Debt and Lease Liabilities

12 Months Ended

Dec. 31, 2025

14.

Debt and Lease Liabilities

Debt and lease liabilities outstanding as of December 31, 2025 and 2024, were as follows:


		2025																	2024
								Finance			Principal, Net			Effective		Interest			Principal, Net
		U.S. Dollars			Principal			Costs			of Finance Costs			Interest Rate		Payable			of Finance Costs
U.S. dollar Senior Notes:
6.625% Senior Notes due 2025 ⁽¹⁾		U.S.$	—		Ps.	—		Ps.	—		Ps.	—		—		Ps.	—		Ps.	4,556,950
4.625% Senior Notes due 2026 ⁽¹⁾			207,420			3,736,982			—			3,736,982		5.03	%		86,418			4,323,522
8.5% Senior Notes due 2032 ⁽¹⁾			300,000			5,404,950			(31,109)			5,373,841		9.00	%		140,378			6,226,262
6.625% Senior Notes due 2040 ⁽¹⁾			600,000			10,809,900			(136,097)			10,673,803		7.05	%		326,249			12,379,847
5% Senior Notes due 2045 ⁽¹⁾			790,610			14,244,025			(440,422)			13,803,603		5.39	%		102,874			16,045,657
6.125% Senior Notes due 2046 ⁽¹⁾			879,572			15,846,809			(127,888)			15,718,921		6.47	%		485,308			18,229,310
5.250% Senior Notes due 2049 ⁽¹⁾			660,928			11,907,609			(308,781)			11,598,828		5.59	%		62,515			13,477,395
Total U.S. dollar debt			3,438,530			61,950,275			(1,044,297)			60,905,978					1,203,742			75,238,943

Mexican peso debt:
8.79% Notes due 2027 ⁽²⁾			—			4,500,000			(5,982)			4,494,018		8.84	%		103,283			4,491,175
8.49% Senior Notes due 2037 ⁽¹⁾			—			4,500,000			(14,832)			4,485,168		8.94	%		39,266			4,484,450
7.25% Senior Notes due 2043 ⁽¹⁾			—			6,225,690			(61,807)			6,163,883		7.92	%		30,091			6,162,407
Bank loans ⁽³⁾			—			10,000,000			(54,907)			9,945,093		8.76	%		48,665			9,928,198
Bank loans (Sky) ⁽⁴⁾			—			—			—			—					—			2,650,000
Total Mexican peso debt			—			25,225,690			(137,528)			25,088,162					221,305			27,716,230
Total debt ⁽⁵⁾			3,438,530			87,175,965			(1,181,825)			85,994,140					1,425,047			102,955,173
Less: Current portion of long-term debt			207,420			3,736,982			—			3,736,982					1,425,047			4,556,950
Long-term debt, net of current portion		U.S.$	3,231,110		Ps.	83,438,983		Ps.	(1,181,825)		Ps.	82,257,158				Ps.	—		Ps.	98,398,223

																2025			2024
Lease liabilities:
Satellite transponder lease agreement ⁽⁶⁾																Ps.	1,062,504		Ps.	1,866,747
Telecommunications network lease agreement ⁽⁷⁾																	514,269			538,356
Other lease liabilities ⁽⁸⁾																	3,859,215			2,981,536
Total lease liabilities																	5,435,988			5,386,639
Less: Current portion																	1,583,871			1,242,957
Lease liabilities, net of current portion																Ps.	3,852,117		Ps.	4,143,682

(1)

The Senior Notes of the Company due between 2026 and 2049, in the aggregate outstanding principal amount of U.S.$3,438.5 million and U.S.$3,658.0 million as of December 31, 2025 and 2024, respectively, and Ps.10,725,690, as of December 31, 2025 and 2024, respectively, are unsecured obligations of the Company, rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future liabilities of the Company’s subsidiaries. Interest rate on the Senior Notes due, 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican withholding taxes, is 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) in the event of certain changes in law affecting the Mexican withholding tax treatment of certain payments on the securities, in which case the securities will be redeemable, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The terms of these Senior Notes contain covenants that limit the ability of the Company and certain restricted subsidiaries to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. The Senior Notes due 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or “CNBV”). In March 2025, the Company repaid all of the amounts payable under the remaining 6.625% Senior Notes due 2025 in the aggregate amount of U.S.$226.7 million (Ps.4,036,014), including the principal amount of U.S.$219.4 million (Ps.3,906,655).

(2)

In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000, with interest payable semi-annually at an annual rate of 8.79%. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The terms of the Notes due 2027 contain covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions.

(3)

In April 2024, the Company and two of its subsidiaries executed a credit agreement with a syndicate of banks (the “Credit Agreement”) for a five-year term loan in a principal amount of Ps.10,000,000, and a five-year revolving credit facility for up to an aggregate principal amount in Mexican pesos equivalent to U.S.$500 million. The loans under the Credit Agreement bear interest at a floating rate based on a spread of 125 bps or 150 bps over the 28-day TIIE rate depending on the Group’s leverage ratio. The Credit Agreement requires the maintenance of financial ratios related to indebtedness and interest expense. In April 2024, the Group used the proceeds of the term loan under the Credit Agreement to prepay in full amounts outstanding under a credit agreement entered into by the Company in 2019 with a syndicate of banks in the principal amount of Ps.10,000,000, with an original maturity in June 2024.

(4)

In 2021, Sky entered into long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps.2,650,000, with interest payable on a monthly basis and maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of 8.215%, and a Ps.1,325,000 loan with an annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of this credit agreement, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers, and similar transactions. On April 3, 2025, Sky prepaid all of the amounts payable under its long-term credit agreement in the aggregate principal amount of Ps.2,650,000, with an original maturity in December 2026, and entered into a new credit agreement with the same Mexican bank, the same aggregate principal amount, and the same maturity (the “2025 Sky Credit Agreement”), which included a Ps.1,325,000 loan with an annual interest rate of 8.165%, and a Ps.1,325,000 loan with an annual interest rate of one-day funding TIIE plus 109 basis points. Among other covenants, the 2025 Sky Credit Agreement required Sky to maintain certain financial ratios related to indebtedness and interest expense. The Company was a guarantor of Sky’s obligations under the 2025 Sky Credit Agreement. On June 26, 2025, Sky prepaid all of the outstanding amounts payable under the 2025 Sky Credit Agreement in the aggregate principal amount of Ps.2,650,000.

(5)	The principal amount of total debt as of December 31, 2024 is presented net of unamortized finance costs in the aggregate amount of Ps.1,259,017.

(6)

In 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) by which Sky is obligated to pay at an annual interest rate of 7.30%, a monthly fee of U.S.$3.0 million through 2027 for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of (a) the end of 15 years; or (b) the date IS-21 is taken out of service (see Note 12).

(7)	A subsidiary of the Company entered into a lease agreement with GTAC for the right to use a certain capacity of a telecommunications network through 2030 (see Note 20).

(8)	Other lease liabilities have terms that will expire at various dates between 2026 and 2051.

As of December 31, 2025 and 2024, the outstanding principal amounts of Senior Notes of the Company that have been designated as hedging instruments of the Group’s investment in TelevisaUnivision and Open-Ended Fund (hedged items), were as follows (see Notes 2 (e) and 4):

December 31, 2025

December 31, 2024

Millions of

 

Thousands of

 

Millions of

 

Thousands of

Hedged Items

 

U.S. Dollars

 

Mexican Pesos

 

U.S. Dollars

 

Mexican Pesos

Investment in shares of TelevisaUnivision (net investment hedge)

U.S.$

2,258.7

Ps.

40,694,190

U.S.$

2,071.1

Ps.

43,220,986

Open-Ended Fund (foreign currency fair value hedge)

45.4

817,332

37.6

784,769

Total

U.S.$

2,304.1

Ps.

41,511,522

U.S.$

2,108.7

Ps.

44,005,755

The foreign exchange gain or loss derived from the Company’s U.S. dollar denominated long-term debt designated as a hedge, for the years ended December 31, 2025 and 2024, is analyzed as follows (see Notes 9 and 23):


Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments		2025			2024
Recognized in:
Comprehensive gain (loss)		Ps.	6,343,981		Ps.	(9,122,973)
Total foreign exchange gain (loss) derived from hedging Senior Notes		Ps.	6,343,981		Ps.	(9,122,973)
Offset against:
Foreign currency translation (loss) gain derived from the hedged net investment in shares of TelevisaUnivision		Ps.	(6,227,452)		Ps.	8,946,557
Foreign exchange (loss) gain derived from the hedged Open-Ended Fund			(116,529)			176,416
Total foreign currency translation and foreign exchange (loss) gain derived from hedged assets		Ps.	(6,343,981)		Ps.	9,122,973

Maturities of Debt and Lease Liabilities

Debt maturities for the years subsequent to December 31, 2025, are as follows:


					Unamortized
		Nominal			Finance Costs
2026		Ps.	3,736,982		Ps.	—
2027			4,500,000			5,982
2029			10,000,000			54,907
2032			5,404,950			31,109
Thereafter			63,534,033			1,089,827
		Ps.	87,175,965		Ps.	1,181,825

Future minimum payments under lease liabilities for the years subsequent to December 31, 2025, are as follows:


2026	Ps.	2,027,418
2027		1,792,087
2028		1,162,194
2029		721,198
2030		504,197
Thereafter		700,298
		6,907,392
Less: Amount representing interest		(1,471,404)
	Ps.	5,435,988

A reconciliation of long-term debt and lease liabilities arising from financing activities in the Group’s consolidated statement of cash flows for the years ended December 31, 2025 and 2024, is as follows:

Cash Flow

Non-Cash Changes

Foreign

 

Balance as of

 

Exchange

 

Balance as of

 

January 1, 2025

 

Payments

 

New Leases

 

Income

 

Interest

 

December 31, 2025

Debt

Ps.

104,214,190

Ps.

(6,556,655)

Ps.

—

Ps.

(10,481,570)

Ps.

—

Ps.

87,175,965

Lease liabilities

5,386,639

(1,809,670)

1,750,836

(200,570)

308,753

5,435,988

Total debt and lease liabilities

Ps.

109,600,829

Ps.

(8,366,325)

Ps.

1,750,836

Ps.

(10,682,140)

Ps.

308,753

Ps.

92,611,953

Cash Flow

Non-Cash Changes

Foreign

 

Balance as of

 

Exchange

 

Balance as of

 

January 1, 2024

 

Payments

 

New Debt

 

New Leases

 

Spun-off

 

Income

 

Interest

 

December 31, 2024

Debt

Ps.

89,814,233

Ps.

(10,000,000)

Ps.

10,000,000

Ps.

—

Ps.

—

Ps.

14,399,957

Ps.

—

Ps.

104,214,190

Lease liabilities

7,291,550

(1,567,300)

—

87,890

(1,117,157)

391,372

300,284

5,386,639

Total debt and lease liabilities

Ps.

97,105,783

Ps.

(11,567,300)

Ps.

10,000,000

Ps.

87,890

Ps.

(1,117,157)

Ps.

14,791,329

Ps.

300,284

Ps.

109,600,829

Credit Facilities

In February 2023, Sky executed a revolving credit facility with a Mexican bank for up to an amount of Ps.1,000,000, which funds may be used for general corporate purposes, including the repayment of debt, with a maturity in 2028. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. As of December 31, 2025, the principal amount of this credit facility remained unused.

As discussed above, in April 2024, the Company and two of its subsidiaries executed a five-year revolving credit facility with a syndicate of banks for an aggregate principal amount in Mexican pesos equivalent up to U.S.$500 million. The credit agreement for this credit facility requires the maintenance of financial ratios related to indebtedness and interest expense. As of December 31, 2025, the principal amount of this credit facility remained unused.