v3.26.1
Deferred income tax assets and liabilities and income tax expense
 12 Months Ended
Dec. 31, 2025
TextBlock [Abstract]  
Deferred income tax assets and liabilities and income tax expense
Note 15. Deferred income tax assets and liabilities, and income tax expense
Deferred income tax liabilities, net break down as follows:
 
    
As of
January 1,
2025
    
Profit (loss)
    
Incorporation
through
Business
Combination
(1)
    
Other
comprehensive
income (loss)
    
As of
December 31,
2025
  
Tax losses and other unused tax credits
(2)
      222       (222 )      —        —        —   
Employee benefit
      37,525       (23,444 )      —        (13 )      14,068  
Trade and other payables
      —        40,927       (32,527 )      —        8,400  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Items generating deferred income tax assets
   
 
37,747
 
  
 
17,261
 
  
 
(32,527
) 
  
 
(13
) 
  
 
22,468
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Property, plant and equipment
      (46,549 )      (103,902 )      (119,193 )      —        (269,644 ) 
Tax inflation adjustment
      (35,664 )      44,164       (8,500 )      —        —   
Trade and other receivables
      (10,782 )      7,542       —        —        (3,240 ) 
Right-of-use
assets, net
      (4,979 )      1,696       —        —        (3,283 ) 
Borrowings
      (3,050 )      (3,592 )      —        —        (6,642 ) 
Provisions
      2,662       (4,042 )      1,183       —        (197 ) 
Other
      (218 )      (3,078 )      1,684       —        (1,612 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Items generating deferred income tax liabilities
   
 
(98,580
) 
  
 
(61,212
) 
  
 
(124,826
) 
  
 
— 
 
  
 
(284,618
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Deferred income tax, net
   
 
(60,833
) 
  
 
(43,951
) 
  
 
(157,353
) 
  
 
(13
) 
  
 
(262,150
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
As of
January 1,
2024
    
Profit
(loss)
    
Incorporation
through
Business
Combination
(1)
     
Other
comprehensive
income (loss)
     
As of
December 31,
2024
  
Tax losses and other unused tax credits
(2)
      7,932       (7,710 )      —         —         222  
Provisions
      4,270       (1,608 )      —         —         2,662  
Employee benefit
      1,255       32,700       —         3,570        37,525  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Items generating deferred income tax assets
   
 
13,457
 
  
 
23,382
 
  
 
— 
 
   
 
3,570
 
   
 
40,409
 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Property, plant and equipment
      (278,724 )      232,175       —      
 
— 
 
      (46,549 ) 
Tax inflation adjustment
      (102,239 )      66,575       —      
 
— 
 
      (35,664 ) 
Trade and other receivables
      (11,700 )      918       —      
 
— 
 
      (10,782 ) 
Right-of-use
assets, net
      3,305       (8,284 )      —      
 
— 
 
      (4,979 ) 
Borrowings
      (968 )      (2,082 )      —      
 
— 
 
      (3,050 ) 
Other
      (516 )      298       —      
 
— 
 
      (218 ) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Items generating deferred income tax liabilities
   
 
(390,842
) 
  
 
289,600
 
     —      
 
— 
 
   
 
(101,242
) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Deferred income tax, net
   
 
(377,385
) 
  
 
312,982
 
     —      
 
3,570
 
   
 
(60,833
) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
 
(1)
See Notes 1.2.2 and 32.
(2)
As of December 31, 2024,
the Company has recognized Net Operating Loss (“NOL”) based on the analysis of expected future taxable income in the following years, generated in Argentina.
 

 
Deferred income tax assets and liabilities are offset in the following cases: (i) when there is a legally enforceable right to offset tax assets and liabilities; and (ii) when deferred income tax charges are related to the same tax authority. The following amounts, are disclosed in the consolidated statement of financial position:
 
    
As of December 31, 2025
     
As of December 31, 2024
  
Deferred income tax assets
      36,514        3,565  
Deferred income tax liabilities
      (298,664 )       (64,398 ) 
  
 
 
     
 
 
  
Deferred income tax liabilities, net
   
 
(262,150
) 
   
 
(60,833
) 
  
 
 
     
 
 
  
Income tax breaks down as follows:
 
    
Year ended
December 31, 2025
     
Year ended
December 31, 2024
     
Year ended
December 31, 2023
  
Income tax
         
Current income tax
      (241,657 )       (426,288 )       (16,393 ) 
Deferred income tax
      (43,951 )       312,982        (132,011 ) 
  
 
 
     
 
 
     
 
 
  
Income tax (expense) charged in the statement of profit or loss
   
 
(285,608
) 
   
 
(113,306
) 
   
 
(148,404
) 
  
 
 
     
 
 
     
 
 
  
Deferred income tax charged to other comprehensive income
      (13 )       3,570        (2,298 ) 
  
 
 
     
 
 
     
 
 
  
Total income tax (expense)
   
 
(285,621
) 
   
 
(109,736
) 
   
 
(150,702
) 
  
 
 
     
 
 
     
 
 
  
For the years ended December 31, 2025, 2024 and 2023, the Company’s effective rate was 28%, 19% and 27%, respectively. The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) the depreciation of the ARS with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; (iii) the accumulative tax losses not recognized in the period; and (iv) the Gain from Business Combination (Note 9.1).
Below is the reconciliation between income tax expense and the amount resulting from the application of the tax rate to profit income tax:
 
    
Year ended
December 31, 2025
    
Year ended
December 31, 2024
    
Year ended
December 31, 2023
  
Profit before income tax
      1,004,671       590,827       545,359  
Mexican statutory income tax rate
      30 %      30 %      30 % 
  
 
 
    
 
 
    
 
 
  
Income tax at the Mexican statutory tax rate pursuant to effective tax regulations
   
 
(301,401
) 
  
 
(177,248
) 
  
 
(163,608
) 
  
 
 
    
 
 
    
 
 
  
Items that adjust income tax (expense) / benefit:
       
Nondeductible expenses
      (13,749 )      (12,797 )      (13,328 ) 
Inflation adjustment
(1)
      (206,404 )      (236,920 )      (146,077 ) 
Effect on the measurement of monetary and nonmonetary items at functional currency
      196,301       372,379       196,841  
Unrecognized tax losses and other assets
      (39,432 )      (20,047 )      (7,156 ) 
Effect related to tax losses
      —        12,197       —   
Application of tax credits
      (15,736 )      (14,818 )      16,077  
Effect on the gain from Business Combination
(2)
      171,686       —        —   
Effect related to the difference in tax rate other than Mexican statutory rate
      (58,133 )      (32,902 )      (34,317 ) 
Income (loss) from investments in associates
      (1,893 )      —        —   
Other
      (16,847 )      (3,150 )      3,164  
  
 
 
    
 
 
    
 
 
  
Total income tax (expense)
   
 
(285,608
) 
  
 
(113,306
) 
  
 
(148,404
) 
  
 
 
    
 
 
    
 
 
  
 
(1)
 
See Note 30.2.
(2)
 
See Note 1.2.2 and 32.
 

As of December 31, 2025, 2024 and 2023, VISTA and some subsidiaries in Mexico carry accumulated tax losses not recognized for which no deferred tax asset has been recognized. According to Mexican legislation, these accumulated tax losses not recognized shall be adjusted annually by the applicable index. Below are the updated accumulated tax losses not recognized and their due dates:
 
    
As of December 31,
2025
     
As of December 31,
2024
     
As of December 31,
2023
  
2027
      6,284        5,372        6,185  
2028
      73,806        63,097        72,643  
2029
      21,678        18,533        32,126  
As from 2030
      213,995        116,421        83,735  
  
 
 
     
 
 
     
 
 
  
Total accumulated tax losses not recognized
   
 
315,763
 
   
 
203,423
 
   
 
194,689
 
  
 
 
     
 
 
     
 
 
  
Income tax liabilities break down as follows:
 
    
As of December 31,
2025
     
As of December 31,
2024
  
Noncurrent
      
Income tax
      13,964        —   
  
 
 
     
 
 
  
Total noncurrent
   
 
13,964
 
   
 
— 
 
  
 
 
     
 
 
  
Current
      
Income tax, net of withholdings and prepayments
      120,910        382,041  
  
 
 
     
 
 
  
Total current
   
 
120,910
 
   
 
382,041