Intangible Assets, Net and Goodwill

12 Months Ended

Dec. 31, 2025

13.	Intangible Assets, Net and Goodwill

As of December 31, 2025 and 2024, intangible assets and goodwill are summarized as follows:

2025

2024

 

Accumulated

 

Carrying

 

Accumulated

 

Carrying

Cost

Amortization

Amount

Cost

Amortization

Amount

Intangible assets with indefinite useful lives and goodwill:

Trademarks

Ps.

32,828

Ps.

—

Ps.

32,828

Ps.

32,828

Ps.

—

Ps.

32,828

Concessions

15,070,025

—

15,070,025

15,070,025

—

15,070,025

Goodwill

13,454,998

—

13,454,998

13,454,998

—

13,454,998

28,557,851

—

28,557,851

28,557,851

—

28,557,851

Intangible assets with finite useful lives:

Trademarks

2,245,835

(2,245,835)

—

2,245,835

(2,245,835)

—

Licenses and software

22,629,288

(18,076,491)

4,552,797

21,320,603

(16,716,480)

4,604,123

Subscriber lists

8,392,469

(8,384,818)

7,651

8,663,463

(8,468,156)

195,307

Payments for concessions

5,824,365

(1,150,669)

4,673,696

5,824,365

(863,002)

4,961,363

Other intangible assets

2,365,713

(1,789,275)

576,438

2,306,185

(1,697,740)

608,445

41,457,670

(31,647,088)

9,810,582

40,360,451

(29,991,213)

10,369,238

Ps.

70,015,521

Ps.

(31,647,088)

Ps.

38,368,433

Ps.

68,918,302

Ps.

(29,991,213)

Ps.

38,927,089

Changes in intangible assets with indefinite useful lives and goodwill for the years ended December 31, 2025 and 2024, were as follows:

2025

Trademarks

Concessions

Goodwill

Total

Cost:

Balance at January 1, 2025

Ps.

32,828

Ps.

15,070,025

Ps.

13,454,998

Ps.

28,557,851

Acquisitions

—

Balance at December 31, 2025

Ps.

32,828

Ps.

15,070,025

Ps.

13,454,998

Ps.

28,557,851


	2024
	Trademarks		Concessions		Goodwill		Total
Cost:
Balance at January 1, 2024	Ps.	32,828	Ps.	15,166,067	Ps.	13,904,998	Ps.	29,103,893
Acquisitions		—		21,564		—		21,564
Retirements and impairment adjustments		—		(117,606)		(450,000)		(567,606)
Balance at December 31, 2024	Ps.	32,828	Ps.	15,070,025	Ps.	13,454,998	Ps.	28,557,851

Changes in intangible assets with finite useful lives for the years ended December 31, 2025 and 2024, were as follows:

2025

Licenses

Other

and

Subscriber

Payments for

Intangible

 

Trademarks

 

Software

 

Lists

 

Concessions

 

Assets

 

Total

Cost:

Balance at January 1, 2025

Ps.

2,245,835

Ps.

21,320,603

Ps.

8,663,463

Ps.

5,824,365

Ps.

2,306,185

Ps.

40,360,451

Additions

—

1,184,996

—

102,114

1,287,110

Transfers from property, plant and equipment

—

211,083

—

211,083

Reclassifications from other accounts

—

340

5,100

—

(5,440)

—

Retirements

—

(42,480)

(262,906)

—

(37,146)

(342,532)

Effect of translation

—

(45,254)

(13,188)

—

(58,442)

Balance at December 31, 2025

2,245,835

22,629,288

8,392,469

5,824,365

2,365,713

41,457,670

Accumulated amortization:

Balance at January 1, 2025

(2,245,835)

(16,716,480)

(8,468,156)

(863,002)

(1,697,740)

(29,991,213)

Amortization of the year

—

(1,342,296)

(230,997)

(287,667)

(55,921)

(1,916,881)

Other amortization of the year

—

(1,376)

Transfers and reclassifications

—

(340)

38,241

—

(37,901)

—

Reclassifications from other accounts

—

(62,736)

—

(62,736)

Retirements

—

680

262,906

—

3,663

267,249

Effect of translation

—

44,681

13,188

—

57,869

Balance at December 31, 2025

(2,245,835)

(18,076,491)

(8,384,818)

(1,150,669)

(1,789,275)

(31,647,088)

Ps.

—

Ps.

4,552,797

Ps.

7,651

Ps.

4,673,696

Ps.

576,438

Ps.

9,810,582


		2024
					Licenses									Other
					and			Subscriber			Payments for			Intangible
		Trademarks			Software			Lists			Concessions			Assets			Total
Cost:
Balance at January 1, 2024		Ps.	2,236,012		Ps.	16,990,167		Ps.	8,779,649		Ps.	5,824,365		Ps.	3,680,220		Ps.	37,510,413
Additions			9,823			1,266,988			—			—			80,479			1,357,290
Transfers from property, plant and equipment			—			770,090			—			—			—			770,090
Reclassifications from other accounts			—			2,435,700			—			—			356,674			2,792,374
Retirements and impairment adjustments			—			(204,742)			(134,846)			—			(1,814,206)			(2,153,794)
Effect of translation			—			62,400			18,660			—			3,018			84,078
Balance at December 31, 2024			2,245,835			21,320,603			8,663,463			5,824,365			2,306,185			40,360,451
Accumulated amortization:
Balance at January 1, 2024			(2,187,698)			(12,594,645)			(8,177,490)			(575,335)			(2,689,296)			(26,224,464)
Amortization of the year			(58,137)			(2,395,212)			(312,184)			(287,667)			(67,002)			(3,120,202)
Other amortization of the year ⁽¹⁾			—			—			—			—			(47,628)			(47,628)
Transfers and reclassifications			—			—			4,770			—			(4,770)			—
Reclassifications from other accounts			—			(1,242,761)			(79,806)			—			(83,289)			(1,405,856)
Retirements and impairment adjustments			—			(421,290)			115,214			—			1,196,395			890,319
Effect of translation			—			(62,572)			(18,660)			—			(2,150)			(83,382)
Balance at December 31, 2024			(2,245,835)			(16,716,480)			(8,468,156)			(863,002)			(1,697,740)			(29,991,213)
		Ps.	—		Ps.	4,604,123		Ps.	195,307		Ps.	4,961,363		Ps.	608,445		Ps.	10,369,238

(1)	Other amortization of the year relates to discontinued operations, primarily to amortization of soccer player rights for the one-month period ended January 31, 2024.

Amortization charges are presented in Note 21. Amortization charged to income for the years ended December 31, 2025 and 2024 was Ps.1,916,881 and Ps.3,120,202, respectively. Additional amortization charged to income for the year ended December 31, 2025 was Ps.1,376 and for the year ended December 31, 2024, included Ps.47,628 corresponding to amortization of discontinued operations for the period of one month ended January 31, 2024, in connection with amortization of soccer player rights.

Derived from the annual impairment test of intangible assets with indefinite useful lives at the Telecom CGUs, in the fourth quarter of 2024, the Group recognized in 2024 an impairment loss in goodwill and intangible assets with indefinite and finite useful lives in the aggregate amount of Ps.1,167,264 (see Note 22).

The main events and circumstances that led to the recognition of impairment losses were primarily a decline in sales. This decline was influenced by market conditions and competitive pressures, resulting in lower-than-expected revenue. Management revised its future projections to reflect a more cautious outlook, considering the current economic environment and potential risks.

The changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions for the years ended December 31, 2025 and 2024, were as follows:


					Indefinite-lived			Indefinite-lived
		Goodwill			Trademarks			Concessions
Balance as of January 1, 2024		Ps.	13,904,998		Ps.	32,828		Ps.	15,166,067
Acquisitions			—			—			21,564
Impairment adjustments			(450,000)			—			(117,606)
Balance at December 31, 2024			13,454,998			32,828			15,070,025
Acquisitions			—			—			—
Impairment adjustments			—			—			—
Balance at December 31, 2025		Ps.	13,454,998		Ps.	32,828		Ps.	15,070,025

Until 2023, the Group had determined that it had five CGUs in its former Cable segment. During 2024 the Group determined that there was a change in the composition of its CGUs as a result of the following: (i) in 2023 a new CEO and a CFO were designated for the Group’s former Cable segment which led to the implementation of a restructure in such segment and a redefinition of the operating strategy; (ii) intercompany mergers to align to the strategy took place during 2024; (iii) measurement and monitoring of financial performance (returns and assets (infrastructure)) including the analysis of cash flow generation as well as decision making is performed at the level of residential services (Residential operations) and business services (Enterprise operations). This change in the organizational structure and how management monitors operations and make business decisions, resulted in the change in the CGU composition. Based on the above, the new CGUs “Residential and “Enterprise” have been determined in accordance with the best judgment of management and considers the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets and for which management monitors and makes decisions about the continuity or disposing of the assets or these operations. The change resulted in reallocation of a portion of goodwill and intangible assets with indefinite useful lives across the Residential and Enterprise CGUs. The reallocation was performed using a relative value approach. In the fourth quarter of 2025, the Group determined that it has three CGUs in its Telecom segment, including the CGU for its Sky services (Satellite operations or “Satellite”).

The key assumptions used for either fair value less cost of disposal or value in use calculations of goodwill and intangible assets in 2025, were as follows (see Note 15):


		Telecom
		Residential			Satellite		Enterprise
Value in use calculations:
Long-term growth rate			3.3	%	2.0	%		3.3	%
Post-tax discount rate			10.5	%	11.0	%		10.7	%
Pre-tax discount rate			14.3	%	15.1	%		14.4	%
Fair value calculations:		Minimum	Maximum				Minimum	Maximum
Multiple of sales		1.6	3.2		N/A		1.4	3.7
Multiple of EBITDA (as defined)		3.6	8.4		N/A		4.4	8.0

The key assumptions used for either fair value less cost of disposal or value in use calculations of goodwill and intangible assets in 2024, were as follows (see Note 15):


		Telecom
		Residential			Satellite		Enterprise
Value in use calculations:
Long-term growth rate			3.7	%	2.0	%		3.7	%
Post-tax discount rate			11.0	%	11.3	%		11.0	%
Pre-tax discount rate			14.0	%	14.3	%		14.0	%
Fair value calculations:		Minimum	Maximum				Minimum	Maximum
Multiple of sales		1.7	3.7		N/A		1.0	2.7
Multiple of EBITDA (as defined)		3.8	7.9		N/A		3.2	6.7

The estimated recoverable amount of one of the CGUs of the Group’s Telecom segment exceeded its carrying amount by approximately Ps.519,500. Management has identified that a reasonable possible change in the key assumptions identified above could cause the carrying amount in 2025 to exceed the recoverable amount of one of the two CGUs with indefinite-life intangible assets tested for impairment. The change required for the carrying amount to equal the recoverable amount is a 0.30% increase in the discount rate (equivalent to a 30 basis-point change) or a 0.30% increase in the long-term growth rate (equivalent to a 90 basis-point change).

Management has identified that a reasonable possible change in the key assumptions identified above could cause the carrying amount in 2024 to exceed the recoverable amount of one of the two CGUs with indefinite-life intangible assets tested for impairment. The change required for the carrying amount to equal the recoverable amount is a 0.02% decrease in the discount rate (equivalent to a 2 basis-point change) or a 1.7% decrease in the long-term growth rate (equivalent to a 170 basis-point change).