Post-employment Benefits

12 Months Ended

Dec. 31, 2025

16.	Post-employment Benefits

Certain companies in the Group have defined benefit pension plans for certain eligible executives and employees. All pension benefits are based on salary and years of service rendered.

Under the provisions of the Mexican Labor Law, seniority premiums are payable based on salary and years of service to employees who resign or are terminated prior to reaching retirement age. Some companies in the Group have seniority premium benefits which are greater than the legal requirement.

Post-employment benefits are actuarially determined by using nominal assumptions and attributing the present value of all future expected benefits proportionately over each year from date of hire to age 65.

The Group used actuarial assumptions to determine the present value of defined benefit obligations, as follows:


		2025		2024
Discount rate		9.3	%	10.5	%
Salary increase		5.2	%	5.2	%
Inflation rate		3.7	%	3.7	%

Had the discount rate of 9.3% used by the Group in 2025 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.1,413,829 as of December 31, 2025.

Had the discount rate of 10.5% used by the Group in 2024 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.1,238,452 as of December 31, 2024.

The reconciliation between defined benefit obligations and post-employment benefit liability in the consolidated statements of financial position as of December 31, 2025 and 2024, is presented as follows:


		As of December 31, 2025
					Seniority
		Pensions			Premiums			2025
Vested benefit obligations		Ps.	300,574		Ps.	347,809		Ps.	648,383
Unvested benefit obligations			286,472			439,796			726,268
Defined benefit obligations			587,046			787,605			1,374,651
Fair value of plan assets			374,381			46,022			420,403
Underfunded status of the plans		Ps.	212,665		Ps.	741,583		Ps.	954,248
Post-employment benefit liability		Ps.	212,665		Ps.	741,583		Ps.	954,248


		As of December 31, 2024
					Seniority
		Pensions			Premiums			2024
Vested benefit obligations		Ps.	322,385		Ps.	270,291		Ps.	592,676
Unvested benefit obligations			239,811			371,977			611,788
Defined benefit obligations			562,196			642,268			1,204,464
Fair value of plan assets			389,703			42,279			431,982
Underfunded status of the plans		Ps.	172,493		Ps.	599,989		Ps.	772,482
Post-employment benefit liability		Ps.	172,493		Ps.	599,989		Ps.	772,482

The components of net periodic pensions and seniority premiums cost for the years ended December 31, 2025 and 2024 consisted of the following:


		2025			2024
Service cost		Ps.	81,802		Ps.	76,323
Interest cost			114,506			109,698
Prior service cost for plan amendments			(18,034)			(14,694)
Interest on plan assets			(36,881)			(35,596)
Net periodic cost		Ps.	141,393		Ps.	135,731

The Group’s defined benefit obligations, plan assets, funded status and balances in the consolidated statements of financial position as of December 31, 2025 and 2024, associated with post-employment benefits, are presented as follows:


					Seniority
		Pensions			Premiums			2025			2024
Defined benefit obligations:
Beginning of year		Ps.	562,196		Ps.	642,268		Ps.	1,204,464		Ps.	1,207,528
Retirement of spun-off businesses			—			—			—			(85,955)
Service cost			20,162			61,640			81,802			76,323
Interest cost			49,505			65,001			114,506			109,698
Benefits paid			(72,997)			(25,277)			(98,274)			(158,525)
Remeasurement of post-employment benefit obligations			28,868			61,319			90,187			70,089
Past service cost			(688)			(17,346)			(18,034)			(14,694)
End of year			587,046			787,605			1,374,651			1,204,464

Fair value of plan assets:
Beginning of year			389,703			42,279			431,982			474,479
Retirement			(23,286)			(117)			(23,403)			(1,888)
Return on plan assets			33,045			3,836			36,881			35,596
Remeasurement of plan assets			1,456			24			1,480			7,310
Benefits paid			(26,537)			—			(26,537)			(83,515)
End of year			374,381			46,022			420,403			431,982
Unfunded status of the plans		Ps.	212,665		Ps.	741,583		Ps.	954,248		Ps.	772,482

The changes in the net post-employment liability in the consolidated statements of financial position as of December 31, 2025 and 2024, are as follows:

Seniority

 

Pensions

 

Premiums

 

2025

 

2024

Net post-employment liability at beginning of year

Ps.

172,493

Ps.

599,989

Ps.

772,482

Ps.

733,049

Retirement

23,286

117

23,403

(84,067)

Net periodic cost

35,934

105,459

141,393

135,731

Remeasurement of post-employment benefits

27,412

61,295

88,707

62,779

Benefits paid

(46,460)

(25,277)

(71,737)

(75,010)

Net post-employment liability at end of year

Ps.

212,665

Ps.

741,583

Ps.

954,248

Ps.

772,482

The post-employment benefits as of December 31, 2025 and 2024, and remeasurements adjustments for the years ended December 31, 2025 and 2024, are summarized as follows:


		2025			2024
Pensions:
Defined benefit obligations		Ps.	587,046		Ps.	562,196
Plan assets			374,381			389,703
Unfunded status of plans			212,665			172,493
Remeasurements adjustments ⁽¹⁾			27,412			(10,297)

Seniority premiums:
Defined benefit obligations		Ps.	787,605		Ps.	642,268
Plan assets			46,022			42,279
Unfunded status of plans			741,583			599,989
Remeasurements adjustments ⁽¹⁾			61,295			73,076

(1)	On defined benefit obligations and plan assets.

Pensions and Seniority Premiums Plan Assets

The plan assets are invested according to specific investment guidelines determined by the technical committees of the pension plan and seniority premiums trusts and in accordance with actuarial computations of funding requirements. These investment guidelines require a minimum investment of 30% of the plan assets in fixed rate instruments, or mutual funds comprised of fixed rate instruments. The plan assets that are invested in mutual funds are all rated “AA” or “AAA” by at least one of the main rating agencies. These mutual funds vary in liquidity characteristics ranging from one day to one month. The investment goals of the Group’s plan assets are to preserve principal amounts, diversify the portfolio, maintain a high degree of liquidity and credit quality, and deliver competitive returns subject to prevailing market conditions. Currently, the plan assets do not engage in the use of financial derivative instruments. The Group’s target allocation in the foreseeable future is to maintain approximately 30% in equity securities and 70% in fixed rate instruments.

The weighted average asset allocation of the plan assets by asset category as of December 31, 2025 and 2024, was as follows:


		2025		2024
Equity securities ⁽¹⁾		24.0	%	45.0	%
Fixed rate instruments		76.0	%	55.0	%
Total		100.0	%	100.0	%

(1)	Included within plan assets at December 31, 2025 and 2024, are shares of the Company held by the trust with a fair value of Ps.32,239 and Ps.21,236, respectively.

The weighted average expected long-term rate of return of plan assets of 9.31% and 10.48% were used in determining net periodic pension cost in 2025 and 2024, respectively. The rate used reflected an estimate of long-term future returns for the plan assets. This estimate was primarily a function of the asset classes (equities versus fixed income) in which the plan assets were invested and the analysis of past performance of these asset classes over a long period of time.

This analysis included expected long-term inflation, and the risk premiums associated with equity investments and fixed income investments.

The following table summarizes the Group’s plan assets measured at fair value on a recurring basis as of December 31, 2025 and 2024:

Quoted Prices in

Internal Models

Balance as of

Active Markets

with Significant

December 31,

for Identical

Observable

Unobservable

 

2025

 

Assets (Level 1)

 

Inputs (Level 2)

 

Inputs (Level 3)

Common Stocks ⁽¹⁾

Ps.

32,239

Ps.

32,239

Ps.

—

Ps.

—

Mutual funds (fixed rate instruments) ⁽²⁾

28,894

28,894

—

Money market securities ⁽³⁾

169,603

169,603

—

Other equity securities

176,215

176,215

—

Total investment assets

406,951

406,951

—

Cash management

13,452

—

Total investment assets and cash management

Ps.

420,403

Ps.

406,951

Ps.

—

Ps.

—


					Quoted Prices in			Internal Models			Internal Models
		Balance as of			Active Markets			with Significant			with Significant
		December 31,			for Identical			Observable			Unobservable
		2024			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)
Common Stocks ⁽¹⁾		Ps.	21,236		Ps.	21,236		Ps.	—		Ps.	—
Mutual funds (fixed rate instruments) ⁽²⁾			25,095			25,095			—			—
Money market securities ⁽³⁾			207,910			207,910			—			—
Other equity securities			165,755			165,755			—			—
Total investment assets			419,996			419,996			—			—
Cash management			11,986			—			—			—
Total investment assets and cash management		Ps.	431,982		Ps.	419,996		Ps.	—		Ps.	—

(1)	Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All common stocks included in this line relate to the Company’s CPOs.

(2)	Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund.

(3)	Money market securities consist of government debt securities, which are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes.

The Group did not make significant contributions to its plan assets in 2025 and 2024 and does not expect to make significant contributions to its plan assets in 2026.

The weighted average duration of the defined benefit plans as of December 31, 2025 and 2024, were as follows:


		2025		2024
Seniority Premiums		8.5 years		8.8 years
Pensions		2.6 years		2.9 years