Income Taxes

12 Months Ended

Dec. 31, 2025

24.	Income Taxes

The income tax benefit (expense) for the years ended December 31, 2025, 2024 and 2023, was comprised of:


		2025			2024			2023
Income taxes, current ⁽¹⁾		Ps.	417,424		Ps.	(4,238,483)		Ps.	(1,771,404)
Income taxes, deferred			(8,348,938)			3,549,896			(589,230)
		Ps.	(7,931,514)		Ps.	(688,587)		Ps.	(2,360,634)

(1)	The current income tax of Mexican companies payable in Mexico represented 105%, 99% and 96% of total current income taxes in 2025, 2024 and 2023, respectively.

The Mexican corporate income tax rate was 30% in 2025, 2024 and 2023.

The following items represent the principal differences between income taxes computed at the statutory rate and the Group’s provision for income taxes.


		%		%		%
		2025		2024		2023
Statutory income tax rate		30		30		30
Differences between accounting and tax bases, including tax inflation gain that is not recognized for accounting purposes		(117)		6		(15)
Taxes from prior years		(285)		(6)		(15)
Tax loss carryforwards ⁽¹⁾		(328)		(51)		(21)
Foreign operations		(34)		14		(10)
Share of loss in associates and joint ventures, net		(56)		(4)		(20)
Recovery of asset tax from prior years		—		2		7
Effective income tax rate		(790)		(9)		(44)

⁽¹⁾In 2025 includes primarily a write-off of tax losses at the expiration date.

The Group has recognized benefits from tax loss carryforwards of Mexican companies in the Group as of December 31, 2025 and 2024, for which it is expected that they will be used before expiration based on tax projections. The years of expiration of these tax loss carryforwards as of December 31, 2025, are as follows:


		Tax Loss
		Carryforwards
		for Which
		Deferred Taxes
Year of Expiration		Were Recognized
2026		Ps.	252,636
2027			10,030
2028			332,308
2029			2,031,322
2030			211,563
Thereafter			8,733,728
		Ps.	11,571,587

As of December 31, 2025, tax loss carryforwards of Mexican companies in the Group for which deferred tax assets were not recognized amounted to Ps.31,459,879 and will expire between 2026 and 2035.

As of December 31, 2025, tax loss carryforwards of subsidiaries in Central America, the United States and Europe amounted to Ps.2,716,012, of which Ps.1,458,703 have no expiration date, and the remaining will expire between 2026 and 2032. The Group has not recognized any deferred tax assets in connection with these tax loss carryforwards.

During 2025, 2024 and 2023, certain Mexican subsidiaries utilized operating tax loss carryforwards in the amounts of Ps.5,678,262, Ps.2,848,729 and Ps.1,656,195, respectively.

The deferred income taxes as of December 31, 2025 and 2024, were principally derived from the following temporary differences and tax loss carryforwards:


		2025			2024
Deferred Income Tax Assets:
Accrued liabilities ⁽¹⁾		Ps.	4,245,105		Ps.	3,058,391
Allowance for expected credit losses			434,023			458,366
Customer advances			1,651,555			1,820,602
Property, plant and equipment, net			3,192,183			6,798,230
Financial expenses pending tax deduction			4,078,692			4,904,829
Derivative financial instruments			113,924			—
Investments			—			398
Tax loss carryforwards:
Operating			3,395,685			3,129,246
Capital ⁽²⁾			75,791			3,642,421

Deferred Income Tax Liabilities:
Investments			(318,240)			—
Prepaid expenses and other items ⁽¹⁾			(2,393,891)			(824,656)
Derivative financial instruments			—			(550,399)
Intangible assets and transmission rights			(3,415,330)			(3,491,393)
Deferred income tax assets of Mexican companies			11,059,497			18,946,035
Deferred income tax assets of certain foreign subsidiaries			356,025			433,278
Deferred income tax assets, net		Ps.	11,415,522		Ps.	19,379,313

(1)	As of December 31, 2025 includes deferred income taxes derived from right-of-use assets of Ps.823,589 and lease liabilities of Ps.1,346,993.

(2)	Until December 31, 2024 included the benefit from tax loss carryforwards derived from the disposal in 2014 of the Group’s investment in GSF, in the amount of Ps.2,925,086.

The deferred tax assets are from tax jurisdictions in which the Group considers that based on financial projections of its cash flows, results of operations, and synergies among companies in the Group, will generate taxable income in subsequent periods.

The gross roll-forward of deferred income tax assets, net, is as follows:


		2025			2024
At January 1		Ps.	19,379,313		Ps.	17,149,590
Statement of income (charge) credit			(8,348,938)			3,549,896
Other comprehensive income (“OCI”) credit (charge)			385,147			(457,913)
Retained earnings credit			—			(15,589)
Discontinued operations			—			5,151
Spun-off Businesses			—			(851,822)
At December 31		Ps.	11,415,522		Ps.	19,379,313

The roll-forward of deferred income tax assets and liabilities for the year 2025, was as follows:


					Credit
					(Charge) to
					Consolidated			Credit
					Statement of			(Charge)
					Income			to OCI and
		At January 1,			(Continuing			Retained			At December 31,
		2025			Operations)			Earnings			2025
Deferred Income Tax Assets:
Accrued liabilities		Ps.	3,058,391		Ps.	1,186,714		Ps.	—		Ps.	4,245,105
Allowance for expected credit losses			458,366			(24,343)			—			434,023
Customer advances			1,820,602			(169,047)			—			1,651,555
Property, plant and equipment, net			6,798,230			(3,606,047)			—			3,192,183
Derivative financial instruments			—			(558,764)			672,688			113,924
Financial expenses pending tax deduction			4,904,829			(826,137)			—			4,078,692
Investments			398			(398)			—			—
Tax loss carryforwards			6,771,667			(3,300,191)			—			3,471,476
Deferred income tax assets of foreign subsidiaries			433,278			(77,253)			—			356,025

Deferred Income Tax Liabilities:
Investments			—			(4,087)			(314,153)			(318,240)
Prepaid expenses and other items			(824,656)			(1,595,847)			26,612			(2,393,891)
Derivative financial instruments			(550,399)			550,399			—			—
Intangible assets and transmission rights			(3,491,393)			76,063			—			(3,415,330)
Deferred income tax assets, net		Ps.	19,379,313		Ps.	(8,348,938)		Ps.	385,147		Ps.	11,415,522

The roll-forward of deferred income tax assets and liabilities for the year 2024, was as follows:


					Credit			Credit
					(Charge) to			(Charge) to
					Consolidated			Consolidated						Credit
					Statement of			Statement of						(Charge)
					Income			Income						to OCI and
		At January 1,			(Continuing			(Discontinued			Spun-off			Retained			At December 31,
		2024			Operations)			Operations)			Businesses			Earnings			2024
Deferred Income Tax Assets:
Accrued liabilities		Ps.	3,115,699		Ps.	220,536		Ps.	—		Ps.	(277,844)		Ps.	—		Ps.	3,058,391
Allowance for expected credit losses			606,257			(104,516)			—			(43,375)			—			458,366
Customer advances			1,583,352			239,752			—			(2,502)			—			1,820,602
Property, plant and equipment, net			4,643,270			2,247,022			—			(92,062)			—			6,798,230
Financial expenses pending tax deduction			1,112,726			3,850,444			—			(58,341)			—			4,904,829
Investments			—			398			—			—			—			398
Tax loss carryforwards			9,838,300			(3,054,606)			—			(12,027)			—			6,771,667
Deferred income tax assets of foreign subsidiaries			335,651			97,627			—			—			—			433,278

Deferred Income Tax Liabilities:
Investments			(722,530)			657,628			—			—			64,902			—
Prepaid expenses and other items			(476,430)			(340,671)			5,151			(31,539)			18,833			(824,656)
Derivative financial instruments			(44,618)			51,456			—			—			(557,237)			(550,399)
Intangible assets and transmission rights			(2,842,087)			(315,174)			—			(334,132)			—			(3,491,393)
Deferred income tax assets, net		Ps.	17,149,590		Ps.	3,549,896		Ps.	5,151		Ps.	(851,822)		Ps.	(473,502)		Ps.	19,379,313

The tax (charge) credit of income taxes relating to components of other comprehensive income (loss), is as follows:


		2025
					Tax Credit
		Before Tax			(Charge)			After Tax
Remeasurement of post-employment benefit obligations		Ps.	(88,707)		Ps.	26,612		Ps.	(62,095)
Exchange differences on translating foreign operations			(130,627)			(1,868,236)			(1,998,863)
Derivative financial instruments cash flow hedges			(2,242,294)			672,688			(1,569,606)
Open-Ended Fund			149,092			(44,728)			104,364
Other equity instruments			898,085			(269,425)			628,660
Share of income of associates and joint ventures			3,905,450			—			3,905,450
Other comprehensive income		Ps.	2,490,999		Ps.	(1,483,089)		Ps.	1,007,910
Current tax					Ps.	(1,868,236)
Deferred tax						385,147
					Ps.	(1,483,089)


		2024
					Tax Credit
		Before Tax			(Charge)			After Tax
Remeasurement of post-employment benefit obligations		Ps.	(62,779)		Ps.	18,833		Ps.	(43,946)
Exchange differences on translating foreign operations			285,502			2,683,967			2,969,469
Derivative financial instruments cash flow hedges			1,857,456			(557,237)			1,300,219
Open-Ended Fund			(66,098)			19,829			(46,269)
Other equity instruments			(202,208)			60,662			(141,546)
Share of income of associates and joint ventures			(7,061,676)			—			(7,061,676)
Other comprehensive income		Ps.	(5,249,803)		Ps.	2,226,054		Ps.	(3,023,749)
Current tax					Ps.	2,683,967
Deferred tax						(457,913)
					Ps.	2,226,054


		2023
					Tax (Charge)
		Before Tax			Credit			After Tax
Remeasurement of post-employment benefit obligations		Ps.	83,935		Ps.	(25,181)		Ps.	58,754
Exchange differences on translating foreign operations			(758,835)			(1,975,708)			(2,734,543)
Derivative financial instruments cash flow hedges			(287,536)			86,261			(201,275)
Open-Ended Fund			(741)			222			(519)
Other equity instruments			(698,903)			209,671			(489,232)
Share of income of associates and joint ventures			4,278,531			—			4,278,531
Other comprehensive income		Ps.	2,616,451		Ps.	(1,704,735)		Ps.	911,716
Current tax					Ps.	(1,975,708)
Deferred tax						270,973
					Ps.	(1,704,735)

Certain amendments were published in November 2025 to the Federal Tax Code and the Federal Income Law, that had a minimum impact on the Mexican Income Tax and Value Added Tax provisions, as part of the Economic Plan for 2026. In the Federal Income Law for 2025 and 2026, which was approved by the Mexican Federal Congress, the withholding income tax rate applicable to the payments of interest made by Mexican financial entities did not change compared to 2024 and remained at 0.50% for 2025 and was increased from 0.50% to 0.90% for 2026.

International Taxation

In 2021, the Organization for Economic Co-operation and Development (the “OECD”) (i) announced the Inclusive Framework on Base Erosion and Profit Shifting which agreed to a two-pillar solution to address tax challenges arising from digitalization of the economy; and (ii) released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD continues to release additional guidance on the two-pillar framework with widespread implementation in 2024 and 2025.

As of the reporting date, the Mexican government has taken steps toward the implementation of Pilar Two; however, the final scope, timing, and mechanics of the local rules remain subject to legislative developments. The Group’s management is actively monitoring these developments and potential implications. Based on a preliminary assessment performed to date, it is not expected that this taxation framework will have a material impact on the Group’s income tax expense; however, this assessment may change as additional guidance and legislation are finalized, particularly in Mexico.

The Group has applied the mandatory exception to the requirements in IAS 12 Income Taxes that an entity does not recognize and does not disclose information about deferred tax assets and liabilities related to the OECD Pillar Two Model income taxes.