Borrowings and debt (Tables)

12 Months Ended

Dec. 31, 2025

Carrying amount of borrowings and debt is detailed as follows:


	December 31, 2025
	Short-Term		Long-term
	Borrowings	Debt		Borrowings	Debt	Total
Principal	1,508,959	1,750		757,775	1,732,286	4,000,770
Transaction costs	(48)	(2)		(2,952)	(4,670)	(7,672)
Interest payable	9,095	5		7,787	20,404	37,291
	1,518,006	1,753		762,610	1,748,020	4,030,389


	December 31, 2024
	Short-Term		Long-term
	Borrowings	Debt		Borrowings	Debt	Total
Principal	1,652,536	835		877,842	1,830,751	4,361,964
Transaction costs	—	(1)		(3,764)	(5,883)	(9,648)
Interest payable	9,677	7		5,337	21,383	36,404
	1,662,213	841		879,415	1,846,251	4,388,720

Schedule of Breakdown of Short-Term (Original Maturity of Less than One Year) Borrowings and Debt, Along with Contractual Interest Rates

The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, plus prepaid commissions, is as follows:


	December 31,
	2025	2024
Short-term borrowings:
At fixed interest rates	1,508,959	1,353,048
At floating interest rates	—	299,488
Principal	1,508,959	1,652,536
Less: Transaction costs	(48)	—
Interest payable	9,095	9,677
Total short-term borrowings, net	1,518,006	1,662,213

Short-term debt:
At fixed interest rates	1,750	835

Principal	1,750	835
Less: Transaction costs	(2)	(1)
Interest payable	5	7
Total short-term debt, net	1,753	841

Total short-term borrowings and debt	1,519,759	1,663,054

Range of fixed interest rates on borrowings and debt in U.S. dollars	3.75% to 4.77%	4.50% to 5.87%
Range of floating interest rates on borrowings in U.S. dollars	—	5.13% to 5.24%
Range of fixed interest rate on borrowings in Mexican pesos	7.68% to 7.72%	11.15%
Range of floating interest rates on borrowings and debt in Mexican pesos	—	10.69% to 10.74%
Range of fixed interest rates on borrowings and debt in Euros	2.52% to 2.63%	3.39% to 3.87%

The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows:


	December 31,
	2025	2024
US dollar	1,455,149	1,404,690
Mexican peso	26,650	172,368
Euro	28,910	76,313

Total	1,510,709	1,653,371

Schedule of Breakdown of Borrowings and Long-Term Debt (Original Maturity of More than One Year), Along with Contractual Interest Rates, plus Prepaid Commissions


	December 31,
	2025	2024
Long-term borrowings:
At fixed interest rates	64,244	60,308
At floating interest rates	693,531	817,534
Principal	757,775	877,842
Less: Transaction costs	(2,952)	(3,764)
Interest payable	7,787	5,337
Total long-term borrowings, net	762,610	879,415

Long-term debt:
At fixed interest rates	737,148	1,293,378
At floating interest rates	995,138	537,373
Principal	1,732,286	1,830,751
Less: Transaction costs	(4,670)	(5,883)
Interest payable	20,404	21,383
Total long-term debt, net	1,748,020	1,846,251

Total long-term borrowings and debt, net	2,510,630	2,725,666

Range of fixed interest rates on borrowings and debt in U.S. dollars	4.75% to 6.15%	2.38% to 6.15%
Range of floating interest rates on borrowings and debt in U.S. dollars	4.80% to 5.66%	5.44% to 6.31%
Range of fixed interest rates on borrowings and debt in Mexican pesos	6.50% to 10.78%	6.50% to 10.78%
Range of floating interest rates on borrowings and debt in Mexican pesos	7.66% to 8.61%	10.62% to 11.52%
Range of floating interest rates on borrowings and debt in Costa Rican colones	6.28%	—	%
Range of fixed interest rates on debt in Japanese yen	0.95% to 1.90%	0.77% to 1.54%
Range of fixed interest rates on debt in Euros	0.90% to 3.16%	0.90%
Range of fixed interest rates on debt in Australian dollars	6.81%	6.81%
Range of fixed interest rate on debt in Pound sterling	1.50%	1.50%

Range of fixed interest rate on debt in Peruvian soles	7.00%	7.00	%

Long-term borrowings and debt (continued)

The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows:


	December 31,
	2025	2024

US dollar	786,949	1,355,773
Mexican peso	1,480,905	1,170,304
Japanese yen	125,167	112,671
Euro	29,326	31,063
Peruvian soles	27,961	25,020
Australian dollar	9,599	9,133
Pound sterling	4,979	4,629

Costa Rican colones	25,175	—
Carrying amount - principal	2,490,061	2,708,593

Schedule of Future Payments of Long-Term Borrowings and Debt Outstanding

Future payments of long-term borrowings and debt outstanding as of December 31, 2025, are as follows:


Year			Outstanding

2026			414,945
2027			890,133
2028			832,376
2029			290,696
2030			19,000
2031			33,312


2034			9,599










Carrying amount - principal			2,490,061

Schedule of Reconciliation of Movements of Borrowings and Debt Arising Financing Activities Explanatory

The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows :


	2025	2024	2023
Balance as of January 1,	4,388,720	4,396,969	4,458,912
Cash transactions
Net decrease in short-term borrowings and debt	(149,687)	(58,529)	(500,650)
Proceeds from long-term borrowings and debt	587,857	1,191,695	496,342
Decrease of long-term borrowings and debt	(1,006,585)	(826,432)	(221,306)



Non-cash transactions
Change in foreign currency rates	200,808	(307,035)	159,407
Fair value adjustment due to hedge accounting relationship	9,486	(3,369)	2,126
Other adjustments	1,587	448	1,525
Liability-related
Interest expense	235,316	197,831	152,081
Interest paid	(237,113)	(202,858)	(151,468)
Balance as of December 31,	4,030,389	4,388,720	4,396,969