| NET TRADING INCOME (LOSS) |
NOTE 29 – NET TRADING INCOME (LOSS) Net trading income includes income from client-driven trading activities primarily conducted in markets, including foreign exchange, credit, rates and equities trading, as follows: | | | | | | | | | | | | December 31, | | December 31, | | December 31, | | | 2025 | | 2024 (4) | | 2023 (4) | Net trading investment income (1) | | | | | | | | | | Fixed income (loss) securities | | Ps. | 979,558 | | Ps. | 408,849 | | Ps. | 1,029,018 | Equities | | | 680,217 | | | 577,245 | | | 633,082 | Total trading investment income | | Ps. | 1,659,775 | | Ps. | 986,094 | | Ps. | 1,662,100 | Net derivatives income (loss) | | | | | | | | | | Net income (loss) on financial derivatives (2) | | Ps. | (35,075) | | Ps. | 652,933 | | Ps. | (2,438,839) | Other net loss from marketable derivatives (3) | | | (222,687) | | | (237,293) | | | (142,426) | Total net derivatives income (loss) | | Ps. | (257,762) | | Ps. | 415,640 | | Ps. | (2,581,265) | Total net trading income (loss) | | Ps. | 1,402,013 | | Ps. | 1,401,734 | | Ps. | (919,165) |
| (1) | Includes net trading income from investment securities held for trading, that reflects the interest from investment in debt securities, gains/losses from mark-to-market valuation from investment in equity and debt securities and net income from trading activities. |
| (2) | Includes net trading income from derivatives, which reflects the gains/losses from mark-to-market valuation on trading derivatives. |
| (3) | Includes gains/losses from: (i) Net changes in the valuation of hedging derivatives from mark-to-market valuations from unhedged, (ii) the ineffective portion of the hedge, (iii) Transfers of due hedging derivatives from OCI to the Statement of Consolidated of Income. |
| (4) | The information was modified based on MFG's discontinued operation; see note 13.B. |
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