Property, Plant and Equipment, Net, and Investment Property, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net, and Investment Property, Net

Property, Plant and Equipment, Net, and Investment Property, Net

11.	Property, Plant and Equipment, Net, and Investment Property, Net

Property, Plant and Equipment, Net

Changes in the carrying amounts of property, plant and equipment for the years ended December 31, 2025 and 2024, are as follows:


					Networks and																		Construction
		Buildings			technical			Satellite			Furniture			Transportation			Computer			Leasehold			and Projects
		and Land			Equipment			Transponders			and Fixtures			Equipment			Equipment			Improvements			in Progress ⁽¹⁾			Total
Cost:
January 1, 2024		Ps.	11,619,447		Ps.	197,794,121		Ps.	6,026,094		Ps.	1,261,892		Ps.	2,963,827		Ps.	9,682,066		Ps.	3,874,655		Ps.	8,950,492		Ps.	242,172,594
Additions			20,922			5,013,043			—			8,206			22,488			32,133			43,381			3,957,224			9,097,397
Dismantling cost			—			12,122			—			—			—			—			—			—			12,122
Retirements and reclassifications to other accounts			(5,535,721)			(9,541,826)			—			(122,101)			(1,242,130)			(2,951,681)			(1,347,560)			1,194,187			(19,546,832)
Transfers from intangibles assets, net			—			—			—			—			—			—			—			(770,090)			(770,090)
Transfers and reclassifications			21,292			5,907,840			—			25,154			4,894			75,477			106,827			(6,141,484)			—
Effect of translation			—			946,672			—			494			3,818			2,978			1,274			1,150			956,386
December 31, 2024			6,125,940			200,131,972			6,026,094			1,173,645			1,752,897			6,840,973			2,678,577			7,191,479			231,921,577
Additions			10,265			3,913,469			—			2,115			—			11,196			9,283			8,240,177			12,186,505
Dismantling cost			—			30,837			—			—			—			—			—			—			30,837
Retirements and reclassifications to other accounts			(29,684)			(3,402,988)			—			(287)			(121,702)			(144,699)			(2,765)			886,463			(2,815,662)
Transfers from intangibles assets, net			—			—			—			—			—			—			—			(211,083)			(211,083)
Transfers and reclassifications			20,267			6,733,040			—			10,892			1,476			46,636			108,656			(6,920,967)			—
Effect of translation			—			(680,277)			—			(354)			(1,611)			(2,605)			(970)			(79)			(685,896)
December 31, 2025		Ps.	6,126,788		Ps.	206,726,053		Ps.	6,026,094		Ps.	1,186,011		Ps.	1,631,060		Ps.	6,751,501		Ps.	2,792,781		Ps.	9,185,990		Ps.	240,426,278

Accumulated depreciation:
January 1, 2024		Ps.	(4,656,426)		Ps.	(140,697,874)		Ps.	(4,818,311)		Ps.	(883,332)		Ps.	(2,089,619)		Ps.	(8,075,441)		Ps.	(3,103,015)		Ps.	—		Ps.	(164,324,018)
Depreciation of the year			(119,869)			(15,299,488)			(282,414)			(69,291)			(120,510)			(184,693)			(182,509)			—			(16,258,774)
Impairment			—			—			(20,044)			—			—			—			—			—			(20,044)
Retirements			2,162,396			7,387,294			—			95,404			664,112			1,949,903			1,062,713			—			13,321,822
Transfers investment property			(83,645)			—			—			—			—			—			—			—			(83,645)
Effect of translation			—			(887,584)			—			(148)			(1,728)			(2,623)			(574)			—			(892,657)
December 31, 2024			(2,697,544)			(149,497,652)			(5,120,769)			(857,367)			(1,547,745)			(6,312,854)			(2,223,385)			—			(168,257,316)
Depreciation of the year			(106,836)			(13,540,058)			(162,148)			(68,269)			(55,813)			(151,513)			(173,496)			—			(14,258,133)
Retirements			81,615			2,035,019			—			107			48,388			76,410			2,167			—			2,243,706
Transfers investment property			(82,254)			—			—			—			—			—			—			—			(82,254)
Effect of translation			—			622,317			—			113			881			1,914			694			—			625,919
December 31, 2025		Ps.	(2,805,019)		Ps.	(160,380,374)		Ps.	(5,282,917)		Ps.	(925,416)		Ps.	(1,554,289)		Ps.	(6,386,043)		Ps.	(2,394,020)		Ps.	—		Ps.	(179,728,078)

Carrying amount:
January 1, 2024		Ps.	6,963,021		Ps.	57,096,247		Ps.	1,207,783		Ps.	378,560		Ps.	874,208		Ps.	1,606,625		Ps.	771,640		Ps.	8,950,492		Ps.	77,848,576
December 31, 2024		Ps.	3,428,396		Ps.	50,634,320		Ps.	905,325		Ps.	316,278		Ps.	205,152		Ps.	528,119		Ps.	455,192		Ps.	7,191,479		Ps.	63,664,261
December 31, 2025		Ps.	3,321,769		Ps.	46,345,679		Ps.	743,177		Ps.	260,595		Ps.	76,771		Ps.	365,458		Ps.	398,761		Ps.	9,185,990		Ps.	60,698,200

(1)

Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs.

Depreciation charges are presented in Note 21. Depreciation charged to income for the years ended December 31, 2025 and 2024, was Ps.14,258,133 and Ps.16,258,774, respectively. Depreciation for the year ended December 31, 2024 included Ps.21,340, corresponding to depreciation of discontinued operations for the period of one month ended January 31, 2024.

Derived from the annual impairment test of intangible assets with indefinite useful lives at the Satellite CGU (Sky), in the fourth quarter of 2024 the Group recognized an impairment loss in satellite transponders in the aggregate amount of Ps.20,044 (see Note 22).

Property, plant and equipment include the following carrying amounts of technical equipment leased to subscribers as of December 31, 2025 and 2024:


	2025		2024
Subscriber leased set-top equipment	Ps.	63,753,419	Ps.	60,963,692
Accumulated depreciation		(48,483,463)		(43,883,230)
	Ps.	15,269,956	Ps.	17,080,462

Property, plant and equipment include the following carrying amounts of dismantling costs (technical equipment) related to obligations incurred as of December 31, 2025 and 2024:


		2025			2024
Dismantling costs		Ps.	1,185,283		Ps.	1,154,446
Accumulated depreciation			(801,861)			(726,813)
		Ps.	383,422		Ps.	427,633

Investment Property, Net

The Group leases some buildings and land to TelevisaUnivision under operating lease agreements. These operating lease agreements contain initial non-cancellable periods between 7 and 19 years. Subsequent renewals are negotiated with the lessee and average renewal periods are of five years. The leased buildings and land are in Mexico City and include the Group’s San Angel, Chapultepec facilities and part of the Company’s headquarters. These properties are classified as investment properties in accordance with IFRS Accounting Standards given that such properties are held by the Group primarily to earn rentals rather than for use in the production or supply of goods or services or for administrative purposes, or sale in the ordinary course of business (see Note 3).

Changes in the carrying amount of investment property for the years ended December 31, 2025 and 2024, are as follows:


		Buildings and Land
Cost:
January 1, 2024		Ps.	3,867,406
Transfers investment property			—
December 31, 2024			3,867,406
Transfers investment property			—
December 31, 2025		Ps.	3,867,406

Accumulated depreciation:
January 1, 2024		Ps.	(1,077,233)
Depreciation of the period			(83,645)
December 31, 2024			(1,160,878)
Depreciation of the period			(82,254)
December 31, 2025		Ps.	(1,243,132)

Carrying amount:
December 31, 2024		Ps.	2,706,528
December 31, 2025		Ps.	2,624,274

Depreciation charges are presented in Note 21.

As of December 31, 2025 and 2024, the fair value of the Group’s investment property amounted to Ps.11,888,707 and Ps.11,264,339, respectively, as measured by an independent appraiser who holds a recognized and relevant professional qualification and experience in the investment property being valued.

Net lease income from investment property, net of direct operating expenses amounted to Ps.354,815, Ps.360,813 and Ps.325,205, for the years ended December 31, 2025, 2024 and 2023, respectively, and was accounted for as a reduction of the Group’s corporate expense included in administrative expenses (see Note 21).

A maturity analysis of undiscounted contractual lease payments to be received by the Group as of December 31, 2025 for buildings and land subject to operating leases is presented as follows (Thousands of U.S. dollars):


		Undiscounted
Year		Lease Payments
2026		U.S.$	22,604
2027			22,604
2028			22,604
2029			21,042
2030			19,273
Thereafter			259,627