Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2025

Investments in Associates and Joint Ventures

Schedule of investments in associates and joint ventures accounted for by the equity method

	Ownership as of
	December 31,
	2025		2024		2025		2024
Associates:
TelevisaUnivision and subsidiaries	43.2	%	43.0	%	Ps.	40,694,190	Ps.	43,220,986
Other						45,698		63,658
Joint ventures:
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively “GTAC”) (1)	33.3	%	33.3	%		956,508		952,721
Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (2)	50.0	%	50.0	%		203,694		199,332
					Ps.	41,900,090	Ps.	44,436,697

(1) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V., have an equal equity participation of 33.3%. A subsidiary of the Company entered into long-term loans to provide financing to GTAC for an aggregate principal amount of Ps.1,614,040, with an annual interest of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “TIIE”) plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these long-term loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2026 and 2034. During the years ended December 31, 2025 and 2024, GTAC paid principal and interest to the Group in connection with these long-term loans in the aggregate principal amount of Ps.184,495 and Ps.183,031, respectively. The net investment in GTAC as of December 31, 2025 and 2024, included amounts receivable in connection with these long-term loans to GTAC in the aggregate amount of Ps.1,030,233 and Ps.1,024,371, respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15).

(2) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2025 and 2024, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837.

Schedule of roll forward of investments in associates and joint ventures

	2025		2024
At January 1	Ps.	44,436,697	Ps.	43,427,638
Share of loss of associates and joint ventures, net		(1,868,198)		(960,415)
Share of other comprehensive income (loss) of associates		3,905,450		(7,061,676)
Long-term loans granted to GTAC, net		86,142		128,881
Foreign currency translation adjustments		(6,227,452)		8,946,557
Capital contribution to TelevisaUnivision		1,671,501		—
GTAC payments of principal and interest		(184,495)		(183,031)
Dividends from PDS		(5,000)		(10,000)
Other		85,445		148,743
At December 31	Ps.	41,900,090	Ps.	44,436,697

Summarized of reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group's interest TelevisaUnivision

The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group’s interest TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars):

	2025			2024
Ownership as of December 31		43.2	%		43.0	%
Group’s share of net assets	U.S.$	1,143,371		U.S.$	955,705
Group’s share of net assets	Ps.	20,599,548		Ps.	19,944,707
Goodwill and other indefinite-lived intangible assets		6,582,267			7,624,454
Group’s investment in preferred shares		13,512,375			15,651,825
Carrying amount of the Group´s interest in TelevisaUnivision	Ps.	40,694,190		Ps.	43,220,986

IFRS Accounting Standards summarized financial information of TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars):

	2025		2024		2023
Revenue	U.S.$	4,827,200	U.S.$	5,055,500	U.S.$	4,928,000
Depreciation and amortization		531,900		551,600		570,700
Finance income		26,400		212,200		100,300
Finance expense		863,500		791,600		752,400
Loss from continuing operations		(183,700)		(62,500)		(513,000)
Income tax (benefit) expense		38,700		(31,400)		(129,200)
Net loss		(145,000)		(93,900)		(642,200)
Other comprehensive income (loss)		469,300		(883,900)		535,400
Total comprehensive income (loss)		324,300		(977,800)		(106,800)
Preferred dividends received from TelevisaUnivision		41,250		41,250		41,250

Summarized of reconcilies the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group's interest in Televisaunivision

The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group´s interest in TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars):

	2025		2024		2023
Net loss	U.S.$	(62,568)	U.S.$	(40,333)	U.S.$	(280,533)
Other comprehensive income (loss)		202,569		(379,662)		233,880
Net loss	Ps.	(1,127,613)	Ps.	(838,874)	Ps.	(4,940,904)
Other comprehensive income (loss)		3,905,473		(7,061,645)		4,278,446
Purchase price allocation and other adjustments:
Net income (loss) adjustments		200,993		(151,397)		128,148
Share of loss on capital contribution to TelevisaUnivision		(949,699)		—		—
Group’s interest in TelevisaUnivision:
Net loss		(1,876,319)		(990,271)		(4,812,756)
Other comprehensive income (loss)		3,905,473		(7,061,645)		4,278,446

Schedule of combined condensed balance sheet information related to the Group's share in associates other than TelevisaUnivision (formerly known as UH II)

	2025		2024
Current assets	Ps.	18,141	Ps.	17,847
Non-current assets		39,774		43,983
Total assets		57,915		61,830
Current liabilities		14,515		13,849
Non-current liabilities		20,704		26,095
Total liabilities		35,219		39,944
Net assets	Ps.	22,696	Ps.	21,886
Goodwill, purchase price allocation and other adjustments		23,002		41,772
Carrying amount of the Group’s interest in associates	Ps.	45,698	Ps.	63,658

	2025		2024
Current assets	Ps.	178,732	Ps.	175,520
Non-current assets		1,075,367		1,065,472
Total assets		1,254,099		1,240,992
Current liabilities		85,406		56,799
Non-current liabilities		1,152,561		1,170,348
Total liabilities		1,237,967		1,227,147
Net assets	Ps.	16,132	Ps.	13,845
Goodwill, purchase price allocation and other adjustments		113,837		113,837
Long-term loans granted to GTAC, net		1,030,233		1,024,371
Carrying amount of the Group´s interest in joint ventures	Ps.	1,160,202	Ps.	1,152,053

Schedule of share of comprehensive income of associates and joint ventures other than TelevisaUnivision (formerly known as UH II)

	2025		2024		2023
Share of income of associates and joint ventures, net	Ps.	8,121	Ps.	29,856	Ps.	9,223
Share of other comprehensive income of associates and joint ventures:
Other items of comprehensive (loss) income, net		(23)		(31)		85
		(23)		(31)		85
Share of comprehensive income of associates and joint ventures	Ps.	8,098	Ps.	29,825	Ps.	9,308

TelevisaUnivision

Investments in Associates and Joint Ventures

Schedule of combined condensed balance sheet information related to the Group's share in associates other than TelevisaUnivision (formerly known as UH II)

IFRS Accounting Standards summarized financial information of TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars):

	2025		2024
Current assets (include cash and cash equivalents for U.S.$439,500 and U.S.$329,800, respectively)	U.S.$	2,921,100	U.S.$	2,616,600
Non-current assets		13,440,900		13,160,000
Total assets		16,362,000		15,776,600
Current liabilities (include debt and financial liabilities for U.S.$270,400 and U.S.$240,800, respectively)		1,594,200		1,450,900
Non-current liabilities (include debt and financial liabilities for U.S.$9,386,800 and U.S.$9,314,500 respectively)		12,118,900		12,100,700
Total liabilities		13,713,100		13,551,600
Total net assets	U.S.$	2,648,900	U.S.$	2,225,000