ 3,737.0 ​ — ​ 3,737.0 Long-term debt, net of current portion ​ ​ ​ Ps. — ​ Ps. 83,439.0 ​ Ps. (1,181.8) ​ Ps. 82,257.2 Lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Satellite transponder lease agreement (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ps. 1,062.5 Telecommunications network lease agreement (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 514.3 Other lease liabilities (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,859.2 Total lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,436.0 Less: Current portion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,583.9 Lease liabilities, net of current portion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ps. 3,852.1 (1) U.S. Dollar-denominated debt is translated into Pesos at an exchange rate of Ps.18.0165 per U.S. Dollar, the Interbank Rate, as reported by Banco Citi México, S.A., as of December 31, 2025. 85 Table of Contents (2) The Senior Notes of the Company due between 2026 and 2049, in the aggregate outstanding principal amount of U.S.$3,438.5 million and U.S.$3,658.0 million, as of December 31, 2025 and 2024, respectively, and Ps.10,725,690, as of December 31, 2025 and 2024, respectively, are unsecured obligations of the Company, rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future liabilities of the Company’s subsidiaries. Interest rate on the Senior Notes due 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican withholding taxes, is 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) in the event of certain changes in law affecting the Mexican withholding tax treatment of certain payments on the securities, in which case the securities will be redeemable, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The terms of these Senior Notes contain covenants that limit the ability of the Company and certain restricted subsidiaries to incur or assume liens, perform sale and lease-back transactions, and consummate certain mergers, consolidations, and similar transactions. The Senior Notes due 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or “CNBV”). In March 2025, the Company repaid all of the amounts payable under the remaining 6.625% Senior Notes due 2025 in the aggregate amount of U.S.$226.7 million (Ps.4,036,014), including the principal amount of U.S.$219.4 million (Ps.3,906,655). On January 30, 2026, the Company repaid its 4.625% Senior Notes due 2026 at maturity. (3) In 2017, the Company issued Notes due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000, with interest payable semi-annually at an annual rate of 8.79%. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes due 2027 discounted at a fixed rate of comparable Mexican sovereign bonds. The terms of the Notes due 2027 contain covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations and similar transactions. (4) In April 2024, the Company and two of its subsidiaries executed a credit agreement with a syndicate of banks (the “Credit Agreement”) for a five-year term loan in an aggregate principal amount of Ps.10,000,000, and a five-year revolving credit facility in an aggregate principal amount of the Mexican pesos equivalent to U.S.$500 million. The loans under the Credit Agreement bear interest at a floating rate based on a spread of 125 bps or 150 bps over the 28-day TIIE rate depending on the Group’s leverage ratio. The Credit Agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. In April 2024, the Group used part of the proceeds of the term loan under the Credit Agreement to prepay in full amounts outstanding under a credit agreement entered into by the Company in 2019 with a syndicate of banks in the principal amount of Ps.10,000,000, with an original maturity in June 2024. (5) In 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) by which Sky is obligated to pay at an annual interest rate of 7.30%, a monthly fee of U.S.$3.0 million through 2027 for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of (a) the end of 15 years; or (b) the date IS-21 is taken out of service (see Note 12 to our consolidated financial statements). Other lease liabilities recognized in accordance with IFRS 16 Leases, in the aggregate amount of Ps.3,859,215 thousand and Ps.2,981,536 thousand, as of December 31, 2025 and 2024, respectively. These lease liabilities have terms which will expire at various dates between 2026 and 2051. (6) A subsidiary of the Company entered into a lease agreement with GTAC for the right to use a certain capacity of a telecommunications network through 2030 (see Note 20). (7) Other lease liabilities have terms that will expire at various dates between 2026 and 2051. 86 Table of Contents Interest Expense. Interest expense for the years ended December 31, 2025, 2024 and 2023 was Ps.7,508.6 million, Ps.7,975.6 million and Ps.7,742.1 million, respectively. The following table sets forth our interest expense for the years indicated (in millions of U.S. Dollars and millions of Pesos): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31,(1) ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Interest payable in U.S. Dollars ​ U.S.$ 209.6 ​ U.S.$ 228.8 ​ U.S.$ 215.3 Amounts currently payable under Mexican withholding taxes (2) ​ ​ 10.5 ​ ​ 11.2 ​ 11.5 Total interest payable in U.S. Dollars ​ U.S.$ 220.1 ​ U.S.$ 240.0 ​ U.S.$ 226.8 Peso equivalent of interest payable in U.S. Dollars ​ Ps. 4,281.0 ​ Ps. 4,368.8 ​ Ps. 4,094.4 Interest payable in Pesos ​ 3,227.6 ​ 3,606.8 ​ 3,559.9 Discontinued operations ​ ​ — ​ ​ — ​ ​ 87.8 Total interest expense ​ Ps. 7,508.6 ​ Ps. 7,975.6 ​ Ps. 7,742.1 (1) U.S. Dollars are translated into Pesos at the rate prevailing when interest was recognized as an expense for each period. (2) See “Additional Information—Taxation—Federal Mexican Taxation”. Contractual Obligations and Commercial Commitments Our contractual obligations and commercial commitments consist primarily of indebtedness, as described above, and transmission rights obligations. Contractual Obligations on the Balance Sheet The following table summarizes our contractual obligations on the balance sheet as of December 31, 2025 (these amounts do not include future interest payments): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months ​ 12-36 Months ​ 36-60 Months ​ Maturities ​ ​ ​ ​ ​ January 1, 2026 to ​ January 1, 2027 ​ January 1, 2029 ​ Subsequent to ​ ​ ​ ​ ​ December 31, ​ to December 31, ​ to December 31, ​ December 31, ​ ​ ​ ​ Total ​ ​ ​ 2026 ​ ​ ​ 2028 ​ ​ ​ 2030 ​ ​ ​ 2030 ​ ​ (Thousands of U.S. Dollars) 8.5% Senior Notes due 2032 ​ U.S.$ 300,000 ​ U.S.$ — ​ U.S.$ — ​ U.S.$ — ​ U.S.$ 300,000 8.49% Senior Notes due 2037 ​ 249,771 ​ — ​ — ​ — ​ 249,771 6.625% Senior Notes due 2040 ​ 600,000 ​ — ​ — ​ — ​ 600,000 8.79% Notes due 2027 ​ 249,771 ​ — ​ 249,771 ​ — ​ — 7.25% Senior Notes due 2043 ​ 345,555 ​ — ​ — ​ — ​ 345,555 5% Senior Notes due 2045 ​ 790,610 ​ — ​ — ​ — ​ 790,610 4.625% Senior Notes due 2026 (1) ​ 207,420 ​ 207,420 ​ — ​ — ​ — 6.125% Senior Notes due 2046 ​ 879,572 ​ — ​ — ​ — ​ 879,572 5.250% Senior Notes due 2049 ​ 660,928 ​ — ​ — ​ — ​ 660,928 Syndicate Loan due 2029 ​ 555,047 ​ — ​ — ​ 555,047 ​ — Long-term debt ​ ​ 4,838,674 ​ ​ 207,420 ​ ​ 249,771 ​ ​ 555,047 ​ ​ 3,826,436 Accrued interest payable ​ 79,097 ​ 79,097 ​ — ​ — ​ — Satellite transponder lease agreement ​ 58,974 ​ 32,777 ​ 26,197 ​ — ​ — Telecommunications network lease agreement ​ 28,544 ​ 8,490 ​ 12,114 ​ 7,940 ​ — Other lease liabilities ​ 214,204 ​ 46,645 ​ 94,980 ​ 41,700 ​ 30,879 Other non-current liabilities ​ 116,071 ​ — ​ 40,196 ​ 75,875 ​ — Total contractual obligations ​ U.S.$ 5,335,564 ​ U.S.$ 374,429 ​ U.S.$ 432,258 ​ U.S.$ 680,562 ​ U.S.$ 3,857,315 (1) The 4.625% Senior Notes due 2026 were repaid at maturity on January 30, 2026. 87 Table of Contents Contractual Obligations off the Balance Sheet The following table summarizes our contractual obligations off the balance sheet as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ Less Than 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Months ​ 12-36 Months ​ 36-60 Months ​ Maturities ​ ​ ​ ​ ​ January 1, 2026 to ​ January 1, 2027 ​ January 1, 2029 ​ Subsequent to ​ ​ ​ ​ ​ December 31, ​ to December 31, ​ to December 31, ​ December 31, ​ ​ ​ ​ Total ​ ​ ​ 2026 ​ ​ ​ 2028 ​ ​ ​ 2030 ​ ​ ​ 2030 ​ ​ (Thousands of U.S. Dollars) Interest on debt (1) ​ U.S.$ 4,308,379 ​ U.S.$ 244,309 ​ U.S.$ 617,686 ​ U.S.$ 517,620 ​ U.S.$ 2,928,764 Interest on lease liabilities ​ 81,670 ​ 24,619 ​ 30,685 ​ 18,376 ​ 7,990 Transmission rights (2) ​ 458,341 ​ 84,188 ​ 152,018 ​ 148,090 ​ 74,045 Capital expenditures commitments ​ 135,527 ​ 135,527 ​ — ​ — ​ — Satellite transponder commitments (3) ​ 14,017 ​ 5,213 ​ 6,427 ​ 2,377 ​ — Committed financing to GTAC (4) ​ 5,406 ​ 5,406 ​ — ​ — ​ — Total contractual obligations ​ U.S.$ 5,003,340 ​ U.S.$ 499,262 ​ U.S.$ 806,816 ​ U.S.$ 686,463 ​ U.S.$ 3,010,799 (1) Interest to be paid in future years on outstanding debt as of December 31, 2025, was estimated based on contractual interest rates and exchange rates as of that date. (2) These line items reflect our obligations related to programming to be acquired or licensed from third party producers and suppliers, and transmission rights for special events to be acquired from a third party. (3) Reflects our minimum commitments for the use of satellite transponders under operating lease contracts, which payments will be reimbursed by TelevisaUnivision as the final user of these satellite transponders. (4) In connection with a long-term credit facility, we agreed to provide financing to GTAC in 2026 in the aggregate principal amount of Ps.97.4 million (U.S.$5.4 million). ​ 88 Table of Contents