Segment Information

12 Months Ended

Dec. 31, 2025

26.	Segment Information

Beginning in the fourth quarter of 2025, the Group reports one operating segment, Telecom, with three categories of revenues based on the services provided to its customers: Residential, Satellite and Enterprise. Through September 30, 2025, the operating results of the Group’s telecommunications businesses were presented as two separate reportable segments (see Notes 2 (a) and 2 (d)).

In the fourth quarter of 2025, the Company’s management identified changes in operations that led to adjustments in its segment information, now identifying a single reportable segment. This change in segment reporting is the result of organizational changes that integrated the operations of the Group’s Cable and Sky businesses into one single business, and that the chief operating decision maker now analyzes the results of the Group’s operation, makes decisions and assigns resources to it as a single business. The changes identified included (i) the designation of a chief executive officer and chief financial officer for the Group’s Cable and Sky businesses as a single business; and (ii) a restructuring and integration process of the Group’s Cable and Sky businesses that was substantially concluded in the fourth quarter of 2025, which resulted in a consolidated operating cost structure between these two businesses, following the implementation of cost efficiencies and synergies across several operating and administrative areas.

The Group’s Residential operations include the operation of cable multiple systems covering the Mexico City metropolitan area, Monterrey and suburban areas, and over 200 other cities of Mexico, and derive revenues from cable subscribers, principally from basic and premium television services subscription, pay-per-view fees, installation fees, internet services subscription, telephone and mobile services subscription as well as from local and national advertising sales.

The Group’s Satellite operations include direct-to-home (DTH) broadcast satellite pay television services in Mexico, Central America and the Dominican Republic, and derive revenues from program services, installation fees, equipment rental to subscribers, and national advertising sales.

In addition, the Group has another small business, the Group’s Enterprise operations that include the operation of telecommunications (which includes both data transmission/internet and phone) facilities through a fiber-optic network that covers the most important cities and economic regions of Mexico and the cities of San Antonio and San Diego in the United States providing services to customers such as enterprises and government. Revenue is generated from the provision of data solutions and long-distance services to carriers and other telecommunications service providers through its fiber-optic network.

Although the Group’s Enterprise operations business could be considered a separate operating segment, it does not meet the quantitative thresholds required to be considered reportable and disclosed separately; the Company also determined that Enterprise operations also could be considered to share a majority of the aggregation criteria required by the applicable IFRS Accounting Standard, and as such, that it be combined into its single reportable segment, Telecom.

The Group’s single reportable segment is based on the current Group’s method of internal reporting.

The Group is organized on the basis of services and products. The Group’s single reportable segment is comprised by strategic business units that offer different telecommunication services and products. Prior period segment financial information has been recast to reflect the change in segment reporting that occurred in the fourth quarter of 2025 (see Note 2 (a)).

The table below presents information for the Group’s single reportable segment and a reconciliation to consolidated revenues and operating income of continuing operations for the years ended December 31, 2025, 2024 and 2023:


		2025			2024			2023
Telecom revenues:
Residential		Ps.	42,181,601		Ps.	42,960,423		Ps.	44,110,948
Satellite			12,396,984			15,034,659			17,582,229
Enterprise			4,299,565			4,265,782			4,529,659
Consolidated revenues		Ps.	58,878,150		Ps.	62,260,864		Ps.	66,222,836

Reconciliation of operating segment income to consolidated operating income:
Telecom operating segment income		Ps.	23,021,884		Ps.	23,157,927		Ps.	25,030,497
Corporate expenses			(448,896)			(756,045)			(1,031,223)
Intercompany operations			(173,751)			(154,990)			(120,366)
Depreciation and amortization			(17,160,521)			(20,510,853)			(21,107,312)
Other expense, net			(1,013,824)			(4,554,900)			(913,801)
Consolidated operating income		Ps.	4,224,892		Ps.	(2,818,861)		Ps.	1,857,795

Accounting Policies

The accounting policies of the segment are the same as those described in the Group’s summary of material accounting policies (see Note 2). The Group evaluates the performance of its segment and allocates resources to it based on consolidated operating income before corporate expenses, depreciation and amortization, and other expense, net.

Allocation of Corporate Expenses

Non-allocated corporate expenses primarily include share-based compensation expense for certain key officers and employees in connection with the Company’s LTRP, as well as other general expenses that, because of their nature and characteristics, are not subject to be allocated within the Group’s business segment.

The table below presents segment assets and liabilities as of December 31, 2025 and 2024:


		2025			2024
Segment assets		Ps.	120,532,090		Ps.	126,885,466
Segment liabilities			39,932,152			38,161,060

Reconciliation of segment assets to total assets as of December 31, 2025 and 2024, is as follows:


		2025			2024
Segment assets:		Ps.	120,532,090		Ps.	126,885,466
Equity investments attributable to:
Telecom			956,508			952,721
Other ⁽¹⁾			3,674,751			2,757,701

Goodwill attributable to:
Telecom			13,344,684			13,344,684
Other			110,314			110,314

Corporate assets:
Cash and cash equivalents			16,539,384			36,364,456
Short-term investments			11,397,798			—
Other accounts receivable, net			211,129			3,827,795
Income taxes receivable and other recoverable taxes			3,967,566			1,593,254
Non-current account receivable due from related party			341,719			3,538,497
Equity investment in TelevisaUnivision			40,694,190			43,220,986
Property and equipment, net			2,655,391			2,700,730
Investment property, net			2,624,274			2,706,528
Intangible assets, net			4,704,579			5,013,835
Deferred income tax assets			5,857,009			6,400,422
Other corporate assets			806,639			2,240,507
Total assets		Ps.	228,418,025		Ps.	251,657,896

(1)	Included investments in financial intruments in the aggregate amount of Ps.3,425,359 and Ps.2,494,711 as of December 31, 2025 and 2024, respectively.

Equity method (loss) gain recognized in income for the years ended December 31, 2025, 2024 and 2023 attributable to equity investments, was Ps.(2,074), Ps.32,171 and Ps.(827), respectively.

Equity method loss recognized in income for the years ended December 31, 2025, 2024 and 2023 attributable to equity investment in TelevisaUnivision, was Ps.(1,096,242), Ps.(212,433) and Ps.(4,095,851), respectively.

Equity method gain (loss) recognized in income for the years ended December 31, 2025, 2024 and 2023 attributable to other equity investments, was Ps.10,195, Ps.(2,315) and Ps.10,050, respectively.

Reconciliation of segment liabilities to total liabilities as of December 31, 2025 and 2024, is as follows:


		2025			2024
Segment liabilities		Ps.	39,932,152		Ps.	38,161,060
Debt not allocated to segments			76,049,047			90,376,976
Other corporate liabilities			9,907,965			11,424,235
Total liabilities		Ps.	125,889,164		Ps.	139,962,271

The table below presents additions to property, plant and equipment for the years ended December 31, 2025, 2024, and 2023:


		2025			2024			2023
Continuing operations:
Telecom		Ps.	12,053,756		Ps.	8,888,444		Ps.	13,900,991
Discontinued operations			—			—			768,182
Corporate assets			132,749			208,953			38,843
Total		Ps.	12,186,505		Ps.	9,097,397		Ps.	14,708,016

Geographical segment information:


								Additions to
					Segment Assets at			Property, Plant and
		Total Revenues			Year-End			Equipment
2025:
Mexico		Ps.	57,790,527		Ps.	105,053,762		Ps.	11,975,898
Other countries ⁽¹⁾			1,087,623			15,478,328			210,607
		Ps.	58,878,150		Ps.	120,532,090		Ps.	12,186,505
2024:
Mexico		Ps.	61,115,393		Ps.	110,590,724		Ps.	8,997,716
Other countries ⁽¹⁾			1,145,471			16,294,742			99,681
		Ps.	62,260,864		Ps.	126,885,466		Ps.	9,097,397
2023:
Mexico		Ps.	65,250,298		Ps.	144,856,678		Ps.	14,565,065
Other countries ⁽¹⁾			972,538			13,424,941			142,951
		Ps.	66,222,836		Ps.	158,281,619		Ps.	14,708,016

(1)	This revenue is primarily derived from Central America.

Revenues are attributed to geographical segment based on the location of customers.

Disaggregation of Total Revenues

The table below presents total revenues of continuing operations for the reportable segment disaggregated by major service/product lines and primary geographical market for the years ended December 31, 2025, 2024 and 2023:


		Domestic			Abroad			Total
2025:
Broadband ^(a)		Ps.	25,272,930		Ps.	—		Ps.	25,272,930
Content ^(a)			11,060,407			—			11,060,407
Telephony ^(a)			2,749,340			—			2,749,340
Advertising			2,730,359			—			2,730,359
DTH Broadcast Satellite TV ^(a)			11,159,663			604,283			11,763,946
Other income			999,733			1,870			1,001,603
Enterprise			3,818,095			481,470			4,299,565
Consolidated revenues		Ps.	57,790,527		Ps.	1,087,623		Ps.	58,878,150


		Domestic			Abroad			Total
2024:
Broadband ^(a)		Ps.	23,948,229		Ps.	—		Ps.	23,948,229
Content ^(a)			12,988,987			—			12,988,987
Telephony ^(a)			2,964,230			—			2,964,230
Advertising			2,565,552			—			2,565,552
DTH Broadcast Satellite TV ^(a)			13,719,683			665,409			14,385,092
Other income			1,138,006			4,986			1,142,992
Enterprise			3,790,706			475,076			4,265,782
Consolidated revenues		Ps.	61,115,393		Ps.	1,145,471		Ps.	62,260,864


		Domestic			Abroad			Total
2023:
Broadband ^(a)		Ps.	21,440,699		Ps.	—		Ps.	21,440,699
Content ^(a)			15,019,807			—			15,019,807
Telephony ^(a)			4,464,983			—			4,464,983
Advertising			3,201,421			—			3,201,421
DTH Broadcast Satellite TV ^(a)			15,803,026			687,994			16,491,020
Other income			1,068,170			7,077			1,075,247
Enterprise			4,252,192			277,467			4,529,659
Consolidated revenues		Ps.	65,250,298		Ps.	972,538		Ps.	66,222,836

(a)

Residential revenues derive from the Group’s cable networks and include revenue from leasing set-top equipment to subscribers in the amount of Ps.8,452,368, Ps.8,131,852 and Ps.5,880,517, for the years ended December 31, 2025, 2024 and 2023, respectively. Satellite revenues derive from the Group’s direct-to-home (“DTH”) pay television system and include revenue from leasing set-top equipment to subscribers in the amount of Ps.2,817,341, Ps.3,771,384 and Ps.5,950,288, for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from leasing set-top equipment to subscribers is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property, plant and equipment and is leased to subscribers through operating lease contracts.

Revenues from external customers for the years ended December 31, 2025, 2024 and 2023 are presented by sale source, as follows:


		2025			2024			2023
Services		Ps.	47,459,402		Ps.	50,128,039		Ps.	54,088,100
Leases ⁽¹⁾			11,269,709			11,903,236			11,830,805
Goods			149,039			229,589			303,931
Total		Ps.	58,878,150		Ps.	62,260,864		Ps.	66,222,836

⁽¹⁾

This line includes primarily revenue from leasing set-top equipment to subscribers in the Group’s Telecom segment, which is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property, plant and equipment and is leased to subscribers through operating lease contracts.